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October 9, 2017
Σε ποιό στάδιο της διόρθωσης βρισκόμαστε;
October 10, 2017

The price action in most pairs last Friday after the NFP could have been an important medium-term turning point. Most pairs initially made new extreme levels in favor of the Dollar but in most cases there were signs of reversal and failed breakouts.

USDJPY

Traders were warned through my tweets that the triangle breakout was to be seen with caution as triangles are found in the last stages of a trend and in this case the bullish trend was close to an end. Price broke out of the triangle pattern reached 113.40 and reversed 100 pips lower.

 

Medium-term bullish trend however remains intact as price is still trading above the Ichimoku cloud support.

Both RSI indicators continue to provide bearish divergence signs. I continue to be bearish expecting a move much lower.

EURUSD

Last week I said on twitter that a new price low without the RSI making a new low was expected and it would also be a medium-term bullish sign.

 

After the NFP price made a new low but not the RSI.

 

This downward sloping wedge and the entire wave formation from September highs is not impulsive and thus I believe we are at the final stages of a wave 4 correction before the 5th wave up to new highs.

GBPUSD

After initially warning bulls at the long-term resistance trend line  to be cautious…..

 

price has reversed nearly 500 pips lower towards long-term trend line support….bears  need to be careful now….

More charts and analysis during the day below in the comments section.

 

Thank you for taking the time to catch up on my thinking.

 

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.