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Elliott wave analysis of EUR/JPY for October 14, 2015
Technical summary:
We continue to watch for a continuation higher towards 141.00 over coming days/weeks. In the short term, we would like to find support at 135.63 to protect the downside for a break above minor resistance at 136.60 and more importantly above resistance at 136.95 for a continuation higher towards 138.10 as the ideal target for red wave iii. After a minor sideways consolidation, more upside room towards 141.00 would be expected. Only a breakout below 135.63 would question the upside expectations, but it will take a break below 134.62 to invalidate the bullish outlook.
Trading recommendation: We are long EUR from 135.10 with stop placed at 135.30. If you are not long EUR yet, buy near 136.00 or upon a break above 136.60, using the same stop at 135.30.
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Daily analysis of USDX for October 16, 2015
On the daily chart, the USDX is currently trying to stay above the 200 SMA, because a decline is no longer strong on a short-term basis. However, this scenario could change when the index manages to form a lower low pattern to reach new lows. A rebound at the current stage could send the USDX to the resistance level of 95.26.
The index is recovering from the losses on an intraday basis and now is facing the resistance level of 94.61. In case of a breakout, the USDX is likely to move towards 94.98, where the 200 SMA is located. At the current stage, we can expect a pullback, which should not extend more than above the range zone of 94.73.
Daily chart's resistance levels: 94.36 / 95.26
Daily chart's support levels: 93.16 / 92.33
H1 chart's resistance levels: 94.61 / 94.98
H1 chart's support levels: 94.15 / 93.73
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US dollar index breaks with a bearish candlestick; the support level is seen at 94.15, take profit is at 93.73, and stop loss is at 94.58.
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Technical analysis of USD/JPY for October 21, 2015
In Asia, Japan will release data on all industry activity m/m and the trade balance. The US will publish economic data on Crude Oil Inventories. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Resistance. 3: 120.51.
Resistance. 2: 120.28.
Resistance. 1: 120.05.
Support. 1: 119.76.
Support. 2: 119.53.
Support. 3: 119.28.
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Technical analysis of EUR/USD for October 22, 2015
https://forex-images.instaforex.com/...2/!_EURUSD.jpg
When the European market opens, some economic news on the Consumer Confidence, Minimum Bid Rate, and Spanish Unemployment Rate.The US will release data on the Natural Gas Storage, CB Leading Index m/m, Existing Home Sales, HPI m/m, and Unemployment Claims. So amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1402.
Strong Resistance:1.1395.
Original Resistance: 1.1384.
Inner Sell Area: 1.1373.
Target Inner Area: 1.1346.
Inner Buy Area: 1.1319.
Original Support: 1.1308.
Strong Support: 1.1297.
Breakout SELL Level: 1.1290.
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echnical analysis of EUR/USD for October 23, 2015
https://forex-images.instaforex.com/...3/!_EURUSD.jpg
When the European market opens, some economic news on the Belgian NBB Business Climate, Italian Retail Sales m/m, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI is due to be released. The US will unveil economic data on the Flash Manufacturing PMI. So amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1136.
Strong Resistance:1.1130.
Original Resistance: 1.1119.
Inner Sell Area: 1.1108.
Target Inner Area: 1.1082.
Inner Buy Area: 1.1056.
Original Support: 1.1045.
Strong Support: 1.1034.
Breakout SELL Level: 1.1028.
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Daily analysis of GBP/USD for October 26, 2015
https://forex-images.instaforex.com/...5/GBPUSDH1.png
On the H1 chart, there is a pullback in progress from the 200 SMA until the support level of 1.5306, where the GBP/USD pair is expected to find a bottom. A rebound over there will push the pair towards the resistance level of 1.5339, where a breakout can happen for another rally towards the zone 1.5374. The 200 SMA is slightly pointing to the downside. Our short-term outlook remains bullish as long as the pair continues to trade above the level of 1.5264.
H1 chart's resistance levels: 1.5339 / 1.5374
H1 chart's support levels: 1.5306 / 1.5264
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 seen at 1.5339, take profit is at 1.5374, and stop loss is at 1.5305.
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Technical analysis of EUR/USD for October 27, 2015
When the European market opens, economic news on Private Loans y/y and M3 Money Supply y/y is due to be released. The US will publish data about the Richmond Manufacturing Index, CB Consumer Confidence, Flash Services PMI, S&P/CS Composite-20 HPI y/y, Durable Goods Orders m/m, and Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1111.
