Forex Charts
USDJPY – breaks 102.20 after completing 50%, wave-(2) correction
We “favored a break of 102.19/16 and then continued move lower” and that is unfolding. This comes after prices retraced 50% of the fall from 104.13-101.33.
EURUSD – Gartley, Elliott and hourly triangle all imply move to 1.36’s
The conviction level is rising for a move the low 1.36’s. First off, we have the Gartley pattern, highlighted yesterday, that projects to 1.3612.
FX Daily
Today’s calendar is fairly light in terms of data releases. In the US University ofMichigan consumer confidence for April is due for release. We expect it to havedeclined to 78.5 from 80.0 in March,
FX Daily
German IFO expectations are due for release and we expect a decline for a thirdconsecutive month although the level is set to remain high.
USDCAD – above 1.1042 clears path to 1.1080…then range highs at 1.12
Still long based on the 4/10 bullish reversal. Prices have entered the key resistance zone and are threatening a key pivot at 1.1042. The 1.1080 level is the top end of the range and
AUDUSD – wave-(4) correction targeting .9206/.9160
Our idea of a wave-(4) correction still stands but we have shifted in terms of degree; this pullback is likely countering the wave-(2) correction from February.
FX Daily
Today focus will be on global PMIs. We forecast euro manufacturing PMI todecline slightly after it peaked at 54.0 in January.
FX Daily
Focus will be on the situation in Ukraine again after the international agreement toavert wider conflict in Ukraine faltered on Monday. Today US Vice President JoeBiden meets with Ukrainian Acting President and Prime Minister.
USDCAD – > 1.1034 can promote next larger wave up; 1.0960 key supp.
$CAD gave us the reversal back above 1.0911 that signaled a tradable low. The rally so far remains below a longer-term uptrend and the previous 1.1000/1070 consolidation;
EURUSD – stuck in between 1.3865/3789 Fibonacci retrace zone.
The Euro, having reached the limits of an acceptable correction at the 76.4% Fib, has declined only modestly from the 1.39 level. The decline held above the 50% retrace of April’s rally and
FX Daily
Focus continues to be on the developments in Ukraine after authorities in Kievannounced the start of an ‘anti-terrorist operation’ against pro-Russian separatists.