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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Crude Oil Prices Eye US Jobless Claims Data as Lockdowns Return - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/07/09/Crude-Oil-Prices-Eye-US-Jobless-Claims-Data-as-Lockdowns-Return.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #CrudeOil #OOTT
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.32% 🇨🇦CAD: 0.12% 🇳🇿NZD: 0.04% 🇨🇭CHF: 0.00% 🇪🇺EUR: -0.03% 🇯🇵JPY: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Q5UwyMir8K
  • Kremlin says no plans to hold talks with Saudi Arabia ahead of OPEC+ monitoring committee next week #OOTT
  • 🇮🇪 Inflation Rate YoY (JUN) Actual: -0.4% Previous: -0.5% https://www.dailyfx.com/economic-calendar#2020-07-09
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.27% France 40: 0.12% US 500: 0.04% Wall Street: -0.14% FTSE 100: -0.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/AQZYInLBRM
  • Heads Up:🇮🇪 Inflation Rate YoY (JUN) due at 10:00 GMT (15min) Previous: -0.5% https://www.dailyfx.com/economic-calendar#2020-07-09
  • Today, AUDUSD has made a fresh four-week high. Will the US jobless claims numbers today (13:30UK) boost the pair’s rally? #AUDUSD, #USD, #USunemployment https://t.co/athsKOjOe3
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:https://t.co/vg7w10la3j https://t.co/y7RaX8tTqz
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/ZWaL6laTU5 https://t.co/StR4PNnRmc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.94%, while traders in US 500 are at opposite extremes with 72.01%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Xc7k3Urhym
S&P 500 Technical Analysis: New Highs While US Dollar Bear Patterns Appearing

S&P 500 Technical Analysis: New Highs While US Dollar Bear Patterns Appearing

2019-11-04 19:15:00
Jeremy Wagner, CEWA-M, Head of Education
Share:

The Elliott wave patterns for S&P500 show some bullish potential left in this terminal wave. US Dollar bear patterns appearing in many different forex pairs.

The video above is a recording of a US Opening Bell webinar from November 4, 2019. We focused on the Elliott wave patterns for key markets such as S&P 500, USD/JPY, NZD/USD, EUR/USD, GBP/USD, and USD/CAD.

S&P 500 Technical Analysis Breaks Higher out of Elliott Wave Triangle

S&P 500 has continued to hit new all-time highs. The consolidation from April 2019 to October 2019 is being labeled an Elliott Wave triangle. Once a triangle forms, the break from the triangle is considered to be a terminal wave. Therefore, the current rise to new all-time highs is likely the finishing wave of the trend that began December 2018.

Some wave relationships appear near 3250 and 3500. SP500 does not have to jump that high. If S&P500 does make it to these levels, we’ll look for reversal symptoms to assess the probability of a turn.

Bottom line, after a run higher, this wave terminates and a retest to the December 2018 lows is high probable. A move below 2854 is enough evidence to suggest the top is in, though warning signs appear near 2900.

Read more:

What is S&P 500

How to Trade S&P 500 Index

Elliott Wave for Beginners
Elliott Wave for Beginners
Recommended by Jeremy Wagner, CEWA-M
Learn how to interpret triangle waves
Get My Guide
S&P500 elliott wave pattern shows up trend in terminal wave.

USD/JPY Technical Analysis: Bullish Trend May Have Topped Last Week

We mentioned in last week’s webinar how the uptrend is mature and nearing an end. The spike high last Wednesday might have been the final trades of the uptrend. We won’t know for sure until the patterns develop more.

This uptrend is being counted as a corrective partial retracement higher as wave 2 or B. Therefore, the next wave is anticipated to be a down wave in wave 3 or C. A break below Friday’s low of 107.89 while holding below 109.29 adds further weight to the immediate bearish bias. Should the break occur, we are targeting lower levels below 104.

If USD/JPY moves above 109.29, then wave 2 of B is continuing higher and we are anticipating it to finalize below 112.40.

Therefore, the current Elliott wave for USDJPY appears to be wave 3 or C lower. If 109.29 is broken, then we are still in a bullish wave 2 or B.

USD/JPY elliott wave technical analysis.

NZD/USDTechnical Analysis: Bulls May Take Control up to 6700

The price action NZD/USD has been a little elusive. The depth of the September 2019 low sure smells like a large ‘B’ wave. We can consider this proposed ‘B’ wave as a double zigzag pattern. It is possible this proposed ‘B’ wave is part of an expanded flat or triangle pattern. Either way, the higher probability move we are following is a rally back up towards 6700. From there, the models diverge with the flat pattern looking for more gains while the triangle may pivot near 6700.

Bottom line, the analysis on NZD/USD appears we are in the ‘C’ wave of an expanded flat or Elliott wave triangle.

NZDUSD technical analysis using elliott wave theory.

US Dollar Index Impulse Wave is Mature

US Dollar Index has fallen for most of last week. This impulse wave from the October 1 high is mature and a rally back to 9750-9850 is not out of the question. We are viewing any rally as being temporary and likely to hold below the October 1 high of 99.23. Initial targets remain below 94.60 with even lower levels into the 80’s possible.

Read also: how to trade US Dollar Index

US dollar technical analysis using elliott wave theory.

EUR/USD Technical Analysis: Bullish Pattern Incomplete

The resistance trend line break and top side retest of the same line keeps the forecasted rally alive for EURUSD. The dip from October 21 is taking the shape of a temporary correction. The key level we have been watching is 1.1063 and prices have held above this level so far.

The subsequent rally last week might be enough to satisfy wave .v of 3. If so, a dip in purple wave 4 may drive down to 1.1050, though it doesn’t have to.

Bottom line, EUR/USD appears to have some unfinished business to the topside as our target for 1.18 and higher levels remains open.

eurusd technical analysis elliott wave theory.
Starts in:
Live now:
Jul 09
( 11:07 GMT )
Learn more on Elliott Wave with Jeremy in the current market
Central Bank Weekly
Register for webinar
Join now
Webinar has ended

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…

EURUSD Elliott Wave forecast – enough evidence points to a large rally

ETH/USD price outlook is bullish

8 scenarios after an Elliott wave impulse pattern completes

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

DISCLOSURES

News & Analysis at your fingertips.