Wave Analysis from InstaForex

Forex Analysis & Reviews: EUR/USD. Overview for December 1, 2022

On Wednesday, there was no movement in the EUR/USD currency pair. We wouldn't have been shocked if this situation had occurred on Monday or Tuesday because there hasn't been a single significant event or report published lately. On Wednesday, there were a ton of macroeconomic statistics. Still, traders paid no attention to the report on European inflation, although it was just as alarming as the last one on American inflation, which sparked this rally. Yet again, we are convinced that the impact of European statistical data on trader sentiment is minimal. But the main point is that quite significant reports from abroad were disregarded yesterday. The ADP report could cause a market reaction if everything in the GDP report is clearer because such reports always come out with three estimates. After the first estimate, it is clear what to expect from the value for a particular quarter.

And it's puzzling why the market didn't find anything interesting in them when we consider all the information and data received. As a result, the pair is still relatively close to the moving average line, and it is still determining the direction of its future movement. For the past week and a half, we have been anticipating a significant downward correction, but this calls for a fix that is at least below the moving average. Formally, the consolidation was visible on Tuesday, but 20 points hardly qualify as a confident result. We focus on the second rebound from Murray level "6/8"-1.0498. Two rebounds from this level could signal the start of a corrective movement. As you can see, traders were unmoved by yesterday's data, so we now have to wait for Friday's nonfarm payrolls and unemployment figures.

In the third quarter, US GDP increased.

Since the GDP report typically includes three estimates, as we mentioned above, traders know what to expect before the second or third estimate is released. However, yesterday's report caught some people off guard because, contrary to expectations of +2.6–2.7% q/q, the actual value was 2.9%. This strong deviation should have benefited the value of the US dollar. Not only was the EU inflation report disregarded, but so was a rather significant GDP with an unexpected value. Even the ADP report received no response. Therefore, even though we think traders still have access to the factors supporting the US currency, they are not yet eager to repurchase the dollar.

As a result, the third quarter of the American economy displays very positive dynamics and can easily compensate for the "disadvantages" of the first two quarters. If this occurs, the Fed will have many more opportunities to raise interest rates as much as it wants. It is again good for the dollar because if inflation stops falling, the Fed will still have opportunities to tighten monetary policy more than expected. It will then become very difficult to talk about a recession in the US economy. Additionally, the fact that there isn't a recession is excellent news for the American economy. Similar to how it is for every other economy in the world. For instance, it is unlikely that the European economy will be spared from such "happiness." Additionally, a slower inflation rate in the Eurozone might encourage the ECB to raise the key rate gradually over the next few months. The euro currency may experience the same fate as the dollar, which has been declining for several months due to the Fed's potential decision to raise interest rates more gradually than previously. Although there are more and more signs pointing to a new rise in the dollar's value, more precise technical signals are still needed to test this theory. We will only analyze Jerome Powell's speech today because it is crucial to know how the market will respond.

As of December 1, the euro/dollar currency pair's average volatility over the previous five trading days was 103 points, considered "high." So, on Thursday, we anticipate the pair to fluctuate between 1.0331 and 1.0538 levels. The Heiken Ashi indicator's turning downward indicates a new phase of the corrective movement.

Nearest levels of support
S1 – 1.0376
S2 – 1.0254
S3 – 1.0132

Nearest levels of resistance
R1 – 1.0498
R2 – 1.0620
R3 – 1.0742

Trading Suggestions:

The EUR/USD pair is still positioned close to the moving average. To avoid the Heiken Ashi indicator turning down, new long positions with targets of 1.0498 and 1.0538 should now be considered. Only after fixing the price below the moving average line with targets of 1.0254 and 1.0132 will sales become significant.

Explanations of the illustrations:

Linear regression channels help determine the current trend. The trend is strong if both are directed in the same direction.

The moving average line (settings 20.0, smoothed) determines the short-term trend and the direction to trade now.

Murray levels are target levels for movements and corrections.

Volatility levels (red lines) are the likely price channel in which the pair will spend the next day, based on current volatility indicators.

