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Elliott wave analysis of EUR/JPY for April 19, 2017
Wave summary: EUR/JPY has now spiked to resistance at 116.55 indicating that a low is in place at 114.82 and a new rally to above 124.09 should be expected. Short term, we should expect a minor set-back towards 115.70 before the next impulsive rally higher towards 118.25. Above here, it will confirm the low has been seen and confirm a rally back to 122.88 and 124.09 on the way higher.
R3: 117.47
R2: 116.85
R1: 116.61
Pivot: 116.40
S1: 116.24
S2: 115.94
S3: 115.72
Trading recommendation:
We are long EUR from 115.25 with stop placed at 114.75. If you are not long EUR yet, then buy near 115.72 and use the same stop at 114.75.
Analysis are provided by InstaForex
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USD/CAD Fundamental Analysis April 20, 2017
USD/CAD is currently going through a good amount of volatility in the market. There had been bearish impulsive movement with a great pressure which was recently taken out by bullish impulsive moves. We have observed price exhaustions for several times in this pair and currently sentimental confusion going on in USD/CAD. Yesterday CAD Gov. Council Member Wilkins spoke about the key interest rates and monetary policy which did not provide any positive outcome for the currency, as a result USD gained a good amount of strength closing above 1.3450 yesterday. On the USD side, today market is expected to be quite volatile as important economic events like Philly Fed Manufacturing Index is going to be published which is expected to be at 25.6 which previously was at 32.8 and along with it Unemployment Claims report is going to be published which is expected to show an increase to 241K which previously was at 234K. If USD news comes positive today, we might see the pair climbing up much higher in the coming days.
Now let us look at the technical view, the price has again managed to enter the channel area with a daily close above 1.3450. As of the bullish impulsive pressure and taking out the prior swing on the upside, it is expected that the price will move towards 1.3535-50 resistance area and if the resistance area is taken out with a daily close then we will be looking forward to further upside movement towards 1.40.
Analysis are provided by InstaForex
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Technical analysis of EUR/USD for Apr 21, 2017
https://forex-images.instaforex.com/...421/EURUSD.jpg
When the European market opens, some Economic Data will be released, such as Current Account, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI. The US will release the Economic Data, too, such as Existing Home Sales, Flash Services PMI, and Flash Manufacturing PMI, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0765.
Strong Resistance:1.0759.
Original Resistance: 1.0748.
Inner Sell Area: 1.0737.
Target Inner Area: 1.0712.
Inner Buy Area: 1.0687.
Original Support: 1.0676.
Strong Support: 1.0665.
Breakout SELL Level: 1.0659.
Analysis are provided byInstaForex.
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NZD/USD Intraday technical levels and trading recommendations for April 24, 2017
The NZD/USD pair was trapped within the depicted price range (0.6860-0.6990) until a bullish breakout occurred.
A bullish breakout above 0.6960-0.7000 allowed the pair to head toward the price level of 0.7100 (the key level) which failed to provide sufficient bearish pressure on the pair.
Bullish persistence above 0.7100 allowed a further advance toward 0.7250-0.7350 (Sell-Zone) where the bearish price action was expected. Bearish persistence below 0.7250 allowed a further decline toward 0.7100 then 0.6960 which failed to provide enough support for the pair.
That is why a further fall was expected toward 0.6860 (the lower limit of the depicted BUY zone) where a bullish position was suggested in previous articles.
Recently, a bullish breakout was achieved above the depicted key level (0.6960).
That is why the recent bearish pullback toward 0.6960 offered significant bullish rejection and a valid BUY entry which is running in profits now.
Note the depicted bullish 1-2-3 pattern with projection target around 0.7250 provided that bullish fixation above 0.7080-0.7100 (neckline) is achieved on a daily basis.
On the other hand, the price level of 0.7100 remains a significant key level to prevent a further bullish advance toward 0.7250.
