The foreign exchange market (forex, FX, or currency market) is a global decentralized market for the trading of currencies. The main participants in this market are the larger international banks. Financial centres around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies.
Friday, July 30, 2021
Friday, July 3, 2020
Elliott wave analysis and forecast for 03.07.20 – 10.07.20
EUR/USD
The pair EUR/USD remains likely to grow. Estimated pivot point is at the level of 1.1180.
Main scenario: consider long positions from corrections above the level of 1.1180 with the target in 1.1495 – 1.1605.
Alternative scenario: breakout and consolidation below the level of 1.1180 will allow the pair to continue declining to the levels of 1.1095 – 1.1019.
Analysis: Supposedly, a descending correction of larger degree finished developing on the daily time frame in the form of wave 2 and the third wave 3 started developing. On the H4 time frame the inceptive wave 1 of (3) of a new trend is forming, with wave iii of 1 forming inside. On the H1 time frame, apparently, the third wave of smaller degree (iii) of iii of 1 formed, a local correction developed in the form of wave (iv) of iii of 1 and the fifth wave (v) of iii of 1 is developing. If the presumption is correct, the pair will continue to rise to the levels of 1.1495 – 1.1605. The level of 1.1180 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.1095 – 1.1019.
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The pair GBP/USD remains likely to grow. Estimated pivot point is at the level of 1.2250.
Main scenario: consider long positions from corrections above the level of 1.2250 with the target in 1.2880 – 1.3150.
Alternative scenario: breakout and consolidation below the level of 1.2250 will allow the pair to continue declining to the levels of 1.1635 – 1.1409.
Analysis: Supposedly, the fifth wave of a larger degree V finished developing on the daily time frame, with wave (С) of V completed inside. On the 4-hour time frame the first inceptive wave of a new trend (1) of 1 and a correction is completed in the form of wave 2 of (1) which took the form of a flat. On the H1 time frame, apparently, wave (3) has started developing, inside which the first wave of a smaller degree i of 1 of (3) has been completed. If the presumption is correct, the pair will continue to rise to the levels of 1.2880 – 1.3150. The level of 1.2250 is critical in this scenario as the breakout of it will enable the pair to continue declining to the levels of 1.1635 – 1.1409.
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USD/CHF remains likely to fall. Estimated pivot point is at the level of 0.9530.
Main scenario: consider short positions from corrections below the level of 0.9530 with a target in 0.9323 – 0.9170.
Alternative scenario: breakout and consolidation above the level of 0.9530 will allow the pair to continue rising to the levels of 0.9651 – 0.9781.
Analysis: Supposedly, the descending third wave of larger degree (3) continues developing on the daily time frame, with wave 1 of (3) forming inside. On the H4 time frame, wave v of 1 is forming, with wave (iii) of v forming inside. On the H1 time frame, apparently a local correction finished developing as wave iv of (iii) and the fifth wave of a smaller degree v of (iii) is forming. If the presumption is correct, the pair will continue to drop to the levels of 0.9323 – 0.9170. The level of 0.9530 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9651 – 0.9781.
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USD/JPY is likely to rise. Estimated pivot point is at the level of 106.77.
Main scenario: consider long positions from correction above the level of 106.77 with the target in 108.60 – 109.84.
Alternative scenario: breakout and consolidation below the level of 106.77 will allow the pair to continue declining to the levels of 105.21 – 104.50.
Analysis: On the daily time frame, apparently a descending correction of larger degree finished forming as wave B and wave С started developing. On the H4 time frame, the first wave 1 of (1) of C has been formed and a local correction as wave 2 of (1) has also been formed. On the H1 time frame, the third wave 3 of (1) has started developing, inside which the first inceptive wave of a new trend of a smaller degree (i) of i of 3 is developing. If the presumption is correct, the pair will continue to rise to the levels of 108.60 – 109.84. The level of 106.77 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 105.21 – 104.50.
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USD/CAD remains likely to grow. Estimated pivot point is at the level of 1.3486.
Main scenario: consider long positions from corrections above the level of 1.3486 with a target of 1.3740 – 1.3797.
Alternative scenario: Breakout and consolidation below the level of 1.3486 will allow the pair to continue declining to the levels of 1.3315 – 1.3189.
Analysis: On the D1 time frame, the third wave of a larger degree is forming (3) which includes wave 1 of (3). On the 4-hour time frame, a downward correction in the form of wave 2 of (3) has been completed and the development of wave 3 of (3) has begun. On the H1 time frame, the first wave of a smaller degree (i) of i of 3 is forming and if the assumption is correct, the growth of the pair will continue to the levels of 1.3740 – 1.3797. The level of 1.3486 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1.3315 – 1.3189.
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