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Technical analysis of GBP/USD for December 17, 2015
Overview:
The resistance is seen at the level of 1.5034, and a double top is placed at 1.5062 in the H4 chart. Also, it should be noted that the daily pivot point had already placed at 1.5034 in the same time frame. Consequently, the descending movement will probably be lower than the level of 1.5034 with a targets at 1.4894 in order to try breaking a double bottom. If the pair is able to break the double bottom at 1.4894, it will continue moving towards the levels of 1.4854 (support 2). On the contrary, the support was already found at 1.4854. Furthermore, it should be noted that it will rather profitable to buy above this level to retest this level in the long period. Therefore, buy deals are recommended above the level of 1.4854 with targets at 1.4903 and 1.5033 to retest the support from below again.
General idea about the pivot point. Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets as the prices are most likely to be located between resistance 1 and support 1. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If the trend breaks resistance or support, it is likely to result in a significant price movement.
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Daily analysis of USDX for December 18, 2015
It seems that the index is trying to consolidate above the 200 SMA for a bullish ride in a short-term basis. However, because of this, the USDX could start to pullback towards the support level of 98.80, where a rebound can happen. It should be noted also that there is a higher high pattern formation ongoing in the H1 chart. The MACD indicator is entering at the negative territory.
H1 chart's resistance levels: 99.19 / 99.48
H1 chart's support levels: 98.80 / 98.14
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks the bullish resistance level at 99.19, take profit is at 99.48, and stop loss is at 98.86.
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Daily analysis of GBP/USD for December 22, 2015
No major changes in GBP/USD in Monday's session and during the Christmas week. The support zone of 1.4852 is still a strong level where buyers remain active on a short-term basis. However, we can expect a rally towards the resistance level of 1.4962 as part of the corrective moves within the current intraday's trend. MACD indicator is on the negative territory.
H1 chart's resistance levels: 1.4918 / 1.4962
H1 chart's support levels: 1.4852 / 1.4802
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 1.4852, take profit is at 1.4802, and stop loss is at 1.4904.
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Daily analysis of GBP/USD for January 04, 2016
According to the H1 chart, GBP/USD is doing a strong bearish consolidation below the 1.4802 level, after a sideways range move before the New Year's eve. Currently, we can expect a decline below the 1.4702 level, which would open the doors to test the 1.4608 level on a short-term basis. The 200 SMA in this time frame is still pointing to the downside. The MACD indicator is at the negative territory.
H1 chart's resistance levels: 1.4802 / 1.4918
H1 chart's support levels: 1.4702 / 1.4608
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 1.4702, take profit is at 1.4608, and stop loss is at 1.4793.
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Daily analysis of USD/JPY for January 05, 2016
Overview
A strong break of the 129.66 support confirmed resumption of a whole decline from 141.04. Intraday bias remains on the downside for the moment. A break of lower channel support (now at 128.56) will indicate downside acceleration and target a test at the 126.09 key support level. On the upside, movements above 130.16 minor resistance will turn bias neutral and bring consolidations. But the near-term outlook will stay bearish as long as the 134.58 resistance holds. We expect more range trading between 126.09 and 149.76 in the medium term. Then it should be followed by an upside breakout at a later stage. Nonetheless, a break of 126.09 would extend the correction towards 61.8% retracement at 115.36.
Daily Pivots: (S1) 128.45; (P) 129.60; (R1) 130.54
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Technical analysis of EUR/USD for January 06, 2016
When the European market opens, some economic news will be released such as PPI m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, Spanish Services PMI.The US will release the economic data too such as the FOMC Meeting Minutes, Crude Oil Inventories, Factory Orders m/m, ISM Non-Manufacturing PMI, Final Services PMI, Trade Balance, 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: 1.0797.
Strong Resistance:1.0791.
Original Resistance: 1.0780.
Inner Sell Area: 1.0769.
Target Inner Area: 1.0744.
Inner Buy Area: 1.0719.
Original Support: 1.0708.
Strong Support: 1.0697.
Breakout SELL Level: 1.0691.
