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Technical analysis of Gold for October 13, 2016
Gold price has broken out of a short-term triangle pattern looking for a move higher towards $1,280-$1,300 at least. The $1,250 was an important support level and bouncing off this area was very possible as we expected. Could the entire decline be over at the last low?
Red lines - triangle pattern
Gold price has short-term resistance at the 4-hour Ichimoku cloud at $1,272. A break above it will open the way for a bounce higher towards $1,300 where the breakdown occurred. A backtest of the breakdown area is very possible. Support is at $1,250. If broken, we expect a move lower towards $1,220.
Green line -long term resistance trend line
I remain long-term bullish about Gold. Gold has made a weekly breakout above cloud resistance. Price got rejected at the downward sloping trend line from its all time highs. Price could pull back towards the Ichimoku cloud support but eventually I expect Gold price to break above the green trend line.
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USD/CAD intraday technical levels and trading recommendations for October 14, 2016
https://forex-images.instaforex.com/...0df7162fb2.png
https://forex-images.instaforex.com/...0df78f0408.png
On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of a significant bearish rejection was manifested during recent consolidations.
On May 18, temporary bullish fixation above 1.3000 (61.8% Fibonacci level) opened the way towards the 1.3180 level where significant bearish pressure was originated.
Bearish persistence below 1.3000-1.2970 (61.8% Fibonacci level) is needed to enhance bearish momentum in the market.
However, on August 18 signs of bullish recovery were manifested around the price level of 1.2830 which led to the current bullish breakout above 1.3000. This week, daily persistence below 1.2950 (61.8% Fibonacci level) should be achieved in order to enhance the bearish side of the market. Initial bearish targets are located at 1.2670 and 1.2580.
Otherwise, daily persistence above 1.3000 (61.8% Fibonacci level) opens the way towards the price level of 1.3300 (50% Fibonacci level) where price action should be watched for a better SELL entry with a lower risk/reward ratio.
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Technical analysis of EUR/USD for Oct 18, 2016
When the European market opens, no economic data will be released, but the speech of ECB President Draghi is expected. The US will publish TIC Long-Term Purchases, NAHB Housing Market Index, Core CPI m/m, CPI m/m. Amid the reports EUR/USD is likely to move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1063.
Strong Resistance:1.1057.
Original Resistance: 1.1046.
Inner Sell Area: 1.1035.
Target Inner Area: 1.1009.
Inner Buy Area: 1.0983.
Original Support: 1.0972.
Strong Support: 1.0961.
Breakout SELL Level: 1.0955.
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Technical analysis of USDX for October 19, 2016
The Dollar index is moving sideways near its recent highs. Price has broken out of the bullish channel but there is no bearish trend in any time frame. Price is moving sideways in what we could say is a triangle pattern.
Green lines - bullish channel
Blue lines - triangle pattern
The Dollar index is consolidating near its recent highs. Short-term support is at 97.65 and resistance at 98.15. A breakout above resistance is expected to be short-lived as oscillators are diverging. A break below support will open the way for a push towards 96.
Red lines - sideways long-term channel
Green line - important medium-term support
Blue lines - projected possible path
I expect the Dollar index to make at least one pullback towards the green trend line support and the Kumo. A bounce will then follow most probably, but for now I focus on the bearish side of the index expecting a pullback from the current levels.
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USD/CAD intraday technical levels and trading recommendations for October 19, 2016
On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of a significant bearish rejection was manifested during recent consolidations.
On May 18, temporary bullish fixation above 1.3000 (61.8% Fibonacci level) opened the way towards the 1.3180 level where significant bearish pressure was originated.
Bearish persistence below 1.3000-1.2970 (61.8% Fibonacci level) is needed to enhance bearish momentum in the market.
However, on August 18 signs of bullish recovery were manifested around the price level of 1.2830 which led to the current bullish breakout above 1.3000.
This week, daily persistence below 1.2950 (61.8% Fibonacci level) should be achieved in order to enhance the bearish side of the market. Initial bearish targets are located at 1.2670 and 1.2580.
