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Elliott wave analysis of EUR/JPY for March 14, 2016
https://forex-images.instaforex.com/...640e4a265e.png
Wave summary: After testing very strong resistance near 126.90, we are look for a breakout below minor support at 126.05 to confirm that wave b is over and wave c towards 119.90, and possibly even lower to 117.35, is developing. It should just be a matter of time before we could see the peak of this b-wave rally and a new strong decline in wave c.
Trading recommendation:
We are short EUR from 126.79 with stop placed at 128.20. If you are not short yet, then sell now and use the same stop at 128.20 or sell on a break below support at 126.05.
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Global macro overview for 14/03/2016
https://forex-images.instaforex.com/...6d08a2c72b.jpg
IIn the regional elections taken place last Sunday the German voters punished Chancellor Merkels conservatives, giving a thumbs-down to her open-door refugee policy and turning in droves to the anti-immigrant Alternative for Germany (AfD). The result is a big setback for Merkel, who has led eurozone's largest economy for a decade, and could narrow her room to maneuver as she tries to convince her EU partners to seal a deal with Turkey to stem the tide of migrants. The political party of Merkel, the Christian Democrats (CDU), lost ground in all important states – Baden-Wuerttemberg and Rhineland-Palatinate in the west and Saxony-Anhalt in the east – which were together widely seen as offering a verdict on Merkel's liberal migrant policy. In conclusion, this contest was the biggest of Merkel's third-term and the broadest electoral test before the next German federal ballot in 18 months. If the main ballot get even worse, that this one, the future of the EU policy towards migrants and the whole economic foundation's might be completely changed, influencing the financial markets. Let's now take a look at the EUR/USD technical picture in the H4 time frame after the last rally on Friday. The local top was established at the level of 1.1217 and the market slowly went lower to test the support at the level of 1.1079. Currently, bulls are trying to re-gain the control in the market using the level of 1.1079 as a technical support to rally towards the level of 1.1217. Only a clear and sustained violation of the level of 1.0822 would change the current picture from bullish to bearish again.
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Daily analysis of GBP/USD for March 15, 2016
https://forex-images.instaforex.com/...2_GBPUSDH1.png
H1 chart's resistance levels: 1.4333 / 1.4396
H1 chart's support levels: 1.4267 / 1.4190
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is seen at 1.4333, take profit is at 1.4396 and stop loss is at 1.4271.
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Technical analysis of GBP/CHF for March 16, 2016
https://forex-images.instaforex.com/...hf16032016.jpg
Technical outlook and chart setups:
The GBP/CHF pair has dropped below 1.4000 levels beyond what was expected and discussed earlier, but the pair is still above 1.3900 levels and that makes a valid case for a Wave 4 correction. Please note that the pair could stage a rally through 1.4300/20 levels till prices stay above 1.3900/20 levels. Also note that the pair is testing Fibonacci 0.618 support of the rally between 1.3750 and 1.4280 levels respectively. It is still recommended to remain long with risk at 1.3900 levels. Immediate support is seen at 1.3920 levels, while resistance is at 1.4300/20 levels respectively. Only a drop below 1.3900 levels would discard the bullish count.
Trading recommendations:
Remain long for now, stop at 1.3900, target 1.4300.
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Daily analysis of GBP/USD for March 17, 2016
https://forex-images.instaforex.com/...6/GBPUSDH1.png
BP/USD had a bullish momentum above the 1.4000 psychological zone and a consolidation above the 200 SMA at the H1 chart is ongoing. That happened after the Fed minutes release in the United States, as the pair is trying to break above the resistance zone of 1.4267 in order to reach the 1.4310 level. The MACD indicator is still supporting the bullish idea at positive territory.
H1 chart's resistance levels: 1.4267 / 1.4310
H1 chart's support levels: 1.4190 / 1.4141
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4267, take profit is at 1.4310 and stop loss is at 1.4233.
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Technical analysis of EUR/JPY for March 28, 2016
https://forex-images.instaforex.com/...py28032016.jpg
Technical outlook and chart setups:
The EUR/JPY pair has rallied through 126.80/85 levels as expected and discussed last week. The pair is facing resistance at 126.85 and looking to reverse lower below 124.50 levels going forward. Please also note that bears would remain in control till prices stay below 127.30 levels. The pair is also seen stalling at the fibonacci 0.786 resistance of the drop between 127.25 through 124.50 levels respectively. It is recommended to book profits for any long positions taken earlier and look to go short with risk above 127.30 levels. Immediate resistance is seen at 127.20/30 levels for now, while support is seen at 125.70 and 124.70 levels respectively.