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Daily analysis of EUR/JPY for January 07, 2016
Overview
The outlook for the EUR/JPY pair is unchanged for the moment. While further fall is expected, we stay cautious about the strong support from 126.09. A break of the 129.66 support turned into resistance will indicate short-term bottoming and turn bias back to the upside for the 134.58 resistance. However, a decisive break of 126.09 will extend the larger decline from 149.76. The strong rebound after failing to sustain below 38.2% retracement of 94.11 to 149.76 at 128.50 points to the development of a sideways pattern. We expect more range trading between 126.09 and 149.76 in the medium term. An upside breakout should follow it at a later stage. Nevertheless, a decisive break of 126.09 would extend the correction towards the 61.8% retracement at 115.36.
Daily Pivots: (S1) 127.09; (P) 127.63; (R1) 128.25
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Technical analysis of NZD/USD for January 08, 2016
https://forex-images.instaforex.com/.../NZDUSDM30.png
NZD/USD is expected to trade in a lower range as the key resistance is at 0.6665. The pair remains under pressure below its key resistance at 0.6665, and it seems likely to post a new decline to test its support at 0.6590, representing the previous swing low. A break below this threshold would trigger a new pullback to 0.6560. The relative strength index lacks upward momentum. To sum up, as long as 0.6665 holds on the upside, look for 0.6580 and 0.6560 in extension.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6590. A break of that target will move the pair further downwards to 0.6560. The pivot point stands at 0.6660. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6710 and the second target at 0.6760.
Resistance levels: 0.6710, 0.6760, 0.6790
Support levels: 0.6580, 0.6560, 0.6525
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Elliott wave analysis of EUR/NZD for January 11, 2016
https://forex-images.instaforex.com/...-EURNZD-8H.png
Wave summary:
Our count continues to work perfectly and we have already seen resistance at 1.6748 tested, but not yet broken clearly. However, it should just be a matter of time before the break above the resistance at 1.6748 is seen for a continuation higher towards 1.7133 as the next major upside target.
In the short term, we will ideally see support at 1.6526 protect the downside for the next rally above 1.6748 for the rally towards 1.7133.
Trading recommendation: We are long EUR from 1.5810 and we will move our stop higher to 1.6235. If you are not long EUR yet, then buy near 1.6526 and use the same stop at 1.6235.
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Technical analysis of EUR/USD for January 12, 2016
When the European market opens, no news will be released from the eurozone. However, the US will post some economic reports such as IBD/TIPP Economic Optimism, JOLTS Job Openings, and NFIB Small Business Index. So amid the reports, EUR/USD will move with low to medium volatility today.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0905.
Strong Resistance:1.0899.
Original Resistance: 1.0888.
Inner Sell Area: 1.0877.
Target Inner Area: 1.0852.
Inner Buy Area: 1.0827.
Original Support: 1.0816.
Strong Support: 1.0805.
Breakout SELL Level: 1.0799.
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Technical analysis of EUR/USD for Januari 13, 2016
When the European market opens, some economic news will be released such as German 10-y Bond Auction, Industrial Production m/m, and French CPI m/m. The US will release a series of economic data too such as Federal Budget Balance, Beige Book, 10-y Bond Auction, and Crude Oil Inventories. So amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0889.
Strong Resistance:1.0883.
Original Resistance: 1.0872.
Inner Sell Area: 1.0861.
Target Inner Area: 1.0836.
Inner Buy Area: 1.0811.
Original Support: 1.0800.
Strong Support: 1.0789.
Breakout SELL Level: 1.0783.
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Daily analysis of GBP/USD for January 14, 2016
On H1 chart, GBP/USD is still doing a rebound above the support level of 1.4373, and we're watching very strong resistance around the 1.4464, where it has already formed some fractals that strengthen the bearish bias in a short and mid term basis. 200 SMA is still pointing to the downside and MACD indicator is entering negative territory, so we can expect a decline towards the 1.4309 level.
H1 chart's resistance levels: 1.4464 / 1.4555
H1 chart's support levels: 1.4373 / 1.4309
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 1.4373, take profit is at 1.4309, and stop loss is at 1.4437.
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Technical analysis of GBP/JPY for January 15, 2016
https://forex-images.instaforex.com/.../GBPJPYM30.png
GBP/JPY is expected to trade in a lower range as the key resistance is at 169.85. The pair is reversing down and stays below its key resistance at 169.85. Meanwhile, the relative strength index lacks upward momentum. The first target to the downside is set at the horizontal support and overlap at 167. A break below this level would open the way to further weakness towards 166.50.
