April 4, 2011 — Daily Elliott Wave Video Analysis

The daily Elliott Wave analysis video for April 4, 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 1.0312. So, as long as price stay above 1.0312 support level, look for buy trades. However; bearish divergence is present with MACD and AUD/USD currency pair may break below 1.0312 support level. There are signs of completed 5 waves impulsive pattern. Now, if bearish candlestick closes below 1.0312 critical support level then up trend is going to end.

EUR/JPY
Trend is bullish in 1 hour chart. Intraday support is present at 118.17. So, as long as price stay above 118.17 support level, look for buy trades. Currently, ADX is dropping from 55 level and there are signs of completed 5 waves impulsive pattern. If bearish candlestick closes below 118.17 critical support level then up trend is going to end.

EUR/USD
Trend is bullish in 1 hour chart. Intraday support is present at 1.4020. So, as long as price stay above 1.4020 support level, look for buy trades. However; bearish divergence is present with RSI and EUR/USD currency pair may break below 1.4020 support level. There are signs of completed 5 waves impulsive pattern. Now, if bearish candlestick closes below 1.4020 critical support level then up trend is going to end.

GBP/USD
Trend is bullish in 1 hour time frame. Currently, price is above the 200 period ema. Intraday support is present at 1.5970. So, as long as price stay above 1.5970 support level, look for buy trades. If bearish candlestick closes below 1.5970 critical support level then up 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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