Otherwise, the USD/CAD pair remains trapped between the price levels of 1.3000 (61.8% Fibonacci level) and 1.3300 (50% Fibonacci level) until breakout occurs in either direction (probably to the downside).
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EUR/USD Technical Analysis for October 21, 2016.
Technical outlook and chart setups:
The EUR/USD pair prints yet another low at 1.0895 levels overnight. The pair is seen to be trading at 1.0906 level for now and needs to push through 1.1040 level to confirm further upside. Please note that probability for a continued lower low is reducing since there is extreme bullish divergence seen on 1H and 4H charts. The pair is expected to rally and take out 1.1040 level to confirm that bulls are here to remain longer and extend rally through 1.1100 level. Please note that 1.1100 level would provide stiff resistance if prices manage to reach there since it is fibonacci 0.618 resistance of the entire drop between 1.1234 through 1.0895 levels. Looking at the wave structure, the pair looks to be preparing for yet another run towards 1.1040 and 1.1100 levels. It is hence recommended to remain long, with risk at 1.0880 level. Immediate resistance is seen at 1.1040 level, while support is seen at 1.0895 level respectively.
Trading recommendations:
Remain long, stop at 1.0880, a target is open.
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Elliott wave analysis of EUR/JPY for October 24, 2016
EUR/JPY - Daily
EUR/JPY - 4-Hourly
Wave summary:
The decline from 116.25 has been very deep. However, as long as support holds at 112.56 and more importantly support at 112.05 is able to act as a floor, more upside is expected for this cross. Our preferred count remains that a long-term corrective low was found with the test of 109.48 and a new impulsive rally now is building. However, the base for this new impulsive rally is currently building and picking the lows has proven harder than expected. This obviously makes us a bit cautious, but second waves are allowed to correct 100% of the first wave, so we need to allow for a return to 112.56 and if wave (ii) isn't complete yet a move even lower to 109.48. To confirm the next rally higher, we need a break above minor resistance at 114.52 and more importantly a break above 115.15 for the next rally towards 120.00 and 122.00 on the way higher.
Trading recommendation:
We will by EUR here at 112.95 with stop placed at 112.00.
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EUR/USD Technical Analysis for October 27, 2016
Technical outlook and chart setups:
The EUR/USD pair finally rallied higher unfolding its much awaited counter trend. The pair has made interim highs at 1.0946 level before pulling back lower. It is seen to be trading at 1.0897 level for now and should be poised to push through 1.0992 level at least as depicted here. Please note that probability remains for a continued push higher in a counter trend rally this week. The pair is expected to rally and take out 1.1040 level to confirm that bulls are here to remain longer or it would be considered as wave 4 pullbacks. The probability for wave 4 terminations at 1.1040 level remains high at this moment according to wave counts discussed earlier. Looking at the wave structure, the pair looks to be in a corrective wave 4 rally which should ideally terminate around 1.1040 level. It is recommended to remain long now, with risk below 1.0850 levels. Immediate resistance is seen at 1.1040 level, while support is seen at 1.0850 level respectively.
Trading recommendations:
Remain long now, stop below 1.0850, target is 1.1040.
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Technical analysis of EUR/USD for Nov 02, 2016
When the European market opens, some Economic Data will be released such as German 10-y Bond Auction, Final Manufacturing PMI, German Final Manufacturing PMI, German Unemployment Change, French Final Manufacturing PMI, Spanish Manufacturing PMI. The US will release the economic data, too, such as Federal Funds Rate, Crude Oil Inventories, ADP Non-Farm Employment Change, so, amid the reports, EUR/USD will move in a medium to high volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1110.
Strong Resistance:1.1104.
Original Resistance: 1.1093.
Inner Sell Area: 1.1082.
Target Inner Area: 1.1056.
Inner Buy Area: 1.1030.
Original Support: 1.1019.
Strong Support: 1.1008.
Breakout SELL Level: 1.1002.
