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  1. #921
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    Daily analysis of EUR/JPY for May 18, 2018

    EUR/JPY
    There are still mixed signals in the market. The EMA 11 is slightly below the EMA 56, and the RSI period 14 is slightly above the level 50. It may be prudent to stay away from this market until there would be a directional movement in it.

    At least, in the short-term, nothing has really changed in this market. The price plummeted on Monday and Tuesday and Wednesday, to test the demand zone at 129.50. After that, a rally effort was made, which made price rose by 110 pips, thereby frustrating the bears. Investors may want to wait until there is a directional movement in the market.

    Analysis are provided by InstaForex

  2. #922
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    Technical analysis of Gold for May 21, 2018

    Gold price is breaking down below the recent $1,285-$1,295 consolidation. Gold price could see $1,270-75, but the bearish divergence signs continue to warn us that the next big move will be to the upside. I'm a buyer of Gold at the current or lower levels.

    Blue lines - bullish divergence warning
    Green lines - target levels
    Yellow line - medium-term resistance
    Red line - short-term resistance

    Short-term resistance is at $1,292. I expect Gold price to soon break above it and move towards our first targets of $1,302-$1,304. Next important resistance is at $1,310-13 where I can see the next big trend test. With a break above this level, the price will move towards the 50% and 61.8% Fibonacci retracement. A weekly close above the 61.8% Fibonacci retracement will open the way for a bigger move towards $1,425. Gold is at its final stages of the move from the $1,365 level.

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  3. #923
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    Daily analysis of USDX for May 23, 2018

    The index managed to make a retracement from the Monday's highs, but the 200 SMA remains as a dynamic support in the short-term, where also it has formed a fractal. We should remind that a breakout above 94.10 can open the doors for a testing of the 94.88 level. However, a breakout below the 200 SMA on H1 chart should strengthen the bearish bias.

    H1 chart's resistance levels: 94.10 / 94.88
    H1 chart's support levels: 93.12 / 92.33

    Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.10, take profit is at 94.88 and stop loss is at 93.30. *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

    Analysis are provided by InstaForex

  4. #924
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    Elliott wave analysis of EUR/NZD for May 25, 2018

    EUR/NZD is now in its final stages of the wave c/ of ii/. Ideally, we will see a minor dip closer to support near 1.6806 before the wave ii/ is complete, but we would not be surprised to see a premature low form for a new rally higher through minor resistance at 1.6958 and, more importantly, above resistance at 1.7061 confirming that the wave iii/ higher to test important resistance at 1.7300 is developing.

    R3: 1.7061
    R2: 1.6981
    R1: 1.6958
    Pivot: 1.6915
    S1: 1.6883
    S2: 1.6846
    R3: 1.6806

    Trading recommendation: We are looking for a EUR-buying opportunity at 1.6815 or upon a break above 1.6960.

    Analysis are provided by InstaForex

  5. #925
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    Trading Plan for EUR/USD for May 28, 2018

    Technical outlook:

    The EUR/USD pair finally looks to stage a counter trend rally towards the 1.1950/1.2050 levels from here. In the immediate short term outlook, the pair should be looking to take out the 1.1750 levels, which is short term resistance. Then expect a dip towards the 1.1670/80 levels, before the counter trend rally gains further momentum higher. Please note that the 0.382 fibonacci resistance is seen at the 1.1940/50 levels as projected here. Immediate price support is seen at the 1.1500 levels, which should be the next potential target for bears. Now looking into the wave counts, the EUR/USD pair is still progressing into its 3rd wave of a lesser degree and is expected to carve the wave 4, before dropping lower into the wave 5 within the wave (3) as depicted here. Selling on rallies remains a preferred trading strategy for now.

    Trading plan:
    Aggressive traders may initiate longs around the 1.1675/1.1700 levels going forward; while conservative traders may remain flat for now and look forward to sell again between the 1.1930 and 1.2050 levels respectively.

    Fundamental outlook:
    There are no major events lined up for the day.

