April 20, 2011 — Daily Elliott Wave Video Analysis

The daily Elliott Wave analysis video for April 20, 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 1.0384. So, as long as price stay above 1.0384 support level, look for buy trades. However; bearish divergence is present with MACD and AUD/USD currency pair may break below 1.0384 support level. Now, if bearish candlestick closes below 1.0384 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 resistance at 1.4365 has been broken. So, expect sideways price action and overall more upside towards 1.4519, next resistance level.

GBP/USD
Trend is bullish in 1 hour chart. Intraday resistance at 1.6327 has been broken. So, expect sideways price action and overall more upside towards 1.6426, next resistance 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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