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  1. #1221
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    Technical Analysis of EUR/USD for 29/04/2020:



    Technical Market Outlook:
    The EUR/USD pair has hit the key short-term resistance located at the level of 1.0878. So far the bulls were able to make a new local high at the level of 1.0849 and they are under the bearish pressure again. The price was rejected from the level of 1.0878 and a Bearish Engulfing candlestick pattern was made at the end of the move. The momentum is still strong and positive, but the market conditions are overbought, so the odds for another dynamic wave up are decreasing. The nearest technical support is seen at the level of 1.0809.

    Weekly Pivot Points:
    WR3 - 1.1057
    WR2 - 1.0976
    WR1 - 1.0895
    Weekly Pivot - 1.0809
    WS1 - 1.0731
    WS2 - 1.0641
    WS3 - 1.0563

    Trading Recommendations:
    The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. ON the EUR/USD pair the main trend is down, but the reversal is possible when the coronavirus pandemic will be tamed. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

    Analysis are provided byInstaForex.

  2. #1222
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    Forecast for GBP/USD on May 4, 2020

    GBP/USD
    The British pound lost 100 points on Friday, which strengthened the reversal potential and the convergence power of the Marlin oscillator on the daily chart.



    To completely form conditions for the price to go down, it is necessary to gain a foothold under the MACD line (1.2365), while the Marlin signal line must go into the zone of negative values.



    Marlin is already in the decreasing trend zone on the four-hour chart, the price should overcome the support of the MACD line (1.2405). The support of the MACD line of the daily scope runs a little lower, in the region of 1.2365, therefore, the 1.2365-1.2405 range is transitional, it is possible to consolidate in this range.

    An attempt to move the price under technical support may occur after a preliminary increase to 1.2540 or slightly lower without breaking convergence on a daily basis. The current situation is not defined under any scenario, the price can freely wander in the range of 1.2365-1.2540.

    Analysis are provided byInstaForex.

  3. #1223
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    Technical Analysis of GBP/USD for 05/05/2020:

    Technical Market Outlook:
    The GBP/USD pair has made a local low at the level of 1.2406, just above the 61% Fibonacci retracement located at 1.2397. Any violation of this level will open the road towards the next target for bears seen at 1.2310. There is a short-term ascending trend line close to this level, so it might get tough for bears to violate it in one go. Please notice, the market is coming off the overbought levels and the momentum indicator is neutral, but when it turn south, then the sell-off might accelerate towards 1.2246 level.

    Weekly Pivot Points:
    WR3 - 1.2909
    WR2 - 1.2757
    WR1 - 1.2605
    Weekly Pivot - 1.2476
    WS1 - 1.2324
    WS2 - 1.2200
    WS3 - 1.2054

    Trading Recommendations:
    The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. On the GBP/USD pair the main trend is down, but the reversal is possible when the corona virus pandemic will be tamed. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of this levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move lower in the longer-term.

    Analysis are provided by InstaForex

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    Technical Analysis of EUR/USD for 06/05/2020:



    Technical Market Outlook:
    The EUR/USD bears have manage to push the prices through the short-term support located at the level of 1.0893 and through the trend line support as well. The momentum is now negative, so the odds for another dynamic wave up are decreasing. If the 61% Fibonacci retracement gets clearly violated, then the next technical support is seen at the level of 1.0779 and if broken, the sell-off might accelerate towards 1.0727.

    Weekly Pivot Points:
    WR3 - 1.1279
    WR2 - 1.1141
    WR1 - 1.1073
    Weekly Pivot - 1.0940
    WS1 - 1.0861
    WS2 - 1.0728
    WS3 - 1.0662

    Trading Recommendations:
    The fear of the coronavirus consequences is very strong among the global investors and this fear still rules on the financial markets. On the EUR/USD pair the main long term trend is down, but the reversal is possible when the coronavirus pandemic will be tamed. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

    Analysis are provided byInstaForex.

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    Technical Analysis of GBP/USD for 07/05/2020:



    Technical Market Outlook:
    The GBP/USD pair has broken below the short-term trend line support and below the technical support from the level of 1.2406. Please notice, the momentum indicator is now negative, so the sell-off might accelerate towards 1.2246 level. It looks like bulls are not strong enough to push the price above the level of 1.2485 again and the price is consolidating in a narrow zone before the plunge.

