Category Archives: Free Forex Technical Analysis Signals

USD/CHF Wave analysis and forecast of 22.08 – 29.08

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USD/CHF Wave analysis and forecast of 22.08 – 29.08: Uptrend dominates.

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Estimated pivot point is at the level of 0.9145.

Our opinion: Sell the pair from correction below the level of 0.9145 with the target of 0.9018.

Alternative scenario: Breakout and consolidation above the level of 0.9145 will make it possible for the price to continue the growth to the level of 0.92.

Analysis: Presumably, the formation of the ascending momentum in the third wave (iii) has completed. Locally, a formation of the “bearish” correction in the fourth wave (iv) is not excluded. If this assumption is correct, after the completion of the correction the pair will continue to rise in the fifth wave to the levels of 0.9250 – 0.93.

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USDCHF-D1 USDCHF-H4

GBP/USD Wave analysis and forecast of 22.08 – 29.08

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GBP/USD Wave analysis and forecast of 22.08 – 29.08: Downtrend continues.

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Estimated pivot point is at the level of 1.6640.

Our opinion: Sell the pair from correction below the level of 1.6640 with the target of 1.64 – 1.63.

Alternative scenario: Breakout and consolidation above the level of 1.6640 will make the price continue the rise to the levels of 1.67 – 1.68 as part of the deep correction.

Analysis: Presumably, the formation of the downward impetus in the first wave of the deep medium-term correction continues. By all appearances, the third wave has formed, and the local correction in the wave iv has started. If this assumption is correct and the price does not break down the critical level of 1.6640, the pair will continue to decline to the levels of 1.64 – 1.63.

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GBPUSD-D1 GBPUSD-H4

EUR/USD Wave analysis and forecast of 22.08 – 29.08

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EUR/USD Wave analysis and forecast of 22.08 – 29.08: Bearish correction is likely to form .

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Estimated pivot point is at the level of 1.3240.

Our opinion: In the short-term: buy the pair from correction above the level of 1.3240 with the targets of 1.3350 – 1.3370. In the medium-term: wait for the completion of the fourth wave.

Alternative scenario: Breakout and consolidation below the level of 1.3240 will make the price go down to the levels of 1.32 – 1.3150 in the extension of the third wave.

Analysis: Presumably, the formation of the third wave (iii) of the bearish momentum has completed. Locally, the formation of the fourth wave (iv) is not excluded. If this assumption is correct, after the completion of the fourth wave the pair will continue to decline to the levels of 1.31 – 1.3040 in the final fifth wave (v).

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EURUSD-D1 EURUSD-H4

GBP/USD Wave analysis and forecast for 08.08 – 15.08

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GBP/USD Wave analysis and forecast for 08.08 – 15.08: Downtrend remains. Estimated pivot point is at the level of 1.6890.

Our opinion: In the short-term: sell the pair from correction below the level of 1.6890 6925 with the target of 1.6730. In the medium-term: wait for the completion of the fifth wave and in case of reversal, sell the pair with the target of 1.70.

Alternative scenario: Breakout and consolidation above the level of 1.6890 will enable the price to continue the rise up to 1.70, as part of correction.

Analysis: Presumably, the formation of the downward momentum in the first one-two, one-two wave of the deep medium-term correction continues. It seems at the moment that the formation of the fourth wave has completed and the fifth, final wave is being formed. If this assumption is correct, after the completion of the fifth wave the pair will go up undergoing correction in the wave ii.

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GBPUSD-D1

GBPUSD-H4

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EUR/USD: Wave analysis and forecast of 08.08 – 15.08

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EUR/USD: Wave analysis and forecast of 08.08 – 15.08: The pair is undergoing correction. Downtrend dominates. Estimated pivot point is at the level of 1.3450.

Our opinion: In the short-term: sell the pair from correction above the level of 1.3330 with the target o 1.3450. In the medium-term: sell the pair from correction below the level of 1.3450 with the target of 1.32.

