Thread: InstaForex Wave Analysis

Forex Analysis & Reviews: Forecast for EUR/USD on May 7, 2021

EUR/USD
The euro did not wait for the US employment report to be released today and, bouncing off the MACD indicator line, rose by 60 points yesterday. We underestimated the impact of this technical instrument, relying on the idea of market consolidation ahead of Friday's report. Nevertheless, the market is still in a position for growth, the bulls realized the remaining potential, but now, after testing the MACD line, the next branch of the price decline can overcome it without delay. The technical task of the price remains the same - to overcome 1.2025, then move to 1.1952. Targets are determined at 50.0% and 38.2% Fibonacci levels on the daily chart. The third target is 1.1856.



The MACD line at 1.2080 is an obstacle to price growth on the four-hour chart. Today's US employment report is expected to be strong: for new jobs in the nonfarm sector, the consensus forecast is 978,000, the overall unemployment rate is 5.8% against 6.0% in March. We are waiting for the euro to fall.



Analysis are provided byInstaForex.

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Xem thêm: dÆ°á»›i lưỡi nổi há»™t lÃ* dấu hiệu của bệnh lý gì? [/b]

Forex Analysis & Reviews: Elliott wave analysis of Ripple for May 10, 2021



Ripple is on the move higher again after a correction to 1.3210. The rally following this low is clearly a five wave rally indicating that the impulsive rally higher to 1.9670 and above is in motion. Short-term we are looking for a break above minor resistance at 1.6957 and 1.7636 to confirm the rally higher to 1.9670 and ultimately above here to for a continuation towards 3.31 as the next long term target.

Support is now seen at 1.5100 which ideally will be able to act as a floor for the expected rally higher.

Trading recommendation:
Buy Ripple for more upside pressure towards 1.9665 and ultimately higher to 3.31.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for USD/JPY on May 11, 2021

USD/JPY
The US dollar, despite losses against the European currencies, manages to hold out against the yen. Yesterday it grew by 14 points. There are about 40 points left before the price reaches the most important level of 109.26, and after that the 110.44 level is just ahead of us. The Marlin oscillator is once again trying to attack the border of the growing trend zone.



The price lingered for a bit on the MACD indicator line on the four-hour chart. Marlin is also not in the growth area, the price is expected to simultaneously exit above the MACD line and Marlin to enter the zone of positive values. We are waiting for growth.



Analysis are provided byInstaForex.

Forex Analysis & Reviews: GBPJPY reacting below descending trendline resistance! Drop incoming!



GBPJPY reacting below descending trendline resistance. A drop below 1st resistance at 153.752 towards 1st support at 153.347 could be possible. Stochastic is testing resistance where price reacted in the past as well.

Trading Recommendation
Entry: 153.752
Reason for Entry:
78.6% Fibonacci retracement, descending trendline resistance
Take Profit: 153.347
Reason for Take Profit:
-61.8% and 23.6% Fibonacci retracement.
Stop Loss: 154.024
Reason for Stop Loss:
Graphical swing high

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Technical Analysis of ETH/USD for May 13, 2021



Crypto Industry News:
During the first 7 days from the introduction of Ethereum Futures to the market by CME, the value of concluded contracts exceeded USD 23 million. According to a recent OKEx Insights report, "partial data for the week ending April 25 shows weekly volumes hit an all-time high of $ 353 million - over 166% more than the previous week's $ 132.57 million.

"Moreover, the number of contracts opened in the CME Ether Futures market also increased at a similar pace. The aforementioned report showed in this respect that:

"During the first month of trading, ETH Futures had an average Open Interest of $ 61.17 million. March data showed a significant spike in activity with average Open Interest peaked at $ 101.67 million.

In fact, since April 21, OI figures have risen to $ 205.6 million, reflecting the size of institutional measures that hit the Ethereum market in the last few months.

According to OKEx Insights, one of the main factors behind this was the normalization of mainstream cryptocurrency investing. The authors of the report argue that it was a byproduct of MicroStrategy, MassMutual and Tesla's entry into the cryptocurrency space, and each of these companies' actions legitimized a sector that had long struggled for Wall Street's attention.

Technical Market Outlook:
The ETH/USD pair has tested the key short-term technical support located at the level of $3,596 and bounced more than 50% already. The next local target for bulls is the 61% Fibonacci retracement located at the level of $4,074. If this retracement level is clearly violated, then bulls will likely test the ATH again (located at $4,369). The momentum is strong and positive, so it supports the bullish outlook for ETH.

Weekly Pivot Points:
WR3 - $4,545
WR2 - $4,714
WR1 - $4,394
Weekly Pivot - $3,656
WS1 - $3,369
WS2 - $2,577
WS3 - $2,290

Trading Recommendations:
The longer term up trend on the Ethereum continues despite the local counter-trend corrections. The next long term target for ETH/USD is seen at the level of $5,000. The key long term technical support is seen at the level of $3,881, so only a weekly candle close below this level will invalidate the bullish scenario.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for EUR/USD on May 14, 2021

EUR/USD Over the past day, nothing significant has happened to the euro. The price traded with a range of 27 points, closing the day with a symbolic rise. The Marlin oscillator approached the zero line even more on the daily, lowering the chances of a double divergence. The target for the decline is still the same - 1.1986.



The price settled below the MACD indicator line on the four-hour chart, Marlin conducted its own sideways consolidation. The similarity of the price and the oscillator enhances the technical sign of further downward price movement. Overcoming yesterday's low (1.2051) opens the way to the target at 1.1986.



Analysis are provided byInstaForex.

Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 17, 2021



EUR/JPY is in the final leg higher to the 133.66 target from where we should expect a correction in wave 4/ towards at least 130.82 and likely even closer to the 38.2% corrective target seen at 129.06. In the short term, a break below minor support at 132.00 will indicate that wave 3/ is complete and wave 4/ lower to support in the 129.06 - 130.82 area is in motion before rising higher again in wave 5/ towards 137.19.

Trading recommendation:
Sell long positions in EUR/JPY near 133.66 or upon a break below 132.00 and look for a new buying opportunity near 129.06

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for EUR/USD on May 18, 2021



EUR/USD
The euro is still hesitant to turn around. Now it clearly shows an intention to form a double divergence with the Marlin oscillator. The upward potential is up to the upper border of the price channel around 1.2238. The level may not be reached.

The current situation is completely upward on the four-hour scale - the price is rising above the balance and MACD indicator lines, the signal line of the Marlin oscillator turned upward from the zero line (arrow). Exit of the price above 1.2177 will mark the beginning of the formation of a double divergence, moving under the MACD line (1.2102) will indicate a downward trend reversal.



Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for GBP/USD on May 19, 2021

GBP/USD
The pound gained 54 points on Tuesday. Trading volumes were at the level of the last two days and were generally average for the month. The growth probably occurred mainly due to the closing of moderate positions in terms of volume. On the daily chart, a price divergence is formed with the Marlin oscillator. The oscillator is probably preparing to leave the area from its own rising channel.

The divergence looks stronger and almost complete on the four-hour chart. With the price moving below the MACD line, around the level of 1.4103 (May 11 low), the price will move to 1.4004, to the May 13 low.


Analysis are provided byInstaForex.