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Forex Analysis & Reviews: Forecast for AUD/USD on December 16, 2020
AUD/USD
The Australian dollar took advantage once again of the delay in the offensive of the US currency (or does not believe in it) and went up to 26 points yesterday. But this growth in technical terms has not changed anything, the price divergence with the Marlin oscillator remains, the upper and the lower targets remain unchanged. Today, the Fed's FOMC is more likely to announce a reduction in the QE program or at least an intention to do so in January. Such a statement should cool the ardor of speculators. We are waiting for the decline of the Australian to the nearest support of 0.7500 (low of December 2017), then to 0.7440.
Based on the four-hour chart, the Marlin oscillator does not reduce confidence in the downward trend section, declining in its own channel. The Kruzenshtern line is approaching the target level of 0.7500, this level is of particular importance and its overcoming can provoke an accelerated fall in the price.
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Forex Analysis & Reviews: Ichimoku cloud indicator analysis of Gold
Gold price is once again moving higher above the key resistance of $1,850. If bulls manage to hold above $1,850 and break above recent highs at $1,874, we should then expect a move towards $1,900 and higher.
Gold price has made an important higher low at $1,820 and is now breaking above the Ichimoku cloud once again. This is a bullish sign. Support is at $1,847 and next at $1,820. Gold bulls need to defend these two levels. Breaking below $1,820 will bring Gold price below $1,800. However so far this is not the most probable scenario. The most probable scenario for now is a move above $1,874 towards $1,913-31. Both tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator) are below price. The Chikou span (black line indicator) is above the candlestick body. This is also bullish. All signs in the 4 hour chart support the bullish case.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for USD/JPY on December 18, 2020
USD/JPY
Yesterday, the yen moved under the target level of 103.18, but failed to settle below it. This morning the price is already above this level and it may not fall towards the target of 102.35. In order to move to the first target along the MACD line in the 104.10 area, there are still no conditions on the lower timeframe. The situation is neutral.
The growth rates are higher, and being able to settle above the embedded price channel line (104.42), paves the way for the price to reach the upper line of the price channel in the 105.70 area, but it is too early to talk about it. There is a 60% probability that the price can return to the area under 103.18 and continue to decline to the target of 102.35.
The four-hour chart shows that the first reversal signal will appear when the signal line of the Marlin oscillator goes into the positive area, and in order to do so the price needs to rise by about 30 points, which will correspond to the price of 103.60, and this is already close to the MACD line (107.75). When making a decision to buy, we recommend that you wait until the price goes above this indicator line. The current situation is not trading.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Technical Analysis of ETH/USD for December 21, 2020
Crypto Industry News:
A recently released US Department of Justice audit of the practices of the Federal Bureau of Investigation (FBI) in relation to Darknet criminal investigations found law enforcement in a mess - with an overarching "cryptocurrency support strategy."
According to the public version of the audit released on Thursday, the FBI's current efforts to investigate the Dark Web are - perhaps ironically - hampered by a "decentralized" set of practices, policies and training programs, and fragmented intelligence leading to "redundant" efforts.
Technical Market Outlook:
After the ETH/USD pair had made a new swing high at the level of $673.52, the bulls experienced slight problems with momentum. The market has made a Pin Bar candle at the top of the rally at the H4 time frame chart, so now the local pull-back is in progress. The bearish have managed to push the price to the level of $620.52 before the bounce. The momentum has declined, but is still strong and positive, so the bulls might attack the level of $700 again soon. The next technical resistance is seen at the level of $673.52 and the technical support is located at $635.46 and $620.52.