Trading recommendations:
Book profits on long positions taken earlier and go short now with stop at 127.30/40 and target open.
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Daily analysis of USDX for March 29, 2016
https://forex-images.instaforex.com/...328/USDXH1.png
USDX is currently doing a pullback from yesterday's highs, as the Index is still doing some corrective moves in favor of the overall bearish bias. The next target is located around the 95.44 level, where the Index can test that zone in order to strengthen the downside. However, a rebound at the current stage cannot be discarded yet.
H1 chart's resistance levels: 96.70 / 97.04
H1 chart's support levels: 96.03 / 95.44
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 96.03, take profit is at 95.44, and stop loss is at 96.60.
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Daily analysis of major pairs for March 30, 2016
https://forex-images.instaforex.com/...20160330/1.png
UR/USD: The EUR/USD pair broke upwards on Tuesday, moving above the support line at 1.1250, and is now very close to the resistance line at 1.1300. Actually, that resistance line has been tested and it would be retested as the bulls push the price beyond it. The next target would then be another resistance line at 1.1350, which would also be breached to the upside.
USD/CHF: The pair broke downwards on Tuesday, moving below the resistance level at 0.9700, and is now very close to the support level at 0.9650. Actually, that support level would be tested as the bulls push the price beyond it. The next target would then be another support level at 0.9600, which would also be breached to the downside.
GBP/USD: As it was prognosticated, this currency trading instrument went upwards yesterday, resulting in a Bullish Confirmation Pattern on the chart. The EMA 11 is now above the EMA 56, as the RSI period 14 is above the level 50. The next targets for the bulls are located at the distribution territories of 1.4450 and 1.4500. The distribution territory at 1.4400 has been previously tested and it would be breached to the upside very soon.
USD/JPY: The USD/JPY pair broke down yesterday, threatening to invalidate the recent bullish outlook on the market. In case the price moves below the demand level at 112.00, the bullish outlook would be completely invalidated. However, a rally from here could reinforce the recent bullish outlook.
EUR/JPY: As it was expected, the EUR/JPY pair trended upwards on Tuesday (March 29, 2016). The price has moved upwards by 80 pips this week, now above the demand zone at 127.00. The next targets for the bulls are located at the supply zones of 127.50 and 128.00. However, this does not rule out any possibilities of pullbacks along the way.
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Elliott wave analysis of EUR/NZD for March 31 - 2016
https://forex-images.instaforex.com/...c9d2ee38bb.png
Wave summary:
We have likely seen a low at 1.6229 just above the 1.6210 target. To confirm that a low has been seen, we need a break above minor resistance at 1.6508 and, more importantly, a break above resistance at 1.6725 that will call for renewed upside pressure towards 1.7220 and 1.8551. Hopefully, we will see upside acceleration this time around, then we will not set our expectations too high as we have been disappointed a couple of times now.
Trading recommendation:
We bought EUR at 1.6250 and will place our stop at a break-even point. If you are not long in EUR yet, then buy near 1.6292 or upon a break above 1.6508.
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Technical analysis of USD/JPY for April 01, 2016
https://forex-images.instaforex.com/...1/2_USDJPY.jpg
In Asia, Japan will release the Final Manufacturing PMI, Tankan Non-Manufacturing Index, Tankan Manufacturing Index and the US will release some economic data such as Total Vehicle Sales, Revised UoM Inflation Expectations, ISM Manufacturing Prices, Construction Spending m/m, Revised UoM Consumer Sentiment, the ISM Manufacturing PMI, Final Manufacturing PMI, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m.So there is a probability the USD/JPY pair will move with medium to high volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance. 3: 112.86.
Resistance. 2: 112.64.
Resistance. 1: 112.42.
Support. 1: 112.15.
Support. 2: 111.93.
Support. 3: 111.70.
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Technical analysis of Silver for April 05, 2016
https://forex-images.instaforex.com/...sd05042016.jpg
Technical outlook and chart setups:
Silver is seen to be trading at $15.10 levels at this moment, looking to reverse lower towards $14.50 levels at least before turning bullish again. The metal is stalling at a past support turned resistance level at $15.10/15 levels as depicted here. Furthermore it is also facing fibonacci 0.382 resistance of the drop between $15.40 and $14.80 levels respectively. Looks to be that a flat consolidation is now complete at $15.10 levels and the metal is poised to drop lower again. Major support is expected at $14.50 levels going forward. It is recommended to remain short now, with risk at $15.50 levels. Immediate resistance is at $15.50 levels, while support is seen at $14.80 levels respectively.
