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Elliott wave analysis of EUR/NZD for December 9, 2013
http://forex-images.instaforex.com/u...09/EUR-NZD.png
Today's Support and Resistance levels:
R3: 1.6688
R2: 1.6601
R1: 1.6556
Current Spot: 1.6521
S1: 1.6470
S2: 1.6454
S3: 1.6443
Technical summary:
We did not expect an expanding flat correction to develop, but as long as important support at 1.6443 stays untouched, we will be looking for a break above 1.6556 and more importantly a break above 1.6750 confirming a new powerful rally higher. However, a break below 1.6443 will be a game changer and call for a new decline towards 1.5900 and likely even below. In the short term we would like to see support in the 1.6500-1.6510 zone protecting the downside for a rally above 1.6556 indicating that we have seen the expanding flat correction end at 1.6470.
Trading recommendation:
To our suprise, our stop at 1.6520 was hit, but we will re-buy EUR here at 1.6521 with a stop + reverse at 1.6440.
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Elliott wave analysis of EUR/NZD for December 10, 2013
http://forex-images.instaforex.com/u...10/EUR-NZD.png
Today's Support and Resistance levels:
R3: 1.6750
R2: 1.6688
R1: 1.6615
Current Spot: 1.6586
S1: 1.6550
S2: 1.6508
S2: 1.6470
Technical summary:
We have seen the expected rally above minor resistance at 1.6556 indicating that green wave ii ended at 1.6470 and that green wave iii is developing. In the short term we would like to see support at 1.6550 protecting the downside for a break above 1.6615 and more importantly a break above 1.6750, which will confirm that green wave iii is indeed developing for a rally towards at least 1.7239 and likely even higher. Only a break below 1.6470 will be of concern and could add considerable downside pressure.
Trading recommendation:
Stay long from 1.6520 with a stop at 1.6465. If you are not long in EUR yet, then buy after a break above 1.6615 with the same stop at 1.6465.
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Gold: bulls prevail
After a good rally, gold halted near the resistance zone. Yesterday, the market was prevailed by bulls. We penned a positive divergence in charts, hence it came true. Thanks to all the bull bidders and to the indicators. For today's trading session gold levels are following:
NEAR TERM - 1 278 strong resistance.
INTRA VIEW - Above 1,268 only upward moves.
Resistance 1,268, 1,278, 1,290, 1,295.
Support 1,255, 1,247, 1,240, 1,237.
A close above 1,295 brings more bullish sentiment. In case of a close below 1,237, bears take control. Important levels are 1,215, 1,210, CMP 1,257.
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Gold short betting was increased
http://forex-images.instaforex.com/u.../GOLDDaily.png
Short betting was increased in yellow metal couple of times and longs slipped. Gold lost almost 25% year to date from its 2011 peaks. Speculations increases as the Fed date comes closer. Expectations of Fed tampering of its purchasing program makes gold move southward.
Dip buying and the weakness in USD makes gold fly higher. Gold holdings with SPDR ETF were unchanged at 835.705 tonnes.
In the tech view gold is holding its June lows around 1,180. That day gold opened at 1,200 and managed to close at higher levels, but it hit a low at 1,180. For the last few days, gold managed to hold 1,210 levels and moved towards resistance levels. We can see 1,200 levels as a floor price.
Resistance: 1,268, 1,278.
Support: 1,247, 1,240, 1,233.
Close above 1,278, then the bulls dominate in the short term, until gold trades in tight zones. Cmp 1,254.
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USD/JPY intraday technical levels for December 16, 2013
http://forex-images.instaforex.com/u...UJ16122013.jpg
During the FOMC meeting, the market participants will be cautious about opening positions, this issue will make the market move in a ranging situation before the FOMC meeting; Japan today will release some data like Tankan Manufacturing Index, Tankan Non-Manufacturing Index; and the US will only release some news such as US-Flash Manufacturing PMI, US-TIC Long-Term Purchases, US-Industrial Production m/m, so today the USD/JPY will move with low to medium volatility.
