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2017 February

February 28th, 2017 @ 8:20 pm by Muhammad Azeem

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usd/jpyTrend is bullish in 4 hours time frame. Vital support is present at 111.59 price level. In last few trading days, price action in USD/JPY currency pair has moved up. In my judgement, current bullish price action is part of a Bullish Wave C leg. So, Wave B was a Zig Zag but it is possible that Wave B is still in progress.

As the trend is still up, we could look for a buy trading opportunity once price action shows us few bullish bars. However; price should stay above 111.59 support level or bullish Elliott Wave count will become in-valid. In such case, I will stay out of the market and re-analyze the price action in 4 hours chart of USD/JPY currency pair.

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February 28th, 2017 @ 1:46 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD attempted to push higher yesterday, slipped above the trend line resistance but failed to break above the H4 EMA 200 as you can see on my H4 chart below and closed lower at 1.0586. The bias remains neutral in nearest term probably with a little bearish bias testing 1.0550 – 1.0500 region. Immediate resistance is seen around 1.0630. A clear break and daily close above that area would expose 1.0700/50 area. Overall I remain neutral.

eurusdh4

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February 28th, 2017 @ 1:38 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD attempted to push lower yesterday bottomed at 1.2382 but closed higher at 1.2443. Price is still moving sideways inside a range area as you can see on my H1 chart below. The bias is neutral in nearest term. Immediate support is seen around 1.2400. A clear break below that area could trigger further bearish pressure testing 1.2340 region which remains a good place to buy with a tight stop loss. Overall I remain neutral.

gbpusdh1

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February 28th, 2017 @ 1:28 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY had a bullish momentum yesterday topped at 112.84. The bias is bullish in nearest term testing 113.00 – 113.50 but overall I remain bearish and any upside pullback should be seen as a good opportunity to sell. Immediate support is seen around 112.25. A clear break below that area could lead price to neutral zone in nearest term testing 111.90 or lower.

usdjpy4h

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February 28th, 2017 @ 1:09 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF was indecisive yesterday. The bias is neutral in nearest term. As you can see on my H4 chart below price is moving inside a bullish channel suggests a bullish phase. Immediate support is seen around 1.0050. A clear break below that area could trigger further bearish pressure testing 1.0000 area. Immediate resistance is seen around 1.0140. A clear break and daily close above that area would expose 1.0200 or higher. Overall I remain neutral.

usdchfh4

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February 27th, 2017 @ 11:49 am by Muhammad Azeem

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NZD/USDTrend is bearish in NZD/USD currency pair, four hour time frame. As I have suggested past week during my daily Live trading room session, market is falling down on a medium term basis to complete a bearish Elliott Wave v leg and traders should look for a sell trade. So, all those Forex traders who have followed the Elliott wave analysis have made the right decision as the price action has descended. Vital resistance area is present at 0.7277 price level.

 

Be sure to check out daily Forex market updates via Live Trading Room. In my opinion, price action in NZD/USD currency pair is most probably going to drop more as bearish Expanded Flat pattern has completed. So, a good idea is to go short to ride and trade the bearish wave v impulse wave pattern.

 

However; if price action of NZD/USD currency pair closes a bullish candlestick above 0.7277 key resistance level then bearish Elliott Wave count will become in-valid. Henceforth, I may jump at the chance to stay out of the market and re-analyze the NZD/USD price action.

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February 27th, 2017 @ 8:48 am by William Gilday

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Screen Shot 2017-02-27 at 07.20.56

Hello traders good to be back with you on a Monday and an exciting week ahead. As we try to do every Monday we start with the EURUSD 60 minute chart. Traders not much data in London session however we have some nice data in the US session today. OK let us take a look at the chart and you can see we remain bias bearish. I am looking for price to pull back to the trend line I have placed on the chart at the price of 1.0593. At this point I am looking for a bearish candle formation and enter the sell trade. I am placing my stop at the price of 1.0620 for a 27 pip draw down on this trade not giving much today as price action is very slow. I would like to take profit at the support level at 1.0550 as marked on the chart.

Thank you traders and we will talk soon……William

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February 27th, 2017 @ 2:10 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD had another indecisive movement last week. Overall I remain neutral. The bias is neutral in nearest term. As you can see on my H1 chart below, we have a false break above the trend line resistance suggests a potential bearish scenario targeting 1.0500 – 1.0450 area. Immediate resistance is seen around 1.0615. A clear break above that area could trigger further bullish pressure testing 1.0650 – 1.0700 region.

eurusdhourly

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