Thread: InstaForex Wave Analysis

Technical analysis of GBP/USD for December 17, 2015





Overview:
The resistance is seen at the level of 1.5034, and a double top is placed at 1.5062 in the H4 chart. Also, it should be noted that the daily pivot point had already placed at 1.5034 in the same time frame. Consequently, the descending movement will probably be lower than the level of 1.5034 with a targets at 1.4894 in order to try breaking a double bottom. If the pair is able to break the double bottom at 1.4894, it will continue moving towards the levels of 1.4854 (support 2). On the contrary, the support was already found at 1.4854. Furthermore, it should be noted that it will rather profitable to buy above this level to retest this level in the long period. Therefore, buy deals are recommended above the level of 1.4854 with targets at 1.4903 and 1.5033 to retest the support from below again.


General idea about the pivot point. Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets as the prices are most likely to be located between resistance 1 and support 1. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If the trend breaks resistance or support, it is likely to result in a significant price movement.


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Daily analysis of USDX for December 18, 2015





It seems that the index is trying to consolidate above the 200 SMA for a bullish ride in a short-term basis. However, because of this, the USDX could start to pullback towards the support level of 98.80, where a rebound can happen. It should be noted also that there is a higher high pattern formation ongoing in the H1 chart. The MACD indicator is entering at the negative territory.


H1 chart's resistance levels: 99.19 / 99.48
H1 chart's support levels: 98.80 / 98.14


Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks the bullish resistance level at 99.19, take profit is at 99.48, and stop loss is at 98.86.


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Daily analysis of GBP/USD for December 22, 2015





No major changes in GBP/USD in Monday's session and during the Christmas week. The support zone of 1.4852 is still a strong level where buyers remain active on a short-term basis. However, we can expect a rally towards the resistance level of 1.4962 as part of the corrective moves within the current intraday's trend. MACD indicator is on the negative territory.


H1 chart's resistance levels: 1.4918 / 1.4962
H1 chart's support levels: 1.4852 / 1.4802


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 at 1.4852, take profit is at 1.4802, and stop loss is at 1.4904.


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Daily analysis of GBP/USD for January 04, 2016





According to the H1 chart, GBP/USD is doing a strong bearish consolidation below the 1.4802 level, after a sideways range move before the New Year's eve. Currently, we can expect a decline below the 1.4702 level, which would open the doors to test the 1.4608 level on a short-term basis. The 200 SMA in this time frame is still pointing to the downside. The MACD indicator is at the negative territory.


H1 chart's resistance levels: 1.4802 / 1.4918
H1 chart's support levels: 1.4702 / 1.4608


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 1.4702, take profit is at 1.4608, and stop loss is at 1.4793.


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Daily analysis of USD/JPY for January 05, 2016





Overview
A strong break of the 129.66 support confirmed resumption of a whole decline from 141.04. Intraday bias remains on the downside for the moment. A break of lower channel support (now at 128.56) will indicate downside acceleration and target a test at the 126.09 key support level. On the upside, movements above 130.16 minor resistance will turn bias neutral and bring consolidations. But the near-term outlook will stay bearish as long as the 134.58 resistance holds. We expect more range trading between 126.09 and 149.76 in the medium term. Then it should be followed by an upside breakout at a later stage. Nonetheless, a break of 126.09 would extend the correction towards 61.8% retracement at 115.36.
Daily Pivots: (S1) 128.45; (P) 129.60; (R1) 130.54


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Technical analysis of EUR/USD for January 06, 2016





When the European market opens, some economic news will be released such as PPI m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, Spanish Services PMI.The US will release the economic data too such as the FOMC Meeting Minutes, Crude Oil Inventories, Factory Orders m/m, ISM Non-Manufacturing PMI, Final Services PMI, Trade Balance, ADP Non-Farm Employment Change, so amid the reports, EUR/USD will move low to medium volatility during this day.


TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.0797.
Strong Resistance:1.0791.
Original Resistance: 1.0780.
Inner Sell Area: 1.0769.
Target Inner Area: 1.0744.
Inner Buy Area: 1.0719.
Original Support: 1.0708.
Strong Support: 1.0697.
Breakout SELL Level: 1.0691.


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Daily analysis of EUR/JPY for January 07, 2016





Overview
The outlook for the EUR/JPY pair is unchanged for the moment. While further fall is expected, we stay cautious about the strong support from 126.09. A break of the 129.66 support turned into resistance will indicate short-term bottoming and turn bias back to the upside for the 134.58 resistance. However, a decisive break of 126.09 will extend the larger decline from 149.76. The strong rebound after failing to sustain below 38.2% retracement of 94.11 to 149.76 at 128.50 points to the development of a sideways pattern. We expect more range trading between 126.09 and 149.76 in the medium term. An upside breakout should follow it at a later stage. Nevertheless, a decisive break of 126.09 would extend the correction towards the 61.8% retracement at 115.36.


Daily Pivots: (S1) 127.09; (P) 127.63; (R1) 128.25


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Technical analysis of NZD/USD for January 08, 2016





NZD/USD is expected to trade in a lower range as the key resistance is at 0.6665. The pair remains under pressure below its key resistance at 0.6665, and it seems likely to post a new decline to test its support at 0.6590, representing the previous swing low. A break below this threshold would trigger a new pullback to 0.6560. The relative strength index lacks upward momentum. To sum up, as long as 0.6665 holds on the upside, look for 0.6580 and 0.6560 in extension.


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 0.6590. A break of that target will move the pair further downwards to 0.6560. The pivot point stands at 0.6660. 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 0.6710 and the second target at 0.6760.


Resistance levels: 0.6710, 0.6760, 0.6790
Support levels: 0.6580, 0.6560, 0.6525


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Elliott wave analysis of EUR/NZD for January 11, 2016





Wave summary:
Our count continues to work perfectly and we have already seen resistance at 1.6748 tested, but not yet broken clearly. However, it should just be a matter of time before the break above the resistance at 1.6748 is seen for a continuation higher towards 1.7133 as the next major upside target.
In the short term, we will ideally see support at 1.6526 protect the downside for the next rally above 1.6748 for the rally towards 1.7133.
Trading recommendation: We are long EUR from 1.5810 and we will move our stop higher to 1.6235. If you are not long EUR yet, then buy near 1.6526 and use the same stop at 1.6235.


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Technical analysis of EUR/USD for January 12, 2016





When the European market opens, no news will be released from the eurozone. However, the US will post some economic reports such as IBD/TIPP Economic Optimism, JOLTS Job Openings, and NFIB Small Business Index. So amid the reports, EUR/USD will move with low to medium volatility today.


TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0905.
Strong Resistance:1.0899.
Original Resistance: 1.0888.
Inner Sell Area: 1.0877.
Target Inner Area: 1.0852.
Inner Buy Area: 1.0827.
Original Support: 1.0816.
Strong Support: 1.0805.
Breakout SELL Level: 1.0799.


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