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Daily analysis of GBP/USD for May 26, 2016
https://forex-images.instaforex.com/...6/GBPUSDH1.png
GBP/USD had another rally day after it broke the highs from the May 19th session. Currently, we expect a breakout higher of the resistance zone of 1.4723 in order to reach the psychological zone around the 1.4800 level. However, a pullback can happen to correct the current bias, at least toward the 1.4662 level in the first degree.
H1 chart's resistance levels: 1.4723 / 1.4759
H1 chart's support levels: 1.4692 / 1.4662
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 1.4723, take profit is at 1.4759 and stop loss is at 1.4689.
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Daily analysis of GBP/USD for May 27, 2016
https://forex-images.instaforex.com/...3_GBPUSDH1.png
Pair had a corrective session and it's now looking to find support around the 1.4662 level. However, overall bullish bias remains untouched, as the Cable has been trading higher after it performed rebounds above the 200 SMA, which is our path of the current trend. A breakout above the 1.4723 level could push the GBP/USD towards the 1.4800 psychological zone.
H1 chart's resistance levels: 1.4692 / 1.4723
H1 chart's support levels: 1.4662 / 1.4604
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 1.4692, take profit is at 1.4723, and stop loss is at 1.4661.
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Daily analysis of USDX for May 30, 2016
https://forex-images.instaforex.com/...529/USDXH1.png
It can be seen on the H1 chart that the US dollar index is strongly trading into a bullish bias above the 200 SMA, and the resistance lies at 95.68. If USDX manages to break it, further advance toward the 96.03 level can be seen, which should also strengthen the bullish trend on a short-term basis at least.
H1 chart's resistance levels: 95.68 / 96.03
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 96.03, and stop loss is at 95.32.
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Elliott wave analysis of EUR/NZD for May 31 - 2016
https://forex-images.instaforex.com/...d2b1d7d497.png
Wave summary:
We continue to look for a rally above minor resistance at 1.6715 to accelerate prices higher towards resistance at 1.6931 and 1.7220 on the way higher to the long-term target at 1.8420. In the short term, support is seen at 1.6525 with important back-up support at 1.6424. We must admit that this currency pair is testing our patience in all ways, but then one of the important rules when engaging in trading is "patience".
Trading recommendation:
We are long in EUR from 1.6545 with stop placed at 1.6420. If you are not long in EUR yet, then buy near 1.6525 or upon a break above 1.6656 and use the same stop at 1.6420.
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Technical analysis of GBP/CHF for June 01, 2016
https://forex-images.instaforex.com/...hf01062016.jpg
Technical outlook and chart setups:
The GBP/CHF pair is seen to be trading at at 1.4390 levels at this moment after reversing sharply from 1.4600 levels yesterday. Please note that the rally that begun from 1.3400 levels looks to be complete at 1.4600 levels using the principle of equality. But according to the channeling technique, maybe another high can be seen around 1.4700 levels as depicted here. Also note that fibonacci 0.618 resistance is also seen there, and hence a bearish bounce remains a high probability. Hence it is recommended to take profit on short positions taken earlier and remain flat for now. Immediate resistance is seen at 1.4600 levels, while support is seen at 1.4300 levels respectively.
Trading recommendations:
Please take profits on short positions taken earlier. Remain flat for now. Good luck!
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Technical analysis of EUR/USD for June 03, 2016
https://forex-images.instaforex.com/...3/1_EURUSD.jpg
When the European market opens, some economic news will be released such as the Retail Sales m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI. The US will release economic data too such as the Factory Orders m/m, ISM Non-Manufacturing PMI, Final Services PMI, Trade Balance, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So amid the reports, EUR/USD will move with medium to high volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1204.
Strong Resistance: 1.1198.
Original Resistance: 1.1187.
Inner Sell Area: 1.1176.
Target Inner Area: 1.1150.
Inner Buy Area: 1.1124.
