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Forex Analysis & Reviews: Elliott wave analysis of Silver for May 26, 2021

Silver is ready to test key resistance at 29.86. When it breaks this level, silver will move higher to the all-time high at 49.83. Ultimately silver should break above here too for a rally closer to 100.

Support is now seen at 27.46 that ideally should be able to protect the downside.

Trading recommendation:

Buy silver for a test of 29.86 and ultimately a break above here too for a continuation towards 49.83

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Forex Analysis & Reviews: Forecast for EUR/USD on May 27, 2021

EUR/USD
The euro began to decline. Yesterday the price expectedly left the wedge-shaped formation downwards, this morning the Marlin oscillator attacks the border of the downward trend. Double divergence is gaining strength. The first target for the decline is the MACD line in the area of 1.2055, which is near the low on May 13.

The price settled under the MACD line on the four-hour chart, and the Marlin oscillator was deeply embedded in negative territory. We are waiting for the price at the designated target.

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Forex Analysis & Reviews: US stocks rise after unemployment data

As a result of trading, the Dow Jones Industrial Average rose 139 points, or 0.4%, to 34462. The S&P 500 index rose 0.1%. The Nasdaq Composite was down less than 0.1%.

This week, stock indices are hovering amid easing concerns about a spike in inflation and after Fed officials said they could start discussing adjustments to asset purchase programs in the near future. Investors are closely monitoring indicators of economic activity to assess the likely timing of the withdrawal of monetary stimulus.

The number of initial applications for unemployment benefits last week was 406,000, a week earlier it was 444,000. It fell to a new low since the start of the pandemic due to further improvement in the labor market situation, and was even lower than analysts expected.

Durable goods orders fell 1.3% in April, while economists were mostly forecasting an upturn. US GDP for the 1st quarter, according to the second estimate, grew by 6.4%.

Investors are closely watching the stocks of companies that have become popular among online traders. AMC Entertainment shares up 50%. Stocks and GameStop hovered around the flat line.

Ford Motor shares added 5.7%. They are rising for the second day in a row after the company announced that 40% of its global car fleet should be fully electric by 2030. Dollar Tree shares fell 6.9%.

The yield on 10-year US Treasuries rose to 1.609% from 1.572% on Wednesday.

The pan-European Stoxx Europe 600 gained 0.3%.

In Asia, trading in shares ended with multidirectional dynamics. Shanghai Composite added 0.4%, Hang Seng dropped 0.2%.

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Forex Analysis & Reviews: Forecast for EUR/USD on May 31, 2021

EUR/USD
The euro fell by 60 points last Friday, and with the release of positive US data, it returned to the opening of the day. Investors probably closed against the data ahead of the long weekend in the US and UK until June 1. Consumer personal spending for April increased by the expected 0.5%, the US trade balance for April improved from -92.0 billion dollars to -85.2 billion.

Technically, nothing has changed for the euro, even the indicators at the end of the day did not move from their values. As a result, we are still waiting for the price to support the MACD line on the daily chart near the 1.2052 mark. The level coincides with the low on May 13.

On the four-hour chart, the price did not go over the MACD line and the Marlin oscillator did not cross the zero line, that is, did not leave the negative territory. The EUR/USD pair is likely to resume its decline.

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Forex Analysis & Reviews: Forecast for EUR/USD on June 1, 2021

EUR/USD
On Monday, the euro strengthened in a trading range of May 19-27 in the thin market, still creating a technical risk for growth to the target levels of 1.2272 and 1.2310 (peaks on December 17 and 31, 2020). A decline from yesterday's opening removes such a risk and will set the euro to exit the range down.

This moment looks more detailed on the four-hour scale: consolidating under the MACD line (1.2220) with a departure under 1.2200 creates a signal for movement towards the MACD line on the daily chart, in the area of 1.2068.

