Thread: InstaForex Wave Analysis

Forex Analysis & Reviews: Technical Analysis of GBP/USD for September 8, 2022



Technical Market Outlook: The GBP/USD pair has hit the level of 1.1410 which is the 7 years low for this pair and the Bullish Engulfing candlestick pattern was made at the H4 time frame chart. The momentum is negative again on the H4 time frame chart, so the larger time frame trend (daily and weekly) remains down until further notice. Please watch closely the further market reaction for the level of 1.1410, because a shallow 100 pips bounce does not terminate the down trend. The bulls need at least to test the level of 1.1717 in order to make a corrective cycle to the upside more probable.

Weekly Pivot Points:
WR3 - 1.15513
WR2 - 1.15077
WR1 - 1.14791
Weekly Pivot - 1.14641
WS1 - 1.14355
WS2 - 1.14205
WS3 - 1.13769

Trading Outlook: The bearish domination is clear and there is no indication of down trend termination or reversal on the GBP/USD market. The bulls has failed big time to continue the corrective cycle after a big Bearish Engulfing candlestick pattern was made on the weekly time frame, so the downside move accelerated. The next long term target for bears is seen at the level of 1.1410 (2020 low). Please remember: trend is your friend.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex.

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Forex Analysis & Reviews: Forecast for GBP/USD on September 9, 2022

Yesterday, the pound closed down 30 points on the back of a weakening euro and the death of Queen Elizabeth II. But the central banks reacted extremely quickly and bought the market against the news. The volume of trading in the pound was the largest since July 14.



Today, the pound started with growth, the price went above the resistance of 1.1525, on which it has been holding for the fourth day with strong fluctuations in both directions. The Marlin oscillator is growing on the daily scale, the price may reach the target level of 1.1600. But there is also a significant level slightly above it - 1.1650. This creates a danger that the price will quietly reach this level, and then consolidate above it and try to break through to 1.1815. But for now, we do not expect the pound to rise above 1.1600. Data on construction, trade balance and industrial production in the UK will be released on Monday, the forecasts for them are negative.



Analysis are provided by InstaForex.

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Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for September 12, 2022



GBP/JPY is getting absolutely nowhere. The most likely pattern unfolding here is a descending triangle as wave B/. We have apparently seen a top at 166.31 for renewed downside pressure towards the triangle support line near 160.00. A break below here will confirm the next decline towards 154.41.

Short-term a break below minor support at 164.19 will set the stage for a decline towards the triangle support line at 160.00. *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex.

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Forex Analysis & Reviews: Forecast for GBP/USD on September 13, 2022

Yesterday, the pound rose by 93 points, the resistance level of 1.1648 was overcome. Now the price can work out the resistance of the MACD indicator line (1.1755).



At the same moment, the signal line of the Marlin Oscillator may turn down after touching the border with the growth area. In this case, we expect a decrease below 1.1525. This is the main scenario. Price exit above resistance 1.1815 opens the 1.2005 target.

There is a mini-consolidation of the price after breaking above the level of 1.1648 on the four-hour chart. Probably, this is preparation for working out 1.1755. In any case, whether this residual growth takes place or not, after consolidating under 1.1648, the target 1.1525 will open. The MACD line is approaching this level.



*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex.

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Forex Analysis & Reviews: NZDUSD Potential for Bearish Drop | 14th September 2022



On the H4, with the price moving within the descending channel and below ichimoku cloud, we have a bearish bias that the price may drop from the 1st support at 0.59960, which is in line with the swing low and 61.8% fibonacci projection to the 2nd support at 0.59062, where the 100% fibonacci projection is. Alternatively, the price may rise to the 1st resistance at 0.61564, which is in line with the overlap resistance, 61.8% fibonacci retracement and 38.2% fibonacci retracement.

Trading Recommendation
Entry: 0.59960
Reason for Entry:Swing low and 61.8% fibonacci projection
Take Profit: 0.59062
Reason for Take Profit: 100% fibonacci projection
Stop Loss: 0.61564
Reason for Stop Loss:
Overlap resistance, 61.8% fibonacci retracement and 38.2% fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex.

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Forex Analysis & Reviews: Forecast for EUR/USD on September 15, 2022

As the market cooled down after an exciting Tuesday, the euro spent Wednesday in consolidation between the target levels of 1.0032 and 0.9950. The price did not even try to fight the resistance, which was also strengthened by the MACD indicator line of the daily scale.



The signal line of the Marlin Oscillator turned down without an attempt to work out the border with the growth territory. This is a good sign of a further decline, which will be confirmed after the price breaks below the 0.9950 support. The nearest target is 0.9850, followed by 0.9752.



The price consolidated under the MACD indicator line and balance lines (red) on the four-hour chart. Marlin shows intention to continue the decline after yesterday's own consolidation. The situation is completely downward.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex.

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the funds and risks that exist must indeed be able to be considered properly, this is done so that traders can be more leverage in getting maximum trading security and comfort like what I got from Tickmill.

Forex Analysis & Reviews: AUDUSD Potential for Bearish Drop | 16th September 2022



On the H4, with the price moving within the descending channel and below ichimoku cloud, we have a bearish bias that the price may drop to the 1st support at 0.67105, which is in line with the swing low. If the 1st support level is broken, the 2nd support could be at 0.66122, where the 100% fibonacci projection is. Alternatively, the price may rise to the 1st resistance at 0.67717, which is in line with the 38.2% fibonacci retracement and overlap resistance.

Trading Recommendation
Entry: 0.67105
Reason for Entry: Swing low
Take Profit: 0.66122
Reason for Take Profit: 100% fibonacci projection
Stop Loss: 0.67717
Reason for Stop Loss:
38.2% fibonacci retracement and overlap resistance

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex.

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Forex Analysis & Reviews: Forecast for GBP/USD on September 19, 2022

GBP/USD hit the the target level of 1.1385 on Friday. Today is a holiday in the UK, so there is little chance that a similar scenario will be repeated. But if it happens, the pair will reach the target level of 1.1305.



So far, the quote is nearing the area of the Marlin oscillator, which may result in a rise to 1.1648 or a long correction. If a convergence does not happen, the pair will go under 1.1305 and head towards 1.1250, then climb to 1.083.



In the four-hour (H4) chart, the pair is under the balance and MACD lines, which suggests that a correction to 1.1525 is still possible. And if the quote stays above the MACD line, the pair will grow further to 1.1648. But for now, the nearest target is a consolidation under 1.1385.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex.

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