Original Support: 1.1113.
Strong Support: 1.1102.
Breakout SELL Level: 1.1096.
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Elliott wave analysis of EUR/NZD for June 6 - 2016
https://forex-images.instaforex.com/...51dd560bb9.png
Wave summary:
We continue to look for a corrective low for red wave ii. Our preferred count remains that an important low was seen at 1.6062 and a new larger impulsive rally is building. However, the rally of the 1.6062 waves has been overlapping, and the only impulsive wave that allows for overlapping waves is the leading diagonal. The decline in red wave ii from 1.6931 is also slow, and overlapping adds confidence in this being a corrective wave, so once the bottom is in place near 1.6200, a new impulsive rally is expected. To confirm this new impulsive rally, a break above minor resistance at 1.6510 is needed.
Trading recommendation:
We bought EUR at 1.6225 and will place our stop at 1.6100 for now.
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Technical analysis of USDX for June 7, 2016
The Dollar index is trading around the 50% Fibonacci retracement after its sharp decline from last week's disappointing NFP numbers. The short-term trend is bearish, however, a move lower could put the larger trend in danger.
https://forex-images.instaforex.com/...66f183981d.jpg
The trend is bearish as long as the price is below the Ichimoku cloud. The stochastic and RSI are diverging on the 4-hour chart so we could soon see a bounce in the Dollar index. The next important support is the 61.8% Fibonacci retracement. Short-term resistance is at 94.30.
https://forex-images.instaforex.com/...66f5b2311a.jpg
The weekly candle is testing the weekly tenkan-sen (red line indicator) and the lower Kumo (cloud) boundary support. A break above the kijun-sen (yellow line indicator) will open the way for a push higher towards 98 at least. A weekly close below and out of the Kumo will be a bearish sign.
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Elliott wave analysis of EUR/NZD for June 8 - 2016
https://forex-images.instaforex.com/...7b753ccc18.png
Wave summary:
We have seen the expected decline closer to the ideal downside target at 1.6169, from where a new impulsive rally is expected. In the short term, a break above minor resistance at 1.6351 and, more importantly, a break above resistance at 1.6470 will confirm that a low is in place for a rally higher to 1.6931 and 1.7220.
Trading recommendation:
We are long in EUR from 1.6225 and will move our stop higher to 1.6125. If you are not long in EUR yet, then buy near 1.6169 and use the same stop at 1.6125.
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EUR/AUD trading recommendations for 9th June 2016
https://forex-images.instaforex.com/...8c53e98869.png
EUR/AUD has formed a bullish divergence vs RSI since our analysis yesterday, and this gives us a good conviction of it making a strong bounce from here to the divergence potential of 1.5330, which is also a fibonacci retracement level.
Trading recommendation:
Entry now
Take profit at 1.5330 and 1.5300
Stop loss at 1.5175
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Daily analysis of USDX for June 13, 2016
Index is trying to extend the recovering rallies above the 200 SMA on the H1 chart, as we're seeing a price action that favors to erase losses held from June 3rd's decline. Next resistance can be found at the 94
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Technical analysis of NZD/USD for June 14, 2016
https://forex-images.instaforex.com/.../NZDUSDM30.png
NZD/USD is expected to trade in a lower range as the bias remains bullish. The pair failed to break above its horizontal resistance and overlap at 0.7080 after having tested it for at least two times yesterday. Meanwhile, a bearish cross has been identified between the 20-period and 50-period moving averages (a negative signal). Last but not least, the relative strength index is capped by a descending trend line. To conclude, a break below 0.6980 would trigger a new pullback towards 0.6940.
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 0.6980. A break of this target will move the pair further downwards to 0.6940. The pivot point stands at 0.7080. 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 0.7120 and the second one at 0.7150.