Weekly Pivot Points:
WR3 - $777.02
WR2 - $722.62
WR1 - $678.76
Weekly Pivot - $626.41
WS1 - $580.02
WS2 - $527.98
WS3 - $482.35
Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $700, so any correction or local pull-back should be used to open the buy orders. Nevertheless, the momentum has decreased recently on the lower time frames and volatility is not that great either. The bulls has hit the 38% Fibonacci retracement located at the level of $587.87 on the weekly time frame chart, but the current up trend is still active. This scenario is valid as long as the level of $360 is broken.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for EUR/USD on December 22, 2020
EUR/USD
The euro fell by 126 points on Monday and by the end of the day it practically won back the entire fall. The fall was bought out in large volumes by the largest players in order to avoid an uncontrolled collapse. All this happened on the news about the readiness of British Prime Minister Boris Johnson to back down in the fishing dispute with the EU, setting the quota at 66% of the current volume.
The daily chart shows that the reversal divergence of the price and the oscillator remains. Marlin continued to move down, trying to get out of the growth zone. The downside target at 1.2040 that was formed by the price channel line is still present. However, there is a possibility of forming a double divergence. At the same time, the price will try to rush to the target level of 1.2330 and only then will it reverse into a medium-term decline.
The four-hour chart shows that the price fell below the MACD line, then went back above it, and is currently preparing to move below it. Also, the Marlin oscillator, after the signal line went into the negative area, returned to the growth area and intends to fall again. The condition for accomplishing this move is for the price to fall below the MACD line, under 1.2205. If this condition is not met, then the double divergence option is implemented.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for EUR/USD on December 23, 2020
EUR/USD
Yesterday, the single European currency fell by 80 pips. Trading volumes were above average, which can already indicate direct sales of the euro. The option with double divergence, which we allowed yesterday, is canceled, since the signal line of the Marlin oscillator has already come close to the border with a negative trend and the transition beyond it will give a new impetus to the decline. The target of the decline is determined by the range 1.1985-1.2040, it is determined by the indicator line of the MACD and the embedded line of the price channel of the weekly timeframe. Breaking the range opens the target of 1.1885 (October 21 high).
On the four-hour scale, the price is fixed under the lines of the balance indicator (red) and MACD (blue) indicator, the Marlin oscillator is declining. We are waiting for the development of a downward trend in the target area.
Analysis are provided by InstaForex
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JAPAN'S HOUSING STARTS FALL AT SLOWER PACE
Japan's housing starts continued to decline in November albeit at a slower pace, data from the Ministry of Land, Infrastructure, Transport and Tourism showed on Friday.
Housing starts were down 3.7 percent on year, following October's 8.3 percent decline. This was also better than the expected decrease of 4.9 percent.
Annualized housing starts rose to 820,000 in November from 802,000 in the previous month.
Further, data showed that construction orders received by the big 50 contractors decreased 4.7 percent on a yearly basis, bigger than the 0.1 percent fall posted in October.
News are provided by InstaForex
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Forex Analysis & Reviews: Forecast for USD/JPY on December 25, 2020
USD/JPY
USD/JPY gained 13 points within the trading range of the last three days. Today the Japanese trading floors are open, at the moment the pair is quoted at 103.54, that is, it is already 14 points lower than yesterday's close. Japanese investors seem to be preparing for a negative turn of events from the opening of the new week. We keep our previous forecast that the price will move under the 103.18 level and its successive decline to 102.35.
The four-hour chart shows that the signal line of the Marlin oscillator has already reached the top of its own wedge. Exit from the wedge, respectively, we wait downward, the oscillator will soon leave the negative zone and accelerate the fall.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for EUR/USD on December 28, 2020
EUR/USD
No significant changes in the market over the past four holidays. The market is thin, and after tense expectations about Brexit, investors want to be compensated for their efforts. Therefore, the price breakdown, which we expected earlier, is possible. If there is no breakout, then we are waiting for calmer movement to the first target of 1.1995 - this is the support of the MACD line on the daily chart. For a more stable decline in price, the transition of the Marlin oscillator to the zone of negative values is not enough. This may happen after the quotes drop below 1.2150.
