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2018 May

May 31st, 2018 @ 8:13 am by Muhammad Azeem

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GBP/USD Elliott Wave Analysis

GBP/USD Elliott Wave Analysis in 15 Minutes chart

Bullish 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 rise up now on a short-term basis to create a Bullish Triple Zig Zag 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 1.3277 price level which is the termination point of Bearish corrective wave X leg. In my opinion, price action in GBP/USD currency pair has not completed bullish wave Z corrective Elliott wave pattern. So, based on Elliott wave analysis, Bullish wave C leg is going to start after few hours time and I expect the market to resume an up trend to rise towards 1.3360 price area in coming trading hours.

 

Next, price action is most likely going to prints a top as well in coming trading hours after completing bullish corrective wave Z pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current GBP/USD bullish trend as it is always easy to trade in the favour of market trend. Currently, bullish wave Z leg which is part of the Bullish Triple Zig Zag corrective Elliott wave pattern looks half finish. A good idea is to look for a possible buy trading chance to join an up trend around 1.3336 price area.

 

However; if the price action in GBP/USD spot Forex pair breaks below 1.3277 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 GBP/USD currency pair price movement in fifteen minutes chart. Forex traders who are interested to learn Price Patterns click here.

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May 31st, 2018 @ 4:09 am by Setyo Wibowo

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EURUSD Forecast
The EURUSD had a strong bullish correction yesterday, topped at 1.1676 after bounced-off 1.1520 support area. The bias is bullish in nearest term. Price is now retesting the trend line resistance as you can see on my H1 chart below which located just below the EMA 200 located around 1.1685. A clear break above the EMA 200 could trigger further bullish correction testing 1.1720/50 area, but note that price has been moving below the EMA 200 for about three weeks now, so a small pullback above the EMA 200 is not a serious threat to the major bearish outlook. Immediate support is seen around 1.1600. A clear break and daily close back below that area would reactivate my bearish mode retesting 1.1520 region.

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May 31st, 2018 @ 4:08 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD was corrected higher yesterday on broad US Dollar correction, topped at 1.3307. The bias is bullish in nearest term testing the H1 EMA 200 located around 1.3350 area. A clear break and daily close above the EMA 200 could trigger further bullish correction testing 1.3380 – 1.3420 area, but note that price has been moving below the EMA 200 for about seven weeks now so a small pullback above the EMA 200 won’t be a surprise and is not a serious threat to the major bearish outlook. Immediate support is seen around 1.3275. A clear break below that area could lead price to neutral zone in nearest term testing 1.3240/00 region.

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May 31st, 2018 @ 4:07 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY was indecisive yesterday. The overall bearish short-term bias since formed the bearish pin bar last week remains valid, but need a clear break below 108.50 key support to resume the bearish phase targeting 107.50/00 region. The bias is neutral in nearest term. Immediate support is seen around 108.50 which remains a good place to buy with a tight stop loss below 108.10. Immediate resistance is seen around 109.10. A clear break and daily close above that area could trigger further bullish pressure testing 110.00 region.

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May 31st, 2018 @ 4:06 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF didn’t make significant movement yesterday but bearish pressure remains high and price is now retesting 0.9870 support area as you can see on my H1 chart below. A clear break below that area would expose 0.9800 region. Immediate resistance is seen around 0.9935. A clear break and daily close above that area could trigger further bullish pressure testing 0.9980 but key resistance remains around 1.0055 area.

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May 30th, 2018 @ 2:50 am by Setyo Wibowo

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EURUSD Forecast
The EURUSD continued its bearish momentum yesterday as I had expected, bottomed at 1.1510. The bias remains bearish in nearest term testing June 2017 high at 1.1445. Immediate resistance is seen around 1.1600 – 1.1630 region. A clear break above that area could lead price to neutral zone in nearest term but overall I remain bearish and any upside pullback should be seen as a good opportunity to sell. On the downside, a clear break and daily close below 1.1445 could easily target 1.1300 region this week.

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May 30th, 2018 @ 2:48 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD continued its bearish momentum yesterday as I had expected, bottomed at 1.3204. The bias remains bearish in nearest term testing 1.3150 area. Immediate resistance is seen around 1.3285. A clear break above that area could lead price to neutral zone in nearest term testing 1.3350 region but overall I remain bearish and any upside pullback should be seen as a good opportunity to sell. On the downside, a clear break and daily close below 1.3150 would expose 1.3000 psychological level this week.

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May 30th, 2018 @ 2:45 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY continued its bearish momentum yesterday, slipped below 108.50 key support and now struggling around the support area as you can see on my daily chart below. The bias remains bearish in nearest term. It is reasonable to buy around 108.50 due to a good risk/reward ratio with a tight stop loss below 108.10 targeting at least 100 or 150 pips. On the downside, a clear break and daily close below 108.10 would expose 107.50/00 or lower. Immediate resistance is seen around 108.85. A clear break above that area could lead price to neutral zone in nearest term but only a clear break above 110.00 region would interrupt the overall bearish short-term bias since the appearance of the bearish pin bar last week.

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