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DJIA May Correct Lower While USD/CAD Traders Wait on BOC

DJIA May Correct Lower While USD/CAD Traders Wait on BOC

Jeremy Wagner, CEWA-M, Head of Education

This is a recording of a US Opening Bell webinar from July 10, 2017.

In today’s US Opening Bell webinar, we discussed technical Elliott Wave patterns on key markets for this week. Some key markets we analyzed include Dow Jones Industrial Average and how the pattern continues to hover near a potential pivot point. This pattern favors a turn lower from nearby levels for a dip back towards 20,200 and possibly as low as 19,600.

We have been anticipating a shorter term reversal in DJIA and thought we received it two weeks ago as the average struggled to hold the gap higher. However, prices have not followed through to the downside. It is possible we may see a follow through higher, which would cause us to reconsider the pattern. Otherwise, we remained focused on a correction to 20,400 or lower.

Later this week we have Bank of Canada and their anticipated rate announcement. We have been favoring a resumption of a longer term downtrend for the past several weeks. The Elliott Wave model suggests the immediate trend is maturing so we could see a reaction higher. We believe an upward move in price is an upward correction. If it does take place, there are several wave relationships and technical levels coming into play near 1.32-1.35. At that point, we will consider a short entry in the direction of the larger trend. This also suggests crude oil prices may be supported. $39.23 is the key level we are watching for the ‘x’ wave triangle pattern. Join my colleague David Song for live coverage of the BOC rate announcement to capture up to date news as it crosses the wires.

Do you want to learn more about Elliott Wave? Grab the beginner and advanced guides here to keep on hand as a resource then join my distribution list here to keep up to date on the Elliott Wave patterns I am following. Also, I have some live Elliott Wave teaching webinars scheduled on impulse waves and zigzags (free registration required).

USD/JPY is progressing higher in impulsive fashion and correcting lower in three waves. This is indicative of a bullish trend that is winding up for higher levels. Though prices may dip this week to 109.93, a correction of that depth would be considered typical within an uptrend.

IG Client sentiment among EUR/USD traders increased from the recent extreme of -3.5. Sentiment is currently printing near -3.1 and has been negative since mid-April. Learn how to trade using sentiment data at the link above.

---Written by Jeremy Wagner, Head Trading Instructor, DailyFX EDU

Discuss these markets with Jeremy in Monday’s US Opening Bell webinar.

Follow me on Twitter at @JWagnerFXTrader .

See Jeremy’s recent articles at his Bio Page.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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