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Wave Analysis from InstaForex
- Thread starter InstaForex Gertrude
- Start date
InstaForex Gertrude
Active member
Forex Analysis & Reviews: GBPJPY reacting below descending trendline resistance! Drop incoming!
GBPJPY reacting below descending trendline resistance. A drop below 1st resistance at 153.752 towards 1st support at 153.347 could be possible. Stochastic is testing resistance where price reacted in the past as well.
Trading Recommendation
Entry: 153.752
Reason for Entry:
78.6% Fibonacci retracement, descending trendline resistance
Take Profit: 153.347
Reason for Take Profit:
-61.8% and 23.6% Fibonacci retracement.
Stop Loss: 154.024
Reason for Stop Loss:
Graphical swing high
Analysis are provided by InstaForex
GBPJPY reacting below descending trendline resistance. A drop below 1st resistance at 153.752 towards 1st support at 153.347 could be possible. Stochastic is testing resistance where price reacted in the past as well.
Trading Recommendation
Entry: 153.752
Reason for Entry:
78.6% Fibonacci retracement, descending trendline resistance
Take Profit: 153.347
Reason for Take Profit:
-61.8% and 23.6% Fibonacci retracement.
Stop Loss: 154.024
Reason for Stop Loss:
Graphical swing high
Analysis are provided by InstaForex
InstaForex Gertrude
Active member
Forex Analysis & Reviews: Technical Analysis of ETH/USD for May 13, 2021
Crypto Industry News:
During the first 7 days from the introduction of Ethereum Futures to the market by CME, the value of concluded contracts exceeded USD 23 million. According to a recent OKEx Insights report, "partial data for the week ending April 25 shows weekly volumes hit an all-time high of $ 353 million - over 166% more than the previous week's $ 132.57 million.
"Moreover, the number of contracts opened in the CME Ether Futures market also increased at a similar pace. The aforementioned report showed in this respect that:
"During the first month of trading, ETH Futures had an average Open Interest of $ 61.17 million. March data showed a significant spike in activity with average Open Interest peaked at $ 101.67 million.
In fact, since April 21, OI figures have risen to $ 205.6 million, reflecting the size of institutional measures that hit the Ethereum market in the last few months.
According to OKEx Insights, one of the main factors behind this was the normalization of mainstream cryptocurrency investing. The authors of the report argue that it was a byproduct of MicroStrategy, MassMutual and Tesla's entry into the cryptocurrency space, and each of these companies' actions legitimized a sector that had long struggled for Wall Street's attention.
Technical Market Outlook:
The ETH/USD pair has tested the key short-term technical support located at the level of $3,596 and bounced more than 50% already. The next local target for bulls is the 61% Fibonacci retracement located at the level of $4,074. If this retracement level is clearly violated, then bulls will likely test the ATH again (located at $4,369). The momentum is strong and positive, so it supports the bullish outlook for ETH.
Weekly Pivot Points:
WR3 - $4,545
WR2 - $4,714
WR1 - $4,394
Weekly Pivot - $3,656
WS1 - $3,369
WS2 - $2,577
WS3 - $2,290
Trading Recommendations:
The longer term up trend on the Ethereum continues despite the local counter-trend corrections. The next long term target for ETH/USD is seen at the level of $5,000. The key long term technical support is seen at the level of $3,881, so only a weekly candle close below this level will invalidate the bullish scenario.
Analysis are provided by InstaForex
Crypto Industry News:
During the first 7 days from the introduction of Ethereum Futures to the market by CME, the value of concluded contracts exceeded USD 23 million. According to a recent OKEx Insights report, "partial data for the week ending April 25 shows weekly volumes hit an all-time high of $ 353 million - over 166% more than the previous week's $ 132.57 million.
"Moreover, the number of contracts opened in the CME Ether Futures market also increased at a similar pace. The aforementioned report showed in this respect that:
"During the first month of trading, ETH Futures had an average Open Interest of $ 61.17 million. March data showed a significant spike in activity with average Open Interest peaked at $ 101.67 million.
In fact, since April 21, OI figures have risen to $ 205.6 million, reflecting the size of institutional measures that hit the Ethereum market in the last few months.
