Technical Analysis Based on Breakout — Long towards 1.3489

[ad_1] GBPUSD — Flat Technical Observation Recently, GBP retraced back for the second tome to the daily support line 1.2747. I opened a long position following this retracement and is still holding onto this position. On the daily chart above, long positions seems more ideal towards 1.3489. Sell positions can only be recommended upon a clear rejection from 1.3489 or […]

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Technical Analysis Based on Breakout — Sell positions looming

[ad_1] EURUSD — Up Technical Observation Recently, EUR entered into a rising bearish flag and is still confined within this flag. I expect a possible breakout to the lower side to confirm further bearish rally towards1.1167 and even a breakout below. On the hourly chart above, sell positions seems more ideal towards 1.1167. Buy positions can only be recommended above […]

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Elliott waves for Forex correlation analysis — Wait for a breakout above 1.1237

[ad_1] EURUSD — Up Wave Analysis Instead of continuation long as previously forecasted, the impulsive wave (v) traded slightly to the upper side but could not break above the end of the third impulsive wave (iii), 1.1237. We’re waiting for a clear breakout above 1.1237 to confirm the continuation of the impulsive wave (v) to the upper side but should […]

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Elliott waves for Forex correlation analysis — we're still long

[ad_1] GBPUSD — Flat Wave Analysis: Despite the bullish engulfing pin bar seen on May 31st 2017, yesterday’s daily candle could not close above it’s opening price. Instead this pair pullback slightly to the lower side and ended up closing just a few pips below its previous day’s opening price. As long as the level 1.2777 is not violated to […]

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Elliott waves for Forex correlation analysis — Corrections

[ad_1] USDJPY — Down Wave Analysis: The US dollar continues to correct to the upper side despite our expectation to continue short. We expect the previous day’s bullish price rally to be a mere correction of the impulsive wave (c) and should not go beyond the daily resistance line 111.94 from where we’ll be looking to short US dollar towards […]

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Technical Analysis Based on Breakout — You could wait and rebuy USD around 111.38

[ad_1] USDJPY — Down Technical Observation Recently, USD breached the resistance line 111.38 and is still rallying above. I expected an immediate retracement to the just broken line but instead, USD rose even higher and even broke above another short term resistance line 111.57, Unless this short term resistance is broken, I expect a move upwards. If the line 111.57 […]

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Elliott waves for Forex correlation analysis — Bears on the wheel

[ad_1] USDJPY — Down Wave Analysis: Despite the bullish engulfing candle seen on 23rd of this month, the price could not rise above the level 111.90, instead, the pair consolidated around this zone and is currently showing signs of possible momentum to the lower side. As long as the level 111.90 protects any invasion to the lower side, we expect […]

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Technical Analysis Based on Breakout — Short towards the lower trendline

[ad_1] GBPUSD — Flat Technical Observation: GBP is still rallying within the rising channel. Unless this channel is clearly breached either to the upper or lower side, I only trade reversals. A breakout below the lower trend line will call for breakout trading towards 1.2768. On the 4 Hour chart above, I expect a bearish move towards the lower trend […]

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Technical Analysis Based on Breakout — Flat

[ad_1] USDJPY — Down Technical Observation: Recently, USD rose above the resistance line 111.60 thereby taking out my SL. Unless there’s a clear bearish breach below this line, I expect a move to the upper side. In the meantime, I’m waiting for a clear breakout confirmation pattern to confirm that buyers are now in full control and that no more […]

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Elliott waves for Forex correlation analysis — Pulling back

[ad_1] EURUSD — Up Wave Analysis: Perfectly as previous;y anticipated, the impulsive wave (5) extended higher but could not go higher than 1.12470. We expect the downward rally that began yesterday to be mere correction of the impulsive wave (5) and should not go beyond 1.11616 from where we’ll be looking to rebuy this pair. This view remains valid as […]

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