Just like what I have predicted in my previous Forex analysis, the EUR/USD created a downwards Elliot wave on the 1-hour chart. Temporarily, seen from the 4-hour chart, although there shows that there would be possibilities for Forex traders to make profits if they long this currency pair, it is not confirmed yet. Maybe in the daytime, it will continue trending downwards after constantly trending sideways.
Trading Suggestion: Forex traders should figure out the right time to close their position when the pricing is constantly climbing up high
Yesterday, the currency pair USD/JPY ended with a long black body, which is ranging with more than 80 pips; on the 4-hour Forex chart, the MACD indicator suffered great volatility below the zero line; the Bollinger Bands are moving more and more separated, trending upwards, indicating that there are great possibilities for the price to go downwards. Temporarily there shows slight retracement, and the USD/JPY may possibly continue going upwards.
Trading Suggestion: Forex traders should figure out the right time to close their position when the pricing is constantly climbing up high.
In the Asian secession, the currency pair USD/JPY has rallied to a high of 82.92, which is a little bit higher than the line 82.50 when the secession opened this morning and it may possibly continue going upwards since Tokyo banks returned to the market.
Seen from the 1-hour Forex chart, the three lines of Bollinger Bands are moving closer to each other, showing that temporarily the Forex market will not suffer great volatility. Meanwhile, the RSI indicators is moving upwards below 70, meaning the price will continue trending up; moreover, the volume of the MACD indicator is moving below the zero line but getting closer and closer to it, also showing that the price will keep trending up.
Resistance: 83.10 and 83.40; Support: 82.30, and 81.90.
When the Asian secession is open, the currency pair EUR/USD enters slightly off from highs around 1.3211. The pair has seen little movement in current session with less than 20 pips range from bottom to top.
Seen from the 1-hour Forex chart, the Bollinger Bands are moving closer to each other, indicating that there would not be great volatilities in the near future. Second, the RSI is still moving within the range 30-70, without any significant changes. However, at the time of writing, there comes a Harami at the bottom of the downtrend, which shows that the price may possibly meet retracement.
Trading Suggestion: Long EUR/USD if the price breaks out the resistance line at 1.31453
Yesterday on the 1-hour daily chart, the GBP/JPY ended with a shooting star, indicating that there are great possibilities for the price going down. On the 4-hour Forex daily chart, all the three lines of Bollinger Bands are moving directly afterwards. Then the histogram of MACD dropped sharply above the zero line. Possibly the GBP/USD will continue trending sideways; however, if only the currency pair can fell and break out the key resistance line 131.80, it will keep going downwards constantly.
After the Forex market closed yesterday, traders can easily see that the USD is still trending sideways at a relative high price, and the AUD kept constantly going downwards. In the European secession, although it seemed that it was possible for the euro to break out the resistance line, it met resistance at the line 1.3290. Simultaneously Forex trades greatly worry that the U.K credit is possibly facing being downgrading, which directly caused the GBP fall back directly. Influenced by that, the USD also opened at a low price. The Federal Reserve President gave a speech that they will do every effort to make sure that its strength, but is seemingly does not work at all; there are great possibilities that the Forex market continue trending sideways.
Trading suggestions: Forex traders can consider longing or shorting euro with the range 1.3170-1.3290; and consider longing or shorting GBP within the range 1.5800-1.5920.
It is easily seen that in the Asian session, the currency pair EUR/USD rally was capped at 1.3283, and after a ranging period, the EUR/USD finally fell to 1.3250, broking out the line 1.3265- the support during early European morning.
After that the pair quickly retraced back to test the 1.3283 as a resistance.
Based on yesterday’s high point on the 20 EMA, the immediate support line lies at 1.3250; and the currency pair is seemingly still going upwards and even trending high after yesterday’s close at 1.3200.
Support: 1.3170; Resistance: 1.3290
The EUR/USD closed as low as 1.3170 on rumors of a China coup early Europe yesterday, and where it is going next is unconfirmed. In the 4 hours chart the pair has lost bullish strength, although trades are still executed above the 200 EMA. The current Short term range is set at 1.3170 and 1.3265. Break of either extreme is required to see a clearer trend in the pair.
Support levels: 1.3170
Resistance levels: 1.3265
Actually the currency pair is greatly influenced by the dollar indexation. Presently on the 1-hour Forex chart, traders can figure out that the Bollinger Bands are trending upwards, which is quite suitable for traders to open or close their positions in the short term. Now although it seemed that the USD/JPY offered many opportunities for Forex traders to enter the market and make profits; traders had better not invest their capital that long for the three lines of BB have been trending upwards directly.
Suggestion: Forex traders could focus on the line 83.5. If on the 1-hour chart, the price does not suffer that great volatility; traders can consider longing EUR/USD.
Yesterday in the New York secession, the EUR/JPY shows that there are many opportunities that Forex traders can open their positions and make profits; moreover, the price moved around the MB of Bollinger Bands and trended upwards together with it. Seen from the 4hour Forex chart of the currency pair, the pair is on its bullish way; what is more, the volume of the MACD indicator increases greatly above the zero line.
Suggestion: Forex traders can consider going long as the EUR/JPY continues going up high.