Thread: InstaForex Wave Analysis

Elliott wave analysis of EUR/JPY for October 14, 2015





Technical summary:
We continue to watch for a continuation higher towards 141.00 over coming days/weeks. In the short term, we would like to find support at 135.63 to protect the downside for a break above minor resistance at 136.60 and more importantly above resistance at 136.95 for a continuation higher towards 138.10 as the ideal target for red wave iii. After a minor sideways consolidation, more upside room towards 141.00 would be expected. Only a breakout below 135.63 would question the upside expectations, but it will take a break below 134.62 to invalidate the bullish outlook.


Trading recommendation: We are long EUR from 135.10 with stop placed at 135.30. If you are not long EUR yet, buy near 136.00 or upon a break above 136.60, using the same stop at 135.30.


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Daily analysis of USDX for October 16, 2015


On the daily chart, the USDX is currently trying to stay above the 200 SMA, because a decline is no longer strong on a short-term basis. However, this scenario could change when the index manages to form a lower low pattern to reach new lows. A rebound at the current stage could send the USDX to the resistance level of 95.26.





The index is recovering from the losses on an intraday basis and now is facing the resistance level of 94.61. In case of a breakout, the USDX is likely to move towards 94.98, where the 200 SMA is located. At the current stage, we can expect a pullback, which should not extend more than above the range zone of 94.73.





Daily chart's resistance levels: 94.36 / 95.26
Daily chart's support levels: 93.16 / 92.33
H1 chart's resistance levels: 94.61 / 94.98
H1 chart's support levels: 94.15 / 93.73


Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US dollar index breaks with a bearish candlestick; the support level is seen at 94.15, take profit is at 93.73, and stop loss is at 94.58.


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Technical analysis of USD/JPY for October 21, 2015





In Asia, Japan will release data on all industry activity m/m and the trade balance. The US will publish economic data on Crude Oil Inventories. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.


TODAY TECHNICAL LEVELS:
Resistance. 3: 120.51.
Resistance. 2: 120.28.
Resistance. 1: 120.05.
Support. 1: 119.76.
Support. 2: 119.53.
Support. 3: 119.28.


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Technical analysis of EUR/USD for October 22, 2015





When the European market opens, some economic news on the Consumer Confidence, Minimum Bid Rate, and Spanish Unemployment Rate.The US will release data on the Natural Gas Storage, CB Leading Index m/m, Existing Home Sales, HPI m/m, and Unemployment Claims. So amid the reports, EUR/USD will move with low to medium volatility during this day.


TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1402.
Strong Resistance:1.1395.
Original Resistance: 1.1384.
Inner Sell Area: 1.1373.
Target Inner Area: 1.1346.
Inner Buy Area: 1.1319.
Original Support: 1.1308.
Strong Support: 1.1297.
Breakout SELL Level: 1.1290.


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echnical analysis of EUR/USD for October 23, 2015





When the European market opens, some economic news on the Belgian NBB Business Climate, Italian Retail Sales m/m, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI is due to be released. The US will unveil economic data on the Flash Manufacturing PMI. So amid the reports, EUR/USD will move with low to medium volatility during this day.


TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1136.
Strong Resistance:1.1130.
Original Resistance: 1.1119.
Inner Sell Area: 1.1108.
Target Inner Area: 1.1082.
Inner Buy Area: 1.1056.
Original Support: 1.1045.
Strong Support: 1.1034.
Breakout SELL Level: 1.1028.


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Daily analysis of GBP/USD for October 26, 2015





On the H1 chart, there is a pullback in progress from the 200 SMA until the support level of 1.5306, where the GBP/USD pair is expected to find a bottom. A rebound over there will push the pair towards the resistance level of 1.5339, where a breakout can happen for another rally towards the zone 1.5374. The 200 SMA is slightly pointing to the downside. Our short-term outlook remains bullish as long as the pair continues to trade above the level of 1.5264.


H1 chart's resistance levels: 1.5339 / 1.5374
H1 chart's support levels: 1.5306 / 1.5264
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 1.5339, take profit is at 1.5374, and stop loss is at 1.5305.


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Technical analysis of EUR/USD for October 27, 2015





When the European market opens, economic news on Private Loans y/y and M3 Money Supply y/y is due to be released. The US will publish data about the Richmond Manufacturing Index, CB Consumer Confidence, Flash Services PMI, S&P/CS Composite-20 HPI y/y, Durable Goods Orders m/m, and Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.


TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1111.
Strong Resistance:1.1105.
Original Resistance: 1.1094.
Inner Sell Area: 1.1083.
Target Inner Area: 1.1057.
Inner Buy Area: 1.1031.
Original Support: 1.1020.
Strong Support: 1.1009.
Breakout SELL Level: 1.1003.


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Daily analysis of GBP/USD for October 28, 2015





IThe current structure still seems to call for more downside moves as the pair is consolidating below the 200 SMA in the H1 chart. We can see a lower low pattern formation above the support level of 1.5296. A breakout below that zone will expose the GBP/USD pair to test the level of 1.5262. However, we cannot discard a corrective move until the level of 1.5339.


H1 chart's resistance levels: 1.5339 / 1.5365
H1 chart's support levels: 1.5296 / 1.5262
Trading recommendations for today:
Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is seen at 1.5296, take profit is at 1.5265, and stop loss is at 1.5331.


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Technical analysis of EUR/JPY for October 29 2015





Technical outlook and chart setups:
The EUR/JPY pair seemed to reach a major low at 131.57 yesterday. Please note that the daily chart view presented here suggests that the pair has bounced off the fibonacci 0.618 support levels of the entire rally from the sub-level of 126.00 through 141.00 earlier. The low formed yesterday could be a major infliction point for the next potential rally through fresh swing highs. It is highly recommended to initiate fresh long positions now with risk around 131.40/50. Immediate support is seen at 131.00 followed by 129.00 and lower, while resistance is seen at 137.00 followed by 138.00/139.00 and higher.
Trading recommendations: Initiate fresh long positions with stop at 131.40/50, a target is open.


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Technical analysis of EUR/USD for October 30, 2015





Overview:
The The daily pivot is set at the leve the level of 1.1009. Also, the minor resistance level is seen at 1.1009 today. The price is around this key level now. Consequently, the market will call for a bullish trend, if the price holds above the level of 1.1009. Accordingly, if the trend fails to close below the daily pivot point, it will be a good opportunity to buy above the level of 1.1015 with the first target at 1.1080, then it is expected to continue moving in an uptrend towards 1.1133 in order to test the daily resistance 1. At the same time, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. As a result, the best location to set your stop loss should be placed below the level of 1.0975. It should be noted that the level of 1.0905 represents the double bottom.


Notes:
The daily support is found at the level of 1.0950. The major resistance is seen at the 1.1133. We saw an insignificant range of 68 pips yesterday because the volatility was not high. But, today we expect a large range between 1.0905 and 1.1133.


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