Hello everyone!

Let’s review the NZD/CAD hourly chart.

We have had a nice, strong movement up. We hit a new high from the recent up-trend and the question now is will it continue or start to head back down.

Current price is 0.7128 and our analysis shows there’s still a good potential move to the 0.7200+ area before heading back down again.

One other factor you must consider is that the spread on this pair can be astronomical. Some people pay up to 20 pips as the spread to enter this currency pair so be sure to weigh your Risk vs. Reward options.

Be sure to check your announcements, place your stops and apply your money management.

Hello everyone.

Let’s take a break from the EUR/USD and take a look at another one of our favorites - the GBP/NZD.

We completed a large movement down and then did a 3 wave movement up (a, b and c) and am now heading back down in a 5 wave movement.

We came down to wave i, up to wave ii, down to wave iii and now heading back up to complete wave iv before going back down again in wave v.

The nice thing about this is that we know from our Elliott Wave rules is that Wave 4 cannot overlap the range of Wave 1. So, if the pair goes above the black lines, then this wave count is invalidated. If it turns below back and heads down below the black line, then we know we have a high probability movement down.

We hope everyone has a very nice weekend. Don’t forget that we’re also on Twitter. You can follow us at www.twitter.com/propipper.

Apply your money management, use your stops and check your announcements. Good luck.

Hello Atif,

Thank you very much for your comment. Yes, we haven’t been able to close near the high for the past week now.

As you can see on the chart, we are now forming a channel. Look for a potential move down to the bottom trend line, however, the longer term trend still appears to be bullish.

When the pair starts to channel like this, look for a major breakout. We will most likely get a glimpse of the direction before the NFP coming out so between now and next week is a critical time for this pair.

When we see a nice wave count or can get a clear direction, we will update everyone on our ‘Trader’s Edge’ blog here on FX Street.

Good luck and be sure to use your stops and apply your money management.

March 24, 2009: EUR/USD - Retracing almost all the way back up from yesterday’s session, the bulls seem to still have control and look for a continued movement up.

With many Eurozone and UK PMI coming out later on today, we may see a small retracement down before heading back up again.

Technically speaking, we may potentially be forming an Expanding Triangle, in which case look for a move up, then retracement back down and then back up to continue the overall upward movement.

Currently, we’re about 3 hours before the opening of the European session. For shorter-term trades, look at the smaller time frames, keeping this general movement in mind - as well as the announcements coming up.

Good luck.

Hello.

Here is a shorter term USD/CAD 5 min chart.

Although you can’t see it in the chart, this movement back up is completing Wave 4 of an Impulse movement down.

So, look for a potential small movement back up and then a move down. Remember, this is a 5 minute chart so this is a shorter-term trade and this can move very quickly in a short amount of time.

Check your announcements, apply your money management and place your stops.

Good luck and happy pipping.

Hello.

Our scan has brought up some movement on the GBP/uSD. We formed a nice triangle formation and the shorter term trend is down. Look for the pair to come down and test the bottom trend line and then head back up.

Looking at the bigger picture, it’s also good because once the currency pair breaks the last channel, then it’ll potentially help us determine what our wave count is.

We’re watching for a break on the down side lower than 1.3654 and for a break of the high of 1.4227.

Check your announcements, use your stops and apply your money management. Good luck and happy trading.

Hello everyone.

Here is an hourly look at the GBP/USD. We analyzed the lower time frames and got the smaller counts to come up with this hourly analysis.

Look for the pair to head down in the very short-term, go up to hit the trend line (around the 1.4050- 1.4150) and then start heading back down.

As many of you know, this pair can move quickly so watch your trades, check your announcements, place your stops and apply your money management.

Hello everyone.

Let’s take a look at the EUR/CHF daily chart. This is a longer term chart and trade set up. We have an ED forming - which we outlined by the two black lines.

Look for a short sell off and then a sharp, strong move upwards. Again, keep in mind this is a longer term chart. We do so potential for a shorter-term downward movement.

Check your announcements, place your stops and apply your money management.

Good luck and happy trading.

Hello.

We have uploaded a video analysis of the USD/CHF. This is our first video so please send us your feedback, comments and suggestions. Click here to send us your feedback.

In this video, we explain how you can combine trend lines with Elliott to find some potential trading areas.

Click here to watch the video.

Good luck and happy trading.

Hello everyone.

Here is an analysis on the USD/CHF and we’ll show you how you can work in trend lines with your Elliott Wave analysis.

First, let’s take a look at the trend lines. What we did is simply draw a trend line and duplicate the exact trend line and place them on different trend lines on the chart. We can see this particular trend line fits in well 3 times in our current chart so we can use this trendline to help predict potential future movement of the market.

Moving to our wave count, you can see that in our last movement down, we have come down to complete Wave 1, up to wave 2 and we are currently completing Wave 3. Once wave 3 completes, you can place the trend line where Wave 3 ends and use that trendline to see potential future movement.

Once Wave 3 completes, look for a move up to complete Wave 4 and then move back down to complete wave 5 of the movement down.

Moving over to the US NFP announcement, most experts and analysts are saying that good news about the US economic status is not anywhere in the near future. For numbers, experts and analysts are predicting:

A loss of 500,000 to 800,000
Unemployment rate to 7.9% (up from 7.6%)

Be sure to monitor your trades when trading during the NFP. Use your stops and apply your money management.

For more NFP news and analysis, please visit the FX Street website. They are definitely a great resource for all your NFP news and analysis.

Good luck and have a nice, restful and safe weekend.