 The GBP/JPY started the week rallying towards 135.60 and was rejected there. There was a bearish divergence, and we see that materialize for about 100 pips. This brings the market back to the level it started this week and tests… |
 The Japanese yen ended the week lower after showing some strength in the middle of the week. For the EUR/JPY and GBP/JPY, the markets are still in ranging modes. The CAD and AUD are in the similar situation as well as the USD… |
 This week, the greenback is seen fighting back, although its gains have been slight. It has been most apparent with the EUR/USD. Against the USD/JPY, it is simply holding the Japanese yen from further gains. It also gained… |
 The EUR/USD has established a top at 1.30 this week after breaking below the double top pattern. Thursday, we saw the EUR/USD surge but this was still a pullback. The targets established in an earlier update are… |
 As anticipated, the breakout yesterday was just expanding the consolidation action from a rising triangle to a flat, or sideways channel. The 4H chart shows some of the internals of the consolidation, and so far there has been non-impulse waves within the flat. To me, this suggests the market may… |
 Yesterday, the anticipation of a rally within a rising channel was incorrect. Instead, the market broke below the rising channel. I mentioned in the Chartist Corner session that a break below the previous low at 86.90 would invalidate the near-term bullish outlook. The scenario is different now. The market has completed a… |
 A little recap first; USD/JPY bounced from 87, but fell after testing 89. The market is supported here above 86.26, but I suspect some further decline towards… |
 The EUR/USD is beginning to show weakness. Recent fundamentals support the Loonie, and the USD/CAD may be breaking out of a triangle pattern towards parity. With a weak euro, and a strong Canadian dollar, the EUR/CAD is also sliding this week. In fact, looking at the weekly… |
 The USD/CAD has been continuing sideways action, mainly between 1.08 and 1.0. In the last couple of months, the market started to develop a triangle congestion pattern. This shows the market at equilibrium in the middle of the range near 1.05/1.04. An Elliott Wave guide is that these congestion patterns usually last… |
 Following up with an early post on AUD/USD, the rally causes some adjustments in the Elliott Wave count. I mentioned before that for this to be a wave b, the rally should not have… |