Analysis are provided by InstaForex
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Technical analysis of USD/JPY for April 26, 2017
USD/JPY is expected to prevail its upside movement. The pair recorded a succession of higher tops and higher bottoms since April 25 and is holding on the upside. The rising 50-period moving average maintains the upside bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum.
As long as 110.55 holds on the downside, look for a further advance toward 111.30 and even 111.60 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 111.60 and the second one at 112.00. In the alternative scenario, short positions are recommended with the first target at 110.30 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 109.95. The pivot point is at 110.65.
Resistance levels: 111.60, 112.00, and 112.45
Support levels: 110.30, 109.95, and 109.50
Analysis are provided by InstaForex
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Technical analysis of EUR/USD for Apr 27, 2017
When the European market opens, some Economic Data will be released such as Minimum Bid Rate, Italian 10-y Bond Auction, Spanish Unemployment Rate, Spanish Flash CPI y/y, German Prelim CPI m/m, and GfK German Consumer Climate. The US will release the Economic Data, too, such as Natural Gas Storage, Pending Home Sales m/m, Prelim Wholesale Inventories m/m, Goods Trade Balance, Durable Goods Orders m/m, Unemployment Claims, and Core Durable Goods Orders m/m, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0960.
Strong Resistance:1.0954.
Original Resistance: 1.0943.
Inner Sell Area: 1.0932.
Target Inner Area: 1.0907.
Inner Buy Area: 1.0882.
Original Support: 1.0871.
Strong Support: 1.0860.
Breakout SELL Level: 1.0854.
Analysis are provided by InstaForex
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Daily analysis of USDX for April 28, 2017
The index is now capped by the resistance level of 99.28, as the bulls are trying to gather enough bullish momentum to perform a breakout to the upside. However, a pullback might happen to re-test the support area of 98.83. The 200 SMA on H1 chart remains an active dynamic supply zone to cap further gains. MACD indicator is turning neutral, supporting a sideways tone for USDX in the coming days.
https://forex-images.instaforex.com/...427/USDXH1.png
H1 chart's resistance levels: 99.28 / 99.97
H1 chart's support levels: 98.83 / 98.42
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 98.83, take profit is at 98.42 and stop loss is at 99.24.
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Technical analysis of USD/JPY for May 03, 2017
In Asia, today Japan will not release any economic data. However, the US will release a series of fundamental data such as Federal Funds Rate, FOMC Statement, Crude Oil Inventories, ISM Non-Manufacturing PMI, Final Services PMI, and ADP Non-Farm Employment Change. So there is a probability the USD/JPY pair will move with medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance 3: 112.61.
Resistance 2: 112.39.
Resistance 1: 112.17.
Support 1: 111.90.
Support 2: 111.63.
Support 3: 111.46.
Analysis are provided by InstaForex
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Technical analysis of USD/JPY for May 4, 2017
USD/JPY is expected to prevail its upside movement. The technical picture of the pair is positive above a rising trend line, which emerged on May 3, and is holding on the upside. The rising 20-period and 50-period moving averages are playing support roles and maintain the upside bias. The relative strength index is supported by a bullish trend line and is above its neutrality level at 50.
As long as 112.25 holds on the downside, look for a further advance toward 113.15 and even 113.40 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 113.15 and the second one at 113.40. In the alternative scenario, short positions are recommended with the first target at 111.95 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 111.75. The pivot point lies at 112.25.
Resistance levels: 113.15, 113.40, and 113.85
Support levels: 111.95, 111.75, and 111.20
Analysis are provided by InstaForex
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Daily analysis of GBP/USD for May 05, 2017
GBP/USD managed to rebound above the 200 SMA on H1 chart amid a broad-based weakness in the US Dollar. The pair is still trapped in a range established since April 28th. Now the pair aims to test the resistance zone of 1.2957 once again. If it manages to break above that area, we can expect further advances toward the 1.3029 level.
H1 chart's resistance levels: 1.2957 / 1.3029
H1 chart's support levels: 1.2855 / 1.2652
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 1.2957, take profit is at 1.3029 and stop loss is at 1.2887.