Resistance levels: 0.7120, 0.7150, 0.7185
Support levels: 0.6980, 0.6940, 0.69
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Daily analysis of GBP/USD for June 15, 2016
https://forex-images.instaforex.com/...4/GBPUSDH1.png
GBP/USD continues to show weakness in the short-term picture, as it has been doing declines toward the 1.4100 psychological level, where it found support. A breakout below that zone will expose the 1.4041 level, which should activate the "oversold" alert on the oscillators, such as the RSI and MACD, and eventually, the pair can rebound.
H1 chart's resistance levels: 1.4171 / 1.4247
H1 chart's support levels: 1.4100 / 1.4041
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 1.4100, take profit is at 1.4041 and stop loss is at 1.4160.
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Techncial analysis of EUR/JPY for June 16, 2016
https://forex-images.instaforex.com/...2465ae7775.jpg
General overview for 16/06/2016:
After another marginal lower low, the count has been changed and an alternative count has been added in order to incorporate the recent wave developments. The main count indicates a double zig-zag pattern in progress, the alternative count indicates a five-wave impulsive structure that is about to terminate. Currently, the market is trading at the level indicated in one of the earlier analyses last week, in particular I mean the weekly support zone between the levels of 117.20 - 118.50, so a possible reversal might happen any time now.
Support/Resistance:
117.20 - WS3
118.15 - WS2
118.49 - Intraday Resistance
119.23 - WS1
120.31 - Intraday Resistance
120.95 - Weekly Pivot
122.02 - WR1 123.74 - WR2
Trading recommendations:
All swing traders should get ready to close their long-term sell orders as the market is approaching a possible reversal zone. Day traders and swing traders might consider opening buy orders from the current levels with tight SL and TP open for now.
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Technical analysis of EUR/USD for June 17, 2016
https://forex-images.instaforex.com/...!!!_EURUSD.jpg
When the European market opens, some economic news will be released such as the Italian Trade Balance, ECOFIN Meetings, Current Account, and a speech by ECB President Draghi. The US will release economic data too such as Housing Starts and Building Permits. So amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1325.
Strong Resistance: 1.1319.
Original Resistance: 1.1308.
Inner Sell Area: 1.1297.
Target Inner Area: 1.1271.
Inner Buy Area: 1.1245.
Original Support: 1.1234.
Strong Support: 1.1223.
Breakout SELL Level: 1.1217.
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Daily analysis of USDX for June 20, 2016
https://forex-images.instaforex.com/...619/USDXH1.png
On the H1 chart, USDX pulled back from last week's highs, and now it's poised to test the support zone of the 94.07 level. However, the current outlook is telling us that a possible demand zone would remain active at this stage, and it can push the Index higher towards the 94.68 level, which is above the 200 SMA. The MACD indicator is in negative territory.
H1 chart's resistance levels: 94.30 / 94.68
H1 chart's support levels: 94.07 / 93.82
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 94.30, take profit is at 94.68, and stop loss is at 94.16.
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Technical analysis of USD/JPY for June 21, 2016
https://forex-images.instaforex.com/...1/2_USDJPY.jpg
In Asia, Japan will release the all Industries Activity index m/m and Monetary Policy Meeting Minutes. The US will not release any economic data but only Fed Chair Yellen Testifies. 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: 104.51.
Resistance. 2: 104.31.
Resistance. 1: 104.10.
Support. 1: 103.85.
Support. 2: 103.65.
Support. 3: 103.44.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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Elliott wave analysis of EUR/NZD for June 22 - 2016
https://forex-images.instaforex.com/...a2a87a2800.png
Wave summary:
We continue to look for a test of support at 1.5604 before a relief rally back to 1.5955 and maybe slightly higher, but from here the next decline towards 1.4702 will be expected, with the ideal target for wave C seen at 1.4471.
In the short term, a break below minor support at 1.5709 should trigger a decline to 1.5604.
Trading recommendation:
Stay short and move stop lower to 1.5960; upon a break below 1.5709 move the stop lower to 1.5815. Place take profit at 1.5625. Wait to sell EUR again near 1.5955.
