Forex Technical Analysis & Forecast –

Found the following from FXstreet.com

Some great info below regarding the pairs mentioned in the title. The only suggestion I would give new Forex traders is not to litter their charts like the examples below. The below examples are way over kill in terms of what you need to add to a chart in order to successfully trade the Forex market.

The simple way is better, another thing that I do not like to do with Forex & I notice many online companies & news sources offer this (I guess to keep their readers engaged on a regular basis) is make price projections.

My style of trading or using technical analysis is to trade with the pair and not guess where the Forex pair or any particular stock will be heading next. That is my style & there are millions of different ways to trade the Forex market.

I find it a lot simpler to simply follow the actual buyers & sellers rather than second guess what or where the pair might go. I think once we start trying to predict or guess where any stock or pair will go, it tells us we are not sure. Why would we not be sure?

Because the pair is either in a range or trading in a range. I do not trade ranges, I prefer breaks of support or resistance.

I hate guessing, If I have to look at a chart for more than 5-9 seconds I move on, its not something I want to trade.

Rule number 1 – Dont Force trades. Rule number 2 – You only trade when you see a setup that matches your unique trading style.  Every trader is different, every trader has a different risk appetite.

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With that said, lets get into the content.

EURUSD, “Euro vs US Dollar”

The EUR/USD pair is being corrected. We think, today the price may reach 1.1762 and then grow towards 1.1800. In fact, the pair is expected to from the five-wave Flag pattern. After reaching the target of the correction, the instrument may continue its decline. The local target is at 1.1654.

EURUSD

 

GBPUSD, “Great Britain Pound vs US Dollar”

The GBP/USD pair has rebounded from 1.3444 and is still falling. Possibly, today the price may continue moving downwards with the local target at 1.3263.

Out of all the charts, this is the only chart I would consider trading & I would going short – but only once support taken out. Series of lower lows, strengthening USD, series of lower lows, 3 failed highs but even so, for me I like to see a strong confirmation of a buy or sell signal. I dont like guessing or seconding guessing the market at all. I prefer strong buy & sell signals.

GBPUSD

 

USDCHF, “US Dollar vs Swiss Franc”

The USD/CHF pair is still being corrected. Possibly, today the price may complete the ascending structure at 0.9724 and then start consolidating. If later the instrument breaks this consolidation channel to the upside, the market may reach 0.9750; if to the downside – form another correctional structure towards 0.9675, and complete the Flag pattern. After that, the instrument may form another ascending structure with the local target at 0.9800.

USDCHF

 

USDJPY, “US Dollar vs Japanese Yen”

The USD/JPY pair is forming the descending structure towards 112.00, which may later be followed by another growth to reach 112.68. After that, the instrument may consolidate between these two levels. If later the instrument breaks this consolidation channel to the downside, the market may continue falling towards 110.150; if to the upside – move upwards with the target at 113.27.

Notice the double top in this pair and then a break of support. Usually an indication of a weakening pair.

USDJPY

 

AUDUSD, “Australian Dollar vs US Dollar”

The AUD/USD pair has completed the descending channel and may be corrected towards 0.7866. Later, in our opinion, the market may continue moving downwards with the local target at 0.7755.

AUDUSD

 

USDRUB, “US Dollar vs Russian Ruble”

The USD/RUB pair has reached the target of the ascending wave and almost formed the Flag correctional pattern. At the moment, the price is forming another descending impulse, which may be considered as a part of the fifth wave. The target is at 56.55. After that, the instrument may resume growing with the target at 58.67.

USDRUB

 

XAUUSD, “Gold vs US Dollar”

Gold is being corrected towards 1292.00. Later, in our opinion, the market may fall to reach 1272.00 or even extend this structure towards 1265.50 and complete the first descending wave. After that, the instrument may be corrected with the target at 1311.00.

XAUUSD

 

BRENT

Brent has completed the first descending impulse. We think, today the price may be corrected towards 57.68 and then fall to reach 57.00, thus forming a new consolidation range between these two levels. If later the instrument breaks this consolidation channel to the downside, the market may be corrected towards 55.88; if to the upside – resume moving upwards with the target at 59.88.

Brent

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