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EUR/USD Wave Analysis. Weekly Survey
Major economic data is due for release today. German Zew economic sentiment, Zew economic sentiment and final CPI y/y are due today. The German Zew economic sentiment has been disappointing thought 3 months. Zew economic sentiment has been improving for 6 consecutive months. Greek issue remains the main focus of attention in the near term. At yesterday's session, the USD changed the direction and was trading higher against most major pears. Ahead of the FOMC meeting, the greenback managed to get away from lows. Technical view:The pair started the new week with losses after five consecutive profitable weeks. We have already said the pair is likely to make the near-term top between 1.1480 and 1.1535. The pair rejected at 1.1467 and fell by 160 pips. At yesterday's session, the pair managed to hold the 100Dema 1.1300. We recommended selling below 1.1390 with a target at 1.1300. The pair made a low exactly at our targets. At today's Asian session, the pair was trading above the support level. Weekly support is found at 1.1130 20Wsma. In case the price closes below 1.1300, bears will aim at 20Wsma and the level of 1.1050 later. The 100Dsma is found at 1.1178. We expect fresh selling below 1.1300 towards 1.1200 and 1.1178 in the least case 1.1130 likely. Today we expect negative data on the euro. Intraday support is found at 1.1300, 1.1210, and 1.1190. Resistance is seen at 1.1326, 1.1360, and 1.1390. Use every rise to sell with sl 1.1390 and safe sell will trigger below 1.1300 with targets at 1.1210 and 1.1190.
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AUDNZD long term downtrend could continue
Looking at the long-term picture based on the daily time frame, AUD/NZD got quite volatile over the last year. While it has been consistently rising since the beginning of 2014, after reaching the top at 1.1298 it felt sharply. The pair lost over 1200 points in 5 months. The uptrend breakout allowed applying Fibonacci in order to find support/resistance and potential targets. The most significant fact is a break below the downside target, S3 (1.0344), which assumes a continuation of a long-term decline. In addition, AUD/NZD is currently rejecting the 50% Fibs, the point of the trend-line breakout, and it looks like a strong resistance has been established around the R1 (1.0820) area. Consider selling AUD/NZD around the current levels. A target is seen at S2 (1.0570), the most appropriate area because it was acting as support as well as resistance previously. A break above 1.0890, which was a high back on May 13, could send the price higher to test the uptrend as resistance this time. Support: 1.0707, 1.0569, 1.0344 Resistance: 1.0820, 1.0933, 1.1289
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GBP/JPY Elliott Wave Count and Fibonacci Levels for June 5, 2012
In April 2015, the index of producer prices for German industrial products fell by 1.5% compared with the corresponding month of the preceding year. In March 2015, the annual rate of change was �.7%. The overall index rose by 0.1% in April 2015 (+0.1% in March and February 2015) compared with the preceding month. Given a series of macroeconomic data today is understandably a busy day on the markets. Things should pick up rapidly by today however as we have a number of high-impact data releases to look forward to. The ECB monetary policy meeting accounts are due. The French and German flash manufacturing and services PMI are due. The European flash manufacturing PMI and services PMI are due. Today, we expect the eurozone, Germany and French to deliver negative readings. Technical view: The pair fell into the strong support zone. We can call it as make-or-break zone. Ahead of the ECB monetary policy meeting, the pair has been trading in a very tight range between 1.1146 and 1.1060. The strong support zone is found at 1.1050. In the four-hour, the RSI is oversold. Ahead of major events, we expect wild moves at the intraday levels not to work out. Intraday resistance is seen at 1.1185 and support is found at 1.0930. From May 14, we have been advising that the pair is likely to retest the support between 1.1100 and 1.1050. The pair exactly returned from the given resistance zone 1.1480 and 1.1535, fell by 400 pips. Until the pair closes below 1.1290 rounded to 1.1300, use every rise to sell following the trend.
