Elliott waves for Forex correlation analysis – Waiting for corrections to end or above 1.30393

GBPUSD – Flat Wave Analysis: For the past four trading days, the cable has lost almost 100% the value it gained Friday the previous week. We expect this downward rally to be a mere corrective wave count and should not go beyond the daily support level 1.2777. If this level can be broken to the lower side, then this will be the next best place to short this pair. But until then, we’ll be waiting for a possible rebound from 1.2777 to long this pair at the least risk possible. Alternatively, if the price can ascend above 1.30393, then this will be an ideal place to long this pair. Trade this pair alongside EURUSD, AUDUSD, NZDUSD, EURJPY and AUDJPY. These pairs have a strong positive correlation of up to +78% and will move in the same direction during this intraday. Trade Recommendations: Wait for a clear breakout above 1.30393 to long this pair with a target at 1.33. Short positions can only be recommended below 1.2777 with a target at 1.2444.
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Elliott waves for Forex correlation analysis – Inside bar followed by a bullish engulfing candle

EURUSD – Up Wave Analysis Following the bullish inside bar seen on 19th of this month, the previous day’s candle dropped slightly to the lower side before engulfing the previous candle to the upper side. This is a clear bullish dominance signal, and could mean the price may rise further upwards towards the weekly resistance level 1.17159. A breakout above this level will push the price further up but should not go beyond 1.22717. The anticipated upward rally is the continuation of the impulsive wave (v) to the upper side. This view can only be rendered futile in case the price break below 1.15107 and most importantly below 1.1465. If this should be the case, then an acceleration to the lower side will be inevitable. Trade this pair alongside USDJPY and USDCHF. These pairs have a strong negative correlation of up to -71% and will move in exact opposite price action during this intraday. Trade Recommendations Expect a possible bullish price rally towards 1.17159
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Elliott waves for Forex correlation analysis – Looking for long positions

USDJPY – Down Wave Analysis: During the previous trading day, the Us Dollar opened at 111.909, went as high as 112.222 and as low as 111.472 but ended up closing at 111.883, just a few pips below it’s opening price. The previous day’s candle is a perfect indecision candle above a key daily support support level 111.787. As long as the price remains above this support level, we expect a possible rebound from this level to buy this pair towards 114.999. A breakout below this level may invalidate the anticipated bullish price rally and could culminate into a possible bearish price rally towards 108.40. Trade this pair alongside GBPUSD, EURUSD, AUDUSD and NZDUSD. These pairs have a strong negative correlation of up to -63% and will move in exact opposite price action during this intraday. Trade Recommendations: Wait for a rebound from 111.787 to long this pair towards 114.999
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Technical Analysis Based on Breakout – Flat

USDJPY – Down Technical Observations The USDJPY formed a Doji Candle on Thursday, which shows an indecision in the market. If the price can close below the 4 hour support line 111.82 with a big red candle, then I expect Usd to post fresh weekly low today. Ideally, a break below 111.82 may mean the price may plummet further towards 110.76 and even break below. From the 4 hour perspective, its worth waiting for a breakout below 111.82 to short usd towards 110.76, however, while the price maintains above 111.82, intraday trader could look for long positions towards 112.03. Technical levels: Resistance levels R1: 112.35 R2: 112.86 R3: 113.8 Pivot 111.92 Support Levels S1: 110.04 S2: 110.98 S3: 111.41 Trade Signal Flat
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Technical Analysis Based on Breakout – Wait for retracements to buy Eur

EURUSD – Up Technical Observations From the weekly point of view, Eur has just broken a key resistance line 1.1459 and unless there’s a clear bearish breach below this line, I expect a rise towards 1.2558. However, this position should not be executed just now, instead, conservative traders should wait for a pullback towards the just broken line 1.1459 to re-buy Eur towards 1.2558. Moreover, the price is way above it’s weekly pivot line and may continue upwards . My advice, wait for a bearish retraction towards 1.149 to long eur towards 1.2558. Technical levels: Resistance levels R1: 1.1701 R2: 1.177 R3: 1.1949 Pivot 1.1443 Support Levels S1: 1.1231 S2: 1.1411 S3: 1.1522 Trade Signal Day traders should wait and buy Eur around 1.1459 towards 1.2558.
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Technical Analysis Based on Breakout – Flat

