GBPUSD Elliot Waves Analysis For 9 March 2016 | 09 Marzo 2016

09 Marzo 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 9 March 2016

Wave Analysis

GBP/USD is currently trading with a slight bearish bias. Unfortunately, our short-term support 1.42119 was broken and the price is currently rallying below it. We expect the price to rebound from the lower supportive trend line to mark the end of the black wave (4) and to signal the unfolding of wave (5) with an ultimate target at 1.4395. A break below lower supportive trend line will push wave (4) lower to 1.4065 from where we will be looking to go long upon a clear rebound. Pound should be traded alongside, EUR/JPY and GBP/JPY. These pair have a strong positive correlation of up to +0.83 and are thus expected to have a similar price action. Although we anticipate these pairs trade in the lower ranges during this intraday, we will wait for GBP/JPY to clearly close below its previous significant low 159.70. A close below this low would give us the green light to short in all the remaining pairs.
Trade Recommendations:
Wait for GBP/JPY to close below the low 159.70, then go short in the other pairs including GBP/USD. Pound Dollar should have targets at the lower supportive trend line, a break below this trend line would mean you remain short with your target at 1.4065.

Bob Stan
¿De acuerdo con la revisión?
Opinión de los comerciantes:
Close
Iniciar sesión
Su navegador no admite cookies. Si la cookie está desactivada en su navegador de Internet, es posible que tenga problemas con la representación del área Personal. Cómo habilitar el soporte para cookies.
manager photo manager photo
Online-support
Nos complacerá contestar cualquier pregunta que pueda tener

Escribir

Get bonus