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EUR/NZD long-term trend still down
Clearly EUR/NZD established a long-term downtrend. Before this, EUR/NZD failed to break above R2 (1.57 area) that would confirm a new higher high. While every new low being lower as well as every new high being lower, bears should be dominating in the mid-term future. With two different downtrend trendlines applied to the chart, a strong resistance area has come into play. This is R1 level (1.54), which is also a round number and a psychological barrier. Early this week, both trendlines have been rejected suggesting that down trend might continue. Now, it seems wise to start looking for sell opportunities on pullbacks as the market could be too low to enter the short trade at this point. Target either S2 (1.4820) or S3 (1.4636) support levels. Support: 1.5039, 1.4819, 1.4636 Resistance: 1.5398, 1.5679
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Technical analysis of EUR/AUD for May 26, 2015
All time intervals favor bears. Bulls' last hope is at 1.3680. The 50Msma is found at 1.3688, 200Wsma is seen at 1.3684. April's low is made at 1.3685. The euro is depressed by the ECB's QE and Greek saga. In the monthly and weekly charts, lower high formation is taking place. We can observe multi lows between 1.3735 and 1.3685 in the daily chart. Lower lows formation has been extending in the daily chart as well. The pair closes below near and medium-term moving averages. Early at today's Asian session, the cross has rejected at 50Dsma. The nearest support is found at 1.4000. Ideal selling is available below 1.4000 with targets at 1.3980, 1.3950, and 1.3920 initially. Risky traders can use sl 1.4045 and sell at the current level of 1.4029. Safe selling is available below 1.3980. Until the cross closes below 1.4205, bears will aim at 1.3920, 1.3810, and 1.3750.
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Technical analysis of EUR/USD for May 27, 2015
Today is understandably a quiet day for the euro because of lack of macroeconomic data. Traders shifted the focus to the US. The US housing data added extra power to the USD bulls. USD traded higher against majors. New homes purchases in the US expanded in April. The Federal Reserve's rate hike decision depends on data release. The CB consumer confidence increased moderately in May. The Index stands at 95.4 now, up from 94.3 in April. Yesterday's positive US data raised hopes on Fed's interest rate hike. The pair has been falling for 3 days. After the liquidly returns, the pair posts a big drop at yesterday's session. In seven trading session, the pair posted 4 falling days. This shows the immense selling pressure on the euro takes place. The euro bulls lost the last hope at 1.0950 when the price closed below that. We initially advised selling with sl 1.1535, 1.1130 later, and again below 1.0940, low was made at 1.0863. At today's Asian session, the euro is trading higher against USD. Ahead of Germany Gfk consumer climate data, the euro is trading higher. We expect negative readings. Use rises to sell again for the targets at 1.0820 and 1.0800 initially. On May 25, we advised selling with targets at 1.0800 and 1.0550 later. Trade: Selling below 1.0850.
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Technical analysis of GBP/CHF for May 28, 201
Technical outlook and chart setups: The GBP/CHF pair is trading lower around the levels of 1.4550/60 for now as expected. The pair might still want to test the level of 1.4650, the upper boundary of recent trading range, before reversing lower. It is recommended to remain short and also look to add further positions on higher levels. Immediate support is seen at rhe level of 1.4550 followed by 1.4400/1.4350, 1.4150, and lower. Resistance is seen at 1.4650 (range) followed by 1.4700, 1.4850/1.4900, and higher respectively. Trading recommendations: Remain short for now, stop at 1.4760, a target is open.
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Technical analysis of USD/CHF for May 29, 2015
According to the previous events, the price of the USD/CHF pair has been trading between 0.9556 and 0.9374. The level of 0.9556 represents the weekly pivot point. It should be noted that the weekly pivot point is coinciding with a ratio of 61.8% Fibonacci retracement level. In consequence, sell below 0.9556 in the short term with the first target at 0.9374 in order to test support 1. If the trend is able to break the support 1 at 0.7374; then it might resume to 0.9287 with a view to form the double bottom. Hence, the market will indicate a bearish opportunity at the level of 0.9556 and continue towards the last bearish wave at 0.9287. However, the best location for placing your stop loss should be set at 0.9575 because the stop loss should never exceed your maximum exposure amounts.