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Forex Analysis & Reviews: Technical Analysis of EUR/USD for June 2, 2021

Technical Market Outlook:
The EUR/USD pair rally towards the swing high had been capped at the level of 1.2254 after the Pin Bar candlestick was made. The next target for bulls is seen at the level of 1.2266, which is a swing high. If there is no sustained and coordinated up wave continuation above the level of 1.2266, the bears might strike again and push the prices towards the main channel lower line seen around the level of 1.2160 or the local low made at 1.2131. So fat the momentum is strong and positive, which support the short-term bullish outlook.

Weekly Pivot Points:
WR3 - 1.2356
WR2 - 1.2298
WR1 - 1.2235
Weekly Pivot - 1.2173
WS1 - 1.2117
WS2 - 1.2059
WS3 - 1.1997

Trading Recommendations:
The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent Doji candlestick high. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.2241 (25.02.2021) and 1.2350 (06/01/2021).

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Forex Analysis & Reviews: Technical Analysis of EUR/USD for June 3, 2021

Technical Market Outlook:
The EUR/USD pair had tested the lower channel line again, just around the level of 1.2200 and made a new local low at the level of 1.2164. If there is no sustained and coordinated up wave continuation above the level of 1.2266, the bears might strike again and push the prices towards the main channel lower line seen around the level of 1.2160 or the local low made at 1.2131. The momentum is neutral and the market conditions are now overbought.

Weekly Pivot Points:
WR3 - 1.2356
WR2 - 1.2298
WR1 - 1.2235
Weekly Pivot - 1.2173
WS1 - 1.2117
WS2 - 1.2059
WS3 - 1.1997

Trading Recommendations:
The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent Doji candlestick high. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.2241 (25.02.2021) and 1.2350 (06/01/2021).

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Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 4, 2021

We are looking for a correction in wave 4/ towards 130.86 as a minimum from where we could see the next impulsive rally higher towards 135.42 and possibly even higher. As wave 2/ was a simple deep zig-zag correction, we should expect a complex and hard to trade wave 4/ towards the ideal target at 130.86. It's possible that wave 4/ continues lower towards the 38.2% correction at 129.06 but only time will tell.

Trading recommendation:
As a complex and hard to trade wave 4 correction is unfolding, we recommend stay on the sideline and wait to buy EUR near 130.86 for the next rally towards 135.42

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Forex Analysis & Reviews: Forecast for USD/JPY on June 7, 2021

USD/JPY
The USD/JPY pair returned to support at 109.37 last Friday. The signal line of the Marlin oscillator has reached the lower border of its own rising channel on the daily chart. Growth recovery in case of price reversal from technical support in this situation looks like a "traditional" scenario, as the growing Marlin channel has acquired the third touchpoint and, thus, the 110.47 target remains relevant and important.

But the pair's recent development is directly related to the dollar index, and today it is in a situation of uncertainty. Therefore, the option of continuing the decline when the price settles below the 109.37 level is quite probable. The target of this movement will be the 108.35 level.

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Forex Analysis & Reviews: Forecast for EUR/USD on June 8, 2021

EUR/USD
The euro gained 23 points on Monday, going deeper into the accumulation range of May 18. The intention to form a triple divergence with the Marlin oscillator has intensified. Also, the price may turn down within the accumulation range, since the Marlin oscillator is still in the negative zone and is in no hurry to get out of it. The probability of the price reaching the level of 1.2272 is about 40%.

On the four-hour scale, the situation is similar in terms of uncertainty, here the oscillator is in the growth area, but the price is below the indicator lines. A breakthrough above the MACD line, above 1.2214, will increase the probability that the price will reach the 1.2272 level to 50%.

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Forex Analysis & Reviews: Forecast for EUR/USD on June 9, 2021

EUR/USD On Tuesday, the euro fell to the lower limit of the accumulative range from May 18, which formally increases the likelihood of going down from it, but tomorrow the European Central Bank will hold a monetary policy meeting, it will be very important, if only due to the fact that it will take place in its traditional form, and not online. The investors' main issue of concern is the change in the volume of the PEPP program. The euro may remain in a neutral range as it awaits the ECB meeting.

