Thread: InstaForex Wave Analysis

Technical analysis of EUR/USD for July 29, 2014




The pair held the support at 1.3420 and is trading at 1.3438 in the Pacific session. In the daily chart, the daily momentum oscillators seated at oversold levels. The support zone is between 1.3420-1.3395. Traders are eyeing Wednesday's FOMC meeting. We recommend selling only below 1.3370 levels. The pair has resistance at 1.3496 (40Dema) levels. Until it trades below the 40 Dema, the downside risk still emerges in this week.
Support: 1.3420, 1.3395, 1.3370.
Resistance: 1.3496, 1.3546, 1.3585.
Intraday cmp 1.3439

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Technical analysis of GBP/CHF for July 30, 2014






Technical outlook and chart setups:
1. The GBP/CHF pair has remained virtually unchanged since last few trading sessions. The pair is stalling around 1.5360/70 mark for now having broken the immediate line of support, as seen here. Recommendations are to remain short, risk remains above 1.5430/50 levels.
2. Support is seen at 1.5220, followed by 1.5150 and lower while resistance is seen at 1.5380/90 (interim), followed by 1.5430/50 respectively.
3. The structure indicates that GBP/CHF should be correcting lower at least for now.
Trading recommendations:
Remain short, stop above 1.5450, target is open.

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Intraday recommendation of GBP/USD for August 01, 2014






The cable pushed towards 20WSma at 1.6857, and is trading above that. In yesterday's session, the cable hit the 61.8 fib level and exactly closed at that level. The daily momentum oscillators are indicating an oversold level. On the down side, it has strong support at 1.6857, 1.6785 (80 fib level) and 1.6763 (30WSma) levels. Resistance is at 1.6923, 1.6975 and 1.70 levels. Until the pair trades below 1.70, the bears will have the grip in the new month as well.
Support 1.6857 1.6785 1.6763
Resistance 1.6925 1.6955 1.70
Intraday cmp 1.6878


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USD/CAD intraday technical levels and trading recommendations for August 4, 2014






Since the USD/CAD pair failed to show enough bullish momentum above 1.1200 during the last visit on March 20, the pair has been downtrending within the depicted bearish channel, which managed to push towards the price zone between 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) where a prominent congestion zone was established.
As depicted on the chart, bullish rejection was expressed at retesting of the lower limit of the bearish channel around 1.0630 (It's the origin of the previous bullish impulse initiated in December 2013 as well).
A valid BUY entry was suggested. Expected targets got visited around 1.0750 and 1.0820.
The USD/CAD pair had a strong resistance zone located between 1.0830 (61.8% Fibonacci Level) and 1.0945 ( 50% Fibonacci Level of the same bearish swing ).
The price zone around 1.0940 (50% Fibonacci Level ) remains the nearest Intraday resistance level that comes to meet the pair.
Bearish rejection may be anticipated at retesting especially after such a long bullish rally that originated off 1.0650 and 1.0710. However, daily closure above which enables the bulls to shoot towards 1.1050 initially.
On the other hand, the price level of 1.0775 remains the nearest support to meet the pair where a valid BUY entry may be taken with Stop Loss below 1.0715.

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Technical analysis of USD/JPY for August 05, 2014






In Asia, Japan will release the 10-y Bond Auction and the US will release some economic data such as Final Services PMI, ISM Non-Manufacturing PMI, Factory Orders m/m, IBD/TIPP Economic Optimism. 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: 103.13.
Resistance. 2: 103.93.
Resistance. 1: 102.72.
Support. 1: 102.49.
Support. 2: 102.29.
Support. 3: 102.08.


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Technical analysis of Silver for August 06, 2014






Technical outlook and chart setups:

1. Silver is seen to be forming bottom around $19.70/80 levels as seen here and expected earlier. A morning star bullish reversal candlestick is potentially being produced on the 8H chart as seen here. A confirmation here would be extremely bullish for the metal.
2. Support is seen at $19.40, followed by $18.60 and lower while resistance is seen at $20.80, followed by $21.20 and higher respectively.
3. The structure indicates that Silver is preparing to reverse from current levels.


Trading recommendations:
Initiate long positions, stop at $19.40, target is open.

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Intraday analysis of GBP/JBP for August 07, 2014




Though the pair hit the 100DSma and closed below that, in today's session, the pair opened with support at yesterday's close and started moving up. For an intraday basis, the pair favors bulls. The pair has resistance at 172.65, above this, it can fly up to 172.90, 173.10 and 173.20. The pair has support at 172.40, below this, 172.25-172.20.
Buy above 172.75 for targets at 173, 173.30, and 173.50.



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ITechnical analysis of Gold for August 08, 2014






Technical outlook and chart setups:
1. Gold is pushing higher as expected since $1280.00 levels. The metal could pullback towards the $1,290.00/95.00 region again, before continuing further rally. Recommendations are to hold on to long positions and also look to add further on dips.
2. Support is seen at $1295.00/90.00, followed by $1280.00 and lower while resistance is seen at $1,224.00 followed by $1,240.00 and higher respectively.
3. The structure indicates that Gold remains clear buy on dips for now.


Trading recommendations:
Hold long positions for now, also add towards $1,295.00, stop at $1,280.00.



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Technical analysis of EUR/JPY for Aug 11, 2014






Technical outlook and chart setups:
1. The EUR/JPY pair has printed fresh lows around 135.70/80 levels before pulling back sharply as seen on the chart view here. A hammer has been produced on the daily chart indicating that a bullish reversal/pull back may be on cards. Waiting for further confirmation to go long.
2. Support is seen at 135.70 (interim), followed by 134.00 levels and lower while resistance is seen at 138.00, followed by 139.20 and higher respectively.
3. The structure indicates that EUR/JPY could possibly begin a pull back rally from current lows.


Trading recommendations:
Remain flat for now. Look for further confirmation to go long again.


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