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Technical analysis of GBP/USD for June 02, 2015
The pound hit a fresh four-week low against USD after the US manufacturing data release. The US dollar dominated against major pairs at yesterday's session. The seasonally adjusted Markit/CIPS PMI ticked higher to 52.0 in May, up from a revised reading of 51.8 in April (previously reported as 51.9). The UK manufacturing sector showed further modest expansions of both output and new orders in May. Economic activity in the manufacturing sector expanded in May for the 29th consecutive month. The overall economy grew for the 72nd consecutive month. Upcoming event: Today, traders eye construction PMI. The UK construction sector has been struggling for a while, led by housing market. Technical analysis: The cable held the 20Wsma and was trading above. The weekly support was found at 1.5150 and 1.5089. At yesterday's session, the cable touched the 100Dsma and 50Dsma junction placed at 1.5165. We expect a technical bounce with a target at 1.5300 in a day or two, later 1.5525 in the extreme case. We advised to buy between 1.5150 and 1.5100 with sl 1.5089. The same theme we still recommend this week as well. In the H1 chart, lower lows and lower highs are expanding. The price has been consolidating at 1.5200 for 8-hours. As we explained earlier, technical bounce likely. For today's session risky buying is available with sl 1.5160 and targets at 1.5240, 1.5260, and 1.5300 CMP 1.5200. Safe buying will trigger above 1.5220. Intraday support is found at 1.5160 and 1.5130. Positional buying is advised with small quantity. Bulls are likely to regain strength above 1.5300 with targets at 1.5340, 1.5380, and 1.5420. In case dip takes place buyers available between 1.5130 and 1.5100.
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Daily analysis of USDX for June 03, 2015
The US Dollat Index is testing the support level of 95.74 now. If it does a breakout in that zone, the USDX will fall to the level of 94.66. Anyway, we think this corrective move is a short-term bearish bias, because the USDX aims at the upside and the immediate resistance is seen around the level of 96.97.
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Technical analysis of EUR/USD for June 24, 2015
When the European market opens, economic data on Belgian NBB Business Climate is due.The US will release data on Crude Oil Inventories, Final GDP Price Index q/q, anf Final GDP q/q. So amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1227.
Strong Resistance:1.1221.
Original Resistance: 1.1210.
Inner Sell Area: 1.1199.
Target Inner Area: 1.1173.
Inner Buy Area: 1.1148.
Original Support: 1.1136.
Strong Support: 1.1126.
Breakout SELL Level: 1.1120.
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Daily analysis of GBP/USD for June 25, 2015
GBP/USD was moving in a bearish trend during yesterday's session as we can see on daily chart. Now it's looking for an opportunity to fall to the 200 SMA. Anyway, if that happens, GBP/USD will remain bullish in our mid-term outlook as long as it stays above that moving average. However, if the pair does a breakout at the resistance level of 1.5775, it will reach the level of 1.5898.
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Technical analysis of USD/JPY for June 25, 2015
USD/JPY is expected to trade in a lower range. It is undermined by the flows to the safe-haven yen amid increased risk aversion (VIX fear gauge rose 9.5% to 13.26, S&P 500 closed 0.74% lower at 2,108.58 overnight) on renewed worries over Greece's debt crisis. After a list of economic measures, Greece said it was willing to undertake in exchange for financial aid, was rejected. USD/JPY is also weighed by lower US Treasury yields (10-year slipped 3.7 bps to 2.372% Wednesday) and Japan's exports. But USD sentiment is soothed as the US Q1 GDP was revised to -0.2% from previous estimate of -0.7%. USD/JPY losses are also tempered by the demand from the Japanese importers and the Bank of Japan's ultra-loose monetary policy.
Technical comment: The daily chart is mixed as stochastics is rising from oversold levels but the MACD is bearish, bearish shooting-star candlestick pattern was completed on Wednesday.
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. As long as the price holds above its pivot point, long positions are recommended with the first target at 124.60 and the second target at 125. In the alternative scenario, short positions are recommended with the first target at 123.30 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 122.95. The pivot point is at 124.15.
Resistance levels: 124.60 125 125.45
Support levels: 122.30 122.95 122.55
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Technical analysis of EUR/USD for June 29, 2015
When the European market opens, economic data on the Spanish Flash CPI y/y and German Prelim CPI m/m is due. The US will release economic data on the Pending Home Sales m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1028.
Strong Resistance:1.1022.
Original Resistance: 1.1011.
Inner Sell Area: 1.1000.
Target Inner Area: 1.0975.
Inner Buy Area: 1.0950.
Original Support: 1.0939.
Strong Support: 1.0928.
Breakout SELL Level: 1.0922.
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Daily analysis of GBP/USD for June 30, 2015
GBP/USD closed the bearish gap. On the daily chart, we still can observe a test at the resistance level of 1.5755 and if the pair does a breakout over there, it would be expected to test the next key high around the level of 1.5898. Also, bulls are getting stronger, but bear in mind the current situation in Greece. At the H1 chart, GBP/USD has been trading sideways, but remains above the 200 SMA. The current situation in Greece makes us think about the possibility to take long positions at this stage. GBP/USD is expected to rally towards new highs, as 200 SMA provides dynamic support, but be cautious anyway.
