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This forecast is based on the Elliott Wave Principle which states that investor psychology is the motor behind the stock markets. In this analysis however, the analyst not only observes the previous price patterns, but also takes into account the correlation between different pairs before releasing forecasts.

Elliott waves for Forex correlation analysis

Support and resistance system should only be used in a higher timeframe chart, like one hour and above. This is necessary because at such a higher time frame, brokers cannot manipulate the price to my disadvantage.

How I draw strong support and Resistance

Before I call a level strong, the same level must met the following conditions.

  1. Must have been used as a support before.
  2. Must have been used as a resistance before.
  3. There must be a big candle that broke through it at one point in the past!

Again, when drawing my support and resistance levels, I use a range, not a single line, this is because price tends to test particular level before retrieving, range caters for these levels.

2019 EURUSD GBPUSD USDJPY
23
Agosto

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Wave Analysis During the previous trading day, the cable could not be contained by the rising wedge formation. The pair rose intensely to the upperside and is still very much bullish both on the daily and weekly charts. As long as the price remains above the wedge formation, we expect nothing but

Wave Analysis The US Dollar is correctly consolidating in between the contracting triangular formation. A|s long as the price remains within this shape formation, we choose to remain on the sidelines. As it is on the 4 hours chart, we're waiting for either a break above the upper trendline to buy

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