Elliott waves for Forex correlation analysis – Possible head and shoulder formation?

USDJPY – Down Wave Analysis: For the past few days, the US Dollar has been making lower lowers and is still pretty much bearish both on the daily and the 4 hour chart. From the current chart structure and set up, this is a possible slanted head and shoulder formation. With the diagonal trend line being the neckline, we are waiting for the current corrective inner wave (iv) to end around 113.10 to sell the impulsive wave (v) towards 111.80. This pair should be traded alongside USDCHF, CADJPY and NZDJPY. These pairs have a strong positive correlation of up +72% and will have a similar price action during this intraday. Only buy or sell US Dollar if the other pairs are giving the same signal. Trade Recommendation: Wait for a clear close below 112.61 to go short with an ideal target at 111.80.
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Elliott waves for Forex correlation analysis – Expect a possible bullish price movements towards 1.2725.

GBPUSD – Flat Wave Analysis: Yesterday, the cable broke above the wedge formation, traded intensely to the upper side and even broke above 1.2537, following this breakout, we expect further acceleration to the upper side but should not go beyond 1.2693. In the meantime, we’re waiting for minor bearish pullbacks towards 1.25122 to give us low risk buy opportunities with the first target at 1.2725 and the next target at 1.29. Any clear retracements below 1.25122 will invalidate the anticipated bullish price movements and could push the price lower but should not go beyond 1. 2414. This pair should be traded alongside EURUSD, GBPAUD and NZDUSD. These pairs have a strong positive correlation of up to +85% and will have a similar price action during this intraday. Trade Recommendations: If your not long already, wait for minor bearish pullbacks to go long with the first target at 1.2725 and the next target at 1.29.
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Elliott waves for Forex correlation analysis – Looking to re-buy the green bar

EURUSD – Up Wave Analysis: As expected, the Euro pullback a bit higher and even closed above 1.05725. As long as the price remains above this level, we expect an acceleration to the upper side towards 1.07692 or even higher. Although this upward rally is highly anticipated, we’re only be interested in clear buy signals above 1.05942, any clear retracements below 1.052 may invalidate the anticipated upward rally and could push the price to the lower side towards 1.0483 or even lower 1.04108. This pair should be traded alongside GBPUSD, NZDUSD and AUDUSD. These pairs have a strong positive correlation of up to +89% and will have a similar price action during this intraday. Trade Recommendations: Expect a possible bullish price movements towards 1.07552.
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Elliott waves for Forex correlation analysis – Consolidations

GBPUSD – Flat Wave Analysis: Despite the bullish engulfing candle, and a bullish pin bar seen on 7th and 21st Feb respectively, the cable is still reluctant to go long above 1.2461. Instead, this pair is consolidating, not going above 1.2461 or below 1.2461. Although we expect further acceleration to the upper side, we choose to sit on the side lines momentarily and only go long upon a clear breach above 1.2461. A break above this level will culminate into a possible bullish price movements towards 1.2725 and may break higher to 1.2738. Expect a similar price action in EURUSD, GBPAUD, GBPNZD and GBPHKD. These pairs have a strong positive correlation of up to +81% and will have a similar price action during this intraday. Trade Recommendations: Wait for a clear rebound from 1.2414 to go long with an ideal target at 1.2725.
You may check other analytical reviews on the web-site of FreshForex company. Source: freshforex.com.
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Company News – Changes to the trading schedule on Defender of the Fatherland Day

Dear clients,Due to Defender of the Fatherland Day celebrations in Russia on February 23rd, 2017, CFD trading on Moscow Exchange shares (MICEX) will be closed that day.Please consider this information when planning the trade on financial markets.Company reserves the right to suspend the trades if the instrument liquidity decreases.Company schedule:Support service operates 24 hours in a normal mode.Customer service consultations and processing of withdrawal applications will be conducted on February 23rd 7 a.m. to 2 p.m. GMT.Starting from February 24th company returns to normal operation.If you have any questions, please do not hesitate to contact us via customer support service or ticket system in Personal Area.Good luck in trading!
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Forex Technical Analysis: Trend potential – 113.08-113.85 range