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Daily analysis of GBP/USD for June 30, 2015
GBP/USD closed the bearish gap. On the daily chart, we still can observe a test at the resistance level of 1.5755 and if the pair does a breakout over there, it would be expected to test the next key high around the level of 1.5898. Also, bulls are getting stronger, but bear in mind the current situation in Greece. At the H1 chart, GBP/USD has been trading sideways, but remains above the 200 SMA. The current situation in Greece makes us think about the possibility to take long positions at this stage. GBP/USD is expected to rally towards new highs, as 200 SMA provides dynamic support, but be cautious anyway.
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EUR/JPY Intraday Technical Analysis
In Asia, Japan will release the Final Manufacturing PMI, Tankan Non-Manufacturing Index, and Tankan Manufacturing Index. The US is expected to unveil data on Total Vehicle Sales, Crude Oil Inventories, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, ADP Non-Farm Employment Change, and Challenger Job Cuts y/y. So, there is a strong probability that USD/JPY will move with a low to medium volatility during the Asian session, but with a medium volatility during the US session.
TODAY TECHNICAL LEVELS:
Resistance. 3: 123.17.
Resistance. 2: 122.93.
Resistance. 1: 122.69.
Support. 1: 122.40.
Support. 2: 122.16.
Support. 3: 121.92.
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EUR/JPY Intraday Technical Analysis
In Asia, Japan will release the Final Manufacturing PMI, Tankan Non-Manufacturing Index, and Tankan Manufacturing Index. The US is expected to unveil data on Total Vehicle Sales, Crude Oil Inventories, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, ADP Non-Farm Employment Change, and Challenger Job Cuts y/y. So, there is a strong probability that USD/JPY will move with a low to medium volatility during the Asian session, but with a medium volatility during the US session.
TODAY TECHNICAL LEVELS:
Resistance. 3: 123.17.
Resistance. 2: 122.93.
Resistance. 1: 122.69.
Support. 1: 122.40.
Support. 2: 122.16.
Support. 3: 121.92.
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Technical analysis of GBP/CHF for July 02, 2015
Technical outlook and chart setups: The GBP/CHF pair is trading around 1.4770 after testing resistance at 1.4800 levels yesterday. Please note that the pair has produced a bearish evening star candlestick pattern indicating a potential pullback lower. It seems that the first leg of a rally from the level of 1.4150 havebeen finished and a corrective drop towards 1.4400 should take place soon. It is recommended to remain short with risk at 1.4830. Immediate support is seen at 1.4500/50 followed by 1.4400 and lower. Resistance is seen at 1.4800 and higher respectively.
Trading recommendations: Remain short for now, stop is at 1.4830, a target is 1.4400.
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Daily analysis of major pairs for July 6, 2015
EUR/USD: The market is berish now and the price is expected to continue going further downwards. It should be able to test at least the support level of 1.1000 and 1.0950 this week. Only a movement above the resistance line at 1.1400 could render this expectation invalid.
USD/CHF: Following the severe bearish plunge that happened on June 29, the USD/CHF pair has vividly rallied. The price has gone upwards by 250 pips from the support level at 0.9250, testing the resistance level at 0.9500. There is currently a shallow bearish retracement in the market but the resistance level of 0.9500 could be tested again, and eventually breached to the upside. When the price goes below the support of 0.9250, the existing bullish outlook would be useless.
GBP/USD: As forecasted, the GBP/USD pair broke below the distribution territory of 1.5650 testing the recalcitrant accumulation territory around 1.5600. The recent equilibrium phase is over, and it has resulted in a Bearish Confirmation Pattern. There is a possibility that this is the beginning of a protracted downtrend.
USD/JPY: The USD/JPY pair provides short-term traders and scalpers with an opportunuty to thrive. There have been short-term swings in the market as the oscillates between the supply level of 124.00 and the demand level of 122.00. The market calls for a break above the aforementioned supply level or demand level before there could be strong directional movement.
EUR/JPY: We expext significant strengthening in the euro to cause the instrument to skyrocket this week; whereas, any serious weakness in the euro would cause it to plummet.
