Elliott wave trading technical analysis by traderWgun

This is an update to a previous analysis

Elliott Wave Forex analysis, February 1, 2019

Elliott Wave Forex analysis, January 24, 2019

Elliott Wave Forex analysis, January 18, 2019

Elliott Wave Forex analysis, January 8, 2019 Commodity Currencies

Elliott Wave Forex analysis, January 3, 2019

DOLLAR INDEX

There are still several possibilities for the Dollar

DXY elliottwave analysis

RED: this count suggests that we are in wave (B) of a bigger flat correction.
GRAY: this count suggests that wave Z was a truncation, i.e it didn’t go beyond the end of wave Y (95.03). In this case, a bottom is already in place and we are ready to move higher towards the 100 level in the coming weeks
Trading strategy DXY
LONG TERM: Dollar seems bullish in either case. The same long term strategy remains; buy dips against invalidation level 93.79.
SHORT TERM: If you are still short, I advise to cover positions or move stops to break even. There might good shorting opportunities later on, but it’s too early to tell.

Euro US Dollar (EUR/USD)

The Euro wasn’t able to move higher towards 1.16 level, and now it looks likely that we might see more downside. But the question is if we still are in an ongoing correction or if we are ready to break 2018 lows.

EURUSD Elliott Wave technical analysis

Just like the US Dollar Index, we might be doing a flat correction, but it might also be a triangle wave B. In either case, it’s still bearish below 1.1815.

EURUSD Elliott Wave trading strategy

Trading strategy EUR/USD
SHORT TERM: if you are still long against 1.1268 as suggested, cover your position or move stops to breakeven.
LONG TERM: Sell rallies against 1.1815, but there isn’t any good setup at the moment.

British Pound US Dollar (GBP/USD)

Unfortunately, we didn’t reach our target area for the upside (1.33-34), and instead, the long trade has been stopped out at breakeven.

GBPUSD Elliott wave technical analysis

It looks like we completed a double zigzag correction at 1.3217 instead of a flat, and now it looks likely we will see more downside towards the 1.20 level in the coming weeks and months ahead.
Trading strategy GBP/USD
Sell rallies against 1.3217, but wait first for a completed five waves sequence and then a correction. Stand aside for now.

US Dollar Japanese Yen (USD/JPY)

We didn’t reach the targets at 108 and 107.40, and now it looks like a bottom is in place. The short trade from two weeks ago was closed out at +20 pips.

USDJPY Elliott Wave trading technical analysis

It looks like wave C was an expanding ending diagonal that completed wave B / 2 correction, and now we will move higher.

Trading strategy USD/JPY

SHORT TERM: Buy against 108.5. Target: Open.

Gold Spot US Dollar (XAU/USD)

From last weeks analysis:
In last weeks analysis, I recommended buying Gold (at approximately 1284) against 1276 and target 1310-30 area. We have now hit two of our three targets and could go higher and hit our final target at 1330. SHORT TERM: If you are still long move stops to 1304.
The third target wasn’t hit, but the trade generates at least +20 points.
Now it looks like the move to the upside is over and we could start to see a major move lower.

The alternative count suggests that we are in a wave X triangle that just completed wave d and will stay above wave c low (1160) for a move higher towards 1500 area. This count is valid above 1160.

Trading strategy XAU/USD
Short against last weeks high 1326.4

New Zealand Dollar US Dollar

The market didn’t reach the final upside target area at 0.6270/80, and has since reserved as expected. Now it looks like we have began wave C flat that was mentioned in January 18 analysis:
This pair could still go lower towards 0.65 level by doing a flat correction. But short term it looks bullish.

NZDUSD trading

Exactly as expected, we moved higher and are now moving lower to complete wave C and wave ((ii)) flat correction.The next move should take us to 0.66/64 area before any upside.

NZDUSD Elliott Wave technical analysis

Trading strategy NZD/USD
SHORT TERM: Sell rallies against 0.6941, target 0.66/65 area.
LONG TERM: Look to buy near 0.66/64 area.

 

TraderWgun has over 4 years of experience with Elliott Wave Principle, 6 years trading part-time. Twitter handle @atliveanner
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