Hello,Friends! CAD/JPY pair is trading in a local downtrend which know by looking at the previous 1W candle which is red. On the 6H timeframe the pair is going up. The pair is overbought because the price is close to the upper band of the BB indicator. So we are looking to sell the pair with the upper BB line acting as resistance. The next target is 111.671...
Peering through the lens of Elliott Wave theory on the GBPCAD 4-hour chart, we see signs of a budding uptrend. The completion of a corrective phase (labelled as wave (4)) and a turnaround at a key Fibonacci level hints at the early stages of an impulsive wave (5). Traders employing Elliott Wave principles might see this as a cue for a LONG entry, anticipating...
Elliott Wave analysis on GBPJPY points to a SHORT opportunity as the pair completes what appears to be a corrective wave (b) and may be embarking on a bearish wave (c). This is reinforced by the recent failure to maintain upward momentum beyond the 0.774 Fibonacci retracement level of the previous decline. If the bearish wave (c) unfolds as anticipated, we could...
Hello,Friends! Previous week’s green candle means that for us the NZD/CHF pair is in the uptrend. And the current movement leg was also up but the resistance line will be hit soon and upper BB band proximity will signal an overbought condition so we will go for a counter-trend short trade with the target being at 0.535. ✅LIKE AND COMMENT MY IDEAS✅
Hello,Friends! We are now examining the NZD/JPY pair and we can see that the pair is going up locally while also being in a uptrend on the 1W TF. But there is also a powerful signal from the BB upper band being nearby, indicating that the pair is overbought so we can go short from the resistance line above and a target at 89.913 level. ✅LIKE AND COMMENT MY IDEAS✅
Hello,Friends! We are going short on the GOLD with the target of 2311.816 level, because the pair is overbought and will soon hit the resistance line above. We deduced the overbought condition from the price being near to the upper BB band. However, we should use low risk here because the 1W TF is green and gives us a counter-signal. ✅LIKE AND COMMENT MY IDEAS✅
NZDUSD seems ripe for a LONG position as per the Elliott Wave theory. The chart shows the completion of a corrective wave (c) and the potential beginnings of an impulsive wave upwards. This bullish setup is further affirmed by the recent bounce from the 1.618 Fibonacci extension of wave (a), a common turning point for many assets. This pivot presents a prime...
The USDJPY pair's recent price action is capturing the attention of Elliott Wave enthusiasts. It appears that the pair has completed a corrective wave (b) and is now poised to begin an impulsive wave (c) to the downside. The potential for this bearish wave is highlighted by the retracement to the 0.850 Fibonacci level of the prior wave (a). In line with Elliott...
Elliott Wave practitioners might observe a compelling setup on USDCAD for a potential SHORT. The currency pair seems to have completed an upward corrective wave (b), reaching towards the 0.618 Fibonacci retracement level, and is now potentially embarking on a bearish wave (c) journey. This turn aligns with the currency pair's reaction to a confluence of...
The GBPUSD pair is showcasing a potential for a LONG position based on Elliott Wave analysis. The completion of a corrective wave (4) at the 0.5 Fibonacci retracement level from wave (3) suggests that an upward impulsive wave (5) may be forthcoming. This possible ascent aligns with the GBPUSD’s recent behavior, bouncing from significant support levels and showing...
Take a look at our analysis for US100. Time Frame: 9h Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The price is testing a key resistance 17330.1. Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 16972.3...
The BTCUSD pair is displaying an intriguing Elliott Wave pattern, indicating a potential SHORT opportunity. After a corrective wave (b) and a recent downturn, we may be entering into the early stages of an impulsive wave (c). Traditionally, wave (c) extends to at least the length of wave (a), often ending near the 1.0 or 1.618 Fibonacci extension of wave (a). The...
Elliott Wave enthusiasts may observe that ETHUSD is currently exhibiting a pattern that leans towards a SHORT setup. The chart showcases the completion of a corrective wave (b) and potentially the start of an impulsive wave (c) downwards, as indicated by the recent pivot at a Fibonacci retracement level. This potential move down comes after a failed attempt to...
Elliott Wave theorists could find the US30 poised for a potential SHORT as we appear to be at the cusp of a bearish wave (c) following the completion of corrective wave (b). This setup is emphasized by the index's struggle to sustain above the 0.382 Fibonacci retracement level, often a pivotal area for market reversals. The implication of this resistance is a...
The latest Elliott Wave analysis on XAUUSD points to a SHORT trading opportunity. After completing an upward wave (b), the pattern suggests the formation of a bearish wave (c), which could potentially lead to a new low beyond the termination of wave (a). The price has begun to decline sharply from the peak of wave (b), signaling the start of what might be an...
Please, check our technical outlook for EURUSD. Time Frame: 2h Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The market is trading around a solid horizontal structure 1.065. The above observations make me that the market will inevitably achieve 1.059 level. P.S Please, note that an oversold/overbought condition can...
Here is our detailed technical review for EURCHF. Time Frame: 8h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is testing a major horizontal structure 0.968. Taking into consideration the structure & trend analysis, I believe that the market will reach 0.975 level soon. P.S The term oversold refers to a...
Take a look at our analysis for GBPCAD. Time Frame: 4h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is approaching a key horizontal level 1.711. Considering the today's price action, probabilities will be high to see a movement to 1.716. P.S We determine oversold/overbought condition with RSI...