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Daily analysis of GBP/USD for July 07, 2015
GBP/USD found bottom around the 200 SMA on the daily chart and now we could expect some kind of rebound over there in order to reach the resistance level of 1.5755. However, if the pair does a breakout at the support level of 1.5543, it would be expected to test a low around 1.5450. The MACD indicator is still at negative territory.
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Daily analysis of GBP/USD for July 09, 2015
On the daily chart, GBP/USD continues to trade lower. Now, it is looking for an opportunity to break the support level of 1.5327 in order to achieve 1.5243. The current structure is still caling for the upside in this time frame because the pair hasn't break the invalidation zone at 1.5243 yet in order to invalidate our overall bullish outook.
GBP/USD is forming a lower low pattern in the H1 chart and the current price action is calling for more falls in the short term. However, bear in mind that the pair is still weak but oversold in lower time frames. That is why we would like to see a bullish corrective move accross at least the resistance of 1.5412.
Daily chart's resistance levels: 1.5450 / 1.5543
Daily chart's support levels: 1.5327 / 1.5243
H1 chart's resistance levels: 1.5363 / 1.5412
H1 chart's support levels: 1.5329 / 1.5269
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 1.5329, take profit is at 1.5269, and stop loss is at 1.5388.
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Technical analysis of NZD/USD for July 10, 2015
The daily pivot point sets at the price of 0.6766.
Overview: The NZD/USD pair is still moving in a strong downward trend in the medium time frame. Additionally, according to the previous events, the NZD/USD pair has still been trapped between 0.6772 and 0.6700. So, it makes sense to be neutral at this spot for that we expect a daily range of 72 pips approximately. Equally important, the support has set at the level of 0.6691 and minor support has set at 0.6728 since yesterday. On the other hand, the strong resistance had already placed at 0.6772 and 0.6807, which are coinciding with the ratios of 50% Fibonacci retracement levels and the golden ratio respectively.
The NZD/USD pair will give a good sign to sell below 0.6772 and 0.680 with a target of 0.6728. Also, if the trend is able to break the level of 0.6728, it will resume to 0.6700. However, if the trend fails to close below the strong support (0.6700), the market will indicate a bullish opportunity above 0.6700 in the short term. Thereupon, the level of 0.6700 is going to act as strong support. Therefore, it will a good sign to buy during the correction and open short trades above it 0.6700 with a target at 0.6775.
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Technical analysis of GBP/CHF for July 13, 2015
In Asia, Japan is not expected to release economic data today. However, the US will publish data data on the Natural Gas Storage, CB Leading Index m/m, Philly Fed Manufacturing Index, Current Account, Unemployment Claims, Core CPI m/m, amd CPI m/m. So, there is a big probability that USD/JPY will move with low to medium volatility during the day.
Technical outlook and chart setups:
The GBP/CHF pair is trading around the levels of 1.4550/60 at the moment and is expected to resume its rally from the level of 1.4400. As seen here, the support trendline and fibonacci 0.618 support level is passing through the same region (1.4400/30). It is hence recommended to initiate fresh long positions around 1.4400/30 with risk at 1.4250. Immediate support is seen at the level of 1.4400 followed by 1.4250 and lower while resistance is seen around 1.4725 followed by 1.4830 and higher respectively. Bulls should be poised to push the pair through fresh swing highs around 1.4400/30.
Trading recommendations:
Initiate long positions around 1.4400/30 levels, stop is at 1.4250, a target is open.
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Daily analysis of GBP/USD for July 14, 2015
GBP/USD made an important pullback at the resistance level of 1.5543, which could be the first step towards a lower low in the daily chart. Also, we should expect a breakout at the support level of 1.5450, with a target placed around the zone of 1.5327. The MACD indicator remains at negative territory supporting our short-term bearish outlook, but be cautious with possible trend-changes.
On the H1 chart, GBP/USD was rejected by the price zone above the 200 SMA and now it's looking to test the support level of 1.5458. Now, the near-term target is placed at the downside, around the support level of 1.5458. If the pair manage to brake that level, it would be expected to test the level of 1.5412 very soon.
Daily chart's resistance levels: 1.5543 / 1.5640
Daily chart's support levels: 1.5450 / 1.5327
H1 chart's resistance levels: 1.5524 / 1.5596
H1 chart's support levels: 1.5458 / 1.5412
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 1.5458, take profit is at 1.5412, and stop loss is at 1.5501.