Strong Resistance:1.1105.
Original Resistance: 1.1094.
Inner Sell Area: 1.1083.
Target Inner Area: 1.1057.
Inner Buy Area: 1.1031.
Original Support: 1.1020.
Strong Support: 1.1009.
Breakout SELL Level: 1.1003.
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Daily analysis of GBP/USD for October 28, 2015
IThe current structure still seems to call for more downside moves as the pair is consolidating below the 200 SMA in the H1 chart. We can see a lower low pattern formation above the support level of 1.5296. A breakout below that zone will expose the GBP/USD pair to test the level of 1.5262. However, we cannot discard a corrective move until the level of 1.5339.
H1 chart's resistance levels: 1.5339 / 1.5365
H1 chart's support levels: 1.5296 / 1.5262
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 seen at 1.5296, take profit is at 1.5265, and stop loss is at 1.5331.
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Technical analysis of EUR/JPY for October 29 2015
Technical outlook and chart setups:
The EUR/JPY pair seemed to reach a major low at 131.57 yesterday. Please note that the daily chart view presented here suggests that the pair has bounced off the fibonacci 0.618 support levels of the entire rally from the sub-level of 126.00 through 141.00 earlier. The low formed yesterday could be a major infliction point for the next potential rally through fresh swing highs. It is highly recommended to initiate fresh long positions now with risk around 131.40/50. Immediate support is seen at 131.00 followed by 129.00 and lower, while resistance is seen at 137.00 followed by 138.00/139.00 and higher.
Trading recommendations: Initiate fresh long positions with stop at 131.40/50, a target is open.
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Technical analysis of EUR/USD for October 30, 2015
Overview:
The The daily pivot is set at the leve the level of 1.1009. Also, the minor resistance level is seen at 1.1009 today. The price is around this key level now. Consequently, the market will call for a bullish trend, if the price holds above the level of 1.1009. Accordingly, if the trend fails to close below the daily pivot point, it will be a good opportunity to buy above the level of 1.1015 with the first target at 1.1080, then it is expected to continue moving in an uptrend towards 1.1133 in order to test the daily resistance 1. At the same time, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. As a result, the best location to set your stop loss should be placed below the level of 1.0975. It should be noted that the level of 1.0905 represents the double bottom.
Notes:
The daily support is found at the level of 1.0950. The major resistance is seen at the 1.1133. We saw an insignificant range of 68 pips yesterday because the volatility was not high. But, today we expect a large range between 1.0905 and 1.1133.
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Daily analysis of GBP/USD for USDX 02, 2015
USDX is trying to make a rebound above the 200 SMA on H1 chart, and that could happen in the short-term because of the current fractal structure placed on this Index. A breakout above the 97.16 level will open the doors to the 97.51 price zone. In another scenario, bears could take control of the short-term bias when the USDX is making a lower low pattern below the 200 SMA this week. MACD indicator is on the positive territory.
H1 chart's resistance levels: 97.16 / 97.51
H1 chart's support levels: 96.71 / 96.40
Trading recommendations for today:
Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 97.16, take profit is at 97.51, and stop loss is at 96.81.
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Technical analysis of USD/JPY for November 03, 2015
https://forex-images.instaforex.com/...3/!_USDJPY.jpg
In Asia, Japan will not release any economic data. However, the US will release some economic data such as Total Vehicle Sales, IBD/TIPP Economic Optimism, and Factory Orders m/m. So there is a big probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Resistance. 3: 121.35.
Resistance. 2: 121.12.
Resistance. 1: 120.88.
Support. 1: 120.58.
Support. 2: 120.35.
Support. 3: 120.11.
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Daily analysis of GBP/USD for November 04, 2015
GBP/USD made a rebound around the 200 SMA price zone on H1 chart. Now it's trying to break again the support level of 1.5415. It seems there is a bullish consolidation ongoing, because the current structure is still calling for more upsides. However, if the Cable does a breakout at the 1.5368 level, then it's expected to test the 1.5300 psychological level in the short term. MACD indicator is still on the positive territory.
H1 chart's resistance levels: 1.5461 / 1.5492
H1 chart's support levels: 1.5415 / 1.5368
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 1.5415, take profit is at 1.5368, and stop loss is at 1.5461.