Analysis are provided by InstaForex
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Technical analysis of USD/CHF for May 8, 2017
https://forex-images.instaforex.com/.../USDCHFM30.png
USD/CHF is under pressure as the key resistance is set at 0.9915. The pair stays below its resistance at 0.8490, and is capped by its 50-period moving average. Meanwhile, the 20-period moving average is still below the 50-period moving average, and the relative strength index is around its neutrality area at 50, lacking upward momentum.
The U.S. Labor Department reported that nonfarm payrolls increased by 211,000 in April, higher than +188,000 expected. The jobless rate edged down 0.1 percentage point to 4.4% (vs. 4.6% expected), its lowest level since May 2007.
As long as the key resistance at 0.9915 is not broken above, the risk of a break below 0.98660 remains high. A further down leg to 0.9840 and 0.9810 is also likely.
Resistance levels: 0.9930, 0.9950, and 0.9975
Support levels: 0.9860, 0.9840, and 0.9810
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Ichimoku indicator analysis of Gold for May 10, 2017
Gold price continues to make lower lows and lower highs. Trend remains bearish. Gold has limited downside. I still prefer bullish positions at the current levels.
https://forex-images.instaforex.com/...2c09a476a0.jpg
Blue lines - bearish channel
Despite being still inside the bearish channel and below both the tenkan- and kijun-sen, the RSI divergence signals that gold is just above previous lows at $1,194. I believe there are a lot of chances for a move higher at least towards the Kumo resistance at $1,250.
https://forex-images.instaforex.com/...2c0ef4e638.jpg
Red line -long-term resistance trend line
Gold price remains inside the weekly cloud but above the weekly kijun-sen. Price has held above the lower Kumo boundary and this is a positive sign. If Gold manages to make a higher low relative to the $1,194 low in March, we could expect a strong upward reversal start from around current levels.
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Technical analysis of USD/CHF for May 12, 2017
https://forex-images.instaforex.com/.../USDCHFM30.png
USD/CHF Intraday: Bullish bias above 1.0055. The pair has bounced up from another test of support at 1.0055, which is playing a key support role, and is challenging the 20-peiord moving average. The relative strength index is turning up below its neutrality level at 50.
Economic data remained robust. The Labor Department reported that initial jobless claims declined to 236,000 for the week ended May 6 (vs. 245,000 expected), and producer prices gained 0.5% on month in April (vs. +0.2% expected).
As long as the key support at 1.0055 holds on the downside, look for a further advance toward 1.0100 and even 1.0125 in extension.
Resistance levels: 1.0100, 1.0125, and 1.0160
Support levels: 1.0020, 0.9975, and 0.9930
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Fundamental Analysis of EUR/USD for May 15, 2017
EUR/USD aroused the interest of bulls on Friday after bouncing off from 1.0850 support level. EUR is currently stronger than USD in light of negative US CPI and Retail Sales reports published on Friday. Today, no economic reports are due in the eurozone, but on the USD side Empire State Manufacturing Index is expected to increase to 7.2 which previously was at 5.2. Besides, NAHB Housing Market Index is expected to be unchanged at 68. The economic reports from the US are not quite a high impact events but could bring some volatility in the market during the release. A daily close today will determine the upcoming move in the market where EUR is expected to gain ground against USD in the coming days.
Now let us look at the technical chart. The price is currently residing in the corrective area between 1.0850 and 1.0950. As of the bullish engulfing candle on Friday, the price is expected to move more up towards 1.1160 resistance level. For better confirmation, we will be looking forward for a daily close above 1.0950 for buying in this pair with a target towards 1.1160 level. On the other hand, if the price rejects off the 1.0950 with a daily candle, then we will consider sell positions with a first target towards 1.0850 and later at 1.0720 level. The bias in this pair is bullish until the price takes out 1.0850 with a daily close below it.
https://forex-images.instaforex.com/...94fa4bdf81.jpg
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Technical analysis of GBP/JPY for May 16, 2017
https://forex-images.instaforex.com/.../GBPJPYM30.png
GBP/JPY is expected to extend its upside movement. The pair recorded a succession of higher tops and higher bottoms and is holding on the upside. The rising 50-period moving average is playing a support role and maintains the upside bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum.
