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Technical analysis of USD/CAD for August 18, 2015
General overview for 18/08/2015 09:30 CET
The 1-1 geometry between the waves a and c purple has been missed by 3 pips, nevertheless the corrective cycle in wave a green (alt:X brown) has been completed. Currently the corrective cycle in wave b green (alt:Y brown) continues. The key level for today is the intraday resistance at the level of 1.3156. Any breakout higher would be viewed as temporary bullish.
Support/Resistance:
1.3156 - Intraday Resistance
1.3079 - Weekly Pivot
1.3058 - Intraday Support
1.2975 - WS1
Trading recommendations: Daytraders should consider opening sell orders from the level of 1.3156 with tight SL (10-15 pips) and TP at the level of 1.3100.
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Technical analysis of Silver for August 19, 2015
Technical outlook and chart setups:
Silver had dropped lower into $14.70 levels, just below its 50-day moving average, before pulling back higher again. Besides, please note that the drop has stalled at the fibonacci 0.618 support of the rally between $14.40 and $15.60 levels respectively. Furthermore, the backside of the resistance line is being tested for now. It is hence recommended to initiate long positions again with risk at $14.40 levels for now. Immediate support is seen at $14.70 levels (interim), followed by $14.40 and lower, while resistance is seen at $15.60 levels (interim), followed by $15.90, $16.40 and higher respectively.
Trading recommendations:
Initiate long positions, stop at $14.40, a target $16.40.
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[B]Daily analysis of USDX for August 20, 2015[B]
https://forex-images.instaforex.com/.../USDXDaily.png
USDX is performing some pullbacks and extending the correction below the 96.57 level. The daily chart is still showing an alive bullish bias, but the Index seems to be prepared to extend the corrections towards new monthly lows, as the USDX reached extreme zones. 200 SMA is still bullish and MACD indicator is on the negative territory.
On H1 chart, USDX found dynamic resistance around the 200 SMA and the index is finding strong bottom at the support level of 96.37. That's why we should expect a breakout of that level, towards the 96.04 zone. We should expect a bearish trend which could last for the short and at mid term. MACD indicator remains on the negative territory.
https://forex-images.instaforex.com/...820/USDXH1.png
Daily chart's resistance levels: 96.57 / 97.57
Daily chart's support levels: 95.50 / 94.59
H1 chart's resistance levels: 97.37 / 97.62
H1 chart's support levels: 96.88 / 96.37
Trading recommendations for today:
Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 96.37, take profit is at 96.04, and stop loss is at 96.72.
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[B]GBP/USD intraday technical levels and trading recommendations for August 21, 2015[B]
https://forex-images.instaforex.com/...ppUSDDaily.png
Overview: On April 9, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was reached. This is where the ongoing bullish swing was initiated. A daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where a temporary bearish pullback took place on April 29. The next bullish swing extended up to the levels of 1.5750-1.5800, which offered traders few valid SELL entries (depicted with red arrows). The final bearish target at 1.5450 was already reached. Recently, strong bullish pressure was applied against the resistance levels around 1.5800 via the ongoing bullish swing. That is why, the resistance level at 1.5800 was temporarily breached. Hence, GBP/USD bulls pursued towards 100% Fibonacci Expansion located around 1.5900 where the depicted Head and Shoulders pattern was initiated. The level of 1.5555 (prominent demand level/depicted uptrend line) got breached earlier last month due to excessive bearish pressure. This enhanced the bearish side of the market towards 1.5360. However, a bullish pullback towards 1.5600 was expected to take place shortly after, as suggested in the previous articles. Our SELL entry which was suggested around 1.5600 got triggered two weeks ago. An early exit should be considered if the current daily candlestick closes above 1.5690 (the upper limit of the consolidation range) . A better SELL entry with a lower risk/reward ratio may be offered around the price level of 1.5780 if enough bullish pressure is expressed above 1.5690 (the current price level). Note that fixation below the price zone of 1.5550-1.5500 (mid-line of the consolidation range) is mandatory to pursue towards lower bearish targets at 1.5450 and 1.5350. It confirms the Triple-Top reversal pattern depicted on the chart. On the other hand, daily fixation above 1.5690 (the upper limit of the consolidation range) hinders this bearish scenario for some time. This probably exposes the breakout projection target at 1.5800 before further bearish decline can be achieved.
