Forex Daily Podcast

We are still waiting for a breakout for the EUR, but the CHF and GBP are agrueing for a weaker dollar in the short term. The EUR currently trades at 1.1840. We are still looking for the GBP to rise a bit although it becoming short term overbought. The GBP currently trades at 1.7610. The JPY should rise to the 121.05 or a bit more on Sunday before beginning it's next move down. In any case, it should not rise much above 121.50. See the Elliott Exchange web site for a diagram of our expected move. The JPY currently trades at 120.80. The CHF moved lower as expected and currently trades at 1.2988. The mid-term trend on the CAD is definitely down. Although it retraced to the 236 FIB level which is sufficient price to call this correction complete, it was short in terms of time. Therefore, we think the CAD should fall lower Sunday into early monday, before rising impulsively to finish the correction. We are targeting the 1.1700 or slightly above level. The best trade here may be to wait for this impulsive rise as it should be followed by an impulsive fall. So the impulsive fall is really the best trade to be made. See our web site for diagrams of our expected move on the CAD. The CAD is currently trading at 1.1561. Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading

We are still waiting for a breakout for the EUR, but the CHF and GBP are agrueing for a weaker dollar in the short term. The EUR currently trades at 1.1840. We are still looking for the GBP to rise a bit although it becoming short term overbought. The GBP currently trades at 1.7610. The JPY should rise to the 121.05 or a bit more on Sunday before beginning it's next move down. In any case, it should not rise much above 121.50. See the Elliott Exchange web site for a diagram of our expected move. The JPY currently trades at 120.80. The CHF moved lower as expected and currently trades at 1.2988. The mid-term trend on the CAD is definitely down. Although it retraced to the 236 FIB level which is sufficient price to call this correction complete, it was short in terms of time. Therefore, we think the CAD should fall lower Sunday into early monday, before rising impulsively to finish the correction. We are targeting the 1.1700 or slightly above level. The best trade here may be to wait for this impulsive rise as it should be followed by an impulsive fall. So the impulsive fall is really the best trade to be made. See our web site for diagrams of our expected move on the CAD. The CAD is currently trading at 1.1561. Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading

We are still waiting for a breakout for the EUR, but the CHF and GBP are agrueing for a weaker dollar in the short term. The EUR currently trades at 1.1840. We are still looking for the GBP to rise a bit although it becoming short term overbought. The GBP currently trades at 1.7610. The JPY should rise to the 121.05 or a bit more on Sunday before beginning it's next move down. In any case, it should not rise much above 121.50. See the Elliott Exchange web site for a diagram of our expected move. The JPY currently trades at 120.80. The CHF moved lower as expected and currently trades at 1.2988. The mid-term trend on the CAD is definitely down. Although it retraced to the 236 FIB level which is sufficient price to call this correction complete, it was short in terms of time. Therefore, we think the CAD should fall lower Sunday into early monday, before rising impulsively to finish the correction. We are targeting the 1.1700 or slightly above level. The best trade here may be to wait for this impulsive rise as it should be followed by an impulsive fall. So the impulsive fall is really the best trade to be made. See our web site for diagrams of our expected move on the CAD. The CAD is currently trading at 1.1561. Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading

Still waiting for a breakout for the EUR, but the CHF and GBP are agrueing for a weaker dollar in the short term. The best count we currently have on the GBP is targeting 1.7500-1.7800 over the next 1 1/2 - 7 days. The JPY should rise to the 120.60-120.80 level before selling off targeting 119.80 and below. It still should not rise above 121.50. The CHF should get a bit of a relief rally here before continuing lower. The CHF currently trades at 1.3100. The CAD should fall to the 1.1555 to 1.1500 levels. Look for an up trade at these levels targeting the 1.1750 area.

Still waiting for a breakout for the EUR, but the CHF and GBP are agrueing for a weaker dollar in the short term. The best count we currently have on the GBP is targeting 1.7500-1.7800 over the next 1 1/2 - 7 days. The JPY should rise to the 120.60-120.80 level before selling off targeting 119.80 and below. It still should not rise above 121.50. The CHF should get a bit of a relief rally here before continuing lower. The CHF currently trades at 1.3100. The CAD should fall to the 1.1555 to 1.1500 levels. Look for an up trade at these levels targeting the 1.1750 area.

Still waiting for a breakout for the EUR, but the CHF and GBP are agrueing for a weaker dollar in the short term. The best count we currently have on the GBP is targeting 1.7500-1.7800 over the next 1 1/2 - 7 days. The JPY should rise to the 120.60-120.80 level before selling off targeting 119.80 and below. It still should not rise above 121.50. The CHF should get a bit of a relief rally here before continuing lower. The CHF currently trades at 1.3100. The CAD should fall to the 1.1555 to 1.1500 levels. Look for an up trade at these levels targeting the 1.1750 area.

