Forex Charts
USDCAD – bullish scenario still suggests near-term weakness to 1.0560
Today we are going to offer multiple scenarios for USDCAD and cover 3 different possibilities. The first wave count posits that waves-(1) to (3) from the September low are complete and
USDJPY – Wave-A of time consuming triangle began on Friday
The 104.60 has marked an important high (so far) in Yen and our analysis suggests that Friday’s reversal marked the end of wave-5 of (3). A wave-(4) correction is now expected to mark time in a sideways range between
EURUSD – small bull triangle targeting 1.3712 today…then still higher
The evidence in Euro is mounting against a trendline break as prices were able to hold the key 1.3622 support level last week. The rally so far is unfolding as a 5-wave impulse and targeting the key pivot zone at 1.3709.
FX Daily
Today’s main release is US personal spending and core PCE inflation. Following robust retail sales in November, personal spending is expected to rise 0.5% m/m. As the PCE deflator is likely to rise only 0.1% m/m,
USDJPY – 104.60 symmetry target met; satisfies wave-5 of (3)
We marked the midpoint in $JPY a few weeks ago by finding the longest uptrend which is often “wave-3 of 3”. The midpoint allows us to project targets based on symmetry.
FX Daily
Very little of wider interest in the calendar today. With markets increasingly gearing down for the holiday season liquidity could become increasingly thin in coming days.
USDJPY – wave-4 A-B-C correction complete, rally to 104.60 now
The shooting star led to a muted decline to 102.50, far above our pullback target for wave-4. Yesterday’s price action indicates that the choppy sideways correction from 12/2 completed and wave-5 of (3) is well underway;
FX Daily
On a day with mainly tier 2 data, markets are likely to further digest yesterday’s FOMC announcement . US initial jobless claims are due for release at 14:30 CET but
FX Daily
Today is the day we expect the Fed to start tapering asset purchases. We believe the Fed will taper by USD10bn but at the same time strengthen the forward guidance by revising lower the profile for the Fed Funds rate to
USDCAD – 1.0573/0597 range break to signal next larger move
Last week’s update called for a move to and bounce off of the 1.0562 target and prices actually rallied from 1.0561! The bounce was short-lived and ushers 2 different scenarios that are equally probable in the near-term.
USDJPY – close < 103.21/00 needed to confirm shooting star
Friday’s bearish shooting star reversal candle awaits confirmation today in order to signify further weakness ahead; we need to see a close below 102.99 (in the least 103.21) to validate the significance.