USD Looks Weaker, Looking At EURUSD & GBPUSD - Elliott

USD Looks Weaker, Looking At EURUSD & GBPUSD – Elliott

The USD is falling since yesterday as the FED made it clear that it is not ready to raise rates, but at least one hike is expected later this year. I suspect that their biggest concern is a strong USD from the past 12 months which will gain even more with a rate hike. So actually they want a lower USD before they change policy.

We see EURUSD breaking out of a triangle so the pair can be targeting the 1.1530 area, projected by a triangle measurement.

Elliott Wave Analysis – EURUSD 1h Chart

So it seems that the USD could stay weak for some time now, so our focus should be on stronger currencies. One clear candidate is the pound, which is gaining on good figures from yesterday and expectations for a rate hike that could be in play if data stays strong in the months ahead.

Technically speaking, we see cable in an impulsive advance towards the 1.6000 short-term projected level but there will be room for even more gains after a corrective retracement in one of a coming corrective fourth waves.

Elliott Wave Analysis – GBPUSD 1h Chart

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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