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Technical analysis of EUR/USD for July 15, 2015
The pair managed to move higher, but rejected at the higher levels again. It closed below 100Dsma. ZEW indicator of economic sentiment inGermany slightly declined in July 2015. It decreased by 1.8 points compared to the previous month and now stands at the level of 29.7. Besides, US retail sales data unexpectedly fell down 0.3%. May's numbers were revised little bit down. Trend- The weekly resistance is seen at 1.1035, 1.1095, and 1.1125. Until the pair closes below 1.1125 use every rise to sell towards 1.0720 and even 1.0500. Earlier, the pair made a double top at 1.1465 and at 1.1225 is a new cap. We are pesimistic about the longer-term forecast. Intraday- The pair was rejected at 100Dsma (1.1020) again at today's Asian session.The intraday support is found at 1.0990 and 1.0970. Strong selling emerges below 1.0890 towards 1.0850 initially. Later, it is likely to expand a bearish wave towards 1.0720. Intraday resistance is seen at 1.1020, 1.1050, and 1.1085. The selling trade is available with sl 1.1025 targets at 1.0970, 1.0950, 1.0920, and 1.0890. If a bounce takes place, use rises to sell with sl 1.1070 during a day.
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GBP/USD - Weekly and Monthly Pivot Points for July 02 - 06, 2012
Technical outlook and chart setups:
Silver is trading around the level of $15.05 after hitting lows at $15.00 overnight. Please note that the metal is trading right around its fibonacci 0.618 support around $15.00/20 as depicted here. Furthermore, the metal had taken out resistance at $15.85 earlier, and is expected to move higher towards $16.40/50. It is hence recommended to remain long for now with risk at $14.30 . Immediate support is seen at $14.50/60 followed by $14.30 and lower, while resistance is seen at $16.40 followed by $17.20 and higher respectively.
Trading recommendations:
Remain long, stop is at $14.30, a target is open.
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Technical analysis of AUD/USD for July 20, 2015
Ahead of the major events, the aussie is trading lower against USD. Monetary policy meeting minutes ate due today, data on CPI and speech of RBA governor Stevens are scheduled for tomorrow. Today, the pair opened on a bearish note. The nearest support zone is found at 0.7330, 0.7300, and 0.7250. In the daily chart, the pair closed below a neckline of a bearish h&s pattern. This indicates further lows in the coming weeks. The weekly resistance is seen at 0.7380, 0.7420, and 0.7500. Earlier, the pair made a double top at 0.7500. Use rises to sell until the price closes below 0.7500. At the intraday session, selling is available below 0.7330 with targets at 0.7300, 0.7250, and 0.7220.
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Technical analysis of EUR/USD for July 21, 2015
Given lack of macroeconomic data, today is understandably a quiet day on the euro and USD markets. Things should pick up rapidly on Friday, however as we don't have a number of high-impact data releases to look forward. The pair closed below 20Wsma.
The pair reached a large distribution territory between 1.1467 and 1.1437. In the daily chart, the pair lost all moving averages. The nearest support is found at 1.0785. We advised selling on rises with a target at 1.0720. The 20Wsma is seen at 1.1080. In different time intervals (hourly and daily charts), the oscillators indicate oversold levels.
The pair has been reaching lower lows and lower highs, falling below the lower end of the ascending trendline. We recommend fresh selling only below 1.0780 with an initial target at 1.0720 and extending towards 1.0630 later.
Intraday resistance is seen at 1.0840, 1.0870, and 1.0910. Support is found at 1.0790, 1.0750, and 1.0720.
Weekly resistance is seen at 1.0920, 1.0960, and 1.0980. Support is found at 1.0790, 1.0720, and 1.0650.
Monthly support is found at 1.0730.