Trading Recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 167. A break of that target will move the pair further downwards to 166.50. The pivot point stands at 169.85. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 170.60 and the second target at 171.35.
Resistance levels: 170.60, 171.35, 172
Support levels: 167, 166.50, 165.75
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Daily analysis of GBP/USD for January 18, 2016
https://forex-images.instaforex.com/...7/GBPUSDH1.png
On the H1 chart, GBP/USD is still working so well in our bearish outlook presented several articles ago, as the pair is trying to extend its decline towards the support zone of 1.4198. A breakout below there will expose the pair to test the level of 1.4080. The current structure is calling for more declines, but the MACD indicator starts to show oversold conditions.
H1 chart's resistance levels: 1.4309 / 1.4373
H1 chart's support levels: 1.4198 / 1.4080
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 1.4198, take profit is at 1.4080, and stop loss is at 1.4309.
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Daily analysis of USDX for January 19, 2016
The H1 chart shows that USDX is consolidating above the 200 SMA and the bullish outlook remains unchanged, as the index is trying to break the resistance level at 99.22. It would also break the range where the US dollar has been trapped for several sessions in this month. The MACD indicator is entering negative territory, so be cautious when trading in the long-side below the 99.22 level.
H1 chart's resistance levels: 99.22 / 99.49
H1 chart's support levels: 98.79 / 98.39
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 99.22, take profit is at 99.49, and stop loss is at 98.94.
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Daily analysis of USDX for January 20, 2016
The USDX is still trading above the 200 SMA on the H1 chart, but the resistance level of 99.22 is rejecting the current price action. Also, we should note that moving average is offering dynamic support at the current stage. However, a breakout above the level of 99.22 will open the doors to test the level of 99.49. The MACD indicator is entering the neutral territory.
H1 chart's resistance levels: 99.22 / 99.49
H1 chart's support levels: 98.79 / 98.39
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 99.22, take profit is at 99.49, and stop loss is at 98.94.
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Daily analysis of USDX for January 21, 2016
At the H1 chart, the Index is doing a rebound above the 200 SMA and now we can expect a re-test of the resistance level around the 99.22 level. However, we're still seeing a sideways consolidation in progress above that moving average and we shouldn't discard a possible deep pullback towards the 98.39 level.
H1 chart's resistance levels: 99.22 / 99.49
H1 chart's support levels: 98.79 / 98.39
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 99.22, take profit is at 99.49, and stop loss is at 98.94.
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Daily analysis of USDX for January 22, 2016
The USDX had a very volatile session on Thursday, as the index did a strong pullback after a bullish momentum gained above the 200 SMA on the H1 chart. However, the moving average is still acting as dynamic support and a push higher could move the index to the level of 100.00 in order to test it in a mid-term term. The MACD indicator is in the negative territory.
H1 chart's resistance levels: 99.22 / 99.49
H1 chart's support levels: 98.79 / 98.39
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 99.22, take profit is at 99.49, and stop loss is at 98.94.
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Technical analysis of USD/CHF for January 22, 2016
The USD/CHF pair is likely to advance further. The intraday technical picture of USD/CHF is positive now after yesterday's strong rebound. A support base around 1.0065 has been formed, which suggests stabilization. Besides, a bullish cross has been identified between the 20-period and 50-period moving averages. The relative strength index is also bullish, displaying upward momentum. Therefore, as long as 1.0065 holds on the downside, further advance is expected to 1.0175 (Jan. 19 top) and 1.0214 in extension.
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 1.0175 and the second target at 1.0215. In the alternative scenario, short positions are recommended with the first target at 1.0030 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 0.9990. The pivot point is at 1.0065.
Resistance levels: 1.0175, 1.0215,1.0245
Support levels: 1.0030, 0.9990, 0.9955
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Daily analysis of USDX for January 26, 2016
USDX has found resistance at the 99.49 level and now we can see a decline towards the support level of 99.22 where the nearest moving average (200) is located . It seems the bullish bias will remain alive, as the index is still trading above that price zone. Besides, there are no significant bearish patterns formations on the road.
H1 chart's resistance levels: 99.49 / 99.69
H1 chart's support levels: 99.22 / 98.97
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD index breaks a bullish candlestick; the resistance level is at 99.49, take profit is at 99.69, and stop loss is at 99.28.