The CCI indicator – its entry into the oversold area (below -250) or into the overbought area (above +250) means that a trend reversal in the opposite direction is approaching.

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Forecast for EUR/USD on December 2, 2022

In anticipation of today's US jobs data, on the back of Federal Reserve Chairman Jerome Powell's seemingly not obvious dovish speech, the euro rose 119 pips yesterday. The price crossed the target level of 1.0470, the peak of November 28, and is now heading to the target range of 1.0015/42. The range is defined by the highs of June and May. So far, the price is going with our scenario with forming a divergence when the target range is reached.

On the four-hour chart, there is a sign that a double divergence is forming with the Marlin oscillator. In the current market sentiment, it may mean a pause in growth in anticipation of new important information. That will be the U.S. employment data for November. Forecast is 200,000 new jobs, compared to 261,000 in October.

The improving dynamics of weekly unemployment claims and yesterday's drop of the ISM Manufacturing Employment subindex from 50.0 to 48.4 might be weaker than expected. Traders will be waiting for this situation to become clearer.

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Technical Analysis of Daily Price Movements of Crude Oil Commodity Assets, Monday, December 05 2022.

On the daily chart, the Crude Oil commodity asset can be seen that Friday's bar has a Close that overlaps with the PL Dots so that it forms a Support/Block area at Friday's low to push up Crude Oil's movement on Monday Dec 05, 2022 as for Crude Oil on Monday is predicted to be pushed by market players to the Projection High area at the 81.57 level. If this level is successfully broke, then the 82.20 level which is the Sacrosanct Level / Halo will be the main target to be broke upwards as long as the 79.66 block area is not penetrated below.

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

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Forecast for AUD/USD on December 6, 2022

By the end of Monday the dollar index gained 0.78%, oil prices fell by 3.66% and the Australian dollar fell by 1.37%. The price overcame the support at 0.6730 and now it is trying to increase in today's Asian session, but without losing the opportunity to settle below the level.

The price can reach the target support at 0.6642, in case it overcomes yesterday's low at 0.6688, in which case the signal line of the Marlin oscillator will break through the zero line and move into the territory of the downtrend. Divergence continues to exert its effect on the price.

On the four-hour chart, the price settled under the MACD line and under the level of 0.6730. Also, the Marlin oscillator settled in the negative territory. By cumulative circumstances of both charts, the bears have advantages. We wait for things to progress and AUD to reach the target support at 0.6642.

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

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Technical Analysis of Daily Price Movement of the GBP/AUD Cross Currency Pair Wednesday, December 07, 2022.

With the GBP/AUD price movement on the daily chart still moving above its 50 MA and the formation of the Bullish 123 pattern followed by Ross Hook (RH) it can be seen that buyers are still dominating this cross currency pair but it seems that in the near future it will be corrected slightly to the level 1.7916 but please pay attention as long as the downward correction does not exceed the 1.7700 level, then you can be sure that GBP/AUD is still in a bullish condition and will try to test the 1.8256 level. (Disclaimer)

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

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Trading Signal for GOLD (XAU/USD) on December 08-09, 2022: buy above $1,775-1,781 (+1/8 Murray - uptrend channel)

XAU/USD is trading around 1,782, above the 21 SMA showing a bullish bias. It is likely that if gold consolidates above this area, it could reach the zone of 1,803 and even reach +2/8 Murray located in 1,812.

Investors are worried as Vladimir Putin said the threat of nuclear war is growing, suggesting they would use nuclear weapons in response to an attack on his country. This news could increase risk aversion and investors could take refuge in gold. hence, the price could reach levels of 1,850, even quickly climbing as high as the landmark level of 1,900.

Risk aversion could increase, causing investors to be very cautious. This is due to negative data from China, raising concerns about a global recession. This assures investors to take refuge in gold and the price could increase only if it consolidates above the psychological level of 1,800 -1,812.

Yesterday in the American session, gold quickly rose above the uptrend channel, breaking the 21 SMA (1,780) and reaching the swing high of 1,788.06.

The asset is currently consolidating above the key level of 1,781 (21 SMA), suggesting that if it settles above this area, the price could resume the bullish cycle in the next few hours.

