Elliott waves for Forex correlation analysis – On the sidelines.

USDJPY – Down Wave Analysis: The US Dollar is stagnating above the upper resistance trend line. We’re still hesitant to trade this pair, we’re waiting for a possible trade ahead of the NFP new release. But as long as the price remains above this trend …

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Technical Analysis Based on Breakout – Place a pending buy limit order around 1.1459

EURUSD – Up Technical Observation Despite the bullish pin bar seen on the weekly chart last week, yesterday, Eur plummented slightly to the lowerside and may still plumment today. I expect this drop in price to be retracement move and could drop further towards the now weekly support line 1.1459. If the price can get to this support, then this will be the best place to pick a long position with a take profit at 1.2558. For risk management purposes, position traders should place a pending buy limit order around 1.1459. Technical levels: Resistance levels R3:1.18832 R2:1.18341 R1:1.18021 Pivot 1.17532 Support Levels S1:1.17210 S2:1.16719 S3:1.16399 Trade Signal Place a pending buy limit order around 1.1459
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Technical Analysis Based on Breakout – Long Usd towards 115.14

USDJPY – Down Technical Observations Looked at from a different point of view, usd appears to have established a support along the lower support trend line. Unless this trend line is breached to the lower side with a big red candle, I expect a rise in price towards the upper resistance trend line. . A break above will push the price further upwards towards 115.14. If the lower support trend line is broken, then the price could fall further towards 106.13. 110.25 is a key line and will require a great amount of force to break above, thus, if the price can close above it, this will confirm a move towards 115.14. Technical levels: Resistance levels R1: 111.592 R2: 111.211 R3: 110.619 Pivot 110.249 Support Levels S1: 109.646 S2: 109.265 S3: 108.673 Trade Signal Long Usd towards 115.14
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Elliott waves for Forex correlation analysis – Short

GBPUSD – Flat Wave Analysis Few weeks ago, wave (5) of the impulsive wave (c) extended higher but failed to close above the resistance zone 1.3303-1.3195. We expect this zone to have marked the end of the previous five wave cycle, that the previous fortnight bearish rally is a corrective three wave cycle and should break below the trend line. If this trend line is broken, then I expect a possible bearish acceleration towards 1.2161. The zone 1.3303-1.3195 is a key weekly resistance zone and if price can get to this zone, then this will be the best place to short the cable. We expect a similar wave count in GBPHKD and EURHKD. These pairs will have a similar price action during this intraday. Trade Recommendations: Short the cable with an ideal target along the lower trend line.
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Elliott waves for Forex correlation analysis – Heading to the oversold

USDJPY – Down Wave Analysis Last week, the impulsive wave (5) extended lower but is yet to hit our target take profit set at 106.59. During this intraday, we expect a possible extension of this bearish wave count but should not go beyond 106.59. Ideally, we expect a possible double bottom formation around 106.59 to buy this pair. If this support is broken, then this will nullify the anticipated double bottom formation and could push the price further to the lower side. The double bottom formation is highly anticipated since the intraday stochastic is already below its overbought level of 20 and should reverse to the upper side, thus, when the price gets to 106.59, we’ll check to see if the intraday stochastic is below 20 to pick a low risk buy opportunity. Expect a similar wave count in USDCHF and HKDJPY. Trade Recommendations: Remain short with a target at 106.59
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Technical Analysis Based on Breakout – Look for buy positions

USDJPY – Down Technical Observation Usd is still rallying above the lower support trend line and also below the short term key line 110.28. Unless there’s a clear break below the previous day’s lowest low 109.58 and also below the lower trend line, I expect a rejection from these two lines to long Usd towards the upper resistance trend line. A break below the lower trend line will mean waiting for a pullback to the just broken trend line to pick a short position with a take profit at the weekly support line 106.13. A break below this support will push the price further low towards 104.00. Technical levels: Resistance levels R3: 112.399 R2: 111.726 R1: 111.189 Pivot 110.516 Support Levels S1: 109.979 S2: 109.306 S3: 108.769 Trade Signal Buy Usd around the previous day’s lowest low 109.58 with a take profit along the upper trendline.
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Technical Analysis Based on Breakout – The best place to buy Gbp around 1.2752

GBPUSD – Flat Technical Observation Nothing has changed much since the previous forecast, I still expect a sharp decline towards the daily support line 1.2752. Unless this support is clearly broken to the lower side with a big red candle, I expect a rejection from this line to long Gbp towards 1.3461. On the weekly chart above, 1.2752 is a key support line and should act as the best place to long Gbp, thus, conservative traders should place a pending buy limit order around 1.2752 and a stop loss slightly below 1.2578, and take profit still fixed at 1.3461. Technical levels: Resistance levels R3:1.30905 R2:1.30598 R1:1.30292 Pivot 1.29985 Support Levels S1:1.29679 S2:1.29372 S3:1.29066 Trade Signal Place a pending buy limit order around 1.2752 with a stop loss slightly below 1.2578 and Take profit at 1.3461
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