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Daily analysis of USDX for January 27, 2016
US Dollar Index has declined below the 200 SMA at H1 chart after a strong resistance was found around 99.49. Current price action is telling us that a support level is located at 98.97, as an inflection zone was formed during the January 19th and 20th sessions and pushed the index higher. However, this bullish scenario can invalidate if the USDX breaks the support at 98.72. MACD indicator is currently declining, as it is still moving on the negative territory.
H1 chart's resistance levels: 99.22 / 99.49
H1 chart's support levels: 98.97 / 98.72
Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the USD Index breaks a bullish candlestick; the resistance level is at 99.22, take profit is at 99.49, and stop loss is at 98.95.
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Technical analysis of EUR/USD for January 28, 2016
When the European market opens, some economic news on the Italian 10-y Bond Auction, Spanish Unemployment Rate, German Prelim CPI m/m, and German Import Prices m/m is due to be released. The US will reveal economic data on the Natural Gas Storage, Pending Home Sales m/m, Durable Goods Orders 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'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0947.
Strong Resistance:1.0941.
Original Resistance: 1.0930.
Inner Sell Area: 1.0919.
Target Inner Area: 1.0894.
Inner Buy Area: 1.0869.
Original Support: 1.0858.
Strong Support: 1.0847.
Breakout SELL Level: 1.0841.
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Technical analysis of USD/JPY for Januari 29, 2016
In Asia, Japan will release data on the BOJ Press Conference, Housing Starts y/y, BOJ Core CPI y/y, BOJ Outlook Report, Monetary Policy Statement, Prelim Industrial Production m/m, Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, and Household Spending y/y. The US will deliver economic data on the Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Goods Trade Balance, Employment Cost Index q/q, Advance GDP Price Index q/q, and Advance GDP q/q. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 119.20.
Resistance. 2: 118.97.
Resistance. 1: 118.74.
Support. 1: 118.45.
Support. 2: 118.22.
Support. 3: 117.99.
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Elliott wave analysis of EUR/JPY for February 1, 2016
Wave summary:
A very strong rally on Friday which took place after BOJ's decision to adopt the negative interest rate, looked impulsive and if a breakout above important resistance at 132.44 is seen, then we will change our preferred count to above. This count shows that an expanded flat correction we have been tracking since late December 2013 terminated at 126.05 in mid-April 2015 and was followed by an impulsive wave (i) to 141.04 and the decline from 141.04 to 126.14 was a very deep wave (ii). A breakout above 132.44 will call for wave (iii) higher to at least 150.16. If, however resistance at 132.44 is able to protect the upside for renewed downside pressure, the very complex corrective corrective pattern could still be unfolding.
Trading recommendation: We will await the outcome of the test of the resistance-line before making the next move.
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Technical analysis of EUR/USD for February 02, 2016
When the European market opens, some economic news will be released such as PPI m/m, Unemployment Rate, Italian Monthly Unemployment Rate, German Unemployment Change, Spanish Unemployment Change.The US will release the economic data too such as Total Vehicle Sales, IBD/TIPP Economic Optimism, so amid the reports, EUR/USD will move low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.0947.
Strong Resistance:1.0941.
Original Resistance: 1.0930.
Inner Sell Area: 1.0919.
Target Inner Area: 1.0894.
Inner Buy Area: 1.0869.
Original Support: 1.0858.
Strong Support: 1.0847.
Breakout SELL Level: 1.0841.
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Technical analysis of USD/JPY for February 02, 2016
In Asia, Japan will release the 10-y Bond Auction, Monetary Base y/y and the US will release some economic data such as Total Vehicle Sales, IBD/TIPP Economic Optimism. So there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance. 3: 121.40.
Resistance. 2: 121.16.
Resistance. 1: 120.92.
Support. 1: 120.63.
Support. 2: 120.40.
Support. 3: 120.16.
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Technical analysis of EUR/USD for February 03, 2016
When the European market opens, economic news on the Retail Sales m/m, Italian Prelim CPI m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI is due to be released.The US will deliver the economic data on the Crude Oil Inventories, ISM Non-Manufacturing PMI, Final Services PMI, and ADP Non-Farm Employment Change. So amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0970.
Strong Resistance:1.0964.