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Daily analysis of USDX for November 03, 2016
USDX is still weakening in the markets, as latest polls have been putting to the Republican candidate Donald Trump as the favorite to win the US presidential elections. We're seeing a support placed at the 97.12 level, where a breakout should open the doors to test the 96.47 level, which is a key interest area for a possible bullish reaction. The index remains below the 200 SMA at H1 chart, supporting the bearish scenario.
H1 chart's resistance levels: 97.62 / 98.01
H1 chart's support levels: 97.12 / 96.47
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 97.12, take profit is at 96.47 and stop loss is at 97.75.
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Technical analysis of EUR/USD for Nov 04, 2016
When the European market opens, some economic data will be released such as Average Hourly Earnings m/m, German Final Services PMI, French Final Services PMI, Italian Services PMI, Spanish Services PMI.The US will also publish some reports such as Trade Balance, Unemployment Rate, Non-Farm Employment Change, Average Hourly Earnings m/m. Therefore, amid the news EUR/USD will move in a medium to high volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1153.
Strong Resistance:1.1147.
Original Resistance: 1.1136.
Inner Sell Area: 1.1125.
Target Inner Area: 1.1099.
Inner Buy Area: 1.1073.
Original Support: 1.1062.
Strong Support: 1.1051. Breakout SELL Level: 1.1045.
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Technical analysis of EUR/USD for Nov 08, 2016
When the European market opens, some Economic Data will be released, such as ECOFIN Meetings, French Trade Balance, French Gov Budget Balance, German Trade Balance, German Industrial Production m/m. The US will release the economic data, too, such as Congressional Elections, Presidential Election, Mortgage Delinquencies, JOLTS Job Openings, NFIB Small Business Index, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1101.
Strong Resistance:1.1095.
Original Resistance: 1.1084.
Inner Sell Area: 1.1073.
Target Inner Area: 1.1047.
Inner Buy Area: 1.1021.
Original Support: 1.1010.
Strong Support: 1.0999.
Breakout SELL Level: 1.0993.
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Technical analysis of EUR/USD for Nov 09, 2016
When the European market opens, some economic data will be released such as EU Economic Forecasts. The US will post several macroeconomic reports such as 10-y Bond Auction, Crude Oil Inventories, and Final Wholesale Inventories m/m. Besides, results of presidential election will be unveiled later today. So EUR/USD will be trading with medium to high volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1047.
Strong Resistance:1.1041.
Original Resistance: 1.1030.
Inner Sell Area: 1.1019.
Target Inner Area: 1.0993.
Inner Buy Area: 1.0968.
Original Support: 1.0957.
Strong Support: 1.0946.
Breakout SELL Level: 1.0940.
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Technical analysis of EUR/USD for Nov 10, 2016
When the European market opens, some Economic Data will be released, such as Italian Industrial Production m/m, French Prelim Non-Farm Payrolls q/q, French Industrial Production m/m. The US will release the economic data, too, such as Federal Budget Balance, 30-y Bond Auction, Natural Gas Storage, Unemployment Claims, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0978.
Strong Resistance:1.0972.
Original Resistance: 1.0961.
Inner Sell Area: 1.0950.
Target Inner Area: 1.0925.
Inner Buy Area: 1.0900.
Original Support: 1.0889.
Strong Support: 1.0878.
Breakout SELL Level: 1.0872.
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Technical analysis of EUR/USD for Nov 11, 2016
When the European market opens, some Economic Data will be released such as German WPI m/m and German Final CPI m/m. The US will release the economic data, too, such as Prelim UoM Inflation Expectations, Prelim UoM Consumer Sentiment, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0939.
Strong Resistance:1.0933.
Original Resistance: 1.0922.
Inner Sell Area: 1.0911.
Target Inner Area: 1.0886.
Inner Buy Area: 1.0861.
Original Support: 1.0850.
Strong Support: 1.0839.
Breakout SELL Level: 1.0833.
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Technical analysis of EUR/USD for Nov 14, 2016
When the European market opens, some Economic Data will be released such as Industrial Production m/m and the ECB President Draghi Speaks. Today, the US will not release any Economic Data, so, amid the reports, the EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0860.
