Thread: InstaForex Wave Analysis

Technical analysis of USD/CAD for March 25, 2014






USDCAD broke above the prior 1.1224 high and reached as high as 1.1279, indicating that the uptrend from 1.0182 has resumed. Further rise could be expected, and the next target would be in the 1.1500 area. Key support is at the upward trend line in the daily chart, only a clear break below the trend line support could signal the completion of the uptrend.
On an intraday basis, the pair has support at 1.1180 and 1.1149. Whereas 1.1149 is the major support; if it breaks, we will see the 1.1083 level.
S1 1.1180 R1 1.1205
S2 1.1149 R2 1.1246
S3 1.1083 R3 1.1279


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Technical analysis of USD/JPY for March 26, 2014





The USD/JPY moved sideways in a narrow range between 102.01 and 102.50. Resistance is at 102.50, a break above this level will trigger another rise to test the 103.76 resistance. Support is at 102.01, a break down below this level will signal completion of the uptrend from 101.20, then the following downward movement could bring the price to the 100 and 98.00 zone.



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Technical analysis of USD/JPY for March 27, 2014








In Asia, Japan will not release any economic data and the US will release some economic data such as Unemployment Claims, Final GDP q/q, Final GDP Price Index q/q, Pending Home Sales m/m, Natural Gas Storage. So there is a big probability the USD/JPY will move with low to medium volatility during this day.


TODAY's TECHNICAL LEVELS:
Resistance. 3: 102.38.
Resistance. 2: 102.18.
Resistance. 1: 101.99.
Support. 1: 101.74.
Support. 2: 101.54.
Support. 3: 101.34.


DESCRIPTION:
Please, pay attention to the levels of support 3 (101.34) and resistance 3 (102.38). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.




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Technical analysis of USD/CAD for March 28, 2014






The pair has been in a downtrend from the 1.1279 level. The pair has kept correcting for the last 5 days. It has erased all its gains this week. In Asia's trading session, the pair is trading at 1.1031. The pair is trading near the support trend line (purple) and below all the near moving averages that raises bearish view. On the downside, the pair has support at 1.0955 and 1.0910. A move below the level of 1.0910 makes real problems for bulls, and bears will take the pair towards the blue trend lines and the last lower support level at 1.0687 (200EMA).

In the H4 chart, RSI is giving a buy signal. As of now, the pair is trading at 1.1031. We expect a pullback in 1 or 2 days. On the upside, it is facing resistance at 1.1089, above this, it will fly up to 1.1119, 1.114, and 1.1162.




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Gold technical analysis for March 31, 2014






Gold prce has made an impulsive decline from $1,391 to $1,285. This impulsive decline together with the fact that the upward breakout was fake, makes me believe that Gold price will have more downside pressure if the price remains below $1,400. I believe that over the next few months, we will see Gold price making new lower lows than $1,180 towards $1,100. Gold price in the short-term is oversold and that is why my strategy is to wait for an upward bounce before enterish short positions.


Gold price has finally broken out of the downward sloping red trend line. This is an initial reversal sign and a clue that the short-term bottom might be in. As long as price trades above $1,285, there are increased probabilities of moving higher towards $1,322. Short-term resistance is found at $1,308-10. Short-term support is at $1,285. I expect Gold price to retrace at least the 38% of the decline.



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Technical analysis of Gold for April 01, 2014



Gold prices may recieve support from the Asian physical demand, but ultimately we would expect the rising costs of production to provide a floor under which gold prices will stop falling. As these rising costs of production catches up with the price of gold, so prices will form a base and eventually begin moving higher once more.
In the Asia's trading session, gold is trading at $1,282. Before I have started writing this report, gold dropped to $1,277 and then pulled back. Due to oversold levels in the H1 and H4 chart, gold pulled back from the lower levels. As I recommended earlier, gold will gain some buying support between $1,279-$1,260 levels. In the H1 chart, the price is making some base around the level of $1,282. I prefer to go long with sl at $1,277 for targets at $1,287, $1,291, and $1,293 levels. On the upside, $1,294 is the strong resistance level for intraday perspective, above this the price will push towards $1,298 and $1,304 levels. On the down side, if the price breaks the $1,277 levels, go short for targets at $1,270, $1,265, and $1,261 levels.



