Thread: InstaForex Wave Analysis

Technical analysis of Silver for May 27, 2014



Technical outlook and chart setups:
1. Silver is seen to be bouncing off its lower support range around $19.20/30 at the moment. A bounce towards the $20.00 levels is expected from here on. A push through $20.40 is required to confirm that Silver could continue further upside.
2. Support is seen at $19.00 levels, followed by $18.90, $18.75, $18.50 and lower, while resistance is seen at $20.40, followed by $21.70, $22.30 and higher up respectively.
3. The structure indicates that Silver has potential to rally at least till $20.00 for now. The metal would be extremely bullish above $20.40 resistance.


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



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Technical analysis of Gold for May 28, 2014






Technical outlook and chart setups:
1. Gold has broken down the trading range below $1,270.00/80.00 levels as seen here. The metal is trading at $1,260.00 levels for now which is also the fibonacci 0.618 support of the rally between $1,180.00/82.00 and $1,388.00. A bullish bounce could remain possible at current levels. Recommendations are to remain flat for now. Watch for a reaction at current levels.
2. Support is seen at $1,240.00/30.00 levels, followed by $1,210.00 and lower while resistance is seen at $1,300.00/10.00, followed by $1,330.00, $1,350.00/60.00 and higher respectively.
3. The structure indicates that Gold could produce a bullish bounce at current levels around $1,260.00. A break here and subsequently $1,230.00/40.00 could be extremely bearish for the metal though.


Trading recommendations:
Remain flat for now.


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Forecast for USDX for May 29, 2014





Today traders eye prelim GDP and unemployment claims data. The index moved to a 2-month high. The index closed above the 200-day EMA which was a bullish sign for the medium term for 82 and 84 targets, but the overbought indicators stopped the dollar and it did not cross the previous swing high at 80.60 (April 04 high), the index formed a double top at 80.58 levels. We expect the price will correct a bit to 80.30, 80.17 and 80. A day close below the 80 mark, then the bulls is in trouble, the weakness exists only below 80.40 levels.


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Daily analysis of GBP/JPY for May 30, 2014






Overview:
The H4 chart demonstrates today that the pair still cannot break the support area of 170.00-169.75 and it is currently trading above the support area, so we should wait for the mid-day closing. If the pair manages to close 4H below it, there will be a good opportunity to sell till reaching the support level of 169.20 after closing 4H below it. After that we should wait for breaking out this support level to continue the bearish move. In case the pair is able to break the support level of 169.20 and closes 4H below it, we will get bearish strength which will provide new sell signals and enable the support level of 168.50 as a target level.


Resistance and support levels:
R3 (172.75), R2 (172.00), R1 (171.50), S1 (170.00), S2 (169.75), S3 (169.20).

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Technical analysis of CL for June 03, 2014






The crude oil took support at the 50-day SMA in yesterday's trading session. On the down side, if the price breaks the 50-day DMA at 101.85, it will go up to 100.98, 100 and 99.70 levels. If it closes below the lower trend line, it will fall to 98.70 and 97.50 levels. Today the price looks weak below 102.35, it will go for 101.85 for the strong support. On the up side, 102.76 is the inital resistance.


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Technical analysis of USD/CHF for June 4, 2014






Overview:
Depending on the previous events, the last double top has set at the level of 0.8994 and support is placed at 0.9821. Additionally, the USD/CHF pair has still been trapped between 0.8943 and 0.8990. Also, the key level is set at 0.8921 because it is representing strong support and is coinciding with the last weekly pivot point of the USD/CHF pair. Equally important, the double top will be formed at the 0.8994 level, but it seems the price is going to break this level in order to continue towards the level of 0.9030. The level of 0.9030 will be resistance today. Hence, the market's range will be around 50 pips. As it is know, history will probably repeat itself at this level again. Therefore, it will be a good sign to buy above 0.9821 with the first target of 0.8990. Furthermore, It will call for uptrend in order to continue its bullish movement towards 0.9030. However, the stop loss should never exceed your maximum exposure amounts, thus the stop loss should be placed below 0.8921, at the price of 0.8903.

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Technical analysis of GBP/JPY for June 05, 2014






GBP/JPY
The pair has been in an uptrend from 169.53 levels. In yesterday's session, it was moved to 61.8 fib levels. Today in Asia's session, it halted at 171.97 and moved to lower levels. As of now, the pair has taken the support from 50day SMA and 50.0 fib levels. The trading activity is fixed between 50.0-61.8 fib levels. The pair looks safe to buy above 171.35 for 172.35 and 172.75 levels. It also looks weak below 171.34 for 171.25, 170.50 levels.
For intraday , the pair favors selling at 171.45, 171.25 and 171 levels. The hourly momentum oscillators favors to sell side.



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Daily analysis of Silver for June 06, 2014




Overview
As it was expected, the metal took an upward move in case of closing above the resistance level of 19.00. Friday, as it is shown in the H4 chart, the metal took a slightly upward move after breaking the Resistance area at 19.00 and it managed to close 4H above it and, currently, it is approaching the Resistance level of 19.20. More bullish signals are expected as long as silver is trading above this Resistance area with the first target few pips below the Resistance level of 19.50. But if silver closes 4H below 19.20, we should wait for testing the Support area again before making decision and also cancels the bullish move scenario.


Resistance and support levels:
R3 (19.50), R2 (19.20), R1 (19.00), S1 (18.60), S2 (18.30), S3 (18.00).

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Technical analysis of EUR/JPY for June 9, 2014


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General overview for 09/06/2014 07:40 CET
The wave structure develops in the anticipated shape so far and currently the market is in corrective cycle wave B black. One more wave to the downside is needed to complete the structure of a simple correction in wave B black, or the corrective cycle will transforms into a triangle formation for example. Please remember, that when this corrective structure is completed, then black wave C will develop to the upside to finish the overall cycle.


Support/Resistance:
140.46 - WR1
140.04 - Intraday Resistance
139.56 - Weekly Pivot
139.37 - Intraday Support
139.15 - WS1
138.67 - Wave (a) Low
138.24 - WS2


Trading recommendations:
Daytraders should consider opening short positions from current price levels with SL above the level of 140.08 and TP at the level of 139.56 and 139.37.

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Daily analysis of Silver for June 10, 2014


Overview In today's H4 chart, silver is still stabilizing above the Support level of 19.00 after it could not break it yesterday and currently it is bouncing from it towards the Resistance level of 19.20. So we still suggest waiting for closing above the next Resistance level in case of bouncing from the Support level, to provide a new opportunity for more buy signals with the first target few pips below the Resistance level of 19.50, then after breaking this Resistance level, silver would open the way towards the Resistance level of 19.75, which means more bullish signals, but as long as the metal trades below the Resistance level of 19.20, this cancels the bullish scenario.

Resistance and support levels: R3 (19.75), R2 (19.50), R1 (19.20), S1 (19.00), S2 (18.60), S3 (18.30).

More analysis - at instaforex.com