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May 3rd, 2019 @ 4:02 am by Setyo Wibowo

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USDCHF: False Breakout Confirmed, A Retest of 1.0236 On The Cards
The USDCHF pair was traded with a modest gain yesterday, but provided enough evidence to conclude a valid false breakdown has occurred. As a result, the bias is bullish in the near term testing 1.0236 key resistance area. A clear break and a daily/weekly close above that area would expose 1.0340 level in the upcoming week.

Immediate support is seen around 1.0170. A clear break and a daily/weekly close back below that area would lead price to a neutral zone in the near term as direction would become unclear putting 1.0125 level as the last defense for a test of 1.0075 or lower.

On fundamental, some US key economic data will be out today expected to be a market catalyst. They are Average Hourly Earnings, Non-Farm Employment Change, Unemployment Rate and ISM Non-Manufacturing PMI data. Buckle up!

usdchfdaily

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May 2nd, 2019 @ 4:45 am by Setyo Wibowo

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EURUSD: Bearish Pin Bar Threats Bullish Correction. Eyes on 1.1175 with a breakdown to retest 1.1120
The EUR/USD pair struggled to keep its bullish short-term phase yesterday, climbed to 1.1265 but the upward momentum was short-lived as price reversed to the downside after the FOMC and closed at 1.1195, printed a bearish pin bar as you can see on my daily chart below.

With the fact that the bearish pin bar appeared just below the falling trendline, the bullish correction is now in jeopardy. The bias is bearish in the near term, testing 1.1175 support area. A clear break below that area would confirm the bullish correction invalidation to target 1.1120 key support area which remains a good place for a long position with a tight stop loss as a decisive break below 1.1120 would confirm resumption of the major downtrend theme.

On the other hand, a failure to clear 1.1175 support would keep the bullish recovery in play pushing price back towards the trendline barrier once again.

eurusddaily

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May 2nd, 2019 @ 4:44 am by Setyo Wibowo

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GBPUSD: Bearish Pin Bar put Bullish in Danger but Remains Valid Above 1.3000
The GBPUSD attempted to climb higher yesterday topped at 1.3100 but further upside movement was rejected and closed lower at 1.3050 on US Dollar broad rally after the FOMC. The bias is neutral in the near term.

The bearish pin bar popped up on the daily chart as you can see on my daily chart below pose potential threat to the bullish bias with a break back below 1.3000 not only expose 1.2900 region but would bring the major bearish fashion back in play as it would also represent a rejection above the daily EMA 200 key resistance.

Vice versa to the upside, a break above 1.3100 barrier would nullify the bearish pin bar scenario and stimulate higher movement towards 1.3210 even reopen the path to 1.3365/80 (March high).

gbpusddaily

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May 2nd, 2019 @ 4:33 am by Setyo Wibowo

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USDJPY: Support Holds, Bearish Needs Break Below 111.00
The USDJPY pair was indecisive yesterday. It seems that the bearish pressures remain potential but in order to push lower price need to break below 111.00 support area located just below the daily EMA 200 as you can see on my daily chart below. The bias is neutral in the near term.

Immediate resistance is seen around 111.70. A clear break and a daily close above that level would likely to push price higher testing 112.00 key resistance which remains a good place for a short position with a tight stop loss as a clear break and a daily close above that area would abort the bearish bias and could easily target 113.15 or higher.

Immediate support resides around 111.35. A clear break below that area could trigger further bearish pressure testing 111.00 with a break below would put the pair vulnerable to more intense selling pressures targeting 110.00 area where potential fresh buyers may be seen.

usdjpydaily

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May 2nd, 2019 @ 4:30 am by Setyo Wibowo

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USDCHF: False Breakout Below Range to Prove the Bulls Not Willing to Give Up
The USDCHF pair attempted to push lower yesterday, slipped below the rectangle formation as you can see on my daily chart below, bottomed at 1.0125 but whipsawed to the upside back inside the range area as you can see on my daily chart below. The bias is neutral in the near term.

The false breakout below the rectangle is not a good news to the bearish correction and the fact that a bullish pin bar also popped up on the daily chart only bolster the view of resumption of the broader bullish theme. However, remember that we need a clear break above the rectangle and 1.0236 level to confirm this bullish continuation scenario.

On the downside, key immediate support now lies at the “tail” of the bullish pin bar located at 1.0125. A clear break below that area would invalidate the bullish pin bar scenario and push price to the downside towards 1.0075 or lower.

usdchfdaily

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May 1st, 2019 @ 5:26 am by Setyo Wibowo

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EURUSD Forecast: Bullish Correction Set to Challenge the Trendline Resistance
The Greenback extended its losses yesterday as the single currency continued to gain momentum since the failure to clear 1.1120 support area last week, hit 1.1229. Although the current squeeze higher is nothing but a counter trend move, the upward momentum showing no signs of ending. The bias remains bullish in the near term. After taking out resistance at 1.1175, immediate upside correction target lies at the trendline resistance which is an area runs from 1.1290 to 1.1250 as you can see on my daily chart below. Above that, 1.1325 could be the final defense for the major bearish theme. Immediate support is seen around 1.1175 (former/broken resistance, now support). A clear break back below that level could neutralized the near term bullish fashion to retest 1.1120 key support. However, note that any movement near the June 2017’s low could bring in fresh buyers.

eurusddaily

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May 1st, 2019 @ 5:25 am by Setyo Wibowo

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GBPUSD Forecast: Traded Back Above 1.3000, Bears are Losing Control
The GBPUSD had a significant upside momentum yesterday, closed back above 1.3000 key level after bounced-off 1.2900 support area last week as you can see on my daily chart below. This fact neutralizes the bearish bias since dropped from 1.3365 area last month. Technically, immediate and crucial resistance in focus at this phase lies at the daily EMA 200 located around 1.3050 with a breakout to target 1.3210 region even a retest of 1.3365. Conversely, on the downside, a movement back below 1.3000 would give a second chance to the bearish scenario to clear 1.2900. In the case of a break below 1.2900, further downside objectives seen at 1.2800, 1.2670 and finally 1.2485.

gbpusddaily

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May 1st, 2019 @ 5:25 am by Setyo Wibowo

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USDJPY Forecast: Bearish Confirmed, Ready to Drop Further
As expected, the USDJPY pair pushed lower yesterday, bottomed at 111.23 following another false breakout above 112.00 and the appearance of two consecutive bearish pin bars as you can see on my daily chart below. The bias remains to the south in the near term with immediate downside technical objective lies around 111.00 region located just below the daily EMA 200. A clear break and daily close below 111.00 would help accelerate the downside momentum in the near term towards 110.00 support area where we may see some buyers kick in.

usdjpydaily

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