This is a recording of a US Opening Bell webinar from March 20, 2017.
In today’s US Opening Bell webinar, we discussed technical patterns on key markets. One market we reviewed was GBP/USD on a longer-term basis going back to 2014. It appears GBP/USD is carving a triangle pattern within the 4th wave position. This implies another retest of lows in the coming weeks in a 5th and ending wave.
Gold prices and silver prices also appear poised for one more retest of the recent lows. Therefore, we are on the lookout for near term weakness, which may lead to medium term strength.
In addition, USD/MXN has been on the move. We spoke about how last week prices were hovering near a Fibonacci and 200 day simple moving average suggesting something was going to give soon. Prices have collapsed and now sit near the 78.6% retracement level. This may be considered the retracement of last resort before a retest of the US election lows.
If you wish to learn more about Elliott Wave theory without attending the webinars, we have Beginner and Advanced Elliott Wave trading guides.
---Written by Jeremy Wagner, Head Trading Instructor, DailyFX EDU
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