The US Dollar made a false break out higher and reversed lower to take our long trade out -139 pips. Still, the main bullish setup remains valid. Now it looks a leading diagonal concluded from at the 97.72 high. It also looks like we are in an inverted head and shoulders pattern. In hindsight, the stops were moved prematurely and should have stayed at 95.15. Now, I’m looking to buy again above last weeks high at 96.81 against 95.03.
Trading strategy DXY
Buy above 96.81 against 95.03
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Euro US Dollar (EUR/USD)
Just like the US Dollar Index, the EURUSD broke lower falsely and has since reversed higher. Now it looks like a bearish leading diagonal and the sentiment remains bearish for a move towards 1.10-05 area in the coming weeks and months. I’m looking to sell below last weeks low against 1.1570.
Trading strategy EUR/USD
Sell below 1.1272 against 1.1570.
British Pound US Dollar (GBP/USD)
The pound continues to grind higher but is finally offering some clarity. The move from January low looks like an ending diagonal wave C and should conclude below 1.3540. A break below 1.2960 should lead to more losses.
Trading strategy GBP/USD
Sell below 1.2960 against last swing high.
US Dollar Japanese Yen (USD/JPY)
Our long trade got stopped out for -79 pips and our buy order above 112.15 is no longer valid. Not it looks like we have completed the first leg in a three-leg correction and the second leg is unfolding. For now, there are no good setups to trade.
Trading strategy USD/JPY
Stand aside.
Gold Spot US Dollar (XAU/USD)
Gold has to remain bearish against 1346 high for a move towards 1270-1250 area. Look to sell below last weeks low at 1303.30.
TraderWgun has over 4 years of experience with the Elliott Wave Principle, 6 years trading part-time. Twitter handle @atliveanner
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