https://forex-images.ifxdb.com/userf...946fb36988.jpg
The four-hour chart shows that the euro's general sentiment is for it to fall, but the signal line of the Marlin oscillator is bent up suspiciously strongly, indicating an intention to enter the positive zone. If this happens, then the price will also surpass the MACD indicator line to the upside, which will entail some more growth in the free roaming area, because the market remains thin. Until it ceases to freely roam around (which will not be long), we are waiting for the downward trend to resume for all indicators.
https://forex-images.ifxdb.com/userf...947131a67c.jpg
Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on December 29, 2020
EUR/USD
The euro gained 32 points on Monday, staying in the range of December 22nd. There are fewer signs of a downside breakout. Perhaps there won't be one, the price will spend the final days of 2020 in the range of 18-21. The price divergence with the Marlin oscillator is still present, the first significant target is determined by the MACD line at 1.1990.
The four-hour chart shows that the price winds up on the MACD line, which is also a sign that the price is in the range. The signal line of the Marlin oscillator is similarly curved around the zero neutral line. If the price moves below 1.2180, it will be a sign of the first attempt to break through.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for AUD/USD on December 30, 2020
AUD/USD
The Australian dollar added 30 points yesterday as the US dollar slightly weakened. Visually, the price shows an intention to reach the target range of 0.7660/75, but the Marlin oscillator is below the lower boundary of its own channel and this factor warns of a high degree of change with this unattainable target.
https://forex-images.ifxdb.com/userf...be52a12e57.jpg
The four-hour chart shows that there is an increase above the MACD indicator line, which speaks in favor of growth, but the Marlin oscillator has practically fallen into a horizontal trend, which indicates the weakness of the trend, thereby confirming the technical uncertainty of the daily timeframe.
https://forex-images.ifxdb.com/userf...be53ec4bb5.jpg
In this situation, it is advisable to wait for clear signs of a trend reversal. Or, to settle above the 0.7675 level when the alternative scenario has been implemented.
Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on December 31, 2020
EUR/USD
The euro decided to leave the final days of the outgoing year more beautifully than expected. It continues to grow throughout the week, very little is left to the target level of 1.2330, afterwards a double divergence will be formed on the daily chart and the euro will go into the unknown in 2021.
https://forex-images.ifxdb.com/userf...d3e473cd3c.jpg
The first task in the new year is to reach the consolidation range of August-November at 1.1750-1.1885. The first target in order to fall to 1.2035 is the MACD line.
https://forex-images.ifxdb.com/userf...d3e546b224.jpg
Growth continues on the four-hour chart. There is a possibility of forming a divergence, due to which the signal line of the Marlin oscillator has clearly slowed down its growth and lies a little in the horizon.
Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Technical Analysis of EUR/USD for January 4, 2021
Technical Market Outlook:
The EUR/USD pair has made new swing high at the level of 1.2309, but the Monday open was below the level of 1.2250 and the price pulled-back towards the trend line support. The Broadening Wedge price pattern is still in progress, so please notice that this particular pattern is a trend reversal pattern, which indicates a possible major correction on the EUR/USD soon. For now, the zone located between the levels of 1.2154 - 1.2177 remains the key demand zone for bulls. The positive momentum supports the short-term bullish outlook as long as the demand zone is not clearly violated. The next target for bulls is seen at the level of 1.2555, but this might be the last push up for EUR/USD before the correction. Any violation of the level of 1.2154 invalidates this scenario.
Weekly Pivot Points:
WR3 - 1.2419
WR2 - 1.2360
WR1 - 1.2290
Weekly Pivot - 1.2236
WS1 - 1.2163
WS2 - 1.2103
WS3 - 1.2035
Trading Recommendations:
Since the middle of March 2020 the main trend is on EUR/USD pair has been up. This means any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1609 is broken. The key long-term technical resistance is seen at the level of 1.2555. The market might be making the Broadening Wedge trend reversal pattern around the levels of 1.2200 - 1.2300. Any violation of the level of 1.2154 supports the trend change/corrective cycle scenario.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for AUD/USD on January 5, 2021
AUD/USD
The Australian dollar lost around 40 points yesterday, stopping exactly at the December 17 high of 0.7641. We took this level in the last review as a signal to switch to a downward short-term trend with the target of 0.7465. Testing this level confirms its significance.
