GBPUSD reversed sharply lower in the last few days with a daily close price beneath the lower side of a corrective channel which is an important sign for a completed rally since mid-March. In fact, decline from 1.5590 is looking sharp so we think it represents an impulsive formation which occurs in the direction of a primary trend. As such, we think GBPUSD will continue to weaken in days maybe even weeks ahead. Break of wave B) key level at 1.5195 will be next important evidence for a larger…

The AUD once again fell across the board after the RBA cut its benchmark rate by 0.25% to 2.75%. This was not officially expected, but speculators were already looking lower ahead of the decision based on latest poor economic data in Australia. Technicals were also pointing for weaker AUD and once again they were right, fundamentals just a catalyst. AUDUSD is looking bearish now on the intra-day basis with possible extension down to 1.0150 as day progresses, but 1.0220/50 must not be…

AUDUSD reversed perfectly lower from 1.0380/1.0400 resistance region that we have been focusing on last week with our members. Notice that market made a very sharp fall from that level, clearly in impulsive fashion through the lower line of a corrective channel that has been tested as a resistance on Friday after the NFP report. We believe that was just a sharp corrective retracement, labeled as wave (ii) that is part of incomplete bearish cycles. With that said, we think that AUDUSD will…

​USD gained against major currencies on Thursday. Asian session open with some corrective moves as USD lost some of its gain. Once corrective move completes expect USD to gain further strength . Considering NFP Caution is advised for Intraday Traders

NFP – Considering current…

EURUSD has been under pressure despite recent push upwards but failed to break out of strong resistance at 1.3100 – 1.30600 zone and remain under pressure. With current price action and technical outlook EURUSD next target zone will be around 1.276 – 1.267 zone. Break out of 1.275 – 1.267 zone at lower end will confirm Bearish move in EURUSD leading to test of 1.200 levels.  For traders current outlook provide nice opportunity to Short EURUSD with first target of 1.275 level and break of…

$EURUSD

What Forex Target Traders See:  We are currently sitting @ 1.3042 in a wedge so this could go either way.  A couple of different scenarios.  1:  bull move- a break to the S5 @ 1.2892 with resistance at 1.3150  2: Bear move- a break to the R3 @ 1.3099 with support at 1.2846.  The average (14 day) daily true range (ATR) for the pair currently is 99 pips. …

Oil made a nice pull-back from 85.60 in the past few days, which we still think it represents part of a black wave 4. Notice that oil moved slightly above wave (a) swing high before price turned bearish in the last two hours. Thats very typical formation in expanded flats, so we like idea of a completed black wave 4 and wave 5 headed beneath 85. However, we need more aggressive sell-off and daily close below 87.45 to confirm the bearish view for this market.

Oil…

$EURUSD

What Forex Target Traders See:  We are currently sitting @ 1.3059 in a sideways move .  We are looking at this current move as a bear flag so looking to get long near the .500 Fibo @ 1.2945 area but we could get a fall to the .618 @ 1.2900 before the bounce.  We can see a head and shoulders pattern in force. The average (14 day) daily true range (ATR) for the pair currently is 109 pips. …

Currently we are at 1.3424 on the 1.270 Fibo.  We are looking for a continuation to the resistance cluster  @ 1.3497-3521 and then the R6 @ 1.3576. We are bullish.    The current average daily trading range (ATR) is 100 pips.…

$EURUSD

What Forex Target Traders See:  We are currently sitting @ 1.3103 .  We got the break out to the upside and now long inside a channel.  We are looking for a continuation to the day chart congestion area @ 1.3268.   The average (14 day) daily true range (ATR) for the pair currently is 77 pips. …

EURGBP- The cross is currently seeing a third – day of declines, halting its correction recovery and turning focus to the 0.8462 level. This leaves the risk of further downside on the cards. In such a case, further weakness could be seen towards the 0.8350 level. Further down, support comes in at the 0.8300 level. Its daily RSI is bearish and poining lower suggesting further downside. The alternative scenario will be for EURGBP to continue its recovery and return to the 0.8520 level where a…

USDJPY: Rallies, Extends Upside Offensive.

USDJPY: With a strong rally seeing the pair continuing its past week upside offensive, further strength is likely in the days ahead. This leaves its big psycho level at 100.00 level as the next upside target were respite may occur and turn it lower. If this fails to happen expect more upside gains towards the 101.00 level. Further out, resistance resides at the 102.00 level. Its daily RSI is bullish and pointing higher supporting this view.…

$EURUSD

What Forex Target Traders See:  We are currently sitting @ 1.3009 .  We got the break out to the upside and now waiting for a correction before going long.  We are looking for a continuation to the R5/ resistance @ 1.3129.   The next major target above  is the -01.270 fib extension @ 1.3238s.  The average (14 day) daily true range (ATR) for the pair currently is 102 pips. …

Sharp and extended decline seen in February suggests that pair is trading impulsively lower from above 1.6300 high. However, in the past few weeks pair has recovered from 1.4830, which was expected after five waves down in wave (3) exactly to 261.8% Fibonacci level measured of a red wave 1). We know that after every five waves correction follows, so ideally, pair is now in wave four pull-back towards 38.2% retracement level and to 1.5270 level back from 2012 swing lows that will ideally…

$EURUSD

What Forex Target Traders See:  We are currently sitting @ 1.2822 .  We are in a correction which indicates a continuation to the downside trend wall.  We are looking for a continuation to the S7/ support @ 1.2725.   We could have a short move to the upside trend wall first however.  The next major down target is the -01.270 fib extension @ 1.2843.  The average (14 day) daily true range (ATR) for the pair currently is 93 pips. …

Spotted this potential Head & shoulders pattern on USD/CHF weekly line chart...

IF this analysis is accurate. Euro will be pushing higher into…

$EURUSD

What Forex Target Traders See:  We are currently sitting @ 1.2985 .  This could still be a false breakout so keep that in mind when looking to go long.  We are looking for a small pullback and then a continuation to the R5/ resistance @ 1.3220.   If it is a false breakout - the down target is the double bottom @ 1.2843.  The average daily true range (ATR) for the pair currently is 115 pips. …

$EURUSD

What Forex Target Traders See:  We are currently sitting @ 1.3058  after a breakout of the down trend wall.  We still need to put a bottom in on this new trend so watch for the pullback first and then the bounce for the move to the R4 resistance @ 1.3152. A false breakout to downside targets the double bottom @ 1.2911. The average daily true range (ATR) for the pair currently is 114 pips. …

Precious metals did not move much lately, because they stop in larger and more complex corrective price action. Below we have the wave count on silver which appears to be wave four, part of a larger five wave decline. Not sure if wave 4 top is already in, but bias is definitely down. However, any shorts should have tops above 30 figure, just for case if fourth wave will test 38.2% retracement. Break and daily close below corrective channel will suggest that weakness is underway towards back…

Despite a deep pull-back on oil the larger trend remains down as recovery appears to be only in three waves, which ideally represents a black wave 4 that is part of a larger downtrend. As such, traders should be aware of a bearish reversal in this week, possibly from around 92.50 where we can see a very typical 38.2% retracement level of wave 3. Break of 90.75 swing would be the first evidence for weakness in black wave 5.

Oil 1h…