    Weekly Pivot Points:
    WR3 - 1.2909
    WR2 - 1.2757
    WR1 - 1.2605
    Weekly Pivot - 1.2476
    WS1 - 1.2324
    WS2 - 1.2200
    WS3 - 1.2054

    Trading Recommendations:
    The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. On the GBP/USD pair the main trend is down, but the reversal is possible when the corona virus pandemic will be tamed. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of this levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move lower in the longer-term.

    Analysis are provided byInstaForex.

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    Technical Analysis of ETH/USD for 08/05/2020:



    Crypto Industry News:
    The Commodity and Futures Commission (CFTC) has charged US and Israeli companies with alleged fraud of $ 15 million, including cryptocurrencies and binary options. Court documents mention two major frauds, the first of which occurred between October 2013 and November 2016 and concerns binary options. The second concerns digital resources such as Bitcoin and Ethereum, which took place from November 2013 to August 2018.

    CFTC charged Tal Valariola and Itayea Baraka of Digital Platinum Limited for helping the American company All In Publishing (AIP) to create and promote numerous misleading investment programs among US and foreign investors.

    During the allegedly misleading marketing campaign, as many as 51.917 users opened a binary options account and deposited a total of almost $ 13 million. In addition, 8,043 users opened a digital asset trading account, depositing a total of over $ 2 million.

    Technical Market Outlook:
    The ETH/USD pair has again bounced from 38% Fibonacci retracement located at the level of $195.94 and violated the short-term trend line resistance around the level of $205.23. The bulls are continuing the rally towards the level of $214.67, but so far were rejected from this level. There is a Bearish Engulfing pattern made around this level, so the rally might be temporary postponed. The nearest technical support is now seen at the level of $209.89.

    Weekly Pivot Points:
    WR3 - $296.61
    WR2 - $243.36
    WR1 - $224.05
    Weekly Pivot - $205.69
    WS1 - $188.49
    WS2 - $168.64
    WS3 - $150.80

    Trading Recommendations:
    The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

    Analysis are provided byInstaForex.

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    Technical Analysis of ETH/USD for 11/05/2020:



    Crypto Industry News:
    Vitalik Buterin believes that Ethereum can play a role in the future global crisis as a glue that helps unite nations.

    Ethereum co-founder was interviewed at Ethereal Summit 2020. Describing the current global crisis as more than financial, Buterin said that levels of political discord and distrust between countries highlighted the need for a network like Ethereum.

    "I strongly believe that the role of Blockchain chains - in particular Ethereum - is to play the role of a neutral global player for systems, currencies and applications for interaction. I think that anything created and maintained by nation states cannot play this role" - he said

    Describing the current situation as financial only "one-third", co-founder Ethereum also discussed the current situation compared to the global financial crisis in 2008 and whether the event could help fuel a new wave of cryptocurrency. Buterin said that cryptocurrencies like Ethereum could grow this time, solving "non-financial problems" in the world.

    Technical Market Outlook:

    The ETH/USD pair has dropped significantly towards the level of $177.50, which is a 61% Fibonacci retracement for the price and is currently hovering around this level. The momentum remains weak and negative, so the next target for bears is seen at the level of $164.45. The immediate technical resistance is seen at the level of $188.86 and $193.78. Please bear in mind, that there is only 13 hours left to the halving, which is highly anticipated event for all cryptoenthusiasts.

    Weekly Pivot Points:
    WR3 - $241.59
    WR2 - $228.78
    WR1 - $204.66
    Weekly Pivot - $191.03
    WS1 - $168.45
    WS2 - $154.83
    WS3 - $130.49

    Trading Recommendations:
    The fear of the coronavirus consequences has decreased among the global investors on the financial markets, nevertheless the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

    Analysis are provided byInstaForex.

  8. #1228
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    Technical Analysis of EUR/USD for May 13, 2020:



    Technical Market Outlook:
    The EUR/USD was rejected for the second time at the level of 38% Fibonacci located at 1.0862 after a Shooting Star candlestick pattern was mad around the level of 1.0878. The bears are pushing the price towards the level of 1.0767 again. The bulls hasn't made a new local high yet, so the next target for them is still seen at the level of 38% Fibonacci retracement at 1.0862 and 1.0878. This level must be clearly violated in order to rally towards higher levels. The momentum remains neutral, but might turn negative any time now.