TODAY's TECHNICAL LEVELS:
Resistance. 3 : 103.48.
Resistance. 2 : 103.28.
Resistance. 1 : 103.08.
Support. 1 : 102.83.
Support. 2 : 102.63.
Support. 3 : 102.42.
DESCRIPTION:
Please, pay attention to the levels of support 3 (102.42) and resistance 3 (103.48). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
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Exxon yearly breakout channel
http://forex-images.instaforex.com/u...7/xomdaily.png
Exxon Mobil shows a good rally from the October low at 84.84. It has moved all the way to 98.8. Indicators are overbought slightly. It has broken up yearly trendline. I could expect Exxon to move much more higher to levels around 103. Monthly charts are showing bigger targets. Before an upward movement, it should make some correction and consolidation to move higher.
Support 96.6 94.5 94.2
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AUD/USD analysis for December 18, 2013
AUD/USD Elliott Wave
For the last few days, the AUD/USD pair has been trading downwards, impulsive wave 5 (coloured blue) of the bigger wave 1 (coloured green) has been developing. Yesterday, during the Asian and European session we could observe descending 0.8957 towards the 0.8881 level and we can consider this as the end of the 1 wave (coloured green). Therefore, during the New York session, this commodity pair did not manage to hold this level and the price has retraced back to 0.8927 level. At the moment, the USD/CAD pair is trading around 0.8927 level and we are expecting to see more upward movements in the next few days. In accordance with our wave rules and taking into account that wave 2 should retrace 50% of wave 1 we can define the potential targets with measuring wave 1 with take profit at 0.9316 (50% of wave 1). To reduce the risk, we can use invalidation point at 0.8880 level as stop loss.
Support and resistance
(S3) 0.8792 (S2) 0.8837 (S1) 0.8868 (PP) 0.8913 (R1) 0.8944 (R2) 0.8989 (R3) 0.9020
Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the upwards movements. That is why long position at level 0.8950 with stop loss at 0.8880 and take profit at 0.9316 are recommended.
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USD/CAD analysis for December 19, 2013
USD/CAD Elliott Wave
For the last few days the USD/CAD pair has been trading upwards, impulsive wave .iii (coloured black) of the bigger wave iii (coloured blue) has been developing. Yesterday, during the Asian and European session we could observe strong ascending movement from 1.0600 towards 1.0669 level. Therefore, during the New York session this commodity pair has continued trading in a bullish mood and the price reached a new sessions high at 1.0718 level. At the moment the USD/CAD pair is trading around 1.0722 level and we are expecting to see more upwards movements in the final (5) wave.In accordance with our wave rules and taking into account that wave 5 should retrace 61.8% of wave 4 we can define the potential targets with measuring wave 3 with take profit at 1.0797 (61.8% of wave 4). To reduce the risk, we can use invalidation point at 1.0620 level as stop loss.
Support and Resistance
(S3) 1.0540 (S2) 1.0557 (S1) 1.0582 (PP) 1.0599 (R1) 1.0624 (R2) 1.0641 (R3) 1.0666
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movements. That is why long positions at 1.0700 with stop loss at 1.0600 and take profit at 1.0797 are recommended.
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Intraday technical levels for USD/JPY for December 20, 2013
Today Japan will release some data like Monetary Policy Statement; BOJ Press Conference. The US will release the US-Final GDP q/q; and Fed Chairman Nomination Vote. So there is a probability that USD/JPY will move with low to moderately volatility during this day.
TODAY's TECHNICAL LEVELS:
Resistance. 3 : 104.85.
Resistance. 2 : 104.65.
Resistance. 1 : 104.44.
Support. 1 : 104.18.
Support. 2 : 103.98.
Support. 3 : 103.77.
