The following is the weekly Elliott wave analysis of some major currency pairs for 13-17 March 2017. The end of week employment data released in the U.S and Canada caused some spikes. We look at how price can react next week based on 13-17 March weekly Elliott wave analysis.
10 March, AtoZForex -This week witnessed good moves in the currency market. The rally in USDCAD and USDJPY and the dip in Gold, AUDUSD, NZDUSD persisted. The EURUSD wasn’t so much directional as it returned bullish after a strong intraday dip. The employment data released earlier in U.S and Canada resulted in spikes which could resulted in more moves next week. Let’s go back to technical analysis and specifically Elliott wave theory to decipher what to expect next week.
13-17 March weekly Elliott wave analysis: GBPUSD
The Cable is about completing zigzag pattern downside for bullish resurgence. The chart below shows Elliott wave analysis of GBPUSD and the present intraday congestion.
GBPUSD price moves in a range between 1.2200 and 1.2126. A break above 1.2200 could be enough for the bullish resumption. This will mean that the last leg of the zigzag bearish correction will have completed. A break below 1.2126 should be capable to take price further downside. A decisive break above 1.2200 should be the ideal setup for the bullish traders.
13-17 March weekly Elliott wave analysis: USDJPY
USDJPY will be expected to continue the rally in the early period of next week. The chart below shows the Elliott wave structure.
This chart above shows a double zigzag (X) of a larger double zigzag bearish correction. 116-117 are the price reversal zone earmarked for the bearish correction to resume. The bullish intraday move could end at 116-117 before wave (Y) starts downside. More updates will come on this next week.
13-17 March weekly Elliott wave analysis: EURUSD
EURUSD moved as we expected this week. The recent bullish move will be expected to end around 1.0685 before a bearish breakout according to the chart below.
Price may slow down in the early hours of next week, then rallies before completing the bullish correction. If price gets to 1.0685, we will look for bearish drive. More updates will come on this next week.
13-17 March weekly Elliott wave analysis: USDCAD
The Loonie showed good signs of early bearish move after the Canadian employment data for last month was released. We had earlier called for a bearish move with two scenarios. Seems we will see this bearish move continue next week. the chart below shows our preferred wave count.
A bearish dip could be seen in the first half of next week as wave (iv) gets on the way. Bullish opportunity could be taken if this dip is corrective at 1.335x. We have an alternative scenario. Read the complete USDCAD forecast.
Stay tuned to AtoZ next week to see more comprehensive Elliott wave analysis for GBPUSD, EURUSD, USDJPY, and USDCAD.
What do you think of our weekly Elliott wave analysis and trade setups? Comment your observations below.