26 September Intraday Elliott wave analysis-EURUSD/GBPUSD/USDJPY

The last update on EURUSD, GBPUSD and USDJPY on 22nd September suggested that EURUSD would falter to complete the 4th wave, GBPUSD would drop after the impulsive rally has completed and USDJPY still counting with two scenarios. We will continue from the last forecast and make adjustment for the most likely scenarios as Fed chair, Yellen, speaks today about inflation and monetary policies.

26 September intraday EURUSD Elliott wave analysis

In the last update we expected price to falter to 1.177 to complete a double zigzag corrective pattern. Price started dropping almost immediately by more than 160 Pips. The chart below was used.

22 september eurusd elliott wave analysis

EURUSD Elliott wave analysis, M30

Price is about completing the 4th wave of the big corrective rally that has dominated this year.The double zigzag is projected to complete at around 1.1775. After the end of the 4th wave, we might see the Eur rallying further to 1.22-1.24 region.

Price is presently resting between 1.183 and 1.184 and it seems an alternative pattern is just about to complete as the chart below shows.

26 september eurusd elliott wave analysis

EURUSD Elliott wave analysis, H1

Price is expected to break below the present level to complete a double zigzag at around 1.1775. If price rallies instead, a triangle pattern will more likely play out. EURUSD is looking corrective and should continue the bullish trend if either of the two corrective patterns holds.

Fundamental Events: US consumer confidence by 2:00 p.m GMT / Fed chair Yellen speaks by 4:45 P.M GMT

26 September intraday GBPUSD Elliott wave analysis

We were waiting for the 5th wave to complete with probably a diagonal mouth. The bullish trend seems to have been over stretched and the bears would soon start calling. The chart below was used.

GBPUSD Elliott wave analysis, M30

The 5th wave is not clear yet. Because we already had a well extended 3rd wave, the 5th wave may not be far from completion. We are suggesting an ending diagonal pattern could form. It is important to wait and see how the 5th wave would end.

It looks like the Cable is completing an intraday leading diagonal that could lead price downside. If the diagonal holds, it would mean that the larger bullish impulse wave is complete. The chart below shows better.

26 September GBPUSD Elliott wave analysis

GBPUSD Elliott wave analysis, H1

Traders who are bearish bias can look for more bearish clues unless a strong rally happens to break above 1.366 high. 1.37 will be the next reversal level if price does not play to the bearish tone as expected.

Fundamental Events: US consumer confidence by 2:00 p.m GMT / Fed chair Yellen speaks by 4:45 P.M GMT

26 September intraday USDJPY Elliott wave analysis

Price has not changed from the last forecast. The best option is probably to wait for a 3-wave correction before getting bullish on this currency pair. The authenticity of the present impulse wave is not really clear. Our two scenarios still hold as shown in the last update and the chart below.

26 september usdjpy elliott wave analysis

USDJPY Elliott wave analysis, M30

Price could rally further or make a deeper correction from the present level. Buying the 3-wave bearish dip will reduce doubts significantly.

Fundamental Events: US consumer confidence by 2:00 p.m GMT / Fed chair Yellen speaks by 4:45 P.M GMT

Let’s know your thoughts in the comment box below.

 

 

 

 

 

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