Tag Archive: forex

Elliott waves for Forex correlation analysis – Corrections

GBPUSD – Flat Wave Analysis: Despite the bullish pin bar seen on Friday last week, the cable dropped in price during the previous trading day and is still pretty much bearish. We expect this downward rally to be the unfolding of the corrective wave (b) and should not extend below the daily support line 1.2769 from where we’ll be looking to buy the impulsive wave (c) towards 1.33. This view can only be invalidated in case the price end up breaking below 1.2769, if this is the case, then an a bearish momentum towards 1.2440 is inevitable. Expect a similar wave count in GBPCAD, GBPAUD and EURUSD. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this intraday. Trade Recommendations: Expect a possible bearish price rally towards 1.2769.
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Elliott waves for Forex correlation analysis – Corrections

EURUSD – Up Wave Analysis: Perfectly as previously anticipated, the corrective three wave cycle extended lower with the impulsive wave (a) still looking bearish. During this intraday, we expect a possible extension of the impulsive wave (a) to the lower side but should not go beyond 1.1280. A break below this level will mean waiting for a break below 1.1254 to confirm a possible bearish price rally towards 1.1103. A rebound 1.1280 will mean waiting for a the corrective wave (b) to end slightly below 1.1441 to short the last impulsive wave (c) with an ideal target at 1.1103. Expect a similar price action in GBPUSD. AUDUSD and EURHKD. These pairs have a strong positive correlation and will move in the same direction during this intraday. Trade Recommendations: Expect a possible bearish price rally towards 1.1103
You may check other analytical reviews on the web-site of FreshForex company. Source: freshforex.com.
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Technical Analysis Based on Breakout – Pullbacks

USDJPY – Down Technical Observation After the second retracement towards 111.85, Usd rose almost 163pips but failed to get to my Take profit set at 113.69. The downward rally observed few hours ago is a pullback and should be short-lived. On the 4 hour chart above, I still expect a rise towards the short resistance line 113.69. If 113.69 is clearly broken, then I expect a rise upwards towards 115.00. Technical levels: Resistance levels R1: 113.71 R2: 114.1 R3: 115.12 Pivot 113.08 Support Levels S1: 111.04 S2: 112.06 S3: 112.69 Trade Signal Pulling back
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*Riksbank: The First Rate Increase Is Not Expected To Be Made Until Mid-2018

Riksbank: The First Rate Increase Is Not Expected To Be Made Until Mid-2018

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Technical Analysis Based on Breakout – A rejection from 1.1448

EURUSD – Up Technical Observation Eur is currently trading slightly below it’s daily pivot line 1.1347 but below a key weekly resistance line 1.1448. Unless 1.1448 is clearly breached to the upper side with a big green candle, I expect the downward rally that began yesterday to be a rejection from this resistance line and will push the price to the lower side towards 1.0443. On the weekly chart above, short positions looks more ideal and can be recommended unless 1.1448 is breached. Technical levels: Resistance levels R1: 1.1523 R2: 1.1621 R3: 1.1895 Pivot 1.1347 Support Levels S1: 1.0799 S2: 1.1073 S3: 1.1249 Trade Signal Eur could drop towards 1.0443
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