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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.

2022 EURUSD GBPUSD USDJPY
03
October

Wave Analysis During the previous trading day, Euro pulled back to the upper side but is still in an active downtrend, as long as the price remains below the two moving averages, we expect nothing but a possible momentum to the lowerside, the anticipated bearish price rally is the continuation of

Wave Analysis On the British pound chart, the British pound pulled back upwards but could not go beyond 61.8% fib level, as long as the price remains below this fib level, I expect nothing but a possible momentum to the lower side. As it is right now, I am waiting for a rally towards 38.2 % fib le

Wave Analysis During the previous trading week, the US Dollar continues to move to the upperside and is not showing any signs of pulling back to the lowerside. As it is right now, I am waiting for a pullback towards 38.2% fib level to pick a possible long term buy position towards 149.90 and may c

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