Thread: InstaForex Wave Analysis

Technical analysis of NZD/USD for January 13, 2015



Forecast:

According to the previous events, the NZD/USD pair has still been moving between 0.7835 and 0.7745. Strong resistance will be formed at the level of 0.7864 (the double top on H1 chart) providing a clear signal for sell deals with the targets seen at 0.7791 and 0.7740. Stop-loss is to be placed above 0.87893. The strong level (support) will be formed at the mark of 0.7741 providing a clear signal for buy deals with the target seen at the 0.7835 level. Stop-loss is to be placed below 0.7719.

Notes:

The level of 0.7780 is representing the daily pivot point. The double top will be set at the level of 0.7864. We expect a range of 62 pips today. But it should be noted that the risk of 42 pips must make a profit of 63 pips. Volatility: 162.451. Therefore, the market indicates the higher volatility. The value of 50% Fibonacci retracement levels is 0.7741 (for confirming for the bullish market).

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Daily analysis of major pairs for January 14, 2015




EUR/USD: This currency trading instrument still has the potential to continue trading further down in the context of the existing bearish trend. When the support line at 1.1750 is breached to the downside, it would ensure more southerly trip towards another support line at 1.1700.

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Daily analysis of USDX for January 20, 2015



The USDX is still following the bullish bias in the long term, because this instrument was forming a higher high pattern above the support level of 91.88 and during the last days, the bullish momentum has unleashed the buy orders at the USDX, giving it a good road to perform a consolidation above the resistance level of 93.02 in the near term. The MACD indicator is trying to enter the negative territory.


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Daily analysis of major pairs for January 21, 2015[

EUR/USD: This is a weak market and the recent bullish attempt in it was being thwarted by bearish effort. The price is currently below the resistance line at 1.1550 and it may reach the support line at 1.1500.

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Technical Analysis of Gold for January 23, 2015

The ECB latest announcement supported gold. The yellow metal attracts inflows followed after the larger than expected QE program from the ECB. The yellow metal has been extending its upward journey a third week in a row. Currently, gold is trading on a muted mode after the Saudi King Abdullahs death. Besides, the HSBC China flash manufacturing PMI data was released. The data indicated ongoing slowdown in the manufacturing sector. Flash China Manufacturing PMI was at 49.8 in January (49.6 in December) hitting a 2-month high. Despite the fact that the metal breached Wednesday's high at $1,304.70, it failed to keep above it at yesterday's session. The metal gave an invested h&s breakout and is aiming for $1,340.00 odd levels in the near term. On the h4 chart, the metal closed and is trading below 35DEMA levels. The metal has support at $1,295.00 and $1,292.00. On the higher side, the resistance exists at $1,304.00 and $1,309.00. We can see fresh buying above $1,309.00 with the targets at $1,322.00, $1,324.00, $1,330.00, and $1,340.00. The metal has a strong support zone at $1,282.00 and $1,279.00. We recommend buying above $1,304.00; safe buying will trigger above $1,309.00.

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Technical analysis of EUR/JPY for January 26, 2015

Technical outlook and chart setups: The EUR/JPY pair has dropped by 5 waves down from 149.80 to sub 131.00 levels, depicted with arrows here. It looks like the pair is preparing for a counter trend rally that could extend towards 142.30 levels. Immediate support is seen at sub 130.00 levels, while resistance is seen at 133.00 respectively. A break above 133.00 would confirm that the rally has resumed and it would be recommended to initiate long positions on dips there after. As discussed earlier, the bigger picture indicates that EUR/JPY might be heading into a deeper correction lower towards 115.00/116.00 levels. For now, a 3-wave counter trend rally seems more probable.


Trading recommendations: Could buy on dips after 133.00 breaks.

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Daily analysis of major pairs for January 27, 2015

EUR/USD: After testing the support line at 1.1100, the EUR/USD pair bounced upwards by over 190 pips. The upward bounce pales into insignificance when compared to the overall bearish bias, which is now very strong. In other words, the current upward bounce is better seen as a clean opportunity to sell short as the price rallies in the context of a downtrend.

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Daily analysis of GBP/USD for January 28, 2015


The GBP/USD pair had another bullish session during yesterday, as this pair is trading close to the resistance level of 1.5247. Remember that a breakout on that zone could activate buy orders on this pair to the nearest resistance level of 1.5491. Anyway, from a general view, the GBP/USD pair is still forming a bearish pattern and that bias is still valid.


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Daily analysis of major pairs for January 29, 2015

EUR/USD: The situation on this pair is nearly similar to that of EUR/JPY. From the beginning of this week, the market moved upward by roughly 300 pips, reaching the resistance line at 1.1400. From that line, the market has begun another phase of bearish movement in conjunction with the overall bias which is bearish.

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Technical analysis and trading recommendation on USD/JPY for January 30, 2015

The strong US dollar took the pair towards 20Dsma. The US unemployment claims plunged, which gave a strong support to the greenback. In the week ending January 24, the flash figure for seasonally adjusted initial claims was 265,000, a decrease of 43,000 from the previous week's revised level. This is the lowest level for initial claims since April 15, 2000. But the Pending home sales data was disappointing, it declined 3.7%. On the other hand, Japan's retail sales unexpectedly fell in December. Sales declined 0.3% percent from November for a third month in a row. Today, the focus has shifted to US preliminary GDP. The pair has been still consolidating in the same tight range between 118.85 and 117.10 as we discussed in our earlier reports. The prices are trading within a triangle on the h4 chart. In case if the prices managed to give an upside breakout, it can challenge towards 120.50. In yesterday's session the pair managed to close above 34hrsma levels. The prices are facing strong resistance at the 80.0 fib level on the h4-chart. For about 3 hours, the prices have been taking support from the previous swing high at 118.24. We recommend buying at the current price of 118.27 with the targets at 118.50, 118.65, and 118.80. On a positional basis, until the pair holds at 117.00 and trades above 118.85, it can give another stellar show towards 120.00+. In case if the pair breaks below 117.00, it can extend its fall to 115.00 and panic will spark below 115.00. The intraday support levels exists at 118.15 and 117.85. We recommend selling only below 117.85, until bulls have an upper hand.


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