In the next few hours, we expect XAU/USD to trade above 1,781 and reach the resistance of 1,803 and even the high of Dec 5 at 1,810. On the other hand, in case of a technical bounce around the uptrend channel formed since November 22, we will have an opportunity to buy around 1,775.

A close on the 4-hour chart below 1,770 and a sharp break of the uptrend channel are critical to trigger further declines in gold. The metal could quickly reach the 8/8 Murray (1,750) and even the 200 EMA located at 1,736.

Our trading plan for the next few hours is to buy gold above 1,781 or in case of a technical bounce around 1,775, with targets at 1,803 and 1,812. *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Technical Analysis of GBP/USD for December 9, 2022

Technical Market Outlook: The GBP/USD pair has been seen bouncing up from the technical support located at 1.2106 and is moving closer to the swing high located at 1.2343. The momentum remains strong and positive which supports the short-term bullish outlook for GBP. The nearest technical support is still seen at 1.2106, so in a case of an unexpected breakout lower, the next target for bears is seen at 1.1897 (30th November low). Also, please notice the Bearish Divergence between the price and the momentum indicator that might have an impact on the next bearish movement.

Weekly Pivot Points:
WR3 - 1.24283
WR2 - 1.23713
WR1 - 1.23415
Weekly Pivot - 1.23143
WS1 - 1.22845
WS2 - 1.22573
WS3 - 1.22003

Trading Outlook:
The bulls are temporary in control of the market and the 50% Fibonacci retracement of the last big wave down located at 1.2293 had been tested, so a down trend resumption is possible. On the other hand, the level of 1.0351 has not been tested since 1985, so the down trend is strong. In order to terminate the down trend, bulls need to close the weekly candle above the level of 1.2275 (swing high from August 10th).

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

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Technical Analysis of Daily Price Movement of Major Currency Pairs GBP/USD, Monday, December 12 2022.

On the daily chart the main GBP/USD currency pair is starting to show signs of saturation over the rally that occurred over the previous few days, as reflected in several things:

1. 1.2296 is difficult to break upwards
2. The appearance of the Bearish = Rising Wedge pattern.
3. Formation of a Bearish pattern 123.
4. The appearance of Bearish Wiseman 1 & 2 signals.

Therefore, in the next few days, as long as Cable does not reverse its rally up above the 1.2344 level, this major currency pair still has the potential to depreciate to the 1.2045 level as its main target and if the decline has quite high volatility then it is possible that the 1.1777 level will become next target to go to.

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

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Forecast for EUR/USD on December 13, 2022

Investors raise their expectations this week, in which several central banks meetings (Federal Reserve, European Central Bank, Bank of England) are held, given the ongoing divergence between central banks' monetary policies. The Fed will become softer, while the ECB will be more hawkish. Formally, the forecast for a rate hike by all central banks is the same - 0.50%, but there has been so much talk about a surprise from the ECB that a 0.75% hike has become a forecast rather than a surprise. And that's why the euro closed Monday at the opening level despite the decline of other counter-dollar currencies.

This morning, the price is trying to rise. Today's main event will be the US inflation report for November. CPI is expected to decline from 7.7% y/y to 7.3% y/y. The euro has a chance to reach the target range of 1.0615/42. If the divergence in the sentiment of the central banks is really strong, the euro may go higher, to the range of 1.0758/87 (highs in May and June).

On the four-hour chart, the price failed to fall under support of the MACD line. The last reversal from it occurred this morning. The Marlin oscillator is shifting to the upside. We expect the price to reach the first target range of 1.0615/42.

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

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Gold to outperform Bitcoin in the long term

Goldman Sachs called gold a "more useful portfolio diversifier" and said it will outperform Bitcoin in the long term. They explained that real demand for the metal is not as affected by tightening financial conditions as the world's largest cryptocurrency, not to mention it has clear non-speculative uses unlike Bitcoin, which traders view as a stock for fast-growing technology companies. Gold is also used as a hedge against dollar devaluation and inflation.

