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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 1.2715 / open View Chart
USD/JPY flat View Chart
GBP/USD s (5/1) 1.5450 1.5130 / open View Chart
USDOLLAR flat View Chart
USD/CHF l (5/6) .9520 1.0100 View Chart
AUD/USD s (5/8) 1.0170 .9700 View Chart
USD/CAD l (5/7) 1.0080 1.0290 View Chart
NZD/USD s (4/30) .8370 .8055 View Chart
OIL flat View Chart
GOLD s (4/25) 1490 open View Chart

USD/CAD Still a Near Term Bull

240 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Still a Near Term Bull

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: “The USDCAD decline from the March high consists of 2 equal legs, which is characteristic of corrections. The suggestion is that the larger trend is up…as long as price is above 1.0012. Strength above the internal trendline that extends off of the March and early April high is promising.” An upward sloping inverse head and shoulders was confirmed with Wednesday’s trade. The target from that pattern is 1.0290.

FOREXTrading Strategy: Long, risk moved up to 1.0080, target 1.0290.

LEVELS: 1.0080 1.0115 1.0144 1.0229 1.0293 1.0342

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