DESCRIPTION:
Please, pay attention to the levels of support 3 (103.77) and resistance 3 (104.85). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
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GBPCHF turns from resistance between 1.47-1.4750. Hold short positions
Technical outlook and chart setups:
As expected, the currency pair has reversed from the resistance zone of 1.4700/50, producing an engulfing bearish candle. Short positions might have triggered and it is recommended to hold the same and also add on intraday rallies from here on. Risk remains at 1.4900. Resistance is at 1.4900; while support is at 1.4350, followed by 1.4200 and 1.4000 respectively. The entire structure might be unfolding as a head and shoulder reversal; where the current engulfing bearish is probable right shoulder. Extensions are pointing towards 1.4150 and 1.4000 levels respectively. Prices should remain below 1.4900 levels from here on.
Trading recommendations:
Remain short, set stop at 1.4910, target is open.
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Technical analysis of GBP/USD for December 26, 2013
Overview:
The GBP/USD pair was not stable and the trend was not also so clear (it was tight sideways range); moreover, according to the previous events, the price has still been trapped between the level of 1.6450 and 1.6220, so be careful in this area. Therefore, it should wait for a period of tight sideways range market before breakouts. Then, it will probably that the market is going to start showing the signs of bullish market from the support at the level 1.6220. In other words, it will be a good sign to buy above 1.6220 with the first target of 1.6350 and it will climb towards 1.6450. However, If the pair does not break 1.6473, the market will indicate a bearish opportunity below the resistance that will be set at the level 1.6473. The level will be strong resistance. And probably the market will call for downtrend from the level of 1.7473 in order to continue bearish towards 1.6346 (the weekly pivot point).
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Crude near resistance mark at $100.
http://forex-images.instaforex.com/u...27/cldaily.png
Crude is holding above the 21EMA level facing stiff resistance at the level of $100. Intraday downside support is at $99 mark. Last week, I gave a buy call for $103 target, now I am extending the targets. Trades above the level $100 mark, it could fly towards $102, $104 levels.
Recommendation- Buy on dips with sl at $96 for targets at $104.
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Dow near crucial level 2
Dow reaches its upper trend line at the level 16700. Last couple of times we mentioned that the level near 16700 is the very crucial level for Dow. Yesterday Dow hits intra high at the level of 16562 and closed at 16444 indicating triple digit loss. In the daily charts, oscillators shows negative divergence. The new year started in a negative notes for equities. Its first negative start after the year of 2008.
Support - 16,170 16,058 15,900
Resistance - 16,700
Close above 16,700, Dow will enter a new trend.
Recommendation - sell with sl 16700
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Gold near major resistance
http://forex-images.instaforex.com/u.../GOLDDaily.png
Gold continues its upper move after hitting the upper high at $1,182. It holds the June's low and close above the uneconomical level $1,200, which is a bull factor. In the weekly and daily charts, oscillators indicate positive divergence, hourly chart gives an overbought sign. We are still on the bearish note for the level of $1,170 and even lower.
In the hourly chart, oscillators show an overbought sign and hold above the 21 EMA at $1,232. As per daily charts, some more up move steam left before big leg down.
Resistance $1,245 $1,252 $1,268
Support $1,232 $1,220
Price closes above $1,269 on a daily basis can make further bullishness. We recommend sell on rallies until prices meet at the level of $1,100.
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Gold near major resistance
http://forex-images.instaforex.com/u.../GOLDDaily.png
Gold continues its upper move after hitting the upper high at $1,182. It holds the June's low and close above the uneconomical level $1,200, which is a bull factor. In the weekly and daily charts, oscillators indicate positive divergence, hourly chart gives an overbought sign. We are still on the bearish note for the level of $1,170 and even lower.
In the hourly chart, oscillators show an overbought sign and hold above the 21 EMA at $1,232. As per daily charts, some more up move steam left before big leg down.
Resistance $1,245 $1,252 $1,268
Support $1,232 $1,220
Price closes above $1,269 on a daily basis can make further bullishness. We recommend sell on rallies until prices meet at the level of $1,100.
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Euro Little Changed Following German Retail Sales
https://forex-images.instaforex.com/...iew/euro/1.jpg
After the release of German retail sales for November at 2:00 am ET Tuesday, the euro changed little against other major currencies.
