EURAUD INTRA DAY ANALYSIS
Thursday, 6th August, 2015
8hr chart of Euraud |
The chart above shows that the last bullish move was a double zigzag correction which ended at 1.52718 and price reacted quickly in what could be the beginning of a new bearish move.
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| 30min chart of Euraud |
The chart shows how price is trying to play out in a quest to complete the 1st bearish impulse wave to confirm the bearish trend. Price should move further now in a lower degree impulse wave which would be seen clearly on the 5 min chart. This next dip could end at 1.45815 (a projected level)
MONDAY, 10TH AUGUST, 2015
The expected impulse sell off from 1.527 is in the 5th wave of the third stage as I mentioned in the last update. Still expecting the dip in form of a motive wave which could end at 1.458.
Are we going to have, instead, a truncated 5th of the 3rd wave? or the dip from 1.527 to 1.471 is a zigzag correction to enhance further move upside?
WEDNESDAY 12TH AUGUST, 2015
Price has failed to break 1.471 intraday support to confirm that the move from 1.527 is an impulse sell off. Price has instead fulfilled the alternate count. The alternate count as shown in the Monday chart is a zigzag. The break above 1.491 in such a high momentum has confirmed it and we now believe that, in the longer term, we might have a triple zigzag as against the double zigzag.
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| Euraud, 1hr |
Price is presently in the process of the third wave of the new rally and a dip for the 4th wave could give a renewed interest for more advance move.
THURSDAY, 13TH AUGUST, 2015
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| Euraud 15min |
Price has completed the 3rd wave and dipped for the 4th wave just as expected. We would be expecting a rally to 1.5432 if price does not go to the region of 1.4913
FRIDAY, 14TH AUGUST, 2015
Price looks to find an intra day rest at 1.5046 and I think should be contained above it for the possibility of more bullish move.
The intra day dip at 1.5046 shows a double zigzag corrective pattern signalling the end of the 4th wave. Price responded by moving to 1.51 and now congesting.
I was expecting a motive wave from 1.5046 and this would happen if price rallies to break above 1.517 (I have a pending entry to buy at 1.5175).
TUESDAY, 18TH AUGUST, 2015
With a longer term triple zigzag pattern in view, we could see price completing the last leg.
The last leg of a triple zigzag pattern is expected to be a zigzag or double zigzag pattern.
In the last update, price set to have moved in impulse with the 4th wave a zigzag pattern.
I was expecting price to rally from 1.504 and break above 1.517 for a good bullish trade set up but price dipped further and the count above could fit well.
A rally above 1.51099 would confirm a bullish set up as price could rally to 1.54 region.
Price should be contained above 1.4916. Any further dip below this level could pose a big threat to the bullish view.
THURSDAY, 20TH AUGUST, 2015.
Since 18th August, price has been contained above 1.4916 and rallied to 1.5109 to break it in what could be a double zigzag bullish move as part of a longer term prospective triple zigzag pattern.
Price is expected to rally within the space of the channel and break above 1.5299 for the bullish move to be termed as genuine.
SUNDAY, 23RD AUGUST, 2015
Just as expected, price rally high at the end of last week and targets were hit. We are at the last phase of the triple zigzag pattern and we will watch how responds at this level.
I expect price to be contained below 1.5700-50. We will see what happens this week
FRIDAY, 28TH AUGUST, 2015
The big rally continued this week and broke above the marked 1.5700-50 level to 1.657. price has since dipped in a 3-wave format and we can now have 2 possible ways of looking at the market.
Price now presents two scenario to us.
First Scenario: If price will respond to the triple zigzag pattern that we have been following, price should be expected to fall in a 5-W motive wave which will go to the region of the triple zigzag channel line.
According to the chart below, 3 of these 5 waves have completed. We might have a 4th wave correction before further move downside. wave 4 should meanwhile be maintained below 1.5827. An upward bridge of 1.5827 will invalidate this wave analysis.
Second Scenario: If price validates the first analysis by breaking the 1.5827 barrier, we could have a new outlook. Price could rally further responding to the double zigzag in the chart below.
Reaction of price to 1.5827 (whether it will be contained below it or bridge it upside) is only needed for a change of outlook. When the direction of price is determined, we will then look for a trading opportunity.
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