Forex Charts
FX Daily
Market movers today * Main focus will be the US labour market report, which will be crucial for timing of Fed tapering.
USDJPY – 4th wave correction unfolding above key 101.53 level
There is a slight change to the Elliott wave count below but the message is the same, a 4th wave correction is in the latter stages and will set the stage for a wave-5 of (3) rally to near 104.
EURUSD – bear flag awaits confirmation below 1.3526
Still awaiting a resolution lower from the upward sloping bear flag correction. Last night prices tested the 61.8% retracement of wave-(1) down at 1.3636.
EURUSD – bear flag below old trendline awaiting confirmation
The sell-off from 1.3622 is not yet definitive and Euro is still stuck in neutral awaiting a clearer signal. On the bearish side, prices are still testing the underside of the broken July channel.
FX Daily
Market movers today * Euro retail sales are expected to have moved sideways due to a weak German figure but there is an upside risk owing to an improvement in consumer confidence.
FX Daily
Market movers today * Focus will be on global PMIs. We expect the Spanish and Italian flash PMI manufacturing figures to increase and
FX Daily
Market movers today * Germany releases the first inflation data for November. The annual inflation rate (HICP) is expected to rise slightly to 1.4% (consensus 1.3%) from 1.2% in October.
GBPUSD – bull flag breakout coincides with 2011 d/t break
The range high failure on Monday followed with a sharp decline but the quick reversal has since seen a significant breakout.
USDJPY – bull flag rally to upside confluence zone at 102.45/65
Today we hone in on the wave count from the end of the 5-month coil. This rally from 96.57 is expected to carry prices towards 104/106 in to next year.