The signal line of the Marlin oscillator stopped at the lower border of its own downward channel. Obviously, the market did not have enough strength to continue yesterday's trend. Buyers, albeit short-term speculators, still believe in the positive development of risky and commodity currencies, although oil fell by 1.74% (CL) yesterday . We expect the price to drop below the signal level and move towards the target of 0.7465 (December 21 low).
The four-hour chart shows that the price slightly pierced the MACD line and rebounded off the signal level of 0.7641. The Marlin oscillator has entered the downward trend zone and is staying there this morning. We are waiting for the price's second attempt to overcome support at 0.7641.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for GBP/USD on January 6, 2021
GBP/USD
During yesterday's growth of the British Pound against the background of the general temporary weakening of the Dollar, there was an attempt to get above the target level of 1.3624. The attempt failed and there was only a minor puncture of resistance. Today, in the Asian session, the price played back half of yesterday's growth. The signal line of the Marlin oscillator turned down from the line forming the divergence. The target of the Pound's decline is 1.3325 which is the Kruzenshtern line on the daily chart.
On the H4 chart, the Marlin oscillator is in the negative zone. With the price fixing under the Kruzenshtern line at 1.3578, the road to the marked target of 1.3325 opens to gain more confidence with the departure under the minimum on January 4 (1.3540).
The four-hour chart shows that the price slightly pierced the MACD line and rebounded off the signal level of 0.7641. The Marlin oscillator has entered the downward trend zone and is staying there this morning. We are waiting for the price's second attempt to overcome support at 0.7641.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for EUR/USD on January 7, 2020
EUR/USD
The euro, as a risk currency, grew yesterday as a response to the information that the Democrats had won a seat in the upper house of the US Congress. At the same time, the latest macroeconomic report from ADP showed disappointing results on new jobs in the private sector - the index showed a decrease by 123,000 in December against expectations of an increase of 60,000 and an increase of 304,000 in November. Some believe that the upcoming data on unemployment will come out even worse; the forecast for Non-Farm Employment Change is 98,000 against 344,000 in November, the unemployment rate is expected to rise to 6.8% from 6.7% in November.
It is difficult to determine where the euro will go with such data, since the January-April 2018 range is very wide (1.2206-1.2555), there are potential reversal levels within it in increments of 40 points. But at the same time, rising by another 70-100 points will not break the divergence with the Marlin oscillator on the daily chart, which will preserve the euro's potential for a reversal. In this section, we will define the 1.2397-1.2414 range as the target, taken at the extremes on April 11 and 17, 2018.
The short-term price decline was stopped by the MACD line on the four-hour chart. The price divergence with the oscillator is held. We are waiting for the euro to rise to the specified target range of 1.2397-1.2414, but we do not recommend opening longs. Getting the price to settle below the MACD line (1.2268) will signal an attack on support at 1.2215.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for AUD/USD on January 8, 2021
AUD/USD
Against the background of yesterday's large-scale strengthening of the dollar (only oil did not follow the dollar's growth), the Australian currency lost 34 points; it returned to the target level of 0.7770, the Marlin oscillator returned to its own downward channel, leaving the exit from it on the 6th as false, which we assumed in yesterday's review. Now, we are waiting for the signal line of the oscillator to exit the channel down, go into the zone of negative values, and further advance the price to the targets of 0.7641, 0.7465.
