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Tag Archives: daily forex signals

Dow Jones Industrial Average Tries for New All-Time Highs

Dow Jones Industrial Average (DJIA) has recovered well from the losses stemming from May 17. With DJIA printing above 21,078 late last week, it alters the pattern we were following some. Previously, we were looking for a small dip in price to offer a buying opportunity towards new highs. As we see below, the door is now opened for a slightly larger dip back towards 20,440. From an Elliott Wave perspective, we have the current wave higher labeled as wave (b)...

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Is GBP/USD Carving a 2017 Top?

Though GBP/USD has recovered some of last week’s losses, the pair continues to trade from the back of its foot. We have been anticipating a turn lower at a larger time frame for the past couple weeks because of the Elliott Wave model we are following. We could be on the forefront of larger losses for GBP/USD. The sentiment picture is more closely ...

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USD/CAD Appears to Resume a Longer Term Downtrend

In our previous article, we introduced the topic of the 12 month upward correction being over near the 1.38 high. So far, that high has held while USD/CAD is selling off in apparent impulsive fashion reaching our initial target of 1.3411. The Elliott Wave model suggests the downtrend is incomplete with more room to sell off. It appears from the model that USD/CAD may be in wave iii of (iii). Wave 3 tends to be ...

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Dow Jones Industrial Average Consolidates in a Holding Pattern

Dow Jones Industrial Average (DJIA) has enjoyed a nice four day rally recovering most of the losses from last Wednesday May 17. DJIA is playing according to the pattern previously identified and appears to be grinding sideways in a triangle. We are anticipating the ‘d’ leg of the triangle to end soon with a small turn lower to take place from nearby levels. This last dip lower would be labeled an ‘e’ wave, ...

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Are We There Yet? EUR/USD Closes Higher 6 of the Last 7 Days

EUR/USD has been in a monster move to the upside closing higher in six of the last seven trading days. In fact, the daily RSI (Relative Strength Index) has surpassed the highest level since August 2015. Many traders look to RSI as a measure of overbought. Few look to RSI as a means to determine trend, which for EUR/USD, is firmly pointed to the upside. According to the Elliott Wave model, it ...

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Will AUD/USD Be a Late Bloomer to the USD Correction?

If you prefer a quiet nap during cloudy afternoons, then AUD/USD is a market to consider. While many of the markets are increasing in volatility, AUD/USD continues to chop around sideways in a range. US Dollar has been weakening over the past few days and AUD/USD appears aloof. Though it may be difficult to imagine right now, the Elliott ...

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GBP/USD Terminal Wave Matures

GBP/USD popped to 1.3048 yesterday just shy of the 1.3060 zone cited previously in “How Much Higher Can GBP/USD Continue.” Though we cannot say for sure if the reversal begins at this level, yesterday’s price action puts Cable at risk of a large reversal. The model we are following is Elliott Wave theory. You see, it appears a triangle terminated in April 2017. According to Elliott Wave theory, triangle patterns precede a terminal wave in the sequence. That...

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USD/JPY Indecision Candles at Range Lows

Daily Chart Prepared by Jamie Saettele, CMT DailyFX Trading Guides and Forecasts Real Time Positioning -I wrote in the last USD/JPY update that “a close over February closing lows at 111.62 and 111.92 would increase confidence that a decent low is in place. The former level is being tested now and January lows near 112.60 still present a hurdle.” USD/JPY ended...

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USD/CHF Possible Trendlines between 1.0080 and 1.0100

Daily Chart Prepared by Jamie Saettele, CMT DailyFX Trading Guides and Forecasts Real Time Positioning -The last USD/CHF update noted that “I’m on high alert for at least a pause over the next few days and maybe more. It should be noted that the 61.8% of the drop from 3/7 is 1.0034.” The Fibonacci retracement is acting as resistance didn’t do much and focus now shifts to proposed trendlines (just as EUR/USD trendlines are lower) near 1.0100. If price...

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Crude Oil Sports Bullish Wicks above Trendline Support

Daily Chart Prepared by Jamie Saettele, CMT DailyFX Trading Guides and Forecasts Real Time Positioning -No change on crude other than adding that the long wicks on the daily candles are indicative of support. “Crude continues to trade around the trendline and 200 day average. I’m positive on crude as long as the trendline holds. Failure to do opens up 42 (March 2015 and November 2016 lows) and maybe even a 37 ...

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