Forex Daily Podcast

The EUR/USD and GBP/USD turned according to our forecast to start the week. Now, we are likely entering into a period of more complex consolidation unless we get a strong move towards a weaker USD.

The move towards a weaker US Dollar has been nothing short of spectacular. The good news is it's not yet complete. Tune it to find out.

A Strong Move towards a Weaker US Dollar

Last week we saw a breakout of our summer long consolidation and a move higher. This week we should see some profit taking and consolidation of this strong move.

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Look for the US announcements this morning to drive the direction of the markets for the next few days.

Falling in love with your trde can prove deadly. Today we are looking at the psychology of falling in love with your trade and remaining objective during the heat of the moment.

We are looking for sideways action for the next few days on both the EUR/USD and GBP/USD. With no major annoucements planned and the US elections on Tuesday, look for a tentative mood in the markets. Near terms we are looking for continued USD strength. This should move the EUR/USD lower to the 1.2600 level and the GBP/USD to the 1.8800 level. Further out we see and end to the sideways market we've been experiencing for most of the summer. This should lead to the start of a 400+ pip move on the EUR/USD and a 600+ pip move on the GBP/USD.

Everyone is looking to the release of payrolls today to breath some life into the market

Last week we saw an unwinding of the JPY short positions. What does this week hold?

How do you trade the news? With the news driving the markets up and then down sometimes in the same day, the question is how do you profit from the news? We examine this in today's podcast.

A wild ride in the currency markets today. Look for more volatility tomorow with additional US announcements

With a potential profit of nearly 300 pips across the EUR/USD, GBP/USD, and USD/JPY we've had a great start to the week. Today's US consumer confidence data should provide some volatility.

We have a very promising week starting in the currencies. There are exciting forecasts on the EUR/USD, GBP/USD, and USD/JPY today.

Thursday's move both up and then down made a nice end to a great trading week.

The existing homes sales annoucement drove the market today as expected. Tomorrow we have initial claims and new home sales on top. Look for more volatility surrounding these annoucements

Had a nice start to the week with the run up and correction that we were looking for on Monday and Tuesday. Looking for the US housing announcements to move the markets today.

Got 2 nice trades in on Friday on the EUR/USD and GBP/USD to put a good end to the week. This week watch for market volatility surrounding Iran's nuclear annoucement due August 22nd.

Looking for a downward move on the EUR/USD and GBP/USD to start the day. Then perhaps a reversal. Tune in and find out.

The markets went lower as expected on Friday to make a nice end to a profitable week. Now, we are at a critical juncture in the market, listen and find out what to look for this coming week.

The markets have moved sideways this week as forecast for Monday. However is this sideways movement coming to an end? Tune in today and find out.

We ended up with a great week with our targets on the EUR/USD and GBP/USD being hit on Thursday and Friday. For the coming week all eyes are on the Fed. The announcements from the FOMC meeting on Tuesday may keep the market quiet for the first part of the week.

We got a nice pop on Tuesday which made our week. Today we are trying to decide if the recent high is a short term high or we have one more push up?

Today might be decision day. Look for volatility surrounding the US announcements. More detailed forecast is available to subscribers at http://www.elliottexchange.com/

Look for a slew of US annoucements to start the week. The Chicago PMI Index is first up on Monday with a bunch to follow on Tuesday. This should provide much volatility to start the week.

No fans of the USD yesterday. We'd given up too early on our alternative forecast from earlier in the week. Should be lots of excitement today.

The EUR/USD and GBP/USD corrected higher overnight then turned lower as according to our forecast. Listen to the forecasted price action for today.

The EUR/USD and GBP/USD turned very near our expected levels and ran down 100 and 150 pips respectively. Todays' podcast tries to answer where we go next. You can also find more in depth analysis by becoming a subscriber to our Forex Forecast service available at the elliott exchange web site. http://www.elliottexchange.com/

The GBP/USD meandered higher as expected on Friday. Now we are coming close to decision time. We expect that the market is close to a huge move. Listen today for more.

The market has been in a tight range. It may be a slow day without and news from the UK or US.

The EUR/USD and GBP/USD smashed through their respective trend lines and made some great moves for us this morning. The Stop and Reverse Trade mentioned in our previous podcast really paid off. For more indepth analysis of the EUR/USD and GBP/USD subscribe to our Forex Forecast newsletter available at http://www.elliottexchange.com/

Today we review the markets from the end of last week, look forward to the new week and discuss some emerging trade setups. We also talk about the stop and reverse trade and some potential applications in the coming days.

