CadJpy At 78.5!. What next?

In the last updates, we forecast a corrective rally for Cadjpy to 78.5 after a bearish impulse move. We even gave a trade recommendation to buy to 78.5 prior to the Oil producers' meeting in Algiers.

Price rallied to 78.5 and we think a bearish move may re-surface.

The chart above shows that the correction is a zigzag pattern which may complete just beneath the falling trendline.

If price is well resisted  below 78.9 and falls below the rising trendline78.5, we may have a strong reason to short cadJpy for the continued bearish move.

If price pierce the falling trendline powerfully, we may see more upside move.

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Eurgbp: An Imminent correction to 0.8525?

Do you think we have a 5-wave impulsive rally here? The 5th leg of the rally could complete its 5th sub-wave at 0.8853 or form a double top with 0.8843.

According to the wave theory, a 3-wave decline usually follows a rally like this.

If price moves as expected and breaks below 0.8765, price may correct to 0.8525 and we don't want to miss this.

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Audnzd : Bearish correction to 1.03- 1.04?

Price bottomed at 1.02267 after a long term motive wave downside.

The long term correction started from 1.02267 with a well-formed impulsive 5-wave swings.

A correction is expected to 1.03873 before the long term corrective rally will be expected to continue.

Trade Recommendation:

SELL AUDNZD around 1.0575.

Stop Loss at 1.0640

Targets : 1.05 and 1.04

We advice to aim 1:2 R/R and maintain proper management (not more than 3% of total fund should be risked)

Note: It's not sure that this trade will win or lose. The signal provider will not be responsible for any trade win or loss. Traders who take this position do so at their own risk

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Eurusd and Eurgbp Opportunities Amidst Reports

WILL EURO STRENGTHEN?

With high impacts reports coming from USD and EUR in some hours time, we will likely see some big moves in Eurusd. So there is a need to watch closely.

ECB President Draghi will speak in Frankfurt during which time the crude oil inventories data will be released in the U.S; all these will happen 30 minutes after Fed Chair Yellen's speech.

We have been looking at a the possibility of Euro rallying to 1.46-47 price region to complete the long term wave 4 triangle as shown in the chart below.

The chart below shows that the last leg of the triangle, if complete, will be a double zigzag. A strong move upside will confirm our stance for a bullish drive.

The chart below shows make up waves of the price action as it may start the journey upside. A 5-wave (which ended at 1.1279) break out of the second leg of the prospective double zigzag we mentioned above and a 3-wave pull back (1.1178) at 61.8% fibo-retracement. A solid move to break out of 1.1279 may see price getting to 1.146.

It will be good to wait for price to confirm this forecast by breaking just as said above. We will post more quick updates at our Telegram Channel.

What if the report weakens the Euro and price breaks below 1.1178?. There may be further corrective move downside and we will be on the sideline and watch.

Meanwhile if Euro weakens, we can take a cue from Eurgbp.

The Weakness of Euro could weaken Eurgbp

 A BREAKOUT IN EURGBP?

 
We have this strong bearish bias on Eurgbp until price breaks above 0.8725. The recent rally is taken as a double zigzag correction and may be the end of wave II).

The weakness of the Euro may cause price to break out of the wave II) supply trendline.

If there is a good breakout, we may wait for a pullback while price continues downward to break below 0.83.

Our Choice

We will buy Eurusd if Euro strengthens OR Sell Eurgbp if Euro weakens at the levels mentioned.

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CadJpy: A Rally to 78.5?

At the beginning of last week, we expected a rally after identifying a 5-wave down. The rally did come but short-lived due to economic releases from Japan and the effect of Crude Oil on Cad.

It looks like we could have the rally now and we want to bank on this one.

The rally is expected to b a sharp corrective move. Immediate move to 77.45 and later to 78.5 is likely.

This pair has well the stretched downside, so the rally could even advance further the 78.5. We will see how price respond to the sudden bullish bar on the 1 hr chart.

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Nzdcad: Can the Bears start now?

The chart below was used on 4th August to spot a short term bearish opportunity. We were expecting to follow the C-wave downward after the necessary breakout.




 Price dipped a bit but rallied as a result of dip and rally spikes formed interest rate releases and other fundamentals.

The bulls couldn't knock off 0.9569 resistance despite interest rate spikes and price has now absorbed all.

The chart below seems to show us something clear.


 

Price could dipped in a 5-wave structure to break below 0.9

The chart below shows the sub corrective wave (ii) is an expanding flat pattern.


 


A break below the rising trendine could provide a good sell entry to aim 0.93, 0.92 and 0.90.

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