The current price action presents an opportunity to enter long position.
During the last Asian session the pair made higher high above 0.75.
I expect the price to pull back towards 0.75 or lower once again. This will serve as a support/former r
The pair declined towards 1.2870 and it is ready to make another leg up.
Oil has been making lower lows in the last few weeks and it is expected to continue decline.
Following my trading plan I will be looking to enter long position around the current l
The price action ranged in the last few sessions but my analysis captured in
29 June – EURUSD – Short
has not changed. I entered the first half lot at 1.1140 but it closed at break even after being 100 ips in profit.
Today the price pulled back again and it is offering another short setup.
I entered pending short at the high of today @ 1.108
After a massive Brexit sell off, EURUSD found some support and mini-rallied from the lows at 1.0920.
Fundamentally, Dollar plays a safe haven part while Euro Zone will suffer from the divorce with 3rd largest economy in Europe. This dynamic suggests, this pair is poised to decline in the coming weeks.
British Pound has been very vulnerable to the recent Brexit polls. Cable also experienced high volatility after a poor NFP print last week. Despite these factors, the pair has been climbing steadily over the last few weeks.
The current downtrend is now likely to be overdone. I would expect the price to correct to the upside in the short term. Bulls would have to wait for the price to form higher high on the intraday chart. This would have to print towards 0.7350 and drop back to 0.7260 to be a valid bullish setup. 0.7260 is a strong local support and it is likely to attract some buyers. Stops should be placed below the most recent low at 0.7140
Cable reacted positively to the Average Earnings report last Wednesday. The pair, after declining towards 1.4330 found some buyers and advanced to 1.4660. It gave up some of these gain late in the week. It closed at 1.45 on Friday.
From the technical perspective GBPUSD prints very similar pattern to EURUSD. They both are in the process of forming an ascending channel. It seems that GBPUSD has a bit more upside momentum at the moment and might not reach the bottom band as quick.
The pair had a great run this year on the back of Aussie’s strength and good GDT. It seems like the tables turned, at least in the short run. The most recent GDT printed a negative 1.4%. There is a very strong correlation between GDT and the price of Kiwi. This combined with the weak inflation in Australia and the recent cut from RBA, I assume, there is a potential for a correction. Short term correction.
Yesterday the price poped up through the upper trend channel line and immediately turned lower with force. The question is, have we reached the turn that we have been looking for?
The evidence is certainly stacking up that way but it is too early to hit the sell button just yet!
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