CADJPY Elliott Wave Sequence still bullish

Elliott Wave Forecast Team ElliottWave-Forecast.com

CADJPY Elliott Wave Sequence is bullish and incomplete to the upside due to which we have been telling clients not to sell the pair and use the dips as an opportunity to get long for higher prices. Our Live Trading Room was able to catch a long in CADJPY for a profit of +197 pips recently and in this blog, we will take a look at CADJPY daily chart to show that the rally is not over yet and any pull backs should still be viewed as a buying opportunity in the sequence of 3, 7 or 11 swings.

CADJPY Elliott Wave Sequence from 11.9.2016

Daily chart of CADJPY shows the pair rallied in 3 waves from 11.9.2016 low to 12.15.2016 high. Then, the pair pulled back to 50 – 61.8 Fibonacci retracement area of the rally from 11.9.2016 low and made a new high above 12.15.2016 peak. As soon as pair broke above 12.15.2016 peak, it created a bullish Elliott wave sequence with a target of 94.57 – 97.91 area. We know that market doesn’t move in a straight line and always does pull backs. Since the pair broke above 12.15.2016 peak, we have been telling clients to use pull backs as a buying opportunity in 3, 7 or 11 swings. As far as dips hold above 8.11.2017 low i.e blue (X) low, pair should remain supported and see more upside towards 94.57 – 97.91 area.

CADJPY 8 Hour Elliott Wave Analysis

Pair is showing 5 swings up from 4.19.2017 low which makes Elliott wave sequence incomplete and bullish against 8.11.2017 low in this time frame. Pair has reached 0.618 – 0.764 Fibonacci extension area of (W)-(X). This is the area which will typically end 5th swing in a 7 swing sequence. Therefore, we don’t like chasing the longs here as a pull back can be seen soon in wave X. We don’t like selling the pair and expect wave X pull back to find buyers in 3, 7 or 11 swings as far as pivot at 8.11.2017 i.e. blue (X) at 85.44 low remains intact.

Become a Successful Trader and Master Elliott Wave like a Pro. Start your Free 14 Day Trial at - Elliott Wave Forecast.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.