It's make or break day for the EUR/USD today. Today is the day it should decide whether it wants to move lower or not. With the slide in the US Stock markets and an 8:30 EST, 12:30 GMT US announcement today, watch for extreme volatility. Caution is advised.

The EUR/USD ran down from our 1.2780 level as forecast. Today we expect announcements out of the Eurozone and US to add volatility to the markets.

The EUR/USD ran up to our 1.2870 target level before turning lower. The question becomes where will it go next?

The EUR/USD ran into our expected range. Just a short update tonight as we are on the road.

We got our excitement on Friday as expected and this capped off a great week for the Forex Daily Podcast. Next week is shaping up to be equally exciting. If you would like more in depth analysis consider subscribing to our companion service 'The Forex Forecast for the EUR/USD'. It provides more in depth analysis of the current price action on the EUR/USD. More information is available on the Elliott Exchange web site.

The release of the Non Farm Payrolls on Friday should provide tremendous excitement for the markets. We are looking for extreme volatility and potentially a big move. You don't want to be in the markets tomorrow without listening to us first.

We are excited today to launch a companion service to our daily podcasts, the Forex Forcast for the EUR/USD. This Forecast provides detailed charts and commentary to explain in greater depth the market movement that we are describing on our podcast. You don't want to be without it. Visit the elliottexchange.com web site.

The USD/JPY moved exactly as forecasted. This gives us even more reasons to celebrate this holiday week. The markets may be slow with the US markets closed on Tuesday. We will resume our podcasts on Thursday.

We should see wave 4 and 5 early this week on the EUR/USD. National Holidays in the US may make for slow trading the first part of the week.

The FOMC Announcement was like a starter's pistol at a race. The markets took off like a shot afterwards. The EUR/USD ran up making the ideal pattern that we talked about on yesterday's podcast. What's next, tune in and find out.

What do you do when your forecasts are wrong. We examine this topic on today's podcast.

The markets did the grind lower as forecasted last night. Tonight will they switch and grind higher? Listen and find out with our updated forecast.

Trade Psychology is critical to trade success especially after a loss. Today we look at trade psychology in light of todays move on the EUR/USD. In addition we look at our updated forecasts for the EUR/USD and GBP/USD.

Managing Trade Risks is a key to success. We'll look at how we managed our trade risks on Friday and our forecast for the upcoming week.

The EUR/USD ran up near our forecasted 1.2700 level before reversing for a beautiful run down today. If you thought that was exciting wait til tomorrow.

The EUR/USD ran down as expected on Monday. Will it continue to run lower on Tuesday?

Is the USD going up or down this week? We got a great start to a week on tap so listen today to find out.

The market swings moved as forecasted for a great trading day. Is the next big move up or down on the EUR/USD? That is the question we look at today.

Is the correction down on the EUR/USD complete? Will this mornings announcement of US CPI data rock the market? Tune in today and find out.

Is the correction down on the EUR/USD complete with the move on Friday? Tune in to find out.

There is much uncertainty surrounding the currency markets at the present time. Did the EUR/USD put in a termporary low? Tune in today and find out.

The market started to blast off as we anticipated at the end of last week. Is it going to continue into this week? Listen and find out.

I sure call yesterday a whole lot of good. At the extreme we grabbed 287 pips across the EUR/USD, GBP/USD, and USD/CHF. On the EUR 80 pips per lot, on the GBP 110 pips per lot, and on the CHF 97 pips per lot. I diagrammed this exact move on Saturday and have been patiently salivating for yesterday. Hopefully you were able to join in for the ride. After days like this I want to remind you that we accept donations at forex.podomatic.com. If we contributed to your trading success yesterday we ask you give a little in return. Click on the 'PayPal donate' link on the top right part of the page. We continue to be biased towards a stronger USD. We are looking for the pullbacks on the EUR and the GBP to reenter down and pullbacks on the CHF and the JPY to reenter up. Some consolidation after yesterday would not be
surprising.

The EUR trades at 1.2009.
The GBP trades at 1.7352.
The CHF trades at 1.3107.
The JPY trades at 117.87.
The CAD trades at 1.1730.

Forex Currency trading is very risky, please read the disclaimer on our web site.
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FOCUS ON THE EUR DOWN Today we are only focusing on the EUR and the GBP. The EUR looks to have completed a zig-zag up or very nearly so, this next move down should be the 1 of a 3 so it should be the start of something good. If the EUR rises above 1.2207, then this forecast is invalid. Same with the GBP, 1.7510 should mark then end of it's countertrend rally or nearly so. The next move down is targeting 1.6900 and below. As long as 1.7596 remains intact this is the most probable move. The CHF is the opposite of this, but the stop
is not as attractive.

