Search ForexCrunch

The USD remains in bullish mode, showing some strong waves against GBP and CAD while the price settled down a little on AUDUSD. On commodities ,crude oil remains weak, while metals are now also finally turning down from resistance.

Below we have a chart of GBPUSD that is falling within wave iii) which has room for a decline to 1.5800 in the sessions ahead. The invalidation level is 1.6050 but even a rally above 1.6000 would already threaten the bearish look. But for now, trend remains down.

GBPUSD October 15 2014 Elliott Wave Analysis currency trading forex
GBPUSD 1h Elliott Wave Analysis

EURUSD is also down, but not as much as GBP. However, on EURUSD there is still room for 1.2600/1.2580 in the short-term, either that is wave (iii) or wave (c).

EURUSD October 15 2014 Elliott Wave Analysis currency trading forex
EURUSD 1h Elliott Wave Analysis