Of course, Bitcoin could still be used as a hedge, especially since its potential comes from future use cases. But this makes it much more volatile and speculative compared to gold. Also, it surged when investors became interested in decentralized currencies, however, tighter financial conditions will not work in favor of cryptocurrency. Bitcoin's downward volatility has also been boosted by systemic concerns as several major players have declared bankruptcy.

Latest data indicates that spot gold is up 0.23% y/y, while Bitcoin is down 63%.

Going forward, gold is likely to get a boost from additional macroeconomic volatility. It could benefit from structurally higher macroeconomic volatility and the need to diversify its equity investments. Tighter liquidity should also have less impact on gold, which is more exposed to real drivers such as demand. These include physical demand, central bank purchases (which have been on record this year), investments in safe-haven assets and industrial applications.

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

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of Nasdaq 100, Thursday December 15, 2022.

Although on its 4 hour chart Nasdaq 100 index seems move in a ranging condition but with the appearance of:
1. The deviation between price movement with CCI indicator.
2. The appearance of Bearish 123 pattern.
3. Followed by the appearance of Ross Hook (RH).

Based on three things above then in a nearest term #NDX has a potential to try to go down to test the Bearish Ross Hook level at 11608.9 if this level is successfully broken then the next level to go to is 11410.1 but if on the way to these levels there is a sudden upward correction to pass the 12007.9 level then the scenario of a decline has been described earlier will cancel by itself.

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

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Trading Signal for GOLD (XAU/USD) on December 16-19, 2022: sell below $1,794 (5/8 Murray - 21 SMA)

Early in the European session, gold (XAU/USD) is trading around 1,781, bouncing after hitting the low at 1,773.67.

XAU/USD is trading below the uptrend channel and below the 21 SMA (1.795). The 4-hour chart shows further downside potential. The gold price is trading in the area of strong bearish pressure. If the price consolidates below of 1,790, it could reach the level of 200 EMA around 1,754.

Since its maximum reached at 1,824 on Tuesday, gold has lost more than $50, so this weekly drop could be a sign of a probable change in trend in the short term.

Gold is expected to continue its bounce in the next few hours and can reach the area of 1,790 - 1,795. Around this level, there will be a clear signal to sell with targets at 1,781-1,755.

In case the bearish pressure persists, XAU/USD is expected to trade below the 5/8 Murray located at 1,781 and may continue to decline in the coming days until it reaches the 4/8 Murray area around 1,750.

Our trading plan is to sell gold below 1,795, targeting 1,780 at 1,754. The eagle indicator is giving a negative signal which supports our bearish strategy.

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

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Technical Analysis of Daily Price Movement of USD/CAD Commodity Currency Pairs, Monday, December 19 2022

If you pay attention to the daily chart, the USD/CAD commodity currency pair appears to be stuck in the weekly Resistance Orderblock area which is quite significant at 1.3702 where at the same time a Double Top pattern (Cyan circle) is formed which is also followed by a deviation between its price movement and the Awesome Oscillator indicator, in addition to the emergence the Ascending Broadening Wedge pattern is also strengthening if in the next few days The Loonie will be brought down to the level of 1.3225 but with a note that during the fall there was no significant upward correction movement that exceeded and penetrated above the 1.3750 level because if this level is successfully broken above, the decline scenario described previously will become invalid and cancel by itself.

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

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of Gold Commodity Asset, Tuesday December 2022

Since successfully breaking above the 1807.21 level on the 4-hour chart, gold has been pulled down again by market participants which is now that gold has tested the fairly good resistance level at 1796.52, gold is now falling back down to test the 1773.31 level. If this level is successfully broken down, gold will depreciate go down to 1762.44 as the main target and if the momentum and volatility are sufficiently supportive then the next level to aim for is 1733.04 as long as it is on the way to the target level there is no significant correction to break above the 1813.58 level where if this level is successfully penetrated upwards then a decline scenario previously described will be canceled by itself.

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

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Trading Signal for GOLD (XAU/USD) for December 21 - 22, 2022: sell below $1,821 and $1,809 (21 SMA - 6/8 Murray)

Early in the European session, Gold (XAUUSD) is trading around 1,816.14 above the 6/8 Murray and within the downtrend channel formed on December 12.

