Search, Analyse, Trade” is a series of Price Action and Elliott Waves analyses. Its detailed step-by-step description can be found over here. I invite you to today’s review of selected currency pairs and potential trading opportunities. The analyses are based on the Dukascopy sentiment that you can get here.


EUR/USD remains in consolidation in the vicinity of an important support zone. Yesterday’s daily candle is a tiny Pin Bar, with which the pair rejected the trend line. Consolidation is slowly beginning to resemble a triangle and the direction of breaking will show the direction for the nearest sessions. On the one hand, we have a strong growth momentum, but it remains wave three and it can still be the B wave of a larger corrective structure. If the pair pushes down and overcomes the trend lines and support, the next stop for the declines should be 1.1700.

No change in sentiment. We still have the advantage of short positions. If the pair breaks the bottom of consolidation and overcomes the support, I will use its re-test to look for a short position.

GBP/USD is still in the Inside Bar. The last momentum is very strong, so it seems that after ending of the consolidation we should see breaking out of it and the movement towards the last highs. Until the pair maintains the level of 1.3400, which is the upper limit of Inside Bar from the weekly chart, the direction is bullish. The return to this support will be the first warning signal that we may face a false breakout and a return to a declines.

The sentiment remains neutral. If the pair rejects the support I will look for a position continuing the last growth. However, I will try to use the return to Inside Bar ( if it takes place) to look for a short position.


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Nothing interesting is happening on the USD/JPY pair. The pair still remains above the internal support line. Its re-test will be an opportunity to look for a position to continue the last momentum. If someone uses Ichimoku in trading, he probably noticed that the pair on the daily chart perfectly reflrcted from Senkou Span B and is approaching Senkou Span A. For now, the increases have been stopped by the Kijun line. The Tenken line is growing and breaking over the cloud, it will be a signal to continue growth.

The sentiment does not allow opening of logs, therefore I stay on the side.

 

 

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