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FX Majors Look For Correction: Elliott Wave Analysis


EURUSD fell to a new swing low but that does not mean that wave (b) correction is already completed. Corrections after such a sharp fall liek we have seen from 1.3992 are usually more complex and they will tend to retrace for around 38.2%. That's now the case on the EURUSD yet, so we assume that wave (b) is still unfolding as irregular correction. Ideally, we will see an expanded flat with 1.3770 yet to come before market turns down for (c).

EURUSD 4h Elliott Wave Analysis
EURUSD 4h Elliott Wave Analysis


GBPUSD has recovered nicely in the last couple of days in three waves after a completed five waves of decline from 1.6995 or 1.6728. Pair reached our mentioned levels around 1.6900 where current recovery may slows down. For a bearish confirmation we need a reversal back to 1.6800 that will make room for further weakness down in wave 3)/C) towards 1.6600.

GBPUSD 4h Elliott Wave Analysis
GBPUSD 4h Elliott Wave Analysis


USDCHF spiked above 0.8952 last week but upside seems to be limited around 0.9860. In fact, we are tracking a flat correction of a larger degree with wave C now close to completion. From minimum perspective view, even if pair has turned bullish on May 08 we still expect three waves down from around current levels, so ideally price will retrace back to 0.8840/70 zone next week.

USDCHF 4h Elliott Wave Analysis
USDCHF 4h Elliott Wave Analysis


USDJPY reversed sharply to the upside yesterday from around 100.80 where we think that pair found a temporary low. The reason is slow and overlaping price action at the late stage of recent declines that looks like an ending diagonal placed in wave (c) position, final leg of a three wave fall from 104.11. Therefore, we suspect that USDJPY is trapped in some bigger corrective price action and that pair will continue sideways or even slightly higher in the next couple of days.

USDJPY 4h Elliott Wave Analysis


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