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Major Currency Pairs Summary

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Posted by Jack Crooks - Currency Currents

on Tuesday, 10 April 2018 05:32

Ever critical for the value of investments in different currencies, the US Dollar is down again today for the third day in a row. Jack Crook's forecast of the major currency pairs has been very accurate to date, and this analysis will tell you where you can expect the US Dollar, Euro, CDN Dollar, Japanese Yen Australian Dollar and the Great British Pound will be headed next. - R. Zurrer for Money Talks

US Dollar Index

Update: 8 April 2018/4:03 am ET

Price at update: 90.11

Wave Description: (i)|[v]|5 final thrust lower

Price Target: 87.27
Resistance: 90.98|92.40
Support: 89.82| 88.25
Forecast Negation: 92.98

Wave Analysis

Is Wave [iv]’s maddening triangle pattern finally complete? Did we see a near-term reversal pattern on Friday? We are working from the premise of yes and yes; and it is why we got long EUR/USD. Targeting down to at least 87.27 in Wave [v].

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Larger Chart

 

EUR/USD Daily

Update: 8 April 2018/4:03 pm ET

Price at update: 1.2281

Wave Description: (i)|[i]|5 impulse rally

Price Target: 1.2623
Resistance: 1.2623 1.2344
Support: 1.2476 1.2153
Forecast Negation: 1.1960

Wave Analysis

Working off the premise that wave [iv] complex triangle pattern is complete with the bullish engulfing reversal pattern on Friday. (Note last two recent bullish engulfing patterns spiked out short-term bottom—each followed by an approximate 300 pip bounce.) We have revised our price target to 1.2623 based on confluence extension of Wave [i] by 1.618 and Wave [v] equality with Wave [1]—both carry exactly to 1.2623 (our minimum target). There is scope to go higher: targets above 1.2623 are 1.2779; then 1.2876.

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Larger Chart

USD/CAD Daily

Update: 8 April 2018/4:03 pm ET

Price at update: 1.2769

Wave Description: B/(C)/[2] Zig Zag

Price Target: 1.2496 (then 1.3424)
Resistance: 1.2943|1.3128|0.7916
Support: 1.22729 | 1.2581|1.2445
Forecast Negation: 1.3124
  
Wave Analysis
Another zig zag pattern seems in play here- A-B-C targeting eventually to 1.3424 to complete major wave (C) of [2]. But in the meantime, we are expecting a push down to 1.2496-level in minor [c] to complete Wave B. Note the head and shoulders setup in this chart; the neckline was broken today and the price target of 1.2496 is based on the that pattern.

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Larger Chart

USD/JPY Daily

Update: 8 April 2018/4:03 pm ET

Price at update: 106.79

Wave Description: [iv]|5|(1) impulse rally

Price Target: 103.39 
Resistance: 107.49/ 107.90
Support: 104.55|103.3 9

Forecast Negation: 110.83

Wave Analysis
We were thinking Wave [iv] of a narrowing triangle pattern was complete, but it seems there is more to go. But, this is a very complex correction to confidence on exactly how this plays out is murky still. Either way we do believe this move down targets to at least 103.39 in a final Wave [v] of 5 of (1); after that a multi-month rally should resume.

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*Note, if you are interested in the Great British Pound and/or the Australian Dollar for the same analysis go HERE

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