Top trade idea for April 5th, 2016 – USD/CHF and USD/JPY
By Gregor Horvat on Apr 5, 2016 02:22:16 GMT
USDCHF did not go far for the last 48 hours so it appears that bears are still here and that current sideways price action is just another pause within down trend. That said, we think that USDCHF is going to see a new low soon, out from a triangle that already shows signs of a completion. There is room for fifth wave to hit 0.9500 where down trend can slow down this month. Keep in mind that trust out from a triangle are final within larger trend.
USDJPY is looking interesting, now in late stages of an extended black wave 3 that should send price in some slow and corrective wave. That will be wave 4 then as part of a downtrend that can be in fact, very interesting for shorts in the next few sessions for a continuation down to around 109.00 area. At the same time traders will have to keep an eye on 112.01 where overlap would invalidate our bearish view.
About Gregor Horvat
Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/ Try EW-Forecast.com’s Services Free For 7 Days at http://www.ew-forecast.com/service
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