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DailyFX Home / Forex Technical Analysis / Daily Technical Analysis

Elliott Wave Bias Table

Symbol Bias Time Frame Invalidation Objective Chart Links
EUR/USD s (5/15) 1.3028 <1.2796 View Chart
USD/JPY pending View Chart
GBP/USD s (5/1) 1.5285 <1.5112 View Chart
USDOLLAR flat View Chart
USD/CHF l (5/6) .9520 1.0100 View Chart
AUD/USD s (5/8) .9845 .9700 / .9605 View Chart
USD/CAD flat View Chart
NZD/USD s (4/30) .8215 .8055 View Chart
OIL flat View Chart
GOLD flat View Chart

GBP/USD Responds to Fibonacci; 1.5280 Now Key Near Term

4Hour

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Responds to Fibonacci; 1.5280 Now Key Near Term

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: While recognizing the potential for a drop below 1.5112 to complete impulses from 1.5180 and even 1.5606, the current level is viewed as a high risk area for shorts. Support at the current level is defined by the 61.8% retracement of the rally from 1.4830 and 3/20 large volume day (CME) close.

FOREX Trading Strategy: Short triggered at 1.5315 on Thursday, stop on that is moved to 1.5285, target half at 1.5130 was hit. If taken out at 1.5285 then will look for a top between 1.5320 and 1.5385.

LEVELS: 1.5127 1.5157 1.5217 1.5290 1.5321 1.5384

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