As long as 146.15 holds on the downside, look for a further advance towards 147.00 and even 147.35 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 147.00 and the second one at 147.35. In the alternative scenario, short positions are recommended with the first target at 145.70 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 145.35. The pivot point is at 146.15.
Resistance levels: 147.00, 147.35, and 148.60
Support levels: 145.70,145.35, and 144.65
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GBP/USD above strong support, prepare to buy on dips
Price is above major support at 1.2861 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect price to make a bounce above this level towards 1.2988 resistance
(Fibonacci extension, horizontal swing high resistance). Stochastic (34,5,3) is also seeing strong support above the 13% area where we expect further bullish action from.
Buy above 1.2861. Stop loss at 1.2798. Take profit at 1.2988.
Analysis are provided by InstaForex
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Technical analysis of USD/CHF for May 18, 2017
https://forex-images.instaforex.com/...SDCHFDaily.png
Overview: The USD/CHF pair continues to move downwards from the level of 0.9893.
Today, the first resistance level is seen at 0.9893 followed by 0.9948 as second resistance.
Also, the level of 0.9787 represents a weekly pivot point for that it will act as major resistance/support in coming hours.
Amid the previous events, the pair is still in a downtrend, because it is trading in a bearish trend from the new resistance line of 0.9893 towards the first support level at 0.9787 in order to test it.
If the pair succeeds to pass through the level of 0.9787, the market will indicate a bearish opportunity below the levels of 0.9710 and 0.9655.
However, if a breakout happens at the resistance level of 0.9893 (resistance 1), then this scenario may be invalidated.
Additionally, the support is found at 0.9893, which represents the 50% Fibonacci retracement level on the daily time frame. Since the trend is below the 50% Fibonacci level, the market is still in an downtrend.
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Ichimoku indicator analysis of Gold for May 19, 2017
Gold price as expected is pulling back from the important weekly resistance at $1,260. Bulls now we need to see a higher low relative to the May lows at $1,214. A corrective pullback that will not hurt the bullish scenario should hold above $1,234.
https://forex-images.instaforex.com/...e8e370a36a.jpg
Gold price is trading above the 4-hour cloud. Trend is bullish. Gold price could bounce from current levels as price has found support at the 38% Fibonacci retracement of the rise from $1,214. Next important support is at $1,234 where the 61.8% and the cloud supports are found. Bulls should not lose that level. On the other hand bears stopped the rise right at the important resistance of $1,260. Now they need to break back below the cloud for the move towards $1,150-60 to start.
https://forex-images.instaforex.com/...e8e9639e8a.jpg
Red line -long-term resistance
Gold remains inside the weekly Kumo (cloud). Weekly trend remains neutral. Price remains below the weekly trend line resistance. However the bounce off the lower cloud boundary was a bullish sign. Bulls however need to break above the weekly cloud at $1,280 for the bull trend to be confirmed.
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Ichimoku indicator analysis of gold for May 22, 2017
Gold price is overbought in the short-term and justifies a pullback towards $1,240. It is important for Gold bulls to hold above $1,230 and create a new short-term base of a higher low in order to move above $1,280-$1,300 which is the long-term resistance.
https://forex-images.instaforex.com/...28fa23190a.jpg
Gold price is trading above the Ichimoku cloud support. Price got rejected at the resistance of the 61.8% Fibonacci retracement. Short-term support is at $1,247 and next at $1,230. Price is expected to move lower before higher.
https://forex-images.instaforex.com/...2902149af6.jpg
Gold daily chart shows price above daily cloud but below the 61.8% Fibo level resistance. I expect a pullback and a higher low to be created over this week. As long as price is above $1,213 we target $1,230-40 and next $1,280-$1,300. If the $1,213 low is broken, expect a move towards $1,150-60.