    Good luck!

    Analysis are provided by InstaForex

  6. #926
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    Elliott wave analysis of EUR/JPY for May 29, 2018

    The rally from 127.11 became much smaller than we expected and the following break back below 127.11 shifted our count back to the prior preferred count calling for a decline to 125.32 before a possible low of the wave C and (E) is in place.

    Short-term resistance is seen at 127.28 and a clear break back above here will be the first indication of a low being in place, but only a break above resistance at 128.54 will confirm that the wave (E) has bottomed and a new long-term rally is starting to develop.

    R3: 128.54
    R2: 127.71
    R1: 127.28
    Pivot: 126.93
    S1: 126.49
    S2: 125.80
    S3: 125.32

    Trading recommendation: We bought EUR at 127.75 and was stopped out shortly after for a loss of 70 pips. We are looking for a new EUR-buying opportunity, but for now we will only buy upon a break above 127.28.

    Analysis are provided by InstaForex

  7. #927
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    Elliott wave analysis of EUR/NZD for May 30, 2018

    The break below the important support at 1.6670 was unexpected and has forced us to shift our long-term count. This new count still favors a bullish outlook, but sees a very complex corrective structure in the wave ii. From the peak of the wave i at 1.7099 in early February, a double corrective combination has been seen. First, a flat correction as the wave W and then a expanded flat as the wave Y to complete the wave ii. Either the wave ii is complete or very close to completing near after a final spike to just below 1.6653.

    In the short-term, a break above the minor resistance at 1.6786 and, more importantly, a break above 1.6903 will confirm that the wave ii has completed and a new impulsive rally in the wave iii is developing above 1.7300.

    R3: 1.6903
    R2: 1.6828
    R1: 1.6786
    Pivot: 1.6710
    S1: 1.6653
    S2: 1.6642
    S3: 1.6607

    Trading recommendation:
    Our stop at 1.6665 was triggered for a loss of 150 pips. We will be looking for a new buying opportunity, but waiting for a break above 1.6786.

    Analysis are provided by InstaForex

  8. #928
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    Elliott wave analysis of EUR/NZD for May 31, 2018

    Wave ii/ likely saw a low with the test of 1.6624. We still need to see a break above the resistance-line near 1.6734 and more importantly a break above minor resistance at 1.6764 to add confidence in our view that a low likely is in place. As long as minor resistance at 1.6764 is able to cap the upside, we could still see another attack towards the downside, but the downside potential seems very limited from here.

    A break above minor resistance at 1.6764 will target the more important resistance at 1.7062 and above here will confirm that wave iii/ to above 1.7300 is developing.

    R3: 1.6903
    R2: 1.6829
    R1: 1.6764
    Pivot: 1.6705
    S1: 1.6683
    S2: 1.6656
    S3: 1.6624

    Trading recommendation:
    We will buy a break above minor resistance at 1.6764 and if done place our stop at 1.6620.

    Analysis are provided by InstaForex

  9. #929
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    Technical analysis of USD/CAD for June 01, 2018



    Overview:

    Pivot: 1.2961.

    The USD/CAD pair will continue to rise from the level of 1.2914. The support is found at the level of 1.2914, which represents the 61.8% Fibonacci retracement level on the H1 chart. The price is likely to form a double bottom. Today, the major support is seen at 1.2914, while immediate resistance is seen at 1.3021. Accordingly, the USD/CAD pair is showing signs of strength following a breakout of the high at 1.2914. So, buy above the level of 1.2914 with the first target at 1.3021 in order to test the daily resistance 1 and move further to 1.3049. Also, the level of 1.3049 is a good place to take profit because it will form a new double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CAD pair to climb from 1.2914 to 1.3049 today. At the same time, in case a reversal takes place and the USD/CAD pair breaks through the support level of 1.2914, a further decline to 1.2849 can occur, which would indicate a bearish market.

