| Fundamental Analysis of USD/CAD for January 3, 2019 2019-01-03 After an impulsive and non-volatile bullish trend pushing the price at the edge of 1.3600 area, USD/CAD is currently struggling to maintain the momentum above 1.3600 with a daily close. Ahead of US and Canadian Employment reports this week, the pair is expected to trade with higher volatility. USD has been the dominating currency in the pair since the price bounced off the 1.2750 area with a daily close. The recent US Rate Hike to 2.50% from the previous value of 2.25% enabled the currency to sustain the bullish momentum. Ahead of NFP on Friday, today US Unemployment Claims report is going to be published which is expected to have a negative result of increase to 220k from the previous figure of 216k, ISM Manufacturing PMI is expected to decrease to 57.7 from the previous figure of 59.3, and ISM Manufacturing Prices are also expected to decrease to 57.9 from the previous figure of 60.7. Moreover, tomorrow Average Hourly Earnings report is expected to increase to 0.3% from the previous value of 0.2%, Non-Farm Employment Change is expected to increase to 178k from the previous figure of 155k, and Unemployment Rate is expected to be unchanged at 3.7%. On the other hand, recently Canada's Manufacturing PMI report was published with a decrease to 53.6 from the previous figure of 54.9 which lead USD to regain momentum over CAD recently. Additionally, tomorrow Canada's Employment Change report is going to be published which is expected to have a significant decrease to 6.8k from the previous figure of 94.1k and Unemployment Rate is expected to rise to 5.7% from the previous value of 5.6%. Meantime, USD is expected gain further momentum over CAD amid expectations of the upcoming reports. Thus, USD is quite optimistic, and CAD is expected to be hurt by downbeat reports. Until Canada comes up with better economic data in the coming days, USD is expected to hold the upper hand in the pair. Now let us look at the technical view. The price has been quite impulsive with the recent bearish daily close which is currently being engulfed by certain bullish pressure today. Though the trend is strongly bullish, certain corrections along the way and a formation of Bearish Divergence on the weekly chart indicate that some bearish pressure can be observed along the way. The price is currently expected to pullback towards 1.3500 area before pushing higher towards 1.40 resistance area in the future. As the price remains above 1.3200 area with a daily close, the bullish bias is expected to continue. SUPPORT: 1.3200, 1.3350, 1.3500 RESISTANCE: 1.3700, 1.3850, 1.4000 BIAS: BULLISH MOMENTUM: VOLATILE 
Elliott wave analysis of EUR/JPY for January 3, 2019 2019-01-03 
EUR/JPY collapsed in overnight trading pushing way below the long-term target at 123.66. Did this collapse invalidate wave (E) of the long-term triangle consolidation? No it did not. To do that a break below support at 109.48 will be needed. The deep decline of course raises doubt whether wave (E) already has completed or more downside pressure to below 118.82 should be expected? as wave C became a 161.8% extension of wave A we will count wave C and (E) as complete and will look for short-term corrective decline to 120.05 followed by a new impulsive rally above 122.26 to confirm a long-term low is in place. R3: 123.18 R2: 122.26 R1: 121.60 Pivot: 121.28 S1: 120.90 S2: 120.58 S3: 120.05 Trading recommendation: We are short EUR from 126.22 and we will lower our stop+revers to 122.50. We will take profit at 120.25. Elliott wave analysis of GBP/JPY for January 3, 2019 2019-01-03 
GBP/JPY collapsed in overnight trading and tested 131.43 as the low. This was just below the equality target between wave C/ and A/, which was seen at 132.78. This indicates wave B likely has completed and a new impulsive rally is developing to above 156.61. Short-term, we do expect a minor set-back to 132.78 before the next rally higher towards 139.91 and above to confirm that a long-term low has been seen and a new impulsive rally is developing. R3: 135.31 R2: 134.65 R1: 134.25 Pivot: 133.86 S1: 133.64 S2: 132.78 S3: 132.35 Trading recommendation: We will buy GBP upon a break above 134.62
Author's today's articles: Rocky Yaman  MD Rocky Yaman was born on 18th February. Graduated from East Delta University, Chittagong, Bangladesh by obtaining a degree in Business Administration. Rocky started FOREX trading since 2011. He uses market context and price action elements to understand the market behavior and forecast upcoming moves of the currency cources. MD Rocky Yaman has developed his own trading technique named Dividend by 4 rule which helps to understand the market pressure and real time trade execution for medium term and short term trading. He is writing forex forecasts and articles since 2013 and at the moment is experienced analyst and trainer in Price Action theory. Torben Melsted  Born in November 1962. Graduated from CBS, got Diploma in Finance. Began trading on Forex in 1986 and since that time held various positions such as advising clients, hedging client flows on FX and commodity markets. Also worked for major corporations as Financial Risk Manager. Uses Elliott wave analysis in combination with classic technical analysis, and has been using a Calmar Ratio of 5.0 for over 3 years. Has his own blog, where he uses Elliott wave and technical analysis on all financial markets.
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Fundamental analysis, Fractal analysis, Wave analysis, Technical analysis, Stock Markets
Author's :
Alexandros Yfantis, Arief Makmur, Dean Leo, Michael Becker, Mohamed Samy, Mourad El Keddani, Petar Jacimovic, Rocky Yaman, Sebastian Seliga, Torben Melsted
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