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.



The pair of EUR/USD failed to beat yesterday the local support zone. There was a candle with a lower wick, rejecting the level. It could be 5th wave of wave 3. If so, then we should see growth in wave 4, followed by wave 5, which should test support at 1.1480. Until we see acceleration of the downward movement, everything that happens from the high should be treated as a correction of the upward trend.

The sentiment remains neutral. Breaking the local support zone and its re-test from below or the formation of a fourth wave and the rejection of the peak of wave 4/3 will be an opportunity to look for a short position.

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On the GBP/USD we see an attempt to continue the movement initiated by the rejection of the trend line and demand zone. Pin Bar occurred, which rejected local support. The goal for any increase is the upper limit of Inside Bar from the weekly chart.

Still, any growth attempt is used to take short positions. I abstain from opening a position until the test of the upper limit of the Inside Bar or overcome its lower limit.

Tortures on USD/JPY continues. Pair on one hand can not cope with a strong and crucial resistance zone, and on the other hand, every rejection of it does not cause a greater supply response. It still waits to beat either the mentioned demand zone or support at a round level of 113.0.

Similarly like the graph also the level of sentiment remains neutral. With the opening of the position I abstain until one of the levels described is broken.


 

 

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