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EURUSD keeps trading higher, now above 1.3000 psychological level. The price action from the past few days definitely supports the idea that larger trend for the pair is now bullish. Its because of a personality of a price which is very sharp and made big move in the short period of time. With that said we believe that EURUSD is in the middle of a wave 3, which will extend much higher in days, weeks to come. Ideal scenario based on current developments suggests that EURUSD is searching for a top of a blue wave (iii) now, and that pull-back in wave (iv) will occur in the next few days. This pull-back will then give us a new opportunity to join the larger trend.
USDCAD is in a sharp downtrend, suggests that black wave 3 will be much more extended than firstly thought. However, despite a strong sell-off we think that pull-back in wave iv) will occur, but the question is when. Traders, who want to get involved into this downtrend, must be patient and wait on higher levels before they may join the larger downtrend.
Cable recovered nicely in this week, which was expected since Monday when we started to track a larger incomplete wave 3. Looks like this wave 3 will extend even higher, possibly up to 1.6300 as we need five waves within up from 1.5750. Current price action suggests that market is now in late stages of a blue wave (iii) with resistance seen at 1.6220.
USDCAD is in a sharp downtrend, suggests that black wave 3 will be much more extended than firstly thought. However, despite a strong sell-off we think that pull-back in wave iv) will occur, but the question is when. Traders, who want to get involved into this downtrend, must be patient and wait on higher levels before they may join the larger downtrend.
