Forex Analysis & Reviews: Technical Analysis of GBP/USD for May 16, 2022

The GBP/USD pair has been seen bouncing from the swing low located at the level of 1.2155. Despite the oversold market conditions on the H4 and Daily time frame charts there is no indication of trend termination or reversal just yet, so any move up must be seen only as a corrective cycle during the down trend. The bearish pressure continues and the next technical support is seen at the level of 1.2165 and 1.2072. The immediate intraday technical resistance is located at 1.2297 and 1.2325.

Weekly Pivot Points:
WR3 - 1.2621
WR2 - 1.2514
WR1 - 1.2371
Weekly Pivot - 1.2267
WS1 - 1.2119
WS2 - 1.2008
WS3 - 1.1859

Trading Outlook:
The price broke below the level of 1.3000, so the bears enforced and confirmed their control over the market in the long term. The Cable is way below 100 and 200 WMA , so the bearish domination is clear and there is no indication of trend termination or reversal. The next long term target for bears is seen at the level of 1.1989. Please remember: trend is your friend.

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Forex Analysis & Reviews: Technical Analysis of GBP/USD for May 18, 2022

Technical Market Outlook:
The GBP/USD pair has been seen bouncing from the swing low located at the level of 1.2155 and bulls had broken through the immediate intraday technical resistance at 1.2411. The technical resistance located at the level of 1.2484 is being tested currently, so any breakout through this level will open the road towards 1.2615 - 1.2697 zone. Despite the oversold market conditions on the H4 and Daily time frame charts there is no indication of trend termination or reversal just yet, so any move up must be seen only as a corrective cycle during the down trend. The bearish pressure will likely resume soon and the next technical support is seen at the level of 1.2165 and 1.2072.

Weekly Pivot Points:
WR3 - 1.2621
WR2 - 1.2514
WR1 - 1.2371
Weekly Pivot - 1.2267
WS1 - 1.2119
WS2 - 1.2008
WS3 - 1.1859

Trading Outlook:
The price broke below the level of 1.3000, so the bears enforced and confirmed their control over the market in the long term. The Cable is way below 100 and 200 WMA , so the bearish domination is clear and there is no indication of trend termination or reversal. The next long term target for bears is seen at the level of 1.1989. Please remember: trend is your friend.

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Forex Analysis & Reviews: Forecast for EUR/USD on May 20, 2022

Yesterday, the euro defied our main plan, suggesting a decline towards 1.0340, but it failed to break the resistance of the upper limit of the 1.0493-1.0600 range. If the price still manages to settle above the level of 1.0600, then the corrective growth may continue to the MACD line, to the area of 1.0710. Formally, the Marlin Oscillator, which has already moved into the positive area, can help the price, but there is a high risk of its quick return to the zero line, that is, form a false signal.

On the H4 chart, the price reversal from the level of 1.0600 has not yet been expressed. The Marlin Oscillator is not ahead of the price, while it is in the positive area. If the reversal takes place, it will not be fast, it may take two days to exit the range downwards. But this is our main scenario.

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Forex Analysis & Reviews: Technical Analysis of EUR/USD for May 24, 2022

Technical Market Outlook:
The EUR/USD pair has bounced from the lows seen at the level of 1.0349 last week and continues to move higher. Currently, bulls had broken above the neutral market zone located between the levels of 1.0631 - 1.0654 and are trading inside the bullish zone. The strong and positive momentum support the short-term bullish outlook for Euro, however the ABC corrective cycle for bulls looks completed and the level of 1.0673 was the 100% Fibonacci extension for the up wave. If the bulls will continue higher, the next target is seen at 1.0731 (127% Fibonacci extension). The immediate technical support is located at 1.0654 and 1.0631 (the previous resistance).

Weekly Pivot Points:
WR3 - 1.0888
WR2 - 1.0735
WR1 - 1.0635
Weekly Pivot - 1.0526
WS1 - 1.0448
WS2 - 1.0311
WS3 - 1.0227

Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.0639, so a breakout above this level is a must for bulls for a long-term trend reversal. The up trend can be continued towards the next long-term target located at the level of 1.1186 only if bullish cycle scenario is confirmed by breakout above the level of 1.0726, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0336 or below.

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Forex Analysis & Reviews: Forecast for EUR/USD on May 26, 2022

The euro fell by 57 points on Wednesday. The daily candle has covered (engulfed) the white candle of Tuesday, which is one of the signs of a downward trend reversal. At the moment, the price is trying to grow, but it is being held by the balance (red) and MACD (blue) indicator lines. The Marlin Oscillator is turning down. The bears' goals remain the same: 1.0600, 1.0493, 1.0340.

The downward direction has not yet gained a foothold on the H4 chart. The leading Marlin Oscillator penetrated into negative territory yesterday, but did not settle on it on the first attempt. A significant signal of reaching the first target at 1.0600 will be when the price overcomes yesterday's low at 1.0642. The MACD line is just below the level of 1.0600, which strengthens it, so you should wait for the price to settle below it in order to carry out trading strategies with the euro target at 1.0493.