Trading recommendations:
Remain short for now, stop at $15.50, a target is $14.50.
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Elliott wave analysis of EUR/NZD for April 6 - 2016
https://forex-images.instaforex.com/...4895c6b659.png
Wave summary:
We are still looking for support near 1.6640 to protect the downside for a rally above 1.6833 confirming upside acceleration towards 1.7220 on the way higher to 1.8550. Even if minor support at 1.6640 should be broken, back-up support is seen near 1.6578. It will take an unexpected break below support at 1.6430 to question this rally.
Trading recommendation: We are long in EUR from 1.6250 with stop placed at 1.6600. If you are not long in EUR yet, then buy near 1.6640 or upon a break above 1.6800 and use the same stop at 1.6600.
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Elliott wave analysis of EUR/NZD for April 7 - 2016
https://forex-images.instaforex.com/...5d7cb1cfc7.png
Wave summary:
We are still waiting for some real upside acceleration, but to signal the beginning of this upside acceleration, a break above resistance at 1.6800 and, more importantly, a break above 1.6874 is needed to call for a rally to 1.7220 on the way higher towards 1.8550. Support is seen at 1.6624 and is expected to continue to protect the downside for a break above 1.6800. Should support at 1.6624 be broken, back-up support is seen at 1.6585.
Trading recommendation:
We are long in EUR from 1.6250 with stop placed at 1.6600. If you are not long in EUR yet, then buy near 1.6624 or upon a break above 1.6800 and use the same stop at 1.6600.
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Technical analysis of Gold for April 08, 2016
https://forex-images.instaforex.com/...sd08042016.jpg
Technical outlook and chart setups:
Gold continues drifting sideways for now with prices trading around $1,236.00 levels. Please note that the metal has broken out of its resistance trend line and is expected to receive short-term support around $1,130.00 levels. Another probability is that the metal is unfolding as a triangle and has completed three waves out of the 5 waves. It is recommended to remain flat for now and watch out for a reaction around $1,230.00 levels before positioning trades. Immediate resistance is seen at $1,244.00/45.00 levels, while support is at $1,230.00 and lower respectively. A push lower into $1,210.00 levels would confirm that the metal is unfolding as a triangle.
Trading recommendations: Remain flat for now and watch for a reaction around $1,230.00 levels.
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Technical analysis of EUR/JPY for April 11, 2016
https://forex-images.instaforex.com/...b3a0803437.jpg
General overview for 11/04/2016:
The current wave development looks to be stopped inside of a possible triangle pattern which is typical for wave (b) correction. Nevertheless, the corrective cycle might evolve into a less complex and time-consuming pattern, especially if the intraday resistance at the level of 124.24 is clearly violated. For now, however, sideways price action below the weekly pivot is expected.
Support/Resistance:
122.53 - Intraday Support
124.11 - Weekly Pivot
124.24 - Intraday Resistance
125.66 - WR1
Trading recommendations:
Traders should sell the triangle pattern area with SL above the level of 124.24 and TP at the lows of the triangle pattern around the level of 122.50.
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Technical analysis of Silver for April 12, 2016
https://forex-images.instaforex.com/...sd12042016.jpg
Technical outlook and chart setups:
Silver rallied through $16.00 levels yesterday before hitting fibonacci 0.786 resistance of the drop from $16.13 through $14.80 levels, and pulling back. The metal is trading at $15.80/85 levels for now and should be looking to drift lower till prices stay below $16.13 levels from here on. Please note that the metal has also produced a tweezer top candlestick pattern after hitting $16.00 levels yesterday. It indicates a potential drop lower from current levels. Hence the recommendation is to remain short for now, with risk at $16.25 levels. Immediate resistance is seen at $16.13 levels, while support is lower at $15.10 levels. Bears would remain in control till prices stay below $16.13 levels.
Trading recommendations:
Remain short now, stop at $16.25 levels, target is open.