    *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

  10. #930
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    Technical analysis of Bitcoin for June 04, 2018



    If we look at the 4-hour chart, we see that Bitcoin has hit the dynamic support Exponential 100-period Moving Average by Close (near a downward sloping channel). It seems that BTC is going down to test the lower channel and this has been already confirmed too by divergence between the Stochastic Oscillator and the price. A long as this Cryptocurrency does not break out and closes above the 7,754.45 level, the bias of the Bitcoin price is still bearish.

    (Disclaimer)

    *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

  11. #931
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    The growth of the UK economy resumed

    Weak data on the euro area in the first half of the day hurt the European currency, which again failed to gain the right move to get beyond the large resistance levels paired with the US dollar, which were formed yesterday.

    The report on the budget deficit of France partially supported the euro only.

    According to the data, the budget deficit of France for the first four months of this year decreased compared to the same period in 2017.

    Thus, the budget deficit amounted to 54.3 billion euros at the end of April this year against 57.9 billion euros at the end of April 2017.

    As noted in the report of the Ministry of Finance, the deficit was reduced as a result of a sharp decrease in costs, as well as the recapitalization of energy companies. It should be noted that tax revenues have also decreased. As I noted above, retail sales in the euro area were the main reason for the decline in the European currency in the first half of the day.

    According to the data, in April of this year, retail sales in the euro area grew by only 0.1% compared to March, where data were revised up to a growth of 0.4%. Compared to the same period in 2017, retail sales grew by 1.7% against growth by 1.5% in 2017. A weak sales report is likely to affect the eurozone's GDP in the second quarter of this year, which will have a negative impact on the European currency in the medium term.

    Today, for the first time, a new Italian Prime Minister, Giuseppe Conte, delivered a speech before the senate, who said that the main economic indicators will be achieved not through a strict economy, but through economic growth, which will also reduce public debt.

    Conte also said that Italy will introduce a minimum hourly wage and universal basic income. He also noted that the taxation system will be simplified and become fairer.

    As for the technical picture, it did not change much in comparison with the morning forecast. The pressure on the euro is maintained, which gradually returns the trading instrument to important levels of support in the area of 1.1620.

    The British pound grew strongly against the US dollar after a report that showed that activity in the UK services sector grew in May this year, giving a good boost to economic growth after weakening at the beginning of the year.

    According to the research company IHS Markit, the index of supply managers for the service sector in May rose to 54.0 points from 52.8 points in April. Let me remind you that the index values above 50 indicate an increase in activity.

    *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

    Analysis are provided by InstaForex

  12. #932
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    The dollar continues to weaken before the meeting of the Federal Reserve

    The dollar declines at the trading session in Europe against almost all major currencies. The main reason for this, in our opinion, is the reduction in expectations that the Fed will decide this year to raise interest rates four times.

    The exchange rate of the American currency is gradually decreasing in the wake of a similar drop in the hopes of market players that the currency wars launched by Donald Trump will exert pressure on economic growth both within the States and the entire world economy. In addition, the slowdown in the first quarter of the country's GDP growth and the stagnation of inflationary pressures began to shake the hopes of investors that the regulator will go on increasing interest rates four times this year.

    At the same time, the chances of the euro significantly increased. According to the latest data, CPI rose 1.9% year-on-year, reaching close to the 2.0% target set by the ECB. This news, as well as the possible preservation of the growth rate of the region's economy, which the GDP data will have to signal today, may allow the Euro-currency to continue a more confident recovery. It is projected that in annual terms the eurozone's GDP will remain at the same level, 2.5%, and its quarterly value will keep the growth rate 0.4%. If the data does not disappoint, it will be possible to expect a noticeable growth of the single currency, and this is most likely to be observed in the eurodollar pair, as now the changes in the prospects for the ECB monetary policy are marked.

    An additional stimulus to the growth of the euro could be the G-7 summit, where current conflicts can be resolved and new agreements reached, which can reduce the degree of tension and the probability of expanding trade wars. Although such a probability exists, it is unlikely that Donald Trump will seriously retract. Therefore, this growth in hopes may turn out to be short-lived.

