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Price Action

March 26th, 2018 @ 4:12 am by Setyo Wibowo

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EURUSD Forecast
The EURUSD had another indecisive movement last week. Price has been moving sideways inside a 360-pip range area between 1.2537 – 1.2175 for 10 weeks now. The bias is neutral in nearest term. From another technical perspective as you can see on my H1 chart below, we have some tops printed after price move above the EMA 200 just to send price back below the EMA 200 (and the way around). This is a normal situation in a choppy/trendless market condition. Now price has formed another potential top at 1.2385 region (blue rectangle number four on my chart below) suggests another potential downside pullback. Immediate support is seen around 1.2350 followed by 1.2300. On the upside, a clear break above 1.2385 would expose 1.2445 region but key resistance remains at 1.2537. My major outlook remains bullish.

Price tops: forex trading education

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March 26th, 2018 @ 4:10 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD had a bullish momentum last week topped at 1.4218 but closed a little bit lower at 1.4099. Price printed a bearish pin bar as you can see on my daily chart below but still unable to break below 1.4075 support area so far, which need to be broken to give further confirmation to the bearish pin bar scenario testing 1.4000 area. The bias is neutral in nearest term. Immediate resistance is seen around 1.4218. A clear break and daily close above that area would invalidate the bearish pin bar scenario testing 1.4275 key resistance area. Overall I remain bullish.

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March 26th, 2018 @ 4:09 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY had a significant bearish momentum last week, broke below the descending triangle formation as you can see on my daily chart below. The bias is bearish in nearest term testing 104.25 area. Immediate resistance is seen around 105.50. A clear break back above that area could lead price to neutral zone in nearest term as direction would become unclear. On the downside, a clear break and daily close below 104.25 could trigger further bearish scenario testing 102.50 region.

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March 26th, 2018 @ 4:07 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF had a bearish momentum last week bottomed at 0.9444. The bias is bearish in nearest term testing 0.9420/00 as a part of the bearish scenario following the violation to the bullish channel as you can see on my daily chart below. Immediate resistance is seen around 0.9495. A clear break above that area could lead price to neutral zone in nearest term as direction would become unclear. On the downside, a clear break and daily close below 0.9420/00 would expose 0.9350. Overall I remain neutral.

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March 23rd, 2018 @ 6:08 am by Setyo Wibowo

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EURUSD Forecast
The EURUSD attempted to push higher yesterday, topped at 1.2387, slipped above the trend line resistance but whipsawed to the downside and closed lower back below the trend line resistance as you can see on my H1 chart below. This fact creates a false breakout bearish scenario but we need a consistent movement back below the H1 EMA 200 (1.2320) to send the pair lower testing 1.2285 – 1.2240 before testing the major trend line support and 1.2175 key support area. Immediate resistance is seen around 1.2387. A clear break and daily/weekly close above that area would expose 1.2445 – 1.2537 region next week.

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March 23rd, 2018 @ 6:06 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD attempted to push higher yesterday topped at 1.4218 but whipsawed to the downside and closed lower at 1.4099, printed a bearish pin bar as you can see on my daily chart below. Overall I remain bullish but the appearance of the bearish pin bar just above 1.4275 key resistance is not a good news for the bullish scenario. The bias is neutral in nearest term. Immediate support is seen around 1.4075. A clear break below that area would support the bearish pin bar scenario testing 1.4000 region. On the upside, we need a clear break above 1.4218 to invalidate the bearish pin bar scenario testing 1.4275 or higher.

Bearish pin bar

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March 23rd, 2018 @ 6:05 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY had a significant bearish momentum yesterday, broke below the descending triangle formation as you can see on my daily chart below, bottomed at 105.25 and hit 104.63 earlier today in Asian session. This fact confirms the descending triangle bearish scenario. The bias is bearish in nearest term testing 104.25 area. Immediate resistance is seen around 105.50. A clear break above that area could lead price to neutral zone in nearest term as direction would become unclear. On the downside, a clear break and daily/weekly close below 104.25 would expose 102.50 next week.

 

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March 23rd, 2018 @ 6:04 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF was indecisive yesterday but overall still able to maintain its bearish intraday bias and hit 0.9449 earlier today in Asian session. Price slipped below the bullish channel and 0.9470 support area as you can see on my daily chart below suggests a bearish view. The bias is bearish in nearest term testing 0.9420/00 area. Immediate resistance is seen around 0.9489 (current high). A clear break above that area could lead price to neutral zone in nearest term as direction would become unclear. Overall I remain neutral.

Bullish channel: chart pattern

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