Written by www.ew-forecast.com
USD is again very mixed against its rivals, unchanged against CHF, EUR and JPY but weaker against commodity currencies such as AUD and NZD. AUD is the strongest currency today after better than expected Q2 GDP q/q report that came out -0.6%.
Generally speaking we are still interested in USD long opportunities because of bullish projections on USD Index based on that H&S pattern. However, today we will also check some cross pairs, such as EUR/AUD and EUR/NZD after recent strong commodity currencies and weak EURO.
On EURUSD pair we have seen a spike down to 1.3135 where market could form a temporary low because that’s the area where wave v) equals to wave i) . a divergence on the RSI also suggests that larger corrective rally may follow. We would be interested in short opportunity if we get a deeper a)-b)-c) retracement back to 1.3225-1.3250.
EURUSD 1h Elliott Wave Analysis
USDCHF is also showing similar but inverted wave structure, where we see USD in late stages of current five wave move, so correction could be seen. Be aware of lower levels if support channel gives way.
USDCHF 1h Elliott Wave Analysis
Try EW-Forecast.com’s Services Completely Free at http://www.ew-forecast.com/service