Hello traders today let’s take a look at GBPUSD and USDJPY pairs. GBPUSD made a nice five-wave drop from the 1.321 level, which is a sign of a completed higher degree wave C, and that a new bearish cycle is in play. We know that after a five-wave price development fully unfolds, a three-wave correction … Continued
- Technical analysis is a method for projecting the future direction of the price of financial market assets. Furthermore, it can also be used in the setting of potential price targets. Also read our Expert forex market forecasts
- The direction of future prices are determined by analysing previous market data; primarily price, time and volume.
- Technical analysis predictions are rejected by proponents of Efficient Market Hypothesis and Random Walk Theory, which predicts that future prices are effectively unpredictable.
- Technical analysis uses many different tools, methods and techniques, but primarily it employs price charts plotted over time to identify price patterns and trends.
- For this reason, Technical Analysts are also referred to as Chartists.
In this section we will provide articles to help develop the reader’s technical analysis knowledge base and to highlight ways in which technical analysis tools can be used for successful trading decisions.
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USDNOK unfolded a bigger five-wave rally from start of 2018, and unraveled a bigger wave 1, that found a top at the upper Elliott wave channel line. The sharp reversal that followed from the upper channel line can now be labelled as wave A), first leg that can be part of a bigger three-wave retracement, … Continued
Commodity currencies are making some pullback against the USD, except AUDUSD where we see pair higher after RBA Rate Statement (1.5%), Retail Sales (-0.4% vs 0.0%) and Trade Balance (3.68B vs 2.25B) figures. Technically speaking, there is room for 0.7300/0.7340 area while pair is above 0.7175. AUDUSD, 1h NZDUSD may also still see more gains, … Continued
Crude oil is also unfolding final wave 5) as part of a bigger impulse, labelled as wave A. Resistance and a possible top can be found near the 56.0/57.0 area, where Fibonacci ratio of 38.2/161.8 can represent a turning point. That said, a drop in five minor waves, and below the lower Elliott wave channel … Continued
GBPNZD is making a nice run, but so far only in three leg up from December low, currently in wave C with subwave five here in progress, so a top may not be far away. However, there is still room for 1.9500, so it’s very important to wait on a bearish impulsive turn before we … Continued
As expected, Power Ledger is nicely breaking higher, so it should be bullish confirmed now. It can be trading within wave 3 and looking at the daily chart, there’s room for more upside towards 0.15-0.17 area. POWRUSD, Daily On the 4-hour chart we can see a five-wave rally into a blue wave »i« of a … Continued
On energy we see price recovering in an impulsive manner, ideally unfolding a bigger three-wave reversal. With current rally from the 42.46 level comes an indication that a low had been put in place for a former higher degree wave A and that a bigger black wave B correction can be in the making. In … Continued
GBPUSD made a five-wave rally from the 1.240 level, and ended it with an EW ending diagonal at the 1.28 level. Current intra-day drop that we see from the highs, can be part of an unfolding a-b-c correction, which can look for support and a bounce near the 1.261/1.255 region. GBPUSD, 1h Crude oil can … Continued
Hi traders, Stocks have seen another leg down yesterday during the US session so it’s not a surprise that Nikkei keeps moving lower which makes JPY very strong in this risk-off environment with lower Yields/ higher notes. Notice that USDJPY made only a three wave rally from recent low so pair remains bearish and looks … Continued
Hi traders, USDCHF is currently recovering from the 0.9861 region, giving us an idea of a possibly completed three-wave correction within wave 2, which points to more upside. If that is the case, then a bullish continuation may now be in play, which can break above the 1.0006 bullish level and above the upper channel … Continued
AUDUSD has been trading bearish for 2018 and by the looks of it, price can be unfolding a big, bearish impulse, down from 0.814 area. An impulse is a five-wave devlopment which tells us where the trend is going, and in our case we see it going lower. We specifically see price at the start … Continued
GBP crosses in focus into key Brexit vote GBPAUD hits our downside target and rebounds GBPNZD rebound less impressive EURGBP cautious upside breakout attempt GBPCAD trapped sideways US$ Index holding key monthly support Euro future caped by resistance AUDUSD fails back from below resistance, poised at key support