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Technical analysis of Silver for April 13, 2016
https://forex-images.instaforex.com/...sd13042016.jpg
Technical outlook and chart setups:
Silver is pulling back after hitting fresh highs at $16.20 levels yesterday. The metal is seen to be trading at $16.00 levels at this moment, and looking to drop lower towards at least $15.40 levels and subsequently towards $14.60 levels respectively. Please note that the metal has remained shy by just 10 cents from the previous major resistance at $16.35 levels. If bulls do not manage to print above $16.35 levels, we can expect the metal to follow Gold and continue drifting lower. It is recommended to remain flat for now and wait for further confirmation to enter short positions. Immediate resistance is seen at $16.35 levels, while support is at $15.80 levels respectively.
Trading recommendations: Remain flat for now.
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Daily analysis of USDX for April 14, 2016
https://forex-images.instaforex.com/...414/USDXH1.png
USDX is very close to finding strong resistance around the 94.85 level in an effort to resume the bearish bias toward new lows, as the Index is getting outside of the 200 SMA on the H1 chart. However, we can expect a downside continuation when the USDX does a breakout below the 94.40 level, with targets around the 93.95 level.
H1 chart's resistance levels: 94.85 / 95.21
H1 chart's support levels: 94.40 / 93.95
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.40, take profit is at 93.95, and stop loss is at 94.85.
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Elliott wave analysis of EUR/JPY for April 15 - 2016
https://forex-images.instaforex.com/...062ed472c7.png
Wave summary:
With a low at 122.70, EUR/JPY failed to make a new low below 122.54 indicating either a fifth wave failure or that a more complex correction is unfolding in red wave [iv]. We will continue to look for resistance at 123.66 and, if broken just above 124.23, for the final decline towards 121.75 and maybe even slightly lower to 120.45. The long-term ideal target at 117.37 does not seem realistic anymore.Trading recommendation:We are short in EUR from 123.76 and will move our stop lower to break-even. If this stop is hit then we will be looking to sell EUR again at 124.25 with stop at 125.25.
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Technical analysis of EUR/JPY for April 19, 2016
https://forex-images.instaforex.com/...py19042016.jpg
Technical outlook and chart setups:
The EUR/JPY pair is trading around 123.50 levels for now, preparing to rally towards 125.75 levels. Please note that fibonacci 0.618 resistance is also passing through 125.75 levels and a bearish reaction is expected there. The wave structure indicates that EUR/JPY has unfolded into 5 waves from 128.20 through 121.60/70 levels. It is now expected to produce a countertrend rally (3 waves), which is expected to terminate at 125.75 levels. Hence it is recommended to initiate long positions at 122.50/60 levels, with risk at 121.60 levels. Immediate resistance is seen at 124.20 levels, while support is seen through 121.60 levels respectively.
Trading recommendations:
Look to go long around 122.50/60, stop at 121.60, target is 125.75.
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Technical analysis of Gold for April 20, 2016
https://forex-images.instaforex.com/...sd20042016.jpg
Technical outlook and chart setups:
Gold is seen to be trading at $1,246.00/47.00 levels for now, after having hit $1,256.00 levels yesterday. The metal has reversed from the fibonacci 0.786 retracement level of the drop from $1,262.00 through $1,207.00 levels earlier. Please note that the metal should remain poised to print lower lows from here, till prices stay below $1,262.00 levels at least. It is hence recommended to remain short and also look to add further, with risk above $1,262.00 levels. Immediate support is seen at $1,223.00 levels, while resistance is at $1,262.00 levels respectively. A drop below $1,223.00 levels would accelerate the downside towards $1,190.00 and $1,160.00 subsequently.
Trading recommendations:
Remain short, stop at $1,264.50, target is $1,190.00.
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Technical analysis of GBP/JPY for April 21, 2016
https://forex-images.instaforex.com/.../GBPJPYM30.png
GBP/JPY is expected to trade with a bullish bias. The pair stays above its support at 123.35 and is consolidating around its 50-period moving average. Meanwhile, the relative strength index stays above 50. Further upside is therefore expected with the next horizontal resistance and overlap set at 158.50 at first. A break above this level would call for further advance toward 159.00 in extension.
Trading Recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 158.50 and the second one, at 159.00. In the alternative scenario, short positions are recommended with the first target at 155.60 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 154.75. The pivot point is at 156.20.
