Yesterday's forecast was for prices to fall to 1.41, which it did after support at 1.50 was broken. Sustained consolidation has set in as expected.
In today's video I look at today's price action, the next 2-3 days, and then longer timeframes. I also discuss the importance of analysis over multiple timeframes using the 6-day chart as an example.
Today, there are signs that downward price action could slow in the 3H and 6H, but the 12H and daily indicate that prices are likely to continue to lower lows with the next target being 1.34. Without a rally this is likely to be reached today or tomorrow.
Over the next 2-3 days downward momentum will continue, but B-bands have not expanded yet (e.g., in the 3D), and thus prices may not be ready to fall below 1.34.
Beyond the next 2-3 days, the 9D has closed below level 50. The yellow basis is at 1.09, and thus it is probable that prices will fall to the area around 1.09 in the next week. It may take a few days for B-bands to expand enough to get to those levels. Also, prices at the yellow basis is a region. If downward pressure were to slow, then prices may only drop to 1.15 or 1.11. However, continued consolidation could push prices to the 1.00 level within the next 7-9 days.
Indicators are not suggesting a sustained drop below 1.00 (though a short-term dip is possible). 1.00 has been a strong level of support in the past, and is likely to provide support again. The buy zone between 1.00 and 1.15 will be particularly attractive.
Great job mate and once again thanks for sparing the time to deliver your forecasts..
MatyIce
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Class is in session!! Great job
c3l3x
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@MatyIce, Thanks! If you have questions that I can cover in future videos, please let me know.
fariba_fariba
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Great analysis .thanks
Forrealz
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Nice one, thanks man! That 100 day ma huh!
v.anhhai
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Thanks for your information.
I am not clear regard your explain of multi timeframe analysis method
c3l3x
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@v.anhhai, In a future video I will try to discuss this in more detail. Essentially it means looking for patterns and confirmations across several chart intervals (Daily, 2D, 3D, 6D, etc.). The more correlation you see among these timeframes, the stronger and clearer the signal. It can also tell you how long a move might last and when to expect it.
For example, for the last week I've seen a risk of prices dropping down to 1.15. Lower timeframes such as the intraday and even 2D and 3D did not support this at first and prices were not dropping. This was because the 9D candle had not closed. It was only a risk that was one week out. As the candle drew closer to closing the indicators became more certain with their pattern that prices in the next 9D candle would drop to the yellow basis line. As that happened, the downward momentum started to be clear in several timeframes from the intraday through the 6D, 8D, etc. Soon after that is when prices broke below 1.50 and then today down to 1.35 before short-term bounce back up.
Hopefully that helps a bit. I'll give examples in a future video.
v.anhhai
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@c3l3x, Thanks very much, It is become more clear for me. Cause my english is not good enough, I can not catch up your idea correctly, hope you can explain more by text in the next publish. I am highly appreciated.