Thread: InstaForex Wave Analysis

EUR/JPY Intraday Technical Analysis





In Asia, Japan will release the Final Manufacturing PMI, Tankan Non-Manufacturing Index, and Tankan Manufacturing Index. The US is expected to unveil data on Total Vehicle Sales, Crude Oil Inventories, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, ADP Non-Farm Employment Change, and Challenger Job Cuts y/y. So, there is a strong probability that USD/JPY will move with a low to medium volatility during the Asian session, but with a medium volatility during the US session.


TODAY TECHNICAL LEVELS:
Resistance. 3: 123.17.
Resistance. 2: 122.93.
Resistance. 1: 122.69.
Support. 1: 122.40.
Support. 2: 122.16.
Support. 3: 121.92.


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Technical analysis of GBP/CHF for July 02, 2015


Technical outlook and chart setups: The GBP/CHF pair is trading around 1.4770 after testing resistance at 1.4800 levels yesterday. Please note that the pair has produced a bearish evening star candlestick pattern indicating a potential pullback lower. It seems that the first leg of a rally from the level of 1.4150 havebeen finished and a corrective drop towards 1.4400 should take place soon. It is recommended to remain short with risk at 1.4830. Immediate support is seen at 1.4500/50 followed by 1.4400 and lower. Resistance is seen at 1.4800 and higher respectively.


Trading recommendations: Remain short for now, stop is at 1.4830, a target is 1.4400.


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Daily analysis of major pairs for July 6, 2015





EUR/USD: The market is berish now and the price is expected to continue going further downwards. It should be able to test at least the support level of 1.1000 and 1.0950 this week. Only a movement above the resistance line at 1.1400 could render this expectation invalid.


USD/CHF: Following the severe bearish plunge that happened on June 29, the USD/CHF pair has vividly rallied. The price has gone upwards by 250 pips from the support level at 0.9250, testing the resistance level at 0.9500. There is currently a shallow bearish retracement in the market but the resistance level of 0.9500 could be tested again, and eventually breached to the upside. When the price goes below the support of 0.9250, the existing bullish outlook would be useless.


GBP/USD: As forecasted, the GBP/USD pair broke below the distribution territory of 1.5650 testing the recalcitrant accumulation territory around 1.5600. The recent equilibrium phase is over, and it has resulted in a Bearish Confirmation Pattern. There is a possibility that this is the beginning of a protracted downtrend.


USD/JPY: The USD/JPY pair provides short-term traders and scalpers with an opportunuty to thrive. There have been short-term swings in the market as the oscillates between the supply level of 124.00 and the demand level of 122.00. The market calls for a break above the aforementioned supply level or demand level before there could be strong directional movement.


EUR/JPY: We expext significant strengthening in the euro to cause the instrument to skyrocket this week; whereas, any serious weakness in the euro would cause it to plummet.


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Daily analysis of GBP/USD for July 07, 2015


GBP/USD found bottom around the 200 SMA on the daily chart and now we could expect some kind of rebound over there in order to reach the resistance level of 1.5755. However, if the pair does a breakout at the support level of 1.5543, it would be expected to test a low around 1.5450. The MACD indicator is still at negative territory.


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Technical analysis of USD/JPY for July 08, 2015


In Asia, Japan will release data on the Economy Watchers Sentiment, Bank Lending y/y, and Current Account. The US will publish economic data about Consumer Credit m/m, FOMC Meeting Minutes, 10-y Bond Auction, and Crude Oil Inventories. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.


TODAY TECHNICAL LEVELS:
Resistance. 3: 122.79.
Resistance. 2: 122.55.
Resistance. 1: 122.31.
Support. 1: 122.02.
Support. 2: 121.78.
Support. 3: 121.54.


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Daily analysis of GBP/USD for July 09, 2015


On the daily chart, GBP/USD continues to trade lower. Now, it is looking for an opportunity to break the support level of 1.5327 in order to achieve 1.5243. The current structure is still caling for the upside in this time frame because the pair hasn't break the invalidation zone at 1.5243 yet in order to invalidate our overall bullish outook.
GBP/USD is forming a lower low pattern in the H1 chart and the current price action is calling for more falls in the short term. However, bear in mind that the pair is still weak but oversold in lower time frames. That is why we would like to see a bullish corrective move accross at least the resistance of 1.5412.


Daily chart's resistance levels: 1.5450 / 1.5543
Daily chart's support levels: 1.5327 / 1.5243
H1 chart's resistance levels: 1.5363 / 1.5412
H1 chart's support levels: 1.5329 / 1.5269


Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5329, take profit is at 1.5269, and stop loss is at 1.5388.


