Thread: InstaForex Wave Analysis

USDCAD Day | Rising toward resistance level?



The USD/CAD chart shows bullish momentum with a potential move towards the first resistance. There's an important first support at 1.3372, serving as an overlap support. On the resistance side, the first resistance at 1.3673 is also an overlap resistance, and the second resistance at 1.3876 is a swing high resistance.

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GBPUSD H4 | Bouncing off support?



The GBP/USD chart is currently bearish, primarily due to its position below the bearish Ichimoku cloud. There's a potential scenario of a bullish bounce off the 1st support at 1.2067, supported by the 127.20% Fibonacci Extension, and the 2nd support at 1.2011, a swing low support with the 161.80% Fibonacci Extension.

On the resistance side, the 1st resistance at 1.2124 is an overlap resistance that may impede bullish movements. Additionally, the 2nd resistance at 1.2265 is also categorized as an overlap resistance.

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GBPUSD H4 | Bullish Divergence?



The GBP/USD chart shows bullish momentum, with the possibility of a bullish bounce from the first support at 1.2067, backed by the 127.20% Fibonacci Extension, indicating a reversal point. The second support at 1.2011, aligning with the 161.80% Fibonacci Extension, adds to its importance as a potential support level.

On the resistance side, the first resistance at 1.2124 is noted as an overlap resistance, potentially hindering bullish movements. The second resistance at 1.2273 is labeled as a swing high resistance

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USDJPY H4 | Bearish Continueation Expected?



The USD/JPY chart currently exhibits bearish momentum due to its position below the Ichimoku cloud. There's a potential bearish scenario with the 1st support at 148.44, a pullback support, and the 2nd support at 147.26, an overlap support. On the resistance side, the 1st resistance at 149.98, a swing high resistance, may limit upward movements.

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USDCAD H4 I Potential bullish reversal?



USD/CAD chart shows bearish momentum, potential drop to 1st support (1.3693, overlap support, 23.60% Fibonacci retracement) or 2nd support (1.3634, overlap support, 38.20% Fibonacci retracement). 1st resistance (1.3806) and 2nd resistance (1.3854) act as pullback resistances.

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Forecast for EUR/USD on October 9, 2023

EUR/USD
Friday's US labor data for September exceeded expectations. In the non-farm sector, 336,000 new jobs were created compared to a forecast of 170,000, and the August figure was raised by 40,000. Unemployment remained at the previous 3.8%, and a broader measure of unemployment dropped to 7.0% from 7.1% in August. The initial market reaction was quite natural, with the dollar rising and the euro losing 80 pips. However, the dollar was sold off across a wide range of markets, including stock markets and commodities. As a result, the dollar index closed the day down by 0.26%, the S&P 500 rose 1.18%, and oil increased by 0.61% (WTI).



The market's counteraction to strong data is certainly a compelling argument in favor of further (although not very prolonged) euro growth. From a technical standpoint, we saw a rebound from the point of intersection of the price channel line and support level of 1.0483, afterwards the quote exceeded the Fibonacci retracement level at 1.0578. The Marlin oscillator has moved into bullish territory. Now, after breaking through the nearest resistance level at 1.0613, we are waiting for the price to reach the target level of 1.0687 and maybe even 1.0777.



On the 4-hour chart, the price has settled above 1.0578. The morning gap that occurred due to the Hamas attack on Israel will soon be closed. The price is growing above the indicator lines. The Marlin oscillator has firmly strengthened in the bullish territory. We expect the euro to rise further.

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Forecast for GBP/USD on October 10, 2023

GBP/USD
Yesterday, the British pound successfully closed the gap from the start of the weekly session and continued to rise. Now the price is trying to break above Friday's high, with the nearest target at 1.2307.



Since the signal line of the Marlin oscillator only entered the positive territory recently, the momentum should be enough to reach the nearest line of the price channel around the target level of 1.2444. By breaching the resistance level, the price could reach the 1.2547 target.



On the 4-hour chart, the price is in an uptrend according to all indicators. The pound is rising above the balance and MACD lines, and these indicator lines have turned upwards. The Marlin oscillator is rising within the uptrend territory and is far from overbought. Keep an eye on the price's behavior at the target resistance level of 1.2307.

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NZDUSD H4 I Bearish momentum



The NZD/USD chart currently exhibits an overall bearish momentum with a potential scenario for price to make a bearish continuation towards the 1st support level.

The 1st resistance level at 0.6050 is identified as an overlap resistance. Additionally, the 2nd resistance level at 0.6095 is marked as a pullback resistance that aligns with the 127.20% Fibonacci extension level.

To the downside, the 1st support level at 0.5989 is identified as an overlap support that aligns with the 50.00% Fibonacci retracement level. Further below, the 2nd support level at 0.5934 is noted as a pullback support.

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GBPUSD H4 I Bullish Momentum?



GBP/USD bears momentum, possibly falling to 1st support at 1.2259 (overlap support) or 2nd support at 1.2176 (overlap support). On the upside, 1st resistance at 1.2337 (swing high, 127.20% Fibonacci Extension) and 2nd resistance at 1.2418 (swing high, 161.80% Fibonacci Extension) may hinder upward movement.

Analysis are provided by InstaForex.

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GBPUSD H4 I Reacting off resistance level?



GBP/USD is exhibiting strong bullish momentum, with the potential to move higher towards the 1st resistance at 1.2259, a historically significant level where price often faces resistance. Conversely, on the support side, the 1st support at 1.2173, identified as a multi-swing low support, and the 2nd support at 1.2118, aligned with the 78.60% Fibonacci Retracement, hold importance as potential areas for buying interest. In summary, the current trend in GBP/USD leans towards a bullish outlook, and traders will closely monitor these support and resistance levels for potential shifts in market sentiment or reversals.

Analysis are provided by InstaForex.

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