    Weekly Pivot Points:
    WR3 - 1.1136
    WR2 - 1.1058
    WR1 - 1.0936
    Weekly Pivot - 1.0853
    WS1 - 1.0718
    WS2 - 1.0627
    WS3 - 1.0520

    Trading Recommendations:
    The fear of the coronavirus consequences has decreased among the global investors on the financial markets. On the EUR/USD pair the main long term trend is down, but the reversal is possible when the coronavirus pandemic will be tamed. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

    Analysis are provided byInstaForex.

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    Technical Analysis of EUR/USD for May 14, 2020:



    Technical Market Outlook:
    The EUR/USD was rejected at the level of 50% Fibonacci located at 1.0892 after a Bearish Engulfing candlestick pattern was made at the end of the wave up. The bears are pushing the price towards the level of 1.0767 again. The bulls hasn't made a new local high yet, so the next target for them is still seen at the level of 61% Fibonacci retracement at 1.0921. This level must be clearly violated in order to rally towards the swing high at 1.1017. The momentum remains neutral, but might turn negative any time now.

    Weekly Pivot Points:
    WR3 - 1.1136
    WR2 - 1.1058
    WR1 - 1.0936
    Weekly Pivot - 1.0853
    WS1 - 1.0718
    WS2 - 1.0627
    WS3 - 1.0520

    Trading Recommendations:
    The fear of the coronavirus consequences has decreased among the global investors on the financial markets. On the EUR/USD pair the main long term trend is down, but the reversal is possible when the coronavirus pandemic will be tamed. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

    Analysis are provided byInstaForex.

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    Technical Analysis of GBP/USD for May 15, 2020:

    Technical Market Outlook:
    The GBP/USD pair has broken below another technical support located at the level of 1.2246 and made a new local low at the level of 1.2165. Despite the oversold market conditions the momentum remains negative well and the odds for another wave down might be higher. The nearest technical resistance is seen at the level of 1.2246 and 1.2297 and the nearest technical support is located at the level of 1.2165. If the level of 1.2165 is clearly violated, then the next target for bears is seen at the level of 1.2012.

    Weekly Pivot Points:
    WR3 - 1.2730
    WR2 - 1.2608
    WR1 - 1.2508
    Weekly Pivot - 1.2380
    WS1 - 1.2283
    WS2 - 1.2157
    WS3 - 1.2054

    Trading Recommendations:
    The fear of the coronavirus consequences has decreased among the global investors on the financial markets. On the GBP/USD pair the main trend is down, but the reversal will be possible when the coronavirus pandemic is tamed. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move lower in the longer-term.

    Analysis are provided by InstaForex

  11. #1231
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    Forecast for EUR/USD on May 19, 2020

    EUR/USD
    The euro grew by 94 points on several controversial factors yesterday - on the one hand, oil rose by 10.5% to 32.83 dollars and overall risk appetites increased, on the other hand, the EU summit considered a package of assistance to the affected sectors and regions, which is half as much, than expected - 500 billion against the expected 1 trillion. Moreover, it will be a fund, and not direct help, which creates additional bureaucratic difficulties. As often happens, the expected but not realized optimism worked on the market, that is, the euro's growth as a result occurred on speculation. The growth occurred on volumes equal to Friday, which indirectly confirms the speculative nature of yesterday's growth in the thin market.

    The price reached the price channel line just above the MACD line on the daily chart. The Marlin Oscillator is growing in the zone of positive values, so there is still a growth potential. Overcoming yesterday's high may send the euro to the upper border of the 1.5-month trading range of 1.0767-1.0995.

    It is possible to turn down prices directly from current levels, indicators will quickly return to the downward trend, the euro will go to the lower border of the range of 1.0767.

    The situation is not clarified on the four-hour chart. The price is above the indicator lines, Marlin is in the growth zone. All that remains is to wait for speculation to cool and then it will become clear what the market really intended.

    Analysis are provided by InstaForex

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    Technical Analysis of BTC/USD for May 20, 2020:



    Crypto Industry News:
    Robert Kiyosaki, businessman and author of the book Rich Dad, Poor Dad, again visited Twitter to announce his bullish position to Bitcoin. In a published tweet, Kiyosaki states that fear of a dying economy led him to buy more three assets, which he considers valuable outside of the traditional financial system: gold, silver and Bitcoin. The author's tweet describes how valuable he thinks every resource will be in the coming years.

