Elliott waves for Forex correlation analysis — The cable showing signs of further retracements

[ad_1] GBPUSD — Flat Wave Analysis: Despite our previous forecast that the cable should rise, this pair continues to rally on the lower side and will likely head further to the lower side. We expect a possible second retracement towards 1.27735 from where we’ll be looking for very low risk buy opportunities. The anticipated buy position is the continuation of […]

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Elliott waves for Forex correlation analysis — Still long towards 115.040

[ad_1] USDJPY — Down Wave Analysis: Yesterday, US Dollar retraced lower than expected but should not close below 113.783 by the end of this trading day. Ideally, we expect a continuation of the impulsive wave (5) but should not go beyond the resistance level 115.040 from where we’ll be looking for a possible low risk sell opportunities. A clear breakout […]

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Elliott waves for Forex correlation analysis — Consolidating above 1.08649 but still bullish

[ad_1] EURUSD — Up Wave Analysis Euro continues to consolidate above 1.08649 despite our expectations to continue long. Although we cannot refute the possibility of Euro breaking below 1.08649, as long as the pair remains above 1.08649, we expect a possible bullish price movements towards 1.10532 or even higher. The anticipated upward rally is the continuation of the impulsive wave […]

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Technical Analysis Based on Breakout — Bearish pullback towards 1.2748

[ad_1] GBPUSD — Flat Technical Observation Recently, GBP dropped almost 130pips and could drop further. This drop is a second retracement to the support line 1.2748 where conservative traders should have a pending buy limit order. On the daily chart above, I expect further drop but should be protected from continuing short by the support 1.2748. My advice, wait for […]

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Technical Analysis Based on Breakout — Waiting for a Buy Long Signal.

[ad_1] USDJPY — Down Technical Observation Recently, USD has made lower highs but is currently rallying just above a key support line 113.62. This support should protect any breakout below it, but if this is breached, then its better to wait for retracement to the just broken line to short USD towards 113.15. On the 4hour chart above, I expect […]

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Technical Analysis Based on Breakout — Long EUR towards 1.0948

[ad_1] EURUSD — Up Technical Observation Recently, EUR pulled back a but lower but is still within my buy line 1.0850. Unless there’s a clear bearish breach below 1.0850, I expect a positive rally to the upperside. In case of a breakout below 1.0850, its better to wait for a pullback to the just broken line to short EUR towards […]

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Elliott waves for Forex correlation analysis — Bullish pin on the daily chart

[ad_1] USDJPY — Down Wave Analysis: Yesterday, the US Dollar opened at 113.94, went as low as 113.614 but ended up closing at 114.27. The previous day’s candle is a perfect bullish engulfing candle pointing towards 115.04. Today, we expect a possible extension of the impulsive wave (5) towards our previous target at 115.04. Conservative trader may wait and buy […]

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Elliott waves for Forex correlation analysis — Expect a possible bullish price movements towards 1.30754

[ad_1] GBPUSD — Flat Wave Analysis: Just as in Euro, the cable is still reluctant to continue long, instead its consolidating but still upward. Today, we expect an extension of the impulsive wave (v) to the upper side with our target around 1.3075. Ideally, as long as the price remains above 1.27735, we expect a possible bullish price movements. At […]

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Elliott waves for Forex correlation analysis — Expect a possible bullish price rally towards 1.11379.

[ad_1] EURUSD — Up Wave Analysis: Euro continues to consolidate above 1.08649 despite our expectations to rise towards 1.11379. As long as the level 1.08649 protects any movements to the lower side, we expect a possible bullish price movements towards 1.11379 and could break higher. The anticipated upward rally is the continuation of the impulsive wave (v) but should not […]

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Technical Analysis Based on Breakout — Long USD around 113.74-113.68 towards 117.01

[ad_1] USDJPY — Down Technical Observation USD is trading slightly above it’s pivot line 114.11. Unless there’s a clear bearish breach below 114.110 and most importantly below 113.74, I expect an upward move towards 117.01. On the Hourly chart above, I expect a third retracement towards 113.74 to give me a strategic buy entry. I will only short USD if […]

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