According to OKEx Insights, one of the main factors behind this was the normalization of mainstream cryptocurrency investing. The authors of the report argue that it was a byproduct of MicroStrategy, MassMutual and Tesla's entry into the cryptocurrency space, and each of these companies' actions legitimized a sector that had long struggled for Wall Street's attention.
Technical Market Outlook:
The ETH/USD pair has tested the key short-term technical support located at the level of $3,596 and bounced more than 50% already. The next local target for bulls is the 61% Fibonacci retracement located at the level of $4,074. If this retracement level is clearly violated, then bulls will likely test the ATH again (located at $4,369). The momentum is strong and positive, so it supports the bullish outlook for ETH.
Weekly Pivot Points:
WR3 - $4,545
WR2 - $4,714
WR1 - $4,394
Weekly Pivot - $3,656
WS1 - $3,369
WS2 - $2,577
WS3 - $2,290
Trading Recommendations:
The longer term up trend on the Ethereum continues despite the local counter-trend corrections. The next long term target for ETH/USD is seen at the level of $5,000. The key long term technical support is seen at the level of $3,881, so only a weekly candle close below this level will invalidate the bullish scenario.
Analysis are provided by InstaForex
InstaForex Gertrude
Active member
Forex Analysis & Reviews: Forecast for EUR/USD on May 14, 2021
EUR/USD Over the past day, nothing significant has happened to the euro. The price traded with a range of 27 points, closing the day with a symbolic rise. The Marlin oscillator approached the zero line even more on the daily, lowering the chances of a double divergence. The target for the decline is still the same - 1.1986.
The price settled below the MACD indicator line on the four-hour chart, Marlin conducted its own sideways consolidation. The similarity of the price and the oscillator enhances the technical sign of further downward price movement. Overcoming yesterday's low (1.2051) opens the way to the target at 1.1986.
Analysis are provided by InstaForex
EUR/USD Over the past day, nothing significant has happened to the euro. The price traded with a range of 27 points, closing the day with a symbolic rise. The Marlin oscillator approached the zero line even more on the daily, lowering the chances of a double divergence. The target for the decline is still the same - 1.1986.
The price settled below the MACD indicator line on the four-hour chart, Marlin conducted its own sideways consolidation. The similarity of the price and the oscillator enhances the technical sign of further downward price movement. Overcoming yesterday's low (1.2051) opens the way to the target at 1.1986.
Analysis are provided by InstaForex
InstaForex Gertrude
Active member
Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 17, 2021
EUR/JPY is in the final leg higher to the 133.66 target from where we should expect a correction in wave 4/ towards at least 130.82 and likely even closer to the 38.2% corrective target seen at 129.06. In the short term, a break below minor support at 132.00 will indicate that wave 3/ is complete and wave 4/ lower to support in the 129.06 - 130.82 area is in motion before rising higher again in wave 5/ towards 137.19.
Trading recommendation:
Sell long positions in EUR/JPY near 133.66 or upon a break below 132.00 and look for a new buying opportunity near 129.06
Analysis are provided by InstaForex
EUR/JPY is in the final leg higher to the 133.66 target from where we should expect a correction in wave 4/ towards at least 130.82 and likely even closer to the 38.2% corrective target seen at 129.06. In the short term, a break below minor support at 132.00 will indicate that wave 3/ is complete and wave 4/ lower to support in the 129.06 - 130.82 area is in motion before rising higher again in wave 5/ towards 137.19.
Trading recommendation:
Sell long positions in EUR/JPY near 133.66 or upon a break below 132.00 and look for a new buying opportunity near 129.06
Analysis are provided by InstaForex
InstaForex Gertrude
Active member
Forex Analysis & Reviews: Forecast for EUR/USD on May 18, 2021
EUR/USD
The euro is still hesitant to turn around. Now it clearly shows an intention to form a double divergence with the Marlin oscillator. The upward potential is up to the upper border of the price channel around 1.2238. The level may not be reached.
