Forex Daily Podcast

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.

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