The price on the four-hour scale is still above the balance and MACD indicator lines, but Marlin is already in the territory of a declining trend, dragging the market sentiment to a further decline. In order to consolidate this trend, the price will need to go under the MACD line, below 0.7220. This is the main scenario.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for EUR/USD on January 11, 2021
EUR/USD
The US employment report from last Friday had mixed results; the non-agricultural sector lost 140,000 jobs against expectations of growth by 60,000, but at the same time the November figure was revised up from 245,000 to 336,000, the share of the economically active population remained at 61.5%, while the unemployment rate was at 6.7%. But the structure of labor data acquired a qualitative positive shift: the broad unemployment index fell from 12.0% to 11.7%, while 38,000 jobs were added in the manufacturing industry against the forecast of 20,000. But even if the data was not enough, it conveniently fits into the idea of the new administration of President Biden to adopt a plan for new budget expenditures worth several trillion dollars, and he will elaborate on the topic this week. In anticipation of this news, as well as at the beginning of the next cycle of attracting new debts by the US Treasury, the dollar was actively being purchased both yesterday and this morning. This week it is expected to raise 60 billion of net debt through government bonds.
The daily chart shows that the euro is initially aiming for 1.2050 - the MACD indicator line. If the price moves below the line, the second target will be 1.1885. But first, the price must overcome the 1.2152/77 range that was created by the extremes on December 23 and 4. There may be a slight correction from it. The Marlin Oscillator is in the downward trend zone, where it entered very decisively.
The four-hour chart shows that the price began to accelerate to the downside, from the area where the balance and MACD indicator lines coincide. The short-term trend is decreasing.
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Forex Analysis & Reviews: Forecast for EUR/USD on January 12, 2021
EUR/USD
The euro fell by almost 70 points on Monday, stopping in the designated range of 1.2152/77. Consolidation is observed in the range this morning. With the exit from the consolidation to the downside, more precisely, with the price moving below yesterday's low of 1.2132, we expect the quote to fall towards the target along the MACD line at 1.2045.
The four-hour chart shows that the price is consolidating in a narrow range of 1.2152/77, but the corrective reversal of the Marlin oscillator warns of a possible exit from this range, just slightly above it. The signal to sustain the fall will be when the price crosses the area under yesterday's low of 1.2132.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for AUD/USD on January 13, 2021
AUD/USD
On Tuesday, the growth of the Australian dollar covered the fall on Monday. Perhaps this is the intention of the price to set a new high with the formation of another divergence with the oscillator. However, a price reversal into a new branch of decline is also possible; for this purpose, there should be a consolidation under 0.7770, which will take another day, since the current candle should close below this level. Today, the situation is not trading.
The price on the four-hour chart is fixed above the balance and MACD indicator lines, the Marlin oscillator is in the growth zone. There are signs of continued growth, but false signals often appear on trend breaks. A more reliable signal will look like fixing the price under the MACD line (0.7735 / 40), after which the target level of 0.7641 can be expected to work out.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for EUR/USD on January 14, 2021
EUR/USD
Yesterday, the euro dropped 48 points and returned to the consolidation range of 1.2132/77. Leaving the range for growth can be mistaken for a false movement when the price falls below the lower border of the range, and this will boost traders' confidence for an attack not only on the nearest target of 1.2050 along the MACD line on the daily chart, but also below, to the target level of 1.1920 ( high on November 9 and September 10).
The four-hour chart shows that the Marlin oscillator operates on the zero neutral line, which to some extent weakens its leading role as a leading indicator. But on the other hand, if the price falls, the oscillator will have enough margin for a downward movement. We are waiting for the development of the situation. Before the price falls below 1.2132, the price may once again try to test the MACD line at 1.2225.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for EUR/USD on January 15, 2021
EUR/USD
On Thursday, the euro traded in the consolidation range of 1.2132/77 with a short exit from it to the downside, with an attempt to pull down the price below the balance line on a daily timescale. If the price settled below this line, it would mean a shift in market sentiment towards short positions in the medium term.
The Marlin Oscillator has been in a downward trend zone for a week now, a sign that the euro will strengthen its attempts to break down the remaining rising technical signs. The price continues to develop above the MACD indicator line on the daily chart. Getting the pair to settle below it, under 1.2050, will strengthen the market's downward sentiment and send the price towards the 1.1920 target (November 9 high).
