Wave Analysis from InstaForex

Technical analysis of EUR/USD for Nov 21 2016

When the European market opens, there is no Economic Data will be released for today. The US will not release Economic Data, too, so, amid this condition, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0650.
Strong Resistance:1.0643.
Original Resistance: 1.0633.
Inner Sell Area: 1.0623.
Target Inner Area: 1.0598.
Inner Buy Area: 1.0573.
Original Support: 1.0563.
Strong Support: 1.0553.
Breakout SELL Level: 1.0546.

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Technical analysis of NZD/USD for November 22, 2016

NZD/USD is expected to extend its upside movement. The pair shows further upside potential after the upward breakout of its declining trend line, which emerged on Nov 17. The rising 20-period and 50-period moving averages are playing support roles and maintain the upside bias. The relative strength index stands firmly above its neutrality level at 50. As long as 0.7025 is support, look for a further upside toward 0.7010 and 0.7140 in extension.

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 0.7110 and the second one at 0.7140. In the alternative scenario, short positions are recommended with the first target at 0.6990 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6955. The pivot point lies at 0.7025.

Resistance levels: 0.7110, 0.7140, 0.7180
Support levels: 0.6990, 0.6955, 0.6875

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Daily analysis of GBP/USD for November 23, 2016

The pair trimmed its Monday's gains and now we can see a consolidation below the 200 SMA once again,while the resistance zone of 1.2516 is still being respected during the week. A breakout below the support area of 1.2396 should push lower to the GBP/USD pair in order to reach the next demand zone around 1.2361. MACD indicator is supporting that bearish scenario.

H1 chart's resistance levels: 1.2451 / 1.2516
H1 chart's support levels: 1.2396 / 1.2361

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2451, take profit is at 1.2516 and stop loss is at 1.2386.

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Daily analysis of GBP/USD for November 24, 2016

GBP/USD is still hovering around the 200 SMA zone at H1 chart, as the pair is still deciding its path for coming days. It should be noted that we cannot expect a big catalyst to unleash volatility ahead of the weekend, as today we'll have thin liquidity, because of Thanksgiving holiday in the United States. If GBP/USD manages to break the 1.2451 level, then it can rally toward the 1.2516 zone.

H1 chart's resistance levels: 1.2451 / 1.2516
H1 chart's support levels: 1.2396 / 1.2361

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2451, take profit is at 1.2516 and stop loss is at 1.2386.

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Technical analysis of EUR/USD for Nov 25, 2016

When the European market opens, some Economic Data will be released, such as Italian Retail Sales m/m. The US will release the Economic Data, too, such as Flash Services PMI, Prelim Wholesale Inventories m/m, and Goods Trade Balance. So, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0604.
Strong Resistance:1.0597.
Original Resistance: 1.0587.
Inner Sell Area: 1.0577.
Target Inner Area: 1.0552.
Inner Buy Area: 1.0527.
Original Support: 1.0517.
Strong Support: 1.0507.
Breakout SELL Level: 1.0500.

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Technical analysis of GBP/JPY for November 28, 2016

GBP/JPY is expected to trade with bearish bias above 141.25. The pair is trading below its 20-period and 50-period moving averages, while the 20-period moving average crossed above the 50-period one. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum. Additionally, 141.25 represents a significant key resistance level, which should limit the upside potential. As long as 141.25 holds on the upside, look for a further downside toward 138.70 and even 137.25 in extension.

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 138.70. A break below this target will move the pair further downwards to 137.25. The pivot point stands at 141.25. In case the price moves in the opposite direction and bounces back from the support level, it will go 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 138.70 and the second one at 137.25.

Resistance levels: 142.40, 143.25, 144.10
Support levels: 138.70, 137.25, 136.2


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Technical analysis of USD/JPY for November 29, 2016

USD/JPY is expected to trade with bullish bias above 111.30. The pair pulled back to test its nearest support at 111.30, which is expected to allow for a temporary stabilization. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

U.S. government bonds firmed up, sending the benchmark 10-year U.S. Treasury yield down to 2.319% from 2.359% Friday.

