Thread: InstaForex Wave Analysis

Technical analysis of EUR/USD for June 11, 2014






The pair has been in a downtrend from 1.3995 levels, moving to downside to form a near-term bottom. Today the pair opened higher on a highly bearish note, the same as the cable. Currently it is trading at 1.3524 levels. The pair can take the support between 1.35-1.3477, if it holds these levels it can pull back up to 1.3620. The pair is trading in a highly bearish format, so it is better to trade below the short and medium term moving averages. Until the pair trades and closes above the 1.3677 levels, we can see 1.32 levels in a few weeks time. The next fall would take place below 1.3460.


On the upside, if the pair breaks the 1.3548 it can fly up to the 1.3585 , 1.36 and 1.3620 levels. Bulls will be back only in case the pair closes above 1.3677. Until that, sell on the rally for 1.32 levels. Safe traders can start selling below 1.3460 levels.


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Technical analysis of EUR/JPY for June 12, 2014




Technical outlook and chart setups:
1. The EUR/JPY pair has taken out 138.00 lows and also the immediate trend line support as seen here. It is quite possible that a major correction is under way towards 131.00 levels as shown here. Recommendations are to initiate selling on rallies from here on. 139.00 levels could be immediate resistance.
2. Support is 136.50, followed by 134.00, 132.00 and lower, while resistance is at 140.00, followed by 141.00, 142.50/143.50 and higher respectively.
3. The structure indicates that EUR/JPY could be heading lower towards 131.00 levels in a corrective manner.


Trading recommendations:
Remain flat for now. Look to sell around 139.00.

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Technical analysis of gold for June 13, 2014






Traders are waiting for the PPI and core PPI data. We expect both indexes to be upbeat. The USD index is trading at 80.57 levels. The price is taking support at 80.50, below this, 80.44 is the strong support levels. Once breaking below this, the index can drop to 80.25 and 80 levels. On the other hand, it has strong resistance at 80.61 levels. Crossing above that, the index can fly up to 80.67, 80.74, 80.85, 80.90 and 81 levels. On an intraday basis, sell below 80.27 and buy above 80.61. is recommended

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Review of Gold for June 16, 2014






The yellow metal gained support due to the Middle East concerns. The metal moved to a 2-week high. In Asia's session, it is trading at $1,282. In the weekly chart, the metal gave an upside breakout from a descending pattern. We recommended twice to buy, the first one, at $1,253 and the second time, at $1,278.50. Our targets are open at $1,284.50, $1,286, $1,289.60 and $1,296.50 levels. Currently it is reaching a critical resistance level at $1,285.50 (50-day SMA). Once the metal crosses this, it can extend the rally up to $1,288.70, and $1,297 levels. A day close above $1,285.50, the metal will gain some more strength and again a safe buy will activate above $1,288.70 for $1,297 levels. A week close above $1,297, the bulls will take the metal up to $1,310 levels as an initial target. This week we can expect it going up to $1,288.70/$1,289 or $1,297 levels. Traders can book profit at the current market price $1,281.50.

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Technical analysis of Gold for June 17, 2014






Technical outlook and chart setups:
1. Gold reverses from convergence of the following: i) Trend line resistance, ii) Fibonacci 0.618 resistance and iii) Support turned resistance at sub $1,280.00 levels. Recommendations are to remain short for now, risk remains at $1,300.00.
2. Support is at $1,245.00, followed by $1,240.00, $1,230.00, $1,210.00 and lower, while resistance is at $1,300.00, followed by $1,310.00, $1,330.00 and higher respectively.
3. The structure indicates that Gold may break below $1,240.00 and subsequently $1,180.00 in the sessions to come.


Trading recommendations:
Remain short, stop at $1,300.00, target is open.

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Technical analysis of USD/JPY for June 18, 2014




The pair has been in an uptrend from 101.60 levels. It pauses the rally at the descending trend line. We expect the next up move will take place only above 102.25 levels. Until it crosses that, we can see selling pressure. On the down side, the pair has support at 102.10, 102 and 101.90 levels. Once it breaks below that 101.90, selling pressure will become active and may take the pair towards 101.82, 101.70 and 101.60 levels. Today, 101.60 will act as the bulls fate zone, if this level is taken off, the pair will shift the mode to free fall up to 101.40, 101.30 and 101 levels. O
n the bullish front, if the pair manages to breach the 102.25 resistance level, it can extend its up leg to 102.40, 102.57 and 102.65 levels.
Sell with sl 102.25 or buy above 102.25.



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Technical analysis of Silver for June 19, 2014






Technical outlook and chart setups:
1. Silver is seen to be breaking out of trend line resistance as seen here. The confirmation is above $20.00 levels though. Recommendations for now is to remain short with risk around $20.40 levels.
2. Support is seen at $19.40, followed by $19.00, $18.60 and lower while resistance is seen at $20.40, followed by $21.70 and higher respectively.
3. The structure indicates that Silver might be turning bullish; a break of $20.40 would confirm though.
Trading recommendations:
Remain flat (conservative trade setups). OR remain short with stop at $20.40.


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Technical analysis of Silver for June 23, 2014






Technical outlook and chart setups:
1. Silver breaks out of the resistance line and also takes out immediate resistance at $20.40 levels as seen here. A dip is expected from current levels towards $19.50/20.00 levels from here, before rallying further up. Also note that the resistance line is now turned into support. 2. Support is seen at $19.50, followed by $19.00, $18.60 and lower while resistance is seen at $21.70, followed by $22.30 and higher respectively.
3. The structure indicates that Silver needs to correct lower before rallying further up. Trading recommendations:


Flat for now.
Look to buy lower.


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Forecast of USD/ZAR for June 24, 2014




The pair took support at the previous resistance trend line of 2012-2013. The resistance became support at 10.26 levels. Currently it is trading at 10.5895. The support is between 10.38-10.26 levels within minor support at 10.54 levels. Until the pair holds these support levels, we can expect another pull back up to 10.96 and 11.50 levels. For an intraweek basisi, it has support at 10.5282, 10.4686 and 10.4093 levels.



Until the pair holds 10.5282 on a closing basis, the upside target at 11.50 is open.



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Technical analysis of USD/JPY for June 25, 2014






In Asia, Japan will release the CSPI y/y, and the US will release some economic data such as Core Durable Goods Orders m/m, Final GDP q/q, Durable Goods Orders m/m, Final GDP Price Index q/q, Flash Services PMI, Crude Oil Inventories. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.


TODAY's TECHNICAL LEVELS:
Resistance. 3: 102.41.
Resistance. 2: 102.22.
Resistance. 1: 102.02.
Support. 1: 101.77.
Support. 2: 101.57.
Support. 3: 101.37.



DESCRIPTION:
Please, pay attention to the levels of support 3 (101.37) and resistance 3 (102.41). 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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