Thread: InstaForex Wave Analysis

Daily analysis of USDX for June 27, 2016





The H1 chart structure is showing a bullish pattern in formation above the support level of 95.20, after a reaction higher by the Brexit referendum's results. This put the Index into a very strong bullish scenario above the 200 SMA, and a possible breakout above the 95.89 level will open the doors to test the 96.60 level. The MACD indicator remains in negative territory, favoring a deeper correction towards the 94.71 level.


H1 chart's resistance levels: 95.89 / 96.60
H1 chart's support levels: 95.20 / 94.71


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 95.89, take profit is at 96.60, and stop loss is at 95.18.


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Elliott wave analysis of EUR/NZD for June 29 - 2016





Wave summary:
We continue to look for a little more correction closer to 1.5895 and maybe even closer to 1.6005 before the next impulsive decline takes over for a drop to 1.4490. Only a direct break below minor support at 1.5484 will indicate that the correction in wave 2 has completed prematurely and wave 3 lower is already unfolding.


Trading recommendation:
We have placed a sell order at 1.5890 with stop at 1.6035.


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Daily analysis of GBP/USD for June 30, 2016





The Cable has been doing consolidation moves during the week, and now we can see a breakout above the 1.3380 level, which should expose the resistance zone of 1.3653, where a pullback can happen to resume the bearish bias. However, the pair aims to reach the 200 SMA on the H1 chart, because the price action is being favored to fill the bearish gap left at the start of the week.


H1 chart's resistance levels: 1.3653 / 1.3770
H1 chart's support levels: 1.3380 / 1.3148


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 1.3380, take profit is at 1.3148 and stop loss is at 1.3612.


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Technical analysis of USD/CHF for July 01, 2016





USD/CHF is expected to trade with a bearish bias as key resistance is at 0.9800. The pair failed to break above its horizontal resistance and overlap at 0.9800 after having tested it for at least two times yesterday. Meanwhile, both the 20-period and 50-period moving averages are heading downward. In addition, the relative strength index lacks upward momentum. In conclusion, as long as 0.9800 holds on the upside, the pair is likely to return to 0.9725, and then to 0.9690. Alternatively, only a break above 0.9800 would call for a new rise to 0.9840 and 0.9900 as targets.


Resistance levels: 0.9840, 0.9900, 0.9945
Support levels: 0.9725, 0.9725, 0.9660


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NZD/USD Trading Recommendations 4th July 2016





Trading recommendations :
Sell at 0.7140
Stop loss at 0.7210
Take profit at 0.7020


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Daily analysis of USDX for July 05, 2016





Yesterday was the US Independence holiday, but USDX struggled to break above the resistance level of 95.89. Currently, the index is being supported by the 200 SMA on H1 chart, where a bullish momentum is expected to take place in coming hours. If it happens, we foresee a breakout above the 95.89 level. However, if bears regain control, the index could test the 95.20 level.


H1 chart's resistance levels: 95.89 / 96.60
H1 chart's support levels: 95.20 / 94.37


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 95.89, take profit is at 96.60, and stop loss is at 95.17.


More analysis - at instaforex.com

Technical analysis of NZD/USD for July 06, 2016





Overview:
The NZD/USD pair dropped sharply from the level of 0.7139 towards 0.7080. Now, the price is set at 0.7089. On the H1 chart, the resistance of NZD/USD pair is seen at the level of 0.7107 and 0.7037. It should be noted that volatility is very high for that the NZD/USD pair is still moving below the resistance level of 0.7107. Moreover, the price spot of 0.7107 remains a significant resistance zone. Therefore, there is a possibility that the NZD/USD pair will move downside and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 0.7107, sell below 0.7107 with the first target at 0.7075 in order to test yesterday's bottom. Besides, it should be noted that support 1 is seen at the level of 0.7075 which coincides with the daily pivot point. Additionally, if the NZD/USD pair is able to break out the bottom at 0.7075, the market will decline further to 0.7036 in order to test the weekly support 2. On the other hand, if a breakout happens at the resistance level of 0.7139, then this scenario may be invalidated.


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Technical analysis of Gold for July 7, 2016





Gold price is trading inside a bullish channel. Price reached a new higher high as we had expected but still it is below $1,400. Price reached the resistance area and we might see a pullback towards $1,260 today. A deeper pullback towards $1,250-45 is also possible but overall trend remains strongly bullish.


Blue lines - bullish channel
In the short term, price remains in a strong uptrend above clouds and tenkan- and kijun-sen indicators. Support is at $1,260 and next, at $1,250. Resistance is at $1,270. I continue to be bullish targeting $1,400.





On the weekly chart, price reached the upper boundary of the expanding triangle and got rejected. A lower weekly low will be a reversal signal for gold price that could bring it even back towards $1,200. So bulls need to be very cautious.


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Daily analysis of GBP/USD for July 08, 2016


The pair remains untouched in a bearish bias around the historical lows reached this week and now it's being supported by the 1.2858 level. A rebound above it can push the cable towards the psychological level of 1.3000. 200 SMA on H1 chart is still bearish and as long as the pair remains trading below that indicator, we could expect further declines.





H1 chart's resistance levels: 1.3000 / 1.3148
H1 chart's support levels: 1.2858 / 1.2750


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 1.3000, take profit is at 1.2858 and stop loss is at 1.3148.


More analysis - at instaforex.com

Daily analysis of GBP/USD for July 08, 2016





Technical outlook and chart setups:
The EURJPY pair is seen to be trading at 112.10/20 levels at this moment, looking to continue rallying from here on. A bigger picture has been depicted here on the weekly chart view, which indicates that the next big move should be on the north side. As seen here, the pair has already completed the 5-3 structure since July 2012. A 5-wave rally was completed from 94.00 through 149.00 levels, and then an A-B-C zigzag correction also looks to be complete at 109.52 levels. Furthermore, the pair is getting support around fibonacci 0.618 levels as depicted here. It is hence recommended to remain long now, with risk below 109.00 levels. Immediate support is seen at 109.50 levels, while resistance is seen at 115.00 levels respectively. Bulls are expected to remain in control till the prices stay above 109.50 levels going forward.


Trading recommendations:
Remain long now, stop below 109.00, target is open.


More analysis - at instaforex.com