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Daily analysis of GBP/USD for November 05, 2015
On H1 chart, there is still a calling downside for GBP/USD, as the pair is trying to break support zone of 1.5368 in an effort to reach the 1.5328 level, which is below the 200 SMA. However, a rebound is expected towards the 1.5415 level in coming hours. By the way, there is a double bottom pattern in formation on H1 chart. MACD indicator is still on the negative territory.
H1 chart's resistance levels: 1.5415 / 1.5461
H1 chart's support levels: 1.5368 / 1.5328
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 1.5368, take profit is at 1.5328, and stop loss is at 1.5409.
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Daily analysis of USDX for November 06, 2015
On H1 chart, we should note the USDX is waiting for the next US NFP release, which will be published during today's American session. That's why we're still expecting a breakout higher and we could see the US Dollar at higher levels next week. Bear in mind that the Index is trapped inside an extreme zone, so pullbacks shouldn't be discarded at this stage. MACD indicator is entering the negative territory.
H1 chart's resistance levels: 97.16 / 97.51
H1 chart's support levels: 96.71 / 96.40
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 98.03, take profit is at 98.31, and stop loss is at 97.76.
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Technical analysis of EUR/USD for November 09, 2015
When the European market opens, some economic news will be released such as Eurogroup Meetings minutes, Sentix Investor Confidence, and German Trade Balance. The US will release the macroeconomic report too such as the Labor Market Conditions Index m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS: Breakout BUY Level: 1.0782. Strong Resistance:1.0776. Original Resistance: 1.0765. Inner Sell Area: 1.0754. Target Inner Area: 1.0729. Inner Buy Area: 1.0704. Original Support: 1.0693. Strong Support: 1.0682. Breakout SELL Level: 1.0676.
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Technical analysis of GBP/CHF for November 11, 2015
Technical outlook and chart setups:
The GBP/CHF pair rallied through the resistance levels around 1.5220/30, and even exceeded by a few pips before pulling back. As we can see on the H4 chart, the pair has also hit the Fibonacci resistance at 0.618 and produced a pin bar candle indicating a potential reversal. If the level of 1.5350 manages to hold the next leg could be on the lower side. It is hence recommended to go short now, with risk above 1.5350 levels. Immediate support is seen at the 1.4950, followed by 1.4700 and lower, while resistance is seen at 1.5350 (interim), followed by 1.5400.
Trading recommendations:
Stay short now, stop is at 1.5380, a target is 1.4820.
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Technical analysis of USD/JPY for November 12, 201
In Asia, Japan will release data on the 30-y Bond Auction, PPI y/y and Core Machinery Orders m/m. The US will publish economic news on the Federal Budget Balance, 30-y Bond Auction, Crude Oil Inventories, JOLTS Job Openings, and Unemployment Claims. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Resistance. 3: 123.46.
Resistance. 2: 123.22.
Resistance. 1: 122.98.
Support. 1: 122.69.
Support. 2: 122.45.
Support. 3: 122.21.
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Technical analysis of USD/JPY for November 13, 2015
In Asia, Japan will release data on the Tertiary Industry Activity m/m and Revised Industrial Production m/m. The US will publish some economic news on the Natural Gas Storage, Prelim UoM Inflation Expectations, Business Inventories m/m, Prelim UoM Consumer Sentiment, Core PPI m/m, Retail Sales m/m, Retail Sales m/m, PPI m/m, and Core Retail Sales m/m. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Resistance. 3: 123.31.
Resistance. 2: 123.07.
Resistance. 1: 122.84.
Support. 1: 122.54.
Support. 2: 122.30.
Support. 3: 122.06.
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Technical analysis of EUR/USD for November 16, 2015
When the European market opens, some economic news on the German Buba Monthly Report, ECB President Draghi Speaks, Final Core CPI y/y, and Final CPI y/y is due to be released.The US will unveil economic data on the Empire State Manufacturing Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.0775.
Strong Resistance:1.0769.
Original Resistance: 1.0758.
Inner Sell Area: 1.0747.
Target Inner Area: 1.0722.
Inner Buy Area: 1.0697.
Original Support: 1.0686.
Strong Support: 1.0675.
Breakout SELL Level: 1.0669.
