Thread: InstaForex Wave Analysis

Daily analysis of GBP/USD for May 26, 2016





GBP/USD had another rally day after it broke the highs from the May 19th session. Currently, we expect a breakout higher of the resistance zone of 1.4723 in order to reach the psychological zone around the 1.4800 level. However, a pullback can happen to correct the current bias, at least toward the 1.4662 level in the first degree.


H1 chart's resistance levels: 1.4723 / 1.4759
H1 chart's support levels: 1.4692 / 1.4662


Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4723, take profit is at 1.4759 and stop loss is at 1.4689.


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Daily analysis of GBP/USD for May 27, 2016





Pair had a corrective session and it's now looking to find support around the 1.4662 level. However, overall bullish bias remains untouched, as the Cable has been trading higher after it performed rebounds above the 200 SMA, which is our path of the current trend. A breakout above the 1.4723 level could push the GBP/USD towards the 1.4800 psychological zone.


H1 chart's resistance levels: 1.4692 / 1.4723
H1 chart's support levels: 1.4662 / 1.4604


Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4692, take profit is at 1.4723, and stop loss is at 1.4661.


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Daily analysis of USDX for May 30, 2016





It can be seen on the H1 chart that the US dollar index is strongly trading into a bullish bias above the 200 SMA, and the resistance lies at 95.68. If USDX manages to break it, further advance toward the 96.03 level can be seen, which should also strengthen the bullish trend on a short-term basis at least.


H1 chart's resistance levels: 95.68 / 96.03
H1 chart's support levels: 95.22 / 94.89


Trading recommendations for today:
Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 95.68, take profit is at 96.03, and stop loss is at 95.32.


More analysis - at instaforex.com

Elliott wave analysis of EUR/NZD for May 31 - 2016





Wave summary:
We continue to look for a rally above minor resistance at 1.6715 to accelerate prices higher towards resistance at 1.6931 and 1.7220 on the way higher to the long-term target at 1.8420. In the short term, support is seen at 1.6525 with important back-up support at 1.6424. We must admit that this currency pair is testing our patience in all ways, but then one of the important rules when engaging in trading is "patience".


Trading recommendation:
We are long in EUR from 1.6545 with stop placed at 1.6420. If you are not long in EUR yet, then buy near 1.6525 or upon a break above 1.6656 and use the same stop at 1.6420.


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Technical analysis of GBP/CHF for June 01, 2016





Technical outlook and chart setups:
The GBP/CHF pair is seen to be trading at at 1.4390 levels at this moment after reversing sharply from 1.4600 levels yesterday. Please note that the rally that begun from 1.3400 levels looks to be complete at 1.4600 levels using the principle of equality. But according to the channeling technique, maybe another high can be seen around 1.4700 levels as depicted here. Also note that fibonacci 0.618 resistance is also seen there, and hence a bearish bounce remains a high probability. Hence it is recommended to take profit on short positions taken earlier and remain flat for now. Immediate resistance is seen at 1.4600 levels, while support is seen at 1.4300 levels respectively.


Trading recommendations:
Please take profits on short positions taken earlier. Remain flat for now. Good luck!


More analysis - at instaforex.com

Technical analysis of EUR/USD for June 03, 2016





When the European market opens, some economic news will be released such as the Retail Sales m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI. The US will release economic data too such as the Factory Orders m/m, ISM Non-Manufacturing PMI, Final Services PMI, Trade Balance, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So amid the reports, EUR/USD will move with medium to high volatility during this day.


TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1204.
Strong Resistance: 1.1198.
Original Resistance: 1.1187.
Inner Sell Area: 1.1176.
Target Inner Area: 1.1150.
Inner Buy Area: 1.1124.
Original Support: 1.1113.
Strong Support: 1.1102.
Breakout SELL Level: 1.1096.


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Elliott wave analysis of EUR/NZD for June 6 - 2016





Wave summary:
We continue to look for a corrective low for red wave ii. Our preferred count remains that an important low was seen at 1.6062 and a new larger impulsive rally is building. However, the rally of the 1.6062 waves has been overlapping, and the only impulsive wave that allows for overlapping waves is the leading diagonal. The decline in red wave ii from 1.6931 is also slow, and overlapping adds confidence in this being a corrective wave, so once the bottom is in place near 1.6200, a new impulsive rally is expected. To confirm this new impulsive rally, a break above minor resistance at 1.6510 is needed.


Trading recommendation:
We bought EUR at 1.6225 and will place our stop at 1.6100 for now.




More analysis - at instaforex.com

Technical analysis of USDX for June 7, 2016


The Dollar index is trading around the 50% Fibonacci retracement after its sharp decline from last week's disappointing NFP numbers. The short-term trend is bearish, however, a move lower could put the larger trend in danger.





The trend is bearish as long as the price is below the Ichimoku cloud. The stochastic and RSI are diverging on the 4-hour chart so we could soon see a bounce in the Dollar index. The next important support is the 61.8% Fibonacci retracement. Short-term resistance is at 94.30.





The weekly candle is testing the weekly tenkan-sen (red line indicator) and the lower Kumo (cloud) boundary support. A break above the kijun-sen (yellow line indicator) will open the way for a push higher towards 98 at least. A weekly close below and out of the Kumo will be a bearish sign.


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Elliott wave analysis of EUR/NZD for June 8 - 2016





Wave summary:
We have seen the expected decline closer to the ideal downside target at 1.6169, from where a new impulsive rally is expected. In the short term, a break above minor resistance at 1.6351 and, more importantly, a break above resistance at 1.6470 will confirm that a low is in place for a rally higher to 1.6931 and 1.7220.


Trading recommendation:
We are long in EUR from 1.6225 and will move our stop higher to 1.6125. If you are not long in EUR yet, then buy near 1.6169 and use the same stop at 1.6125.


More analysis - at instaforex.com

EUR/AUD trading recommendations for 9th June 2016





EUR/AUD has formed a bullish divergence vs RSI since our analysis yesterday, and this gives us a good conviction of it making a strong bounce from here to the divergence potential of 1.5330, which is also a fibonacci retracement level.


Trading recommendation:
Entry now
Take profit at 1.5330 and 1.5300
Stop loss at 1.5175


More analysis - at instaforex.com