The following looks at the intra-day Elliott wave analysis of the major Forex pairs into the London session. This could also include trade ideas from Elliott wave perspective based on 17 July Intraday Elliott wave analysis: EURUSD, GBPUSD, USDJPY. Users discretion strictly applied.
In the last trading week, the market was dominated by a weak USD. GBPUSD and EURUSD rallied while USDJPY dropped. Let’s look at what could happen today based on Elliott wave analysis.
17 July Intraday Elliott wave analysis: GBPUSD
Seems the Cable will see more rallies if price stays above 1.3. The rally that broke out of the Zigzag correction we discussed is probably making a little correction. If price breaks above the top of sub-wave iii, buyers can hold to 1.32. At 1.32, we will see what will happen next.
Fundamental Events: No strong fundamental events today on GBP or USD. Price is expected to maintain the rally unless broken below 1.3.
Trade Recommendation: Hold buy.
17 July Intraday Elliott wave analysis: EURUSD
From the bigger perspective on the hourly chart above, it looks the Euro is preparing for a wild fall. Price is at the verge of completing an ending diagonal which is known to usually precede a big move. The last leg is about complete. There could be a dip to 1.142 before price rallies further to 1.15 reversal level. There could be a 5th wave truncation as the reversal might have completed. Unless price breaks below the lower boundary, we will wait for one more push upside. The chart below shows the last leg in the lower time frame
We will see how price behaves 1.142 or lower. A break below 1.1382 would mean price has completed the pattern and a big fall is very likely. A bounce off 1.14-1.142 could see more rallies toward 1.5. Updates will come in few hours time.
Fundamental Events: No strong fundamental events today on EUR or USD. Price is expected to maintain the rally unless broken below 1.3.
Trade Recommendation: We stand aside
17 July Intraday Elliott wave analysis: USDJPY
The bearish correction dominated last trading week. This is expected to continue in the first half of this week unless something drastic happens.
The last leg of the C-wave has probably completed the 4th sub-wave. More digging can be seen to 111.
Upcoming Fundamental event: None
Trade Idea: Sell USDJPY at 112.39. Stop loss at 112.78. Targets: 112, 111.66 and 111.1
More updates will come in few hours time. Please comment your view below and don’t forget to share this article if useful to you.