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Intraday technical levels and trading recommendations for GBP/USD for August 21, 2015
https://forex-images.instaforex.com/...pusdweekly.png
Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area around 1.5900, which provided evident supply for the GBP/USD pair. As anticipated, a bearish pullback towards the level of 1.5550 took place. Temporary bearish break out below the GBP/USD key level at 1.5500 took place on July 5. Last week, strong bearish pressure was applied to the level of 1.5550 again. It was broken down temporarily until the last week when the weekly bullish engulfing candlestick was expressed. Contradictory signals are coming from consecutive weekly candlesticks. This indicates market indecision above the price levels of 1.5500. However, the previous weekly candlestick closure above 1.5500 hinders further bearish decline and enhances the bullish side of the market at least towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level). On the other hand, the current weekly candlestick should be monitored by the end of the current day to determine if the weekly closure persists above 1.5500 or below. The nearest demand level around 1.5200 will become exposed only if the GBP/USD bears manage to bring the market price below the level of 1.5500 again (low probability).
https://forex-images.instaforex.com/...bpusddaily.png
Previously, the zone of 1.5800-1.5880 acted as significant supply. It offered a valid sell entry few weeks ago. All T/P levels were successfully reached. On the other hand, the level of 1.5550, which corresponds to 50% Fibonacci level and a previous prominent top, was temporarily broken allowing further bearish decline towards 1.5350 where an ascending bottom was recently established. The level of 1.5500 constitutes a significant KEY level to watch for. It corresponds to the short-term uptrend line depicted on the chart. However, evident bullish pressure was applied at 1.5450 on August 7. A bullish engulfing daily candlestick was expressed by the end of the day. The nearest supply levels to meet the GBP/USD pair are located around the price levels of 1.5660 (multiple daily highs) and 1.5770 (prominent 61.8% Fibonacci level) where bearish rejection should be anticipated. The price reaction should be watched at retesting price levels around 1.5770 (61.8% Fibonacci level). A valid SELL entry can be offered there. On the other hand, the bearish scenario towards 1.5470 and 1.5370 should only be anticipated if the GBP/USD bears manage to push again below 1.5500 successfully (low probability).
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Daily analysis of GBP/USD for August 24, 2015
On the daily chart, bullish tone remains untouched with GBP/USD, because the pair is looking to break the resistance zone of 1.5761 higher during this week. Besides, the cable is still supported by the 200 SMA, which is also giving the current bullish momentum to this pair. There could be some pullbacks, but the rally is strong.
https://forex-images.instaforex.com/...BPUSDDaily.png
Resistance level of 1.5715 is the near-term target that pair is looking to break in order to continue trading in favor of the bullish bias. Next interest zone is located around the 1.5763 level. However, at least during this week, GBP/USD could test again the 200 SMA and perform a rebound to ride again the bullish trend.
https://forex-images.instaforex.com/...3/GBPUSDH1.png
Daily chart's resistance levels: 1.5761 / 1.5881
Daily chart's support levels: 1.5640 / 1.5543
H1 chart's resistance levels: 1.5715 / 1.5763
H1 chart's support levels: 1.5679 / 1.5632
Trading recommendations for today:
Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5715, take profit is at 1.5763, and stop loss is at 1.5666.
