Wave analysis – Hunting for “short” trades

EURUSD – UpWe expected that correction has been developing in the form of a zigzag and now it is over. At the moment the price is taking a run within the descending impulse wave 3. Thus, the observed situation remains bearish, so it is better to look closer to sales. A good starting point a Sell pending order has been formed at the level of 1.1240.
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Murrey levels analysis – Expecting the price on the level (2/8)

USDJPY – Down The four-hours chart of USDJPY . An ongoing consolidation of the price within the narrow range just above the main support level (0/8). However, at least until the price is hold above this mark, the prior option is still growth of the pair. The next target lies at the intermediate level of resistance (2/8). The main scenario will be canceled only by breakdown and consolidation of the price below (0/8) Solutions: We keep buying. The goal lies at the intermediate level of resistance 101.56 (2/8).
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Murrey levels analysis – Expecting the price on the level (2/8)

USDJPY – Down The four-hours chart of USDJPY . An ongoing consolidation of the price within the narrow range just above the main support level (0/8). However, at least until the price is hold above this mark, the prior option is still growth of the pair. The next target lies at the intermediate level of resistance (2/8). The main scenario will be canceled only by breakdown and consolidation of the price below (0/8) Solutions: We keep buying. The goal lies at the intermediate level of resistance 101.56 (2/8).
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Murrey levels analysis – Bulls are attacking

GBPUSD – Flat Four-hours chart of GBPUSD. The four-hours SuperTrend Line rendered a fairly strong support to the price by pushing it up. As a resultm we see a breakthrough of the main support and resistance level 1.3184 (4/8) from the bottom to top, opening the way for buyers to further growth. The nearest goal now is (6/8). But in the medium run we may see the price at the main level of resistance (8/8). This option will be canceled by growth in the case of return and consolidation of the price below main support and resistance level 1.3184 (4/8) Trading solutions: none
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RBI to conduct Overnight and 13 day variable rate Reverse Repo Auctions under LAF Today

The Reserve Bank of India will conduct the following variable rate reverse repo auctions today (August 25, 2016, Thursday) between 4.00 pm and 4.30 pm as per the revised guidelines on Term Repo Auctions issued on February 13, 2014. …

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Murrey levels analysis – Near a strong support area

EURUSD – Up Four-hours chart of EURUSD. After retest of the level (6/8), the pair turned to correction and by now has almost reached a rather strong support area formed by the main support / resistance level (4/8) and SuperTrend Daily line. This is quite a strong support area able to turn the price up again, the more so a local upward movement remains to be a prior option. The goal of growth remains to be the same – (6.8). This option would be canceled by breakdown and consolidation of the pair below (4/8). If this scenario comes true, continuation of the upward movement will be a big question. Trading solutions: None
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Forex Technical Analysis: Trend potential – Flat continues

USDJPY – DownDaily chart: strong resistance is at the middle Bollinger band (101.44), from where bears are expected to attack again in the direction of the bottom band (98.52). ADX is looking down, which indicates absence of the trend component in the current movement. Н4: at this local frame, the pair has entered the flat horizontal channel within Bollinger envelopes (99.97 – 100.71) Н1: a better shaped flat within the top Bollinger envelope (100.37 – 100.59). The range is too narrow to try to look for promising opportunities. ADX is very weak and is going through correction, so we can hardly expect a breakthrough this corridor’s borders. Expectations: Flat 100.37 – 100.59 Solutions: do not trade, skip this day
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Forex Technical Analysis: Trend potential – A downward reversal

GBPUSD – FlatDaily chart: the pair is aimed toward the upper Bollinger band (1.3361), from where it is expected to bounce down. Although ADX is very close to the active trend zone, which may be interpreted in favor of buyers who may try to get beyond the top envelope. Н4: a well expressed bearish divergence oscillator, but active ADX anticipates a downward reversal. Two resistance lines on the way of bulls – 1.3277 and 1.3361. Н1: dense resistance 1.3277 and weak ADX. Support is at 1.3218 The main scenario – touch of 1.3277 and a downward reversal to 1.3218 The alternative scenario – surge to 1.3361 solutions: Looking for downward entry points around 1.3277 and 1.3361.
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Forex Technical Analysis: Trend potential – The range 1.1242 – 1.1272

EURUSD – UpDaily chart: the pair has continued a downward correction in the direction of the middle Bollinger band (1.1200). ADX is in a corrective phase. Н4: confirmed locally bearish pressure as the decline within a day continues. Psychological level 1.1200 may be the goal. Н1: a better shaped support around 1.1242 (the bottom Bollinger band). ADX is going through correction, so, apparently, the goal 1.1200 will be finalized another day. Resistance – 1.1272 (middle Bollinger band) Expectations: So, in general, bearish dynamics towards 1.1200 remains, but today support is expected to be at 1.1242, from where the pair is expected to get corrected to 1.1272, where it will be possible again to look closely to sales to 1.1200. Solutions: 1.1242 – 1.1272 range is too narrow for a safe trading. We would prefer to sell on correction to 1.1272 to target 1.1200 extraday
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