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Technical analysis of USD/JPY for July 22, 2015
USD/JPY is expected to consolidate with bullish bias. USD/JPY is underpinned by the positive dollar sentiment (ICE spot dollar index last 97.96 versus 97.66 early Friday) on a larger-than-expected 9.8% on-month increase in the US June housing starts (versus forecast +7.1%), while +0.3% US June CPI (matching forecast) bolstered expectations that the Federal Reserve will begin tightening its policy this year. USD/JPY is also supported by the Bank of Japan's ultra-loose monetary policy, reduced safe-haven appeal of the yen as investor risk aversion recedes (VIX fear gauge eased 1.32% to 11.95; S&P 500 closed up 0.11% at 2,126.64 Friday) amid easing concerns about Greece and signs of stabilization in China stock markets. But USD sentiment is dented by the weaker-than-expected US July preliminary University of Michigan consumer sentiment index of 93.3 (versus forecast 95.5). USD/JPY upside is also limited by the profit-taking on short JPY positions and buy-yen orders from Japan's exporters. Technical comment: The daily chart is still positive-biased as the MACD and stochastics are bullish, although the latter one is at overbought levels. Five-day moving average is above 15-day moving average and is advancing. 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. As long as the price holds above its pivot point, long positions are recommended with the first target at 124.35 and the second target at 124.60. In the alternative scenario, short positions are recommended with the first target at 123.70 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 123.35. The pivot point is at 123.90.
Resistance levels: 124.35 124.60 124.90
Support levels: 123.70 123.35 123
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Technical analysis of EUR/USD for July 27, 2015
When the European market opens, economic news Private Loans y/y, M3 Money Supply y/y, German Ifo Business Climate, and German Import Prices m/m is due. The US will release data about Durable Goods Orders m/m and Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1025.
Strong Resistance:1.1019.
Original Resistance: 1.1008.
Inner Sell Area: 1.1997.
Target Inner Area: 1.0972.
Inner Buy Area: 1.0947.
Original Support: 1.0936.
Strong Support: 1.0925.
Breakout SELL Level: 1.0919.
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Daily analysis of GBP/USD for July 28, 2015
On the daily chart, GBP/USD is trading slightly bullish, but it is still ins the zone around the 200 SMA. We should expect a rally towards the resistance zone of 1.5640 and also, a higher continuation towards new highs. However, if a pullback take place at currentl evels, it would be expected to test the support zone of 1.5450.
GBP/USD found a strong bottom around the level of 1.5502 and now it is trading above the 200 SMA on the H1 chart. There is a resistance level of 1.5568 still to be broken during this bullish road, but eventually, the pair could trade higher again in order to reach new highs. We should expect a bullish consolidation for the mid-term when GBP/USD moves above that moving average again.
Daily chart's resistance levels: 1.5543 / 1.5640
Daily chart's support levels: 1.5450 / 1.5332
H1 chart's resistance levels: 1.5568 / 1.5594
H1 chart's support levels: 1.5524 / 1.5502
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 1.5568, take profit is at 1.5594, and stop loss is at 1.5542.
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Technical analysis of EUR/USD for July 30, 2015
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When the European market opens, economic data on the Italian 10-y Bond Auction, ECB Economic Bulletin, German Unemployment Change, Spanish Flash GDP q/q, Spanish Flash CPI y/y, and German Prelim CPI m/m is due. The US will publish data on Natural Gas Storage, Advance GDP Price Index q/q, Unemployment Claims, and Advance GDP q/q. So amid the reports, EUR/USD will move low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1034.
Strong Resistance:1.1028.
Original Resistance: 1.1017.
Inner Sell Area: 1.1006.
Target Inner Area: 1.0981.
Inner Buy Area: 1.0966.
Original Support: 1.0945.
Strong Support: 1.0936.
Breakout SELL Level: 1.0929.
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Technical analysis of USD/JPY for August 03, 2015
In Asia, Japan will release data on the Final Manufacturing PMI. The US will publish economic news about Vehicle Sales, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, Personal Income m/m, ersonal Spending m/m, and Core PCE Price Index m/m. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.
TODAY TECHNICAL LEVELS:
Resistance. 3: 124.61.
Resistance. 2: 124.36.
Resistance. 1: 124.12.
Support. 1: 123.83.
Support. 2: 123.58.
Support. 3: 123.34.
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Technical analysis of EUR/USD for August 04, 2015
https://forex-images.instaforex.com/...4/!_EURUSD.jpg
When the European market opens, some data on the PPI m/m and Spanish Unemployment Change is due.The US will release data on the Loan Officer Survey, IBD/TIPP Economic Optimism, and Factory Orders m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1004.
Strong Resistance:1.0998.
Original Resistance: 1.0987.
Inner Sell Area: 1.0976.
Target Inner Area: 1.0951.
Inner Buy Area: 1.0926.
Original Support: 1.0915.
Strong Support: 1.0904.
Breakout SELL Level: 1.0898.
