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Elliott waves analysis

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.

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Elliott waves analysis

24 - 28 August	weekly forecast 24 - 28 August Gold is overbought Gold Weekly Review Wave Analysis After a massive bearish correction earlier this month, Gold markets failed to break below the supportive level 1911.45. We expect this bounce to be the end of the corrective wave (iv) to the lower side and the beginning of the last impulsive wave (v) to the uppe More
2020	EURUSD	GBPUSD	USDJPY
28 August	Wait for a sell from around 1.18766. Wave Analysis Euro is currently bouncing off of a significant resistance level 1.18766. While the price is not able to successfully close above 1.18766, we are waiting for a clear sign of rejection from this level to pick a low risk sell position towards 1.17714. Should the price breaks and closes More	Sell a rebound from 1.33281. Wave Analysis Despite the previous week's pin bar, the Britsih pound surged massively to the upperside and is currently approaching a major weekly resistance 1.33281, we don't expect the impulsive wave (c) to break beyond this resistance, however, if it does successfully close below 1.33281, then More	Remain long towards 107.992. Wave Analysis Earlier today, the US Dollar rallied to the upperside and is now above the upper trendline. As long as we continue to see sustenance above this trendline, we expect nothing but a possible momentum to the upperside with an ultimate target around 107.992. If the price breaks and closes More
27 August	Sell Euro towards the supportive trendline.	Sell a rebound from around 1.32330 towards 1.30920.	Remain long towards the upper trendline.
26 August	Remain long towards 1.20130.	Remain long towards 1.32605.	Wait for a resell from the inner upper trendline.
25 August	Look for low risk buy positions towards 1.20130.	Look for long term buy positions towards 1.33885.	Wait for a sell from around the upper trendline.
24 August	Buy a bounce from the supportive trendline towards the upper trendline.	Wait for a bounce from the supportive trendline to pick a low risk buy position.	Expect a possible momentum to the lowerside.

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Elliott waves analysis

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