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Since EURUSD has ended the final Elliott wave, it has been moving sideways simply because it's in the process of a major correction.
By now, it seems clear that an ABC correction is in the process and we are probably in the BC section since the price has broken below a rising channel which consists of 2 bullish waves.
This week, we will wait for an upward...
About 2 months have passed since the dollar reaches the lowest at 89.2.
Since then, we have seen the dollar making a significant rebound and the recent downtrend was breakaway after last Friday's strong bull.
In fact, the dollar hasn't pulled back enough for another wave of bear strong enough to take over the market trend again.
We expect the dollar to continue...
GBPUSD is about to face very strong support at the 1.39 demand zone.
This is strong support made up of the middle band, the bottom of a rising channel, and a rising trendline of the KD indicator.
We expect some significant rebound to occur as it pierce deeper into the demand zone at about 1.3850.
However, the plunge from last week was caused by strong rejection...
EURUSD went down and made a complete comeback in the last 2 trading days.
The price managed to close above the middle of the Bollinger band which breath life to the bull.
This week, we expect EURUSD to either range or climb further into the supply zone at 1.2250.
If the price pulls back at first, we can expect a pullback towards 1.2090 to buy again.
The dollar has ended last week with another weekly lower high and lower low, showing that selling pressure is still building up.
We expect further downside and a test of the demand zone at 90, and then towards the bottom of the range.
If the price pulls back earlier in the coming week, we can expect a pullback towards 90.6 - 90.8 minor supply zone to sell...
EURUSD had a significant rebound last week after finding support at a 9-month rising trendline as well as the resistance turned support level 1.2030.
It was also seen rebounding off from the mid-Bollinger band and has been trading at the higher band for the past 9 months too.
EURUSD currently faces some resistance at 1.2140 but the rejection was recovered very...
The dollar fell last week after rejected from the middle band in the weekly timeframe.
At the same time, the dollar has also broken below a rising trendline and a rebound was rejected again just before the market close last Friday.
The dollar continues to show weakness but do expect a ranging market before any significant downside.
If the price continues to...
EURUSD fell further as expected last week but found strong support and rebounded off from 1.195 demand zone.
However, we also saw a break below of a 9-month rising trendline in the daily time frame which could cause further downside in the future, but yet so in the weekly time frame.
The direction of the market seems quite unclear and what's most likely to...
The dollar climbed last week just as expected as it formed an inverse head and shoulder after the completion of the 5th Elliott wave.
However, the dollar faced strong selling pressure just before reaching key support turned resistance level at 91.8 and shaved off entire gains the day before.
Looking back into January 2018 where the dollar also fell to the same...
Last week, EURUSD has undergone a ranging market as it continued to trade within a symmetrical triangle.
It is also noted that the consolidation came after a bearish trend where we saw the price coming off from a 33-month high.
We also noted that the price has been constantly resisted below the 200 and 60 MAs, and a harmonic pattern was formed at the end of the...
The dollar has ended January with a relatively small bullish candle, showing signs of support and an end to a 2-month falling trend.
In the month of January, the dollar started the month with a slightly bearish tone, bringing the currency to a 33-month low.
It then started to reverse and rebounded strongly until it faced strong resistance at strong supply...
At the beginning of January, we saw that the gold price has broken above a 4-month falling channel.
After which, the price pulled back strongly and continued to find support at 1820 which has lasted for the past 2 months.
In the midst of it, an inverse HnS was formed last week and the market closed with a bullish weekly candle.
If the price were to fulfil this...
Just like the dollar, EURUSD was rejected from an extreme high near the top of a 4-year range, also after completing the 5th Elliott wave.
Last week, EURUSD found support and rebounded off from the current range bottom at 1.2050 which also caused a break above of a falling trendline.
And again, just like early 2018, we expect the price to range further and thus...
Since the dollar has reached the bottom of a 4-year range while completing a full Elliott wave, the price has begun a sideways market.
As seen in early 2018, it took about 3 months for the ranging market to be completed and broke out into a trend.
As of now, the dollar seems to have confirmed its range top and bottom at 91 and 89 respectively.
Last week, we saw...
USDCAD has been on a steep descend recently breaking a long-term demand zone. However, price can be observed to be slowing down, while approaching the next demand zone. Should price be supported at this level, we could expect a larger pullback. Price is currently still being resisted by falling trendline, thus we could still sell USDCAD to the next demand zone.
The dollar has ended 2020 with a yearly loss of more than 7%, and more than 12% from last year March the highest near 103.
Last week, the dollar continued to fall and break new low but managed to recover and close just next to the week's opening price.
One fact for sure is that the dollar is too weak to perform another bearish trend that's significant enough.
GBPUSD broke above the current 2.5 year supply zone, however the next candle was bearish and erased all gains. This could indicate a fake-out and we could expect price to come back down.
With price being over bought as well, and being at the top of the entire Brexit range, we could expect price to come back down to current rising trendline first.
Await a pullback...
Just as predicted, the dollar continued south and completed the final 5th motive wave, both in the weekly and 4-hourly time frame.
The dollar held losses at 89.7 as soon as it reached the 161.8% Fibonacci extension level, similar to that of early 2018.
The dollar has sustained about 12% loss to the pandemic and amid an unprecedented amount of stimulus to keep...