The euro was trading at 1.3620 against the greenback, 142.22 against the yen, 0.8305 against the pound and 1.2342 against the franc around 2:03 am ET.
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Technical analysis of EUR/USD for January 8, 2014
http://forex-images.instaforex.com/u...7_eurusdh1.png
Overview:
The EUR/USD pair has been trading in a tight sideway range since January 6, 2013 and the price has also set below the weekly resistance 1 at the level of 1.3743, moreover the price has already formed double bottom at the 1.3571 level. Accordingly, the market will move between 61.8% of Fibonacci retracement levels (1.3743) and 00% of Fibonacci retracement at the price of 1.3571. In particular, it should noted that at the level of 1.3543 which represents the support, we can expect explosive breakout and it is likely that the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above double bottom at the level of 1.3543 with a first target at 1.3663 in order to test the weekly pivot point and it will climb towards 1.3728. However, if the the price of the EUR/USD pair breaks 1.3543 and closes below it, the market will indicate a bearish opportunity below 1.3543 then the best location to set stop loss should be at the 1.3545 price.
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Technical analysis Of GBP/CHF for January 09, 2014
http://forex-images.instaforex.com/u...hf09012014.jpg
Technical outlook and chart setups:
1. The currency pair has stopped us out at 1.4950 in the past session. As seen in the weekly chart here, a former resistance at 1.5000 has also been broken. It is recommended to remain flat for now. The 1.5150 level is into focus now.
2. The next resistance is at the 1.5150 level, while support is just below 1.4900, followed by 1.4800 and lower.
3. The structure reveals that GBP/CHF is on its way towards at least 1.5150 for now. A bearish reaction there could possibly reverse the trend. Trading recommendations:
Flat for now.
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Daily analysis of USD/CHF for January 10, 2014
http://forex-images.instaforex.com/u...9/usdchfh4.png
Overview:
According to the previous events, the price of the USD/CHF pair has still been movin between the levels of 0.9115 and 0.9003. In the same away, the range of the pair was around 60 pips today. Volatility was only 54,56; therefore, the market indicates lower volatility, so we expect medium volatility on January 10, 2013, because, as it is known, the market is low volatile if the last day had not huge volatility. Additionally, the level of 0.9115 has set below 78.6% of Fibonacci retracement levels and it has formed a strong resistance for that the key level of 0.9115 is represented for downtrend to confirm the bearish market. Equally important, the market was so stable and the trend was also too clear (downward). In consequence, sell deals are recommended below the 0.9115 level with targets at 0.9065 in order to test the minor support, and it will resume towards 0.9010 to attempt testing the support of the week at the 0.9003 level.
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Weekly technical levels for GBP/USD for January 13-17, 2014
http://forex-images.instaforex.com/u...2/gbpusdh1.png
Overview:
As it is known, historic rates should be used to determine future prices. According to the previous events of the last week, the GBP/USD pair has still been moving between 1.6405 and 1.6550 for five days. It should be also noticed that the price has closed at the level of 1.6482. Expect a move to resistance 1 or back towards the weekly pivot point. Therefore, buy in the short period at the 1.6464 level with the first target of 1.6516 in order to test the last double top; futhermore, it might resume towards 1.6550. Nevertheless, it must beware because sometimes the market seems that it doesn't follow our forecast. So for getting out spank from the market before losing your profit, it will be very meaningful to set stop loss below the weekly support at 1.6360.
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Technical analysis of Gold for January 14, 2014.
http://forex-images.instaforex.com/u...sd14012014.jpg
Technical outlook and chart setups:
1. Gold rallied through the $1,255.00 levels yesterday and a push today could see $1,267.00/70.00 before pullback. It is recommended to remain flat for now and look to enter on a dip.
2. Immediate resistance is at $1,267.00, while supports are spread through $1,220.00, followed by $1,210.00 (the fibonacci 0.618 support), $1,182.00 and lower.
3. The structure reveals that the rally from $1,182.00 has unfolded in 5 waves (a push towards $1,267.00/70.00 is still possible) till now. A 3 wave correction can be expected now towards $1,210.00-$1,206.00 levels before rally continues.
