Welcome to weekly market overwiev, where we look for Price Action patterns and/or use Elliott Wave Theory.
GBPJPY
After test of trend line pair continues to decline. Last week there was a successful attack of last low and now I wait for re-test of it.
EURJPY
It is getting close to support area. Bearish impulse is strong enough to exclude possibility of longs. I wait for breaking support and re-test from below.
NZDJPY
Pair is testing lower bound of support area. If support will be broken, I will look for short position after its re-test.
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EURAUD
This pair is in resistance area. If we assume this is just a correction of last decreases there should be some opportunity to open short position. Breaking these levels will change the sentiment and after re-test from above we can look for longs.
EURCAD
Last bullish move on EURCAD looks like typical correction. Maybe it is fourth wave of bearish movement. Wave 2 was dynamic correction so the image of current situation perfectly fits this scenario. It seems like we need one more try of reaching resistance, then we can look for short positions.
EURGBP
Trend on this pair last from December. Lately we watched breaking last high. Now I wait for its re-test and opportunity to join bullish impulse.
AUDNZD
We have quite interesting situation on this pair. After another failed attack on very important resistance zone price reversed. Decrease looks like fifth wave. If it will be finished it should be in support area. Last wave up which created top is third wave. We can see some irregular correction. It is worth to watch price behaviour on support because there can be some opportunity to open longs.
GBPUSD
Pair stopped on support which is hypothetical left arm low of H&S pattern. We can assume that last decrease is a wave C ending wave 2B of correction and we should see strong gain in form of wave 3C. Decrease below will negate this scenario.
