The Dollar cycles – II
We captured the move up on EURUSD from 1.32 levels to the current 1.37 levels. Now the question is whether EURUSD will reach 1.4 levels and continue to push higher or is the pair in a larger sideways action as illustrated by us in the dollar cycles (25 MAR 09).
The illustrated Japanese YEN continues to move in a corrective accompanied by an over reactive momentum. This suggests that JPY should bottom soon after which the pair should push higher against the dollar back to 100 levels. This suggests a minor negativity on EURUSD followed by an intermediate positivity. In other words 1.4 -1.45 could be a best case for the EURUSD. After which EURUSD should push back. Even the move on EURUSD looks faint and incapable to move above 1.39-1.4 levels in the ongoing formation (Slide 5,6,7).
Both HRK (Croatian Kuna) and HUF (Hungarian Forint) seem to be following a similar trend, minor up but intermediate down. All this suggests that our view on DOLLAR in a large primary corrective could be valid.
GBP has also hit the primary cycle low against dollar and any dip down on the pair should be the last bout of weakness before the pair reverses.
We have updated the latest forex report with USDCHF and anticipated and happened cases on EURRON and INR.
Enjoy the latest WAVES.FOREX.
WAVES.FOREX – WAVES.FOREX is a perspective product published TUE and THU. The report highlights the top traded FOREX PAIRS (e.g. Euro, Dollar, Yen, Indian Rupee, Romanian Lei, Swiss Franc and Dollar Index) The product highlights Primary (Multi Month) and Intermediate (Multi Week) price trends. The report illustrates key price levels, price targets, price projections and time turn windows. The product uses Elliott waves, traditional technical analysis tools and sentiment indicators.
REUTER RICS: EURRON=, RON=, JPY=, INR=, HUF=, HRK=, GBP=, EURCHF=, CHFRON=, CAD=, =USD, EUR=