Trading recommendations:
Remain flat for now. Look to buy lower on dips.
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Technical analysis of GBP/USD for January 15, 2014
http://forex-images.instaforex.com/u...2_gbpusdh1.png
Overview:
The GBP/USD pair will probably be trapped between 1.6373 and 1.6516 consequently; it is of the wisdom to be careful at this range area of 143 pips. In particular, it will be too meaningful to wait for a period of tight sideway range market before investing. Equally important, the level of 1.6373 formed a strong support, as well as this price is very conformity with 23.6% of the Fibonacci retracement levels. Thereupon, it is likely that the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above the 0.6373 level with the first target of 1.6445 in order to retest the weekly pivot point and it will climb towards the price of 1.6516 for forming double top. Additionally, it should also be noted that the weekly resistance 1 for January 15-17, 2013 is set at 1.6553. However, If the the pair does not break this resistance, the market will indicate a bearish opportunity below 1.5660, then the level will act really as strong resistance, for that it will a good sign to sell below 1.6553 with the first target of 1.5503 and it will call for downtrend in order to continue bearish towards 1.6466 tomorrow.
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Technical analysis of USD/CHF for January 16, 2014
http://forex-images.instaforex.com/u...0_usdchfh1.png
Overview:
The USD/CHF pair has not shown signs of a break of the highest level of 0.9126, but it has opened today above the weekly support at the level of 0.9050; therefore, it will be a good sign to buy above the level of 0.9050 with the first target of 0.9115 and resume to 0.9145 in order to form a new double top on January 16, 2013. However, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9050, then the market will lead to further decline to 0.9004 (00% Fibonacci retracement levels) for testing the double bottom of the last week, as well as it will be able to indicate the correction movement at this level. Meanwhile, in the H1 chart represents a strong support at the first weekly support at 0.8977, besides the channel emerging of RSI has still positive in the daily frame, for that the RSI calls for a new upleg at this level. Moreover it should be noted a point of view that the MA(100) would be more of a confirmation for uptrend but in a short term period.
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Technical analysis of GBP/USD for January 17, 2014
http://forex-images.instaforex.com/u...9_gbpusdh1.png
Overview: T
he resistance of the GBP/USD pair had been already set at the level of 1.6445 (the weekly pivot point on January 17, 2013) and a minor resistance has set at the 1.6373 level. Therefore, according to the previous events, the price has still been moving between 0.6370 and 0.6285, then it should be noted that the range today will be around 110 pips. Consequently, the trend in the 1H time frame will be calling for a bearish market at the level of 1.6400. Hence, below 1.6400 look for further downside move with targets at 1.6330, if it will be able to break the minor support for today at 1.6333, so the price will continue towards 1.6265 today in order to test the weekly support. Notwithstanding, it should be always beware to set a stop loss, thus the best location to set the stop loss in this case should be above the weekly pivot point.
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Technical analysis of GBP/CHF for January 20, 2014
http://forex-images.instaforex.com/u...hf20012014.jpg
Technical outlook and chart setups:
1. The currency pair is just shy of 1.5020 as seen here. Also please note that the back side of the trend line is being tested as well. It is recommended to hold short positions for now with risk at 1.5020.
2. Resistance is fixed at the 1.5020 level, while support is spread through 1.4720/30 (intermediary), followed by 1.4550, and 1.4350 respectively.
3. The structure reveals that prices are probing resistance before finally giving into bearish swing. If not lower, prices are expected to reach at least 1.4800/20. A break of this level would prove further bearish and extend towards 1.4550.
Trading recommendations:
Hold short positions and add further, stop is at 1.5030, target is open.
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Technical analysis of EUR/USD for 22.01
http://forex-images.instaforex.com/u...URUSDDaily.png
The German economy grew 0.4% in the previous year and is expected to show better performance in the current year of 2014. The euro zone is showing a good signof recovery led by increase domestic demand. Strong domestic demand plays avital role in the German recovery. In the year of 2013, GDP stretched by just 0.4%compared to 2012, the worst performancesince 2009 - the lowest level for four years. In 2014, GDPis forecasted to grow by 1.2-2.0%. We can see investments by German companies going higher, which is a good sign.