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Technical analysis of EUR/USD for June 23, 2016
https://forex-images.instaforex.com/...!!!_EURUSD.jpg
When the European market opens, some economic news will be released such as the Belgian NBB Business Climate, Long Term Refinancing Option, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI. The US will release economic data too such as the Natural Gas Storage, CB Leading Index m/m, New Home Sales, Flash Manufacturing PMI, and Unemployment Claims. So amid the reports, EUR/USD will move with medium to high volatility during the Brexit Vote today.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1382.
Strong Resistance: 1.1375.
Original Resistance: 1.1364.
Inner Sell Area: 1.1353.
Target Inner Area: 1.1326.
Inner Buy Area: 1.1299.
Original Support: 1.1288.
Strong Support: 1.1277.
Breakout SELL Level: 1.1270.
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Technical analysis of EUR/USD for June 24, 2016
https://forex-images.instaforex.com/...!!!_EURUSD.jpg
When the European market opens, some economic news will be released such as Italian Retail Sales m/m and German Ifo Business Climate. The US will release economic data too such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Durable Goods Orders m/m, and Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move with medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1316.
Strong Resistance: 1.1295.
Original Resistance: 1.1262.
Inner Sell Area: 1.1229.
Target Inner Area: 1.1148.
Inner Buy Area: 1.1067.
Original Support: 1.1034.
Strong Support: 1.1001.
Breakout SELL Level: 1.0980.
Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
More analysis - at instaforex.com
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Daily analysis of USDX for June 27, 2016
https://forex-images.instaforex.com/...626/USDXH1.png
The H1 chart structure is showing a bullish pattern in formation above the support level of 95.20, after a reaction higher by the Brexit referendum's results. This put the Index into a very strong bullish scenario above the 200 SMA, and a possible breakout above the 95.89 level will open the doors to test the 96.60 level. The MACD indicator remains in negative territory, favoring a deeper correction towards the 94.71 level.
H1 chart's resistance levels: 95.89 / 96.60
H1 chart's support levels: 95.20 / 94.71
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 95.89, take profit is at 96.60, and stop loss is at 95.18.
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Elliott wave analysis of EUR/NZD for June 29 - 2016
https://forex-images.instaforex.com/...35ce04ae1f.png
Wave summary:
We continue to look for a little more correction closer to 1.5895 and maybe even closer to 1.6005 before the next impulsive decline takes over for a drop to 1.4490. Only a direct break below minor support at 1.5484 will indicate that the correction in wave 2 has completed prematurely and wave 3 lower is already unfolding.
Trading recommendation:
We have placed a sell order at 1.5890 with stop at 1.6035.
More analysis - at instaforex.com
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Daily analysis of GBP/USD for June 30, 2016
https://forex-images.instaforex.com/...9/GBPUSDH1.png
The Cable has been doing consolidation moves during the week, and now we can see a breakout above the 1.3380 level, which should expose the resistance zone of 1.3653, where a pullback can happen to resume the bearish bias. However, the pair aims to reach the 200 SMA on the H1 chart, because the price action is being favored to fill the bearish gap left at the start of the week.
H1 chart's resistance levels: 1.3653 / 1.3770
H1 chart's support levels: 1.3380 / 1.3148
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 1.3380, take profit is at 1.3148 and stop loss is at 1.3612.
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Technical analysis of USD/CHF for July 01, 2016
https://forex-images.instaforex.com/.../USDCHFM30.png
USD/CHF is expected to trade with a bearish bias as key resistance is at 0.9800. The pair failed to break above its horizontal resistance and overlap at 0.9800 after having tested it for at least two times yesterday. Meanwhile, both the 20-period and 50-period moving averages are heading downward. In addition, the relative strength index lacks upward momentum. In conclusion, as long as 0.9800 holds on the upside, the pair is likely to return to 0.9725, and then to 0.9690. Alternatively, only a break above 0.9800 would call for a new rise to 0.9840 and 0.9900 as targets.