Resistance levels: 158.50, 159, 160.15
Support levels: 155.60, 154.75, 154.05
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Elliott wave analysis of EUR/JPY for April 22 - 2016
https://forex-images.instaforex.com/...9c0dec0f3a.png
Wave summary:
The red wave ii correction turned out to be an expanded flat correction, which tells us to expect an extended rally in red wave iii. This means a rally to at least 127.77 and possibly much higher as red wave iii gathers momentum. In the short term, we should see support at 123.77 protect the downside for a break above resistance at 124.96 confirming the rally higher to 127.77 and above.
Trading recommendation:
We missed the entry at 123.25, but did instead buy at 124.40 and will place stop at 123.30. If you are not long in EUR yet, then buy upon a break above 124.96 and use the same stop at 123.30 expecting to move it higher shortly.
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Technical analysis of GBP/JPY for April 25, 2016
https://forex-images.instaforex.com/..._GBPJPYM30.png
GBP/JPY is expected to trade with a bullish bias above 159.45. The pair remains bullish above its nearest support at 159.45. The sequence of higher highs and lows remains intact, which should confirm a positive outlook. In addition, the rising 50-period moving average still acts as support. Hence, as long as 159.45 is not broken, an advance to 161.95 and 162.55 is likely.
Trading Recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 161.95 and the second one, at 162.55. In the alternative scenario, short positions are recommended with the first target at 158.30 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 157.05. The pivot point is at 159.45.
Resistance levels: 161.95, 162.55, 163.35
Support levels: 158.30, 157.05, 156.10
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Daily analysis of USDX for April 28, 2016
https://forex-images.instaforex.com/...428/USDXH1.png
On the H1 chart, there was a lot of volatility in the USDX during yesterday's session, as the Index tried to break above the resistance zone of 94.70, but that was unsuccessful. Currently, a bottom can be found at the 94.26 level, where the buyers are trying to deal with the bears, as the Index is trading below the 200 SMA. The MACD indicator is turning into neutral territory, so the USDX may keep trading sideways in coming hours.
H1 chart's resistance levels: 94.50 / 94.70
'H1 chart's support levels: 94.26 / 94.02
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 94.50, take profit is at 94.70, and stop loss is at 94.30.
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Technical analysis of EUR/USD for April 29, 2016
https://forex-images.instaforex.com/...9/1_EURUSD.jpg
When the European market opens, some economic news will be released such as the Unemployment Rate, Italian Prelim CPI m/m, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Italian Monthly Unemployment Rate, Spanish Flash GDP q/q, French Prelim CPI m/m, French Consumer Spending m/m, German Retail Sales m/m, and French Prelim GDP q/q. The US will release economic data too such as the Treasury Currency Report, Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Personal Income m/m, Personal Spending m/m, Employment Cost Index q/q, and Core PCE Price Index m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1412.
Strong Resistance: 1.1405.
Original Resistance: 1.1394.
Inner Sell Area: 1.1383.
Target Inner Area: 1.1356.
Inner Buy Area: 1.1329.
Original Support: 1.1318.
Strong Support: 1.1307.
Breakout SELL Level: 1.1300.
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Technical analysis of USD/JPY for May 02, 2016
https://forex-images.instaforex.com/...2/2_USDJPY.jpg
In Asia, Japan will release the Final Manufacturing PMI and the US will release some economic data such as the Loan Officer Survey, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, and Final Manufacturing PMI. So there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance. 3: 106.87.
Resistance. 2: 106.66.
Resistance. 1: 106.45.
Support. 1: 106.20.
Support. 2: 105.99.
Support. 3: 105.78.
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Technical analysis of EUR/JPY for May 03, 2016
https://forex-images.instaforex.com/...py03052016.jpg
Technical outlook and chart setups:
The EUR/JPY pair rallied through 122.90 levels yesterday before pulling back lower. As it was discussed yesterday, the pair should extend its retracement towards 123.30 levels at least. Please note that the pair could have also formed a double bottom at 121.50 levels, but that would be confirmed on a break above 126.40 levels. In either case, a rally should be unfolding through fibonacci 0.382 or 0.618 resistance levels as depicted on the chart here. It is hence recommended to remain long for now, with risk at 121.00 levels. Immediate support is seen at 121.50 levels, while resistance is at 123.30 levels respectively.
Trading recommendations:
Remain long for now, stop at 121.40, targets are 123.30 and 124.50.
