Thread: InstaForex Wave Analysis

Daily analysis of USDX for June 13, 2016


Index is trying to extend the recovering rallies above the 200 SMA on the H1 chart, as we're seeing a price action that favors to erase losses held from June 3rd's decline. Next resistance can be found at the 94


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Technical analysis of NZD/USD for June 14, 2016





NZD/USD is expected to trade in a lower range as the bias remains bullish. The pair failed to break above its horizontal resistance and overlap at 0.7080 after having tested it for at least two times yesterday. Meanwhile, a bearish cross has been identified between the 20-period and 50-period moving averages (a negative signal). Last but not least, the relative strength index is capped by a descending trend line. To conclude, a break below 0.6980 would trigger a new pullback towards 0.6940.


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 0.6980. A break of this target will move the pair further downwards to 0.6940. The pivot point stands at 0.7080. 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 0.7120 and the second one at 0.7150.


Resistance levels: 0.7120, 0.7150, 0.7185
Support levels: 0.6980, 0.6940, 0.69


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Daily analysis of GBP/USD for June 15, 2016





GBP/USD continues to show weakness in the short-term picture, as it has been doing declines toward the 1.4100 psychological level, where it found support. A breakout below that zone will expose the 1.4041 level, which should activate the "oversold" alert on the oscillators, such as the RSI and MACD, and eventually, the pair can rebound.


H1 chart's resistance levels: 1.4171 / 1.4247
H1 chart's support levels: 1.4100 / 1.4041


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 1.4100, take profit is at 1.4041 and stop loss is at 1.4160.


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Techncial analysis of EUR/JPY for June 16, 2016





General overview for 16/06/2016:
After another marginal lower low, the count has been changed and an alternative count has been added in order to incorporate the recent wave developments. The main count indicates a double zig-zag pattern in progress, the alternative count indicates a five-wave impulsive structure that is about to terminate. Currently, the market is trading at the level indicated in one of the earlier analyses last week, in particular I mean the weekly support zone between the levels of 117.20 - 118.50, so a possible reversal might happen any time now.


Support/Resistance:
117.20 - WS3
118.15 - WS2
118.49 - Intraday Resistance
119.23 - WS1
120.31 - Intraday Resistance
120.95 - Weekly Pivot
122.02 - WR1 123.74 - WR2


Trading recommendations:
All swing traders should get ready to close their long-term sell orders as the market is approaching a possible reversal zone. Day traders and swing traders might consider opening buy orders from the current levels with tight SL and TP open for now.


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Technical analysis of EUR/USD for June 17, 2016





When the European market opens, some economic news will be released such as the Italian Trade Balance, ECOFIN Meetings, Current Account, and a speech by ECB President Draghi. The US will release economic data too such as Housing Starts and Building Permits. So amid the reports, EUR/USD will move with low to medium volatility during this day.


TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1325.
Strong Resistance: 1.1319.
Original Resistance: 1.1308.
Inner Sell Area: 1.1297.
Target Inner Area: 1.1271.
Inner Buy Area: 1.1245.
Original Support: 1.1234.
Strong Support: 1.1223.
Breakout SELL Level: 1.1217.


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Daily analysis of USDX for June 20, 2016





On the H1 chart, USDX pulled back from last week's highs, and now it's poised to test the support zone of the 94.07 level. However, the current outlook is telling us that a possible demand zone would remain active at this stage, and it can push the Index higher towards the 94.68 level, which is above the 200 SMA. The MACD indicator is in negative territory.


H1 chart's resistance levels: 94.30 / 94.68
H1 chart's support levels: 94.07 / 93.82
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 94.30, take profit is at 94.68, and stop loss is at 94.16.


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Technical analysis of USD/JPY for June 21, 2016





In Asia, Japan will release the all Industries Activity index m/m and Monetary Policy Meeting Minutes. The US will not release any economic data but only Fed Chair Yellen Testifies. 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: 104.51.
Resistance. 2: 104.31.
Resistance. 1: 104.10.
Support. 1: 103.85.
Support. 2: 103.65.
Support. 3: 103.44.


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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Elliott wave analysis of EUR/NZD for June 22 - 2016





Wave summary:
We continue to look for a test of support at 1.5604 before a relief rally back to 1.5955 and maybe slightly higher, but from here the next decline towards 1.4702 will be expected, with the ideal target for wave C seen at 1.4471.
In the short term, a break below minor support at 1.5709 should trigger a decline to 1.5604.


Trading recommendation:
Stay short and move stop lower to 1.5960; upon a break below 1.5709 move the stop lower to 1.5815. Place take profit at 1.5625. Wait to sell EUR again near 1.5955.


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Technical analysis of EUR/USD for June 23, 2016





When the European market opens, some economic news will be released such as the Belgian NBB Business Climate, Long Term Refinancing Option, 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 release economic data too such as the Natural Gas Storage, CB Leading Index m/m, New Home Sales, Flash Manufacturing PMI, and Unemployment Claims. So amid the reports, EUR/USD will move with medium to high volatility during the Brexit Vote today.


TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1382.
Strong Resistance: 1.1375.
Original Resistance: 1.1364.
Inner Sell Area: 1.1353.
Target Inner Area: 1.1326.
Inner Buy Area: 1.1299.
Original Support: 1.1288.
Strong Support: 1.1277.
Breakout SELL Level: 1.1270.


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Technical analysis of EUR/USD for June 24, 2016





When the European market opens, some economic news will be released such as Italian Retail Sales m/m and German Ifo Business Climate. The US will release economic data too such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Durable Goods Orders m/m, and Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move with medium volatility during this day.


TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1316.
Strong Resistance: 1.1295.
Original Resistance: 1.1262.
Inner Sell Area: 1.1229.
Target Inner Area: 1.1148.
Inner Buy Area: 1.1067.
Original Support: 1.1034.
Strong Support: 1.1001.
Breakout SELL Level: 1.0980.


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