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Fundamental analysis of USD/CAD for April 02, 2014




We expect this pair to continue to consolidate with the possibility of a breakout or breakdown after Friday's numbers, but until then it is going to be very difficult to imagine the market doing anything of substance as the area has been so well-defined. The pair behavior is very sensitive to these particular announcement. Because of this, we feel that this is one that we can only buy at this moment time, at least until we see what the job numbers (US-non farm payroll, CAD-employment data) are.
The pair has been in a downtrend from 1.1279 and it has been consolidating near 1.1 levels. RSI is supporting for pull back view in the H4 & H1 charts. For hourly basis, the pair is facing resistance at 1.0380. One can enter longs above this level for targets at 1.0469 immediately. Above this, 1.1070 and 1.10917 are the resistance levels. On the downside, 1.1 is the strong support.
On an intraday basis, the pair is facing resistance at 1.105. If the pair crosses the purple line, it will fly up to 1.1081 (200EMA) and 1.1123 (50SMA). This view is valid until it breaks the 1.1 support levels. On the down side, if the pair breaks the 1.1 levels, the pair will move up to 1.0955 (March 06 low) and 1.0910 (February's low) and 1.08 levels. Until it holds the 1.1 levels, we can see a bit of pullback and bear attack will be possible, once the pair starts trading below 1.1 levels.
In fact, it's not until we get below 1.09 that we could possibly think about shorting this market. It obviously looks very supportive, and as a result, we simply will not sell until we are well below that level. In the meantime, even a pullback from here should be a nice buying opportunity as far as we can say, and with that we are in somewhat of a buy only mode".




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Technical analysis of Silver for April 03, 2014




Technical outlook and chart setups:
1. Silver finally shows concrete signs of having bottomed out around $19.50 now. Yesterday the metal rallied past the $20.00 levels comfortable. It is expected to continue the rally in coming sessions. The chart view here shows a concrete bullish reversal signal. Recommendations are to remain long for now, risk remains at $19.25.
2. Resistance is at $21.70 (bulls would like to take this out now), followed by $22.30 and $23.00, while support is seen at $19.00, followed by $18.75 and lower respectively.
3.The structure remains constructive for bulls till prices remain above $19.00. $20.20/30 is immediate price target before a pullback.
Trading recommendations:
Remain long for now, set stop at $19.00, target is open.

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Technical analysis of GBP/USD for April 4, 2014








Overview:

It should be noted that the first key level will set at the level of 1.6585 and the second key level will set at the 1.6650 level on April 4, 2014. Also, it should be noticed that the levels are coinciding with the weekly pivot point and the double top respectively. Equally important, the price of GBP/USD pair has still been moving between 1.6570 and 1.6613. Furthermore, the trend has been very clear indicating downward direction. As it is known, sellers are asking for a high price. Accordingly, we expect that the trend is going to call for the bearish market at the level of 1.6650 in H1 chart. As a result, sell at the price of 1.6650 with the first target of 1.6585 in order to test the weekly pivot point and it might resume to 1.6520. On the other hand, your stop loss should be placed above the 1.6650, hence it will helpful to set it at the price of 1.6683. Additionally, it should be noted that the range was about 91 pips yesterday.



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Technical analysis of USD/JPY for April 07, 2014








In Asia, Japan will release the Leading Indicators and the US will release some economic data such as US-Consumer Credit m/m. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low volatility during the US session.


TODAY's TECHNICAL LEVELS:
Resistance. 3: 103.77.
Resistance. 2: 103.57.
Resistance. 1: 103.35.
Support. 1: 103.11.
Support. 2: 102.91.
Support. 3: 102.70.


DESCRIPTION:
Please, pay attention to the levels of support 3 (102.70) and resistance 3 (103.77). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.




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