Thread: InstaForex Wave Analysis

Daily analysis of USDX for August 24, 2016





The index performed a rebound during Tuesday's session, following a bearish Monday's session that took the USDX to test the support zone of 94.32. However, the risk to the downside is still high and one could expect a breakout below there eventually in order to reach the 94.07 level. 200 SMA on the H1 chart is slightly bearish.


H1 chart's resistance levels: 94.65 / 95.00
H1 chart's support levels: 94.32 / 94.07
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.32, take profit lies at 94.07 and stop loss is at 94.57.


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Daily analysis of USDX for August 25, 2016





USDX is finding resistance at the 200 SMA price zone in an effort to reach the 95.00 psychological level. This stage is key for the current trend's development, as the index can break that level in order to extend the rally towards the 95.49 level. On the other hand, if USDX pulls back, it can test the 94.32 level again.


H1 chart's resistance levels: 95.00 / 95.49
H1 chart's support levels: 94.65 / 94.32


Trading recommendations for today:
Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.65, take profit lies at 94.32 and stop loss is at 94.99.


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EURJPY Technical Analysis for August 26, 2016





Technical outlook and chart setups:
The EURJPY pair is seen to be consolidating at the moment, looks to be in its wave 4 of the 5 wave's decline that resumed from 118.45 levels earlier. It is seen to be trading at 113.50 levels at this moment, looking to continue dropping lower from here. Please note that the pair has reversed lower from 114.00/10 levels as expected which is also fibonacci 0.382 resistance of wave 3. The wave structure remains unchanged for now and indicates that EURJPY has formed major top at 121.90 levels earlier, and has also carved out a lower high at 118.50 levels as seen here. At this moment the pair looks to have terminated wave 4 already, within its 3rd wave drop from 118.50 levels. Bears are expected to remain in control till prices stay below 115.00 levels going forward. It is hence recommended to remain short now with risk above 115.00 levels. Immediate resistance is seen at 115.00 levels, while support is at 110.50 levels respectively.


Trading recommendations:
Remain short now; stop above 115.00, target is open.


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Daily analysis of GBP/USD for August 30, 2016





The H1 chart shows us more declines on GBP/USD, which is trying to find support at the 1.3085 level. Below the 200 SMA on this timeframe, we should expect further decline across the board, with the first target at the 1.3003 level. According to the upside scenario, if the cable manages to consolidate above the 1.3170 price zone, then a rally towards the 1.3258 level can be expected.


H1 chart's resistance levels: 1.3170 / 1.3258
H1 chart's support levels: 1.3085 / 1.3003


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 at 1.3170, take profit is at 1.3258 and stop loss is at 1.3085.


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Daily analysis of USDX for August 31, 2016





Another bullish day for the US Dollar Index was seen during Tuesday's session, following positive data from the United States. The resistance lies at the 96.14 level where the sellers could resume the downside to taking the index into a corrective phase. In case of a breakout above that zone, we will see a rally towards the 96.49 level.


H1 chart's resistance levels: 96.14 / 96.49
H1 chart's support levels: 95.79 / 95.49


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 96.14, take profit is at 96.49 and stop loss is at 95.79.


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Daily analysis of USDX for September 01, 2016





USDX is still capped by the resistance level of 96.14, where the sellers are actively trying to push the index lower towards the 95.79 level. A bullish attempt to break that resistance zone should open the doors to reach the 96.49 level, where the index may start performing a complex correction in the nearest term. MACD indicator supports the idea of corrective phase.


H1 chart's resistance levels: 96.14 / 96.49
H1 chart's support levels: 95.79 / 95.49


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 96.14, take profit is at 96.49 and stop loss is at 95.79.


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TECHNICAL ANALYSIS OF USD/JPY FOR SEPT 02, 2016





In Asia, Japan will release the Consumer Confidence and Monetary Base y/y. The US will release a series of economic data such as Factory Orders m/m, Trade Balance, Unemployment Rate, 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 LEVELS:
Resistance. 3: 103.72.
Resistance. 2: 103.51.
Resistance. 1: 103.31.
Support. 1: 103.06.
Support. 2: 102.86.
Support. 3: 102.66.


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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Daily analysis of GBP/USD for September 05, 2016





GBP/USD is still performing a higher consolidation above the 200 SMA on H1 chart, following the less-than-expected NFP figure in the United States last Friday. Currently, we should expect a test of the resistance zone of 1.3360, where a breakout should open the doors to rally towards the 1.3480 level. MACD indicator remains on negative territory and possibly is calling for a correction in coming days.


H1 chart's resistance levels: 1.3360 / 1.3458
H1 chart's support levels: 1.3358 / 1.3270


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 at 1.3360, take profit is at 1.3458 and stop loss is at 1.3241.


More analysis - at instaforex.com

Daily analysis of GBP/USD for September 06, 2016





The pair found resistance at the 1.3360 level and now will look to break higher in order to rally towards the 1.3480 price zone. Currently, bulls are struggling to make new highs, but the corrective phase could extend to the support level of 1.3258, where a breakout should open the doors to test the 1.3170 level, which is slightly below the 200 SMA on H1 chart.


H1 chart's resistance levels: 1.3360 / 1.3458
H1 chart's support levels: 1.3358 / 1.3270


Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3360, take profit is at 1.3458 and stop loss is at 1.3241.


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Daily analysis of USDX for September 08, 2016





The index is recovering from the losses posted during Tuesday's session, and now we should expect a rise towards the 200 SMA at H1 timeframe. However, keep in mind that the bears are still strong across the board, and the greenback's weakness is likely to continue until the next Fed's meeting at least. If the USDX manages to break the 94.78 level, then the next target will be found at 94.29.


H1 chart's resistance levels: 95.49 / 95.79
H1 chart's support levels: 94.78 / 94.29


Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.78, take profit is at 94.29 and stop loss is at 95.27.




More analysis - at instaforex.com