Resistance levels: 0.9840, 0.9900, 0.9945
Support levels: 0.9725, 0.9725, 0.9660
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NZD/USD Trading Recommendations 4th July 2016
https://forex-images.instaforex.com/...9bceec5247.png
Trading recommendations :
Sell at 0.7140
Stop loss at 0.7210
Take profit at 0.7020
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Daily analysis of USDX for July 05, 2016
https://forex-images.instaforex.com/...704/USDXH1.png
Yesterday was the US Independence holiday, but USDX struggled to break above the resistance level of 95.89. Currently, the index is being supported by the 200 SMA on H1 chart, where a bullish momentum is expected to take place in coming hours. If it happens, we foresee a breakout above the 95.89 level. However, if bears regain control, the index could test the 95.20 level.
H1 chart's resistance levels: 95.89 / 96.60
H1 chart's support levels: 95.20 / 94.37
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 95.89, take profit is at 96.60, and stop loss is at 95.17.
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Technical analysis of NZD/USD for July 06, 2016
https://forex-images.instaforex.com/...6/NZDUSDH1.png
Overview:
The NZD/USD pair dropped sharply from the level of 0.7139 towards 0.7080. Now, the price is set at 0.7089. On the H1 chart, the resistance of NZD/USD pair is seen at the level of 0.7107 and 0.7037. It should be noted that volatility is very high for that the NZD/USD pair is still moving below the resistance level of 0.7107. Moreover, the price spot of 0.7107 remains a significant resistance zone. Therefore, there is a possibility that the NZD/USD pair will move downside and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 0.7107, sell below 0.7107 with the first target at 0.7075 in order to test yesterday's bottom. Besides, it should be noted that support 1 is seen at the level of 0.7075 which coincides with the daily pivot point. Additionally, if the NZD/USD pair is able to break out the bottom at 0.7075, the market will decline further to 0.7036 in order to test the weekly support 2. On the other hand, if a breakout happens at the resistance level of 0.7139, then this scenario may be invalidated.
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Technical analysis of Gold for July 7, 2016
https://forex-images.instaforex.com/...dfc673a773.jpg
Gold price is trading inside a bullish channel. Price reached a new higher high as we had expected but still it is below $1,400. Price reached the resistance area and we might see a pullback towards $1,260 today. A deeper pullback towards $1,250-45 is also possible but overall trend remains strongly bullish.
Blue lines - bullish channel
In the short term, price remains in a strong uptrend above clouds and tenkan- and kijun-sen indicators. Support is at $1,260 and next, at $1,250. Resistance is at $1,270. I continue to be bullish targeting $1,400.
https://forex-images.instaforex.com/...dfcba635af.jpg
On the weekly chart, price reached the upper boundary of the expanding triangle and got rejected. A lower weekly low will be a reversal signal for gold price that could bring it even back towards $1,200. So bulls need to be very cautious.
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Daily analysis of GBP/USD for July 08, 2016
The pair remains untouched in a bearish bias around the historical lows reached this week and now it's being supported by the 1.2858 level. A rebound above it can push the cable towards the psychological level of 1.3000. 200 SMA on H1 chart is still bearish and as long as the pair remains trading below that indicator, we could expect further declines.
https://forex-images.instaforex.com/...8_GBPUSDH1.png
H1 chart's resistance levels: 1.3000 / 1.3148
H1 chart's support levels: 1.2858 / 1.2750
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 1.3000, take profit is at 1.2858 and stop loss is at 1.3148.