GBPUSD – Flat Technical Observations Gbp has crossed below a key daily support line 1.3010 despite my projections that the price would rise towards the weekly resistance line 1.3306. While price is below the now support line 1.3010 I maintain a bearish bias in the short run. However, if price rise above 1.3010 by the end of today, then traders maintaining bullish bias on this pair, should extend their projections towards the weekly resistance line 1.3306. On the weekly chart above, I would advice position traders to remain flat temporarily and wait for this bearish price rally to end then buy Gbp towards 1.3306 Technical levels: Resistance levels R1: 1.3048 R2: 1.3072 R3: 1.3115 Pivot 1.2979 Support Levels S1: 1.2943 S2: 1.2986 S3: 1.3005 Trade Signal Flat
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Elliott waves for Forex correlation analysis – Looking for long positions

GBPUSD – Flat Wave Analysis Despite the bullish inside bar seen on 17th of this month, the cable is yet to pick a momentum to the upper side. We expect the downward rally that began on Monday this week to be a mere corrective move and should not go beyond 1.30246 from where we’ll be looking to re-buy the impulsive wave (c) at the least risk possible. This upward rally is highly since the intraday stochastic is approaching a its median level of 50 and should not break below it. As long as price remains above 1.30246 and the stochastic level of 50 is not broken to the lower side, we expect a possible bullish price rally towards 1.33. Expect a similar wave count in EURUSD, NZDUSD and AUDUSD. These pairs have a strong positive correlation of up to +68% and will move in the same direction during this intraday. Trade Recommendations: Buy this pair around 1.30246 with an ideal target at 1.33.
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Elliott waves for Forex correlation analysis – EURUSD Possibly overbought

EURUSD – Up Wave Analysis: During the previous trading day, a slight correction was seen this pair failed to break above it’s previous day’s highest high 1.15846. Instead, the price barely reached 1.15548 and ended up closing below it’s opening price of 1.15517. The previous day’s candle is a perfect bullish inside bar and could signal a possible continuation of the previous bullish price rally. However, we expect a further slight correction to the lower side , this correction is highly anticipated since the intraday stochastic is above its overbought level of 80 and should pullback towards the median level 50. Expect an an exact opposite price action in USDJPY. These pairs have a strong negative correlation of up to -75% and will move in opposite price rally towards during this intraday. Trade Recommendation: Expect further bearish corrections with the first target 1.14633 and the next target at 1.12789.
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Elliott waves for Forex correlation analysis – US Dollar Oversold

USDJPY – Down Wave Analysis: Perfectly as previously forecasted, the impulsive wave (c) extended lower even during the previous trading day but could not close below the daily support level 112.003. We anticipate a possible rebound from this level to long this pair with an ideal target at 114.999. This upward rally is highly anticipated since the intraday stochastic is below it’s oversold level of 20 and should pullback upwards during this intraday. If a buy signal can be seen around 112.003, this this will be the best place to long this pair. This view can only be invalidated in case the price clearly breakout below 111.787, if this should be the case, then an acceleration to the lower side is inevitable. Expect an exact opposite price rally in EURUSD and GBPUSD. These pairs have a strong negative correlation of up to -75% and will have an opposite price action during this intraday. Trade Recommendations: Buy this pair around 112.003 with an ideal target at 114.999.
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Technical Analysis Based on Breakout – Gbp Consolidating upwards

GBPUSD – Flat Technical Observations July 18th, Gbp broke out below the hourly support line 1.3051 with a big red candle. However, instead of continuing, Gbp is consolidating within an ascending channel. I’m patiently waiting for either a rejection from 1.3051 or a break below the lower trend line acting as the bottom of this channel to short Gbp towards the support line 1.2914. On the hourly chart above, 1.3051 is a key resistance line and if price can pullback to it, then this will be an ideal place to pick a short positions. However if its breached to the upper side with a big green candle, then an opposite rally should follow, that is a rise towards the weekly resistance line 1.3306. My advice look for short positions around 1.3051 with your take profit at 1.2914. Technical levels: Resistance levels R1: 1.3048 R2: 1.3072 R3: 1.3115 Pivot 1.3029 Support Levels S1: 1.2943 S2: 1.2986 S3: 1.3005 Trade Signal Short Gbp around 1.3051 towards 1.2914
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