The probability of a triple divergence of the price with the oscillator remains. And here the rapid growth in the 1.2272-1.2310 range may take place precisely at the ECB meeting. Another scenario assumes a decline to the target level of 1.2051 - to the low on May 13. Further, a decline to the lower border of the price channel is possible - to the area of 1.1925.

The Marlin oscillator is already lying on the horizon on the four-hour chart, which suggests a sideways price movement in anticipation of tomorrow's event. A signal for growth will be the price exit above the MACD line (1.2210).

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Forex Analysis & Reviews: Forecast for EUR/USD on June 10, 2021

EUR/USD
Yesterday, the euro was growing at the moment by 46 points, but the final daily growth was 8 points - investors were waiting for today's decision of the ECB on monetary policy and the US CPI indicators for May. The forecast for the general CPI is 4.7% y/y against 4.2% y/y in April, the core CPI is expected to be 3.4% y/y against 3.0% y/y a month earlier. Investors, of course, are waiting for an increase in inflation indicators, so the EUR/USD pair is visually preparing to move out of the accumulation range to the downside. The likelihood of a triple divergence is still there, as news from the ECB will be released first.

But in general, whether another price surge will take place or not, we are waiting for the euro to reach the target level of 1.2051. Surpassing the level makes way for the 1.1925 target - the lower border of the rising price channel.

On the four-hour scale, the price turned downward from the MACD line yesterday, piercing it. This is still a sign of a further decline in prices from current levels. The Marlin oscillator is breaking into a downward trend zone.

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Forex Analysis & Reviews: Elliott Wave Analysis of Natural Gas for June 28, 2021

Natural Gas just complete a cup with handle bottom calling for a rally towards 5.26. We currently see support at the cup with handle neckline at 3.40 and key support that should be able to protect the downside is seen at 3.13.

Longer term we will be looking for much higher levels, but expect resistance in the 4.92 - 5.26 zone should spark a period of consolidation before the next push higher towards 6.13 - 6.49 as the next target zone

Trading recommendation:
Buy Natural Gas or UNG to get exposure and place you stop at 3.10 for the rally to the 4.92 - 5.26 target-zone

Analysis are provided by InstaForex
 
Forex Analysis & Reviews: Forecast for EUR/USD on June 29, 2021

EUR/USD
The euro lost only a few points on Monday, but this showed the main thing - the intention to continue the decline to the first target of 1.1855, and then, if it overcomes this support, to strengthen the fall to 1.1705.

Doubt is shown only by the Marlin oscillator on the daily chart, it never formed a reversal. Perhaps even before Friday's US employment report, macroeconomic data may not come as a pleasant surprise. For an alternate growth scenario, the price needs to settle above the signal level of 1.1970. In this case, the price may subsequently try to reach the MACD indicator line in the area of 1.2060.

The price is above the balance and MACD indicator lines on the four-hour chart, the Marlin oscillator is on the zero line. For a downward signal, the price needs to go below these indicator lines, which coincide with yesterday's low at 1.1902. Perhaps it is this support that is felt by Marlin on a daily scale and keeps the market's interest in buying.

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Forex Analysis & Reviews: Forecast for AUD/USD on June 30, 2021

AUD/USD
The Australian dollar dropped 54 points on Tuesday and so it settled below the line of the descending price channel (0.7542). The Marlin oscillator is going down in the negative area, the price has 25 points left before moving below the nearest target level of 0.7490. After that, the target range 0.7400/10 had become active.

The price settled below the MACD indicator line on the four-hour chart, below the level of the price channel at 0.7542, the Marlin oscillator is in the negative area with no signs of a reversal. We are waiting for the price to move down even further.

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Forex Analysis & Reviews: Trading plan for EURUSD for June 30, 2021

Technical outlook:
EURUSD is still testing its support trend line since March 2020 lows around 1.1885/90 today. It needs to break into the sell zone to accelerate further lower towards 1.1700 going forward. A bullish bounce here might produce a pullback rally towards 1.2030 levels before reversing lower again. Overall structure continues to remain bearish until prices stay below 1.2266 levels.

