Thread: InstaForex Wave Analysis

Technical Analysis of Silver for October 05, 2016





Technical outlook and chart setups:
Silver has broken below the consolidation structure around $18.60 levels and is still expected to continue decline to $16.00 level at least. The wave structure also indicates that the metal is in its C wave correction within the 3 wave A-B-C drop that began from $21.10 levels earlier. Please note that the metal may produce intraday rallies towards $18.20/30 levels which should be considered as opportunities to sell again. The metal looks to be in its 3rd wave within 5 waves into the C wave as depicted here, hence expect lower levels. It is recommended to remain short for now and look to add further at higher levels. Immediate resistance is seen at $20.10 levels, while support lies at $17.00 levels.


Trading recommendations:
Remain short for now, stop above $20.05, target is open.


More analysis - at instaforex.com

Technical analysis of gold for October 6, 2016


Gold price remains in a short-term bearish trend approaching the first important medium-term support levels of $1,250 where I





Red line - resistance trend line
Blue lines - bearish channel


Gold price is inside a downward sloping bearish channel. With short-term oscillators starting to give some bullish divergence signals, we are soon to expect a bounce most probably towards the red trend line resistance which was once support. Only above $1,330-50 we will have a medium-term trend reversal signal.





Gold price is correcting the entire rise from $1,045 and this is most probably the first part of the decline expected to reach $1,250. A bounce towards $1,300-$1,330 will then be expected. The final and third part of the correction could push price towards $1,170. This is a rough roadmap on what we could expect.


More analysis - at instaforex.com

Technical analysis of USDX for October 7, 2016


With the British pound collapsing overnight and a widespread Dollar strength, price has broken above important support levels and previous short-term highs. Is this a real breakout or a fake one as a result of a thin overnight market? With the announcement of the NFP today, a very interesting trading day is promised.





Blue lines - bullish channel
The Dollar index remains in its bullish upward sloping channel. Price is now testing the upper channel boundaries. Trend remains bullish. Support is at 96.25 and if broken we could see a decline towards 95.75. Below 95.50 we will have a confirmation of a fake breakout and a very important bearish reversal signal.





On a weekly basis we finally see the weekly candle break above the weekly cloud resistance. This is an important bullish signal for the longer-term trend of the Dollar index. A rejection today could only be caused by the NFP numbers announced later in the day. A rejection here will be a very bearish signal. Important support levels are now at this week's lows and at 95.20. Next important resistance is at 97.60 the July high. A break above it will increase the chances of a new bull trend starting targeting new highs above 102-103.


More analysis - at instaforex.com

Daily analysis of GBP/USD for October 10, 2016


GBP/USD plummeted to a new multi-year low below the 1.2000 handle during early Friday's session, but it managed to recover some ground following that flash crash. Currently, the pair is being supported by the 1.2388 level and weakness is still alive. A breakout below that zone should help to extend the decline towards the 1.2312 level.





H1 chart's resistance levels: 1.2468 / 1.2552
H1 chart's support levels: 1.2388 / 1.2312


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 1.2388, take profit is at 1.2312 and stop loss is at 1.2464.


More analysis - at instaforex.com

Technical analysis of Gold for October 11, 2016


Gold price continues to trade inside the downward sloping channel despite the bounce from $1,241 to $1,266. The current price formation implies that this is just a pause in the downward trend and a new low towards $1,215 should follow. However, this will change only if we see a break above $1,266.





Dark blue lines - bearish channel
Price is below the Ichimoku cloud and inside the bearish channel. Price drop has stopped just above the 78.6% Fibonacci retracement of the rise from $1,200 to $1,375. Short-term support is at $1,255 while resistance is at $1,266.





On a weekly basis price has stopped the decline at the 38% Fibonacci retracement of the entire rise from $1,045. A bounce should come from these levels but if we break to new lows, price will be in danger of reaching $1,214 and the weekly Ichimoku cloud support and also 50% Fibonacci retracement. My longer-term view remains bullish. This downward move could bring price even towards $1,170 but this will be a gift for bulls.


More analysis - at instaforex.com

Technical analysis of USDX for October 12, 2016


The Dollar index has broken above critical trend line resistance. Price is in a bullish trend and looks ready to challenge the previous highs. 98.60 is the next important hurdle to surpass in order to continue higher. Short-term view justifies a pullback.