The EUR trades at 1.2081.
The GBP trades at 1.7499.

Forex Currency trading is very risky, please read the disclaimer on our web site.
Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading

The EUR/USD and the GBP/USD should be continuing in their down trend mid-term. we would like to see the EUR rise to the 1.2110 area. A rise above 1.2207 would negate this forecast. Likewise, the GBP cannot break 1.7596. The USD/CHF should be due for another pullback before continuing higher. We'd like to see it drop to the 1.2990 level. The USD/JPY gave us a great trade down at 118.49. It started running and just kept going. We were a bit surprised at the strength of this run as this looks more impulsive than corrective. A corrective move should be complete whereas an impulsive move would likely find a bottom in the 116.20-115.80 area. Best to wait and let the market reveal itself. An impulsive move would indicate a run to 109 and below has likely begun.

The EUR trades at 1.2029.
The GBP trades at 1.7471.
The CHF trades at 1.3074.
The JPY trades at 116.50.

This latest move on the CAD looks corrective, which mean we may be in a big ending diagonal from December and the next move would be a 3 wave move down to a new low just below 1.1300. The CAD currently trades at 1.1710.

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The EUR/USD and the GBP/USD should be continuing in their down trend mid-term. Look to sell rallies on these currencies. The USD/CHF should be continuing in it's uptrend, look to buy pullbacks. The JPY should give a pullback near 118.60. Look to buy pullbacks for continued move to 120. With the strong USD move this week next week may be a continued strong move or a sideways correction, but our bias remains towards a strong USD.

The EUR trades at 1.1976.
The GBP trades at 1.7465.
The CHF trades at 1.3163.
The JPY trades at 117.48.

The CAD may be in for a bit of a breather here and trades at 1.1675.

Forex Currency trading is very risky, please read the disclaimer on our web site.
Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading

The JPY gave us a beautiful entry up on Monday for nearly 200 pips and a real tight stop loss giving minimal pips of risk. The CAD wasn't bad either turning down just above our 1.1670 level for better than 70 pips. The EUR never rose to challenge our 1.2224 level, but certainly looks like it may have begun it's downtrend. If so, we should see a small spike up this morning before the EUR continues lower.

The EUR trades at 1.2086.
The GBP trades at 1.7475.
The CHF trades at 1.3020.

The JPY should be correcting lower from it's upward move from monday and currently trades at 116.95.

The CAD didn't travel quite as far as we expected before moving higher, so it may correct a bit here before continuing on to 1.1800.

Forex Currency trading is very risky, please read the disclaimer on our web site.
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Friday was a crazy trading day, a real test of your emotions and trading strategy. The JPY gave us a nice trade for over 40 pips. We wanted to stay in it longer, but the market just doesn't seem finished with a weaker USD just yet. We are still waiting for the EUR to test the 1.2224 level. This should be major decision time. A significant break above will indicate a likely move to 1.2500-1.2600 levels. A failure to break this level indicates a likely move to 1.1650. Don't get too aggressive looking for reversals. The rise of the GBP above friday's high makes me think this up move is not over. The GBP and the EUR tend to move in sync. And from Elliott we know that wave 2 cannot extend further than the start of wave 1 so we are likely moving higher.

The EUR trades at 1.2188.
The GBP trades at 1.7572.
The CHF trades at 1.2895.

The JPY gave us a nice entry on Friday and may be looking for another one with 115.44 as the stop once the EUR tells us which way it is going to decide. The JPY currently trades at 116.08

The CAD looks like it wants to trace out a big flat here. It may turn down between 1.1640 and 1.1670. A rise above this likely targets 1.1800. A break below targets 1.1510/1.1470. The CAD currently trades at 1.1641.

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Let the Luck of the Irish bring us Green today. The weakness of the USD should continue into the NY open. We are still waiting for the final move up on the EUR/USD to complete and then looking for a reversal perhaps near 1.2224. The GBP should also move above 1.7600. Don't be too aggressive looking for reversal, these 5 waves can extend.

The EUR trades at 1.2180.
The GBP trades at 1.7554.
The CHF trades at 1.2899.

The JPY broke down again overnight and now trades at 116.35. The JPY should run up above 120 mid-term and not break below 115.44. If we get a good risk:reward ratio we may consider a trade up on this later today.

