Last week the recommendation was to buy above 97.29 and the trade was activated. That break seems like a wave B within a flat. That flat, in turn, is a part of a bigger complex correction that can extend lower towards 96 level.
A break above the proposed wave X high (97.09) would suggest that the correction is over and we are ready to continue higher.
Trading strategy DXY
Buy above 97.09 against 95.16
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Euro US Dollar (EUR/USD)
Last week’s recommendation was to sell below 1.1250 against 1.1514. The short trade was activated and then the market reversed higher in a corrective manner.
The Euro is correlated with the US Dollar and is doing the opposite complex correction.
A break below wave X low (1.12758) would suggest that the correction is done and we are ready to move lower.
Trading strategy EUR/USD
Sell below 1.12758 against 1.1514.
British Pound US Dollar (GBP/USD)
Our order to sell below 1.2777 from last week was not activated and the market has since moved higher and the move looks like an expanding flat correction.
The smartest move right now is to sell below the proposed wave 1 low (1.2830).
Trading strategy GBP/USD
Sell below 1.2830 against 1.3218. TP: 1.20.
US Dollar Japanese Yen (USD/JPY)
Not much has changed from last week. The strategy remains the same.
The current move looks like a flat wave x, so we might see a move lower before more upside.
Trading strategy USD/JPY
SHORT TERM: Buy above 111.14, stop loss at last swing low, TP 112.40
Gold Spot US Dollar (XAU/USD)
The trade from last week resulted in a loss (-7.5 points).
The market stopped us out and then reversed lower. The market could still do one more high, but as long as we stay below 2018 high (1365.8) we will probably see a move lower towards 1275 or even 1200 level.
We could still see one more leg higher, but rallies should be sold.
Trading strategy XAU/USD
Sell rallies against 1365.8, TP1: 1275, TP2: 1250, TP3: 1230
New Zealand Dollar US Dollar
Not much has changed here since last week. I remain short against 0.6941. We could see another pop higher but the pair remains bearish below 0.6941.
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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TraderWgun has over 4 years of experience with the Elliott Wave Principle, 6 years trading part-time. Twitter handle @atliveanner
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