Thread: InstaForex Wave Analysis

Technical analysis of EUR/USD for Dec 06, 2016





When the European market opens, some Economic Data will be released, such as ECOFIN Meetings, Revised GDP q/q, Retail PMI, and German Factory Orders m/m. The US will release the economic data, too, such as IBD/TIPP Economic Optimism, Factory Orders m/m, Revised Unit Labor Costs q/q, Trade Balance, and Revised Nonfarm Productivity q/q. So, amid the reports, EUR/USD will move in a low to medium volatility during this day.


TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0808.
Strong Resistance:1.0802.
Original Resistance: 1.0791.
Inner Sell Area: 1.0780.
Target Inner Area: 1.0755.
Inner Buy Area: 1.0730.
Original Support: 1.0719.
Strong Support: 1.0708.
Breakout SELL Level: 1.0702.


More analysis - at instaforex.com

Technical analysis of EUR/USD for Dec 07, 2016





When the European market opens, some economic data are due today such as Italian Quarterly Unemployment Rate, French Trade Balance, and German Industrial Production m/m. The US will release the economic data too such as Consumer Credit m/m, Crude Oil Inventories, and JOLTS Job Openings. So amid the reports, EUR/USD will move with low to medium volatility during this day.


TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.0766.
Strong Resistance:1.0760.
Original Resistance: 1.0749.
Inner Sell Area: 1.0738.
Target Inner Area: 1.0713.
Inner Buy Area: 1.0688.
Original Support: 1.0677.
Strong Support: 1.0666.
Breakout SELL Level: 1.0660.


More analysis - at instaforex.com

Technical analysis of GBP/JPY for December 09, 2016





GBP/JPY is Under pressure. The pair is trading below its resistance at 144.75, which should limit the upside attempts. The downward momentum is further reinforced by its descending 50-period moving average, which maintains a downside bias. Besides, the relative strength index is below its neutrality area at 50, and lacks upward momentum. To sum up, as long as 144.75 is not surpassed, the pair is likely to drop to 143.30 and then to 142.70.


The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 143.30. A break below this target will move the pair further downwards to 142.70. The pivot point stands at 144.75. In case the price moves in the opposite direction and bounces back from the support level, it will go above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 145.15 and the second one at 145.70.


Resistance levels: 145.15, 145.70, 146.35
Support levels: 143.30, 142.70, 141.50


More analysis - at instaforex.com

Intraday technical levels and trading recommendations for GBP/USD for December 12, 2016








The price zone between 1.3845 and 1.3550 (historical bottoms set in January 2009) was considered a significant demand zone to be watched for bullish recovery.
However, by the end of June a significant bearish break below 1.3550 was expressed as seen on the depicted charts (fundamental reasons).
Bearish persistence below the demand level at 1.3550 enhanced the bearish scenario towards the current price levels around 1.2700 (nearest bearish projection target).
Note that the GBP/USD pair was trapped inside the depicted consolidation range above 1.2700 until a bearish breakout took place on October 6.
Daily persistence below 1.2700 confirmed the bearish Flag pattern. That is why, a bearish projection target would be located around 1.2020.
Recently, bullish recovery was manifested around 1.2080. That is why, a bullish pullback is being executed towards 1.2700-1.2750.
Risky traders can consider the current bullish pullback towards the price zone of 1.2700-1.2750 for a valid SELL entry. S/L should be set as daily closure above 1.2750. T/P levels should be located at 1.2300 and 1.2100.
This SELL entry should be managed cautiously as the ascending bottoms around the price levels of 1.2120 and 1.2320 will probably apply significant bullish pressure over the Supply zone of 1.2700-1.2750.


More analysis - at instaforex.com

Daily analysis of GBP/USD for December 13, 2016





The pair gained a strong bullish momentum during Monday's session, consolidating above the 1.2650 level across the board, following a dynamic support provided by the 200 SMA on H1 chart. If GBP/USD manages to break above the key area of 1.2700, it should reach the highs from December 6th, but the bullish bias is still limited below that zone.


H1 chart's resistance levels: 1.2700 / 1.2763
H1 chart's support levels: 1.2613 / 1.2551


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 1.2700, take profit is at 1.2763 and stop loss is at 1.2637.


More analysis - at instaforex.com

Daily analysis of GBP/USD for December 14, 2016





GBP/USD pulled back from the resistance level of 1.2700, ahead of FOMC meeting. Currently, it's still hovering above the 200 SMA, strengthening the bullish bias in the short term and that's why we're still favoring further gains. However, if the pair manages to break below the 1.2613 level, then it can test the 1.2551 level.


H1 chart's resistance levels: 1.2700 / 1.2763
H1 chart's support levels: 1.2613 / 1.2551


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 1.2700, take profit is at 1.2763 and stop loss is at 1.2637.


More analysis - at instaforex.com

Daily analysis of GBP/USD for December 15, 2016





Following the Fed's rate hike at the December meeting, the US Dollar index had a strong bullish momentum above the 200 SMA on H1 chart and now it's heading toward the resistance level of 102.87, which is a key supply area. That could be possible to reach in the near time, as the index managed to break a sideways range. A strong support lies around 100.81.


H1 chart's resistance levels: 102.87 / 103.98
H1 chart's support levels: 101.74 / 100.81


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 101.56, take profit is at 101.93 and stop loss is at 101.18.


More analysis - at instaforex.com

Technical analysis of GBP/JPY for December 16, 2016





GBP/JPY is expected to extend its downside movement. The pair is trading on the downside and remains capped by its descending 20-period and 50-period moving averages. The relative strength index is bearish below its neutrality level at 50. Hence, as long as 147.00 is not broken up, we favor a down move with 145.90 and then 145.50 as targets.


The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 145.90. A break below this target will move the pair further downwards to 145.50. The pivot point stands at 147.00. In case the price moves in the opposite direction and bounces back from the support level, it will go above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 147.55 and the second one at 148.15.


Resistance levels: 147.55, 148.15, 149.00
Support levels: 145.90, 145.50, 144.65


More analysis - at instaforex.com

Gold analysis for December 16, 2016





Recently, gold has been trading sideways at the price of $1,130.80. Using the market profile, I found today's point of control at the price of $1,133.30 on the 30M time frame. The price is trading below 21SMA, which is a sign of weakness. Watch for selling opportunities.The short-term trend is bearish. The downward target is set at the price of $1,122.95.


Resistance levels:
R1: 1,139.00
R2: 1,143.65
R3: 1,151.10


Support levels:
S1: 1,124.25
S2: 1,119.70
S3: 1,112.80


Trading recommendations for today: Watch for selling opportunities on pullbacks.


More analysis - at instaforex.com

Daily analysis of USDX for December 20, 2016





On Monday USDX was supported by the 102.56 level - a strong demand zone across the board which should help to boost buyers in coming days ahead of Christmas. The next key resistance is still placed at the 103.98 level. If the index plunges below the 102.56 mark, it can reach the support area of 101.40, which is below the 200 SMA on the H1 chart.


H1 chart's resistance levels: 103.98 / 104.69
H1 chart's support levels: 102.56 / 101.40


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 103.98, take profit is at 104.69 and stop loss is at 103.26.


More analysis - at instaforex.com