In the currency front, EUR/USD is trading at the level of 1.3558.After making a new high in 2013 at the level of 1.3893 the pair went through correction. In the daily charts oscillators sign over sold indications, which lead to a pull back. But overall trend is down. The pair breaks the trend line and close below the trend line, the first sign of bearishness, prices trading below 21DEMA which adds more bearish views. Final confirmation of bearishness comes if prices close below 1.35, until pull back to resistance zones is possible.
Support- 1.3550 1.35
Resistance- 1.3620 1.365
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Technical analysis of GBP/USD for January 23, 2014
http://forex-images.instaforex.com/u...5_gbpusdh4.png
Overview:
This week, the GBP/USD pair has an upside movement from 1.6415 to 1.6517, and today the market has opened at the price of 1.6566. Furthermore, the uptrend represents the double bottom of the channel emerging at the level of 1.6415. It is equally important that the RSI has still been positive in the daily time frame, so it calls for a new upward movement. Therefore, the price movement will be trapped between 1.6615 and 1.6466 (Fibonacci retracement levels in H4 chart). Moreover, the pair has already formed major support at the level of 1.6503. For that it should be noted that the price was set above this level a long time ago, and the market will indicate a bullish opportunity at the level of 1.6500, with the first target at 1.6565, then if it breaks 1.655, there will be a breakout above this level with the second target at the 1.6611 price. However, the best location for placing a stop loss should be below 1.6412.
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Daily analysis of GBP/JPY for January 27, 2014
http://forex-images.instaforex.com/u...bpjpy_27-1.png
Overview
In the H4 chart, the pair reversed its downward move taking an upward move due to the strong Support level of 167.75. Today as shown in the H4 chart, the pair bounced from the Support area breaking the Resistance level of 168.50, and currently it is approaching the Resistance level of 169.50 trying to break it through to continue its bullish move which means more buy-signals keeping its movement inside the bullish channel. So we should wait till the price closes above the Resistance level of 169.50 before making the decision to have a bullish signals with the first target few pips below the next Resistance level of 170.00. But closing below the Resistance level of 168.50 cancels the bullish move scenario.
Resistance and Support levels:
R3 (170.75), R2(170.00), R1(169.50), S1 (168.50), S2 (167.75), S3(167.10).
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Technical analysis of the US dollar for January 28, 2014
http://forex-images.instaforex.com/u.../usdxdaily.png
In the US dollar front, it made a double high at the level of 80.56 and it is trading below 21DEMA that is the major bearish factor.Until it crosses it, we remain in bearish mode. After hitting a 2-months high of81.39, the dollar index sharply declined to 80.15 In the technical front, oscillators sign a bullish indications for limited downside with a higher lows pattern.If prices are above the level 80.56, next immediate resistance comes at thelevel of 80.70. Following its drop in theprevious week, the FOMC decision to further reduce its economic stimulus,accompanied with a stronger fourth-quarter GDP reading and other economic data,could set the US Dollar to start a fresh leg of up-move against other majorcurrencies.
Support: 80.15, 80.0, 79.70.
Resistance: 80.56, 80.69, 81.27.
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Technical analysis of NZD/USD for January 29, 2014
http://forex-images.instaforex.com/u...8/nzdusdh1.png
Overview:
The NZD/USD pair movement will be continued directly from the resistance at the level of 0.8390 in H1 chart (127.2% of Fibonacci retracement levels). therefore, the price of the NZD/USD pair is showing signs of weakness, following the break of the lowest level of 0.8350, hence it will be a good sign to sell below the level of 0.8350 in H1 chart (in the short term) with the first target of 0.8257 in order to test the pivot point and further to 0.8212 to form double bottom, then this price will act as a strong suport for that it is going to be a good place to take profit, it also should be noted that this level of taking profit will coincide with 00% of Fibonacci retracement levels. However, in case if a reversal takes place and the NZD/USD pair breaks through the minor resistance level of 0.8317, the market will lead to increase further to 0.8375 for indicating bullish market.
