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Elliott Wave Analysis: USDMXN Is Forming A Bearish Triangle

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July 14 2021

Hello traders!

We want to share a chart with interesting and known pattern called triangle on USDMXN currency pair.

As you can see, USDMXN is trading sideways since the beginning of 2021. With slow price action and corrective sideways wave structure, we believe it's just a correction within downtrend, ideally a bearish triangle formation within a higher degree wave (IV) that can send the price even lower within wave (V).

Triangles are continuation patterns which consist of five waves A-B-C-D-E and seems like the final wave E can be now in progress, so watch out for a drop back to lows towards 18.x area soon.

It’s also worth to mention that three weeks back the central bank of Mexico (Banxico) hiked the benchmark interest rate by 25 basis points to 4.25%. This seems to be very bullish for MXN across the board and it may last until other banks will start increasing the rates as well. However, a lot of CB seem to be waiting on the FED first. Today, Powell will definitely talk about inflation , but recent retracement on some of the commodities , like Lumber, may give more time to the FED, so they can wait with aggressive taper- talk, possibly till September or maybe even end of the year. Under that situation dollar may face limited upside.
 

Elliott Wave Analysis: USDMXN Is Forming A Bearish Triangle by ew-forecast on TradingView.com



Surfing the Waves July 13 2021 - Video Update

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July 13 2021

Hey traders!

Below is new video analysis for NZDUSD, GOLD, DAX, AUDUSD AND AUDJPY, sponsored by Orbex.com
 


Elliott Wave Crypto Video Analysis: EGLD, ADA and EOS

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July 12 2021

Hey traders!

Welcome to our new video on cryptocurrencies, covering EGLD, Cardano(ADA) and EOS.

 

Elliott Wave Analysis: EGLD, ADA and EOS by ew-forecast on TradingView.com



NZDUSD Is Approaching The Support-Elliott Wave Analysis

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July 09 2021

Hello traders.
In this article, we will look at New Zealand dollar which is making a very nice retracement as US dollar found support as speculators assume that sooner or later FED will have to fight inflation. However we cannot ignore a very strong bullish trend on New Zealand dollar against the US dollar since March of 2020. We think that this trend is still very strong and valid, therefore we will continue to look higher especially when we have only three-wave move down from a recent top, as shown on a daily chart below where we have projected support at around 0.6790 area. For a potential rally, we will of course patiently be waiting for any intraday impulsive bullish structures to confirm a bullish turn. Patience is key at "do-die" levels.

NZDUSD Daily chart


At the same time, we are also observing Euro against New Zealand dollar where recovery since February is also looking corrective; it's a slow and overlapping move so we think upside can be limited. We also have to consider that despite recent pullback on stocks a highr degree trends are still valid, and in risk-on position so if stocks will again find some buyers, then normally NZD will stabilize as well .At this point, it's also important to mention that Bank of New Zealand (RBNZ) Governor Adrian Orr said two weeks back that economic activity in New Zealand is returning to its pre-COVID-19 level, which sounds very promising for their currency.



Trade well,
GH



Surfing the Waves July 06 2021 - Video Update

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July 06 2021

Hey traders!

Below is new video analysis for AUDUSD, GBPUSD, USDJPY, EURAUD AND GOLD, sponsored by Orbex.com
 


Bitcoin Testing 20k-25k Support-Elliott Wave Analysis

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June 30 2021

Hey traders,

Again, welcome back to another Crypto video in which I will be looking at #BITCOIN, #DOGE and #MATIC.
 


Surfing the Waves June 30 2021 - Video Update

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June 30 2021

Hey traders!

Below is new video analysis for AUDUSD, USDCHF, NZDUSD, EURNZD and DAX sponsored by Orbex.com
 


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