Strong Resistance:1.0854.
Original Resistance: 1.0843.
Inner Sell Area: 1.0832.
Target Inner Area: 1.0807.
Inner Buy Area: 1.0782.
Original Support: 1.0771.
Strong Support: 1.0760.
Breakout SELL Level: 1.0754.
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Elliott wave analysis of EUR/NZD for November 16, 2016
https://forex-images.instaforex.com/...bfb6129213.png
Wave summary:
We continue to look for more upside towards the ending diagonal resistance line near 1.5450 and above here will call for a return to the origin of the ending diagonal at 1.5834 and above.
Short term, we expect support at 1.5010 to act as a floor for a rally above minor resistance 1.5195 and more importantly above resistance at 1.5266 for the test of the ending diagonal resistance line.
Trading recommendation:
We are long EUR from 1.4950 with stop placed at 1.4805. Upon a break above 1.5195 we will move our stop to 1.5000. If you are not long EUR yet, then buy near 1.5050 or upon a break above 1.5195 and use the same stops.
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Technical analysis of USD/JPY for Nov 17, 2016
In Asia, Japan today will not release any Economic Data's but the US will release some Economic Data, such as Natural Gas Storage, Housing Starts, Unemployment Claims, Philly Fed Manufacturing Index, Philly Fed Manufacturing Index, CPI m/m, and Building Permits. So, there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 109.47.
Resistance. 2: 109.25.
Resistance. 1: 109.04.
Support. 1: 108.78.
Support. 2: 108.56.
Support. 3: 108.35.
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Technical analysis of USD/JPY for Nov 18, 2016
In Asia, Japan today will not release any economic data. However, the US will release th CB Leading Index m/m. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance 3: 111.13.
Resistance 2: 110.91.
Resistance 1: 110.69.
Support 1: 110.43.
Support 2: 110.21.
Support 3: 109.99.
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Technical analysis of EUR/USD for Nov 21 2016
When the European market opens, there is no Economic Data will be released for today. The US will not release Economic Data, too, so, amid this condition, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0650.
Strong Resistance:1.0643.
Original Resistance: 1.0633.
Inner Sell Area: 1.0623.
Target Inner Area: 1.0598.
Inner Buy Area: 1.0573.
Original Support: 1.0563.
Strong Support: 1.0553.
Breakout SELL Level: 1.0546.
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Technical analysis of NZD/USD for November 22, 2016
NZD/USD is expected to extend its upside movement. The pair shows further upside potential after the upward breakout of its declining trend line, which emerged on Nov 17. The rising 20-period and 50-period moving averages are playing support roles and maintain the upside bias. The relative strength index stands firmly above its neutrality level at 50. As long as 0.7025 is support, look for a further upside toward 0.7010 and 0.7140 in extension.
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. Therefore, long positions are recommended with the first target at 0.7110 and the second one at 0.7140. In the alternative scenario, short positions are recommended with the first target at 0.6990 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6955. The pivot point lies at 0.7025.
Resistance levels: 0.7110, 0.7140, 0.7180
Support levels: 0.6990, 0.6955, 0.6875
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Daily analysis of GBP/USD for November 23, 2016
The pair trimmed its Monday's gains and now we can see a consolidation below the 200 SMA once again,while the resistance zone of 1.2516 is still being respected during the week. A breakout below the support area of 1.2396 should push lower to the GBP/USD pair in order to reach the next demand zone around 1.2361. MACD indicator is supporting that bearish scenario.
H1 chart's resistance levels: 1.2451 / 1.2516
H1 chart's support levels: 1.2396 / 1.2361
Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2451, take profit is at 1.2516 and stop loss is at 1.2386.
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Daily analysis of GBP/USD for November 24, 2016
GBP/USD is still hovering around the 200 SMA zone at H1 chart, as the pair is still deciding its path for coming days. It should be noted that we cannot expect a big catalyst to unleash volatility ahead of the weekend, as today we'll have thin liquidity, because of Thanksgiving holiday in the United States. If GBP/USD manages to break the 1.2451 level, then it can rally toward the 1.2516 zone.