Original Resistance: 1.0953.
Inner Sell Area: 1.0942.
Target Inner Area: 1.0917.
Inner Buy Area: 1.0892.
Original Support: 1.0881.
Strong Support: 1.0870.
Breakout SELL Level: 1.0864.
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Elliott wave analysis of EUR/NZD for February 3, 2016
Wave summary:
EUR/NZD has taken a position from where a strong rally through 1.7007 and more importantly a breakout above 1.7271 can be seen anytime now. But this scenario needs support at 1.6564 to protect the downside for a breakout above minor resistance at 1.6917 and then at 1.7007. The breakout below 1.6564 will be yet another disappointment which delays the expected rally higher closer to 1.6487 and maybe even closer to 1.6370 before higher again.
Trading recommendation:
We are long EUR from 1.6837 and have placed our stop at 1.6537. If you are not long EUR yet, then buy near 1.6640 or upon a breakout above 1.6780 and use the same stop at 1.6537.
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Elliott wave analysis of EUR/NZD for February, 2016
Wave summary:
A corrective decline from 1.7271 continues to grind slowly lower and a breakout below support at 1.6564 calls for a corrective move closer to 1.6370 and possibly even slightly lower to 1.6300 before this correction is over and the next impulsive rally takes place. Only a direct breakout above resistance at 1.6681 will indicate that the correction has already completed and the next impulsive rally higher is developing towards 1.7271 and higher.
Trading recommendation:
Our stop was hit for a loss. We will be looking for a EUR-buying opportunity near 1.6370.
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Elliott wave analysis of EUR/NZD for February 5, 2016
Wave summary:
Nothing is going on here besides an annoying sideways consolidation. EUR/NZD is likely to build a base for the next larger rally towards 1.7271 and higher towards 1.8020, but we are seeing all kind of false breakouts both to the upside and to the downside. On Wednesday, we saw a breakout below minor support at 1.6507 calling for a move closer to 1.6210 and there was never a real rally through and now a test of the minor resistance line near 1.6830 seems to be unfolding. However, it will take a breakout above this resistance line and more importantly a breakout above resistance at 1.6916 to confirm that the bottom is in place for a new impulsive rally towards 1.7271 and above.
Trading recommendation:
We are looking for a EUR-buying opportunity near 1.6359 or upon a break above 1.6830.
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Elliott wave analysis of EUR/NZD for February 9, 2016
Wave summary:
A breakout above the minor channel resistance line indicated that the correction from 1.7273 had ended early at 1.6473. With a breakout above the minor resistance line and a breakout above resistance at 1.7008, we should see a continuation higher to 1.7273 en route to 1.7611 and higher to 1.8022 as the next upside targets. Support is now seen at 1.6842, which will ideally protect the downside for a rally towards 1.7273 and higher.
Trading recommendation:
We are long EUR from 1.6705 and will move our stop higher to break-even. If you are not long EUR yet, then buy near 1.6850 and use the same stop at 1.6705.
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Elliott wave analysis of EUR/JPY for February 10, 2016
Wave summary:
Wave ii bottomed at 128.25 (just below our target at 128.55). A rally from a low of 128.25 looks impulsive, but to confirm that a new impulsive rally is developing we should ideally see support in the area of 128.85 - 129.01 protecting the downside for a new rally above yesterday's high of 130.26 and more importantly a breakout above 131.66. The movement above the later, will break the resistance line from 141.04 and will confirm the impulsive rally in wave iii higher to above 141.04 towards 149.52. Only an unexpected breakout below a low of 128.25 will invalidate the bullish count and call for a new test of strong support in the area around 126.05 - 126.14.
Trading recommendation:
We are long EUR from 128.60 and will move our stop higher to 128.20. If you are not long EUR yet, then buy near 128.85 and use the same stop at 128.20.
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Technical analysis of USD/JPY for February 11, 2016
In Asia, Japan will not release any significant economic data, but the US will deliver some data on the 30-y Bond Auction, Natural Gas Storage, and Unemployment Claims. So, there is a probability that the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 113.46.
Resistance. 2: 113.25.
Resistance. 1: 113.02.
Support. 1: 112.75.
Support. 2: 112.53.
Support. 3: 112.31.