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Elliott wave analysis of EUR/JPY for November 17, 2015
Wave summary:
We continue watching for renewed downside pressure as the next impulsive decline towards 124.54 unfolds. We have seen the first minor impulsive wave (wave i) to 130.64 and wave ii is currently unfolding. Ideally, wave ii will stay below minor resistance at 132.30 for the next impulsive wave lower towards at least 128.78 and even lower to 126.65 in wave iii of (iii). Resistance at 132.76 now needs to protect the upside or an even more complex correction in wave (ii) than already seen is unfolding.
Trading recommendation:
We are short EUR from 132.09 and will move our stop lower to 132.80. If you are not short EUR already then sell near 132.30 with the same stop at 132.80.
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Daily analysis of GBP/JPY for November 19, 2015
Overview:
A sharp rise in GBP/JPY and a breakout of resistance at 188.28 invalidated our bearish view. Rebound from 180.36 is resuming and intraday bias is back on the upside. A further rally towards resistance at 195.86 would be seen again. In case of retreat, we will stay cautiously bullish as long as support at 185.98 holds. The breach of the medium-term trend-line support is taken as a sign of trend reversal. This is supported by bearish divergence condition in the weekly MACD. Also, GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A breakout of 174.86 will confirm trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious on strong resistance from 199.80/200.00, which can finally bring reversal.
Daily Pivots: (S1) 187.59; (P) 187.92; (R1) 188.58;
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Technical analysis of EUR/USD for November 20, 2015
When the European market opens, economic news on the Consumer Confidencem, German PPI m/m, and ECB President Draghi Speaks is due to be published. The US will not release any economic data today. So amid the reports, the EUR/USD pair will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.0769.
Strong Resistance:1.0763.
Original Resistance: 1.0752.
Inner Sell Area: 1.0741.
Target Inner Area: 1.0716.
Inner Buy Area: 1.0691.
Original Support: 1.0680.
Strong Support: 1.0669.
Breakout sell level: 1.0663.
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Daily analysis of Silver for November 20, 2015
Overview
The EMA50 continues forming good resistance barrier against the silver price's attempts. It keeps the bearish bias valid on an intraday and short-term basis, waiting for testing the previously recorded low at 13.96 as a next main station. Stochastic offers a negative signal now, which supports extending of the bearish trend towards 13.50 followed by 13.00 areas. Holding below the 14.85 level is important to achieve the suggested targets. The silver price hovers around the EMA50 keeping its stability below to keep the negative pressure valid on an intraday and short-term basis. Its targets begin at 13.96 and extend to
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Elliott wave analysis of EUR/JPY for November 23, 2015
Wave summary:
We continue to watch for a bottom for a rally towards 137.07. If a diagonal count is correct, then support at 130.13 should be able to protect the downside for a rally above 132.27 and more importantly a break above the resistance at 132.76 confirming the rally towards 137.07. Should the support at 130.13 be broken the diagonal/wedge count is invalidated and downside acceleration towards 126.05 should be expected.
Trading recommendation: We are long EUR from 131.25 with stop placed at 130.50. If you are not long EUR yet, then buy on a break above 132.27 and use the same stop, but expected to be raised quickly.
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Japan Manufacturing Growth At 20-Month High
Japan's manufacturing activity expanded at the fastest pace in twenty months in November, as output growth quickened, the latest flash survey from Markit Economics showed Tuesday. The Markit/ Nikkei Manufacturing Purchasing Managers' Index, or PMI, rose to 52.8 in November from 52.4 in October. A score above 50 indicates expansion in the sector. Manufacturing output cotniuned to grow sharply in November and the latest rate of increase was the fastest since March 2014. At the same time, new orders rose at a slower rate in November, while growth in exports orders accelerated to a five-month high. On the price fornt, input prices climbed at the fastest rate in four months, although inflation remained historically muted. The final manufacturing PMI figures will be published on 1st December
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Daily analysis of GBP/USD for November 24, 2015
The pair is extending losses below the 200 SMA, as we can see on the H1 chart. Currently, the support level of 1.5100 should be challenged in order to reach another low towards the zone of 1.5062. This moving average is also pointing to the downside, so bears are still getting favored by the main bias. The MACD indicator is reaching the neutral territory and that is why we should be aware of future sideways short-term moves.
H1 chart's resistance levels: 1.5142 / 1.5205
H1 chart's support levels: 1.5100 / 1.5062
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 found at 1.5100, take profit is at 1.5062, and stop loss is at 1.5138.