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Technical analysis of USD/CHF for May 25, 2017
https://forex-images.instaforex.com/...5/USDCHFH4.png
Overview:
The USD/CHF pair. The first resistance level is seen at 0.9787 followed by 0.9847, while daily support 1 is seen at 0.9691. The USD/CHF pair broke support which turned to strong resistance at 0.9787. The market is still set to trade around the daily pivot point of 0.9739. This week, it continued to move downwards from the level of 0.9787 to the bottom around 0.9739. The pair is trading below this level. It is likely to trade in a lower range as long as it remains below the resistance of 0.9787 which is expected to act as major resistance. Amid the previous events, the USD/CHF pair is still moving between the levels of 0.9787 and 0.9691. For that reason, the major resistance can be found at 0.9787 providing a clear signal to sell with a target seen at 0.9691. If the trend breaks the minor support at 0.9691, the pair will move downwards continuing the bearish trend development to the level of 0.9645 and 0.9600 in order to test the daily support 3. Overall, we still prefer the bearish scenario which suggests that the pair will stay below the area of 0.9787 (resistance).
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Elliott wave analysis of EUR/JPY for May 26, 2017
https://forex-images.instaforex.com/...7ab1d8121a.png
Wave summary:
We continue to look for a corrective decline into the 123.78 - 124.17 area before the next impulsive rally towards 134.30 and 138.52 should be expected. Short-term resistance is now seen at 125.16 and again at 125.43, Only a break above the later will indicate that the correction is complete and more upside towards 134.30 is developing.
R3: 125.81
R2: 125.43
R1: 125.16
Pivot: 125.00
S1: 124.86
S2: 124.17
S3: 123.78
Trading recommendation:
We will re-buy EUR at 124.20 or upon a break above 125.43.
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Elliott wave analysis of EUR/JPY for May 26, 2017
https://forex-images.instaforex.com/...7ab1d8121a.png
Wave summary:
We continue to look for a corrective decline into the 123.78 - 124.17 area before the next impulsive rally towards 134.30 and 138.52 should be expected. Short-term resistance is now seen at 125.16 and again at 125.43, Only a break above the later will indicate that the correction is complete and more upside towards 134.30 is developing.
R3: 125.81
R2: 125.43
R1: 125.16
Pivot: 125.00
S1: 124.86
S2: 124.17
S3: 123.78
Trading recommendation:
We will re-buy EUR at 124.20 or upon a break above 125.43.
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Technical analysis of EUR/USD for May 29, 2017
When the European market opens, some Economic Data will be released, such as Private Loans y/y and M3 Money Supply y/y. Today, the US will not release any Economic Data, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1226.
Strong Resistance:1.1220.
Original Resistance: 1.1209.
Inner Sell Area: 1.1198.
Target Inner Area: 1.1172.
Inner Buy Area: 1.1147.
Original Support: 1.1136.
Strong Support: 1.1125.
Breakout SELL Level: 1.1119.
Analysis are provided by InstaForex
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Daily analysis of USDX for May 30, 2017
The index remained in sideways during the Memorial Day in the United States, capped by the 200 SMA at H1 chart. The bears are still strong across the greenback and we can expect some declines towards 96.90. However, if USDX manages to break above the 200 SMA, it's expected to see a rally that tests the resistance area of 98.11.
H1 chart's resistance levels: 97.41 / 98.11
H1 chart's support levels: 96.90 / 96.25
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 96.90, take profit is at 96.25 and stop loss is at 97.56.
Analysis are provided by InstaForex
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Technical analysis of EUR/USD for May 31, 2017
When the European market opens, some Economic Data will be released, such as Unemployment Rate, Italian Prelim CPI m/m, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Italian Monthly Unemployment Rate, German Unemployment Change, French Prelim CPI m/m, and German Retail Sales m/m. The US will release the Economic Data, too, such as Beige Book, Pending Home Sales m/m, and Chicago PMI, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1225.
