Elliott Wave Analysis and Forecast (Daily Update) Forex Pairs, Gold, Oil, S&P, USD

[ew-forecast]

USDCHF: Sideways Within Uptrend; Be Aware Of a Break Higher

USDCHF is slow, choppy and sideways for the last few days which is a personality of a corrective price action. Therefore, we think that USDCHF is trapped in a wave four position, which could be forming a triangle in 0.9580-0.9760 range. If that’s the case then pair will stay sideway another day or two and then break sharply higher, into wave 5) that could lift the pair to 0.9830/0.9860 region based on our Fibonacci projected levels.

 

[ew-forecast]

EURUSD: Downtrend Continuation to 1.2700-Elliott Wave

EURUSD made a three wave rally in this week which has been expected in wave 4, but now pair is already turning lower again after completed zig-zag at 1.3000 psychological level. We can see that price broke through the lower side of a corrective channel which is a very important evidence for further EURUSD weakness, this time to 1.2680/1.2730 for wave 5. Critical level now stands at 1.3000; bearish trend below it.

 

[ew-forecast]

AUDUSD: Correction Within Downtrend

AUDUSD: current sideways price action represents wave 4 pull-back that should be sub-divided by three legs.

 

[ew-forecast]

Elliott Wave Forecast : GOLD Is Sideways, But Still Bearish Within Larger Trend

GOLD found some support last week and reversed back to the base channel line again that could react as a resistance in current black wave 4 which is now making more complex wave structure than we firstly thought.
We can see that price is slow, sideways, choppy and more importantly, recovery from 1337 cannot be counted impulsively. Therefore, we think that move is corrective, probably wave 4 which is still incomplete. Ideally thats now wave (d) down that will look for a support somewhere above 1352. From a larger perspective we think gold will continue lower, but based on 4h count critical level is at 1441 which was wave 1 low.
GOLD 1h

GOLD 4h

 

[ew-forecast]

Elliott Wave Forecast for USD Index: Wave Four Pull-back Appears Complete

USD-index reversed lower yesterday and is now again testing that very important 83.30-83.50 support zone. As such,w e adjusted the wave coutn and now looking still for a red wave 4) in progress which is becoming more and more complex, but its still corrective contra-trend movement. As such, we will not give up on bullish case, and will again look for a new break higher if we get an impulsive rally from current levels.

 

[ew-forecast]

Elliott Wave Forecast For USDJPY and S&P Futures-Both Looking Bearish

S&P Futures turned around perfectly from that 1655/1660 resistance area that we highlighted it several times in our past updates. Notice that pull-back from 1636 was in three waves that now appear complete after current new leg down. In fact, we also see a head and shoulders pattern that is pointing for a sizeable move to the downside if/when neckline gives way.
S&P Futures 1h

If S&P count above is correct, then USDJPY will continue lower because of positive correlation. Price could fall sharply in such case, through 100 figure within wave three. 101.27 is now short-term critical resistance.
USDJPY 1h

 

[IFX Gertrude]

EUR/JPY technical analysis for June 20, 2013

For today, EUR/JPY seems to have a little sign of weakness even though the situation is still in the uptrend, which is indicated by all the three Moving Averages still forming the Golden Cross pattern, but unfortunately this currency pair has already retraced and touched the Exponential Moving Average (100). We know this will be the sign of the weakness from the uptrend in this currency, so pay attention to any reversal movements to test their previous support.

RECOMMENDATION:
Buy stop (pending order) at 128.51. Take profit at 128.65. Stop loss at 128.41.

More analysis - at instaforex.com