Thread: InstaForex Wave Analysis

Technical analysis of USD/JPY for December 18, 2014






No economic data is expected in Japan today. As for the US, it will release some economic data such as Natural Gas Storage, CB Leading Index m/m, Philly Fed Manufacturing Index, Flash Services PMI, and Unemployment Claims. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.


TODAY TECHNICAL LEVELS:
Resistance. 3: 119.28.
Resistance. 2: 119.05.
Resistance. 1: 118.82.
Support. 1: 118.54.
Support. 2: 118.31.
Support. 3: 118.07.
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USDX Technical analysis for December 19, 2014


The Dollar index is making a short-term pullback as expected by our previous post. However, a trend remains bullish in all time frames. The longer-term target since early October is the 91 level as this is the bullish flag break out target.



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USDX Technical analysis for December 22, 2014



The Dollar index as expected after the strong reversal, is now making new highs getting closer to our target of 91 given some time ago by my bullish flag analysis. Bulls remain in control after the sharp upward reversal we saw last week. Bulls should continue to support this upward move as it seems that it has only just started.

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Gold Technical analysis for December 23, 2014



Gold price has broken the neckline and has given a short-term sell signal. The target for the Head and Shoulders pattern I mentioned yesterday is the recent lows at $1,140-30. I'm bearish for Gold. Gold is at a short-term downtrend and in danger of starting a new downward move that could bring the price near $1,050.


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Daily analysis of major pairs for January 5, 2015






EUR/USD: The EUR/USD trended downwards on Friday, closing below the resistance line at 1.2050. The support line at 1.2000 is being tested and with further exertion of selling pressure, it may be breached to the downside. After this, the price may then go for another support line at 1.1950.


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Daily analysis of major pairs for January 6, 2015




EUR/USD: This currency pair broke below the resistance line at 1.2100 at the beginning of this week. Since then, the price has moved lower, threatening to test the support line 1.1850. Should the price break that line to the downside, the next target to be reached would be the support line at 1.1800.


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Daily analysis of major pairs for January 7, 2015




EUR/USD: The bias here is bullish and the price may go further downwards, reaching the support line at 1.1850. There is a recalcitrant resistance line at 1.2000, which could be a great hurdle to the bulls interests.

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Technical analysis of gold for January 08, 2015



Technical outlook and chart setups: Gold seems to be preparing to correct deeper into $1,200.00 and subsequently $1,185.00 levels for now. It is therefore recommended to book partial or full profits on long positions taken earlier and wait for correction to finish before entering again. Immediate support is seen at $1,200.00 followed by $1,189.00, $1,170.00 and lower, while resistance is seen at $1,238.00/40, $1,250.00 and higher respectively. Bulls are poised to remain in control as long as prices stay above $1,170.00 levels, but a break below the trend line would delay matters further.


Trading recommendations:
Book profits on long positions taken earlier, remain flat for now.

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Technical analysis of gold for January 09, 2015


Technical outlook and chart setups:
A daily chart view has been depicted here again for a larger view of wave structures. Gold had bounced off the support from $1,170.00 levels and reached $1,220.00/23.00 levels before pulling back. At the moment, the metal can be seen testing a dropping resistance trendline. A bullish bounce from current levels could possibly push the metal higher into $1,235.00 and higher levels. Another possibility still remains for a drop into $1,190.00 levels before rallying further. It is recommended to remain flat for 1-2 days and watch out for a reaction at the trendline. Immediate support is at $1,200.00 levels followed by $1,190.00 and lower while resistance is seen at $1,235.00 levels, followed by $1,255.00 and higher respectively.


Trading recommendations:
Remain flat for now. Look to buy lower.


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Weekly technical levels for GBP/USD for January 12-16, 2015



Forecast:

According to the previous events, the price of GBP/USD pair has still been trapped between 1.5068 and 1.5255. The level of 1.5306 represents strong resistance. Also, it should be noted that the price of 1.5318 coincides with the ratio of 100% Fibonacci retracement levels. The minor support has set at the level of 1.5102. Hence, we expect a range about 58 pips on January 12. Therefore, the market is going to call for a downtrend from the level of 1.5285. Thus, sell below the level of 1.5285 in the short term with the first target of 1.5143, it might resume to 1.5053 if the trend will be able to break the weekly pivot point at the level of 1.5171. It should be noted that the weekly support 1 will set at 1.5023.

Notes:
According to our statistics, it was found out that the range was between 240 pips and 285 pips and the average range was around 266 pips. Major support will set at 1.5023 on January 12, 2015. The level of 1.5170 represents the weekly pivot point. Major resistance has already set at the price of 1.5306. It should be noted that the weekly range was not very large for the last four weeks.

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