Thread: InstaForex Wave Analysis

FOREX ANALYSIS & REVIEWS: TECHNICAL ANALYSIS OF DAILY PRICE MOVEMENT OF USD/CAD COMMODITY CURRENCY PAIRS, WEDNESDAY, MARCH 08 2023.



There is a few interesting things on the daily chart USD/CAD commodity currency pairs:
1. The appearance of three Wiseman signal.
2. There is a deviation between price movement with Awesome Oscillator indicator.
3. The price moves above the open Alligator gaping upwards.
4. The appearance of Bullish 123 pattern follow by 2 or Ross Hook (RH).
Based on the facts above we can predicted in a few days ahead that the Loonie will try to tested level 1,3977. However if on its way to to those levels suddenly corrected down below the level of 1,3554 the Bulls scenario that has been described earlier will become invalid and cancel by itself.

(Disclaimer)
*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: ELLIOTT WAVE ANALYSIS OF UNG FOR MARCH 9, 2023



UNG continues to follow our count to the letter and we are now close to testing the 61.8% corrective target of the rally from 7.16 to 9.99 at 8.23. This is likely enough to set the stage for the next impulsive rally higher towards 16.40 and 20.56 as the next upside targets.

A rally likely that in UNG warns the Natural Gas prices will lift off too and that inflation isn't under control as many politicians and economists like to tell us, so be alert as to when the next impulsive rally is ready to take off.

(Disclaimer)
*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 MARCH 10, 2023

Yesterday, the euro managed to develop a correction so that it can reach the target level of 1.0595 this morning. The price returned to the consolidation range of the second half of December 2022, and can stay there until the release of the US employment data. Also, the price may settle below 1.0595, as the trading volumes have noticeably decreased in recent days.



We expect today's Nonfarm Payrolls to be good as weekly jobless claims are coming in at a consistently low 196,000 on average over the past month. A month earlier, the average was 189,000 and then, in January, Nonfarm Payrolls showed an increase of 517,000 new jobs. Forecast for February is 205,000, the data is likely to be better than forecast. I expect the euro to fall to the target range of 1.0443/70.

On the four-hour chart, the price has stopped rising in the area where the MACD indicator line coincides with the target resistance of 1.0595. The signal line of the Marlin oscillator closely approached the zero neutral line.There is a high probability that the price will reverse to the downside. In the main bearish scenario, the price can also climb above the resistance, but this will be a false breakout.



(Disclaimer)
*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: TRADING SIGNAL FOR GBP/USD FOR MARCH 13 - 14, 2023: BUY ABOVE 1.2052 OR SELL AFTER PULLBACK AT 1.2140 (200 EMA - GAP



Early in the European session, the British pound is trading around 1.2071 above the 200 EMA above the 21 SMA. We can see that the GBP/USD pair opened this week's trade with a bullish gap.

The market sentiment is bullish and is being supported by the 200 EMA. It is likely to continue to rise in the next few hours and reach the maximum of 1.2140, the level seen on February 21 and 28.

This zone between the levels of 1.2140 -1.2161 (daily resistance_1) could act as a strong barrier for the British pound since in February, it acted as strong resistance twice.

In case of a pullback towards 1.2140 - 1.2161, we could sell with targets of 1.2085 (3/8 Murray) and 1.2050 (200 EMA).

If the British pound falls below the 200 EMA and trades on 4-hour charts below this level, we can expect it to fill the gap left around 1.2030 and reach support at 2/8 Murray at 1.19162.

In the event that the British pound trades below 4/8 Murray located at 1.2207 or any technical rebound in this area, we could see a signal to sell. In this case, the pair could reach 1.2000 in the next few days and even could fall to 1.1840 (1/8 Murray).

(Disclaimer)
*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 MARCH 14, 2023

The pound continued its irrepressible growth yesterday, adding one and a half figures and overcoming the target level of 1.2155. It did not settle above this level, and this morning, it fell below it.



Most likely, the price can now head to close the opening gap of the week (1.2028). The Marlin oscillator has marked the beginning of the reversal. On the four-hour chart, there are no obvious reversal signs yet, the signal line of the oscillator should decrease even more. The first step will be the price settling under 1.2155.



If the price is able to exceed yesterday's high of 1.2198, it may continue to rise to the MACD line around 1.2272 on the daily chart.

(Disclaimer)
*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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ELLIOTT WAVE ANALYSIS OF EUR/USD FOR MARCH 15, 2023



EUR/USD has consolidated just above the double bottom neckline near 1.0710 and is ready to push higher towards the next minor resistance at 1.0807. EUR/USD is making its way higher to the 1.1248 target and possibly even closer to 1.1424 before wave 5 is in place.

Support is seen at 1.0710 and then at 1.0636 which we expect will be able to act as a floor for the next impulsive rally higher towards 1.1248 and possibly higher.

Analysis are provided by InstaForex.

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TRADING PLAN FOR US DOLLAR INDEX ON MARCH 16, 2023



Technical outlook:
The US dollar index slipped through 104.50 during the New York session on Wednesday as discussed earlier. The index is seen to be trading close to 104.10 at this point in writing as the bears remain inclined to come back in control intraday. Interim support is now in place at 103.00 and the bullish structure will remain intact until it holds well.

The US dollar index is currently working on its larger-degree rally between 100.50 and 105.50 as seen on the 4H chart here. The bears have been successful to drag prices lower towards 103.00, which is the Fibonacci 0.50 retracement of the above rally. Please note that the potential remains for a drag lower towards 102.50 if an Up Gartley is unfolding.

In that case, prices will test the Fibonacci 0.618 retracement around 102.50 before resuming its rally towards 106.50 and 109.00. Also, note that 102.50 is the Fibonacci 0.618 retracement of the above rally, hence the potential remains high for a bullish turn if prices manage to reach there. The overall direction remains higher against 100.50.

Trading idea:
A potential rally towards 106.00 and 109.00
Good luck!

Analysis are provided by InstaForex.

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FORECAST FOR AUD/USD ON MARCH 17, 2023

Yesterday, the Australian dollar decided to take advantage of the wave of optimism in European markets and rose by 40 points. In today's Asian session, it is gaining the same amount.



AUD might reach the target level of 0.6730, and on the daily chart, the signal line of the Marlin oscillator will reach its zero line by that time. After that a synchronous reversal of the price and the oscillator from their resistances may follow.



On the four-hour chart, the price is rising after initial consolidation above the indicator lines and resistance level of 0.6640. If the price changes its mind to rise further, falling below the support of 0.6640 and under the MACD line (0.6630) will be a confirmation of it.

Analysis are provided by InstaForex.

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NZDUSD, H4 | POTENTIAL BEARISH REVERSAL



The NZD/USD chart currently displays a bearish momentum, with price below a major descending trend line and the bearish Ichimoku cloud. The potential price movement could involve a bearish reaction off the 1st resistance, leading to a drop towards the 1st support level.

At 0.6097, the 1st support level is a strong overlap support that lines up with the 38.20% Fibonacci retracement. If price drops below this level, the next support level it could reach is the 2nd support at 0.5897, which is a swing low support that has a 61.80% Fibonacci retracement lining up with it.

Alternatively, if price bounces from the 1st support level, it could rise to the 1st resistance level at 0.6284, which is a pullback resistance. Beyond that, the 2nd resistance level at 0.6476 is a significant multi-swing high resistance.

Analysis are provided by InstaForex.

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