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Technical analysis of EUR/USD for November 25, 2015
When the European market opens, economic news on the German 10-y Bond Auction, Italian Retail Sales m/m is due to be released. The US will unveil the economic data on the Natural Gas Storage, Crude Oil Inventories, Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, New Home Sales, Flash Services PMI, HPI m/m, Personal Income m/m, Personal Spending m/m, Durable Goods Orders m/m, Core PCE Price Index m/m, Unemployment Claims, and Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS: Breakout buy level: 1.0701. Strong Resistance:1.0694. Original Resistance: 1.0684. Inner Sell Area: 1.0674. Target Inner Area: 1.0648. Inner Buy Area: 1.0623. Original Support: 1.0613. Strong Support: 1.0603. Breakout sell level: 1.0596.
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Daily analysis of USDX for November 26, 2015
On H1 chart, USDX tried to consolidate again above the 100.00 price zone, but the Index is trying to correct the current rally towards the 200 SMA around the support level of 99.25. If USDX does a rebound above it, then we could see another rally above the 100.24 level in the short term. That moving average is slightly bullish, but MACD indicator is on the negative territory.
H1 chart's resistance levels: 99.80 / 100.24
H1 chart's support levels: 99.25 / 98.82
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 99.80, take profit is at 100.24, and stop loss is at 99.37.
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Technical analysis of EUR/USD for November 27, 2015
Overview:
The EUR/USD pair is still trading between the levels of 1.0674 and 1.0587. The level of 1.0674 will indicate strong resistance; moreover, the pair is likely to find minor support level of 1.0587. Therefore, it will be quite profitable to sell at 1.0674 again (short term) with the first target at 1.0587, then it will continue towards 1.0565. Also, it should be noted that strong support was found at 1.0528 in the H1 chart. On the other hand, if the pair closes above the resistance level, then the best location for placing a stop loss is seen above 1.0674. In addition, please be aware that the trend has broken the daily support 1 and 2, for that it calls for a bearish market. Equally important is that the RSI and the Moving Average (100) are still calling for a downtrend from the area of 1.0680.
Trading recommendations: The area of 1.0680 has marked a strong support spot for that it will of the wisdom to go short below the level of 1.0680 with targets at 1.0587, 1.0565, and 1.0530. However, the stop loss should be place at 1.0696.
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Technical analysis of USD/CHF for December 02, 2015
The USD/CHF pair is expected to trade with a bullish above 1.0245. The pair is now trading sideways within an intraday range, but stands firmly above its key support at 1.0250, which has been tested for at least 4 times. The intraday relative strength index is mixed calling for caution. We should keep a close eye on the threshold at 1.0245, as long as it is not broken, look for a technical rebound to 1.0330 and 1.0370.
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 1.0330 and the second target at 1.0370. In the alternative scenario, short positions are recommended with the first target at 1.0220 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 1.0195. The pivot point is at 1.0260.
Resistance levels: 1.0330 1.0370 1.0410
Support levels: 1..0220 1.0195 1.0170
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Daily analysis of USDX for December 04, 2015
https://forex-images.instaforex.com/...203/USDXH1.png
On the H1 chart, the USDX had a very bearish reaction after the ECB meeting and that is why we can currently observe a sharp drop towards the support level of 97.60, where a temporal bottom is found. However, we can expect a corrective move until the resistance zone of 98.80 in which a breakout could open the doors to test the level of 99.25. The MACD indicator is reaching oversold conditions.
H1 chart's resistance levels: 98.80 / 99.25
H1 chart's support levels: 97.60 / 97.01
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks with a bullish candlestick; the resistance level is seen at 98.80, take profit is at 99.25, and stop loss is at 98.34.
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Global macro overview
Global macro overview for 04/12/2015:
The Non Farm Payrolls release is scheduled for 1:30 pm GMT today . Market participants expect quite nice improvement in number of jobs created: 271 K is expected versus 201 K month before. Moreover, the average hourly earnings are forecasted to rise from 0.2% to 0.4%. The unemployment rate should stay unchanged at the level of 5.0%. Please notice this jobs report is the last one before the Federal Reserves opportunity to raise rates on December 16. If the numbers come in in line or better then expected, the Fed will have green light to raise the short-term interest rates at its next meeting.
The US dollar index declined yesterday to the support level of 98.34 and broke slightly below it. The next support is seen at the level of 97.82.
