Wave Analysis from InstaForex

InstaForex Gertrude · Jun 16, 2022

Forex Analysis & Reviews: Forecast for EUR/USD on June 16, 2022

On Wednesday, the US Federal Reserve raised its base rate from 1.00% to 1.75%, in line with bold expectations. The majority of investors expected an increase to 1.50%. The sharp increase in the rate led to massive purchases of US government bonds, th

Yesterday, the euro traded within the range of target levels 1.0340-1.0493. Its growth is visually perceived as a correction. We believe that the imbalance of the single currency due to a strong rate hike will end today, so we are waiting for the closing of the day with a decrease. And then we are waiting for the price to leave under the support of 1.0340 and advance to 1.0170. On the four-hour chart, the Marlin Oscillator shows the intention to turn down from the border with the growth territory. It is very similar to the fact that the oscillator is forming a short-term range in the negative zone. And this is consolidation before the next decline.

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techlysolutions · Jun 16, 2022

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InstaForex Gertrude · Jun 17, 2022

Forex Analysis & Reviews: Forecast for USD/JPY on June 17, 2022

For the last two days, Wednesday and Thursday, the yen corrected after a strong growth since the final days of May. The correction ended at the embedded price channel line at 131.48. The Marlin Oscillator has not left the positive area, which confirms the corrective nature of the decline.

In today's Asian session the pair is trying to go over the resistance of the upper sloping line at 133.80 as soon as possible. If it succeeds, then the target opens at 135.59 (high on June 15), then 137.20.

On the 4-hour chart, the price had a good momentum before attacking 133.80, and above this level there is the MACD line (134.65), which needs to be overcome before the key event of the transition above 135.59. The Marlin Oscillator has not yet left the downward trend, it needs to do so as soon as possible, because without the help of the oscillator, the price may not move above the MACD line. The main scenario is rising.

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JacksonZWDed · Jun 20, 2022

InstaForex Gertrude · Jun 20, 2022

Forex Analysis & Reviews: Technical Analysis of EUR/USD for June 20, 2022

Technical Market Outlook:
The EUR/USD pair had almost retraced 61% of the last wave down and made a Pin Bar candlestick at the level of 1.0661, 14 pips away from the Fibonacci retracement level. Since then, the bulls keep trying to continue the bounce, keep making the local pull-backs, but the level of 1.0615 is still unreachable for them. The nearest technical support is seen at 1.0469 - 1.0448, so as long as the market trades above this zone, the outlook remains bullish. Please notice, that despite the recent efforts, the bulls are still trading inside the bearish zone and they need to break above the level of 1.0678 to enter the bullish zone.

The up trend can be continued towards the next long-term target located at the level of 1.1186 only if the complex corrective structure will terminate soon (above 1.0335) and the market breaks above 1.0678 level. The bullish cycle scenario is confirmed by breakout above the level of 1.0726, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0335 or below.

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JacksonZWDed · Jun 20, 2022

InstaForex Gertrude · Jun 21, 2022

Forex Analysis & Reviews: ETHUSD, Potential For Bearish drop | 21st June 2022

Description On the H4, with price moving below our ichimoku cloud, we have a bearish bias that price will drop to our 1st support at 702 in line with the 78.6% Fibonacci projection level from our 1st resistance at 1282 in line with the horizontal pullback resistance is. Alternatively, price may not break structure and head for our 2nd resistance at 1739 where the pullback resistance and 23.6% Fibonacci retracement.

Trading Recommendation
Entry: 1282 Reason for Entry: Horizontal pullback resistance
Take Profit: 702Reason for Take Profit:78.6% Fibonacci projection
Stop Loss: 1739 Reason for Stop Loss:Horizontal pullback resistance and 23.6% Fibonacci retracement

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InstaForex Gertrude · Jun 22, 2022

Forex Analysis & Reviews: GBPUSD Potential For Bullish Continuation | 22nd June 2022

Description: On the H4, with prices expected to bounce off the ichimoku support, we have a bullish bias that price will rise from our 1st support at 1.21846 where the horizontal overlap support,50% fibonacci retracement and 61.8% fibonacci projection to our 1st resistance at 1.24327 in line with the 61.8% fibonacci projection, 78.6% fibonacci retracement and pullback resistance. Alternatively, price may break 1st support structure and head for 2nd support at 1.19313 where the horizontal swing low support is.