Alternative scenario: Breakout of the level of 1.3450 will allow the price to continue the rise up to the levels of 1.3500 – 1.3550.

Analysis: Presumably, the formation the third wave (iii) of the bearish momentum has completed. Locally the formation of the fourth wave has begun (iv). If this assumption is correct, after its completion the pair will continue to decline to 1.32.

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EURUSD-D1

EURUSD-H4

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Weekly Trading Forecasts on Major Pairs (August 4 – 8, 2014)‏

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Here’s the market outlook for this week:

EURUSD
Dominant bias: Bearish
This pair has continued its southward journey with price breaking below the resistance line at 1.3400. This level is a war zone between bulls and bears, so price will be making some attempts to get back above it. Should the initial resistance line get broken and price moves up, another resistance line at 1.3450 will act as a secondary hurdle for the bulls, so any break above 1.3450 will pose a serious threat to the bearish trend. Meanwhile, the bearish trend seems likely to continue, pushing price towards the support lines at 1.3350 and 1.3300.

USDCHF
Dominant bias: Bullish
As forecast last week, USD/CHF was able to test the resistance level at 0.9100. This is an area where some bulls will want to take profits, as price ought to drop at least some way from there. For the bullish journey to continue, price needs to break that resistance level, going towards another resistance level at 0.9150. If this fails to occur, a near-term or medium-term bearish run is likely to begin.

GBPUSD
Dominant bias: Bearish
Cable dropped by about 120 pips this week, and the bearish outlook is currently strong – forming a clean Bearish Confirmation Pattern in the chart. This means a high probability of price continuing even further downwards, testing the accumulation territories at 1.6850 and 1.6800 respectively – especially with the distribution territories at 1.6950 and 1.7000 acting as impediment to any rallies along the way.

USDJPY
Dominant bias: Bullish
The Greenback is strong, so it is no wonder that USD/JPY rallied – especially in the face of Yen weakness. This market has tested the supply level at 103.00, which must be broken before any serious northward movement can continue. However, some deep pullbacks towards the demand levels at 102.50 and 102.00 are possible.

EURJPY
Dominant bias: Bullish
EUR itself is not that strong but, as a result of exponential weakness in JPY, EUR/JPY has been able to reject its recent bearish bias, paving way for a new bullish signal. As long as price stays above the demand zone at 137.00, a bullish signal will make sense, and price could then even go up towards the supply zone at 138.00.

I’d like to conclude this forecast with the following quote:

GBP/USD Wave analysis and forecast for 25.07 – 01.08

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Estimated pivot point is at the level of 1.7191.

Our opinion: Sell the pair from correction below the level of 1.7191 with the target of 1.6830 – 1.6720.

Alternative scenario: Breakout and consolidation above the level of 1.7191 will enable the price to continue the rise up to 1.73.

Analysis: Presumably, the formation of the ascending momentum in the fifth final wave of the senior level V of 5 of C has completed. At the moment it is possible that the first one-two, one-two wave of the large “bearish” correction is being formed. If this assumption is correct and the price does not break down the critical level of 1.7191, the pair will continue the decline to the levels of 1.6830 – 1.6720.

GBPUSD-D1

GBPUSD-H4

EUR/USD: Wave analysis and forecast of 25.07 – 01.08

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EUR/USD: Wave analysis and forecast of 25.07 – 01.08: The pair is likely to decline.

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Estimated pivot point is at the level of 1.3572.

Our opinion: Sell the pair from correction below the level of 1.3572 with the target of 1.3350 – 1.33.

Alternative scenario: Breakout of the level of 1.3572 will allow the price to continue the growth up to the levels of 1.3750 – 1.38.

Analysis: Presumably, the formation the third wave of the senior level (iii) is ongoing. Within this wave the “bearish’ impetus has completed as the third wave of the junior level. Locally, ascending correction is being formed iv of (iii). If assumption is correct, after the completion of the correction, the pair will continue to decline to the levels of 1.3350 – 1.33. Critical level for this scenario is 1.3572.