Strong Resistance:1.1219.
Original Resistance: 1.1208.
Inner Sell Area: 1.1197.
Target Inner Area: 1.1171.
Inner Buy Area: 1.1145.
Original Support: 1.1134.
Strong Support: 1.1123.
Breakout SELL Level: 1.1117.
Analysis are provided by InstaForex
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Daily analysis of USDX for June 01, 2017
The index is finding support around 96.00, as the bears continue to keep pressure the greenback in the short-term. Once it manages to break below the 96.90 level, then we might see some declines to take place towards 96.25. However, if USDX does a consolidation above the 200 SMA at H1 chart, it can look for the 98.11 level.
H1 chart's resistance levels: 97.41 / 98.11
H1 chart's support levels: 96.90 / 96.25
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 96.90, take profit is at 96.25 and stop loss is at 97.56.
Analysis are provided by InstaForex
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Fundamental Analysis of USD/CHF for June 2, 2017
USD/CHF has been recently in a corrective structure between 0.9700-0.9750 area. Recently CHF had negative economic reports like KOF Economic Barometer which was released with a worse figure at 101.6 which was expected to be at 106.2, GDP was released with a worse figure at 0.3% which was expected to rise to 0.5% from the previous figure of 0.2% and Retail Sales report was released with much worst figure at -1.2% which was expected to rise to 2.4% from previous 2.1%. Despite CHF having a good number of important economic events, the currency has managed to gain some strength over USD recently after the correction but failed to continue yesterday as of the positive USD ADP non-farm Employment Change report which showed a rise to 253k which was expected to rise to 181k from 174k previously. Today on the USD side, we have a number of high impact economic events like Average Hourly Earnings report is expected to show a fall to 0.2% from 0.3% previously, Unemployment Rate is expected to be unchanged at 4.4% and Non-Farm Employment Change is expected to decline to 181k from the previous figure of 211k. Though the Non-Farm Employment Change is expected to decline today as of ADP reports Non-Farm Employment Change has higher chances of release with a positive figure which will strengthen the growth of USD against CHF in the coming days.
Now let us look at the technical view, the price has shown a false break downwards after breaking below corrective structure support level at 0.9700. Currently, the price is residing between the corrective structure and a daily close above 0.9750 and daily close below 0.9700 will only enclose the upcoming move in this pair. As of the positive reports on the USD side evolving recently, it is expected that the price has higher chances of breaking upward above 0.9750 level with an upper target towards 0.9960 resistance area but if the price rejects off the corrective structure resistance 0.9750 or breaks below 0.9700 with a daily close below it then we will be looking forward to selling with a target towards 0.9550 support area.
Analysis are provided by InstaForex
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Technical analysis of EUR/USD for June 05, 2017
When the European market opens, some Economic Data will be released, such as Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI. The US will release the Economic Data, too, such as Labor Market Conditions Index m/m, Factory Orders m/m, ISM Non-Manufacturing PMI, Final Services PMI, Revised Unit Labor Costs q/q, 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: 1.1333.
Strong Resistance:1.1326.
Original Resistance: 1.1315.
Inner Sell Area: 1.1304.
Target Inner Area: 1.1277.
Inner Buy Area: 1.1250.
Original Support: 1.1239.
Strong Support: 1.1228.
Breakout SELL Level: 1.1221.
Analysis are provided by InstaForex
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Elliott wave analysis of EUR/JPY for June 6, 2017
Wave summary:
The failure to rally has shifted the short-term count in favor of a triangle consolidation unfolding for wave B. If this is the case, then support seen at 123.11 should be able to protect the downside for a rally above resistance seen at 123.31 that confirms wave C is developing for a rally towards 134.54 as the ideal upside target.
R3: 124.70
R2: 124.43
R1: 124.13
Pivot: 123.80
S1: 123.68
S2: 123.53
S3: 123.11
Trading recommendation:
Our stop at 124.10 was hit for a loss of 55 pips. We bought EUR again at 123.85 and will place our stop at 123.05.
