Elliott waves crypto analysis – The cable recovering

GBPUSD – Flat

The cable recovering

Wave Analysis:

After a massive decline in almost one week, the cable currently recovering above 1.3855, as long as the level 1.3855 protects the lower side, we expect this level to have marked the end of the three wave correction cycle that the current bullish price rally is a continuation phase of the previous five wave cycles with an ultimate target at 1.4800. This pair should be traded alongside GBPHKD, GBPNZD, GBPAUD, and GBPSGD. These pairs have a strong positive correlation of up to +53% and will move in the same direction today. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Only rebuy the cable around 1.3855.

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Elliott waves crypto analysis – We’re short towards 1.2055

EURUSD – Up

We're short towards 1.2055

Wave Analysis:

During the previous trading day, euro drop massively to the lower side and even broke below the support level 1.2293, following this break, this pair consolidate below this zone and is not giving any signs it could rise above it soon. As long as the price is contained below 1.2293, we expect a possible bearish price movements to the lower side. The anticipated bearish price rally is a mere correction of the previous five wave cycle and should not go beyond 1.2055. According to the 4 hour chart above, look for a short position now towards 1.2055, expect a similar short position in other positively correlated pairs such as EURHKD, EURCHF, and EURAUD. these pairs have a strong positive correlation of up to +71% and will move in the same direction today.

Trade Recommendations:

Sell this pair now with your take profit at 1.2055

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Elliott waves crypto analysis – Flat temporarily

GBPUSD – Flat

Flat temporarily

Wave Analysis:

During the previous trading day, we saw an extension of the correction of the previous five wave cycle but is currently approaching a key level 1.3855. As long as this level is not violated, we expect a possible rebound from this level to pick a long position with an ultimate target at 1.4705, the anticipated bullish price rally is merely the extension of the impulsive waves (c) and (v) and may break above 1.4270 towards 1.4705.. This pair should be traded alongside AUDUSD, NZDUSD, EURUSD and GBPHKD. These pairs have a strong positive correlation of up to +53% and will move in the same direction today.

Trade Recommendations:

Flat temporarily.

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Technical crypto analysis based on breakout – Remain long towards 114.64

USDJPY – Down
Remain long towards 114.64
Technical Observation:
Recently, USD dropped drastically but failed to penetrate the weekly support line seen at 108.62, while this line protects the lower side, I choose to remain bullish on this pair. My expectations is that Usd should continue to rise towards 114.64 or even higher. On the way upwards, the key lines to look for include 111.10, 113.00 and 114.64, a break above the last line will push the price further upwards towards 118.70 or even higher. If the price should go below 108.62, then a decline towards 104.25 is expected.
Technical Levels
Resistance levels
R1: 110.97
R2: 111.76
R3: 113.84
Pivot
109.69
Support Levels
S1: 105.54
S2: 107.62
S3: 108.89
Trade Signal
Remain long towards 114.64

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Technical crypto analysis based on breakout – Rebuy gbp around 1.3860

GBPUSD – Flat
Rebuy gbp around 1.3860
Technical Observation:
Gbp is currently trading around 1.3860. This is a key weekly support line and unless it is broken to the lower side with a big red candle, I expect a momentum to the upper side with my take profit at 1.4640. On the way upwards, the key lines to look for include 1.4160, 1.4370 and 1.4640. On the other side, should the price break below 1.3860, then I expect a decline towards 1.3530 or even lower. As it is, I choose to focus only on buy position unless price close below 1.3860.
Technical Levels
Resistance levels
R1: 1.4275
R2: 1.4428
R3: 1.4728
Pivot
1.4125
Support Levels
S1: 1.3527
S2: 1.3827
S3: 1.3975
Trade Signal
Rebuy gbp around 1.3860 towards 1.4640.

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Weekly FX Market Update – 6 February 2018 (Video)

It’s been an extremely turbulent 24 hours in the financial market with the Dow recording its largest ever daily points drop as panic set in and traders tried to work out what was triggering such a strong sell-off. Markets have stabilized a little on Tuesday but there remains some concern among traders which continues to weigh.

Senior Market Analyst Craig Erlam talks about what he thinks has triggered such a move and goes through this week’s other key events in the markets.