Taking advantage of a weaker U.S. dollar, gold gained 0.8% to $1,192 an ounce and silver was up 0.8% to $16.63 an ounce.

The U.S. dollar got deeper into its consolidation phase. The ICE U.S. Dollar Index sank to a session-low of 100.64, the lowest intraday level since November 17, before settling at 101.18, down 0.3% on day.

As long as 111.30 holds as a key support, the pair is more likely to advance toward 112.75 at first.

Trading Recommendation: 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 112.75 and the second one at 113.25. In the alternative scenario, short positions are recommended with the first target at 110.75 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 110.25. The pivot point lies at 111.30.

Resistance levels: 112.75, 113.25, 113.90
Support levels: 110.75, 110.25, 110

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Daily analysis of USDX for November 30, 2016

The index stayed bearish during Tuesday's session and it managed to consolidate slightly below the 200 SMA on H1 chart. That's the confirmation that strong resistance can be found around 101.74, while we expect further declines toward the 100.53 level, where a breakout lower should deliver more bearish momentum in order to decline until the 99.39 level. MACD indicator is supporting that scenario.

H1 chart's resistance levels: 101.74 / 102.61
H1 chart's support levels: 100.53 / 99.39

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 101.74, take profit is at 102.61 and stop loss is at 100.87.

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Technical analysis of USD/JPY for Dec 01, 2016

In Asia, Japan will release the 10-y Bond Auction, Final Manufacturing PMI, Capital Spending q/y and the US will release some Economic Data, such as Total Vehicle Sales, Natural Gas Storage, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, Unemployment Claims, and Challenger Job Cuts y/y. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Resistance. 3: 114.99.
Resistance. 2: 114.76.
Resistance. 1: 114.54.
Support. 1: 114.27.
Support. 2: 114.04.
Support. 3: 113.82.

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Daily analysis of GBP/USD for December 05, 2016

The bulls are still in charge of GBP/USD situation, as the pair managed to consolidate gains above the 1.2700 level before the latest weekend. Currently, it faces a strong resistance around 1.2732, where a breakout higher should expose the next barrier at the 1.2840 level. A correction can happen during the week, but as long as GBP/USD remains above the 200 SMA, we can expect further gains.

H1 chart's resistance levels: 1.2732 / 1.2840
H1 chart's support levels: 1.2625 / 1.2568

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2732, take profit is at 1.2840 and stop loss is at 1.2625.

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Technical analysis of EUR/USD for Dec 06, 2016

When the European market opens, some Economic Data will be released, such as ECOFIN Meetings, Revised GDP q/q, Retail PMI, and German Factory Orders m/m. The US will release the economic data, too, such as IBD/TIPP Economic Optimism, Factory Orders m/m, Revised Unit Labor Costs q/q, Trade Balance, and Revised Nonfarm Productivity q/q. So, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0808.
Strong Resistance:1.0802.
Original Resistance: 1.0791.
Inner Sell Area: 1.0780.
Target Inner Area: 1.0755.
Inner Buy Area: 1.0730.
Original Support: 1.0719.
Strong Support: 1.0708.
Breakout SELL Level: 1.0702.

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Technical analysis of EUR/USD for Dec 07, 2016

When the European market opens, some economic data are due today such as Italian Quarterly Unemployment Rate, French Trade Balance, and German Industrial Production m/m. The US will release the economic data too such as Consumer Credit m/m, Crude Oil Inventories, and JOLTS Job Openings. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.0766.
Strong Resistance:1.0760.
Original Resistance: 1.0749.
Inner Sell Area: 1.0738.
Target Inner Area: 1.0713.
Inner Buy Area: 1.0688.
Original Support: 1.0677.
Strong Support: 1.0666.
Breakout SELL Level: 1.0660.

