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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.

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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
19
August

Wave Analysis: During the previous trading week, Euro declined massively and is still pretty much bearish both on the daily and the weekly charts. As long as the price remains within the declining yet contracting wedge formation, we expect further momentum to the lowerside. We’re basically waiting

Wave Analysis Despite the previous week’s forecast that this pair could continue to the lowerside, the cable pulled back to the upperside but failed to breakout above the upperside. We expect the bounce from the upper trendline to have marked an end to the corrective three wave cycle, that any clea

Wave Analysis The cable is currently trading within a tight channel formation. As long as the [rice remains within this range formation, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (c) but should not go be

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