Technical Analysis Based on Breakout – Place a pending buy limit order around 1.1459

EURUSD – Up Technical Observation Despite the bullish pin bar seen on the weekly chart last week, yesterday, Eur plummented slightly to the lowerside and may still plumment today. I expect this drop in price to be retracement move and could drop further towards the now weekly support line 1.1459. If the price can get to this support, then this will be the best place to pick a long position with a take profit at 1.2558. For risk management purposes, position traders should place a pending buy limit order around 1.1459. Technical levels: Resistance levels R3:1.18832 R2:1.18341 R1:1.18021 Pivot 1.17532 Support Levels S1:1.17210 S2:1.16719 S3:1.16399 Trade Signal Place a pending buy limit order around 1.1459
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Technical Analysis Based on Breakout – Long Usd towards 115.14

USDJPY – Down Technical Observations Looked at from a different point of view, usd appears to have established a support along the lower support trend line. Unless this trend line is breached to the lower side with a big red candle, I expect a rise in price towards the upper resistance trend line. . A break above will push the price further upwards towards 115.14. If the lower support trend line is broken, then the price could fall further towards 106.13. 110.25 is a key line and will require a great amount of force to break above, thus, if the price can close above it, this will confirm a move towards 115.14. Technical levels: Resistance levels R1: 111.592 R2: 111.211 R3: 110.619 Pivot 110.249 Support Levels S1: 109.646 S2: 109.265 S3: 108.673 Trade Signal Long Usd towards 115.14
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Elliott waves for Forex correlation analysis – Short

GBPUSD – Flat Wave Analysis Few weeks ago, wave (5) of the impulsive wave (c) extended higher but failed to close above the resistance zone 1.3303-1.3195. We expect this zone to have marked the end of the previous five wave cycle, that the previous fortnight bearish rally is a corrective three wave cycle and should break below the trend line. If this trend line is broken, then I expect a possible bearish acceleration towards 1.2161. The zone 1.3303-1.3195 is a key weekly resistance zone and if price can get to this zone, then this will be the best place to short the cable. We expect a similar wave count in GBPHKD and EURHKD. These pairs will have a similar price action during this intraday. Trade Recommendations: Short the cable with an ideal target along the lower trend line.
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Elliott waves for Forex correlation analysis – Heading to the oversold

USDJPY – Down Wave Analysis Last week, the impulsive wave (5) extended lower but is yet to hit our target take profit set at 106.59. During this intraday, we expect a possible extension of this bearish wave count but should not go beyond 106.59. Ideally, we expect a possible double bottom formation around 106.59 to buy this pair. If this support is broken, then this will nullify the anticipated double bottom formation and could push the price further to the lower side. The double bottom formation is highly anticipated since the intraday stochastic is already below its overbought level of 20 and should reverse to the upper side, thus, when the price gets to 106.59, we’ll check to see if the intraday stochastic is below 20 to pick a low risk buy opportunity. Expect a similar wave count in USDCHF and HKDJPY. Trade Recommendations: Remain short with a target at 106.59
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Technical Analysis Based on Breakout – Look for buy positions

USDJPY – Down Technical Observation Usd is still rallying above the lower support trend line and also below the short term key line 110.28. Unless there’s a clear break below the previous day’s lowest low 109.58 and also below the lower trend line, I expect a rejection from these two lines to long Usd towards the upper resistance trend line. A break below the lower trend line will mean waiting for a pullback to the just broken trend line to pick a short position with a take profit at the weekly support line 106.13. A break below this support will push the price further low towards 104.00. Technical levels: Resistance levels R3: 112.399 R2: 111.726 R1: 111.189 Pivot 110.516 Support Levels S1: 109.979 S2: 109.306 S3: 108.769 Trade Signal Buy Usd around the previous day’s lowest low 109.58 with a take profit along the upper trendline.
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Technical Analysis Based on Breakout – The best place to buy Gbp around 1.2752

GBPUSD – Flat Technical Observation Nothing has changed much since the previous forecast, I still expect a sharp decline towards the daily support line 1.2752. Unless this support is clearly broken to the lower side with a big red candle, I expect a rejection from this line to long Gbp towards 1.3461. On the weekly chart above, 1.2752 is a key support line and should act as the best place to long Gbp, thus, conservative traders should place a pending buy limit order around 1.2752 and a stop loss slightly below 1.2578, and take profit still fixed at 1.3461. Technical levels: Resistance levels R3:1.30905 R2:1.30598 R1:1.30292 Pivot 1.29985 Support Levels S1:1.29679 S2:1.29372 S3:1.29066 Trade Signal Place a pending buy limit order around 1.2752 with a stop loss slightly below 1.2578 and Take profit at 1.3461
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Elliott waves for Forex correlation analysis – We’re short

USDJPY – Down Wave Analysis Perfectly as previously anticipated, the impulsive wave (5) traded on the lower ranges and is still pretty much bearish both on the daily and the weekly charts. During this intraday, we expect a possible extension of the impulsive wave (5) to the lower side but should not go beyond 108.59, if this level is broken, then this pair could fall even further with the next target at 100.00. On the contrary, if the short term resistance line 110.79 is broken, then the Us Dollar could rise towards 112.003 which is a potential sell place. HKDJPY and CHFJPY have a strong positive correlation of 62% and will move in the same direction. Trade Recommendations: We’re short towards 108.59.
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Elliott waves for Forex correlation analysis – Bears Gaining momentum

EURUSD – Up Wave Analysis: While the intraday stochastic was falling like a brick, the impulsive wave (a) rallied on the lower ranges and is still showing possible momentum to the lower side. We expect this impulsive wave to extend lower but should not go beyond 1.16286. If this level is broken, then we expect further momentum towards 1.0665. If you’re a bit skeptic to short this pair right now, you could wait for the corrective wave (b) to end then short the impulsive wave (c) towards the next target at 1.0665. This pair has a strong positive correlation to AUDUSD and NZDUSD and will move in the same direction during this intraday. While you’ll be looking to short this pair, look for other sell positions in these two pairs. Trade Recommendations: Expect a possible rally towards 1.0665
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Elliott waves for Forex correlation analysis – We’re short

USDJPY – Down Wave Analysis: Few days ago, the corrective wave (4) extended to the upper side but failed to close above the resistance level 110.85. We expect this level to have marked the end of this corrective wave count, that the current bearish rally on the 4 hour chart is the unfolding of the impulsive wave (5) to the lower side with an ideal target at the daily support line 108.40. If this support is broken, then we expect a possible bearish acceleration towards 100.0. This pair should be traded alongside CHFJPY, CADJPY, USDCHF and AUDJPY. These pairs have a strong positive correlation of up to +72% and will move in the same direction during this intraday. Only buy or sell usdjpy if the other positively correlated pairs are giving the same signal. Trade Recommendations: Expect a possible bearish price rally towards 108.40
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Technical Analysis Based on Breakout – Flat

USDJPY – Down Technical Observation Usd is still rallying around it’s weekly opening price 110.70 and has not shown any signs of heading towards a particular direction. On the weekly chart above, I’ll only pick a short position on a breakout below 110.28, and most importantly on a breakout below the lower trend line, if this trend line is broken, then I expect further decline towards 106.13, a rejection from the immediate trend line will push the price higher towards the upper trend line and could push the price upwards towards 115.14. Technical levels: Resistance levels R3: 112.399 R2: 111.726 R1: 111.189 Pivot 110.516 Support Levels S1: 109.979 S2: 109.306 S3: 108.769 Trade Signal Buy Usd in case of a clear rejection from the lower trendline towards 115.14
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