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Daily analysis of GBP/USD for July 08, 2016
https://forex-images.instaforex.com/...py11072016.jpg
Technical outlook and chart setups:
The EURJPY pair is seen to be trading at 112.10/20 levels at this moment, looking to continue rallying from here on. A bigger picture has been depicted here on the weekly chart view, which indicates that the next big move should be on the north side. As seen here, the pair has already completed the 5-3 structure since July 2012. A 5-wave rally was completed from 94.00 through 149.00 levels, and then an A-B-C zigzag correction also looks to be complete at 109.52 levels. Furthermore, the pair is getting support around fibonacci 0.618 levels as depicted here. It is hence recommended to remain long now, with risk below 109.00 levels. Immediate support is seen at 109.50 levels, while resistance is seen at 115.00 levels respectively. Bulls are expected to remain in control till the prices stay above 109.50 levels going forward.
Trading recommendations:
Remain long now, stop below 109.00, target is open.
More analysis - at instaforex.com
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Gold Technical Analysis for July 12, 2016
https://forex-images.instaforex.com/...sd12072016.jpg
Technical outlook and chart setups:
Gold is trading lower for the day at $1,355.00 level at this moment, and should be looking to reverse lower from here or from $1,380.00/85.00 levels as depicted on the chart view. Please note that if the metal slips below $1,358.00 levels from here, it would be confirm that a meaningful top is in place at $1,375.00 levels. On the other hand, a rally from here should meet stiff resistance at $1,380.00/81.00 levels. It is hence recommended to remain short, with risk above $1,385.00 levels for now. Immediate resistance is seen at $1,380.00 levels, while support is at $1.350.00 levels respectively. In either case, please watch for a bearish reversal soon and expect bears to remain in control at least in the medium term.
Trading recommendations:
Remain short, stop above $1,385.00/86.00, target is open.
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Technical analysis of USD/CHF for July 13, 2016
https://forex-images.instaforex.com/.../USDCHFM30.png
USD/CHF is expected to post some further advance. The pair broke above its 20-period and 50-period moving averages and accelerated on the upside. Meanwhile, the 20-period moving average crossed above the 50-period one and is playing a support role. Besides, the relative strength index stands above its neutrality area at 50 and lacks downward momentum. In conclusion, as long as 0.9820 is not broken, further upside is expected with the next horizontal resistance and overlap set at 0.9910 and 0.9950 in extension.
Resistance levels: 0.9910, 0.9950, 0.9990
Support levels: 0.9765, 0.9735, 0.9710
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USD/JPY Trading Recommendations for 14th July 2016
https://forex-images.instaforex.com/...7064a9a776.png
We see new developments in our USD/JPY trade with the price reaching a good buying level which corresponds to our MACD ascending support level, with the price right on the support. This presents us a good signal to go bullish from here for a push up to 106.50, which is a fractal resistance level.
Trading recommendations:
Buy now and above 103.52
Take profit at 106.50
Stop loss at 101.90
More analysis - at instaforex.com
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Technical analysis of GBP/JPY for July 15, 2016
https://forex-images.instaforex.com/.../GBPJPYM30.png
GBP/JPY is expected to extend its upside movement. The pair broke above its 20-period and 50-period moving averages and accelerated on the upside. The upward momentum is further reinforced by the rising 50-period moving average, which acts as support and maintains the upside bias. Besides, the relative strength index is bullish above its neutrality area at 50 and calls for further advance. In conclusion, as long as 139.50 serves as support, further upside is expected with the next horizontal resistance and overlap set at 144 and even 145.90 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 144.00 and the second one, at 145.90. In the alternative scenario, short positions are recommended with the first target at 137.80 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 136.40. The pivot point is at 139.50.
Resistance levels: 144.00, 145.90, 146.80
Support levels: 137.80, 136.40, 135.65
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Technical analysis of USD/CAD for July 18, 2016
https://forex-images.instaforex.com/...c71f284b26.jpg
General overview for 18/07/2016:
The wave progression is evolving towards a more complex and time-consuming pattern that looks choppy, full of whipsaws and false breakouts. It is still quite unclear whether the current downside wave pattern has been completed or not as none of the key levels has been clearly violated. To continue to the upside, the price would have to break out above the golden trend line and weekly pivot around the level of 1.2972. On the other hand, any violation of the intraday support at the level of 1.2860 will result in an immediate test of the next support at the level of 1.2829.
