Welcome to weekly market overwiev, where we look for Price Action patterns and/or use Elliott Wave Theory.
EUR/AUD
Trend on this pair is really dynamic. We just have to look for opportunities to join it. The nearest one will be the re-test of the broken support and downtrend line.
GBP/JPY
In the case of GBP/JPY we should consider two scenarios. We saw a breakout of dynamic uptrend line – its re-test should be an opportunity to open short positions. However we have to remember that below there is a trend line from weekly chart – some traders will look for long opportunities there. It looks really interesting from the Elliott Waves perspective, but we will talk about it in tomorrow’s analysis.
AUD/JPY
Currency pair approaches really important resistance zone. The whole move looks like a corrective triangle pattern. It is possible, that near these levels a good setup may form and traders will be able to open short position, which should follow the main trend (increases since 2014).
USD/CAD
Once again currency pair respects trend line. The problem here is that we are just below the top, which acts as a natural resistance – so we should wait for market reaction. Moving above will give a chance to open long positions – closing below and re-testing trend line gives however short opportunities. If price stays inside consolidation till the next week, then the weekly chart will form an Inside Bar pattern.
AUD/USD
Someone asked me recently how my perfect setup looks like? Now I can show you the example on AUD/USD currency pair. On the above screen we can see that chart approached weekly support zone. Trend line strengthened it additionally. Inside Bar formed and fake breakout in the form of pin bar candle. Such pattern is great, but…
On the lower TF we can see that the pin bar was a five and it was formed after fifth wave during the depressive move.
That is how the perfect setup should look for me – Price Action connected with Elliott Waves!
GBP/AUD
Pound to Australian dollar finds itself in really important spot. Strong support zone and trend line – we will wait for market reaction. There is the Inside Bar and probably some setup will form. Fake breakout gives long position opportunities. Breaking below of course change the main momentum to the bearish one and then we should look for shorts.