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Technical analysis of GBP/JPY for December 09, 2016

GBP/JPY is Under pressure. The pair is trading below its resistance at 144.75, which should limit the upside attempts. The downward momentum is further reinforced by its descending 50-period moving average, which maintains a downside bias. Besides, the relative strength index is below its neutrality area at 50, and lacks upward momentum. To sum up, as long as 144.75 is not surpassed, the pair is likely to drop to 143.30 and then to 142.70.

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 143.30. A break below this target will move the pair further downwards to 142.70. The pivot point stands at 144.75. In case the price moves in the opposite direction and bounces back from the support level, it will go 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 145.15 and the second one at 145.70.

Resistance levels: 145.15, 145.70, 146.35
Support levels: 143.30, 142.70, 141.50

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Intraday technical levels and trading recommendations for GBP/USD for December 12, 2016

The price zone between 1.3845 and 1.3550 (historical bottoms set in January 2009) was considered a significant demand zone to be watched for bullish recovery.
However, by the end of June a significant bearish break below 1.3550 was expressed as seen on the depicted charts (fundamental reasons).
Bearish persistence below the demand level at 1.3550 enhanced the bearish scenario towards the current price levels around 1.2700 (nearest bearish projection target).
Note that the GBP/USD pair was trapped inside the depicted consolidation range above 1.2700 until a bearish breakout took place on October 6.
Daily persistence below 1.2700 confirmed the bearish Flag pattern. That is why, a bearish projection target would be located around 1.2020.
Recently, bullish recovery was manifested around 1.2080. That is why, a bullish pullback is being executed towards 1.2700-1.2750.
Risky traders can consider the current bullish pullback towards the price zone of 1.2700-1.2750 for a valid SELL entry. S/L should be set as daily closure above 1.2750. T/P levels should be located at 1.2300 and 1.2100.
This SELL entry should be managed cautiously as the ascending bottoms around the price levels of 1.2120 and 1.2320 will probably apply significant bullish pressure over the Supply zone of 1.2700-1.2750.

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Daily analysis of GBP/USD for December 13, 2016

The pair gained a strong bullish momentum during Monday's session, consolidating above the 1.2650 level across the board, following a dynamic support provided by the 200 SMA on H1 chart. If GBP/USD manages to break above the key area of 1.2700, it should reach the highs from December 6th, but the bullish bias is still limited below that zone.

H1 chart's resistance levels: 1.2700 / 1.2763
H1 chart's support levels: 1.2613 / 1.2551

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2700, take profit is at 1.2763 and stop loss is at 1.2637.

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Daily analysis of GBP/USD for December 14, 2016

GBP/USD pulled back from the resistance level of 1.2700, ahead of FOMC meeting. Currently, it's still hovering above the 200 SMA, strengthening the bullish bias in the short term and that's why we're still favoring further gains. However, if the pair manages to break below the 1.2613 level, then it can test the 1.2551 level.

H1 chart's resistance levels: 1.2700 / 1.2763
H1 chart's support levels: 1.2613 / 1.2551

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2700, take profit is at 1.2763 and stop loss is at 1.2637.

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Daily analysis of GBP/USD for December 15, 2016

Following the Fed's rate hike at the December meeting, the US Dollar index had a strong bullish momentum above the 200 SMA on H1 chart and now it's heading toward the resistance level of 102.87, which is a key supply area. That could be possible to reach in the near time, as the index managed to break a sideways range. A strong support lies around 100.81.

H1 chart's resistance levels: 102.87 / 103.98
H1 chart's support levels: 101.74 / 100.81

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 101.56, take profit is at 101.93 and stop loss is at 101.18.

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Gold analysis for December 19, 2016

Recently, gold has been trading sideways at the price of $1,130.80. Using the market profile, I found today's point of control at the price of $1,133.30 on the 30M time frame. The price is trading below 21SMA, which is a sign of weakness. Watch for selling opportunities.The short-term trend is bearish. The downward target is set at the price of $1,122.95.

Resistance levels:
R1: 1,139.00
R2: 1,143.65
R3: 1,151.10

Support levels:
S1: 1,124.25
S2: 1,119.70
S3: 1,112.80

Trading recommendations for today: Watch for selling opportunities on pullbacks.

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