The EUR shot up to 1.1902 yesterday. If the EUR is still correcting upward then expect it to fall to the 1.1760 level at least before beginning another move up. If the EUR's correction is complete, then it should not rise above yesterdays high. Look for some sideways trading today. If the EUR rises immediately this morning to about 1.1866 level or above, then it will probably drop 50 to 100 pips. The EUR currently trades at 1.1814. Like we mentioned yesterday, long wicks typically indicated the start and finish of big runs on the GBP. The wick we mentioned yesterday was the start of the trade on the GBP and a long wick was the finish at 1.7341. Look for some sideways trading today. The GBP currently trades at 1.7249. The CHF joined in on the party yesterday. As we wait for the pattern to become clearer, we have a tip similar to the EUR. If the CHF drops immediately this morning to about the 1.3033 level or below, then it should rise 50 to 100 pips. Be patient and wait for extremes. Our computer model shows the JPY upward move potentially complete at 119.91 for at least the next few weeks. This does not mean it will not try to take out the 120 level, we expect it to advance beyond 120, perhaps even today. If it does take out 120, we don't expect it to get much beyond the 120.90 level before beginning move down of 300-600 pips over the next few weeks. The JPY currently trades at 119.20. The CAD came within a few pips of us abandoning our long USD scenario in the mid-term. Although it's looking shaky right now, that is still some hope left for the CAD to fall. We thought the Canadian government toppling might come to our defense, but it's seems to have no effect yet. Regardless, the CAD should rise at least to the 1.1715 to 1.1820 levels before beginning it's next move. The CAD currently trades at 1.1695.

The EUR shot up to 1.1902 yesterday. If the EUR is still correcting upward then expect it to fall to the 1.1760 level at least before beginning another move up. If the EUR's correction is complete, then it should not rise above yesterdays high. Look for some sideways trading today. If the EUR rises immediately this morning to about 1.1866 level or above, then it will probably drop 50 to 100 pips. The EUR currently trades at 1.1814. Like we mentioned yesterday, long wicks typically indicated the start and finish of big runs on the GBP. The wick we mentioned yesterday was the start of the trade on the GBP and a long wick was the finish at 1.7341. Look for some sideways trading today. The GBP currently trades at 1.7249. The CHF joined in on the party yesterday. As we wait for the pattern to become clearer, we have a tip similar to the EUR. If the CHF drops immediately this morning to about the 1.3033 level or below, then it should rise 50 to 100 pips. Be patient and wait for extremes. Our computer model shows the JPY upward move potentially complete at 119.91 for at least the next few weeks. This does not mean it will not try to take out the 120 level, we expect it to advance beyond 120, perhaps even today. If it does take out 120, we don't expect it to get much beyond the 120.90 level before beginning move down of 300-600 pips over the next few weeks. The JPY currently trades at 119.20. The CAD came within a few pips of us abandoning our long USD scenario in the mid-term. Although it's looking shaky right now, that is still some hope left for the CAD to fall. We thought the Canadian government toppling might come to our defense, but it's seems to have no effect yet. Regardless, the CAD should rise at least to the 1.1715 to 1.1820 levels before beginning it's next move. The CAD currently trades at 1.1695.

The EUR shot up to 1.1902 yesterday. If the EUR is still correcting upward then expect it to fall to the 1.1760 level at least before beginning another move up. If the EUR's correction is complete, then it should not rise above yesterdays high. Look for some sideways trading today. If the EUR rises immediately this morning to about 1.1866 level or above, then it will probably drop 50 to 100 pips. The EUR currently trades at 1.1814. Like we mentioned yesterday, long wicks typically indicated the start and finish of big runs on the GBP. The wick we mentioned yesterday was the start of the trade on the GBP and a long wick was the finish at 1.7341. Look for some sideways trading today. The GBP currently trades at 1.7249. The CHF joined in on the party yesterday. As we wait for the pattern to become clearer, we have a tip similar to the EUR. If the CHF drops immediately this morning to about the 1.3033 level or below, then it should rise 50 to 100 pips. Be patient and wait for extremes. Our computer model shows the JPY upward move potentially complete at 119.91 for at least the next few weeks. This does not mean it will not try to take out the 120 level, we expect it to advance beyond 120, perhaps even today. If it does take out 120, we don't expect it to get much beyond the 120.90 level before beginning move down of 300-600 pips over the next few weeks. The JPY currently trades at 119.20. The CAD came within a few pips of us abandoning our long USD scenario in the mid-term. Although it's looking shaky right now, that is still some hope left for the CAD to fall. We thought the Canadian government toppling might come to our defense, but it's seems to have no effect yet. Regardless, the CAD should rise at least to the 1.1715 to 1.1820 levels before beginning it's next move. The CAD currently trades at 1.1695.