Thread: InstaForex Wave Analysis

Technical analysis of USD/CAD for July 26, 2016





General overview for 26/07/2016:


The current count has been slightly adjusted, and now the bottom for the wave X brown has been established at the level of 1.2861. This means the current upward wave development is the wave Y brown in progression. It looks like one more marginal high is needed before the top for this wave is in place. Nevertheless, as long as the golden trend line is now clearly violated and the intraday support at the level of 1.3056 is still providing support for bulls, the market might still be making marginal highs.


Support/Resistance:
1.3255 - WR1
1.3243 - Intraday Resistance
1.3090 - Weekly Pivot
1.3185 - Intraday Support
1.2998 - WS1
1.2835 - WS2


Trading recommendations:
Traders should refrain from opening new positions until a better trading setup occurs. The general bias, however, is bearish as the wave Y is about to complete.


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Daily analysis of Gold for July 26, 2016





Overview
The gold price shows bullish rebound signals now in attempt to move away from the intraday bullish trend line shown on the chart. Stochastic positivity on the four-hour time frame supports our bullish trend expectations today. A breach of the 1,329.00 level will help the price continue with its upside track for the rest of the day. Our first main target is located at 1,375.00, and its breach will extend the bullish wave to 1,400.00 levels. The bullish trend will remain valid and active unless breaking and holding below 1,312.00 and then 1,297.75 levels. The expected trading range for today is between the 1,300.00 support and the 1,340.00 resistance.


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Daily analysis of EUR/JPY for July 27, 2016





Overview
The EURJPY pair made a positive intraday rebound yesterday by reaching 117.10. The negativity continuation is due to steady trading within the main bearish channel, supported by holding the initial resistance at 118.50, besides the bearish channel's resistance decline towards 120.25. Therefore, we are awaiting negative momentum once again in order to push the price to decline below 115.10 levels and increase the chances of reaching the main target at 113.00. Closing above 117.00 could postpone the negative overview and lead to mixed trading. The expected trading range for today is between 117.00 and 113.00.


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Daily analysis of major pairs for July 29, 2016


EUR/USD: The EUR/USD has assumed a bullish movement, which started on Wednesday. There is now a bullish bias in the market, and price could go further upwards, irrespective of the current bearish correction in the market, which is supposed to be transitory.





USD/CHF: The USD/CHF has finally generated a "sell" signal in the 4-hour chart. There is now a clean Bearish Confirmation Pattern in the chart, and price is expected to journey further south today or next week, reaching the support levels at 0.9800 and 0.9750. The resistance level at 0.9800 has been tested and it would be retested again





GBP/USD: This currency trading instrument has started to consolidate again. The price movement is flat and this is supposed to continue till next week (though there could be some near-term directional movement today). A significant movement is expected next week.





USD/JPY: A closer look on the USD/JPY reveals there is a hidden weakness in the market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. This shows the possibility of a southward movement, which could happen anytime. Some fundamental figures are expected today and they could have impact on the markets.





EUR/JPY: Bulls are making some effort to push up the price in this market, and this is visible by the price action in the chart. While bulls might be able to push price upwards towards the supply zones at 117.00 and 117.50, coming fundamental figures might aid them or scuttle their plan.





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Silver Technical Analysis for August 01, 2016.





Technical outlook and chart setups:
Silver is seen to be trading at $20.55 levels for now, after having made highs at $20.65 levels earlier as expected. Please make note that Silver is soon approaching resistance at $20.80/90 levels and it is quite possible that the metal rallies through those levels before finally reversing lower. There might be one last leg rally left before reversing sharply lower for the remaining of August series. If Silver fails to break above $21.13 levels, it should drop lower towards $18.00 levels going forward. The wave structure also indicates that a flat is underway and the metal is expected to turn lower from around $20.80 levels. It is recommended to turn short now, with risk above $21.13 levels. Immediate interim support is seen at $19.20 levels, while resistance is at $21.13 levels respectively.


Trading recommendations:
Remain short from $20.50 levels, stop above $21.13, target is lower.


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Technical analysis of GBP/JPY for August 02, 2016





GBP/JPY is under pressure. The pair is consolidating on the downside below its key resistance at 136.30, which should limit the upside potential. The relative strength index is below its neutrality level at 50 and lacks upward momentum. As long as 115.30 is resistance, the pair is likely to decline to 134.50. A break below this level would call for further drop toward 133.85.


The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 134.50. A break below this target will move the pair further downwards to 133.85. The pivot point stands at 136.30. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 137.10 and the second one at 137.95.


Resistance levels: 137.10, 137.95, 138.75
Support levels: 134.50, 133.85, 133


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Daily analysis of GBP/USD for August 03, 2016





The bulls are still dominating the major pairs as the weakness on the US Dollar remains very strong, following the bad data from the United States last week. A resistance can be found at the 1.3375 level, where a breakout should happen to trigger more bullish force towards the 1.3467 level. MACD indicator is reaching overbought conditions.


H1 chart's resistance levels: 1.3375 / 1.3467
H1 chart's support levels: 1.3266 / 1.3148


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 1.3375, take profit is at 1.3467 and stop loss is at 1.3285.


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GBP/CHF Technical Analysis for August 04, 2016

Technical outlook and chart setups:
The GBP/CHF pair has followed through well after printing fresh lows earlier (1.2720 level). The pair has rallied 5 waves from 1.2720 level now and should probably correct lower in 3 waves from here. The pair is seen to be trading at 1.2945/50 levels at this moment, looking to retrace lower towards 1.2820 levels, which is fibonacci 0.618 support of the entire rally from 1.2720 through 1.2980 levels respectively. It is hence recommended to remain long for now, with risk below 1.2650 levels. Immediate support is seen at 1.2700 levels, while resistance is at 1.3100 levels respectively. Bulls are looking poised to remain in control till prices stay above 1.2700 levels.


Trading recommendations:
Remain long for now, stop at 1.2650, and a target is open.


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Daily analysis of USDX for August 05, 2016





USDX is about to reach the 200 SMA in the H1 chart, where a pullback can happen to resume the overall bearish structure. Ahead of US NFP release that will take place today, the US Dollar is poised to extend the corrective phase where it is trading currently. However, a breakout below the 95.51 level can open the doors to reach the 95.02 level.


H1 chart's resistance levels: 95.93 / 96.32
H1 chart's support levels: 95.51 / 95.02


Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 95.51, take profit is at 95.02 and stop loss is at 96.00.


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Daily analysis of Gold for August 05, 2016





Overview
The gold price showed positive trading after leaning on the EMA50 yesterday. Positive support by stochastic on the intraday time frames keeps the chances of trading positively valid in the upcoming sessions. The price is likely to breach 1,375.00 levels to reinforce the expectations of targeting the 1,400.00 followed by 1,440.00 areas. Therefore, we still expect the bullish trend on the intraday and short-term bases unless breaking and holding below 1,312.00 and 1,297.75 levels. The expected trading range for today is between the 1,345.00 support and the 1,390.00 resistance.


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