H1 chart's resistance levels: 1.2451 / 1.2516
H1 chart's support levels: 1.2396 / 1.2361
Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2451, take profit is at 1.2516 and stop loss is at 1.2386.
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Technical analysis of EUR/USD for Nov 25, 2016
When the European market opens, some Economic Data will be released, such as Italian Retail Sales m/m. The US will release the Economic Data, too, such as Flash Services PMI, Prelim Wholesale Inventories m/m, and Goods Trade Balance. So, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0604.
Strong Resistance:1.0597.
Original Resistance: 1.0587.
Inner Sell Area: 1.0577.
Target Inner Area: 1.0552.
Inner Buy Area: 1.0527.
Original Support: 1.0517.
Strong Support: 1.0507.
Breakout SELL Level: 1.0500.
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Technical analysis of GBP/JPY for November 28, 2016
GBP/JPY is expected to trade with bearish bias above 141.25. The pair is trading below its 20-period and 50-period moving averages, while the 20-period moving average crossed above the 50-period one. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum. Additionally, 141.25 represents a significant key resistance level, which should limit the upside potential. As long as 141.25 holds on the upside, look for a further downside toward 138.70 and even 137.25 in extension.
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 138.70. A break below this target will move the pair further downwards to 137.25. The pivot point stands at 141.25. In case the price moves in the opposite direction and bounces back from the support level, it will go 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 138.70 and the second one at 137.25.
Resistance levels: 142.40, 143.25, 144.10
Support levels: 138.70, 137.25, 136.2
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Technical analysis of USD/JPY for November 29, 2016
USD/JPY is expected to trade with bullish bias above 111.30. The pair pulled back to test its nearest support at 111.30, which is expected to allow for a temporary stabilization. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
U.S. government bonds firmed up, sending the benchmark 10-year U.S. Treasury yield down to 2.319% from 2.359% Friday.
Taking advantage of a weaker U.S. dollar, gold gained 0.8% to $1,192 an ounce and silver was up 0.8% to $16.63 an ounce.
The U.S. dollar got deeper into its consolidation phase. The ICE U.S. Dollar Index sank to a session-low of 100.64, the lowest intraday level since November 17, before settling at 101.18, down 0.3% on day.
As long as 111.30 holds as a key support, the pair is more likely to advance toward 112.75 at first.
Trading Recommendation: 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. Therefore, long positions are recommended with the first target at 112.75 and the second one at 113.25. In the alternative scenario, short positions are recommended with the first target at 110.75 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 110.25. The pivot point lies at 111.30.
Resistance levels: 112.75, 113.25, 113.90
Support levels: 110.75, 110.25, 110
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Daily analysis of USDX for November 30, 2016
The index stayed bearish during Tuesday's session and it managed to consolidate slightly below the 200 SMA on H1 chart. That's the confirmation that strong resistance can be found around 101.74, while we expect further declines toward the 100.53 level, where a breakout lower should deliver more bearish momentum in order to decline until the 99.39 level. MACD indicator is supporting that scenario.
H1 chart's resistance levels: 101.74 / 102.61
H1 chart's support levels: 100.53 / 99.39
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 101.74, take profit is at 102.61 and stop loss is at 100.87.
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Technical analysis of USD/JPY for Dec 01, 2016
In Asia, Japan will release the 10-y Bond Auction, Final Manufacturing PMI, Capital Spending q/y and the US will release some Economic Data, such as Total Vehicle Sales, Natural Gas Storage, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, Unemployment Claims, and Challenger Job Cuts y/y. So, there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 114.99.
Resistance. 2: 114.76.
Resistance. 1: 114.54.
Support. 1: 114.27.
Support. 2: 114.04.
Support. 3: 113.82.
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Technical analysis of USD/JPY for Dec 02, 2016
In Asia, Japan will release the Monetary Base y/y, and the US will release some Economic Data, such as Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So, there is a probability the USD/JPY will move with medium to high volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 114.38.
Resistance. 2: 114.15.
