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2019 April

April 29th, 2019 @ 11:53 pm by Setyo Wibowo

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EURUSD Forecast: Bounced from June 2017’s Low, Poised for Higher Pullback
The EURUSD pair edged higher yesterday after bounced-off June 2017’s low at 1.1120, climbed at 1.1187. The fact that 1.1120 support held on Friday despite a better than expected US GDP number gave us a hint of this bullish correction. The bias is bullish in the nearest term testing 1.1215 – 1.1240 area, but key near term resistance lies at the trend line resistance and 1.1280 – 1.1325 area as you can see on my daily chart below. Bear in mind that even though price is in a valid upward correction phase after hit a major support, the major bearish trend remains intact thus selling the rally at resistances would be a good plan. Immediate support resides around 1.1150. A clear break back below that level would retest 1.1120 which need to be clearly breached to resume the major bearish bias testing 1.1050/00 area.

eurusddaily

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April 29th, 2019 @ 11:52 pm by Setyo Wibowo

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GBPUSD Forecast: A Weak Correction Signaling Potential Retest of 1.2900 Support
The GBPUSD pair started the week with a little progress. The Sterling is quiet yesterday even though 1.2900 support still hold so far may indicate another potential retest of the key near-term support. The bias remains neutral in the nearest term. A clear break below 1.2900 would extend the bearish pressure towards 1.2800 – 1.2772 (February low) as the nearest technical target. Immediate resistance sits around 1.2950. A clear break above that area would open the door for further retracement potential to 1.3000 key resistance level which is a good place to sell with a tight stop loss as a consistent movement back above that area would neutralize the bearish theme since fell from 1.3365 last month.

gbpusddaily

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April 29th, 2019 @ 11:51 pm by Setyo Wibowo

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USDJPY Forecast: Indecisive but Remains Pointing Lower
The USDJPY attempted to push higher yesterday topped at 111.89 but closed lower at 111.64, printed another bearish pin bar on the daily chart as you can see on my daily chart below. This fact is nothing but an additional support for the bearish scenario. The bias remains to the downside in the nearest term testing 111.00 area. A clear break and a daily close below 111.00 would retest 110.00 support region which could be a good place to buy. On the upside, 112.00 remains a key resistance. A clear break and a daily close above that area could easily target 113.15 – 114.50 area.

usdjpydaily

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April 29th, 2019 @ 11:50 pm by Setyo Wibowo

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USDCHF Forecast: Running Out of Bullish Steam, Bearish Pin Bar Hints at a Turn Lower
The USDCHF started the week with a very little progress. After the bullish run stalled at 1.0236 last week, the bearish pin bar printed on Friday may indicate a potential bullish exhaustion as price poised to move lower. The bias is bearish in the nearest term testing 1.0160 – 1.0130 especially if price breaks below 1.0180. On the other hand, as I already stated yesterday, a clear break above 1.0236 would invalidate the bearish pin bar scenario and resume the bullish run targeting 1.0340 region. Overall I remain neutral on this pair.

usdchfdaily

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April 29th, 2019 @ 5:34 am by Setyo Wibowo

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EURUSD Forecast: Support holds despite a good GDP data
The EURUSD pair continued to push lower last week but still unable to clear 1.1120 support area in the face of a better than expected US GDP q/q number on Friday. There are at least two technical reasons of why 1.1120 could be a strong support at this phase. First, it is one of a major support, the low of June 2017. Secondly, as you can see on my H1 chart below, we have a potential double/triple bottom formation in the making which would be confirmed by a break above 1.1175. The bias is neutral in the nearest term. Immediate resistance lies around 1.1174 (Friday’s high). A clear break and daily close above that area could trigger further upside pullback testing 1.1215 – 1.1240 resistance area. Overall price still keep up its major bearish theme but need to clear 1.1120 support area to extend the bearish movement targeting 1.1050/00 area.

eurusdh1

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April 29th, 2019 @ 5:33 am by Setyo Wibowo

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GBPUSD Forecast: Good GDP data fails to clear support, correction eyed
The GBPUSD pair resumed its bearish fashion last week, but still unable to clear 1.2900 support area despite a good reading of US GDP on Friday. The bias is neutral in the nearest term. Immediate resistance resides at 1.2950 area. A clear break and a daily close above that area would put the bulls in the commanding position in the nearest term but only a clear break above 1.3000 key resistance would neutralize the major bearish trend for this pair. On the downside, a clear break below 1.2900 would aim for a bearish continuation targeting 1.2800 even further down at 1.2670 and 1.2485 areas.

gbpusddaily

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April 29th, 2019 @ 5:32 am by Setyo Wibowo

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USDJPY Forecast: Bearish pin bar shows up, support bearish pullback
The USDJPY struggled to charge higher last week slipped above the 112.00 resistance area but closed back below the stubborn resistance. A repeated defense of that resistance alone could potentially trigger a bearish pullback, and now a bearish pin bar popped up on daily chart support the case of a potential downside pullback. The bias is bearish in the nearest term testing 111.00 region. On the upside, 112.00 remains a key resistance. A clear break and a daily close above that area could easily target 113.15 – 114.50 area.

usdjpydaily

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April 29th, 2019 @ 5:30 am by Setyo Wibowo

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USDCHF Forecast: Bullish stalled, bearish pin bar signals potential correction
The USDCHF continued to push higher last week, topped at 1.0236 but closed lower at 1.0191. Overall the pair is still able to maintain its current bullish bias but the appearance of a bearish pin bar on the daily chart as you can see on my daily chart below could interrupt the bullish run. The bias is neutral in the nearest term probably with a little bearish bias testing 1.0160 – 1.0130 support area. Conversely, on the upside, a clear break above 1.0236 would invalidate the bearish pin bar scenario and resume the bullish run targeting 1.0340 region.  Overall I remain neutral on this pair.

usdjpydaily

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