Daily FX Elliot Wave Outlook Report (EURUSD, GBPUSD, USDCHF & USDJPY)
Near term support for the wave (X) started from 1.3710 is at 1.3140/1.3000. The pair has taken support closer to a Fibonacci target 1.3140 with a doji candle on Friday. We are looking for a completion of a double zig zag wave W. A move above 1.3250/1.3305 would signal near term recovery attempt (wave X) for 1.3360/1.3435. A break below 1.3145 targets 1.3100/1.3040 next.
GBPUSD has broken below 2012 low at 1.5230 and the larger down trend targets 1.5000/1.4800 initially. The pair may be still in the closing stages of a wave [iii]. A reversal above 1.5160/1.5215 would refocus on 1.5325. A break below 1.5070 targets 1.5040/1.5000 next. A move above 1.5330 could extend the wave [iv] recovery to test the 1.5415/1.5450 resistance before failing.
The pair may be now in a wave (v) of [a] and is facing tough resistance at 0.9350/0.9390 where it is likely to pull back. Immediate term support is at 0.9275/0.9260. A reversal below refocuses on 0.9185.
The pair may be in a complex wave 4 correction (Ascending triangle or flat?). Today’s high 94.80 is a Fibonacci/daily band resistance. A reversal below 93.50 confirms the range trade and tests the 92.75/92.20 support before renewing. A break below however would deepen the correction. A move above 94.80 however would signal a wave 5 and target 95.75/96.00 next.