It looks like a mix and match day

Ian Copsey Harmonic Elliott Wave

I’m getting a bit frustrated with the slow development. In particular, USDJPY should have seen the first reversal target by now but the market just moves sideways. I’ll still keep the Wave iii targets in mind, hopefully, to see some further gains… but…

EURUSD still needs losses – not too deep but hopefully to form a Wave -i-. USDCHF has been averse to the upside but it must see gains over the day. (Please.) GBPUSD … well, I’d prefer to see losses but there is the risk of an initial pullback higher before those losses.

There is a chance that we have seen a Wave -i- in EURJPY. The only caveat is that the lower degrees were so shallow that it’s rather difficult to work through the tick-bar development, but it takes so long to work through.

The Aussie is a little easier. We have seen a 5-wave decline to form the (brown) Wave (a). This should see a decent pullback higher in Wave (b).

Overall, it should still follow the recent development in terms of limited ranges.

Author

Ian Copsey

Harmonic Elliott Wave

Ian Copsey has been around in financial market for over 30 years, the last 23 years as a technical analyst. He focuses heavily on price development and structure as "it is the only way to generate accurate support and resistance".

EUR/USD holds near 1.1900 ahead of US data

EUR/USD struggles to build on Monday's gains and fluctuates near 1.1900 on Tuesday. Markets turn cautious, lifting the haven demand for the US Dollar ahead of the release of key US economic data, including Retail Sales and ADP Employment Change 4-week average.

GBP/USD declines toward 1.3650 on renewed USD strength

GBP/USD stays on the back foot and declines to the 1.3650 region on Tuesday. The negative shift seen in risk mood helps the US Dollar (USD) gather strength and makes it difficult for the pair to find a foothold. The immediate focus is now on the US Retail Sales data.

Gold stabilizes above $5,000 ahead of US data

Gold enters a consolidation phase after posting strong gains on Monday but stays above the $5,000 psychological mark and the daily swing low. US Treasury bond yields continue to edge lower on news of Chinese regulators advising financial institutions to curb holdings of US Treasuries, helping XAU/USD hold its its ground.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.