    "I bought more silver and Bitcoin gold. GOLD [currently] at $ 1,700. I forecast $ 3,000 in 1 year. Silver [currently] at $ 17. I predict $ 40 for 5 years. Bitcoin [currently] at $ 9,800. I anticipate $ 75,000 in three years. "

    In numerical terms, this forecast reflects the expected annual increase of around 76%, 19% and 97% for gold, silver and Bitcoin, respectively. This indicates, at least according to Kiyosaki's calculations, that Bitcoin has the most favorable profit potential out of three.

    This is not the first time Robert Kiyosaki has used his platform to explain the benefits of Bitcoin and Blockchain. In recent months, the businessman has repeatedly talked about his faith in the future of these technologies.

    Technical Market Outlook:
    The BTC/USD pair has been seen hovering around the level of $10,000, which is the key short-term technical resistance for the bulls. The recent local high was made at the level of $9,884, so any violation of this level will lead to the local up trend extension towards the level of $10,227 - $10,430. The nearest technical support is seen at the level of $9,381. The nearest technical support is seen at the level of $9,382. Please notice, the market conditions on daily time frame chart are extremely overbought.

    Weekly Pivot Points:
    WR3 - $12,194
    WR2 - $10,994
    WR1 - $10,553
    Weekly Pivot - $9,337
    WS1 - $8,765
    WS2 - $7,555
    WS3 - 7,013

    Trading Recommendations:
    The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated.

    Analysis are provided byInstaForex.

  13. #1233
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    Forecast for AUD/USD on May 21, 2020

    AUD/USD
    The Australian dollar grew by 60 points on Wednesday, and it almost returned to yesterday's opening today in the Asian session. This is a sign that the price will not reach the target level of 0.6677, the aussie aimed to overcome the price channel line in the region of 0.6492, which will be a good reason for continuing the fall to 0.6338. A slightly veiled double divergence is formed on the Marlin oscillator.

    The price returned to the signal level of 0.6562 on the four-hour chart - yesterday's exit above it turned out to be false. The MACD indicator line is located at the 0.6492 level taken from the daily time, which strengthens this level. Accordingly, overcoming it will become a significant condition for opening short positions with a target above 0.6338.

    *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

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    Forecast for EUR/USD on May 22, 2020

    EUR/USD
    The euro grew during the first half of Thursday due to optimistic rates of European business activity for the current month: Manufacturing PMI of the euro area grew from 33.4 to 39.5, Services PMI showed even greater dynamics - an increase from 12.0 to 28.7. The euro has decisively reversed since the US session opened. US PMIs came out better than expected, but not as much as we expected: Manufacturing PMI grew from 36.1 to 39.8 against 39.3, Services PMI grew from 26.7 to 36.9 with 32.6 expected. Nevertheless, the trading volumes were comparable to those observed on May 18, which indicates a massive closure of purchases and even the opening of sales. A more interesting story awaits us next week, when sales of new housing, orders for durable goods, incomes and expenses of consumers will be published in the US.

    The price was re-marked at the upper border of the price range and with the turn of the oscillator, Marlin headed down on the daily chart. The closest support for the price is the price channel line at 1.0918, below it is the MACD indicator line at 1.0888, overcoming it will confirm the euro's intention to go much deeper down to 1.0767 and 1.0578.

    The signal line of the Marlin oscillator penetrated into the downward trend zone after forming a double divergence on the four-hour chart. The closest target is the 1.0888 level, at which the MACD lines coincide on both scopes. Consolidation under the level opens the way to the lower border of the range 1.0767.

    *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

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    Elliott wave analysis of EUR/GBP for May 27, 2020

    EUR/GBP is finally back to test the neckline support at 0.8866. This former resistance which now acts as support should be able to protect the downside for renewed upside pressure through minor resistance at 0.8930 indicating the next impulsive rally towards 0.9065 on the way higher to and above the peak at 0.9495.

    In the short-term, we should see a final dip to test the key-support at 0.8866 before EUR/GBP will be ready to turn higher again.
    R3: 0.9000
    R2: 0.8955
    R1: 0.8930
    Pivot: 0.8910
    S1: 0.8880
    S2: 0.8866
    S3: 0.8844

    Trading recommendation:
    We are long EUR from 0.8760 and our stop is placed at 0.8815.

