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Thursday, April 12, 2012

EURUSD

EURUSD retraced 38.1% from the previous impulsive fall. There are two possibilities for this pair. First possibility is that we are in a 5 wave decline that will lead us bellow 1.26. The second possibility is that we are in progress of a zigzag corrective move, which will lead us to 1.29-1.2850 level and then we will reverse and go all the way back to 1.36. In either case, we have at least 250 pips on the way down.

Good Luck:)

USDCAD update

USDCAD had a 5 wave move followed by a three wave correction. It seems wave c is complete, and we might be headed to 1.01 in the next few sessions. The maximum target for this bullish 5 wave move will be at 1.02

Godd Luck:)

GBPUSD update

Here is the chart that I posted Sunday
As you can see I had wave 2 going all the way back to the 61.8 % retracement level and this is what happened today. Now it is time for wave 3. From 1.5970 level wave 3 should lead us to at least 1.5750 level.

Good luck:)

Monday, April 9, 2012

GBPUSD Update

For the past two weeks we have been following the formation of a triangle in GBPUSD. This is the chart that I showed you last week, and I said that the pair should start moving lower since we need one more leg down for the e wave of the triangle. Now we have completed the first wave down, and we are in the process of  finishing up wave 2, which should be followed by a sharp move down for wave 3. Then we should have some consolidation round the 1.57 level followed by another push lower to 1.56. Although the whole move should end at the 1.5560 area, it would be better to close all short positions at the 1.56 area. Here is the updated chart for this week.
Good Luck:)

Monday, April 2, 2012

GBPUSD Update


For the past two weeks we have been following the move in GBPUSD. Right now we are in the final hours of upward movement in the pair and we should see more pressure to the downside, with initial target of 1.5750. In the last week's post I mentioned that this might be the end of wave E of the triangle formation on the weekly basis(see last week's update on GBPUSD). However if wave E happens not to be complete, we should see some pressure to the downside this week and then it should be followed by very sharp reversal leading us to 1.63 area. I will post an update later in the week when we reach 1.5750 and bellow.

Good Luck:)