Resistance. 1: 113.93.
Support. 1: 113.67.
Support. 2: 113.44.
Support. 3: 113.22.
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Daily analysis of GBP/USD for December 05, 2016
The bulls are still in charge of GBP/USD situation, as the pair managed to consolidate gains above the 1.2700 level before the latest weekend. Currently, it faces a strong resistance around 1.2732, where a breakout higher should expose the next barrier at the 1.2840 level. A correction can happen during the week, but as long as GBP/USD remains above the 200 SMA, we can expect further gains.
H1 chart's resistance levels: 1.2732 / 1.2840
H1 chart's support levels: 1.2625 / 1.2568
Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2732, take profit is at 1.2840 and stop loss is at 1.2625.
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Technical analysis of EUR/USD for Dec 06, 2016
When the European market opens, some Economic Data will be released, such as ECOFIN Meetings, Revised GDP q/q, Retail PMI, and German Factory Orders m/m. The US will release the economic data, too, such as IBD/TIPP Economic Optimism, Factory Orders m/m, Revised Unit Labor Costs q/q, Trade Balance, and Revised Nonfarm Productivity q/q. So, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0808.
Strong Resistance:1.0802.
Original Resistance: 1.0791.
Inner Sell Area: 1.0780.
Target Inner Area: 1.0755.
Inner Buy Area: 1.0730.
Original Support: 1.0719.
Strong Support: 1.0708.
Breakout SELL Level: 1.0702.
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Technical analysis of GBP/JPY for December 09, 2016
GBP/JPY is Under pressure. The pair is trading below its resistance at 144.75, which should limit the upside attempts. The downward momentum is further reinforced by its descending 50-period moving average, which maintains a downside bias. Besides, the relative strength index is below its neutrality area at 50, and lacks upward momentum. To sum up, as long as 144.75 is not surpassed, the pair is likely to drop to 143.30 and then to 142.70.
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 143.30. A break below this target will move the pair further downwards to 142.70. The pivot point stands at 144.75. In case the price moves in the opposite direction and bounces back from the support level, it will go 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 145.15 and the second one at 145.70.
Resistance levels: 145.15, 145.70, 146.35
Support levels: 143.30, 142.70, 141.50
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Intraday technical levels and trading recommendations for GBP/USD for December 12, 2016
The price zone between 1.3845 and 1.3550 (historical bottoms set in January 2009) was considered a significant demand zone to be watched for bullish recovery.
However, by the end of June a significant bearish break below 1.3550 was expressed as seen on the depicted charts (fundamental reasons).
Bearish persistence below the demand level at 1.3550 enhanced the bearish scenario towards the current price levels around 1.2700 (nearest bearish projection target).
Note that the GBP/USD pair was trapped inside the depicted consolidation range above 1.2700 until a bearish breakout took place on October 6.
Daily persistence below 1.2700 confirmed the bearish Flag pattern. That is why, a bearish projection target would be located around 1.2020.
Recently, bullish recovery was manifested around 1.2080. That is why, a bullish pullback is being executed towards 1.2700-1.2750.
Risky traders can consider the current bullish pullback towards the price zone of 1.2700-1.2750 for a valid SELL entry. S/L should be set as daily closure above 1.2750. T/P levels should be located at 1.2300 and 1.2100.
This SELL entry should be managed cautiously as the ascending bottoms around the price levels of 1.2120 and 1.2320 will probably apply significant bullish pressure over the Supply zone of 1.2700-1.2750.
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Daily analysis of GBP/USD for December 14, 2016
GBP/USD pulled back from the resistance level of 1.2700, ahead of FOMC meeting. Currently, it's still hovering above the 200 SMA, strengthening the bullish bias in the short term and that's why we're still favoring further gains. However, if the pair manages to break below the 1.2613 level, then it can test the 1.2551 level.
H1 chart's resistance levels: 1.2700 / 1.2763
H1 chart's support levels: 1.2613 / 1.2551
Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2700, take profit is at 1.2763 and stop loss is at 1.2637.