Trading Recommendation
Entry: 1.21846Reason for Entry:horizontal overlap support,50% fibonacci retracement and 61.8% fibonacci projection
Take Profit: 1.24327Reason for Take Profit:61.8% fibonacci projection, 78.6% fibonacci retracement and pullback resistance
Stop Loss: 1.19313Reason for Stop Loss: horizontal swing low support

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InstaForex Gertrude · Jun 23, 2022

Forex Analysis & Reviews: USDCHF, Potential For Bullish rise | 23rd June 2022

Description : On the H4, with the price expected to bounce off the RSI indicator, we have a bearish bias that price will rise from our 1st support at 0.95475 where the horizontal swing low support and 100% Fibonacci projection is to our 1st resistance at 0.97148 in line with the horizontal swing high resistance. Alternatively, price may break structure and head for 2nd support at 0.94114 where the 127.2% Fibonacci extension is.

Trading Recommendation
Entry: 0.95475 Reason for Entry: Horizontal swing low support and 100% Fibonacci projection
Take Profit: 0.97148Reason for Take Profit:Horizontal swing high resistance
Stop Loss: 0.94114Reason for Stop Loss:127.2% Fibonacci extension

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InstaForex Gertrude · Jun 24, 2022

Forex Analysis & Reviews: USDJPY Potential For Bullish Continuation | 24th June 2022

Description:
On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 135.536 in line with the pullback support and 23.6% fibonacci retracement to our 1st resistance at 138.846 where the 161.8% fibonacci extension and 78.6% fibonacci projection are . Alternatively, price may break 1st support structure and head for 2nd support at 131.607 in line with the swing low support,78.6% fibonacci projection and 50% fibonacci retracement.

Trading Recommendation
Entry: 135.536
Reason for Entry:horizontal pullback support and 23.6% fibonacci retracement
Take Profit: 138.846
Reason for Take Profit:161.8% fibonacci extension and 78.6% fibonacci projection
Stop Loss: 131.607
Reason for Stop Loss: horizontal swing low support,78.6% fibonacci projection and 50% fibonacci retracement

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JacksonZWDed · Jun 25, 2022

InstaForex Gertrude · Jun 27, 2022

Forex Analysis & Reviews: USDCAD, Potential For Bullish Bounce | 27th June 2022

On the H4, with price expected to bounce off the stochastics indicator, we have a bullish bias that price will rise from our 1st support at 1.28647 where the horizontal swing low support and 38.2% Fibonacci retracement is to our 1st resistance at 1.30128 in line with the horizontal swing high resistance. Alternatively, price may break structure and head for 2nd support where the horizontal pullback support and 61.8% Fibonacci retracement.

Trading Recommendation
Entry: 1.28647 Reason for Entry: Horizontal swing low support and 38.2% Fibonacci retracement
Take Profit: 1.30128
Reason for Take Profit: Horizontal swing high resistanceStop Loss: 1.27189 Reason for Stop Loss:
Horizontal pullback support and 61.8% Fibonacci retracement

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JacksonZWDed · Jun 28, 2022

InstaForex Gertrude · Jun 28, 2022

Forex Analysis & Reviews: Elliott wave analysis of Gold for June 28, 2022

Gold has been consolidating since it peaked at 2,075 in August 2020. With higher lows, it's likely that an ascending triangle is developing. If this is the case, we should see a rally towards the resistance line near 2,075 before a final corrective decline to 1,890 before the real take-off towards 2,400 and 2,700.

That said, it's important to remember, that fifth waves within the commodity complex often become runaway rallies. If this is the case here too, then 2,700 may be just a minor bump on the way higher to 3,340.

In the short term, a break above minor resistance at 1,857 will call for a rally towards 2,075 in wave D.

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JacksonZWDed · Jun 28, 2022

InstaForex Gertrude · Jun 29, 2022

Forex Analysis & Reviews: EURUSD Potential For Bearish Continuation | 29th June 2022

On H4, with price recently breaking the ascending trendline, we have a bearish bias that price will continue to drop from the 1st resistance at 1.06047 at the pullback resistance in line with the 61.8% fibonacci projection and 61.8% fibonacci retracement to the 1st support at 1.03541 in line with the multiple horizontal swing lows. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 1.07814 at the horizontal swing high in line with the 50% fibonacci retracement and 100% Fibonacci projection.