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Fundamental analysis of Crude for January 30, 2014
http://forex-images.instaforex.com/u...30/cldaily.png
The US Fed is expected to cut its bond purchases by another $10 billion. So starting in February, it will buy $65 billion in bonds per month. Also, there are growing concerns about the impact of slower growth inChina that make the US dollar stronger. Estimates from 11 analysts surveyed showed thatUS oil inventories are projected to have risen by 2.2 million barrels onaverage in the week ended January 24, 2014. Crude oil inventories rose6.4 million barrels, thus contributing to decrease in oil prices. Technical front crude is trading above the level $97 which is a bullishfactor. Oscillators gave mixed indications resulting in limited downside.
Support- $96, $91.75
Resistance- $97.8, $99.76
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Technical analysis of USD/CAD for February 6, 2014
http://forex-images.instaforex.com/u...5/usdcadh4.png
Overview:
The USD/CAD pair has already formed a strong resistance at the level of 1.1163; furthermore, the same level is coinciding with the ratio of 78.6% Fibonacci retracement levels. Equally important, it should be noticed that a minor support will be set at the level of 1.1025 around the 38.2% Fibonacci retracement levels in H1 chart. As shown, the price of the USD/CAD pair has been trapping between 1.1030 and 1.1150; it should be also noted that the price moved higher to 1.1170 and turned lower. So, the range will be about 130 pips this week. Additionally, the RSI and the moving average (100) are still calling for sideways trend. Consequently, the market is going to indicate bullish opportunities at the levels of 1.1025 and 1.1033; with the first target of 1.1110 and continuing towards 1.1163 in order to the resistance at the 1.1163 price. On the other hand, if the price closes below 1.1163. Hence, the price will call for a bearish market to go further towards the double bottom at 1.1060 to test it again.
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Technical analysis of USD/JPY for February 7, 2014
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In Asia, Japan will release the Leading Indicators and the US will release some economic data such as US-Non-Farm Employment Change, US-Unemployment Rate, US-Average Hourly Earnings m/m. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with medium to high volatility during the US session.
TODAY's TECHNICAL LEVELS:
Resistance. 3: 102.51.
Resistance. 2: 102.31.
Resistance. 1: 102.11.
Support. 1: 101.86.
Support. 2: 101.66.
Support. 3: 101.46.
DESCRIPTION:
Please, pay attention to the levels of support 3 (101.46) and resistance 3 (102.51). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
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Technical analysis of Silver for February 10, 2014.
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Technical outlook and chart setups:
1. Silver remains unchanged for now. It is likely to move in a trading range between $19.00 and $20.00 for a while before breaking higher. Recommendations are to hold long positions for now, risk remains at $18.50.
2. Intermediary support is at $19.00, followed by $18.75, while resistance is at $20.50 (intermediary), $21.00 and higher.
3. The structure reveals that the metal could trade between $19.00/20.00 levels for a while before thrusting higher. $18.75/50 levels should hold well now.
Trading recommendations:
Remain long, stop at $18.50, target open.
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Weekly technical levels of USD/CHF for February 11-14, 2014
http://forex-images.instaforex.com/u...0/usdchfh1.png
Trading recommendations:
According to the previous events, the price of the USD/CHF pair has still been trapped between 0.8960 and 0.9005. As it is known, if the trend is upward, then the strength of the currency pair will be defined as following: USD is in uptrend and CHF is in downtrend. Consequently, we expect that the trend is going to call for a bearish market at the level of 0.9020 in H1 chart. Additionally, it should be noted that the range today will be about 90 pips. Thereupon, sell at the price of 0.9020 with the first target of 0.8975, it might resume to 0.8932 in order to test the weekly support 1 on February 11, 2014. At the same time, the stop loss should never exceed your maximum exposure amounts. Accordingly, your stop loss should be placed above the 0.9055 level.