Yesterday, during the European session and the American session, gold started a strong bullish movement after it had broken the pennant pattern. In view of the fact that this pattern has completed its goal, it is probable that there will be a technical correction in the next few hours and the metal could reach the support of 1,810.

In case the uptrend continues and the price breaks above 1,821, it could accelerate the bullish move towards daily R_1 around 1,830.

Conversely, in case XAU/USD continues trading below 1,821, we could expect a decline and the price may reach the 1,810 zone. A sharp break below this level could trigger a bearish signal and we could expect a fall towards the 200 EMA located at 1,792.

Our trading plan for the next few hours is to sell below 1,821 with targets at 1,810. If gold consolidates above the 21 SMA, we can expect a technical bounce to resume buying with targets at 1,821 and 1,830.

In case gold consolidates below 1,809, it will be a clear signal to sell with targets at 1,800 and 1,793 (200 EMA). The eagle indicator on the 1-hour chart is showing overbought levels, hence, an imminent correction could occur in the next few hours.

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

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of Dow Jones Industrial Average Index, Thursday December 22 , 2022

If we look at the 4-hour chart, the Dow Jones Industrial Average index seems to be corrected upwards to test the SBR (Support Become Resistance) level which also happens to be the Daily Breaker Block from #INDU, namely level 33415.9 where this level also happens to be in the Bearish Fair Value Gap area. even though the upward correction of the rally has been confirmed by the appearance of deviations between the #INDU price movement and the Stochastic Oscillator indicator, if the Resistance levels previously described are strong enough to withstand the upward correction rally and/or as long as it does not break above the 33756.6 level, then #INDU has the opportunity to fall back down to the level area 32612.4-32241.9 as the first target and the area level 31761.6-31240.1 as the second target.

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

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Forecast for USD/JPY on December 23, 2022

Yesterday, the yen was calm, its slow growth (growth of the USD/JPY pair which means that the dollar rose) did not face any resistance, so this morning it continues to gradually rise. The price is facing the 133.35 target, the nearest internal resistance line in the price hyperchannel of the monthly chart.

The Marlin oscillator can grow without interruptions until it touches the zero line. From 133.35, a synchronous reversal of the price and the oscillator downwards, to the target of 130.58.

Yesterday, the U.S. stock index S&P 500 fell by 1.45%, and if the yen, with the Bank of Japan's help, will push for its role as a safe haven, then the pair could fall further to support around 127.00.

On the four-hour chart, the Marlin oscillator has already reached the zero line. But the price can still reach 133.35. The main movement is likely to occur after the Christmas holidays.

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

Analysis are provided by InstaForex

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Forex Analysis & Reviews: GBP/USD. Overview for December 26, 2022

In contrast to the EUR/USD pair, the GBP/USD currency pair is still in motion. Now that the pound is at least moving and not just standing still, we aren't talking about a volatile movement anymore. Although, based on Friday, there were no noteworthy movements, the pound/dollar pair may also experience a flat in the upcoming months. In essence, there were the same reports from the United States on Friday regarding the pound and the euro. And as we can see, they had no impact on the pair's movement. Given that the reports were so brief, this does not surprise us. The month's major events are all over, and now that the holidays have started, there is no doubt that traders are less motivated to engage in active trading.

Technically speaking, the price is still below the moving average, and the downward movement is still present. Thus, everything in this situation makes sense. For the past three weeks, we have been anticipating a significant downward correction. It is not yet "strong," but at least it has something. Since the British economy may experience a severe recession and the Bank of England rate will not continue to rise at its current rate indefinitely, we think the pound should continue to decline against the US dollar. However, inflation is still out of control, and we have serious doubts that it will start to slow down soon at a rate comparable to that in the United States. This compels the Bank of England to keep tightening monetary policy, on the one hand. On the other hand, the third quarter saw a decline in the economy, and officials have predicted a two-year recession. Tightening monetary policy inevitably means making the recession worse. As a result, we don't think the British regulator will keep raising the rate by 0.50% every time they meet.