    Forecast of the day:

    EURUSD is trading at the level of 1.1830. Positive data from the euro area's GDP may push the pair up to 1.1900, but for this it needs to overcome the 1.1830 mark and gain a foothold above it.

    The GBPUSD pair has overcome the level of 1.3450 on the wave of "weakness" of the US dollar. It is likely that before the Fed meeting to be held next week, the pair will receive support and grow to 1.3550.

    *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

    Analysis are provided by InstaForex

  13. #933
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    Trump and the Big Seven: Did not reach an agreement

    Trump and the Big Seven: They did not reach an agreement.

    On Friday and Saturday, June 8-9, Canada hosted the G-7 summit. Despite the large number of issues on the agenda, the issue is really only one, it's the main one: the new fees that Trump introduces against the US trade partners - against China and Mexico - and against the US allies - Canada and European countries.

    The outcome of the first day of the summit is short: they did not agree. There are no joyful media reports about a "breakthrough" in the main issue. All the efforts of the participating countries turned out to somehow sign the final text - it must be signed before the middle of the Saturday, June 9, as Trump announced in advance that he would fly early to Hong Kong for a meeting with the head of North Korea.

    All media write that everything could have ended even worse-the refusal of countries to sign the final text - and this is actually a complete collapse of the group of seven.

    Let's note an interesting turn of the plot around Russia. Trump, even before the summit, to all the other leaders of the Seven, unexpectedly said that it was necessary to return Russia to the Seven (that is, to the G8, respectively). Trump's proposals were quickly rejected by the leaders of Germany and Britain, but Italy supported it. Very quickly, literally within one or two hours, Putin's spokesman Peskov said that the Kremlin (read - Putin) is not interested in returning to the G8 - "we are more interested in developing other formats." (On this day, Putin met with the leader of China, Xi Jinping).

    At the very meeting of the Group of Seven, Trump did not raise the topic of Russia's accession to the Group of Eight. At the same time, it was stated that "all European countries in the Group of Seven are against the return of Russia - until the conflict is settled in Ukraine" (that is, Italy was promptly "persuaded"). Still, we note that Germany and Sweden and Finland agreed to the construction of the Nord Stream 2 gas pipeline - which was opposed by Trump ... (this is not about the Group of Seven, but important for the overall picture).

    The result is this: the General Statement of the Group of Seven will most likely be signed - but there is no main text in the text - a decision on the trade dispute over the new Trump duties. At the same time, the EU is preparing an introduction in July of reciprocal duties on goods from the United States. The last attempt to agree - Merkel's proposal to convene a "forum" specifically on the issue of trade conflicts.

    How will this affect the markets? I do not think that we will have a noticeable gap at the opening on Monday. But I do not see any reason for rapid growth.

    EURUSD - closing day and week.

    *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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  14. #934
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    EUR/CHF Bounced Off Support, Prepare For Further Rise

    EUR/CHF bounced off its support at 1.1581 (61.8% Fibonacci extension, 61.8% & 38.2% & 23.6% Fibonacci retracement, horizontal overlap support) where we expect prices to rise to its resistance at 1.1658 (61.8% Fibonacci extension, horizontal swing high resistance).

    Stochastic (55, 5, 3) bounced off its intermediate support at 10% where a corresponding rise is expected.

    Buy above 1.1581. Stop loss at 1.1534. Take profit at 1.1658.



    *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

    Analysis are provided byInstaForex.

  15. #935
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    AUD/USD Approaching Support, Prepare For A Bounce!

    AUD/USD is approaching its support at 0.7560 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) where we expect to see a bounce, causing the price to rise to its resistance at 0.7659 (61.8% & 50% Fibonacci retracement, horizontal overlap resistance).

    Stochastic (89, 5, 3) is approaching its support at 9.6% where a corresponding bounce is expected.