    *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

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    Forecast for EUR/USD on May 29, 2020

    EUR/USD
    Yesterday, investors' expectations for positive US data did not materialize. The volume of orders for durable goods fell by 17.2% in April after a previous drop of 14.7%. The forecast was -19.0%, but of -17.2% optimism, of course, does not cause. The second estimate of GDP for the first quarter was revised down from -4.8% to -5.0% against the forecast without change (i.e. -4.8%). As a result, the dollar index lost -0.47%, the euro grew by 68 points, the S&P 500 fell by 0.21%. Macro statistics do not have to wait for optimism to an even greater extent today. The forecast for personal incomes of consumers for April is -7.0%, for personal expenses -12.6% versus the March contraction of -7.5%. The index of business activity in the manufacturing sector of the Chicago region in May is expected to increase from 35.4 to 40.1, but here (in the spirit of the times) there is a great emotional component, so the data may turn out to be worse.



    The euro is moving towards its first target of 1.1140 on the daily chart. Whether there will be a price reversal from this level or the euro will continue to grow higher is currently not clear, since there are no prerequisites for technical signs in any direction. Price in a local situation is a leading factor, indicators in a guided position.



    The price and indicators are growing on the H4 chart, there are no signs of a reversal. We are waiting for the price on the embedded line of the price channel of 1.1140.

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

    Analysis are provided byInstaForex.

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    Technical Analysis of EUR/USD for June 2, 2020:



    Technical Market Outlook:
    The EUR/USD pair has been consolidating the recent gains in a narrow zone located between the levels of 1.1148 - 1.1100. The bulls are hovering just below the lower supply zone boundary located between the levels of 1.1148 - 1.1190. Please notice, the market conditions are now overbought and despite the positive and strong momentum the price might start a corrective pull-back towards the nearest technical support located at the level of 1.1050.

    Weekly Pivot Points:
    WR3 - 1.1499
    WR2 - 1.1307
    WR1 - 1.1241
    Weekly Pivot - 1.1045
    WS1 - 1.0959
    WS2 - 1.0772
    WS3 - 1.0680

    Trading Recommendations:
    On the EUR/USD pair the main long term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

    Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

    Analysis are provided byInstaForex.

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    Forecast for EUR/USD on June 3, 2020

    EUR/USD
    Risk appetites continue to grow despite protests and riots in the US: S&P 500 gained 0.82% yesterday, gold fell 0.69%, yield on 5-year US government bonds rose from 0.31% to 0, 32% The euro grew by 35 points, gaining a foothold on the daily chart over the trend line of the price channel. Target of 1.1250/65 is open.



    The price is growing in a stable trend on the four-hour chart, but the Marlin oscillator has formed a divergence. With an increase in the price of another 15 points, the divergence can be reorganized into a regular pullback of the indicator (indicator discharge) with the resumption of growth. We are waiting for the price in the specified target range, where it is possible to form a more stable reversal pattern.



    Analysis are provided byInstaForex.

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    Forecast for EUR/USD on June 4, 2020

    EUR/USD
    Yesterday, the euro reached the target range of 1.1250/65 and today, with the support of the Marlin oscillator turning down, it is ready to head for a correction. The purpose of the correction is the embedded line of the price channel in the region of 1.1133. Consolidating the price below it opens a deeper target 1.1019 (May 1 high). If the price goes above the upper boundary of the target range of 1.1265, the second bullish target at 1.1342 will open.



    The divergence on the Marlin oscillator still formed on the four-hour chart (yesterday we questioned the formation of this reversal pattern). Target level at 1.1133 coincides with the MACD line, which it is aiming for. Working out this correction level is our main scenario.



    Analysis are provided byInstaForex.

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    Forecast for USD/JPY on June 5, 2020

    USD/JPY The dollar continued to grow against the yen yesterday (23 percentage points) despite the decline in stock indices: the S&P 500 was down -0.34%, while the Nikkei 225 is losing -0.32% in the Asian session today. It seems that investors are counting on good US employment data today and continued growth in related markets. If such expectations are met, then with the price overcoming the first target level of 109.50, growth will continue to the second target level of 110.83 (November 2017 low).



    A weak divergence has formed on the Marlin oscillator on the four-hour chart, the structure is more similar to the indicator discharging before further growth. But this pattern is also a harbinger of increased intraday volatility, which is quite consistent with today's release of important US data.



    We are waiting for a clarification of the situation - whether investors will change their minds to buy risk.

    Analysis are provided byInstaForex.

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