The CAD bounced off it's 382 FIB line at 1.1515 and currently trades at 1.1556.

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Let the March Madness continue. Today we look to be in the final throws of a correction. One more push up on the EUR and the GBP will complete a 5 wave move up. Look to enter down after the next push with a target of 1.1650 on the EUR and 1.6500 on the GBP. We are potentially on the edge of a huge run down and risk has now shifted to the downside. Plan your trades accordingly.

The EUR trades at 1.2132.
The GBP trades at 1.7523.
The CHF trades at 1.2928.
The JPY trades at 117.20
The CAD trades at 1.1540.

Forex Currency trading is very risky, please read the disclaimer on our web site.
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I'd first like to apologize for the lack of a podcast yesterday, but something came up suddenly and I had no time to do it. The market however has been continuing to move according to our prediction from Monday. On monday we said the GBP was the key to understanding the next move and that proved right. If the GBP broke down to a new short term low at 7228 it would have meant that the corrective wave 2 was already complete, and if the GBP broke up above previous short term high at 7297 it means we were in a flat and looking for a 5 wave move up, which is how the market moved. I think the GBP is still the key to the markets today. It should have one more push up to complete it's 5 wave move then look for a trade down with a stop just above the high at 1.7623. A break below 1.7371 would indicate the next move down has already begun. Be patient and be right. Remember the USD/CHF, USD/JPY, and USD/CAD should move opposite to the GBP, the EUR/USD in the same direction.

The EUR trades at 1.2027.
The GBP trades at 1.7450.
The CHF trades at 1.3016.
The JPY trades at 117.56

The CAD corrected to the minimum and a little more that we pointed out on Monday and currently trades at 1.1559.

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Welcome to new week. Our overall Bias remains towards a stronger USD. I think the GBP will be key to understanding the market moves today. A break above 7297 means we are moving higher today. A break below 7228 means that we are moving lower. Be patient and be right. Remember the USD/CHF, USD/JPY, and USD/CAD should move opposite to the GBP.

The EUR retracement could have been complete at 1.1970 with the next move to at least 1.1850. A break above 1.1970 probably targets 1.2020. Watch the GBP for direction. The EUR currently trades at 1.1928.
The GBP currently trades at 1.7268
The CHF likewise could have finished a correction at 1.3124. It currently trades at 1.3156.

When the JPY starts to trend it really likes to trend. Again look to the GBP for trade ideas. The JPY currently trades at 118.87.

The CAD got it's final push up and came back about 50 pips. It should come back to at least the 1.1566 level so this correction has a little way to travel yet. The CAD currently trades at 1.1598.

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The JPY trade was the perfect trade up yesterday good for over 120 pips. You had tight stop and good risk reward on the primary target and a good risk reward in the alternative target which didn't come into play. You only need one of these trades a week to be successful in the currencies. The CAD traveled further than expected so a good setup never materialized. With the release of non-farm payrolls today watch for a wild ride. Overall we continue to favor a stronger USD, although the short term corrections may continue.

Sell the EUR/USD on pullbacks and be patient. The EUR currently trades at 1.1920.
Sell the GBP/USD on pullbacks. The GBP currently trades at 1.7370.
Buy the USD/CHF on pullbacks. The CHF currently trades at 1.3140.

Look for a possible correcton down on the JPY today to the 117.40 level. Don't get aggressive trading corrections that's where you can get burned. The JPY trades at 118.30.

The CAD is still going strong and likely has one more push up today before correcting. The CAD currently trades at 1.1621.

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Kind of ugly corrective patterns on the currencies in the past day. We are hoping that the patterns become clearer today. We continue to favor a stronger USD across the board overall, although we may be stuck in a range for the next day or two.

We expect the EUR to move lower once this correction is complete, but it's just been ugly for the past day. The EUR currently trades at 1.1927.

The GBP should be moving to the 1.7200 level and below although it's undecided if it wants to run higher here or just be stuck in a range. The GBP currently trades at 1.7389.

The CHF may have completed it's correction at 1.3060 and started it's next move up. It needs to gain some speed if that is true. The CHF currently trades at 1.3103.

Although the JPY pushed up into our target area yesterday, this uptrend is not complete. You've got a high probability trade setup on an up trade with a stop just below 117.08. Alternatively, If the JPY drops below this level then this correction is a zig-zag which is a 5 wave move down which should be complete at 117.08 followed by a 3 wave move up to the 117.80 level followed by another 5 wave move down. Trade up on completion of the zig-zag. The JPY currently trades at 117.20.

