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2017 September

September 29th, 2017 @ 9:42 am by Muhammad Azeem

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USD/JPY Elliott Wave Analysis

USD/JPY Elliott Wave Analysis in 15 Minutes chart

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

So, all those Forex traders who have followed my Elliott Wave Analysis have made the right decision as price has started the bullish leg. Strong key support level is present at 112.24 price level which is the ending point of Bearish Zig Zag wave (ii) corrective leg. In my opinion, price action in USD/JPY currency pair has not completed bullish wave (iii) impulse Elliott wave pattern. So, based on Elliott wave analysis, Bullish Impulse wave (iii) leg is now in progress and I expect the market to first move sideways and then resume an up trend to rise towards 113.30 price area in coming trading hours.

Next, price action is most likely going to prints a short term top as well in coming trading hours after completing bullish Impulse wave (iii) pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current USD/JPY bullish trend as it is always easy to trade in the favour of market trend. Currently, bullish wave (iii) leg which is part of the Bullish Impulse Elliott wave pattern looks half finish. A good idea is to look for a possible buy trading chance to join an up trend.

However; if the price action in USD/JPY spot Forex pair breaks below 112.24 important support level then Bullish 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 USD/JPY currency pair price movement in fifteen minutes chart. Forex traders who are interested to learn Price Patterns click here.

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September 28th, 2017 @ 10:52 pm by Setyo Wibowo

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EURUSD Forecast    
The EURUSD had a moderate bullish momentum yesterday topped at 1.1804. The bias is neutral in nearest term but overall price is still in a bearish correction phase. Immediate support is seen around 1.1720. A clear break below that area could trigger further bearish pressure testing 1.1650/00 region. Immediate resistance is seen around 1.1823/50 area. A clear break above that area could trigger further bullish pressure testing 1.1935 area which need to be clearly broken to the upside to potentially end the current bearish correction phase and continue the major bullish scenario.

eurusddaily

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September 28th, 2017 @ 10:51 pm by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD had a moderate bullish momentum yesterday topped at 1.3455. The bias is neutral in nearest term probably with a little bullish bias testing 1.3500 – 1.3550 region. On the downside, 1.3400 – 1.3330 area remains a key support and good place to buy with a tight stop loss below 1.3330 as a clear break below that area would take price to a bearish correction zone testing 1.3150 support area. On the upside, a clear break above 1.3550 would expose 1.3615 key resistance which need to be clearly broken to the upside to continue the major bullish scenario.

gbpusdh1

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September 28th, 2017 @ 10:49 pm by Setyo Wibowo

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USDJPY Forecast
The USDJPY was corrected lower yesterday bottomed at 112.25. The bias is bearish in nearest term but 112.35 – 111.65 region remains a key support and good place to buy with a tight stop loss below 111.65. Immediate resistance is seen around 112.75. A clear break above that area could lead price to neutral zone in nearest term testing 113.50 region. On the downside, a clear break below 111.65 would change my H1 chart bias to a neutral condition. Overall I remain neutral.

usdjpy4h

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September 28th, 2017 @ 10:47 pm by Setyo Wibowo

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USDCHF Forecast    
The USDCHF attempted to push higher yesterday topped at 0.9758 but closed lower at 0.9700 after another rejection to break above the daily EMA 200 and 0.9765 key resistance area, printed a bearish pin bar formation on daily chart. The bias is neutral in nearest term probably with a little bearish bias testing 0.9650 support area. On the upside, 0.9765 – 0.9807 remains a key resistance and good place to sell. Overall I remain neutral.

usdchfdaily

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September 28th, 2017 @ 5:08 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD continued its bearish correction yesterday bottomed at 1.1717. The bias remains bearish in nearest term testing 1.1600 region. Immediate resistance is seen around 1.1795. A clear break above that area could lead price to neutral zone in nearest term testing 1.1850/60 region. My major technical outlook remains bullish but we need a clear break at least above 1.1935 to potentially end the current bearish correction phase. On the downside, a clear break and daily close below 1.1600 would expose 1.1450 support area.

eurusddaily

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September 28th, 2017 @ 5:06 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD had another indecisive movement yesterday. The bias remains neutral in nearest term. As you can see on my H1 chart below, price is moving at my buy zone (1.3400 – 1.3330) which is a good place to buy with a tight stop loss below 1.3330 as a clear break below that area would trigger a deeper bearish correction testing 1.3150 key support area. Immediate resistance is seen around 1.3430. A clear break above that area could lead price to neutral zone in nearest term testing 1.3500 – 1.3550 area which need to be clearly broken to the upside to challenge 1.3615 key resistance level which need to be clearly broken to the upside to continue the major bullish scenario.

gbpusdh1

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September 28th, 2017 @ 5:05 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY continued its bullish momentum yesterday topped at 113.25. The bias remains bullish in nearest term testing 113.50. A clear break above that area would expose 114.50 area. Immediate support is seen around 112.35. A clear break below that area could lead price to neutral zone in nearest term but only a clear break below 111.65 could interrupt the current bullish bias on H1 chart. Overall I remain neutral.

usdjpy4h

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