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Technical analysis of GBP/JPY for December 07, 2015
GBP/JPY is expected to trade with a bullish bias above 185.50. A support base at 185.50 was formed allowing temporary stabilization. The pair is expected to look for a higher top as the relative strength index is well directed. Further upside movement is therefore expected with the next horizontal resistance and overlap set at 186.55 first. A breakout above this level would call for further advance towards 187.
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 186.55 and the second target at 187. In the alternative scenario, short positions are recommended with the first target at 185.05 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 184.55. The pivot point is at 185.50. Resistance levels: 186.55 187 187.75 Support levels: 185.05 184.55 184
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Elliott wave analysis of EUR/JPY for December 8, 2015
Wave summary:
EUR/JPY failed to test the leading diagonal resistance-line, which has prolonged the correction from 134.59 and keeps a window open for a deeper correction lower to 132.88 before the next move higher towards 136.69 to the the corrective rally of the wave (i) low at 129.62. Only a direct breakout above minor resistance at 134.12 will indicate a new test of a high of 134.95 and above here confirming the rally higher towards 136.69.
Trading recommendation: Our stop at 133.50 was hit for a small loss. We will re-buy EUR at 132.95 or upon a breakout above 134.12 (one order done cancels the other).
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Daily analysis of Silver for December 09, 2015
Overview
The silver price continues fluctuating near the previously breached minor bearish channel's resistance level, keeping its stability above this level. It keeps the bullish trend scenario valid and active for today. It depends on the stability above the 13.96 level, while its main target is located at 14.85. Remember to monitor the price behavior when reaching any of the above-mentioned levels as breaching the 14.85 level will lead the price to achieve more gains. Breaking of 13.96 represents the key of resuming the main bearish trend, which next targets are located at 13.50 then 13.00. On the other hand, you should take into consideration that breaking of the 13.96 level will stop the suggested rise and push the price to decline again.
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Technical analysis of Gold for December 10, 2015
Technical outlook and chart setups:
Gold is trading around $1,072.00/73.00 now looking for an opportunity to drop lower to the levels of $1,060.00/62.00 before resuming its previous rally. Please note that Fibonacci 0.618 support of the rally between $1,045.00 and $1,090.00 also falls around the levels of $1,060.00. Furthermore, the immediate resistance line turned support. It is recommended to exit short positions and remain flat now. Look for an opportunity to go long around the levels of $1,060.00/62.00with risk below $1,045.00. Immediate support is seen at $1,060.00 followed by $1,045.00, while resistance is seen at $1,090.00.
Trading recommendations: Exit short positions and remain flat now. Look for an opportunity to initiate long positions around the levels of $1,060.00 with stop at $1,042.00, a target is open.
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Daily analysis of GBP/USD for December 14, 2015
https://forex-images.instaforex.com/...3/GBPUSDH1.png
The GBP/USD pair is forming a higher high pattern above the support level of 1.5181, after a bullish consolidation performed above the 200 SMA on the H1 chart. However, the pair is trying to do some consolidation moves in a slow bias, so we should be aware of any deeper pullbacks that could make this pair to test the support level of 1.5122. The MACD indicator is at the positive territory.
H1 chart's resistance levels: 1.5238 / 1.5302
H1 chart's support levels: 1.5181 / 1.5122
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 seen at 1.5238, take profit is at 1.5302, and stop loss is at 1.5178.
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Elliott wave analysis of EUR/JPY for December 15, 2015
Wave summary:
An anticipated correction in wave b seems to end just before the 50% corrective target at 132.11 (the low of 132.48), a breakout above minor resistance at 133.34 will be the first good indication that wave b is over, while a breakout above resistance at 133.77 will be needed to confirm that wave b is over and wave c is headed higher towards at least 135.34 and even 136.69. Support is found at 132.80 and should protect the downside for a breakout above 133.34. Trading recommendation: We will buy at 132.90 or upon a breakout above 133.77 with stop at 132.40.
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Daily analysis of USDX for December 16, 2015
On the H1 chart, the USDX is preparing to do a pullback at the 200 SMA, because of the current weakness, but bear in mind the index could try an intraday consolidation above the 200 SMA to face resistance in the zone of 98.80. In another scenario, a pullback can send the USDX to visit the support level of 97.01. The MACD indicator is overbought.
H1 chart's resistance levels: 98.14 / 98.80
H1 chart's support levels: 97.60 / 97.01
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks with a bearish candlestick; the support level is found at 97.60, take profit is at 97.01, and stop loss is at 98.21.
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