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.


On the EUR/USD pair we notice small changes within Inside Bar, just above the defended upper line of the growth channel. If we look at the lower TF, we will see that this movement can be treated as the fifth wave of the last growth wave. If this is the case, then we should see a larger correction of recent increases in its completion.

In the sentiment graph, we can see a slight increase in short positions since yesterday. The sentiment is neutral, so you can look for a position. It is far from generating a signal, , therefore I remain on the side.


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GBP/USD negates the Pin Bar, which was created after the rejection of the key resistance zone. The pair again reaches  Senkou Span B line from the weekly chart. The current movement is the third wave, therefore it is quite possible to attack and overcome these levels.

The sentiment begins to fall under the rejection of the resistance zone. After temporary reduction of short positions, we see their increase again. If the pair manages to overcome the resistance, we should see a stronger upward movement, which will be driven by closing the shorts.

USDJPY remains within the support/resistance. Currently, its lower limit is being tested. From a wave point of view, downward movement has not been completed. The two scenarios that I set out early are still in the game. If it is to be an ABC correction of the wave of impulse from last year, the next drop should take place within the wave of wave 5 C. On the weekly chart, the couple struggles with the flat Kijun line.

Its defeat will mean the implementation of the scenario with the completion of the C wave or the continuation of wave 3.

 

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