We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
Bullish Silver Price Outlook Suggests US Dollar May Turn Weaker

Bullish Silver Price Outlook Suggests US Dollar May Turn Weaker

2019-05-21 01:05:00
Jeremy Wagner, CEWA-M, Senior Strategist

The silver price outlook is bullish against a backdrop of trend changing towards a weaker US Dollar.

The video above is a recording of a US Opening Bell webinar from May 20, 2019. We focused on the Elliott Wave patterns for key markets such as silver, gold, DAX 30, S&P 500, DXY, EURUSD, and USDJPY.

Silver prices hover in bullish reversal zone

Our last silver price update was April 29, when we stated “little progress has been made since April 15 and the waves do not appear motive. Therefore, we will not be surprised if silver makes a deeper cut and one more jab towards lower prices.”

Lower prices were cut indeed. Remember, back on March 25, silver prices were trading near 15.53 and we discussed the potential for another wave lower into the 14.40-14.80 price zone which may lead to a strong bullish reversal. Now that silver prices have arrived, we have the minimum waves in place to count the three-month long correction as over.

You see, the corrective wave to unfold since February 2019 high is a bearish zigzag pattern. Wave ‘c’ of this zigzag pattern is an ending diagonal. There are a lot of wave relationships showing up near 14.40 (which was the bottom edge of our reversal zone identified March 25).

  1. 78.6% retracement of the November 2018 to February 2019 uptrend is at 14.39
  2. In the zigzag, wave ‘c’ is equal to the length of wave ‘a’ at 14.40
  3. The trend line connecting wave (i) and (iii) in the diagonal pattern crosses near 14.40 (green line)

As a result, there is a lot of evidence in a relatively small zone suggesting a bullish reversal and pivot.

When anticipating a reversal in trend, waiting for the new trend to strengthen and push above resistance (in this case) will help shift the likelihood a low has been established. In this case, the green parallel line hovering near 14.75 is the level that if broken, suggests a meaningful low has been established.

Therefore, the current Elliott wave for silver prices is that wave 2 or (B) is nearing a termination point (if it hasn’t ended yet). Once this ending diagonal pattern finalizes, we are anticipating a multi-month bullish wave to carry to 16.70 and possibly 18.15.

Read more…

Top silver trading strategies

bullish silver price forecast using elliott wave theory.

US Dollar Index Pauses at 98

The recent strength in the US Dollar Index is likely a temporary move of strength. It is a little early in the pattern, but we are following the potential for a bullish ending diagonal pattern. Diagonal patterns are five waves of zigzags or multiple zigzags. It appears we have waves 1 and 2 of the five-wave diagonal in place. If this is correct, then DXY is advancing now in wave 3 of (c). Overall, this is a corrective advance that we eventually expect to be completely retraced.

Some topside targets to keep in mind include 100.40. There are a couple of wave relationships showing up near there. DXY does not need to advance that high so we are in a state of counting the waves until they are completed. If wave 5 of (c) can be counted as complete near 100, then we will be on alert for a large correction for US Dollar that may work down to the low and mid 80’s.

An alternative scenario we are following is that if DXY reverses now, this current high could be wave B of (B) and may only dip to 92-94.

Read more…

How to trade US Dollar Index

US dollar index price forecast using elliott wave theory.

Elliott Wave Theory FAQ

How does Elliott Wave theory work?

Elliott Wave theory is a trading study that identifies the highs and lows of price movements on charts via wave patterns. Traders analyze the waves for 5-wave moves and 3-wave corrections to determine where the market is at within the larger pattern. Additionally, the theory maintains three rules and several guidelines on the depth of the waves related to one another. Therefore, it is common to use Fibonacci with Elliott Wave analysis. We cover these topics in our beginners and advanced Elliott Wave trading guides.

After reviewing the guides above, be sure to follow future Elliott Wave articles to see Elliott Wave Theory in action.

---Written by Jeremy Wagner, CEWA-M

Jeremy Wagner is a Certified Elliott Wave Analyst with a Master’s designation. Jeremy provides Elliott Wave analysis on key markets as well as Elliott Wave educational resources. Read more of Jeremy’s Elliott Wave reports via his bio page.

Join Jeremy in his live US Opening Bell webinar where these markets and more are discussed through Elliott wave theory.

Follow Jeremy on Twitter at @JWagnerFXTrader .

Recent Elliott Wave analysis you might be interested in…

S&P 500 Patterns Point to an Eventual December Low Retest

8 scenarios after an Elliott wave impulse pattern completes

USD/JPY Technical Analysis: 3 Year Pattern Complete?

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


News & Analysis at your fingertips.