Intra day Triangle in Eurusd - forex trading reviews uk

Intra day Triangle in Eurusd ~ forex trading reviews uk

On 31st may, there was an analysis here titled Two Face Of Eurusd and I wrote about the two possible near term scenario.

 

I though, maintained a bullish bias but with a condition. The bullish set up was satisfied and price rallied, just as expected. I posted an update before that. Read HERE. 

 

To end that post, I wrote 

 

"Its expected to be  impulsive, but a deep correction could emerge in double or triple zigzag correction which would force us to note that there could still be some move downside despite the general belief that Eurusd has bottomed on the long term"

 

With the pattern forming now, as shown in the diagram below, the recent bullish move is counting toward a double zig zag correction.

There has been some economic news  surrounding this pair of late. many investors are on the sideline and price went into a congestion ( a triangle correction).

 

 

Price broke out of the triangle with a minimal momentum and further momentum is expected for Eurusd to rally to 1.175... psychological level where the correction could finally end for the resumption of  the long term bearsih movement.

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Dollar Index Preparing For A Deep Correction - forex trading course reviews

Dollar Index Preparing For A Deep Correction ~ forex trading course reviews

After a very long time, the dollar is finally testing the bearish side. 

The long term advance  that ended temporarily or permanently at 100.765 is appearing to favour the bearish side in what looks like a deep correction. 

 

Double and triple zigzag corrective patterns form typical swings of higher highs/ higher lows for the bulls and lower highs/lower lows for the bears. 

 

Price is expected to break below 93.06 (the last low) to form a lower low, and that would be a typical double zigzag. The dip is projected to get to 90.30. 

 

This should affect Usd currency pairs especially the Eurusd which is presently forming the same pattern to the upside.

Price will prove everything right or wrong. Elliot waves theory helps to follow price and project possible turning points.

The labelled support and resistance levels in the chart below should be watched with keen interest.

Updates will come as price movement proceeds

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Yen Is Expected To Strenghten Across Board - forex trading reviews blogs

Yen Is Expected To Strenghten Across Board ~ forex trading reviews blogs

On 3rd June we had an analytical report titled What the Charts are saying about Yen. We saw how Yen has dipped for many years, from 2011 and making a 4 year low.

We made comparisons with other Yen pairs and forecast an imminent reversal in the event of things, but not until further movement up.

We forecast levels of reversal for UsdJpy, CadJpy, GbpJpy, AudJpy. Among all these pairs, we chose to look closely at UsdJpy and CadJpy

#UsdJpy

Price broke above the intraday triangle (intra day wave 4) to move in a clear 5-wave impulse to the upside. 

The intraday wave structure is labelled below.

 

 

The wave intraday 5-wave perfectly fulfill all elliot wave rules and guidelines for an impulsive wave.

As expected, price crashed below the 4th wave and then retraced to 124 which is a good intra day resistance. 

Price could crash further to 119 ( the low of the longer term 4th wave).

 

We took our sell order at 124 last week with stop loss slightly above 126 and our first ultimate target at 119. 

 

We had the courage to take this trade because we percieved the Yen might start strenghtening across board and with a deeper bearish corrective bias on Usd Index. 

 

#CadYen

 

After the completion of the triangle 4th wave, we took the ride up and exited at 101 for  a profit of 170pips.

 

 Price forming a rejection sign at a crucial resistance level. It might start falling from there as expected

 

 

 

Updates will come later.

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AudNzd Preparing For A New Bullish Move - forex trading reviews news

AudNzd Preparing For A New Bullish Move ~ forex trading reviews news

From the weekly chart below, its clear how this pair has dipped from year 2010. In a clear 5-wave impulsive move, price bottomed at almost 1.00 making Aussie at par with Nzd. 

 

 

1.00 was a very strong psychology level and price , as expected, advanced in what look like a five wave impulsive bullish move of a lower degree.

The lower degree bullish move is expected to reach 1.127 which a strong resistance.

 

The pattern forming from the intra day chart below is a zigzag correction making the fourth wave of the bullish advance discussed above. 

 

 

An intraday break above 1.0817 should trigger the bullish move and the near target should be 1.127 if 1.09 resistance is broken upside

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