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Elliott wave analysis of EUR/NZD for February 16, 2016
Wave summary:
EUR/NZD keeps disappointing as it can't accelerate higher. The expected acceleration is likely to be seen when we lose our patience. In a short term, the pair can find a support near 1.6671 for a break above 1.6906 and, more importantly, a break above 1.7050 which will confirm the rally to 1.7273. If this level is broken above, the trend can continue towards 1.8020. Our stop at 1.6695 has been hit. We will look for a new buying opportunity upon a break above 1.7050.
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Elliott wave analysis of EUR/NZD for February 16, 2016
Wave summary:
EUR/NZD keeps disappointing as it can't accelerate higher. The expected acceleration is likely to be seen when we lose our patience. In a short term, the pair can find a support near 1.6671 for a break above 1.6906 and, more importantly, a break above 1.7050 which will confirm the rally to 1.7273. If this level is broken above, the trend can continue towards 1.8020. Our stop at 1.6695 has been hit. We will look for a new buying opportunity upon a break above 1.7050.
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Elliott wave analysis of EUR/NZD for March 1 - 2016
Wave summary:
We are still looking for confirmation that wave [ii] is completed at 1.6236. A break above resistance at 1.6688 will confirm that this is the case and that a new impulsive rally in wave [iii] should be expected. As long as resistance at 1.6688 is able to protect the upside, we must allow for more closer to 1.6105 before the final low is in place for wave [ii]. At no point can a break below 1.5858 be allowed.
Trading recommendation: We will wait for a break above 1.6688 before buying EUR.
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Technical analysis of Silver for March 03, 2016
https://forex-images.instaforex.com/...sd03032016.jpg
Technical outlook and chart setups:
Silver is seen to be trading at $14.90/92 levels again, after printing lows at $14.70 levels yesterday. The metal seems to be preparing to drop lower at least through $14.50/55 levels from here. Please note that it is also fibonacci 0.618 support levels, of the rally between $13.70 through $15.93 levels, as seen here. Furthermore, the counter trend (drop from $15.93) extension is also converging at $14.50/55 levels, which instills further confidence for a bullish bounce. It is hence recommended to remain flat for now, but look to initiate fresh long positions around $14.50 levels. Immediate support is at $14.50 levels, while resistance is seen at $15.10 levels respectively.
Trading recommendations:
Remain flat for now, look to buy lower.
More analysis - at instaforex.com
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Technical analysis of USD/JPY for March 04, 2016
In Asia, Japan will release the Average Cash Earnings y/y. As for the US, economic reports will be also released such as Unemployment Rate, Trade Balance, Non-Farm Employment Change, and Average Hourly Earnings m/m. So there is a probability the USD/JPY pair will move with medium to high volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 114.07.
Resistance. 2: 113.85.
Resistance. 1: 113.63.
Support. 1: 113.35.
Support. 2: 113.13.
Support. 3: 112.91.
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Daily analysis of GBP/USD for March 08, 2016
In the H1 chart, GBP/USD is forming another bullish pattern below the resistance level of 1.4267, where bulls are still trying to break higher in order to strength the bullish bias on a short- and medium-term basis. Also, the 200 SMA in this time frame is favoring the scenario and we can eventually expect a little pullback in the process.
H1 chart's resistance levels: 1.4267 / 1.4333
H1 chart's support levels: 1.4183 / 1.4069
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 1.4267, take profit is at 1.4333, and stop loss is at 1.4202.
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Technical analysis of USD/CHF for March 08, 2016
Overview:
The USD/CHF pair was polemic as it was trading in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 1.0037 and 0.9851. In the H1 time frame, resistance and support are seen at the levels of 1.0037 (also, the double top is already set at the point of 1.0037) and 0.9851 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel is completed. The current price is seen at 0.9954, which represents the key level today. The level of 1.0037 will act as the first resistance line. Hence, if the pair fails to pass through the level of 1.0037, the market will indicate a bearish opportunity below the strong resistance level of 1.0037. Sell deals are recommended below the level of 1.0037 with the first target at 0.9895. If the trend breaks the support level of 0.9895, the pair is likely to move downwards continuing the bearish trend development to the level 0.9851. However, the price spot of 0.9851 remains a significant resistance zone. Thus, the trend will probably be rebounded again from the double bottom as long as the level of 0.9851 is not broke.
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