EURUSD-D1

EURUSD-H4

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Gold and Silver Update 22 July 2014

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gold-trading-online1GOLD (XAUUSD)
Dominant bias: Bearish
Gold experienced a massive sell-off last week, which completely invalidated the recent bullish bias. The market has been very volatile since then, with short-lived victories alternating between bulls and bears. In this kind of market, a wide stop is recommended; though the most probable direction is now southward. Only a movement above the supply level at 1324.00 could discount the probability. Meanwhile, price may reach the demand level at 1293.00 as that level was tested during the massive sell-off last week.

SILVER (XAGUSD)
Dominant bias: Bearish
There is a Bearish Confirmation Pattern in this market – brought about as a result of the extreme weakness displayed last week. Gold and Silver are highly correlated (positive correlation), so any discrepancy in direction presents a profitable trading opportunity, especially when causing transitory negative correlation. Right now, continued weakness is most likely, but volatility in the market must be taken into consideration. Sellers may want to take some profit at the support level of 20.3300, for this is an area where the price may bounce upwards quite significantly.

Weekly Trading Forecasts on Major Pairs (July 21 – 25, 2014)‏

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EURUSD
Dominant bias: Bearish
The dominant bias for this week is unchanged. The bearish trend in the market is now particularly strong, and could well continue that way for a while. Price may reach the support lines of 1.3500 and 1.3450 within the next few trading days but, meanwhile, there could be rallies in the context of the downtrend which may take price towards the resistance lines at 1.3550 and 1.3600 respectively. Those resistance lines, however, ought to act as a serious impediment to rallies aiming to invalidate the bearish bias.

USDCHF
Dominant bias: Bullish
In contrast to what EUR/USD is doing, this pair is in an uptrend. It is currently trading above the support level at 0.8950, and it should go further upwards following the current shallow retracement in the market. However, it is very unlikely that the great resistance level at 0.9000 will be breached to the upside, so bulls may want to take their profits at around that level. Price managing to breach the resistance level at 0.9000 and closing above it will indicate significant intent in the market and a continuation of the bullish bias.

GBPUSD
Dominant bias: Bullish
This currency pair has been able to maintain its recent bullish outlook in spite of its present inability to extend upwards in any significant way. The inability to move further upwards in a significant fashion has also resulted in a great risk of price sliding back down. In fact, any movement below the accumulation territory at 1.7050 would mean the bullish outlook has been rendered totally invalid. To avoid this, price needs to stay above that accumulation territory and, better still, move upwards again.

USDJPY
Dominant bias: Bearish
This market is still able to maintain its bearish bias as a result of strength in the Yen. The bearish outlook is expected to continue, though things may not be as significant as the situation on other JPY pairs. The demand level at 101.00 should, at least, be tested.

EURJPY
Dominant bias: Bearish
The weakness of this cross, brought about by weakness in the Euro plus strength in the Yen, has resulted in a clean Bearish Confirmation Pattern. Price is expected to continue downward, though the probabilities of transitory rallies and consolidations cannot be ruled out along the way.

USD/CAD Wave analysis and forecast for 10.07 – 18.07

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USD/CAD Wave analysis and forecast for 10.07 – 18.07: The pair is likely to grow. Estimated pivot point is at the level of 1.0616.

Our opinion: Buy the pair above the level of 1.0616 with the target of 1.09 – 1.10.

Alternative scenario: Breakout of the level of 1.0616 will enable the decline in the pair up to the level of 1.0550.

Analysis: Presumably, the formation of the downward correction in the fourth wave has completed. Locally, it is likely that the formation of the first in-lead wave has completed. If this assumption is correct, the pair will continue to rise not breaking down the critical level of 1.0616. Otherwise, the pair will continue to decline to the level of 1.0550 as the extension of wave с of 4.

USDCAD-d1

USDCAD-H4