Thread: InstaForex Wave Analysis

Elliott wave analysis of EUR/JPY for February 10, 2016





Wave summary:
Wave ii bottomed at 128.25 (just below our target at 128.55). A rally from a low of 128.25 looks impulsive, but to confirm that a new impulsive rally is developing we should ideally see support in the area of 128.85 - 129.01 protecting the downside for a new rally above yesterday's high of 130.26 and more importantly a breakout above 131.66. The movement above the later, will break the resistance line from 141.04 and will confirm the impulsive rally in wave iii higher to above 141.04 towards 149.52. Only an unexpected breakout below a low of 128.25 will invalidate the bullish count and call for a new test of strong support in the area around 126.05 - 126.14.


Trading recommendation:
We are long EUR from 128.60 and will move our stop higher to 128.20. If you are not long EUR yet, then buy near 128.85 and use the same stop at 128.20.


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Technical analysis of USD/JPY for February 11, 2016





In Asia, Japan will not release any significant economic data, but the US will deliver some data on the 30-y Bond Auction, Natural Gas Storage, and Unemployment Claims. So, there is a probability that the USD/JPY pair will move with low to medium volatility during this day.


TODAY'S TECHNICAL LEVEL:
Resistance. 3: 113.46.
Resistance. 2: 113.25.
Resistance. 1: 113.02.
Support. 1: 112.75.
Support. 2: 112.53.
Support. 3: 112.31.


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Elliott wave analysis of EUR/NZD for February 16, 2016





Wave summary:
EUR/NZD keeps disappointing as it can't accelerate higher. The expected acceleration is likely to be seen when we lose our patience. In a short term, the pair can find a support near 1.6671 for a break above 1.6906 and, more importantly, a break above 1.7050 which will confirm the rally to 1.7273. If this level is broken above, the trend can continue towards 1.8020. Our stop at 1.6695 has been hit. We will look for a new buying opportunity upon a break above 1.7050.


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Elliott wave analysis of EUR/NZD for February 16, 2016





Wave summary:
EUR/NZD keeps disappointing as it can't accelerate higher. The expected acceleration is likely to be seen when we lose our patience. In a short term, the pair can find a support near 1.6671 for a break above 1.6906 and, more importantly, a break above 1.7050 which will confirm the rally to 1.7273. If this level is broken above, the trend can continue towards 1.8020. Our stop at 1.6695 has been hit. We will look for a new buying opportunity upon a break above 1.7050.


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Technical analysis of EUR/USD for February 17, 2016





When the European market opens, some economic news on the German 10-y Bond Auction is due to be released. The US will deliver economic data on the FOMC Meeting Minutes, Industrial Production m/m, Capacity Utilization Rate, Housing Starts, Core PPI m/m, PPI m/m, and uilding Permits. So amid the reports, EUR/USD will move with low to medium volatility during this day. TODAY'S TECHNICAL LEVEL: Breakout BUY Level: 1.1184. Strong Resistance:1.1178. Original Resistance: 1.1167. Inner Sell Area: 1.1156. Target Inner Area: 1.1130. Inner Buy Area: 1.1104. Original Support: 1.1093. Strong Support: 1.1082. Breakout SELL Level: 1.1076. Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.


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Technical analysis of USD/JPY for February 18, 2016

In Asia, Japan will release data on the Trade Balance, and the US will deliver some economic data on the Crude Oil Inventories, Natural Gas Storage, Unemployment Claims, and Philly Fed Manufacturing Index. So, there is a probability that the USD/JPY pair will move with low to medium volatility during this day. TODAY'S TECHNICAL LEVEL: Resistance. 3: 114.48. Resistance. 2: 114.25. Resistance. 1: 114.03. Support. 1: 113.76. Support. 2: 113.53. Support. 3: 113.31. Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.


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Technical analysis of EUR/JPY for February 19, 2016





Technical outlook and chart setups: The EUR/JPY pair has dropped lower as discussed earlier and is now trading at the levels of 125.75/76. The pair is facing interim channel line resistance at 126.90 now, as seen here, and could continue moving lower towards 124.60 and 124.00. Bears are expected to remain in control until prices stay below 126.25/50 from here. Please note that 124.00 seems to be in sight before the pair could produce a meaningful retracement. It is hence recommended to remain short and move stop to the level of 126.60. Immediate resistance is seen at 126.30, while support is at 124.60. Only a breakout above 126.50 and subsequently 127.00 would delay the drop. Trading recommendations: Remain short, stop is at 126.50, a target is 124.00. Good luck!


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Technical analysis of EUR/USD for February 22, 2016





When the European market opens, some economic news will be released such as Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI. The US will also post the economic data such as Flash Manufacturing PMI. So amid the reports, EUR/USD will move with low to medium volatility during this day. TODAY'S TECHNICAL LEVEL: Breakout BUY Level: 1.1166. Strong Resistance:1.1160. Original Resistance: 1.1149. Inner Sell Area: 1.1138. Target Inner Area: 1.1112. Inner Buy Area: 1.1086. Original Support: 1.1075. Strong Support: 1.1064. Breakout SELL Level: 1.1058. Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.


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Technical analysis of Gold for February 23, 2016





Technical outlook and chart setups: Gold is trading at $1,216.00/17.00 now after pulling back from $1,222.00. Bears are expected to remain in control until prices stay broadly below $1,240.00. The yellow metal has hit Fibonacci 0.618 retracement of a drop from $1,235.00 to $1,203.00 as depicted in the chart above. Furthermore, a bearish evening star candlestick pattern has also appeared on the hourly chart. The metal is hence expected to continue dropping lower towards the level of $1,180.00 at least. It is hence recommended to remain short now with risk at $1,230.00. Immediate resistance is seen at $1,235.00, while support is found at $1,190.00. Trading recommendations: Remain short with stop at $1,235.00, a target is at $1,290.00 and $1,280.00. Good luck!


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Technical analysis of EUR/USD for February 24, 2016







When the European market opens, some economic news will be released such as German 30-y Bond Auction. The US will release a series of economic reports such as Crude Oil Inventories, New Home Sales, and Flash Services PMI. So amid the reports, EUR/USD will move with low to medium volatility during this day. TODAY'S TECHNICAL LEVEL: Breakout BUY Level: 1.1068. Strong Resistance:1.1062. Original Resistance: 1.1051. Inner Sell Area: 1.1040. Target Inner Area: 1.1014. Inner Buy Area: 1.0988. Original Support: 1.0977. Strong Support: 1.0966. Breakout SELL Level: 1.0960. Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.


More analysis - at instaforex.com