The CAD has had a nice run up and is taking a breather. There may be a down trade near the 1.1580 level. Look for Divergence on the RSI indicator if the currency runs back to this level in the next day. Targets on the downside would be 1.1470 and 1.1410. The CAD currently trades at 1.1550.

Forex Currency trading is very risky, please read the disclaimer on our web site.
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or at forex.podomatic.com. Good Luck and Good Trading

Although our high probability trade setups failed on the EUR and the CHF once they broke though their respective key levels you should have been able to reverse your trade and make your profits back and then some.

The EUR is finally taking a bit of a breather after it's strong move down over the past few days. This could be the start of it's move to 1.1650 and below. We are looking for the EUR to have at least one more push lower of 70-110 pips after it finishes this correction. At 1.1940 this correction is potentially complete. The EUR currently trades at 1.1927.

The GBP should be moving to the 1.7200 level and below. Our longer term target remains near 1.6500 for the GBP. The GBP trades at 1.7400.

The CHF likewise should push higher once this correction down is complete. The CHF currently trades at 1.3085

Our next target up on the JPY is 118.30. The JPY could be entering a more complex correction which would bring it lower from current levels before resuming it's uptrend. The JPY currently trades at 117.85

The CAD just dipped below our longer term target of 1.1300 and below and has been making a nice move upwards. At this point we should be very near at least a 60 pip pullback. With the strength of this move up, we are wondering if the longer term run down is over? The CAD currently trades at 1.1511.

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Friday we saw corrections on the EUR and the CHF and a high probability trade setup on the GBP. We still cannot reconcile the counts on the GBP and the EUR which is odd so we still have some caution on trading the GBP. The JPY's trade setup did not come until overnight where it provided a nice trade entry up. I wanted to remind everyone that you can subscribe to receive an email whenever we publish a new podcast by signing up for it at forex.podomatic.com. Click on the 'Add yourself to my mailing list' link, it's very simple. Also, if we've helped you enter profitable trades we accept donations at forex.podomatic.com.

Today provides a couple of different alternative interpretations each leading to different trade setups. The key level for the EUR is 1.1975. If this level is broken then a move down has started with stops above the previous high. I think you can get an entry much closer to the previous high, but breaking this level is the trigger. I think there may be one more move up to near the 1.2140 level. An ideal trade would be with an entry within 20-30 pips of the 1.1975 level so you can get a stop just behind this critical point. If we get a final move up look for a reversal upon completion. The EUR trades at 1.2032.

The GBP should follow the EUR with an upward target near 1.7700 level. The GBP trades at 1.7554

The CHF should move opposite the EUR, it's critical level is 1.3037. If it breaks above this level the currency will be moving higher. Likewise, look for a high probability entry with a stop loss just above this level . The CHF trades at 1.2968.

The JPY looks like it has nearly traced out a 5 wave move up and should have one more push up to the 117.40 level before entering into a correction. The JPY trades at 117.20

The CAD seems to be tracing out some kind of a flat. If it falls near the previous low, it might provide a nice trade up. The CAD currently trades at 1.1360.

Forex Currency trading is very risky, please read the disclaimer on our web site.
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If you were patient yesterday you were rewarded. As soon at the EUR cleared the previous days high of 1.1975 it was time to trade up on the EUR, up on the GBP, and down on the CHF. The times to be aggressive in the market is when you are almost 100% certain that something is going to happen as we were at this event yesterday. Aggressive traders could have made money in both directions, but you had to be quick and have nerves of steel. Today we would like to EUR to run up to 1.2070, the CHF to run down to 1.2920. The GBP is the wild card, it seems to have a different Elliott count than the EUR which is odd. If it breaks above 1.7593 then it really throws our counts off. Because it differs so greatly from the EUR it gives us extra caution on this move. We are looking for the currencies to reverse near these levels provided the've traced out a 5th wave. However, 5th waves can extend so you may not want to get too aggressive looking for reversals.

The EUR trades at 1.2022.
The GBP trades at 1.7553
The CHF trades at 1.2995.

We got a nice run down on the JPY yesterday providing a trade entry up and should get a similar setup today. The JPY trades at 116.37

The CAD looks to be in a correction, we should see another push down this morning and then it should run up. The CAD trades at 1.1327.