USDJPY – DownDaily chart: the pair entered flat corridor of 111.73-114.84 (Bollinger bands range). ADX is weak yet, so the pair may rotate around middle Bollinger band (113.08) Н4: Bollinger envelopes are stable within more localized flat corridor of 112.71-113.83. We also have weak and corrective ADX, so we can consider that specified borders are stable. Н1: even more localized corridor of 113.35-113.76 with some bearish movement potential towards 113.08, where we may see entry to bullish Over&Under pattern. Expectations: Core scenario – flat at 113.35-113.76 Alternative scenario – drop to 113.08 followed by rebound. Solutions: trading inside the corridor of 113.08-113.75
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Forex Technical Analysis: Trend potential – Continuing flat in 1.2407-1.2530 range

GBPUSD – FlatDaily chart: the pair is still in flat corridor within Bollinger envelopes (1.2400-1.2619). Bollinger bands are narrowing down, which can indicate preparing distribution of accumulated volumes. Н4: more localized flat corridor of 1.2400-1.2530. ADX is passive, so there is no trend potential and this corridor is likely to retain during the day. Н1: there is valid resistance level around 1.2530 (upper Bollinger band). Support levels are around 1.2468 and 1.2407 (middle and lower Bollinger bands). Expectations: touch of 1.2530 followed by drop to 1.2468 and 1.2407 region Solutions: consider selling from 1.2530 towards 1.2468 and 1.2407
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Forex Technical Analysis: Trend potential – Expecting fall to 1.0352

EURUSD – UpDaily chart: local bullish Over&Under pattern that we discussed yesterday was destroyed, so euro is likely to fall fast towards 1.0352 – ADX trending potential is very strong. Н4: there is similar situation: ADX is extremely aggressive, bears have absolute position advantage and are free to start new decline. We expect drop to 1.0352 Н1: this is the third time frame where buyers are supported by growing ADX and have broken lower Bollinger envelope. All three frames match, so downward movement is almost inevitable. Expectations: we expect direct intensive drop to 1.0352 region, where may be substantial rebound. Solutions: 1. Consider selling to 1.0352 2. Consider buying from 1.0352.
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Elliott waves for Forex correlation analysis – Only go short below 112.48

USDJPY – Down Wave Analysis: Instead of continuing long as expected, the US Dollar merely tested the highs of 113.73 and is currently pulling back to the lower side. We expect this downward rally to be a mere retracements as long as it remains above 112.78, any clear break below 112.48 will mean the previous week’s bearish pin bar, on the weekly chart , is maturing and will likely push the price further to the lower side towards 110.43 but should not go beyond 106.84. A clear rebound from 112.78 will mean we’re continuing long with impulsive wave (c) but should not beyond 116.38. Expect a similar price action in USDCHF, CADJPY, NZDJPY, AUDJPY and HKDJPY. These pairs have a strong positive correlation of up to +93% and will have a similar price action during this intraday. Only buy or sell the US Dollar if the other positively correlated are giving the same signal. Trade Recommendations: Wait for the current bearish pullback to end around 112.78 to go long with an ideal target at 116.38. Sell positions are only ideal below 112.59 with the first target at 110.41 and the next target at 106.84.
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Elliott waves for Forex correlation analysis – Bullish pin bar closing above 1.2461 on the daily chart

GBPUSD – Flat Wave Analysis: Instead of going short as previously forecasted, the cable retraced higher than expected and ended up forming a bullish pin bar closing above 1.2461 on the daily chart. This pin bar is a clear sign that the buyers are encroaching the market, thus, during this intraday, we’re only interested in potential buy positions. In the meantime, we choose to remain flat momentarily and hunt for clear signals to go long with the first ideal target at 1.2725 and the next target at 1.2919. Expect a similar wave count in GBPAUD, GBPNZD, GBPCHF and EURUSD. These pairs have a strong positive correlation of up to +71% and will have a similar price action during this intraday. Trade Recommendations: As long as the pair remains above 1.2461, look for potential buy positions with an ideal target at 1.2725.
You may check other analytical reviews on the web-site of FreshForex company. Source: freshforex.com.
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