More analysis - at instaforex.com
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Daily analysis of GBP/USD for December 15, 2016
Following the Fed's rate hike at the December meeting, the US Dollar index had a strong bullish momentum above the 200 SMA on H1 chart and now it's heading toward the resistance level of 102.87, which is a key supply area. That could be possible to reach in the near time, as the index managed to break a sideways range. A strong support lies around 100.81.
H1 chart's resistance levels: 102.87 / 103.98
H1 chart's support levels: 101.74 / 100.81
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 101.56, take profit is at 101.93 and stop loss is at 101.18.
More analysis - at instaforex.com
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Technical analysis of GBP/JPY for December 16, 2016
GBP/JPY is expected to extend its downside movement. The pair is trading on the downside and remains capped by its descending 20-period and 50-period moving averages. The relative strength index is bearish below its neutrality level at 50. Hence, as long as 147.00 is not broken up, we favor a down move with 145.90 and then 145.50 as targets.
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 145.90. A break below this target will move the pair further downwards to 145.50. The pivot point stands at 147.00. In case the price moves in the opposite direction and bounces back from the support level, it will go 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 147.55 and the second one at 148.15.
Resistance levels: 147.55, 148.15, 149.00
Support levels: 145.90, 145.50, 144.65
More analysis - at instaforex.com
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Gold analysis for December 16, 2016
Recently, gold has been trading sideways at the price of $1,130.80. Using the market profile, I found today's point of control at the price of $1,133.30 on the 30M time frame. The price is trading below 21SMA, which is a sign of weakness. Watch for selling opportunities.The short-term trend is bearish. The downward target is set at the price of $1,122.95.
Resistance levels:
R1: 1,139.00
R2: 1,143.65
R3: 1,151.10
Support levels:
S1: 1,124.25
S2: 1,119.70
S3: 1,112.80
Trading recommendations for today: Watch for selling opportunities on pullbacks.
More analysis - at instaforex.com
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Daily analysis of USDX for December 20, 2016
On Monday USDX was supported by the 102.56 level - a strong demand zone across the board which should help to boost buyers in coming days ahead of Christmas. The next key resistance is still placed at the 103.98 level. If the index plunges below the 102.56 mark, it can reach the support area of 101.40, which is below the 200 SMA on the H1 chart.
H1 chart's resistance levels: 103.98 / 104.69
H1 chart's support levels: 102.56 / 101.40
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 103.98, take profit is at 104.69 and stop loss is at 103.26.
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Technical analysis of EUR/USD for Dec 21, 2016
https://forex-images.instaforex.com/...221/EURUSD.jpg
When the European market opens, some economic data will be released such as consumer confidence index and Belgian NBB business climate index. The US will also publish some reports such as crude oil inventories and existing home sales. Therefore, amid the reports EUR/USD will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.0439.
Strong Resistance:1.0433.
Original Resistance: 1.0423.
Inner Sell Area: 1.0413.
Target Inner Area: 1.0389.
Inner Buy Area: 1.0365.
Original Support: 1.0355.
Strong Support: 1.0345.
Breakout SELL Level: 1.0339.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
InstaForex analytical reviews will make you fully aware of market trends!
Being an InstaForex client, you are provided with a large number of free services for efficient trading.
More analysis - at instaforex.com
-
Technical analysis of EUR/USD for Dec 21, 2016
https://forex-images.instaforex.com/...221/EURUSD.jpg
When the European market opens, some economic data will be released such as consumer confidence index and Belgian NBB business climate index. The US will also publish some reports such as crude oil inventories and existing home sales. Therefore, amid the reports EUR/USD will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.0439.
Strong Resistance:1.0433.
Original Resistance: 1.0423.
Inner Sell Area: 1.0413.
Target Inner Area: 1.0389.
Inner Buy Area: 1.0365.
Original Support: 1.0355.
Strong Support: 1.0345.
Breakout SELL Level: 1.0339.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
InstaForex analytical reviews will make you fully aware of market trends!
Being an InstaForex client, you are provided with a large number of free services for efficient trading.
More analysis - at instaforex.com
