Thread: InstaForex Wave Analysis

Technical analysis of USD/JPY for May 13, 2014






In Asia, Japan will release the M2 Money Stock y/y, and 30-y Bond Auction. Meanwhile, the US will unveil some economic data such as NFIB Small Business Index, Core Retail Sales m/m, Retail Sales m/m, Import Prices m/m, and Business Inventories m/m. So there is a big probability the USD/JPY will move with low volatility today.


Today's technical levels:
Resistance. 3: 102.73.
Resistance. 2: 102.53.
Resistance. 1: 102.33.
Support. 1: 102.07.
Support. 2: 101.87.
Support. 3: 101.67.


Description:
Please, pay attention to the levels of support 3 (101.67) and resistance 3 (102.73). 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/JPY for May 14, 2014






In Asia, Japan will release the CGPI y/y, Prelim Machine Tool Orders y/y, and the US will release some economic data such as PPI m/m, Core PPI m/m. 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: 102.71.
Resistance. 2: 102.51.
Resistance. 1: 102.31.
Support. 1: 102.05.
Support. 2: 101.85.
Support. 3: 101.65.


DESCRIPTION:
Please, pay attention to the levels of support 3 (101.65) and resistance 3 (102.71). 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 Gold for May 15, 2014






Technical outlook and chart setups:
1. Gold rallied yesterday only to face resistance around $1,304.00 levels as seen here. The metal is consolidating again in a cone format between decreasing resistance and increasing support lines as seen here. A break out of this consolidation is required to decide further direction, recommendations for now is to exit long positions and remain flat.
2. Support is seen at $1,270.00/80.00 levels, followed by $1,230.00/40.00, $1,210.00 and lower while resistance is at $1,330.00, followed by $1,350.00/60.00, $1,388.00 and higher respectively.
3. The structure indicates that Gold still remains in a trading range and breakout is required below $1,280.00 or above $1,310.00 to determine further direction.


Trading recommendations:
Exit longs. Remain flat for now.

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Technical analysis of Silver for May 16, 2014






Technical outlook and chart setups:
1. Silver falls back to $19.40 levels as discussed and expected yesterday. The metal could now rally up to $19.80 levels before falling back. A break of the interim support line and $19.00 20/00 levels from here could be encouraging for bears and open doors for fresh lows below $18.00 levels.
2. Support is at $19.00/20, followed by $18.90, $18.75 and lower while resistance is at $20.40, followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver could be on its way lower if $19.00 levels break. On the higher side $20.40 remains key for a trend reversal.


Trading recommendations:
Remain flat for now.

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Technical analysis of EUR/JPY for May 19, 2014






Technical outlook and chart setups:
1. The EUR/JPY pair is looking for a bullish reversal ahead of key support at 138.40 levels as seen here. Please also note that the sub 139.00 levels is also supported by fibonacci 0.618 levels of the rally between 136.00 and 143.50 as shown here. Recommendation is to watch out for a bullish reversal here and go long. Risk remains below 138.00.
2. Support is at sub 138.00, followed by 136.00 and lower while resistance is at 141.00, followed by 142.50, 143.50/144.00 and 145.50 respectively,
3. The structure indicates that EUR/JPY might be setting up for a bullish reversal at sub 139.00 levels. High probability setup would be bullish from here on till prices stay above 138.00 levels.


Trading recommendations:
Initiate longs, stop below 138.00, target is open.

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Technical analysis of Silver for May 20, 2014






Technical outlook and chart setups:
1. Silver is seen to be testing lower end of the consolidation range around $19.00/20 levels. A bullish bounce here would again take prices towards the $20.00 levels, while a break below shall prove to be extremely bearish. Recommendations are to remain flat for now and await for a clear break out from the trading range established for now.
2. Support is seen at $19.00, followed by $18.90/75, $18.40/50 and lower, while resistance is seen at $20.40, followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver continues to trade in a tight range between $19.00 and $20.00 for now. A break on either side is required to determine the next big move.


Trading recommendations:
Remain flat for now OR trade the range buy around $19.00/20 and sell around $20.00.


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Technical analysis of USD/JPY for May 21, 2014






In Asia, Japan will release the Trade Balance, Monetary Policy Statement, BOJ Monthly Report, BOJ Press Conference and the US will release some economic data such as Crude Oil Inventories, Fed Chair Yellen Speaks, FOMC Meeting Minutes. 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: 102.78.
Resistance. 2: 101.58.
Resistance. 1: 101.38.

Support. 1: 101.13.
Support. 2: 100.93.
Support. 3: 100.73.


DESCRIPTION:
Please, pay attention to the levels of support 3 (100.73) and resistance 3 (102.78). 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.

Technical analysis of Gold for May 22, 2014




Technical outlook and chart setups:
1. Gold is still trading within the consolidation range as seen here. The metal bounced off the lower support boundary around $1,283.00 levels yesterday, indicating that the next move could be higher from here on. Recommendations are to remain long with risk just below $1,280.00 levels for now.
2. Support is seen at $1,280.00, followed by $1,270.00, $1,230.00/40.00, $1,210.00 while resistance is seen at $1,305.00, followed by $1,310.00, $1,330.00, $1,350.00/60.00 and higher respectively.
3. The structure indicates that Gold needs to break above $1,305.00/10.00 levels to challenge resistance at $1,330.00 and confirm further upside.


Trading recommendations:
Remain long, stop just below $1,280.00, target is open.

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Technical analysis of EUR/JPY for May 23, 2014






Technical outlook and chart setups:
1. The EUR/JPY has produced a bullish morning star candlestick trading signal around 138.00 levels as seen here. Furthermore the trend line support and fibonacci 0.618 support levels also pass through the same region. Recommendations are to remain long from here on, risk remains below 138.00.
2. Support is seen at 138.00, followed by 136.50, 134.00 and lower, while resistance is seen at 141.00, followed by 142.50, 143.50/144.00 and 145.50 respectively.
3. The structure indicates that the pair could possibly produce a bullish reversal from current levels, prices should stay above 138.00 though.
Trading recommendations:
Remain long, stop at 137.90, target is open.

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Technical analysis of Silver for May 26, 2014






Technical outlook and chart setups:
1. Silver is seen to be trading in a consolidation channel as seen here, just below the line of support. Broader range is between $18.75 and $20.00 levels for now. At the moment, the metal has bounced off support from sub $19.00 levels and moving towards $20.00 levels if not higher.
2. Support is seen at $19.00, followed by $18.75/90, $18.45/50, while resistance is at $20.00/40, followed by $21.70, $22.30 respectively.

3. The structure indicates that Silver could resume rally towards $20.00/40 from current levels. Potentially it is possible to rally till $21.30/40 levels in this leg up.


Trading recommendations:
Remain long, stop below $18.50, target is open. OR remain flat.

More analysis - at instaforex.com