The current situation is completely upward on the four-hour scale - the price is rising above the balance and MACD indicator lines, the signal line of the Marlin oscillator turned upward from the zero line (arrow). Exit of the price above 1.2177 will mark the beginning of the formation of a double divergence, moving under the MACD line (1.2102) will indicate a downward trend reversal.
Analysis are provided by InstaForex
EUR/USD
The euro is still hesitant to turn around. Now it clearly shows an intention to form a double divergence with the Marlin oscillator. The upward potential is up to the upper border of the price channel around 1.2238. The level may not be reached.
The current situation is completely upward on the four-hour scale - the price is rising above the balance and MACD indicator lines, the signal line of the Marlin oscillator turned upward from the zero line (arrow). Exit of the price above 1.2177 will mark the beginning of the formation of a double divergence, moving under the MACD line (1.2102) will indicate a downward trend reversal.
Analysis are provided by InstaForex
InstaForex Gertrude
Active member
Forex Analysis & Reviews: Forecast for GBP/USD on May 19, 2021
GBP/USD
The pound gained 54 points on Tuesday. Trading volumes were at the level of the last two days and were generally average for the month. The growth probably occurred mainly due to the closing of moderate positions in terms of volume. On the daily chart, a price divergence is formed with the Marlin oscillator. The oscillator is probably preparing to leave the area from its own rising channel.
The divergence looks stronger and almost complete on the four-hour chart. With the price moving below the MACD line, around the level of 1.4103 (May 11 low), the price will move to 1.4004, to the May 13 low.
Analysis are provided by InstaForex
GBP/USD
The pound gained 54 points on Tuesday. Trading volumes were at the level of the last two days and were generally average for the month. The growth probably occurred mainly due to the closing of moderate positions in terms of volume. On the daily chart, a price divergence is formed with the Marlin oscillator. The oscillator is probably preparing to leave the area from its own rising channel.
The divergence looks stronger and almost complete on the four-hour chart. With the price moving below the MACD line, around the level of 1.4103 (May 11 low), the price will move to 1.4004, to the May 13 low.
Analysis are provided by InstaForex
InstaForex Gertrude
Active member
Forex Analysis & Reviews: GBPUSD holding above ascending trendline support! Bounce incoming!
GBPUSD holding above ascending trendline support. A short term bounce above 1st support at 1.40881 towards 1st resistance at 1.42117could be possible. RSI is testing support where price bounced in the past as well. Trading Recommendation Entry: 1.40881 Reason for Entry: 61.8% Fibonacci retracement, ascending trendline support
Take Profit: 1.42117
Reason for Take Profit:
Graphical swing high
Stop Loss: 1.40056
Reason for Stop Loss:
Horizontal swing low
Analysis are provided by InstaForex
GBPUSD holding above ascending trendline support. A short term bounce above 1st support at 1.40881 towards 1st resistance at 1.42117could be possible. RSI is testing support where price bounced in the past as well. Trading Recommendation Entry: 1.40881 Reason for Entry: 61.8% Fibonacci retracement, ascending trendline support
Take Profit: 1.42117
Reason for Take Profit:
Graphical swing high
Stop Loss: 1.40056
Reason for Stop Loss:
Horizontal swing low
Analysis are provided by InstaForex
InstaForex Gertrude
Active member
Forex Analysis & Reviews: Forecast for USD/JPY on May 21, 2021
USD/JPY
Yesterday, the dollar lost 44 points against the yen, but this day may be the last in the current stage of suppressing the pair's growth. Equity markets rose well yesterday (S& P 500 1.06%), this morning, the dollar shows a technical recovery to strengthen.
On the daily chart of the USD/JPY pair, the Marlin oscillator turns to the upside from the zero (neutral) line. Sure. These are only signs that the pair would rise. First of all, the price should rise above the strong resistance at 109.37. In this case, the 109.97 target is open, to which the MACD line is aiming for, then it may continue to rise to the area where two lines of price channels at 110.50 intersect.
On the four-hour chart, the only weak sign of growth is the Marlin Oscillator, which is turning up, but is still in the negative area. The MACD line coincides with the technical price level of 109.37, this increases the level's significance and at the same time its strength. We are waiting for the development of events.