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Technical analysis of USD/JPY for August 24, 2015
https://forex-images.instaforex.com/.../USDJPYM30.png
USD/JPY is expected to trade in a lower range. The US dollar and stocks were impacted by fears about the global growth, particularly those concerning China. The Dow Jones Industrial Average tumbled 3.1% to close at 16459, the S&P 500 plunged 3.2% to 1970, while the Nasdaq Composite dropped 3.5% to 4706.04. Having declined 10% from its recent high, the DJIA is now in correction territory, and its loss of more than 1,000 points last week was the largest weekly decline since October 2008. Crude oil touched as low as $39.86 a barrel before finishing at $40.45, down 2.1% on the day, while gold gained 0.7% to $1160 per ounce. Safe-haven buying of US government bonds pushed down the 10-year Treasury yield to 2.052% - the lowest level since April - from 2.084%. The US dollar plunged against most major currencies as traders became more doubtful about whether the US Federal Reserve will hike interest rates next month. The greenback lost over 1% against the euro and the yen. Regarding USD/JPY, the pair posted strong downward momentum after breaking below both the 120.00 and 119 levels. Both the declining 20- and 50-period intraday moving averages are maintaining the bearish bias. And the intraday RSI is capped by a declining trendline. As long as 120.55 holds as the key resistance, the pair is expected to head towards the first downside target at 117 .
Trading recommendations: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 121.30. A break of that target will move the pair further downwards to 122.35. The pivot point stands at 120.55. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 121.30 and the second target at 122.35.
Resistance levels: 121.30 122.35 123
Support levels: 117 116.20 115.65
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Daily analysis of GBP/USD for August 26, 2015
On the daily chart, GBP/USD performed a pullback to the resistance level of 1.5761, after bullish momentum which this pair had recived in the beggining of the week. That is why we should be aware of a possible test around the level of 1.5640, where the pair could do another rebound. The MACD indicator is still at positive territory.
https://forex-images.instaforex.com/...BPUSDDaily.png
The pair is forming a lower low pattern below the resistance level of 1.5715. Currently, it is looking for strong dynamic support at the 200 SMA in the H1 chart. This could give another bullish breath to the pair in order to ride the overall bullish trend. The upside road shows that the resistance levels are found at 1.5715 and 1.5763. The MACD indicator becomes oversold.
https://forex-images.instaforex.com/...6/GBPUSDH1.png
Daily chart's resistance levels: 1.5761 / 1.5881
Daily chart's support levels: 1.5640 / 1.5543
H1 chart's resistance levels: 1.5715 / 1.5763
H1 chart's support levels: 1.5680 / 1.5632
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is seen at 1.5715, take profit is at 1.5763, and stop loss is at 1.5665.
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Elliott wave analysis of EUR/NZD for August 27, 2015
https://forex-images.instaforex.com/...-EURNZD-4H.png
Technical summary:
Small consolidation seen over the last couple of days does look like a small triangle. As we think the final rally in wave (iii) is still missed, we regard this triangle as red wave 8iv) and will be looking for one more rally higher in red wave iv to 1.9141. We are aware of the risk of being a b-wave triangle. In this case, we will see a break below support at 1.7426 in order to make a decline towards 1.6495.
Trading recommendation:
We will buy on a break above 1.7866 with stop placed at 1.7420 or we will sell on a break below support at 1.7426 with stop placed at 1.7870 (one order cancels the other)
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Technical analysis of EUR/USD for August 28, 2015
https://forex-images.instaforex.com/...8/!_EURUSD.jpg
When the European market opens, economic news about Italian 10-y Bond Auction, Spanish Flash CPI y/y, and German Prelim CPI m/m is due to release. The US will publish data on the Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m, and Goods Trade Balance. So amid the reports, EUR/USD will move low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1297.
Strong Resistance:1.1291.
Original Resistance: 1.1280.
Inner Sell Area: 1.1269.
Target Inner Area: 1.1243.
Inner Buy Area: 1.1217.
Original Support: 1.1206.
Strong Support: 1.1195.
Breakout SELL Level: 1.1189.
More analysis - at instaforex.com