He also gives his live analysis on EURUSD (18:08), GBPUSD (20:02), EURGBP (22:12), AUDUSD (23:32), USDCAD (25:10), GBPCAD (27:16), NZDUSD (28:54), USDJPY (30:58), GBPJPY (32:53) and EURJPY (34:12).

DAX Recovers After Falling to 5-Month Low

Beware: FX Space is Calm, But Appearances Can Be Deceiving

Plop Plop Fizz Fizz Oh What a Relief it is

NZD/USD Technical Analysis: Waiting for Reserve Bank of New Zealand’s Decision

NZD/USD Technical Analysis: Waiting for Reserve Bank of New Zealand’s Decision. In the past three months, the NZD/USD pair has been on a strong upward trend. As shown below, the pair has had a strong 30 degrees trend, making slight higher highs and higher lows. The pair has moved from a low of 0.6781 to a high of 0.7439.

The upward trend has been because of the dollar weakness and the strong performance of commodities. As you know, New Zealand is the world’s leader in milk and cattle exports. It is also a richly endowed country with major natural resources. As shown below, in the past one month, the dollar index has fallen from a high of $92.62 to a low of $88.43.

The upward trajectory changed last Friday when the dollar started to rise following the release of the monthly jobs numbers. After the news, the treasury yields rose to the highest level in three years, forcing investors to exit stocks. At the end of the day, the dollar was up by almost a percent.

This week, the movements on the pair will depend on the RBNZ, which will release its monetary policy decision on Wednesday. On this day, traders will want to hear their opinion about the economy and interest rates.

This week, in case of a reversal, traders should watch out for the 0.7250 level and in case the pair continues to move down, they should watch out for the 0.7251 level as shown below.

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Elliott waves for Forex correlation analysis – Rebuy US Dollar around 108.06

USDJPY – Down

Rebuy US Dollar around 108.06

Wave Analysis:

Still nothing significant has changed on this pair. The Us Dollar is still rallying around a key weekly support zone 108.66-108.18. As long as this zone protects the lower side, we expect a possible rebound to long this pair with an ultimate target at 114.78, in case the price clearly breaks below 108.18, then we expect a possible bearish price rally towards 101.00 or even lower. This pair should be traded alongside CADJPY, NZDJPY, CHFJPY and AUDJPY. These pairs have a strong positive correlation of up to +63% and will move in the same direction today. Only buy or sell the US dollar if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Rebuy US Dollar around 108.06 with your target at 114.78

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Technical Analysis Based on Breakout – Resell USDJPY at (109.51-109.40)

USDJPY – Down

Resell USDJPY at (109.51-109.40)

Technical observation

Yesterday the pair USD JPY declined towards 108.55 and is currently rising towards a resistance zone (109.51-109.40),I expect a rejection of price at the zone to resell USDJPY with my take profit at 108.15 and stop loss at 109.75.If there’s a clear breakout above the resistance zone then I’ll wait for a retracement to the zone to confirm a bullish movement of price before I enter long position with my take profit at 111.29.As long as zone (109.51-109.40),protects the lower side I still expect a decline in price and I can only advise for short positions within the zone .

Technical levels

Resistance levels

R1.108.79

R2.108.85

R3.108.99

Pivot

108.74

Support levels

S1.108.65

S2.108.58

S3.108.45

Trade signal

Resell USDJPY after retracement to (109.51-109.40) with your take profit at 108.15 and stop loss at 109.75

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Technical Analysis Based on Breakout – Wait for a correction to (1.2390-1.2370)

EURUSD – Up

Wait for a correction to (1.2390-1.2370)

Technical observation

Yesterday,EUR failed to break below the key support zone (1.2390-1.2370),price got rejected and the zone and continued up, I expect a possible rise in price in the coming hours towards 1.2517,if you had not entered a trade I would advise you wait for a correction to (1.2390-1.2370) then buy the pair within the zone with your take profit at 1.2517 and your stop loss at 1.2333,incase there’s a clear breach below the zone then wait for a pullback before you short EUR with your ideal target within (1.2215-1.2200),as long as the support zone (1.2390-1.2370)protects the upper side only long positions can be recommended.

Technical levels

Resistance levels

R1.1.2472

R2.1.2434

R3.1.2452

Pivot

1.2418

Support levels

S1.1.2409

S2.1.2399

S3.1.2381

Trade signal

Wait for a retracement to (1.2390-1.2370) then buy EURUSD with your take profit at 1.2517 and your stop loss at 1.2333.

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