About meI have been into stock market trading for about 6 years before I decided to finally venture on forex trading. My post here are just for my personal study and not a recommendation to buy in the market.
This pair has entered recently its demand zone. Bullish divergence can be seen on the RSI indicator. Conservative entry it to wait breakout from the channel. While a more aggressive entry is to accumulate every time price enters the demand zone. Stop loss right below this demand zone or below 65500.
This pair seems to have broken down from the wedge pattern. If this is the case then we will be able to see this pair drop towards 1.0000 and below. Else we will have an alternative count for the final rally of the 5th leg of the wedge before a big correction. Overall in my opinion this pair is headed down.
GBPUSD is long term bearish. Minimum projected target (~1.5953) for the current rally (wave C) finally hit. However a breakout above this level will project 1.6422 as the next probable target for this pair.
Base on the correlation of two known studies, projected target of eurjpy is around 144.50.
- Theory about GAP, indicates that gap tends to get filled. No matter how long it will take. Sometime in the future it will always be filled.
- Measured move target is in correlation with the location of the gap.
The only ...
The DXY right now seems to be completing the end of wave C. The wedge formation is now visible. I am expecting a rally upon breakout of the wedge. A bullish divergence can also be seen on our MACD, indicating a possible short term reversal for the Dollar.