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August 18th, 2017 @ 3:03 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY continued its bearish momentum yesterday bottomed at 109.44 and hit 109.29 earlier today in Asian session. Price slipped again below the trend line support suggests a bearish view testing 108.70 region. Immediate resistance is seen around 109.70. A clear break above that area could trigger further bullish pressure testing 110.35 area. Overall I remain neutral but a clear break and daily close below 108.70 would activate my bearish mode.

usdjpydaily

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August 18th, 2017 @ 3:02 am by Setyo Wibowo

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USDCHF Forecast    
The USDCHF was indecisive yesterday. The bias is neutral in nearest term probably with a little bearish bias testing 0.9550 support area. Immediate resistance is seen around 0.9700 but key resistance remains at 0.9765 – 0.9807 which remains a good place to sell with a tight stop loss as a clear break above 0.9807 would activate my bullish mode. On the downside, a clear break and daily/weekly close below 0.9550 would expose 0.9450 key support area next week.

usdchfdaily

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August 17th, 2017 @ 2:56 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD attempted to push lower yesterday bottomed at 1.1681 but closed higher at 1.1765 and hit 1.1789 earlier today in Asian session. We have a bullish pin bar formation at the trend line support as you can see on my daily chart below suggests a potential bullish scenario which could end the bearish correction phase. The bias is bullish in nearest term testing 1.1850. A clear break and daily close above that area would expose 1.1910 – 1.2000 region. Immediate support is seen around 1.1750. A clear break below that area could lead price to neutral zone in nearest term testing 1.1700 area but as long as stay above 1.1650 I still prefer a bullish scenario and any downside pullback should be seen as a good opportunity to buy.

eurusddaily

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August 17th, 2017 @ 2:54 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD was indecisive yesterday. Price bounced-off the trend line support and EMA 200 as you can see on my daily chart below suggests a potential bullish bias. Immediate resistance is seen around 1.2950. A clear break above that area could trigger further bullish pressure testing 1.3000 – 1.3030 region. On the downside, 1.2865 remains a key support and good place to buy with a tight stop loss as a clear break and daily close below that area would expose 1.2600 region. Overall I remain neutral.

gbpusddaily

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August 17th, 2017 @ 2:53 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY failed to continue its bullish momentum yesterday, bottomed at 110.03 and hit 109.66 earlier today in Asian session. The bias is bearish in nearest term. Price revisits the trend line support (109.50) as you can see on my daily chart below, which is a good place to buy with a tight stop loss as a clear break below 109.50/00 could trigger further bearish pressure testing 108.15 area. Immediate resistance is seen around 110.21 (current high). A clear break above that area could lead price to neutral zone in nearest term testing 110.80 or higher. Overall I remain neutral.

usdjpydaily

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August 17th, 2017 @ 2:53 am by Setyo Wibowo

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USDCHF Forecast    
The USDCHF attempted to push higher yesterday topped at 0.9765 but whipsawed to the downside, closed lower at 0.9657 and hit 0.9641 earlier today in Asian session. The bias is bearish in nearest term testing 0.9620 – 0.9550 support area. Immediate resistance is seen around 0.9700. A clear break above that area could lead price to neutral zone in nearest term but key resistance remains around 0.9765 – 0.9807 region which remains a good place to sell.

usdchfdaily

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August 16th, 2017 @ 1:40 pm by Muhammad Azeem

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GBP/USD Elliott Wave Analysis

GBP/USD Elliott Wave Analysis in 15 Minutes chart

Bearish trend is present in GBP/USD currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Analysis few hours ago, the price of GBP/USD currency pair is going to drop now on a short-term basis to create a Bearish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible sell trading chance.

So, all those Forex traders who have followed my Elliott Wave Analysis have made the right decision as price has started the bearish leg. Strong key resistance level is present at 1.2902 price level which is the ending point of Bearish Flat wave iv leg. In my opinion, price action in GBP/USD currency pair has completed bullish wave iv corrective Elliott wave pattern. Based on Elliott wave analysis, Bearish Impulse wave pattern is now in progress. So, I expect the market to first move sideways and then resume the down trend to drop towards 1.2835 price area in coming trading hours.

Next, price action is most likely going to prints a bottom as well in coming trading hours after completing bearish impulse wave v pattern. As the trend is still bearish, Forex traders should consider only short trades and no trade against the current GBP/USD bearish trend as it is always easy to trade in the favour of market trend. Currently, bearish wave v leg which is part of the Bearish Impulse Elliott wave pattern looks half finish. A good idea is to look for a possible sell trading chance to join the down trend.

However; if the price action in GBP/USD spot Forex pair breaks above 1.2902 important resistance level then Bearish Elliott wave analysis will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the GBP/USD currency pair price movement in fifteen minutes chart.

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August 16th, 2017 @ 3:31 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD had a bearish momentum yesterday bottomed at 1.1687 but closed a little bit higher at 1.1734. Price slipped below the trend line support as you can see on my daily chart below suggests a serious threat to the bullish outlook but as long as stay above 1.1650 I still prefer to buy on the dips with nearest target seen at 1.2000.The bias is bearish in nearest term. Immediate resistance is seen around 1.1770. A clear break above that area could lead price to neutral zone in nearest term testing 1.1850 area. On the downside, a clear break and daily close below 1.1650 would activate my neutral mode with a bearish short-term bias testing 1.1500 region.

eurusddaily

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