Trading Recommendation
Entry: 1.06047
Reason for Entry:
Pullback resistance in line with the 61.8% fibonacci projection and 61.8% fibonacci retracementTake Profit: 1.03541
Reason for Take Profit:Multiple horizontal swing lowsStop Loss: 1.07814 Reason for Stop Loss:
Horizontal swing high in line with the 50% fibonacci retracement and 100% Fibonacci projection.

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InstaForex Gertrude · Jun 30, 2022

Forex Analysis & Reviews: Technical Analysis of GBP/USD for June 30, 2022

Technical Market Outlook:
The GBP/USD pair has been rejected from the main channel lower line as the bulls failed to rally back inside the main channel. The price went lower to break below the key short-term technical support seen at the level of 1.2165 - 1.2155 and now this level is being tested from below. If the bearish pressure intensify and the level of 1.2165 holds, the next target for bears is seen at the level of 1.2072 or below. The supply zone located between the levels of 1.2618 - 1.2697 is still the main obstacle for bulls that needs to be broken if the rally is expected to be continued, but for now bulls can not even get back to the main channel.

Weekly Pivot Points:
WR3 - 1.2507
WR2 - 1.2415
WR1 - 1.2351
Weekly Pivot - 1.2242
WS1 - 1.2181
WS2 - 1.2088
WS3 - 1.2017

Trading Outlook:
The price broke below the level of 1.3000 quite long time ago, so the bears enforced and confirmed their control over the market in the long term. The Cable is way below 100 and 200 WMA , so the bearish domination is clear and there is no indication of trend termination or reversal. The bulls are now trying to start the corrective cycle after a big Pin Bar candlestick pattern was made last week. The next long term target for bears is seen at the level of 1.1989. Please remember: trend is your friend.

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JacksonZWDed · Jul 1, 2022

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InstaForex Gertrude · Jul 1, 2022

Forex Analysis & Reviews: Forecast for EUR/USD on July 1, 2022

Mixed data on Europe and the US came out on Thursday, which led to a breakthrough of counter-dollar currencies into correction, the dollar index lost 0.39% on the day. If you look closely at adjacent markets, and there the yield on 5-year US government bonds decreased from 3.13% to 3.04% and the S&P 500 fell by 0.88% while gold fell by 0.55%, then the idea arises that the growth of the euro and other currencies occurred primarily due to the short-term weakness of the dollar itself. This weakness may extend the corrective growth of the euro to the MACD line on the daily chart (1.0515), but then we are waiting for a new round of weakening of the single currency.

The eurozone CPI for June will be released today, the forecast for it is 8.4% Y/Y against 8.1% Y/Y in May. The US ISM index of business activity in the manufacturing sector for June will also be published, the forecast for which is 54.9 against 56.1 earlier. The discrepancy in the data may help the euro to technically finalize the correction.

On the EUR/USD daily chart, the price is near the target level of 1.0493, which was not worked out yesterday, this is a technical factor of the price's desire to go above this resistance to the MACD line (1.0515). The price could also fall from current levels if the dollar's weakness was due to speculative reasons, then large players will open long positions on the dollar due to the positions of euro optimists. Ultimately, we are still waiting for the euro at the target level of 1.0340 - at the low of January 2017.

The price has settled above the MACD indicator line on the four-hour chart, but the Marlin Oscillator is still in the negative zone. As in the daily chart, the current situation is not defined. Consolidating below the MACD line will increase the chances of moving downward, settling above the level of 1.0493 will slightly delay the euro with a reversal into a new wave of weakening.

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InstaForex Gertrude · Jul 4, 2022

Forex Analysis & Reviews: Elliott wave analysis of NZD/USD for July 4, 2022

NZD/USD is still correcting the long-term decline from the 1.4900 high in 1973 to 0.3900 in 2000 and we are looking for a continuation higher to the 50% corrective target at 0.9450 before the correction is complete.

In the short term, we expect support near 0.6050 to be able to protect the downside for the next impulsive rally towards our long-term target near 0.9450 to complete the correction and come under new downside pressure.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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