This is a recording of a webinar that occurred on December 12, 2016. To attend the webinar live obtain your free registration here.
In this webinar, we used technical analysis and namely, Elliott Wave Theory to identify trends and trading opportunities in main markets. EUR/USD may be in the early stages of a sell-off towards parity. A break below the December 4 low of 1.0504 elevates the pattern of an impulsive move lower. We aren’t seeing broad based USD strength yet. Therefore, be on watch this may be a function of EUR weakness.
USD/JPY moved higher into a level of former support turned new resistance. This area near 116 may repel prices lower for a bit. The Elliott Wave count looks mature and there may be another bump higher prior to a more meaningful dip back towards 110-112.
Lastly, don’t forget about USD/CAD. We discussed this at length in previous webinars. The next level of support is near 1.3075. If prices do not bounce, then it goes to show how weak the USD/CAD market is.
If you wish to learn more about Elliott Wave theory, grab our beginning and advanced guides here.
Or, if you wish to join Jeremy in his US Opening Bell webinars to discuss chart patterns on key markets and ask your questions in real time, register and join here.
Suggested Reading:
Dow Jones Industrial Average Presses New Highs
Forex Webinar: USD/CAD Price Action Patterns
---Written by Jeremy Wagner, Head Trading Instructor, DailyFX EDU
Follow me on Twitter at @JWagnerFXTrader .
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