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USD/CAD intraday technical levels and trading recommendations for October 19, 2016
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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, the USD/CAD pair remains trapped between the price levels of 1.3000 (61.8% Fibonacci level) and 1.3300 (50% Fibonacci level) until breakout occurs in either direction (probably to the downside).
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EUR/USD Technical Analysis for October 21, 2016.
Technical outlook and chart setups:
The EUR/USD pair prints yet another low at 1.0895 levels overnight. The pair is seen to be trading at 1.0906 level for now and needs to push through 1.1040 level to confirm further upside. Please note that probability for a continued lower low is reducing since there is extreme bullish divergence seen on 1H and 4H charts. The pair is expected to rally and take out 1.1040 level to confirm that bulls are here to remain longer and extend rally through 1.1100 level. Please note that 1.1100 level would provide stiff resistance if prices manage to reach there since it is fibonacci 0.618 resistance of the entire drop between 1.1234 through 1.0895 levels. Looking at the wave structure, the pair looks to be preparing for yet another run towards 1.1040 and 1.1100 levels. It is hence recommended to remain long, with risk at 1.0880 level. Immediate resistance is seen at 1.1040 level, while support is seen at 1.0895 level respectively.
Trading recommendations:
Remain long, stop at 1.0880, a target is open.
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Elliott wave analysis of EUR/JPY for October 24, 2016
EUR/JPY - Daily
EUR/JPY - 4-Hourly
Wave summary:
The decline from 116.25 has been very deep. However, as long as support holds at 112.56 and more importantly support at 112.05 is able to act as a floor, more upside is expected for this cross. Our preferred count remains that a long-term corrective low was found with the test of 109.48 and a new impulsive rally now is building. However, the base for this new impulsive rally is currently building and picking the lows has proven harder than expected. This obviously makes us a bit cautious, but second waves are allowed to correct 100% of the first wave, so we need to allow for a return to 112.56 and if wave (ii) isn't complete yet a move even lower to 109.48. To confirm the next rally higher, we need a break above minor resistance at 114.52 and more importantly a break above 115.15 for the next rally towards 120.00 and 122.00 on the way higher.
Trading recommendation:
We will by EUR here at 112.95 with stop placed at 112.00.
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EUR/USD Technical Analysis for October 27, 2016
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Technical outlook and chart setups:
The EUR/USD pair finally rallied higher unfolding its much awaited counter trend. The pair has made interim highs at 1.0946 level before pulling back lower. It is seen to be trading at 1.0897 level for now and should be poised to push through 1.0992 level at least as depicted here. Please note that probability remains for a continued push higher in a counter trend rally this week. The pair is expected to rally and take out 1.1040 level to confirm that bulls are here to remain longer or it would be considered as wave 4 pullbacks. The probability for wave 4 terminations at 1.1040 level remains high at this moment according to wave counts discussed earlier. Looking at the wave structure, the pair looks to be in a corrective wave 4 rally which should ideally terminate around 1.1040 level. It is recommended to remain long now, with risk below 1.0850 levels. Immediate resistance is seen at 1.1040 level, while support is seen at 1.0850 level respectively.
Trading recommendations:
Remain long now, stop below 1.0850, target is 1.1040.
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Daily analysis of USDX for October 28, 2016
USDX held a bullish tone during Thursday and it's trying to reach the resistance zone of 99.19 across the board. If the index does a breakout over there, then it's expected to rally towards the 99.70 level, opening the doors to visit the key zone of 100.00. However, if USDX manages to consolidate below the 200 SMA, it can reach the 98.00 psychological level.
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H1 chart's resistance levels: 99.19 / 99.70
H1 chart's support levels: 98.53 / 98.01
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 99.19, take profit is at 99.70 and stop loss is at 98.68.
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Technical analysis of EUR/USD for Nov 02, 2016
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When the European market opens, some Economic Data will be released such as German 10-y Bond Auction, Final Manufacturing PMI, German Final Manufacturing PMI, German Unemployment Change, French Final Manufacturing PMI, Spanish Manufacturing PMI. The US will release the economic data, too, such as Federal Funds Rate, Crude Oil Inventories, ADP Non-Farm Employment Change, so, amid the reports, EUR/USD will move in a medium to high volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1110.
Strong Resistance:1.1104.
Original Resistance: 1.1093.
Inner Sell Area: 1.1082.
Target Inner Area: 1.1056.
Inner Buy Area: 1.1030.
Original Support: 1.1019.
Strong Support: 1.1008.
Breakout SELL Level: 1.1002.
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Daily analysis of USDX for November 03, 2016
USDX is still weakening in the markets, as latest polls have been putting to the Republican candidate Donald Trump as the favorite to win the US presidential elections. We're seeing a support placed at the 97.12 level, where a breakout should open the doors to test the 96.47 level, which is a key interest area for a possible bullish reaction. The index remains below the 200 SMA at H1 chart, supporting the bearish scenario.
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H1 chart's resistance levels: 97.62 / 98.01
H1 chart's support levels: 97.12 / 96.47
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 97.12, take profit is at 96.47 and stop loss is at 97.75.
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Technical analysis of EUR/USD for Nov 04, 2016
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When the European market opens, some economic data will be released such as Average Hourly Earnings m/m, German Final Services PMI, French Final Services PMI, Italian Services PMI, Spanish Services PMI.The US will also publish some reports such as Trade Balance, Unemployment Rate, Non-Farm Employment Change, Average Hourly Earnings m/m. Therefore, amid the news EUR/USD will move in a medium to high volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1153.
Strong Resistance:1.1147.
Original Resistance: 1.1136.
Inner Sell Area: 1.1125.
Target Inner Area: 1.1099.
Inner Buy Area: 1.1073.
Original Support: 1.1062.
Strong Support: 1.1051. Breakout SELL Level: 1.1045.
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Technical analysis of EUR/USD for Nov 07, 2016
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When the European market opens, some Economic Data will be released such as Eurogroup Meetings, Retail Sales m/m, Sentix Investor Confidence, Retail PMI, German Factory Orders m/m. The US will release the economic data, too, such as Consumer Credit m/m, Loan Officer Survey, Labor Market Conditions Index m/m, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1153.
Strong Resistance:1.1147.
Original Resistance: 1.1136.
Inner Sell Area: 1.1125.
Target Inner Area: 1.1099.
Inner Buy Area: 1.1073.
Original Support: 1.1062.
Strong Support: 1.1051.
Breakout SELL Level: 1.1045.
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Technical analysis of EUR/USD for Nov 08, 2016
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When the European market opens, some Economic Data will be released, such as ECOFIN Meetings, French Trade Balance, French Gov Budget Balance, German Trade Balance, German Industrial Production m/m. The US will release the economic data, too, such as Congressional Elections, Presidential Election, Mortgage Delinquencies, JOLTS Job Openings, NFIB Small Business Index, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1101.
Strong Resistance:1.1095.
Original Resistance: 1.1084.
Inner Sell Area: 1.1073.
Target Inner Area: 1.1047.
Inner Buy Area: 1.1021.
Original Support: 1.1010.
Strong Support: 1.0999.
Breakout SELL Level: 1.0993.
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