DXY/EURUSD/GBPUSD/USDJPY Elliott Wave Counts

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 Global Currencies daily chart

DXY


EURUSD


GBPUSD


USDJPY


Analysis

Dollar Index (DXY) has shown a reversal after relieve in inflation data last week. The index was moving in an expanding diagonal and potentially has completed wave v which now open fresh leg on the downside. The fall in DXY will help its peers to move higher which I have explained in detail. DXY will plunge towards its next support placed at 140-103 levels over short term.

EURUSD constitute 57.6% of Dollar index, the recent inflation numbers from US has come down from 8.2% to 7.7% indicating that FED has been successful in taming the inflation after incessant rate hikes. From Waves perspective, prices have completed (w-x-y) pattern and has then started moving higher in impulse fashion where it has completed wave i and wave ii and has unfolded wave iii higher which can go till 1.07-1.09 levels. Moving averages has also given a bullish crossover after March 2022.

GBPUSD which completed its complex correction in a sideways action has started picking up momentum. The economy has GDP data coming this week will be important to watch out for as prices might be volatile after the release (Forex Calendar provided below). The economy might collapse and enter into recession but the currency seems to be moving in a positive direction on the back of weakness in Dollar index. Cable has completed wave i and wave ii and has opened wave iii which can move till 1.28 levels (161.8%) of wave i to wave ii. Also the Bollinger Band Width has started widening in a positive direction indicating a bullish breakout.

USDJPY was in news after serious intervention by BOJ at the top levels. However, Elliott wave suggests that the top was made well before the intervention. After an impulse move up, prices have started moving down in impulse fashion where it has completed wave I and wave ii and wave iii is ongoing which can sink towards 132 to 130 levels. ADX has come down below 20 indicating that the preceding trend is over and has started picking up indicating that the negative trend is gaining strength.

The summation is DXY will continue to plummet towards 104-103 levels in near term.

EURUSD has changed its direction and has shown massive strength which will soar prices near till 1.07-1.09 levels over short term.

GBPUSD along with EURUSD has reversed and can surge towards 1.28 levels in near term.

USDJPY has reversed from the top and can sink near till 132-130 levels over short term.



Comments

Unknown said…
Technical Analysis is backward looking, does not provide any type of forecast edge and it’s just outdated.
12 December 2022 at 06:29
Unknown said…
Elliot Wave 🤦🏻‍♂️🤦🏻‍♂️🤣🤣🤣
12 December 2022 at 06:30
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