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Forex Analysis & Reviews: Forecast for GBP/USD on May 30, 2022

On the daily chart, the price has moved above the target level of 1.2637 with the rising Marlin Oscillator. Ahead of it is the target level of 1.2715. The MACD line is now below this level, but the price may slightly go above it even if it plans to turn down later. If the price consolidates above this level, then the growth may last up to 1.2970 - the path will become open.

On the four-hour chart, the price develops growth above the balance indicator line. The Marlin Oscillator turned up without reaching the border of the bears' territory. The rising trend is strong.

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Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 1, 2022

We continue to look for more downside pressure as the correction from 140.04 should persist longer. That said the current rally from 132.66 could peak here at 138.50 but as always with X-waves or B-waves all possible options are open. Therefore, we could also see a flat correction back to test the 140.04 higher before turning lower. But also the option for an expanded flat is open and that would call for a break above 140.04 closer to 142.87 before turning lower again. To confirm that wave X is complete we need a break below minor support at 136.80 that would call for renewed downside pressure towards 130.22.

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Forex Analysis & Reviews: Forecast for AUD/USD on June 3, 2022

The Australian dollar showed a very good growth on Thursday, at which it overcame the resistance of the MACD line (0.7212) and reached the target level of 0.7285 (high on February 23). Now, probably, it's time for a correction, which is warned by the Marlin Oscillator, the signal line of which is turning down. The reversal will be confirmed by the price returning under the MACD line, below 0.7212. The exit above 0.7285 and consolidating on lower timeframes can extend the growth to 0.7400.

The situation on the four-hour chart is similar to the higher timeframe - the general trend is upward, but it has primary signs of a reversal. As on the daily scale, we are waiting for the price to fall below the signal level of 0.7212. Just below it is the MACD line (0.7195), crossing this line will become a confirmation of the reversal signal.

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Forex Analysis & Reviews: Forecast for EUR/USD on June 7, 2022

The euro is slowly declining according to the main scenario - moving towards the target level of 1.0493. Since the decline is not fast, the MACD indicator line managed to adapt to it and slightly decrease, thereby lowering the signal level to 1.0667. Now, in order to confidently hit the nearest target at 1.0600, it is necessary to go under 1.0667, otherwise the risk of a jump to 1.0780 will remain. The Marlin Oscillator is declining steadily, the main downside scenario is in force.

On the 4-hour chart, the Marlin Oscillator has entered negative territory. It, of course, helps the price to go under the signal level of 1.0667. Actually, the price develops under both indicator lines - under the balance line (red) and MACD(blue). The trend is downward.

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Forex Analysis & Reviews: Forecast for AUD/USD on June 10, 2022

Yesterday, the Australian dollar decreased under powerful pressure of foreign markets: oil fell by 0.81%, iron ore by 1.18%, S&P 500 -2.38%, the dollar index 0.73%. The aussie lost 91 points.

During the fall, the price overcame the target level of 0.7136, now it faces the nearest level of 0.7037 - the low on May 25 and other historical extremums. With overcoming support, it is likely to decrease to 0.6951 - to the low of May 18. On a four -hour timescale, the price settled under 0.7136, the MACD line turned down, Marlin in the descending trend area. We are waiting for the continuation of the decline in the medium term.

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Forex Analysis & Reviews: Forecast for EUR/USD on June 14, 2022

Yesterday, the euro was ahead of our forecast - there was a fall of 108 points and now the price is halfway to the target level of 1.0340. There are no obstacles on this path, but the whole question is the speed of further decline. Perhaps today the price will still stop simply because the Federal Reserve will announce its decision on monetary policy tomorrow evening.

It rarely happens when investors are ahead of the curve. But maybe yesterday and today exactly such frequent events occur? Anyway, we are waiting for the price at the target level of 1.0170 in the future for several days.

There is a strong downward local trend on the four-hour chart. The Marlin Oscillator still cannot go deeper into the oversold area and it needs a release. If there is no release, then tomorrow there may be a surprise on the topic "the markets have already taken the rate hike into account". Therefore, today we are still waiting for the price to consolidate so that Marlin can grow and discharge before tomorrow's further decline.

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Forex Analysis & Reviews: Forecast for EUR/USD on June 16, 2022

On Wednesday, the US Federal Reserve raised its base rate from 1.00% to 1.75%, in line with bold expectations. The majority of investors expected an increase to 1.50%. The sharp increase in the rate led to massive purchases of US government bonds, th

Yesterday, the euro traded within the range of target levels 1.0340-1.0493. Its growth is visually perceived as a correction. We believe that the imbalance of the single currency due to a strong rate hike will end today, so we are waiting for the closing of the day with a decrease. And then we are waiting for the price to leave under the support of 1.0340 and advance to 1.0170. On the four-hour chart, the Marlin Oscillator shows the intention to turn down from the border with the growth territory. It is very similar to the fact that the oscillator is forming a short-term range in the negative zone. And this is consolidation before the next decline.

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