As was expected, we went lower towards the 96 level and then made new yearly highs. Now, stops should be moved to last weeks low at 95.82 and target remains towards the 100 level.
Trading strategy DXY
Stay long from 97.21, move stops to 95.82.
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Euro US Dollar (EUR/USD)
As was expected, we went higher and then reversed lower. The complex W-Y-Z correction was completed at 1.1419 high from last week, and from there the market broke down in an impulsive manner. We broke the very important 1.12 level and the next test of the bear’s commitment is the 1.10 level.
Trading strategy EUR/USD
Remain short from 1.1249 and move stops to 1.1419.
British Pound US Dollar (GBP/USD)
The pound didn’t act as expected. Our order to sell below 1.2830 was not filled and is now invalid. Instead, the pair made new highs that have to be counted as a part of the wave x correction. After that, we have broken lower, but there isn’t a good sell setup at the moment.
Trading strategy GBP/USD
Bearish below 1.3351. Look for sell opportunities
US Dollar Japanese Yen (USD/JPY)
Our buy order at 111.14 got filled and then the pair went lower but held above the last swing low at 110.24. We have since completed wave a of z, and now the market is making a wave b correction. This will be followed by another swing higher that will complete z near the 113 level.
Trading strategy USD/JPY
Remain long from 111.14, move stop loss to 110.35. Add above 112.15 against last swing low, TP 112.95.
Gold Spot US Dollar (XAU/USD)
As was expected, Gold has reached a top and has moved impulsively from 1346 high. But at this moment in time, there is no good setup to sell.
Trading strategy XAU/USD
Sell rallies against 1346, TP1: 1250, TP2: 1200
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TraderWgun has over 4 years of experience with the Elliott Wave Principle, 6 years trading part-time. Twitter handle @atliveanner
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