Analysis are provided by InstaForex
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Technical analysis of EUR/USD for June 08, 2017
When the European market opens, some Economic Data will be released, such as Minimum Bid Rate, Revised GDP q/q, French Trade Balance, and German Industrial Production m/m. The US will release the Economic Data, too, such as Natural Gas Storage, and 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: 1.1308.
Strong Resistance:1.1302.
Original Resistance: 1.1291.
Inner Sell Area: 1.1280.
Target Inner Area: 1.1254.
Inner Buy Area: 1.1228.
Original Support: 1.1217.
Strong Support: 1.1206.
Breakout SELL Level: 1.1200.
News are provided by InstaForex
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Elliott wave analysis of EUR/NZD for June 9, 2017
Wave summary:
Wave ii/ has extended it's decline to 1.5468, which should be more than enough to complete wave ii/ and set the stage for a rally higher in wave iii/ towards 1.6655.
That said, we will need a break above minor resistance seen at 1.5720 to confirm that wave ii/ has completed and wave iii/ is developing.
R3: 1.5720
R2: 1.5667
R1: 1.5594
Pivot: 1.5525
S1: 1.5462
S2: 1.5391
S3: 1.5342
Trading recommendation:
WE are long EUR from 1.5540 and will place our stop at 1.5340.
Analysis are provided by InstaForex
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Elliott wave analysis of EUR/NZD for June 13, 2017
Wave summary:
We continue to look for confirmation that the corrective decline from 1.6237 has completed. The first strong indication will be a break above the resistance line seen at 1.5636, while a break above resistance at 1.5720 will add confidence in wave iii/ developing towards 1.6655.
R3: 1.5931
R2: 1.5720
R1: 1.5636
Pivot: 1.5600
S1: 1.5491
S2: 1.5439
S3: 1.5369
Trading recommendation:
We are long EUR from 1.5540 with stop placed at 1.5340. If you are not long EUR yet, then buy a break above 1.5636 and use the same stop.
Analysis are provided by InstaForex
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Elliott wave analysis of EUR/JPY for June 14, 2017
Wave summary:
Not really much to add here. The triangle consolidation remains the preferred outlook. We continue to look for wave d closer to 134.62 before the final dip lower in wave e to complete the triangle consolidation, setting the stage for renewed upside pressure towards 134.58 and likely even closer to 138.52.
Only an unexpected break below 122.53 will shift to an alternate corrective structure.
R3: 124.04
R2: 123.73
R1: 123.40
Pivot: 123.20
S1: 123.00
S2: 122.77
S3: 122.53
Trading recommendation:
We are neutral for now.
Analysis are provided by InstaForex
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Technical analysis of USD/JPY for June 15, 2017
In Asia, Japan today will not release any Economic Data, but the US will release some Economic Data, such as TIC Long-Term Purchases, Natural Gas Storage, NAHB Housing Market Index, Industrial Production m/m, Capacity Utilization Rate, Philly Fed Manufacturing Index, Import Prices m/m, Empire State Manufacturing Index, and Unemployment Claims. So, there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 110.14.
Resistance. 2: 109.92.
Resistance. 1: 109.71.
Support. 1: 109.44.
Support. 2: 109.23.
Support. 3: 109.01.
Analysis are provided by InstaForex
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Elliott wave analysis of EUR/NZD for June 16, 2017
Wave summary:
Our preferred count remains that a low likely was seen with the test of 1.5370 and wave iii/ higher is ready to develop. That said, we need a break above the resistance line near 1.5532 to confirm that wave ii/ has completed and wave iii/ higher to above 1.6237 is developing. Until the break above the resistance-line near 1.5532 is seen, we must allow for a retest of the 1.5370 low and even a spike below, but that should be short lived.
R3: 1.5564
R2: 1.5517
R1: 1.5480
Pivot: 1.5460
S1: 1.5453
S2: 1.5424
S3. 1.5370
Trading recommendation:
We are long EUR from 1.5540 with stop placed at 1.5340. If you are not long EUR yet, then buy a break above 1.5532 and use the same stop.