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Technical analysis of GBP/JPY for May 05, 2016
https://forex-images.instaforex.com/.../GBPJPYM30.png
GBP/JPY is expected to trade in a lower range. The pair remains weak and is likely to challenge its nearest support at 154.40 in sight. The risk of a slide below this threshold remains high, as the falling 50-period moving average maintains strong selling pressure and should push the prices lower. In this case, as long as 156 is not surpassed, a decline to 154.40 and 153.15 is likely in extension.
Trading Recommendations:
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 154.40. A break of this target will move the pair further downwards to 153.15. The pivot point stands at 156.00. In case the price moves in the opposite direction and bounces back from the support level, it will move 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 156.70 and the second target at 157.50.
Resistance levels: 156.70, 157.50, 158.40
Support levels: 154.40, 153.15, 152.20
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Technical analysis of GBP/CHF for May 10, 2016
https://forex-images.instaforex.com/...hf10052016.jpg
Technical outlook and chart setups:
The GBP/CHF pair is seen to be stalling at 1.4000 levels at this moment. As depicted in the wave structure on the daily chart here, please note that the pair had reversed lower from fibonacci 0.382 resistance at 1.4200/10 levels earlier. Hence it is quite possible that the pair could continue drifting lower from current levels or from 1.4100 levels going forward. It is hence recommended to initiate short positions now, with risk at 1.4250 levels. Immediate resistance is seen at 1.4210/20 levels, while support is seen at 1.3800 levels (intermediary). Bears could possibly gain control if prices remain below 1.4200/20 levels from here on.
Trading recommendations:
Remain short now, stop at 1.4250/60, a target is open.
More analysis - at instaforex.com
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Technical analysis of USD/JPY for May 11, 2016
https://forex-images.instaforex.com/...1/2_USDJPY.jpg
In Asia, Japan will release the leading indicators. The US will release some economic data such as Federal Budget Balance, 10-y Bond Auction, and Crude Oil Inventories. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 109.52.
Resistance. 2: 109.30.
Resistance. 1: 109.09.
Support. 1: 108.82.
Support. 2: 108.61.
Support. 3: 108.40.
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Daily analysis of GBP/USD for May 12, 2016
https://forex-images.instaforex.com/...1/GBPUSDH1.png
GBP/USD continues trading slow in a sideways range, but still trapped below the 200 SMA and dominated by the bearish bias. If pair does another rebound at the current levels and spikes towards the resistance zone of 1.4549, it could break that level for further advance to the 1.4635 level. The 200 SMA remains flat and the MACD indicator is at the negative territory.
H1 chart's resistance levels: 1.4549 / 1.4635
H1 chart's support levels: 1.4430 / 1.4316
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4430, take profit is at 1.4316, and stop loss is at 1.4542.
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Daily analysis of USDX for May 13, 2016
https://forex-images.instaforex.com/...512/USDXH1.png
USDX is currently doing a rebound above the 200 SMA on the H1 chart, and we can see another rally toward the 94.35 level on a short-term basis. However, this bullish trend could get invalidated when the Index does a breakout of the May 11th lows, which should push the price lower below the 200 SMA. The MACD indicator is reaching overbought territory.
H1 chart's resistance levels: 94.35 / 94.61
H1 chart's support levels: 94.06 / 93.80
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 94.34, take profit is at 94.61, and stop loss is at 94.09.
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Technical analysis of Silver for May 15, 2016
https://forex-images.instaforex.com/...sd16052016.jpg
Technical outlook and chart setups:
Silver dropped lower to $16.80 levels on Friday before pulling back. The metal is trading higher at $17.30 levels at this moment, expected to face resistance at $17.50 levels. Please note that $17.50 is also the fibonacci 0.618 resistance of the drop between $18.00 and $16.60 levels respectively. The metal is expected to produce a meaningful correction towards $16.00 levels going forward, as depicted on the 4H chart view. It is hence recommended to sell on rallies, with stop at $18.50 levels for now. Immediate support is seen at $16.60/80 levels, while resistance is at $17.60 levels respectively.
Trading recommendations:
Look to sell rallies through $17.50/60 levels, stop above $18.00 levels, target is open.
