Wave Analysis from InstaForex

Daily analysis of Gold for July 26, 2016

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Overview
The gold price shows bullish rebound signals now in attempt to move away from the intraday bullish trend line shown on the chart. Stochastic positivity on the four-hour time frame supports our bullish trend expectations today. A breach of the 1,329.00 level will help the price continue with its upside track for the rest of the day. Our first main target is located at 1,375.00, and its breach will extend the bullish wave to 1,400.00 levels. The bullish trend will remain valid and active unless breaking and holding below 1,312.00 and then 1,297.75 levels. The expected trading range for today is between the 1,300.00 support and the 1,340.00 resistance.

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Daily analysis of EUR/JPY for July 27, 2016

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Overview
The EURJPY pair made a positive intraday rebound yesterday by reaching 117.10. The negativity continuation is due to steady trading within the main bearish channel, supported by holding the initial resistance at 118.50, besides the bearish channel's resistance decline towards 120.25. Therefore, we are awaiting negative momentum once again in order to push the price to decline below 115.10 levels and increase the chances of reaching the main target at 113.00. Closing above 117.00 could postpone the negative overview and lead to mixed trading. The expected trading range for today is between 117.00 and 113.00.

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Daily analysis of major pairs for July 29, 2016

EUR/USD: The EUR/USD has assumed a bullish movement, which started on Wednesday. There is now a bullish bias in the market, and price could go further upwards, irrespective of the current bearish correction in the market, which is supposed to be transitory.

USD/CHF: The USD/CHF has finally generated a "sell" signal in the 4-hour chart. There is now a clean Bearish Confirmation Pattern in the chart, and price is expected to journey further south today or next week, reaching the support levels at 0.9800 and 0.9750. The resistance level at 0.9800 has been tested and it would be retested again

GBP/USD: This currency trading instrument has started to consolidate again. The price movement is flat and this is supposed to continue till next week (though there could be some near-term directional movement today). A significant movement is expected next week.

USD/JPY: A closer look on the USD/JPY reveals there is a hidden weakness in the market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. This shows the possibility of a southward movement, which could happen anytime. Some fundamental figures are expected today and they could have impact on the markets.

EUR/JPY: Bulls are making some effort to push up the price in this market, and this is visible by the price action in the chart. While bulls might be able to push price upwards towards the supply zones at 117.00 and 117.50, coming fundamental figures might aid them or scuttle their plan.

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Silver Technical Analysis for August 01, 2016

Technical outlook and chart setups:
Silver is seen to be trading at $20.55 levels for now, after having made highs at $20.65 levels earlier as expected. Please make note that Silver is soon approaching resistance at $20.80/90 levels and it is quite possible that the metal rallies through those levels before finally reversing lower. There might be one last leg rally left before reversing sharply lower for the remaining of August series. If Silver fails to break above $21.13 levels, it should drop lower towards $18.00 levels going forward. The wave structure also indicates that a flat is underway and the metal is expected to turn lower from around $20.80 levels. It is recommended to turn short now, with risk above $21.13 levels. Immediate interim support is seen at $19.20 levels, while resistance is at $21.13 levels respectively.

Trading recommendations:
Remain short from $20.50 levels, stop above $21.13, target is lower.

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Technical analysis of GBP/JPY for August 02, 2016

GBP/JPY is under pressure. The pair is consolidating on the downside below its key resistance at 136.30, which should limit the upside potential. The relative strength index is below its neutrality level at 50 and lacks upward momentum. As long as 115.30 is resistance, the pair is likely to decline to 134.50. A break below this level would call for further drop toward 133.85.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 134.50. A break below this target will move the pair further downwards to 133.85. The pivot point stands at 136.30. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 137.10 and the second one at 137.95.

Resistance levels: 137.10, 137.95, 138.75
Support levels: 134.50, 133.85, 133

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Daily analysis of GBP/USD for August 03, 2016

The bulls are still dominating the major pairs as the weakness on the US Dollar remains very strong, following the bad data from the United States last week. A resistance can be found at the 1.3375 level, where a breakout should happen to trigger more bullish force towards the 1.3467 level. MACD indicator is reaching overbought conditions.

H1 chart's resistance levels: 1.3375 / 1.3467
H1 chart's support levels: 1.3266 / 1.3148

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3375, take profit is at 1.3467 and stop loss is at 1.3285.

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Daily analysis of USDX for August 05, 2016

USDX is about to reach the 200 SMA in the H1 chart, where a pullback can happen to resume the overall bearish structure. Ahead of US NFP release that will take place today, the US Dollar is poised to extend the corrective phase where it is trading currently. However, a breakout below the 95.51 level can open the doors to reach the 95.02 level.

H1 chart's resistance levels: 95.93 / 96.32
H1 chart's support levels: 95.51 / 95.02

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 95.51, take profit is at 95.02 and stop loss is at 96.00.

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Daily analysis of Gold for August 05, 2016

Overview
The gold price showed positive trading after leaning on the EMA50 yesterday. Positive support by stochastic on the intraday time frames keeps the chances of trading positively valid in the upcoming sessions. The price is likely to breach 1,375.00 levels to reinforce the expectations of targeting the 1,400.00 followed by 1,440.00 areas. Therefore, we still expect the bullish trend on the intraday and short-term bases unless breaking and holding below 1,312.00 and 1,297.75 levels. The expected trading range for today is between the 1,345.00 support and the 1,390.00 resistance.