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Technical analysis of EUR/JPY for February 12, 2014
http://forex-images.instaforex.com/u...py12022014.jpg
Technical outlook and chart setups:
1. The EUR/JPY pair has tested resistance line at 140.00 levels as seen here. It is still recommended to remain flat and await for a reaction here. Aggressive traders may go short, risk remains at 143.00.
2. Immediate resistance is at 142.00, followed by 143.00 and 145.50, while supports are fixed at 134.00, followed by 131.00 and lower respectively.
3. The entire structure remains bullish till prices are above support line which is passing through 134.50 at the moment. A pullback is expected at least towards 137.50 before the rally resumes further.
Trading recommendations:
Flat for now.
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Technical analysis of GBP/CHF for February 13, 2014
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Technical outlook and chart setups:
1. The GBP/CHF rose past the trading range and broke higher yesterday. Trading at around 1.4950 levels at the moment, the setup still favors bears to take control back. As seen here, the pair has retraced up to 0.618 fibonacci resistance at 1.4950. It is expected to reverse from here towards fresh lows. It is recommended to remain short and also add fresh now.
2. Immediate resistance is fixed at 1.5120/30, while supports are spread through 1.4550, followed by 1.4350 and lower respectively.
3. The structure is still favorable to bears till prices remain capped below 1.5120/30 levels. Current price action is a clear opportunity to initiate further short positions.
Trading recommendations:
Remain short, stop is at 1.5130, target is open.
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Technical analysis of gold for February 14, 2014
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The US retail sales data softened the US dollar and made greenticks in gold. Gold made a high at the level of $1,302.70 yesterday. Thisyear gold started in a good mood reaching a 3-month high. The rally we have seen sofar came from short covering. In Asia's trading session just now gold has made ahigh at $1,307.0. In the hourly and daily charts RSI gave a sell signal. August28, 2013 RSI reached 71.71, at that time gold was trading at the level of $1,433.3.Currently, in the daily chart RSI stood at 70 and the price is trading at thelevel of $1,307.0. Whereas, in the hourly chart RSI stood in the overbought zone atthe level of 75, which does not favor bulls. Probably, gold can stretch its leg upto $1,326, chances are remote.
We recommend to start selling from cmp $1,306.5, targets are $1,300.0,$1,294.0, $1,285.0, and $1,277.0.
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[B]Technical analysis of GBP/CHF for February 18, 2014[B]
http://forex-images.instaforex.com/u...hf18022014.jpg
Technical outlook and chart setups:
1. The GBP/CHF pair remains structurally unchanged for now. The pair has retraced to1.4950/60, which is also fibonacci 0.618 resistance as seen here. The rally has stalled and a possible down move should be on the way. It is recommended to remain short, risk remains at 1.5120.
2. Intermediary resistance is at 1.4950/60, followed by 1.5120/30, while supports are spread through 1.4550/60, followed by 1.4350/60 respectively.
3. The structure is indicative of a potential head and shoulder reversal formation as seen here. A potential right shoulder has been carved out at 1.4950/60 levels and the next large move could be lower towards 1.43 levels at least. Trading recommendations: Remain short, stop is at 1.5130, target is open.
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Technical analysis of USD/CAD for Febuary 19, 2014
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General overview for 19/02/2014 08:30 CET
The count has been slightly changed as the momentum is slowing and the market might be in final stages of the ending diagonal wave (v) pattern. Any breakout above the level of 1.0938 is bullish, and the bottom for the whole blue impulsive cycle might be in place. On the other hand, in case of downside breakout below the level of 1.0923, the next support is at the level of 1.0900. Please notice the bullish divergence has formed on momentum .
Support/Resistance:
1.0994 - Weekly Pivot
1.0987 - Technical Resistance
1.0938 - Technical Resistance
1.0923 - Intraday Support
1.0900 - WS1
Trading recommendations:
The buy orders should be opened from the level of 1.0941 with SL below the level of 1.0923 and TP at the level of 1.0987.
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