Welcome to weekly market overwiev, where we look for Price Action patterns and/or use Elliott Wave Theory.
NZD/USD
Currency pair moved downward form the current high – the move can be included in the finished ABC correction, where A equals C or 123 correction. After finishing the 4th wave we should see another downward wave inside 5. In the second case, 5th wave should be a longer one. Let’s take a look at the lower TF:
The above screen shows that 1A impulse wave occurred and then ABC correction inside wave 2B. Upward move to 0.6350 should be the beginning of the 3C wave.
We are slowly approaching a resistance near the last high and there we should know with what we are dealing with – corrective declines inside 4th wave or the beginning of broader upward move.
EUR/AUD
Weekly chart shows that current move takes place inside 3C wave and we should see at least a test of 1.4350 level where 1A wave ends.
Daily chart bring a decline below local support, which now acts as a resistance. If proper setup shows here, I will look for short position. Potential target here should be found near the next support zone (the end of 1A wave).
AUD/USD
Last week AUD/USD moved in the direction of important resistance zone and it will probably defeat it. It may begin a stronger upward move – weekly chart shows that the last candle is a 3rd wave.
Re-test of defeated resistance zone. It should bring an occasion for opening longs.
EUR/CAD
Finally proper setup for opening position – on the weekly chart. As we seen, the last decline is a 3rd wave. Now 4th wave should draw, and after it we will see declines inside the 5th wave.
Daily TF shows inside bar candle, which was a fake breakout. Adding to it a pin bar candle we have a great opportunity to pen the position. The trend line may be a problem here, but I will open a position.
