March 31, 2011 — Daily Elliott Wave Video Analysis

The daily Elliott Wave analysis video for March 31, 2011, is available here. The video will always remain accessible via the current link for a future relevance. You can use it to check the accuracy of our Elliott Wave forecasts or for your self-education in such analysis.

It is recommended to view the videos in a full screen mode.


AUD/USD
Trend is bullish in 1 hour time frame. Intraday support is present at 1.0203. So, as long as price stay above 1.0203 support level, look for buy trades. However; bearish divergence is present with MACD and AUD/USD currency pair may break below 1.0203 support level. There are signs of completed 5 waves impulsive pattern. Now, if bearish candlestick closes below 1.0203 critical support level then up trend is going to end.

EUR/JPY
Trend is bullish in 1 hour chart. Intraday support is present at 114.12. So, as long as price stay above 114.12 support level, look for buy trades. Bearish divergence is present with RSI and there are signs of completed 5 waves impulsive pattern. If bearish candlestick closes below 114.12 critical support level then up trend is going to end.

EUR/USD
Trend is bullish in 1 hour chart but overall it is a sideways price action. It is better to stay out until price go above 1.4212 resistance level or break below 1.4012 support level.

GBP/USD
Trend is bearish in 1 hour time frame. Currently, price is hitting 200 period ema and 38.2% Fibonacci resistance level, the value is 1.6112. So, as long as price stay below 1.6112 resistance level, look for sell trades. If bullish candlestick closes above 1.6112 critical resistance level then down trend is going to end.

USD/CHF
Trend is bullish in 1 hour time frame. Price is above the 200 period ema but overall it is a sideways price action. It is better to stay out until price go above 0.9368 resistance level or break below 0.8902 support level.

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