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Forex Technical Analysis
Forex Technical Analysis
Well, it looks like this pair finally made the double bottom I was expecting at 1.5350 area then spiked back up and touched the daily 5 ema. At this point I will watch this pair very carefully to see what happens next.
<span style="font-size:13px;">The correlation between this pair and the EUR/USD is very strong and therefore both pairs as well as their charts are looking very similar to me. On the daily chart price has come back up and has kissed the daily 5 ema and now price has permission to continue it's bearish move to the downside.</span>
<span style="font-size:13px;">Well, yesterday I did point out that this pair needed a retracement to the 5 ema on the daily chart to continue downward and it looks as though that was exactly what took place. Price did make its way back up to the daily 5 ema, touched it then has continues to drop.</span>
This pair finally made a long overdue, yet modest retracement. It still maintains its bullishness, It retraced down to last month's high as well as last week's high, which nearly overlapped with the 4 hour 21 then, hourly 55, and 15 minute 233 ema then it took right back off.
A GBP/USD free Forex signal based upon Elliott Wave principles. Find your entry and stop loss now.
<span style="font-size:13px;">As it appears, both the EUR/CHF and GBP/CHF turned out to be bullish this past day. Looking at the EUR/CHF daily chart I see it is up against the 233 ema.</span>
The Aussie daily candle has formed right on a support zone at 0.9525 with both yesterday's and today's candles having no luck breaking and holding below (7 hours into today's session).
<span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 13px;">Based on Doug’s analysis, it seems that the weakness in the EUR creates an investment opportunity in the following positions: “Low” or “Below”, “Touch Down” or “No Touch” on the EUR/JPY.</span></span>
<span style="font-size:13px;">Based on my analysis of the EUR/GBP and GBP/CHF I established that the GBP appears to be strong and looking at the GBP/USD weekly chart I see that we may be bouncing off the lower Bollinger band soon and that the stochastics is in the oversold zone.</span>
<span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 13px;">I begin my analysis with this pair first looking at the USD/JPY. It is very obvious to me that the USD/JPY is bearish on the weekly chart and the daily too and yesterday price just touched the daily 55 ema and dropped. Based on all this it is obvious that the USD/JPY is bearish. </span></span>
<span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 13px;">One glimpse at the weekly chart for this pair it is obvious it continues it's heavy drop to the down side. This pair is correlated with the USD/CFH in that they are perfect opposites most of the time, exact reciprocals if you may and we have established in our analyst with the European cross pairs that the EUR is the weaker currency of the three currency's and the USD appears to be stronger than the CHF.</span></span>
<span style="font-size:13px;"><span style="font-family: arial,helvetica,sans-serif;">I briefly look at the weekly chart for this pair and it is obvious this pair continues to be bullish. Upper Bollinger Band is open and pointing up, the 55 has been busted and the 5 ema is pointing straight up forcing price to the upside.</span></span>
The GBP seems to be slightly stronger on the weekly and the daily charts. We must however note that price on the weekly is approaching a descending trend line as well as a 55 ema and the upper Bollinger Band closing in but at this very moment the GBP is stronger than the CHF on the daily and weekly charts.
The GBP/USD has dropped again after retracing to the 1.5700 level last week. Today's bearish candle could be an indication for a re-test of the monthly support zone at 1.5340.
Looking at the USD/CAD monthly chart, we see the 1.0650 level as massive in its importance. Notice how the September candle has been a straight shot up – these types of candles mean something, as they close at the top of the range.