Forex Daily Forecast, Analysis and Prediction

Currency: AUD/NZD Trend Expected Direction: Down Strategy: Elliott Waves and Fibonacci Trading

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The Loonie took a bit of a breather today after its bullish movement (over 330 pips in 4 days) off of the support zone at 0.9906 a few days ago.

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I start my analysis for this pair looking at the daily chart. It appears quite bullish. The 21 ema seems to be in control of price and yesterday price made a fib overlapped with the 21 ema and bounced up.

On to the hourly weekly pivot chart I can see that the stochastic is in the trade zone pointing up and the 5 ema is crossing through the 13 ema but once again, on this chart the 55 ema is just above price and the M3 is just a bit above that at 107.68 and this overlap can slow us down.

The Euro has recently made a very bearish move. Looking at the daily chart it is obvious we broke through a steep trend line and price fell fast and hard and gapped away from the ema's and the 5 has crossed below the 13 and is prepping to close below the 21.

On the daily chart price breached the upper trend line then fell back a bit to the ema's which will give price a push back up. The stochastics has surfaced out from the oversold zone and is pointing up and the daily 5 ema is prepping to cross the other ema's.

There is no question about it that price has finally broken out of the price trap it has been confined in. The last couple of days the moves for this pair have been rather extreme.

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The Aussie seems to have found support at 1.0280 with the last 5 4-Hour candles halting at this level, creating a bearish flag formation on the 4-hour chart.

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The EUR/USD has started out the week with a real bang. The pair has fallen apart from the euphoria that last week saw when the announcement came out about the EFSF.

The EUR/JPY has a high correlation with the EUR/USD this week which would explain why these two pairs look exactly alike today. Price looks like it should be bearish on the weekly time frame but price needs to rise up and connect with the weekly 5 ema before heading down much further.