USDJPY – Down
Daily chart: flat continues within lower Bollinger envelope (109.11-112.11). ADX is not active but watching the market closely.
Н4: flat corridor is within Bollinger bands range (110.30-111.15). ADX parameters are changing, so the pair is not likely to leave the specified corridor.
Н1: there is a valid flat corridor of 110.30-111.10 (Bollinger envelopes range).
Expectations: price rotation within 110.30-111.15.
Trading signals: consider trading from level of 110.30 and 111.10.
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GBPUSD – Flat
Daily chart: the pair sticks to declining but bears are not very strong yet. That’s why support level around middle Bollinger band (1.2400) is tough to break.
Н4: the price is rotating inside flat corridor of 1.2424-1.2500 (Bollinger bands). ADX is growing.
Н1: intermediate support level is in 1.2451 region (lower Bollinger band). We are not likely to see the pair lower that 1.2424-1.2451 area.
Core scenario – drop to 1.2424 followed by rollback towards 1.2468
Alternative scenario – flat in 1.2451-1.2485
Trading signals: available trading ranges are small but we may consider mid-term short positions at upside rollbacks.
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GBPUSD – Flat
Daily chart: we have upper Bollinger band breakout (1.2349), that allows bulls to break upper Bollinger band (1.2575). However, at such set-ups bearish inside bars are not uncommon, which is quite possible today.
Н4: ADX shows very strong trend which may be either bearish or bullish. As long as resistance level at 1.2395 (upper Bollinger band) is not broken, decline to entry area of bullish Over&Uner pattern (1.2150) is possible. If 1.2400 area is broken, bulls will be able to move towards 1.2575.
Н1: as we may see here, decline has already started. Local support levels are at 1.2289, 1.2246.
Core scenario – decline towards 1.2289 and 1.2246.
Alternative scenario– in case of upward breakout of 1.2400 – rise towards 1.2575.
Solutions: consider selling to 1.2289 and 1.2246.
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EURUSD – Up
Daily chart: here we have 50/50 The pair approached bearish Over&Under (1.08) and may start dropping at any moment now (see purple arrow), however, bulls have managed to break upper Bollinger envelope twice, so rise to 1.0837 is also possible.
Н4: here we see bearish oscillator divergence, which indicates bullish weakening at 1.0800 area and results in selling.
Н1: here we also see oscillator divergence. Valid resistance level is around 1.0800 (upper Bollinger band). Support levels are at 1.0754 and 1.0712 (middle and lower Bollinger bands).
Expectations: we expect price to touch 1.0800 and then start declining towards 1.0754 and 1.0712.
Solutions: consider selling from 1.0800 to 1.0754 and 1.0712.
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USDJPY – Down
Daily chart: flat corridor of 111.61-114.73 is still valid. So bullish pressure on resistance level at 114.73 is getting weaker.
Н4: more localized corridor is 113.57-114.50. We also see downward Over&Under pattern from 114.50. It enables us to sell with stop-loss above 114.73. This is a nice set-up for intraday trading.
Н1: here we have passive flat of 113.67-114.06. This corridor is not likely to change during the day.
Expectations: either flat in 113.67-114.06 or rise towards 114.50 followed by 100-pip drop.
Solutions: consider placing sell limits from 114.50 with stop-loss at 114.80 and take-profit at 113.50
The post Forex Technical Analysis: Trend potential – Potential Sell-Stop level appeared first on forexnewsarab.com
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