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EUR/USD Technical Levels and Trading Recommendations for August 5, 2015
When the European market opens, economic data on Retail Sales m/m, Italian Industrial Production m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI is due. The US will unveil data about Crude Oil Inventories, ISM Non-Manufacturing PMI, Final Services PMI, Trade Balance, and ADP Non-Farm Employment Change. So amid the reports, EUR/USD will move low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.0937.
Strong Resistance:1.0931.
Original Resistance: 1.0920.
Inner Sell Area: 1.0909.
Target Inner Area: 1.0884.
Inner Buy Area: 1.0859.
Original Support: 1.0848.
Strong Support: 1.0837. Breakout SELL Level: 1.0831.
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USD/CAD intraday technical levels and trading recommendations for August 5, 2015
https://forex-images.instaforex.com/.../cadweekly.png
https://forex-images.instaforex.com/...caddaillyy.png
Overview: When bulls pushed the price further above 79.6% Fibonacci level, the market looked quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in a formation of successive lower highs (within the depicted consolidation zone) enhancing the bearish side of the market. Daily fixation below 1.2300 opened a way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend). Bullish support was found around these levels. Successive higher lows were established. Bullish pressure was applied against the resistance levels of 1.2450 and 1.2500 (previous tops). On the other hand, the previous weekly candlestick came frank bullish. That is why, an extensive bullish movement is seen on the chart. A bullish breakout above the price zone of 1.2770-1.2800 has been executed. Earlier, signs of lacking bullish momentum were manifested on the chart. A bearish corrective movement was initiated towards the levels of 1.2900-1.2850. However, a new bullish swing is taking place today, especially after Friday's bullish engulfing candlestick. The long-term bullish projection target would be located at the level of 1.3270 if enough bullish support is maintained.
Trading recommendations: Traders can wait for a bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the Breakout level constitutes the recent support. Stop Loss should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.
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Technical analysis of AUD/USD for August 7, 2015
Trading recommendations: As it is known, sellers are asking for a higher price as well as buyers are looking for a lower price. Therefore, the first key level will set at 0.7420. The second key level will set at 0.7380 today. Equally important, the AUD/USD pair has been trading between 0.7420 and 0.7283. Additionally, it should be noted that the range was about 76 pips today and around 173 till next week. Furthermore, the trend was very clear and was indicating downtrend. We expect that the trend is going to call for a bearish market at the level of 0.7420 in the H1 chart (last top). As a result, sell at the level of 0.7420 with the first target at 0.7314. It might resume to 0.7283 in order to test the support. Also, it should be noted that the double bottom will set at 0.7234. On the other hand, your stop loss should be placed above the level of 0.7420, Thus, it will be helpful to set it at the level of 0.7463.
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Technical analysis of USD/JPY for August 10, 2015
USD/JPY is expected to trade with bullish bias. With the US dollar index traded at 97.712, the greenback has failed to hold its gains made immediately after the US government reported last Friday that non-farm sector added 215K jobs in July (vs +225K expected, +223K in June). Even though the robust number suggests that the Federal Reserve could raise interest rates this year, traders expect rate increases to be slow, and the US dollar's upside is limited. USD/JPY broke above its previous key support at 124.45 and remains upside. The 20-period intraday moving average is below the 50-period one, while the intraday RSI stays within the selling area between 50 and 30. So, even though a continuation of a technical rebound cannot be ruled out, its extent should be limited. The key resistance is set at 124.45 and the first upside target at 125.25 (around last Friday's low). The second downside target is set at further support at 125.60. Technical comment: The daily chart is positive-biased as stochastics is bullish, the MACD histogram bars are turned positive. Trading recommendations: The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price keeps above its pivot point, long positions are recommended with the first target at 125.25 and the second target at 125.60. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 124.30. A break of this target would push the pair further downwards, and one may expect the second target at 124.10. The pivot point is at 124.45.
Resistance levels: 125.25 125.60 126
Support levels: 124.30 124.10 123.70
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USDX technical analysis for August 12, 2015
The Dollar index is testing the important short-term support level of 97. The Dollar index has made a bearish reversal towards trend line support but bulls continue to hold the upper hands. As long as price is above 97, bulls should feel safer.
Red line - resistance
Green line - support
The Dollar index has pulled back towards 97 area as expected and tested the Ichimoku cloud and the green trend line. Trend remains bullish but with some reversal signs. Bulls will be in danger if we see a daily close below 97. The double top at 98.20 is not a good sign for the next couple of weeks.
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