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Yesterdays strong move down on the EUR likely indicates the start of a new move down. However, it has not yet travelled far enough to confirm that. If this move down has begun then the currency will not rise above yesterday's high. If
the EUR does travel above yesterday's high then it should travel to about 1.2030 before reversing. If the EUR down move is starting it should travel below 1.1650. The GBP should move like the EUR and the CHF in the opposite direction.

The EUR trades at 1.1930.
The GBP trades at 1.7460
The CHF trades at 1.3110.

The wave pattern on the JPY looks corrective, therefore we are expecting another move down on the JPY. The JPY trades at 116.25

The CAD trades at 1.1340

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Yesterday provided the reversal we were looking for. We waited until the 4th wave encroached upon the 2nd wave indicating that the down move was complete and jumped in for some handsome profits. Once this current move is complete we should get another reversal providing an impulsive move in the opposite direction. The currencies have already cleared our initial targets. But with the hourlies overbought on the EUR and the GBP we would like to see a bit of a correction here. The question again becomes does this finish our correction or do we have one more move up. I think we'll be patient for a final move up. However, we will jump in if it becomes obvious the move is finished.

Our ideal target for the EUR is 1.2000. The EUR trades at 1.1940
Our ideal target for the GBP is 1.7600. The GBP trades at 1.7566
Our ideal target for the CHF is 1.3020. The CHF trades at 1.3075
The JPY either completed it's move down or also has one final push and trades at 116.10

The CAD trades at 1.1386 and looks to be correcting here, probably to about 1.1425.

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Is this the reversal we've been waiting for? Right now it's a bit hard to tell. We we're expecting a final push yesterday that never materialized which makes the patterns had to read right now. we will be on the sidelines until it becomes clearer. Don't force a bad trade, rather wait for the next good one.

Our targets for the EUR remain at 1.1915 and 1.2000. The EUR trades at 1.1872
Our targets for the GBP remain at 1.7490 and 1.7600. The GBP trades at 1.7469
Our targets for the CHF remain at 1.3100 and 1.3020. The CHF trades at 1.3188
The JPY trades at 116.35

The CAD trades at 1.1392

Forex Currency trading is very risky, please read the disclaimer on our web site.
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The EUR, GBP, and CHF came in as ugly 3's on Friday. We started trading for a reversal, then decided to wait to see if the moves become 5 waves which they have. The currencies should have 1 final push this morning to finish the 5 wave moves towards a stronger USD. This leads us to believe 2 alternative scenarios. The first is the currencies are starting their next move and this completes wave 1. In this alternative we would expect a 3 wave corrective move towards a weaker USD. The 2nd scenario is we've just completed a smaller level flat, where we would expect a 5 wave corrective move towards a weaker USD. Therefore, we are fairly certain that we should have a trade towards a weaker USD once we see a final push this morning.

Our targets for the EUR are 1.1915 and 1.2000. The EUR currently trades at 1.1841.
Our targets for the GBP are 1.7490 and 1.7600. The GBP currently trades at 1.7389.
Our targets for the CHF are 1.3100 and 1.3020. The CHF currently trades at 1.3207.

The JPY started it's final push down overnight and then some. It travelled farther than we expected which gives it the potential for further downside. The JPY currently trades at 116.09.

The USD/CAD currently trades at 1.1485.

Forex Currency trading is very risky, please read the disclaimer on our web site.
Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading

The JPY dropped right down into our target last night which provided an excellent exit if you were in a trade and an entry in the opposite direction. We'd had a very good week this week on the Forex Daily Podcasts, we've hit nearly all the turns in the market. The EUR, GBP, and CHF came up a bit short as we were expecting 5 wave moves up and they only delivered 3 waves. Therefore, we are expecting 3 wave moves from yesterdays extremes and then a reversal. Therefore, we will likely see one more push before the reversals. The reversals should be 5 wave impulsive moves.

The EUR currently trades at 1.1892.
The GBP currently trades at 1.7487
The CHF currently trades at 1.3121.

The JPY ran just below our 116.50 target and provided nice trades in each direction. The JPY may be correcting to the 117.00-117.20 level before one final push down, or it may run up from current levels. The JPY currently trades at 116.87.

The USD/CAD currently trades at 1.1510.

Forex Currency trading is very risky, please read the disclaimer on our web site.
Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading

The internet's first and most profitable podcast on the Foreign Currency Markets.
Yesterday was another good day to be a Forex Daily Podcast listener. The currencies turned as we anticipated and are now fast approaching our targets. The currencies look like they need one more push up to complete this move, then they should reverse. So be on the lookout for signs of reversal.

We are targeting 1.1985 on the EUR and it currently trades