EURUSD is trading near the intraday low around 1.1885/88 at this point in writing and is expected to break lower towards 1.1730/40 soon. Immediate support is seen through 1.1700 while resistance is fixed at 1.2266 levels respectively. In case of a gartley being produced here, the counter trend rally could reach 1.2000 handle, which is fibonacci 0.618 retracement of the recent down swing.

EURUSD potential remains to drop towards 1.1300 at least in the next few weeks time. It could further extend lower through 1.0636 mark and attempt a break below its March 2020 lows.

Trade plan:
Remain short for now, stop @ 1.2266, target is @ 1.1300.

Good luck!

Analysis are provided by InstaForex
 
Forex Analysis & Reviews: Forecast for EUR/USD on July 2, 2021

EUR/USD
Yesterday, as expected, the euro spent the whole day at the target level of 1.1855 in anticipation of today's data on US employment. The data is expected to be good: the forecast for Non-Farm Employment Change (new jobs in the non-agricultural sector) for June is 700,000, the unemployment rate may drop to 5.7% from the latest data of 5.8%. Also, the volume of industrial orders for May is forecast to grow by 1.6%. We are waiting for the price to fall even further and reach the target level of 1.1705.

The signal line of the Marlin oscillator on the H4 chart was flat yesterday. The short-term exit above the MACD line once again showed the falsity of such an intention and strengthened the downward trend. We are waiting for the development of events.

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Forex Analysis & Reviews: Forecast for AUD/USD on July 5, 2021

AUD/USD
The Australian dollar appears to have overreacted to the weakness in the US dollar on the day the US employment data was released. AUD/USD gained 57 points. The embedded price channel line at 0.7540 is close to a retest.

The general trend for the pair, of course, remains downward, but settling above 0.7540 can still fuel the correction. Under favorable circumstances, it is possible for the aussie to rise to the June 25 high at 0.7618.

But external circumstances are not yet favorable. Last Friday, different brands of oil closed mixed, iron ore fell 0.6%, and this morning, Pacific stock indexes show mixed dynamics. In such a situation, we should wait until Tuesday, when US investors return to work, and track their further intentions.

The price settled above the MACD indicator line on the four-hour chart, the Marlin oscillator, after its own consolidation, went up into the zone of positive values. Today, the aussie might move sideways.

Analysis are provided by InstaForex
 
Forex Analysis & Reviews: Forecast for EUR/USD on July 6, 2021

EUR/USD
The euro showed a symbolic decline by 2 points on Monday, as US players were absent on the market. Technically, this highlighted the weakness of convergence on the daily chart, which could easily be transformed into any other formation.

On the other hand, the price has also formally settled above the target level of 1.1855, and if the price rises steadily today, the convergence may change its appearance into a more readable one. If the gain is not strong, then the Marlin oscillator may form a sideways range, as shown by the gray area on the chart.

Marlin is already on the horizon, and on the zero line on the four-hour chart. The price settled above the MACD line, but below the balance line (red indicator).

In general, the probability of price growth is 55%. With the price moving below the MACD line at H4 (1.1845), the probability of a further decline to the target level 1.1705 will increase to 65%. One can speak of a confident decline from the euro only after the price has surpassed the July 2 low of 1.1806.

Analysis are provided by InstaForex
 
Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 7, 2021

EUR/JPY has seen a deep correction in red wave ii, but should stay above the low of red wave i at 130.04 for the next rally higher towards the long-term target at 135.41 where wave 3/ will be 161.8% the length of wave 1/.

Short-term we would like to see a break above minor resistance at 131.66 as a confirmation that red wave ii has completed and red wave iii higher towards 135.41 is in motion.

Under this count support at 130.04 can't be broken or a revision of our bullish count will be needed.

Trading recommendation:
Buy EUR and place you stop at 130.00 for a rally towards 135.41

Analysis are provided by InstaForex
 
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