The Dollar extended higher as expected, and now the most likely scenario is that we continue higher. The idea that we are doing a flat correction looks very unlikely at this moment in time.
Trading strategy DXY
Buy a break above 97.29 against 95.16.
Euro US Dollar (EUR/USD)
The Euro went lower as expected and now it looks like the correction is over and we are ready to see new lows below 1.1215.
Trading strategy EUR/USD
Sell below 1.1250 against 1.1514. TP1: 1.08, TP2: 1.055.
British Pound US Dollar (GBP/USD)
The pound went lower as expected, and completed five waves down from the highs and made a correction. Now it looks like we have started wave iii and could go much lower. Sell rallies against 1.2962.
Trading strategy GBP/USD
Sell rallies against 1.2962 or sell below 1.2777 against 1.2962. TP: 1.20.
US Dollar Japanese Yen (USD/JPY)
Last week I suggested buying above 110.15. I took profit just below 111 for +80 pips, which was communicated via Twitter.
The count isn’t very clear right now but I expected it to continue to grind higher.
Trading strategy USD/JPY
SHORT TERM: Buy above 111.14, stop-loss 108.53 (or last swing low), TP 112.40
New Zealand Dollar US Dollar
As mentioned last week, we are probably in a flat correction wave ((ii)) and as we stay below 0.6941 we will most likely see now lows towards the 0.66/65 area.
Trading strategy NZD/USD
SHORT TERM: Sell against 0.6941, target 0.66/65 area.
LONG TERM: Look to buy near 0.66/64 area.
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Gold Spot US Dollar (XAU/USD)
It looks like we are close to completing a flat correction in Gold and as it stays below 1326 we will most likely see new lows.
Trading strategy XAU/USD
Same as last week, sell against 1326.4
TraderWgun has over 4 years of experience with Elliott Wave Principle, 6 years trading part-time. Twitter handle @atliveanner
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