Wave Analysis from InstaForex

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InstaForex Gertrude

Active member
Dear forum members,

Me and my colleagues are going to provide you with the latest analysis reviews. Please, follow our analysis and you will be informed about Forex. Hope, our reviews will help you to increase the efficiency of your trading.

The source is instaforex.com.
 
Technical analysis of NZD/USD for July 06, 2016

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Overview:
The NZD/USD pair dropped sharply from the level of 0.7139 towards 0.7080. Now, the price is set at 0.7089. On the H1 chart, the resistance of NZD/USD pair is seen at the level of 0.7107 and 0.7037. It should be noted that volatility is very high for that the NZD/USD pair is still moving below the resistance level of 0.7107. Moreover, the price spot of 0.7107 remains a significant resistance zone. Therefore, there is a possibility that the NZD/USD pair will move downside and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 0.7107, sell below 0.7107 with the first target at 0.7075 in order to test yesterday's bottom. Besides, it should be noted that support 1 is seen at the level of 0.7075 which coincides with the daily pivot point. Additionally, if the NZD/USD pair is able to break out the bottom at 0.7075, the market will decline further to 0.7036 in order to test the weekly support 2. On the other hand, if a breakout happens at the resistance level of 0.7139, then this scenario may be invalidated.

More analysis - at instaforex.com
 
Technical analysis of Gold for July 7, 2016

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Gold price is trading inside a bullish channel. Price reached a new higher high as we had expected but still it is below $1,400. Price reached the resistance area and we might see a pullback towards $1,260 today. A deeper pullback towards $1,250-45 is also possible but overall trend remains strongly bullish.

Blue lines - bullish channel
In the short term, price remains in a strong uptrend above clouds and tenkan- and kijun-sen indicators. Support is at $1,260 and next, at $1,250. Resistance is at $1,270. I continue to be bullish targeting $1,400.

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On the weekly chart, price reached the upper boundary of the expanding triangle and got rejected. A lower weekly low will be a reversal signal for gold price that could bring it even back towards $1,200. So bulls need to be very cautious.

More analysis - at instaforex.com
 
Daily analysis of GBP/USD for July 08, 2016

The pair remains untouched in a bearish bias around the historical lows reached this week and now it's being supported by the 1.2858 level. A rebound above it can push the cable towards the psychological level of 1.3000. 200 SMA on H1 chart is still bearish and as long as the pair remains trading below that indicator, we could expect further declines.

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H1 chart's resistance levels: 1.3000 / 1.3148
H1 chart's support levels: 1.2858 / 1.2750

Trading recommendations for today:
Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3000, take profit is at 1.2858 and stop loss is at 1.3148.

More analysis - at instaforex.com
 
Daily analysis of GBP/USD for July 08, 2016

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Technical outlook and chart setups:
The EURJPY pair is seen to be trading at 112.10/20 levels at this moment, looking to continue rallying from here on. A bigger picture has been depicted here on the weekly chart view, which indicates that the next big move should be on the north side. As seen here, the pair has already completed the 5-3 structure since July 2012. A 5-wave rally was completed from 94.00 through 149.00 levels, and then an A-B-C zigzag correction also looks to be complete at 109.52 levels. Furthermore, the pair is getting support around fibonacci 0.618 levels as depicted here. It is hence recommended to remain long now, with risk below 109.00 levels. Immediate support is seen at 109.50 levels, while resistance is seen at 115.00 levels respectively. Bulls are expected to remain in control till the prices stay above 109.50 levels going forward.

Trading recommendations:
Remain long now, stop below 109.00, target is open.

More analysis - at instaforex.com
 
Gold Technical Analysis for July 12, 2016

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Technical outlook and chart setups:
Gold is trading lower for the day at $1,355.00 level at this moment, and should be looking to reverse lower from here or from $1,380.00/85.00 levels as depicted on the chart view. Please note that if the metal slips below $1,358.00 levels from here, it would be confirm that a meaningful top is in place at $1,375.00 levels. On the other hand, a rally from here should meet stiff resistance at $1,380.00/81.00 levels. It is hence recommended to remain short, with risk above $1,385.00 levels for now. Immediate resistance is seen at $1,380.00 levels, while support is at $1.350.00 levels respectively. In either case, please watch for a bearish reversal soon and expect bears to remain in control at least in the medium term.

Trading recommendations:
Remain short, stop above $1,385.00/86.00, target is open.

More analysis - at instaforex.com
 
Technical analysis of USD/CHF for July 13, 2016

USD/CHF is expected to post some further advance. The pair broke above its 20-period and 50-period moving averages and accelerated on the upside. Meanwhile, the 20-period moving average crossed above the 50-period one and is playing a support role. Besides, the relative strength index stands above its neutrality area at 50 and lacks downward momentum. In conclusion, as long as 0.9820 is not broken, further upside is expected with the next horizontal resistance and overlap set at 0.9910 and 0.9950 in extension.

Resistance levels: 0.9910, 0.9950, 0.9990
Support levels: 0.9765, 0.9735, 0.9710

More analysis - at instaforex.com
 
USD/JPY Trading Recommendations for 14th July 2016

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We see new developments in our USD/JPY trade with the price reaching a good buying level which corresponds to our MACD ascending support level, with the price right on the support. This presents us a good signal to go bullish from here for a push up to 106.50, which is a fractal resistance level.

