Welcome to weekly market overwiev, where we look for Price Action patterns and/or use Elliott Wave Theory.

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EUR/AUD

2015-11-22_171757

Euro to Australian dollar shows downtrend acceleration. Now we can just wait for shallow correction and try to join current declines. It is possible that trend line re-test will be a first opportunity.

GBP/JPY

2015-11-22_1717571

Currency pair probably ended simple correction and now we should see another downward wave. Everything depends on chart reaction to the main trend line (thee green one). If you count on declines, the first opportunity to open a position should be seen after breaking the dynamic trend line and re-testing it from below. The nearest support can be found 600 pips lower, so such trade may have huge RR ratio.

AUD/JPY

2015-11-22_1717572

We are approaching important resistance zone – the whole upward movement looks like a triangle. Resistance zone, its upper limit and the vicinity of the main trend line, may be a good opportunity to look for shorts. Everything depends however on the market reaction to the mentioned zone.

USD/CAD

2015-11-22_1717573

Pair closely approaches the last high. We can see a clear momentum exhaustion – if the current level will not be broken, then we get short opportunity. Breaking above will change the current impulse to the upward one.

GBP/AUD

2015-11-22_1717574

We see a really strong momentum at GBP/AUD – price approaches key support and upward trend line. We can consider long positions here, but only after clear signal of rejecting these levels (e.g. from Price Action).

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