More analysis - at instaforex.com
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Global macro overview for 17/05/2016
https://forex-images.instaforex.com/...sd16052016.jpg
Global macro overview for 17/05/2016:
The Reserve Bank of Australia's Monetary Policy Meeting Minutes have been released overnight. The RBA has expressed concerns in two main fields of the Australian economy: inflation and unemployment. According to the minutes from its May meeting, where the cash rate was cut to 1.75%, the RBA was worried about ongoing inflation trends as the recent reading was way below the RBA's projections. This means the Australian economy might be edging towards the deflationary territory as the data cannot be explained entirely by temporary factors. The second RBA concern is the slowing employment growth in the first quarter of 2016. The current unemployment rate is at the level of 5.7%, but the low wage growth is supporting the job insecurity as well. In conclusion, economists are now betting the RBA will continue to cut the cash rate after being surprised by the depth of the latest inflation reading. For example, the Commonwealth Bank is predicting two more cuts in 2016 taking the cash rate to 1.25%, with some other large institutions such as JP Morgan forecasting the cash rate at 1% or lower.
Let's now take a look at the AUD/USD technical picture on the daily timeframe. After the breakout below the brown trendline, the bears have managed to push the price below 50% Fibo and it looks like the next important technical support at the level of 0.7212 might be tested soon as well. Please note that the current technical resistance at the level of 0.7382 is the key level to the upside.
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Technical analysis of Silver for May 19, 2016
https://forex-images.instaforex.com/...sd19052016.jpg
Technical outlook and chart setups:
Silver dropped lower towards $16.70 levels yesterday before pulling back higher. The metal is seen to be trading at $16.81 levels at the moment, looking to rally further at least towards $17.60 levels before reversing lower. Please note that the probability still remains that the metal hits fresh highs at $18.40 levels, if prices stay above $16.60/70 levels. If not a new high, at least a countertrend rally is expected towards $17.60 levels going forward. It is hence recommended to remain cautiously bullish or remain flat for now looking to sell at higher levels. Immediate support is seen through $16.60 levels, while resistance is at $17.60 levels respectively.
Technical recommendations:
Remain flat for now or cautiously bullish with stop at $16.50 levels.
More analysis - at instaforex.com
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Elliott wave analysis of EUR/NZD for May 20 - 2016
https://forex-images.instaforex.com/...ea8abb9050.png
Wave summary:
EUR/NZD, as has been the case for EUR/JPY, failed to rally after the break above minor resistance at 1.6675. This has prolonged the corrective decline from 1.6931, but as long as important short-term support at 1.6479 is able to protect the downside, the upside will remain in focus.
To ease the current corrective downside pressure, a break above minor resistance at 1.6625 and, more importantly, a break above resistance at 1.6704 is needed. A break above the latter will call for a return to the 1.6931 high and higher to 1.7237 and above.
Trading recommendation:
Our stop at 1.6535 was hit for a small loss, but we will re-buy EUR upon a break above 1.6625 and place stop at 1.6475 expecting to be able to raise it soon.
More analysis - at instaforex.com
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Daily analysis of USDX for May 23, 2016
https://forex-images.instaforex.com/...522/USDXH1.png
The index still trades sideways to higher levels, consolidating gains above the support at 95.22, where we expect to see a rebound to test the next resistance placed around 95.68 area. A breakout above it will open doors to reach new highs, the first target lies at 96.14 level. MACD indicator, however, is entering into negative territory, so be cautious when adding more long orders at the current stage.
H1 chart's resistance levels: 95.68 / 96.14
H1 chart's support levels: 95.22 / 94.89
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 95.68, take profit is at 96.14, and stop loss is at 95.20.
More analysis - at instaforex.com
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Daily analysis of USDX for May 24, 2016
https://forex-images.instaforex.com/...523/USDXH1.png
USDX is trading below the resistance zone of 95.68, but the intraday structure remains sideways. However, an acceleration below the 95.22 level will open the doors for a decline toward the 94.89 level, where a rebound is expected, as the 200 SMA on H1 chart can act as a dynamic support. MACD indicator is supporting further weakness on an intraday basis.
H1 chart's resistance levels: 95.68 / 96.14
H1 chart's support levels: 95.22 / 94.89
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 95.68, take profit is at 96.14, and stop loss is at 95.20.
More analysis - at instaforex.com
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Technical analysis of USD/JPY for May 25, 2016
https://forex-images.instaforex.com/...5/2_USDJPY.jpg
In Asia, today Japan will not release any economic data. However, the US will release some economic data such as Crude Oil Inventories, Flash Services PMI, HPI m/m, and Goods Trade Balance. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 110.68.
Resistance. 2: 110.46.
Resistance. 1: 110.25.
Support. 1: 109.98.
Support. 2: 109.76.
Support. 3: 109.55.
More analysis - at instaforex.com