Trading recommendations:
Buy now and above 103.52
Take profit at 106.50
Stop loss at 101.90

More analysis - at instaforex.com
 
Technical analysis of GBP/JPY for July 15, 2016

GBP/JPY is expected to extend its upside movement. The pair broke above its 20-period and 50-period moving averages and accelerated on the upside. The upward momentum is further reinforced by the rising 50-period moving average, which acts as support and maintains the upside bias. Besides, the relative strength index is bullish above its neutrality area at 50 and calls for further advance. In conclusion, as long as 139.50 serves as support, further upside is expected with the next horizontal resistance and overlap set at 144 and even 145.90 in extension.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 144.00 and the second one, at 145.90. In the alternative scenario, short positions are recommended with the first target at 137.80 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 136.40. The pivot point is at 139.50.

Resistance levels: 144.00, 145.90, 146.80
Support levels: 137.80, 136.40, 135.65

More analysis - at instaforex.com
 
Technical analysis of USD/CAD for July 18, 2016

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General overview for 18/07/2016:
The wave progression is evolving towards a more complex and time-consuming pattern that looks choppy, full of whipsaws and false breakouts. It is still quite unclear whether the current downside wave pattern has been completed or not as none of the key levels has been clearly violated. To continue to the upside, the price would have to break out above the golden trend line and weekly pivot around the level of 1.2972. On the other hand, any violation of the intraday support at the level of 1.2860 will result in an immediate test of the next support at the level of 1.2829.

Support/Resistance:
1.2087 - WS1
1.2860 - Intraday Support
1.2972 - Weekly Pivot
1.2987 - Intraday Resistance
1.3085 - WR1
1.3138 - Local High

Trading recommendations:
Due to the unclear outlook, investors should refrain from trading and wait for a better trading setup to occur shortly.

More analysis - at instaforex.com
 
The EURJPY pair is seen to be trading at 112.10/20 levels at this moment, looking to continue rallying from here on. A bigger picture has been depicted here on the weekly chart view, which indicates that the next big move should be on the north side. As seen here, the pair has already completed the 5-3 structure since July 2012. A 5-wave rally was completed from 94.00 through 149.00 levels, and then an A-B-C zigzag correction also looks to be complete at 109.52 levels. Furthermore, the pair is getting support around fibonacci 0.618 levels as depicted here. It is hence recommended to remain long now, with risk below 109.00 levels. Immediate support is seen at 109.50 levels, while resistance is seen at 115.00 levels respectively. Bulls are expected to remain in control till the prices stay above 109.50 levels going forward.
 
Daily analysis of GBP/USD for July 19, 2016

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On the H1 chart, USDX is trying to do a breakout above the resistance zone of 96.60, in a move that should open the doors to reach the critical level around the 97.74 area. However, the Index is still trapped in a sideways range, and it should not be a surprise to see a pullback towards the 95.89 level in coming days. The MACD indicator is favouring a possible near-term bearish scenario.

H1 chart's resistance levels: 96.60 / 97.74
H1 chart's support levels: 95.89 / 95.20

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 96.60, take profit is at 97.74 and stop loss is at 95.47.

More analysis - at instaforex.com
 
Technical analysis of EUR/USD for July 20, 2016

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When the European market opens, some economic news will be released such as Consumer Confidence, Current Account, and German PPI m/m. The US will release economic data too such as Crude Oil Inventories. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1064.
Strong Resistance: 1.1058.
Original Resistance: 1.1047.
Inner Sell Area: 1.1036.
Target Inner Area: 1.1010.
Inner Buy Area: 1.0984.
Original Support: 1.0973.
Strong Support: 1.0962.
Breakout SELL Level: 1.0956.

More analysis - at instaforex.com
 
Techncial analysis of USD/CAD for July 22, 2016

General overview for 22/07/2016:
The wave (b) has evolved into a triple-three pattern, a more complex and time-consuming corrective cycle. Currently, the market should start to develop another wave to the downside, and any violation of the level of 1.3011 will be the first clue that the wave (c) is in progress. The growing bearish divergence between the price and momentum oscillator is supporting the view.

Support/Resistance: 1.2087 -
WS1 1.2972 - Weekly Pivot
1.3011 - Intraday Support
1.3035 - 61% Fibo
1.3085 - WR1
1.3112 - Intraday Resistance
1.3138 - Local High

Trading recommendations:
Day traders should consider opening sell orders from the level of 1.3013 with tight SL and TP open for now. The reason for the trade is wave (c) to the downside anticipation.

More analysis - at instaforex.com
 
Technical analysis of USD/JPY for July 25, 2016

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In Asia, Japan will release the Trade Balance, but the US will not release any economic data today. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:
Resistance. 3: 107.14.
Resistance. 2: 106.93.
Resistance. 1: 106.72.
Support. 1: 106.46
Support. 2: 106.25.
Support. 3: 106.04.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

More analysis - at instaforex.com
 
Technical analysis of USD/CAD for July 26, 2016

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General overview for 26/07/2016:

The current count has been slightly adjusted, and now the bottom for the wave X brown has been established at the level of 1.2861. This means the current upward wave development is the wave Y brown in progression. It looks like one more marginal high is needed before the top for this wave is in place. Nevertheless, as long as the golden trend line is now clearly violated and the intraday support at the level of 1.3056 is still providing support for bulls, the market might still be making marginal highs.

Support/Resistance:
1.3255 - WR1
1.3243 - Intraday Resistance
1.3090 - Weekly Pivot
1.3185 - Intraday Support
1.2998 - WS1
1.2835 - WS2

Trading recommendations:
Traders should refrain from opening new positions until a better trading setup occurs. The general bias, however, is bearish as the wave Y is about to complete.

More analysis - at instaforex.com
 
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