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2016 May

May 31st, 2016 @ 11:00 am by William Gilday

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Screen Shot 2016-05-31 at 17.55.03

Hello traders good to be back with you. Traders I am bias bearish on this pair as you can see we have tested resistance and looking for a retest of the same area. I have placed two down arrows on the chart for possible entry. I am looking to take profit at the price level of 1.1210 as marked on the chart. I feel the volatility I am expecting to happen in the U.S. session today. Traders this is a very basic trade we sell at resistance and buy at support.

Thank you traders and we will talk soon……William

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May 31st, 2016 @ 9:48 am by Muhammad Azeem

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usd-cadTrend is bullish in USD/CAD currency pair, four hour time frame. As I have suggested past week during my daily Live trading room session, market is rising up on a short term basis to print bearish corrective leg – Wave X and traders should look for a buy trade.  So, all those Forex traders who have followed the analysis have made the right decision as the price has moved up. Strong key support level is present at 1.2460 price level.

 

Be sure to check out daily Forex market updates via Live Trading Room. In my judgement, price action in USD/CAD is printing a possible bullish Double Zig Zag Elliott wave pattern and market is most likely going to rise more towards 1.3250 price level, in coming trading days.

 

Currently; Double Zig Zag pattern looks in-complete and price action offers a possible buy trade setup at Wave X location to join an up trend to ride bullish Wave Y. However; if price of USD/CAD currency pair breaks below 1.2460 critical support area then I might like to stay out of the market and re-examine the 4 hour chart of USD/CAD currency pair.

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May 31st, 2016 @ 4:32 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD was corrected higher yesterday and hit 1.1154 earlier today after touched the lower line of the bullish channel as you can see on my daily chart below. The bias is neutral in nearest term probably with a little bullish bias testing 1.1180 and the daily EMA 200. A clear break and daily close above that area could potentially end the shooting star bearish scenario testing 1.1250 or higher. On the downside, the lower line of the bullish channel and 1.1100 – 1.1050 region remains a key support and good place to buy with a tight stop loss as a clear break and daily close below the bullish channel and 1.1050 would reactivate my bearish mode targeting 1.0800 region.

eurusddaily

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May 31st, 2016 @ 4:21 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD had a bullish momentum earlier today hit 1.4704. The bias is bullish in nearest term but 1.4700 region remains a key resistance and good place to sell with a tight stop loss. Immediate support is seen around 1.4660. A clear break below that area could lead price to neutral zone in nearest term testing 1.4600 region. On the upside, a clear break and daily close above 1.4700 would activate my bullish mode targeting 1.5000 area.

gbpusddaily

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May 31st, 2016 @ 4:09 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY continued its bullish momentum yesterday topped at 111.44. The bias remains bullish in nearest term testing 111.90 as a part of the bullish phase after the break above the range area as you can see on my H1 chart below. Immediate support is seen around 110.65. A clear break below that area could lead price to neutral zone in nearest term as direction would become unclear.

usdjpyhourly

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May 31st, 2016 @ 3:49 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF was indecisive yesterday. The bias is neutral in nearest term but overall price is still in a bullish phase targeting 1.0000 region. Immediate support is seen around 0.9885. A clear break and daily close below that area could trigger further bearish pullback testing 0.9795 key support.

usdchfdaily

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May 30th, 2016 @ 4:04 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD continued its bearish momentum last week and now struggling around the lower line of the bullish channel as you can see on my daily chart below. Price is in a critical point. The bias is bearish in nearest term but like I said last week, the lower line of the bullish channel and 1.1100 – 1.1050 area is a good place to buy with a tight stop loss. Immediate resistance is seen around 1.1180. A clear break and daily close above that area could trigger further bullish pressure testing 1.1250 or higher. On the downside, a clear break and daily close below the bullish channel and 1.1050 would reactivate my bearish mode targeting 1.0800 region.

eurusddaily

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May 30th, 2016 @ 3:58 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD was indecisive last week. Price attempted to push higher, slipped above 1.4700 key resistance but failed to make make a clear break above that level and closed lower at 1.4619. The bias is bearish in nearest term testing 1.4500. Immediate resistance is seen around 1.4650 followed by 1.4700. On the upside, a clear break and daily close above 1.4700 would activate my bullish mode targeting 1.5000 region.

gbpusddaily

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