Simple 12H analysis on the USD Weighted Index (not DXY)
Seems as though we are creating a 1-5 elliott wave, and reacting strongly to the drawn trendline.
I expect the market to form the final wave, completing the elliott pattern, and for the impulse to be exact same size as the first wave, which will then bring us to the marked zone, which is a very key weekly...
As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=110.45.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of R2=110.65.
Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of...
My name is LILLOMATTE, I have been studying trading hardly for 2-3 months, I'm publishing my analysis in order to have some advice and recommendations to improve my trading experience. Happy to hear your opinions and ideas about it. Feel free to share it!
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USDJPY is approaching our first support at 109.49 (horizontal swing low support, 61.8% Fibonacci extension, 76.4% Fibonacci retracement ) where a strong bounce might occur pushing the price up to our major resistance at 110.69 (horizontal swing high resistance, ,50%&78.6% Fibonacci retracement, 100% Fibonacci extension). Stochastic is also approaching support....