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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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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Elliott waves for Forex correlation analysis — Potential buy positions looming

[ad_1] GBPUSD — Flat Wave Analysis: During the previous trading day, the cable entered into a converging wedge but is currently at the verge of breaking above it. A break above this wedge will culminate into a possible impulsive bullish wave count towards 1.30380 but should not extend above 1.33. A breakout above 1.33 will push the price further to […]

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Elliott waves for Forex correlation analysis — Maybe long but not for long

[ad_1] USDJPY — Down Wave Analysis: Just as in the cable, the US Dollar entered into a converging wedge but has broken above it. As long as the price remains above this wedge, we expect an extension of the impulsive wave (c) to the upperside towards 115.04 and may break above towards 118.0. This view can only be invalidated in […]

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