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Technical analysis of NZD/USD for July 10, 2015





The daily pivot point sets at the price of 0.6766.


Overview: The NZD/USD pair is still moving in a strong downward trend in the medium time frame. Additionally, according to the previous events, the NZD/USD pair has still been trapped between 0.6772 and 0.6700. So, it makes sense to be neutral at this spot for that we expect a daily range of 72 pips approximately. Equally important, the support has set at the level of 0.6691 and minor support has set at 0.6728 since yesterday. On the other hand, the strong resistance had already placed at 0.6772 and 0.6807, which are coinciding with the ratios of 50% Fibonacci retracement levels and the golden ratio respectively.


The NZD/USD pair will give a good sign to sell below 0.6772 and 0.680 with a target of 0.6728. Also, if the trend is able to break the level of 0.6728, it will resume to 0.6700. However, if the trend fails to close below the strong support (0.6700), the market will indicate a bullish opportunity above 0.6700 in the short term. Thereupon, the level of 0.6700 is going to act as strong support. Therefore, it will a good sign to buy during the correction and open short trades above it 0.6700 with a target at 0.6775.


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Technical analysis of USD/JPY


USD/JPY is expected to trade with bullish bias. It is underpinned by a rebound in China's stocks on Thursday, the reduced safe-haven appeal of the yen and the yen-funded carry trades as risk sentiment improves after Greece's submission of new reform proposals that appear to be closer to the creditors' demands on VAT and pensions. It raises hopes for positive outcome at Sunday's summit of the European Union members in Brussels. USD/JPY is also supported by the higher US Treasury yields (10-year rose 11.1 bps to 2.317% Thursday) and the Bank of Japan's ultra-loose monetary policy. But USD sentiment is dented by the more-than-expected 297,000 US jobless Claims for the week ended on July 4 (versus forecast 275,000). USD/JPY gains are also tempered by the positions adjustment ahead of the weekend.


Technical comment:
The daily chart is mixed as MACD is bearish, five and 15-day moving averages are declining but stochastics is turning bullish near oversold levels.


Trading recommendations:
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. As long as the price holds above its pivot point, long positions are recommended with the first target at 123.30 and the second target at 123.70. In the alternative scenario, short positions are recommended with the first target at 1121.60 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 121.20. The pivot point is at 1122.


Resistance levels: 123.30 123.70 124
Support levels: 121.60 121.20 121


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Technical analysis of GBP/CHF for July 13, 2015




In Asia, Japan is not expected to release economic data today. However, the US will publish data data on the Natural Gas Storage, CB Leading Index m/m, Philly Fed Manufacturing Index, Current Account, Unemployment Claims, Core CPI m/m, amd CPI m/m. So, there is a big probability that USD/JPY will move with low to medium volatility during the day.


Technical outlook and chart setups:
The GBP/CHF pair is trading around the levels of 1.4550/60 at the moment and is expected to resume its rally from the level of 1.4400. As seen here, the support trendline and fibonacci 0.618 support level is passing through the same region (1.4400/30). It is hence recommended to initiate fresh long positions around 1.4400/30 with risk at 1.4250. Immediate support is seen at the level of 1.4400 followed by 1.4250 and lower while resistance is seen around 1.4725 followed by 1.4830 and higher respectively. Bulls should be poised to push the pair through fresh swing highs around 1.4400/30.


Trading recommendations:
Initiate long positions around 1.4400/30 levels, stop is at 1.4250, a target is open.


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Daily analysis of GBP/USD for July 14, 2015


GBP/USD made an important pullback at the resistance level of 1.5543, which could be the first step towards a lower low in the daily chart. Also, we should expect a breakout at the support level of 1.5450, with a target placed around the zone of 1.5327. The MACD indicator remains at negative territory supporting our short-term bearish outlook, but be cautious with possible trend-changes.


On the H1 chart, GBP/USD was rejected by the price zone above the 200 SMA and now it's looking to test the support level of 1.5458. Now, the near-term target is placed at the downside, around the support level of 1.5458. If the pair manage to brake that level, it would be expected to test the level of 1.5412 very soon.
D
aily chart's resistance levels: 1.5543 / 1.5640
Daily chart's support levels: 1.5450 / 1.5327
H1 chart's resistance levels: 1.5524 / 1.5596
H1 chart's support levels: 1.5458 / 1.5412


Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5458, take profit is at 1.5412, and stop loss is at 1.5501.


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