Eurusd Is Still Bearish

Elliott wave theory, consistently, has shown how other technical methodologies are engulfed in it. Almost all the time, Elliott wave theory knows the immediate and long term direction of any market before other technical systems get the half picture.

The bearishness of Eurusd is expected to continue. Price could dip below the 1.0000 level.
There is a bearish harmonic bat pattern to be completed at 0.9830-50.




The chart below shows what Elliott wave says:

 

The weekly chart above shows that price is in wave iv of c of a zigzag pattern meant to complete the correction of the impulse wave that started before 2002 when price was below 0.7.

Wave iv of c can be viewed closely in the chart below.



Wave iv is forming a triangle pattern. At the end of the formation, price would be expected to dip below and the next zone to watch out for is 0.9830-50, where the bat will be completed.

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Weekly Video Analysis: UsdJpy, AudJpy, GbpJpy, CadChf, EurGbp

Yen may continue its weakness against major currencies especially the dollar. Currency pairs like Audjpy and Gbpjpy are also set for a long term further bearish move.
The technical chart of Eurgbp shows how Elliott wave theory can consolidate the formation of chart patterns.
The technical chart of Cadchf also indicates how Elliott wave can confirm harmonic patterns.
 When all these technical tools are combined, there is more clarity of what the market could do.

Gold: A New Triangle?

On 3rd March, we discussed about the triangle that formed the 5th wave of the expected impulse wave that broke out of the ending diagonal. You can read the article again here .

The impulse wave, which was expected to terminate between 1300 and 1400, is expected to be the first leg of a correction.

As price broke out of the 4th wave triangle, we expect price to rally in a real motive wave to the 1300-1400.

 


Presently price is consolidating in a side way movement after a short rally.
The chart below shows the Elliott wave analysis of the breakout rally




If price breaks above 1275.21, there will be a good position for price to rally to 1290-1300 in the nearest term.

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