Thread: InstaForex Wave Analysis

Technical analysis of USD/CHF for February 26, 2016







The USD/CHF pair faced resistance at the level of 0.9960, while minor resistance is seen at 0.9929. Support is found at the levels of 0.9878 and 0.9831. Yesterday, the USD/CHF pair continued to move upwards from the level of 0.9878. The pair rose from the level of 0.9878 to the top around 0.9920. In consequence, the USD/CHF pair broke resistance, which turned strong support at the level of 0.9878. Today, the level of 0.9878 is expected to act as major support. Hence, we expect the USD/CHF pair to continue moving in the bullish trend from the support level of 0.9878 towards the target level of 0.9958. If the pair succeeds in passing through the level of 0.9962, the market will indicate the bullish opportunity above the level of 0.9962 in order to reach the second target at 1.0002 to test the double top in the H1 time frame. However, the price spot of 1.0002 remains a significant resistance zone. Thus, the trend will probably be rebounded again from the double top as long as the level of 1.0002 is not breached. Daily key levels: Major resistance:1.0002 Minor resistance:0.9960 Intraday pivot point:0.9919 Minor support:0.9878


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Daily analysis of USD/CAD for February 29, 2016





Overview
The attached H4 chart demonstrates that the USD/CAD pair continues fluctuating near 61.8% Fibonacci correction level that represents an important support at 1.3536, underpinning chances for resuming the bearish bias in the upcoming period within the bearish channel that appears on the attached chart. Therefore, we still prefer the bearish trend on the intraday and short-term bases. Our next target is at 1.3264, given that the continuation of the expected bearish trend depends on the stability below 1.3976. The expected trading range for today is between 1.3400 support and 1.3600 resistance.


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Elliott wave analysis of EUR/NZD for March 1 - 2016





Wave summary:
We are still looking for confirmation that wave [ii] is completed at 1.6236. A break above resistance at 1.6688 will confirm that this is the case and that a new impulsive rally in wave [iii] should be expected. As long as resistance at 1.6688 is able to protect the upside, we must allow for more closer to 1.6105 before the final low is in place for wave [ii]. At no point can a break below 1.5858 be allowed.


Trading recommendation: We will wait for a break above 1.6688 before buying EUR.


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Technical analysis of Silver for March 03, 2016





Technical outlook and chart setups:
Silver is seen to be trading at $14.90/92 levels again, after printing lows at $14.70 levels yesterday. The metal seems to be preparing to drop lower at least through $14.50/55 levels from here. Please note that it is also fibonacci 0.618 support levels, of the rally between $13.70 through $15.93 levels, as seen here. Furthermore, the counter trend (drop from $15.93) extension is also converging at $14.50/55 levels, which instills further confidence for a bullish bounce. It is hence recommended to remain flat for now, but look to initiate fresh long positions around $14.50 levels. Immediate support is at $14.50 levels, while resistance is seen at $15.10 levels respectively.


Trading recommendations:
Remain flat for now, look to buy lower.


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Technical analysis of USD/JPY for March 04, 2016





In Asia, Japan will release the Average Cash Earnings y/y. As for the US, economic reports will be also released such as Unemployment Rate, Trade Balance, Non-Farm Employment Change, and Average Hourly Earnings m/m. So there is a probability the USD/JPY pair will move with medium to high volatility during this day.


TODAY'S TECHNICAL LEVEL:
Resistance. 3: 114.07.
Resistance. 2: 113.85.
Resistance. 1: 113.63.
Support. 1: 113.35.
Support. 2: 113.13.
Support. 3: 112.91.


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Technical analysis of USD/JPY for March 07, 2016





In Asia, Japan will release Leading Indicators. The US will release a series of economic reports such as Consumer Credit m/m, and Labor Market Conditions Index m/m. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.


TODAY'S TECHNICAL LEVEL:
Resistance. 3: 114.18.
Resistance. 2: 113.96.
Resistance. 1: 113.74.
Support. 1: 113.45.
Support. 2: 113.23.
Support. 3: 113.901.


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Daily analysis of GBP/USD for March 08, 2016





In the H1 chart, GBP/USD is forming another bullish pattern below the resistance level of 1.4267, where bulls are still trying to break higher in order to strength the bullish bias on a short- and medium-term basis. Also, the 200 SMA in this time frame is favoring the scenario and we can eventually expect a little pullback in the process.


H1 chart's resistance levels: 1.4267 / 1.4333
H1 chart's support levels: 1.4183 / 1.4069


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 1.4267, take profit is at 1.4333, and stop loss is at 1.4202.


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Technical analysis of USD/CHF for March 08, 2016





Overview:
The USD/CHF pair was polemic as it was trading in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 1.0037 and 0.9851. In the H1 time frame, resistance and support are seen at the levels of 1.0037 (also, the double top is already set at the point of 1.0037) and 0.9851 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel is completed. The current price is seen at 0.9954, which represents the key level today. The level of 1.0037 will act as the first resistance line. Hence, if the pair fails to pass through the level of 1.0037, the market will indicate a bearish opportunity below the strong resistance level of 1.0037. Sell deals are recommended below the level of 1.0037 with the first target at 0.9895. If the trend breaks the support level of 0.9895, the pair is likely to move downwards continuing the bearish trend development to the level 0.9851. However, the price spot of 0.9851 remains a significant resistance zone. Thus, the trend will probably be rebounded again from the double bottom as long as the level of 0.9851 is not broke.


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NZD/USD intraday technical levels and trading recommendations for March 9, 2016





On January 28, the depicted support at 0.6400 acted as a prominent key level offering a valid buy entry. A bullish breakout above 0.6550 was executed a few weeks ago. Bullish persistence above 0.6550 (depicted recent support) was needed to keep the price moving towards higher bullish targets. The price zone of 0.6750-0.6840 constituted a significant resistance zone where recent signs of a bearish rejection were seen during the previous few weeks (triple-top reversal pattern). On February 9, the NZD/USD pair failed to consolidate below the depicted support level of 0.6560. Moreover, an obvious bullish recovery was expressed around the depicted temporary support level. Hence, the recent bullish swing towards 0.6750 was initiated. Note that bullish persistence above 0.6750 (upper limit of the consolidation range) will allow further bullish advancement towards 0.6880. Otherwise, the NZD/USD pair will remain trapped within the depicted consolidation range (0.6560-0.6750) until a breakout occurs in either direction.


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Technical analysis of EUR/USD for March 10, 2016





When the European market opens, some economic news will be released such as Minimum Bid Rate, Italian Quarterly Unemployment Rate, French Industrial Production m/m, German Trade Balance, and French Final Non-Farm Payrolls q/q. The US will post several economic reports too such as Federal Budget Balance, 30-y Bond Auction, Natural Gas Storage, and Unemployment Claims. So amid the reports, EUR/USD will move with low to medium volatility during this day.


TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1034.
Strong Resistance:1.1028.
Original Resistance: 1.1017.
Inner Sell Area: 1.1006.
Target Inner Area: 1.0981.
Inner Buy Area: 1.0956.
Original Support: 1.0945.
Strong Support: 1.0934.
Breakout SELL Level: 1.0928.


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