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Gold Technical Analysis for July 12, 2016
https://forex-images.instaforex.com/...sd12072016.jpg
Technical outlook and chart setups:
Gold is trading lower for the day at $1,355.00 level at this moment, and should be looking to reverse lower from here or from $1,380.00/85.00 levels as depicted on the chart view. Please note that if the metal slips below $1,358.00 levels from here, it would be confirm that a meaningful top is in place at $1,375.00 levels. On the other hand, a rally from here should meet stiff resistance at $1,380.00/81.00 levels. It is hence recommended to remain short, with risk above $1,385.00 levels for now. Immediate resistance is seen at $1,380.00 levels, while support is at $1.350.00 levels respectively. In either case, please watch for a bearish reversal soon and expect bears to remain in control at least in the medium term.
Trading recommendations:
Remain short, stop above $1,385.00/86.00, target is open.
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Technical analysis of USD/CHF for July 13, 2016
https://forex-images.instaforex.com/.../USDCHFM30.png
USD/CHF is expected to post some further advance. The pair broke above its 20-period and 50-period moving averages and accelerated on the upside. Meanwhile, the 20-period moving average crossed above the 50-period one and is playing a support role. Besides, the relative strength index stands above its neutrality area at 50 and lacks downward momentum. In conclusion, as long as 0.9820 is not broken, further upside is expected with the next horizontal resistance and overlap set at 0.9910 and 0.9950 in extension.
Resistance levels: 0.9910, 0.9950, 0.9990
Support levels: 0.9765, 0.9735, 0.9710
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USD/JPY Trading Recommendations for 14th July 2016
https://forex-images.instaforex.com/...7064a9a776.png
We see new developments in our USD/JPY trade with the price reaching a good buying level which corresponds to our MACD ascending support level, with the price right on the support. This presents us a good signal to go bullish from here for a push up to 106.50, which is a fractal resistance level.
Trading recommendations:
Buy now and above 103.52
Take profit at 106.50
Stop loss at 101.90
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Technical analysis of GBP/JPY for July 15, 2016
https://forex-images.instaforex.com/.../GBPJPYM30.png
GBP/JPY is expected to extend its upside movement. The pair broke above its 20-period and 50-period moving averages and accelerated on the upside. The upward momentum is further reinforced by the rising 50-period moving average, which acts as support and maintains the upside bias. Besides, the relative strength index is bullish above its neutrality area at 50 and calls for further advance. In conclusion, as long as 139.50 serves as support, further upside is expected with the next horizontal resistance and overlap set at 144 and even 145.90 in extension.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 144.00 and the second one, at 145.90. In the alternative scenario, short positions are recommended with the first target at 137.80 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 136.40. The pivot point is at 139.50.
Resistance levels: 144.00, 145.90, 146.80
Support levels: 137.80, 136.40, 135.65
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Technical analysis of USD/CAD for July 18, 2016
https://forex-images.instaforex.com/...c71f284b26.jpg
General overview for 18/07/2016:
The wave progression is evolving towards a more complex and time-consuming pattern that looks choppy, full of whipsaws and false breakouts. It is still quite unclear whether the current downside wave pattern has been completed or not as none of the key levels has been clearly violated. To continue to the upside, the price would have to break out above the golden trend line and weekly pivot around the level of 1.2972. On the other hand, any violation of the intraday support at the level of 1.2860 will result in an immediate test of the next support at the level of 1.2829.
Support/Resistance:
1.2087 - WS1
1.2860 - Intraday Support
1.2972 - Weekly Pivot
1.2987 - Intraday Resistance
1.3085 - WR1
1.3138 - Local High
Trading recommendations:
Due to the unclear outlook, investors should refrain from trading and wait for a better trading setup to occur shortly.
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Daily analysis of GBP/USD for July 19, 2016
https://forex-images.instaforex.com/...718/USDXH1.png
On the H1 chart, USDX is trying to do a breakout above the resistance zone of 96.60, in a move that should open the doors to reach the critical level around the 97.74 area. However, the Index is still trapped in a sideways range, and it should not be a surprise to see a pullback towards the 95.89 level in coming days. The MACD indicator is favouring a possible near-term bearish scenario.
H1 chart's resistance levels: 96.60 / 97.74
H1 chart's support levels: 95.89 / 95.20
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 96.60, take profit is at 97.74 and stop loss is at 95.47.
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Technical analysis of EUR/USD for July 20, 2016
https://forex-images.instaforex.com/...!!!_EURUSD.jpg
When the European market opens, some economic news will be released such as Consumer Confidence, Current Account, and German PPI m/m. The US will release economic data too such as Crude Oil Inventories. So amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1064.
Strong Resistance: 1.1058.
Original Resistance: 1.1047.
Inner Sell Area: 1.1036.
Target Inner Area: 1.1010.
Inner Buy Area: 1.0984.
Original Support: 1.0973.
Strong Support: 1.0962.
Breakout SELL Level: 1.0956.
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Technical analysis of USD/CAD for July 21, 2016
General overview for 21/07/2016:
The price has made another marginal high at the level of 1.3095, but it looks like the corrective pattern on wave (b) is completed. Currently, the market should start to develop another wave to the downside, and any violation of the level of 1.3011 will be the first clue that the wave (c) is in progress. The growing bearish divergence between the price and momentum oscillator is supporting the view.
Support/Resistance:
1.2087 - WS1
1.2972 - Weekly Pivot
1.3011 - Intraday Support
1.3035 - 61% Fibo
1.3095 - Intraday Resistance
1.3085 - WR1
1.3138 - Local High
Trading recommendations:
Day traders should consider opening sell orders from the level of 1.3035 with tight SL and TP open for now. The reason for the trade is wave (c) to the downside anticipation.
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Techncial analysis of USD/CAD for July 22, 2016
https://forex-images.instaforex.com/...1b1e23031a.jpg
General overview for 22/07/2016:
The wave (b) has evolved into a triple-three pattern, a more complex and time-consuming corrective cycle. Currently, the market should start to develop another wave to the downside, and any violation of the level of 1.3011 will be the first clue that the wave (c) is in progress. The growing bearish divergence between the price and momentum oscillator is supporting the view.
Support/Resistance: 1.2087 -
WS1 1.2972 - Weekly Pivot
1.3011 - Intraday Support
1.3035 - 61% Fibo
1.3085 - WR1
1.3112 - Intraday Resistance
1.3138 - Local High
Trading recommendations:
Day traders should consider opening sell orders from the level of 1.3013 with tight SL and TP open for now. The reason for the trade is wave (c) to the downside anticipation.
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Technical analysis of USD/JPY for July 25, 2016
https://forex-images.instaforex.com/...!!__USDJPY.jpg
In Asia, Japan will release the Trade Balance, but the US will not release any economic data today. So there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance. 3: 107.14.
Resistance. 2: 106.93.
Resistance. 1: 106.72.
Support. 1: 106.46
Support. 2: 106.25.
Support. 3: 106.04.
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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