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2016 February

February 29th, 2016 @ 11:06 pm by Muhammad Azeem

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AUD-USD-4HTrend is bullish in AUD/USD currency pair, four hour time frame. As I have suggested past week during my daily Live trading room session, market is rising up to print bullish Elliott wave Double Zig Zag pattern. So, all those Forex traders who have followed the analysis have made the right decision as the price has moved up, after wasting some time. In my judgement, price is now going to resume the up trend to complete bullish Wave Y. Strong key support level is present at 0.7068 price level.

Be sure to check out daily Forex market updates via Live Trading Room. Price is most likely going to rise up towards 0.7295 price level in next coming trading days.

Now, current bearish pull back in price action is just a buy trade setup to join an up trend to ride bullish Wave Y leg. However; if price of AUD/USD currency pair breaks below 0.7068 critical support area then I might like to stay out of the market and re-examine the 4 hour chart of AUD/USD currency pair.

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February 29th, 2016 @ 3:00 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD had a bearish momentum last week broke below the trend line support as you can see on my daily chart below. This can be seen as a bearish continuation scenario after formed shooting star formation. The bias is bearish in nearest term testing 1.0800. Immediate resistance is seen around 1.0960. A clear break above that area could lead price to neutral zone in nearest term but as long as stays below 1.0000 I prefer a bearish scenario at this phase and any upside pullback should be seen as a good opportunity to sell.

eurusddaily

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February 29th, 2016 @ 2:57 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD had a significant bearish momentum last week, broke below 1.4080 key support and hit 1.3841 earlier today. The bias is bearish in nearest term testing 1.3800 – 1.3750 region. Immediate resistance is seen around 1.3915. A clear break above that area could lead price to neutral zone in nearest term testing 1.4000 area but as long as stays below 1.4080 I prefer a bearish scenario at this phase and any upside pullback should be seen as a good opportunity to sell.

gbpusddaily

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February 29th, 2016 @ 2:50 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY attempted to push lower last week bottomed at 111.04 but whipsawed to the upside and closed higher at 113.97. As you can see on my daily chart below, we have a double bottom and Doji/Pin bar formation suggests a potential bullish reversal/correction. The major bearish scenario should remain valid but as long as stays above 113.15 – 112.50 the bullish intraday bias should remain strong. The bias is bullish in nearest term testing 114.50 area.

usdjpydaily

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February 29th, 2016 @ 2:46 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF had a bullish momentum last week topped at 1.0003. The bias is bullish in nearest term but 0.9985 – 1.0000 remains a good place to sell with a tight stop loss targeting 0.9600 region. Immediate support is seen around 0.9950. A clear break below that area could lead price to neutral zone in nearest term testing 0.9900 area. On the upside, a clear break and daily close above 1.0000 would be a threat to the bearish scenario testing 1.0125 – 1.0250 area.

usdchfdaily

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February 29th, 2016 @ 2:14 am by William Gilday

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Screen Shot 2016-02-29 at 07.35.58

Hello traders welcome to a new trading week as we see some really nice price action and we have to take advantage of that. The data today is all medium impact and only one is high in the U.S session home sales. This is good we have a catalyst to get price to move today in all the sessions…..

OK traders let take a look at the trade plan for today on the EURUSD- This is the 30 Minute chart. Today we are looking at the daily pivot that is resistance so we are looking for that entry to the downside I would like to enter this trade at the price of 1.0965. I am looking to take profit at the support that looks to be strong support at the price of 1.0911. This is only a 40 pip trade but looks solid.

Thank you traders and talk soon….William

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February 26th, 2016 @ 2:30 am by William Gilday

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Screen Shot 2016-02-26 at 06.49.17

Hello traders welcome to a new trading day on a Friday. Traders I have looked at the charts and have to say yesterday price action was weak. Today we only have one high impact new release in the U.S session. We are filled with medium news releases all day. Be alert to that and it is the end of the week so we expect profit taking today.

OK traders let us take at look at the trade plan for today on the AUDUSD- This is the 30 Minute chart. I have placed resistance line on the chart, as yesterday trade plan worked to the pip. I am back to trading the trend and my bias remains bearish. I would like to enter this trade at the price of 0.7239. I do see the daily pivot and expect a bounce at that price zone. I am looking to take profit at the 200 ema that is strong support at the price of 0.7187

Thank you traders and we will talk soon…..William

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February 26th, 2016 @ 12:15 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD had another indecisive movement yesterday. The bias is neutral in nearest term. As you can see on my H1 chart below, we have a rounding bottom formation formed after rejection to move below the trend line support and 1.0950 key support suggests a potential bullish pullback especially if price able to make a clear break above 1.1070 resistance testing 1.1125 or higher. Overall I still prefer a bearish scenario but need a clear break below the 1.0950 to continue the bearish scenario targeting 1.0800 region.

eurusdhourly

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