Analysis are provided by InstaForex
USD/JPY
Yesterday, the dollar lost 44 points against the yen, but this day may be the last in the current stage of suppressing the pair's growth. Equity markets rose well yesterday (S& P 500 1.06%), this morning, the dollar shows a technical recovery to strengthen.
On the daily chart of the USD/JPY pair, the Marlin oscillator turns to the upside from the zero (neutral) line. Sure. These are only signs that the pair would rise. First of all, the price should rise above the strong resistance at 109.37. In this case, the 109.97 target is open, to which the MACD line is aiming for, then it may continue to rise to the area where two lines of price channels at 110.50 intersect.
On the four-hour chart, the only weak sign of growth is the Marlin Oscillator, which is turning up, but is still in the negative area. The MACD line coincides with the technical price level of 109.37, this increases the level's significance and at the same time its strength. We are waiting for the development of events.
Analysis are provided by InstaForex
InstaForex Gertrude
Active member
Forex Analysis & Reviews: Forecast for EUR/USD on May 24, 2021
EUR/USD The euro decided to make a reversal. So far, this reversal consists of an attack on support at 1.2170 that is not very confident. But the level is strong, it has acted as support and resistance several times since December last year.
The Marlin oscillator is decreasing on a daily basis, bracing for an attack on the border of the bears' territory, and according to its indication, the probability of the price successfully breaking through the indicated level is high. The target of the subsequent movement is the 1.1985-1.2040 range, defined by the May low and the MACD line.
Marlin is in the negative area on the H4 chart, the price is consolidating before the support of the actual price level at 1.2170 as well as the MACD line. Today is a holiday in Germany, Canada and Switzerland, and the US will not report any important reports, so we are waiting for the continuation of consolidation. Tomorrow, IFO indices will be released in Germany, as well as reports on US home prices, new home sales, and consumer confidence. We are waiting for the increased dynamics of the euro.
Analysis are provided by InstaForex
EUR/USD The euro decided to make a reversal. So far, this reversal consists of an attack on support at 1.2170 that is not very confident. But the level is strong, it has acted as support and resistance several times since December last year.
The Marlin oscillator is decreasing on a daily basis, bracing for an attack on the border of the bears' territory, and according to its indication, the probability of the price successfully breaking through the indicated level is high. The target of the subsequent movement is the 1.1985-1.2040 range, defined by the May low and the MACD line.
Marlin is in the negative area on the H4 chart, the price is consolidating before the support of the actual price level at 1.2170 as well as the MACD line. Today is a holiday in Germany, Canada and Switzerland, and the US will not report any important reports, so we are waiting for the continuation of consolidation. Tomorrow, IFO indices will be released in Germany, as well as reports on US home prices, new home sales, and consumer confidence. We are waiting for the increased dynamics of the euro.
Analysis are provided by InstaForex
InstaForex Gertrude
Active member
Forex Analysis & Reviews: Forecast for EUR/USD on May 25, 2021
EUR/USD
The consolidation we expected yesterday acquires an increased range, the price returns to the peaks on May 19 and 21. Most likely, the price will not be allowed to rise above these highs by the price channel line and double divergence with the Marlin oscillator. Until this exit has taken place, the main scenario is the euro reversal towards the departure under the May low of 1.1985.
The price is above the balance indicator lines and the MACD on the four-hour chart, while the Marlin oscillator has moved into the growth area. We don't expect Tuesday to be an easy day for the dollar, the euro, most likely, will stay above 1.2170 for another day.
Analysis are provided by InstaForex
EUR/USD
The consolidation we expected yesterday acquires an increased range, the price returns to the peaks on May 19 and 21. Most likely, the price will not be allowed to rise above these highs by the price channel line and double divergence with the Marlin oscillator. Until this exit has taken place, the main scenario is the euro reversal towards the departure under the May low of 1.1985.
The price is above the balance indicator lines and the MACD on the four-hour chart, while the Marlin oscillator has moved into the growth area. We don't expect Tuesday to be an easy day for the dollar, the euro, most likely, will stay above 1.2170 for another day.
Analysis are provided by InstaForex