    Buy above 0.7560. Stop loss 0.7513. Take profit at 0.7659.



    *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

  16. #936
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    Elliott wave analysis of EUR/NZD for June 19, 2018

    Our short-term expectations for EUR/NZD was spot on. First, we saw a minor corrective set-back to 1.6671 (we were looking for 1.6676) before moving higher to 1.6795 (we were looking for a rally into the 1.6768 - 1.6793 area to complete the first impulsive rally of the 1.6567 low. With this five wave rally complete with the test of 1.6795 we will be looking for a correction in wave ii/ into the 1.6652 - 1.6679 area before moving higher in wave iii/ towards at least 1.7047.

    R3: 1.6842
    R2: 1.6817
    R1: 1.6794
    Pivot: 1.6758
    S1: 1.6728
    S2: 1.6695
    S3: 1.6671

    Trading recommendation:
    We will sell EUR here at 1.6772 and place our stop at 1.6845. We will take profit and buy EUR at 1.6680

    *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

    Analysis are provided by InstaForex

  17. #937
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    Elliott wave analysis of EUR/NZD for June 20, 2018

    Wave i/ extended higher to a peak at 1.6831 before letting wave ii take over for a correction lower to at least the low of wave four of one lesser degree at 1.6671. This is very close to the 61.8% corrective target of wave i/ seen at 1.6667. Once this correction is complete near the 1.6667 - 1.6671 area, we will be looking for wave iii/ higher to at least 1.7086.

    Short-term, we expect minor resistance at 1.6766 to be able to cap the upside for the decline into the 1.6667 - 1.6671 area to complete wave ii/.

    R3: 1.6830
    R2: 1.68.12
    R1: 1.6788
    Pivot: 1.6766
    S1: 1.6729
    S2: 1.6700
    S3: 1.6680

    Trading recommendation: We are short EUR from 1.6772 and we will move our stop +revers lower to 1.6815. We will take profit and buy EUR at 1.6680.

    *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

    Analysis are provided by InstaForex

  18. #938
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    Technical analysis of Gold June 21, 2018

    If We look at the Daily Charts from Gold, We can see clearly they moving in Weekly Up Slope Channel, and now they have a retracement to the down side as long as they not breakout and close above the 1304.93 Gold will going down 1236.09 as their Support level.

    *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

    Analysis are provided by InstaForex

  19. #939
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    Elliott wave analysis of EUR/NZD for June 22, 2018

    The minor correction we expected from 1.6921 moved slightly lower than expected and spiked down to 1.6806, but that does not change our outlook for a new impulsive rally soon towards 1.7133 and above.

    Short-term, we could see another minor spike to near 1.6806 before the next move higher should be expected.

    Only an unexpected break below support at 1.6737 will question our bullish outlook.

    R3: 1.7025
    R2: 1.6964
    R1: 1.6933
    Pivot: 1.6890
    S1: 1.6837
    S2: 1.6784
    S3: 1.6737

    Trading recommendation:
    We are long EUR from 1.6815 with our stop placed at 1.6730. If you are not long EUR yet, then buy near 1.6806 or upon a break above 1.6933 and use the same stop at 1.6730.

    *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

    Analysis are provided by InstaForex

  20. #940
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    Elliott wave analysis of EUR/JPY for June 25, 2018

    We continue to look for more upside here. A break above minor resistance at 1.6933 will call for a continuation higher towards 1.7133 as the next minor upside target on the way higher. Support is now seen at 1.6806 and is expected to be able to protect the downside for a break above 1.6933.

    R3: 1.7025
    R2: 1.6964
    R1: 1.6933
    Pivot: 1.6890
    S1: 1.6837
    S2: 1.6806
    S3: 1.6784

    Trading recommendation:
    We are long EUR from 1.6815 with our stop placed at 1.6730. If you are not long EUR yet, then buy near 1.6806 or upon a break above 1.6933 and use the same stop at 1.6730.

    Analysis are provided by InstaForex

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