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May 6th, 2019 @ 9:46 am by Muhammad Azeem

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EUR/USD Elliott Wave Analysis

EUR/USD Elliott Wave Analysis in 15 Minutes chart

 

Bullish trend is present in EUR/USD currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Analysis few hours ago, the price of EUR/USD 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 1.1170 price level which is the termination point of Bullish impulse wave i leg. In my opinion, price action in EUR/USD currency pair has completed Bullish Symmetrical Triangle pattern –  wave iv corrective Elliott wave pattern. So, based on Elliott wave analysis, Bearish wave iv leg has ended and now expect a rise in price action to start after few hours time and I expect the market to resume an up trend to rise; towards 1.1250 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 bearish impulse wave v pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current EUR/USD bullish trend as it is always easy to trade in the favour of market trend. Currently, bullish impulse wave v 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 around 1.1192 price area.

 

However; if the price action in EUR/USD spot Forex pair breaks below 1.1170 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 EUR/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 6th, 2019 @ 2:03 am by Setyo Wibowo

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EURUSD: Key Support Holds After Key Data Releases, Further Recovery Remains Potential
The EUR/USD pair attempted to push lower on Friday, broke below 1.1175 support area but whipsawed to the upside and closed higher at 1.1200 after failed to break 1.1120 key support. Of four high impact economic data from the US, two of them were good, two of them were bad. The NFP and unemployment rate came out better than expected while Average Hourly Earnings and ISM Non-Manufacturing PMI came out worse than expected.

Technically, the failure to take out 1.1120 support and a close back above 1.1175 suggests the bullish recovery is still alive and kicking with technical correction target lies at the trendline resistance, an area now runs from 1.1275 – 1.1250. That being said, bear in mind that the major bearish trend is still valid.

Immediate support is seen around 1.1175. A clear break below that area would retest 1.1120 key support area which need to be clearly breached to the downside to put an end to the current bullish recovery phase and confirm resumption of the major bearish theme at least testing 1.1050/00 region. On the upside, a clear break above the falling trendline would expose 1.1325 key resistance which will put the major bearish fashion in jeopardy.

eurusddaily

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May 6th, 2019 @ 2:01 am by Setyo Wibowo

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GBPUSD: Strong Bulls After Bounces off Key Support, Targets Higher Levels
The GBPUSD surged Friday to a fresh four weeks high at 1.3176 after strong rejection below 1.3000 key support following a mixed result of key data releases from the US. A close back above the daily EMA 200 also support the bullish view. The bias is bullish in near term targeting 1.3210 region.

Immediate support resides around 1.3100. A clear break below that area would neutralize the near term bullish bias testing 1.3050 support area but as long as stay above 1.3000 I remain bullish and any downside retracement should be seen as a good opportunity to buy the dips.

On the upside, a clear break and a daily close above 1.3210 would expose 1.3270 area which would open the path to further bullish pressures towards 1.3365 key resistance which is probably a good place for a short position.

gbpusddaily

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May 6th, 2019 @ 2:00 am by Setyo Wibowo

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USDJPY: Slides below 111.00, Further Downside Pressures On The Cards
As anticipated, the USDJPY pair had a bearish momentum last week, bottomed at 111.04. Price slumped to a fresh five-week low earlier today in Asian session after started the week with a bearish gap as you can see on my daily chart below. Although gaps tend to be filled, it can also signal a resumption of the current trend, which is a bearish trend targeting 110.00 area. The bias is bearish in the near term.

Immediate resistance is seen around 111.00. A clear break above that area would neutralize the near term bias and activate my “wait and see” mode as direction would become inconclusive and may retest 112.00 key resistance level.

On the downside, 110.00 area seems to be a good place to buy with a tight stop loss as a clear break and consistent movement below that area could open the door for a much bigger momentum to the downside.

usdjpydaily

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May 6th, 2019 @ 2:00 am by Setyo Wibowo

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USDCHF: Slipped Back Below Rectangle, Bearish Threat Comes into Sight Again
The USDCHF pair slides back below the rectangle formation as you can see on my daily chart below, suggests another potential bearish momentum aim for a downside reversal/correction. Nonetheless, we need a break below the “tail” of the bullish pin bar printed last week located at 1.0125 to affirm the bearish scenario with nearest technical objective lies at 1.0075.

The bias is bearish in the near term. Immediate resistance is seen around 1.0175. A clear break and a daily close back above that area would lead price to neutral zone in the near term testing 1.0215 area but key resistance remains at 1.0236 which need to be broken to the upside to continue the bullish scenario.

On the downside, a decisive break below 1.0125 would affirm the bearish technical setup strengthening the case for a potential drop to target firstly 1.0075, secondly 1.0035 and finally 1.0000 which from current context located just above the daily EMA 200.

usdchfdaily

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May 3rd, 2019 @ 4:12 am by Setyo Wibowo

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EURUSD: Edges Lower Around 1.1175 Ahead of Key Economic Data Releases
Just as anticipated, the EUR/USD pair has been trading with a bearish bias after found barrier at the falling trendline and formed a bearish pin bar on the daily chart and now struggling around 1.1175 support area. The bias remains bearish in the near term but note that we need a clear break below 1.1175 to resume the bearish pressures retesting 1.1120 key support region.

Immediate resistance lies around 1.1200/20 area. A clear break and a daily close back above that area would be an indication that price is unable to clear 1.1175 support and ready to re-attack the trendline resistance which is from the current context is an area run from 1.1250 – 1.1290.

The market will be flooded with a series of high impact economic numbers today. From the Euro zone CPI data will be out and from the US traders are eyeing Average Hourly Earnings, Non-Farm Employment Change, Unemployment Rate and finally ISM Non-Manufacturing PMI data.

eurusddaily

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May 3rd, 2019 @ 4:11 am by Setyo Wibowo

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GBPUSD: Bullish Exhaustion to Lure More Sellers, All Eyes on Key US Data Releases
The GBPUSD movement was inconclusive yesterday, but for me, it is clear that from a technical point of view, the bearish pin bar formation suggests the bulls are running out of gas. The fact that price closed back below the daily EMA 200 also support the interruption of the bullish phase. That being said, note that only a clear break back below 1.3000 would abort the bullish view.

Immediate resistance resides around 1.3080. A clear break above that area would be an important support to the upside scenario but only a break above 1.3100 would confirm the resumption of the bullish run towards 1.3210 as the nearest technical objective. On the downside, a slump below 1.3000 level not only would expose 1.2900 but also open the door for further bearish attacks.

There will be several major economic data releases from the US today. They are Average Hourly Earnings, Non-Farm Employment Change, Unemployment Rate and ISM Non-Manufacturing PMI data which are expected to be market movers.

gbpusddaily

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May 3rd, 2019 @ 4:04 am by Setyo Wibowo

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USDJPY: Bearish Stalled but Remains Intact
The USDJPY was traded higher yesterday which is anticipated after a bounced from the daily EMA 200, hit 111.66. Nonetheless, it’s still a bit too early to conclude that the current retreat from earlier lows abort the bearish scenario. I other words, the bearish bias remains valid but need to clear the EMA 200 support and 111.00 level to resume the push lower to 110.00.

Immediate resistance is seen around 111.66 (yesterday’s high). A clear break and a daily close above that level would retest 112.00 area which is a good place to sell with a tight stop loss as a clear break and a consistent move above that area would invalidate the bearish scenario with nearest technical objective lies at 113.15.

Immediate support sits around 111.35 with a breakdown below to target 111.00 and the daily EMA 200 support area which is the last defense for a retest of 110.00 region where potential fresh buyers may be seen (again).

usdjpydaily

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