The following is the weekly Elliott wave analysis of some major currency pairs for next week – 18th to 24th March, 2017. Based on 20-24 March weekly Elliott wave analysis of major currency pairs, we cover GBPUSD, EURUSD, USDCAD and USDJPY.
17 March, AtoZForex – This week was dominated by the Fed rate hike talks. The popular expectation was met and major dollar-dominated pairs spiked. The USDCAD and USDJPY fell sharply in respect to our last weekly Elliott wave forecast. GBPUSD also broke upside as expected though fell afterward after the passage of Article 50; it later rose during the rate hike. The EURUSD, our favorite for few weeks now also rose after falling. What should we expect next week based on 20-24 March weekly Elliott wave analysis of major currency pairs?
20-24 March weekly Elliott wave analysis of major currency pairs: GBPUSD
The bulls have an absolute control this week except for the sharp dip many believed was caused by the Article 50 reforms by the house of Lords. The official BREXIT negotiations starts by the end of the month. We expect the rally to continue before then. There is a strong possibility that price will dip in the early part of next week before the rally resumes as shown below.
With price returning from 1.239, we may see a corrective dip toward 1.22 level before the bullish move resumes. Buyers can look for opportunities at 1.20-1.22 next week. More updates will come next week.
20-24 March weekly Elliott wave analysis of major currency pairs: EURUSD
The EURO could embark on a new bearish journey next week toward 1.06. A break below 1.06 will definitely cause price going deeper.
A medium-term bullish correction may have ended below 1.08. If price still remains below 1.08 next week, we should be expecting a fast 5-wave decline as shown above. 1.07 and 1.06 are the next levels to watch out for.
20-24 March weekly Elliott wave analysis of major currency pairs: USDCAD
The Loonie has a high propensity to fall further after establishing our once preferred wave count.
The chart above shows more room down toward 1.32. Intraday buyers should be looking at 1.32 for opportunities. A large corrective rally is probable at 1.32. We expect the bears to take control further after the corrective rally. Intraday/swing sellers can look for opportunities around 1.33-1.34 price levels. More updates will come next week.
20-24 March weekly Elliott wave analysis of major currency pairs: USDJPY
We can expect the bearish move to continue toward…. before a corrective rally just like in USDCAD. A 5-wave impulse is emerging as shown below.
The impulse wave could last till 111.65. Intraday buyers can look for opportunities at this level. A 3-wave corrective rally is expected at the end of this fall. After the correction, the sellers can look for opportunities to join a renewed and stronger move downside. More updates will come on this next week. Stay tune to AtoZforex.
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