Forex Daily Podcast

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.

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