Search ForexCrunch

Markets are slow, but the stronger USD can be seen this week as a triangle on the USD index that appears accomplished. So, if the USD is heading higher, then EURUSD should continue to the downside. On the hourly chart below we see price the moving sideways, ideally it’s wave two that can stop near 1.12670 to complete an irregular corrective move in wave two. If we are correct, then a break to the downside could be strong at the start of the week, while 1.1378 must stay untouched.

EURUSD 1h Elliott Wave Analysis

EURUSD Elliott Wave Analysis March 2015 technical chart for trading foreign exchange

We also expect a continuation lower on GBPUSD after a very strong reversal last week from the 1.5550 high where we see a completed uptrend. With that in mind, the price can break strongly to the upside this week as wave 3 can be in the cards.

GBPUSD 1h Elliott Wave Analysis

GBPUSD Elliott Wave Analysis March 2015 technical chart for trading foreign exchange

 

In this week’s podcast, we cover  Yellen & the hike, AUD & CAD rate previews, Jobless claims vs. USD & Greek back burner

Subscribe to our  iTunes page