GBPUSD’s downward movement from 1.6996 extended to as low as 1.6753. Resistance is located at the downward trend line on 4-hour chart. As long as the trend line resistance holds, the downtrend could be expected to continue,...
EURUSD remains in downtrend from 1.3993, the rise from 1.3689 is likely consolidation of the downtrend. Range trading between 1.3689 and 1.3774 is possible in a couple of days. Resistance is at 1.3774, as long as this...
Today forex traders received two consumer price index reports out of the Eurozone’s biggest and second biggest economies, Germany and France, which pointed towards a continued drop in consumer inflation. Deflationary pressures have been increasing, but the...
Ahead of today’s UK major economic events, GBP/USD has formed a head and shoulders pattern on its 1-hour time frame. The pair has also recently broken below an ascending trend line connecting the price lows then pulled...
As you can see, the USD/JPY pair went back and forth during the session on Tuesday, but most importantly found support right around the 102 level. It isn’t really a hammer, but as you can see it...
The USD/CAD pair went back and forth during the session on Tuesday, trying to breakout to the upside. However, the market fell a bit flat, but did stay above the 1.09 level. With that, we believe that...
The GBP/USD pair broke down during the session on Tuesday, breaking the bottom of the shooting star that formed on Monday. While this would typically be a nice selling opportunity, the reality is that the 1.68 level...
The EUR/USD pair initially tried to rally during the session on Tuesday, for broke down through the 1.3750 level solidly in order to test 1.37 level. The 1.37 level is in fact a significant barrier for the...
The AUD/USD pair went back and forth during the session on Tuesday, continuing the sideways grind that we have seen for several days. If that’s the case, it still looks like we are going to go higher,...
By Elliott Wave International Recently, Barron’s included an article from Robert Prechter, founder of Elliott Wave International (EWI), the world’s largest financial forecasting firm. It was adapted from a recent issue of Prechter’s Elliott Wave Theorist, the...