Support/Resistance:
1.2087 - WS1
1.2860 - Intraday Support
1.2972 - Weekly Pivot
1.2987 - Intraday Resistance
1.3085 - WR1
1.3138 - Local High
Trading recommendations:
Due to the unclear outlook, investors should refrain from trading and wait for a better trading setup to occur shortly.
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Daily analysis of GBP/USD for July 19, 2016
https://forex-images.instaforex.com/...718/USDXH1.png
On the H1 chart, USDX is trying to do a breakout above the resistance zone of 96.60, in a move that should open the doors to reach the critical level around the 97.74 area. However, the Index is still trapped in a sideways range, and it should not be a surprise to see a pullback towards the 95.89 level in coming days. The MACD indicator is favouring a possible near-term bearish scenario.
H1 chart's resistance levels: 96.60 / 97.74
H1 chart's support levels: 95.89 / 95.20
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 96.60, take profit is at 97.74 and stop loss is at 95.47.
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Technical analysis of EUR/USD for July 20, 2016
https://forex-images.instaforex.com/...!!!_EURUSD.jpg
When the European market opens, some economic news will be released such as Consumer Confidence, Current Account, and German PPI m/m. The US will release economic data too such as Crude Oil Inventories. So amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1064.
Strong Resistance: 1.1058.
Original Resistance: 1.1047.
Inner Sell Area: 1.1036.
Target Inner Area: 1.1010.
Inner Buy Area: 1.0984.
Original Support: 1.0973.
Strong Support: 1.0962.
Breakout SELL Level: 1.0956.
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Technical analysis of USD/CAD for July 21, 2016
General overview for 21/07/2016:
The price has made another marginal high at the level of 1.3095, but it looks like the corrective pattern on wave (b) is completed. Currently, the market should start to develop another wave to the downside, and any violation of the level of 1.3011 will be the first clue that the wave (c) is in progress. The growing bearish divergence between the price and momentum oscillator is supporting the view.
Support/Resistance:
1.2087 - WS1
1.2972 - Weekly Pivot
1.3011 - Intraday Support
1.3035 - 61% Fibo
1.3095 - Intraday Resistance
1.3085 - WR1
1.3138 - Local High
Trading recommendations:
Day traders should consider opening sell orders from the level of 1.3035 with tight SL and TP open for now. The reason for the trade is wave (c) to the downside anticipation.
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Techncial analysis of USD/CAD for July 22, 2016
https://forex-images.instaforex.com/...1b1e23031a.jpg
General overview for 22/07/2016:
The wave (b) has evolved into a triple-three pattern, a more complex and time-consuming corrective cycle. Currently, the market should start to develop another wave to the downside, and any violation of the level of 1.3011 will be the first clue that the wave (c) is in progress. The growing bearish divergence between the price and momentum oscillator is supporting the view.
Support/Resistance: 1.2087 -
WS1 1.2972 - Weekly Pivot
1.3011 - Intraday Support
1.3035 - 61% Fibo
1.3085 - WR1
1.3112 - Intraday Resistance
1.3138 - Local High
Trading recommendations:
Day traders should consider opening sell orders from the level of 1.3013 with tight SL and TP open for now. The reason for the trade is wave (c) to the downside anticipation.
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Technical analysis of USD/JPY for July 25, 2016
https://forex-images.instaforex.com/...!!__USDJPY.jpg
In Asia, Japan will release the Trade Balance, but the US will not release any economic data today. So there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance. 3: 107.14.
Resistance. 2: 106.93.
Resistance. 1: 106.72.
Support. 1: 106.46
Support. 2: 106.25.
Support. 3: 106.04.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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