Dark blue lines - bullish channel
Blue line - critical long-term support


The Dollar index is testing the upper channel boundary. With oscillators overbought, I expect price to get rejected at current levels and pull back at least towards the lower channel boundary at 97. Price is above the Ichimoku cloud and this confirms the bullish trend.





Red line - resistance
Green line - long-term support


Price has broken above both the weekly Ichimoku cloud and the downward sloping red trend line resistance. Next resistance is found at 98.60 where the 78.6% Fibonacci retracement of the decline from 100.50 to 91.90. Only a reversal and a new low below this week's lows will be a bearish reversal signal. All other pullbacks are considered to be buy opportunities.


More analysis - at instaforex.com

Technical analysis of Gold for October 13, 2016


Gold price has broken out of a short-term triangle pattern looking for a move higher towards $1,280-$1,300 at least. The $1,250 was an important support level and bouncing off this area was very possible as we expected. Could the entire decline be over at the last low?





Red lines - triangle pattern
Gold price has short-term resistance at the 4-hour Ichimoku cloud at $1,272. A break above it will open the way for a bounce higher towards $1,300 where the breakdown occurred. A backtest of the breakdown area is very possible. Support is at $1,250. If broken, we expect a move lower towards $1,220.





Green line -long term resistance trend line
I remain long-term bullish about Gold. Gold has made a weekly breakout above cloud resistance. Price got rejected at the downward sloping trend line from its all time highs. Price could pull back towards the Ichimoku cloud support but eventually I expect Gold price to break above the green trend line.


More analysis - at instaforex.com

USD/CAD intraday technical levels and trading recommendations for October 14, 2016








On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of a significant bearish rejection was manifested during recent consolidations.
On May 18, temporary bullish fixation above 1.3000 (61.8% Fibonacci level) opened the way towards the 1.3180 level where significant bearish pressure was originated.
Bearish persistence below 1.3000-1.2970 (61.8% Fibonacci level) is needed to enhance bearish momentum in the market.
However, on August 18 signs of bullish recovery were manifested around the price level of 1.2830 which led to the current bullish breakout above 1.3000. This week, daily persistence below 1.2950 (61.8% Fibonacci level) should be achieved in order to enhance the bearish side of the market. Initial bearish targets are located at 1.2670 and 1.2580.
Otherwise, daily persistence above 1.3000 (61.8% Fibonacci level) opens the way towards the price level of 1.3300 (50% Fibonacci level) where price action should be watched for a better SELL entry with a lower risk/reward ratio.


More analysis - at instaforex.com

Technical analysis of EUR/USD for Oct 18, 2016





When the European market opens, no economic data will be released, but the speech of ECB President Draghi is expected. The US will publish TIC Long-Term Purchases, NAHB Housing Market Index, Core CPI m/m, CPI m/m. Amid the reports EUR/USD is likely to move in a low to medium volatility during this day.


TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1063.
Strong Resistance:1.1057.
Original Resistance: 1.1046.
Inner Sell Area: 1.1035.
Target Inner Area: 1.1009.
Inner Buy Area: 1.0983.
Original Support: 1.0972.
Strong Support: 1.0961.
Breakout SELL Level: 1.0955.


More analysis - at instaforex.com

Technical analysis of USDX for October 19, 2016


The Dollar index is moving sideways near its recent highs. Price has broken out of the bullish channel but there is no bearish trend in any time frame. Price is moving sideways in what we could say is a triangle pattern.

Green lines - bullish channel
Blue lines - triangle pattern


The Dollar index is consolidating near its recent highs. Short-term support is at 97.65 and resistance at 98.15. A breakout above resistance is expected to be short-lived as oscillators are diverging. A break below support will open the way for a push towards 96.

Red lines - sideways long-term channel
Green line - important medium-term support
Blue lines - projected possible path


I expect the Dollar index to make at least one pullback towards the green trend line support and the Kumo. A bounce will then follow most probably, but for now I focus on the bearish side of the index expecting a pullback from the current levels.




InstaForex analytical reviews will make you fully aware of market trends!
Being an InstaForex client, you are provided with a large number of free services for efficient trading.




News are provided by Instaforex