The period of consolidation might start soon.

The absence of trend movement in the overall plan is what we refer to as the consolidation period. Recall that the pair's growth over the past few months, which is a correction in and of itself, followed an approximately two-year downward trend. As a result, the correction against the correction has already started. After that, the pair may enter a long-term "swing" on the senior TF, which would indicate the absence of any new significant factors like a global tightening or loosening of monetary policy or changes in geopolitics. We won't be surprised if 2023 also has surprises because of the trend of recent years (the situation is getting worse and worse every year). The "coronavirus" is raging in China, and it is dispersing at a completely abnormal rate, according to the most recent information. One of the messages mentioned a day-long infection of 37 million people. As a result, COVID still terrorizes humanity and has not disappeared. The world will once more experience economic issues if it spills out of the Celestial Empire. Lockdowns, quarantines, and widespread infections can all begin anew. Then there are the central bank incentive plans and a new rise in inflation. Overall, it is still very early to resolve this problem.

We are also certain that there will be geopolitical news. Many military experts believe that the coming year will be crucial in the military conflict in Ukraine. We cannot define what "decisive" means, but we can only state that neither side in this conflict intends to engage in peace talks. Therefore, in our opinion, it will only get worse and continue. Additionally, the euro and the pound are risky currencies that will happily decline if the global situation deteriorates. It still hasn't even calmed down.

Over the previous five trading days, the GBP/USD pair has averaged 131 points of volatility. This value is "high" for the dollar/pound exchange rate. As a result, on Friday, December 23, we anticipate channel movement that is constrained by levels of 1.1899 and 1.2161. A round of upward correction will begin if the Heiken Ashi indicator reverses direction upward.

Nearest levels of support
S1 – 1.2024
S2 – 1.1963
S3 – 1.1902
Nearest levels of resistance
R1 – 1.2085
R2 – 1.2146
R3 – 1.2207

Trading Suggestions:
On the 4-hour timeframe, the GBP/USD pair is still trending downward. Therefore, until the Heiken Ashi indicator appears, you should maintain sell orders with targets of 1.1963 and 1.1899. When the moving average is fixed above, buy orders should be placed with targets of 1.2207 and 1.2268.

Illustration explanations:

Linear regression channels are used to identify the current trend. The trend is currently strong if they are both moving in the same direction.

Moving average line (settings 20.0, smoothed): This indicator identifies the current short-term trend and the trading direction.

Murray levels serve as the starting point for adjustments and movements.

Based on current volatility indicators, volatility levels (red lines) represent the likely price channel in which the pair will trade the following day.

A trend reversal in the opposite direction is imminent when the CCI indicator

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

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Analysis of Gold for December 27,.2022 - Potential for the further growth

Technical analysis:

Gold has been trading upside as I expected and there is potential for the further growth.

Trading recommendation:

Due to the rejection of the rising trend-line and strong upside trend in the background, I see potential for the further growth.

Watch for the potential buying opportunities on the intraday dips with the first upside objective at the price of $1.821

Stochastic oscillator is showing fresh upside momentum, which is strong sign that buyers are in control.

Key support is set at the price of $1.783

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

Analysis are provided by InstaForex

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Forex Analysis & Reviews: Technical Analysis of Intraday Price Movements of USD Index, Wednesday December 28, 2022

The United States Dollar Index on the 4-hour chart seems to be moving in ranging conditions in the range of 103.42-104.90 which has also been confirmed by the movement of the Moving Average which is moving in the range of the body of the Candlestick, this is understandable given that there are not many market participants. which is still in the Christmas and New Year holiday season but based on the CCI indicator which managed to break above the -100 level and above level 0 which indicates that the condition of Buyers is still more dominant than Sellers plus there is a deviation between price movements and the CCI indicator, it seems that in In the near future, USDX will try to test a level above its current price, namely 104.75 as its first target and 104.90 as its second target, but given the low volatility if USDX falls below the 103.72 level, it is very likely that the scenario described earlier will become invalid and cancel itself.

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

Analysis are provided by InstaForex

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