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AUD/NZD Trading Recommendations for 9th August 2016

Price reached our profit target perfectly yesterday. Today we turn bearish below 1.0740 major resistance (horizontal resistance + Fibonacci projection) for a new drop to 1.0630. Stochastics (21,5,3) has turned down strongly from 94% resistance signaling a bearish move is in progress.

Trading Recommendations:
Sell below 1.0740.
Stop Loss at 1.0825.
Take profit at 1.0630.

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Technical analysis of Gold for August 10, 2016

Gold price has pulled back towards the 61.8% Fibonacci retracement and is showing signs of a bullish reversal. In my last analysis I noted the importance of the support in this area and that would be the last chance for bulls. Otherwise the scenario of a deep pull back towards $1,200 gets the lead.


After the rejection at $1,370-75 area price pulled back towards the 61.8% Fibonacci retracement support. With oscillators diverging and turning upwards, there is a good chance a new leg up has started in Gold with targets above $1,400. Support is at $1,330 and most crucial at $1,300. Resistance is at $1,350 and next at $1,375.

Blue lines - bullish channel
Gold price remains inside the medium-term bullish channel. Price is holding above the weekly tenkan-sen (red line indicator) implying the trend has not changed yet. This holds the bullish scenario for a new high towards $1,425-$1,450 alive. A break below $1,300 will confirm the bearish scenario for a deeper pull back towards $1,180.

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Daily analysis of USDX for August 11, 2016

The index extended losses and it's looking to break the support zone of 95.51. A breakout below that level should expose the bears to the 95.19 level, where a key bottom is located. However, as we saw a dynamic resistance around the 200 SMA price level, that should be taken as a confirmation of a possible bearish continuation.

H1 chart's resistance levels: 95.93 / 96.32
H1 chart's support levels: 95.51 / 95.19

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 95.51, take profit is at 95.19 and stop loss is at 95.83.

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Daily analysis of USDX for August 12, 2016

USDX is still hovering around the 200 SMA and now it's looking to re-test the support level of 95.51. If the Index achieves in break it, then we can expect a bearish continuation towards the 95.19 level on a short-term basis. By the way, the index could attempt a breakout above the 95.93 level, in a move that could open the doors to test the 96.32 level.

H1 chart's resistance levels: 95.93 / 96.32
H1 chart's support levels: 95.51 / 95.19

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 95.51, take profit is at 95.19 and stop loss is at 95.83.

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Technical analysis of EUR/USD for Aug 15, 2016

When the European market opens, there is no economic data will be released but the US will release the economic data too such as TIC Long-Term Purchases, NAHB Housing Market Index, Empire State Manufacturing Index, so amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1215.
Strong Resistance:1.1209.
Original Resistance: 1.1198.
Inner Sell Area: 1.1187.
Target Inner Area: 1.1161.
Inner Buy Area: 1.1135.
Original Support: 1.1124.
Strong Support: 1.1113.
Breakout SELL Level: 1.1107.

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.

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Daily analysis of GBP/USD for August 16, 2016

The pair is posting more declines below the 1.3000 psychological level, and we can see further weakness toward the support level of 1.2798. The 200 SMA on the H1 chart is pointing to the downside and it can put pressure on GBP/USD. However, if we see a rebound, then the next hurdle will be the 1.2950 level. MACD indicator is entering neutral territory, and that should lead to a sideways range.

H1 chart's resistance levels: 1.3000 / 1.3085
H1 chart's support levels: 1.2894 / 1.2798

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 1.2894, take profit is at 1.2798 and stop loss is at 1.2987.

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Technical analysis of USD/JPY for Aug 18, 2016

In Asia, Japan will release the Trade Balance and the US will release some economic data such as Natural Gas Storage, CB Leading Index m/m, Unemployment Claims, Philly Fed Manufacturing Index.So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Resistance. 3: 100.31.
Resistance. 2: 100.12.
Resistance. 1: 99.92.
Support. 1: 99.68.
Support. 2: 99.46.
Support. 3: 99.29.

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Technical analysis of GBP/USD for August 19, 2016

I warned the GBP/USD bears that a bounce towards 1.32 was imminent after a breakout of the bullish wedge formation that started on August 3rd. The price has broken out and above the wedge and has reached the 61.8% Fibonacci retracement of the decline.

The blue lines - bullish wedge The price has reached the 61.8% Fibonacci retracement of the decline which is an important juncture point. A bearish reversal may start from this area. Next resistance is the 78.6% Fibonacci retracement. Support is at 1.3070.

A break above 1.3260-1.3350 could push the price towards 1.35-1.36 and the weekly cloud resistance area. This is a sell area, and bears are not going to give up easily. I believe the US dollar will strengthen against the pound again, and we will see another round of selling that will eventually push the pair towards 1.25.

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Elliott wave analysis of EUR/NZD for August 22 - 2016

Wave summary:
The expected new impulsive rally looks increasing likely as long as we stay above support at 1.5448. As long as this support is able to protect the downside, we will be looking for more upside pressure towards 1.5839 and above here will call for a rally towards 1.6931 and above.
An unexpected break below 1.5448 will delay the expected upside pressure for a move closer to 1.5180, but likely not below.

Trading recommendation:
We are long EUR from 1.5410 with stop placed at 1.5440, securing a small profit no matter what happens. If you are not long EUR yet, then buy a break above resistance at 1.5649 and use the same stop at 1.5440.

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