Analysis are provided by InstaForex
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Elliott wave analysis of EUR/NZD for June 19, 2017
Wave summary:
The corrective decline in wave ii/ will not loosen its grip and it has now spiked below support at 1.5423, this opens for more downside pressure towards 1.5261 as long as the resistance line near 1.5500 and more importantly as long minor resistance at 1.5564 is able to cap the upside. However, a break above this resistance will indicate that wave ii/ has completed and wave iii/ towards 1.6655 is developing.
R3: 1.5544
R2: 1.5485
R1: 1.5415
Pivot: 1.5400
S1: 1.5347
S2: 1.5300
S3: 1.5261
Trading recommendation:
Our stop was hit for a loss. We will only buy a break above 1.5564.
Analysis are provided by InstaForex
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Daily analysis of USDX for June 20, 2017
USDX was favored by the bulls above the 200 SMA at H1 chart and it's heading to break above last Friday's highs. If that happens, we can expect a target to be reached around 97.75, which should add strength to bulls' force in the short-term. By the other side, if the index pulls back at the current stage, then a testing of the 96.95 level is likely to happen.
H1 chart's resistance levels: 97.41 / 97.75
H1 chart's support levels: 96.95 / 96.70
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 97.41, take profit is at 97.75 and stop loss is at 97.07.
Analysis are provided by InstaForex
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Technical analysis of EUR/USD for June 21, 2017
When the European market opens, some Economic Data will be released, such as German 30-y Bond Auction. The US will release the Economic Data, too, such as Crude Oil Inventories and Existing Home Sales, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1189.
Strong Resistance:1.1183.
Original Resistance: 1.1172.
Inner Sell Area: 1.1161.
Target Inner Area: 1.1135.
Inner Buy Area: 1.1109.
Original Support: 1.1098.
Strong Support: 1.1087.
Breakout SELL Level: 1.1081.
Analysis are provided by InstaForex
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Fundamental Analysis of USD/CHF for June 22, 2017
Recently USD/CHF has been quite corrective in nature after the price broke above the 0.97 resistance after breaking it below with a daily close. Currently, the price is residing inside a corrective range area between 0.97 to 0.98. CHF has been dominating USD since the negative employment report of USD this month and CHF is expected to dominate further if the upcoming CHF economic reports come out positive. Today CHF Trade Balance report is going to be published which is expected to rise to 2.44B from previous value of 1.97B and as the export demand and currency demand is directly linked for which a positive Trade Balance reports is expected to provide more strength to CHF to gain against USD in the future. On the USD side today, Unemployment Claims report is going to be published which is expected to rise to 241k from the previous figure of 237k, as the expectation is quite negative on the USD, positive Trade Balance report is expected to help CHF to gain further in the coming days. If the USD Unemployment Claims report comes out better than expected then the price is expected to remain inside the range of 0.97-0.98 area in the coming days until any high impact economic events of the currencies publish in the future.
Now let us look at the technical view, the price is currently residing between the range of 0.97 to 0.98 area. As a strong bearish trend in place and recent impulsive bearish move in this pair, currently more bearish movement in this pair is expected but a daily close below 0.97 will confirm the further downward movement in this pair with a target towards 0.9550 support area. The bearish bias will continue until the price breaks above 0.98 resistance level with a daily close above it.
Analysis are provided by InstaForex
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Daily analysis of USDX for June 27, 2017
USDX is being capped by the resistance level of 97.42 and it's targeting the resistance level of 97.84 as the next key area for sellers. There is not a clear trend in the index amid sideways' start of the week for most of the markets. If the support level of 97.10 gives up in favor of the bears, then it can decline towards 96.87.
H1 chart's resistance levels: 97.43 / 97.84
H1 chart's support levels: 97.10 / 96.87
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 97.43, take profit is at 97.84 and stop loss is at 97.00.
Analysis are provided by InstaForex
