April 18, 2011 — Daily Elliott Wave Video Analysis

The daily Elliott Wave analysis video for April 18, 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 1.0287. So, as long as price stay above 1.0287 support level, look for buy trades. However; bearish divergence is present with MACD and AUD/USD currency pair may break below 1.0287 support level. There are signs of completed 5 waves impulsive pattern. Now, if bearish candlestick closes below 1.0287 critical support level then up trend is going to end.

EUR/JPY
Trend is bearish in 1 hour chart. Intraday resistance is present at 121.46 level. So, as long as price stay below 121.46 resistance level, look for sell trades. If bullish candlestick closes above 121.46 critical resistance level then down trend is going to end.

EUR/USD
Trend is bullish in 1 hour chart. Intraday support is present at 1.4240. So, as long as price stay above 1.4240 support level, look for buy trades. If bearish candlestick closes below 1.4240 critical support level then up trend is going to end.

GBP/USD
Trend is sideways in 1 hour time frame. Intraday support at 1.6255 has been broken. Currently, price is hitting 200 period ema and it is better to stay out until price break below 1.6089 support level.

USD/CHF
Trend is bearish in 1 hour time frame. Intraday resistance is present at 0.9339 level. So, as long as price stay below 0.9339 resistance level, look for sell trades. If bullish candlestick closes above 0.9339 critical resistance level then down trend is going to end.

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