The price is consolidating in the 1.2132/77 range on the four-hour chart, but a more pronounced consolidation is observed on the Marlin oscillator. The main direction of the oscillator signal line's exit from the range is to the downside, but taking into account that it could form on the border of the positive area following the previous growth (technical figure "flag"), there is still a possibility that the price could rise to the MACD line (1.2220) or even to the target level of 1.2273 - the high on December 17. In order to confirm the price's intention to fall, the price would have to settle below the lower border of the 1.2132 range.
Analysis are provided by InstaForex
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USDCAD is facing bearish pressure, potential for further downside!
https://forex-images.ifxdb.com/userf...b6_source!.jpg
Price is facing bearish pressure from our first resistance in line with our horizontal swing high resistance, 78.6% fibonacci retracement and 78.6% fibonacci extension where we could see a drop below this to our first support target.
Trading Recommendation Entry:
1.2790
Reason for Entry:
horizontal swing high resistance, 78.6% fibonacci retracement and 78.6% fibonacci extension
Take Profit: 1.2745
23.6% fibonacci retracement
Stop Loss: 1.2832
Reason for Stop Loss:
horizontal swing high resistance
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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Forex Analysis & Reviews: Forecast for AUD/USD on January 19, 2021
AUD / USD
Yesterday, the Australian dollar fell slightly under the strengthening of the US currency. Today, the major currency pairs are undergoing a correction as the US dollar is weakening and counter dollar currencies are strengthening. The growth of the "Australian" today has already blocked yesterday's decline in the Asian session. After the correction is completed with the price overcoming the target level of 0.7641, it will most likely increase the fall to the target of 0.7465, which is approaching the Kruzenshtern line. The Marlin oscillator is in the negative zone and this circumstance will restrain the growth of the currency.
Based on the four-hour scale, the Marlin oscillator makes its way into the growth zone, strengthening the previously formed convergence. The end of the corrective growth is expected on the Kruzenshtern line in the area of 0.7743. Growth is also possible above the target level of 0.7770. The nature of the development of the oscillator indicates the completion of the correction tomorrow.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for USD/JPY on January 20, 2021
USD/JPY
Yesterday, the USD/JPY pair rose by 20 points without working out the trend line of the price channel of the higher timeframe (104.20). This creates a prerequisite for a repeated attack of the price on this resistance in the near future. The price is higher than the balance indicator line. If the quote moves below the signal level 103.57, which coincides with the support of the Kruzenshtern Indicator line (blue), it will create a condition for the implementation of an alternative scenario where there will be a decline to the level of 103.00.
On the four-hour scale chart, the price breaks under the Kruzenshtern line. The Marlin Oscillator turns down from the border with the growth territory. A price decline to at least 103.57 is possible, after which we also expect a rapid increase to 104.20.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for AUD/USD on January 21, 2021
AUD/USD
Yesterday and this morning, the Australian Dollar rose by almost 80 points. Today, positive data was released on employment. Unemployment in Australia fell from 6.8% to 6.6%, while the share of the economically active population increased from 66.1% to 66.2%. Fixing the price above 0.7770 may lead the dollar to the target level of 0.7905. The Marlin Oscillator, which has moved into the growth zone, pushes the price to this level.
On the four-hour scale chart, the price is already fixed above the Kruzenshtern Indicator Line. The price remains to gain a foothold above the reached level of 0.7770. If the price does not succeed and the consolidation occurs under the Kruzenshtern line below the level of 0.7744, the scenario for growth will be cancelled. The price will again pay attention to the target level of 0.7641.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for EUR/USD on January 25, 2021
EUR/USD
As we expected in last Friday's review, the euro settled in the 1.2132/77 range. The trading volumes were similar to those of the previous two days, that is, purchases were indeed closed, but not as intensely as we expected. Today this process may continue, which can be helped by the German IFO indices for January; the forecast for the business climate assumes a decrease in the index from 92.1 to 91.8, the index of current expectations may decrease from 91.3 to 90.6.
The daily chart shows the price met the resistance of the balance indicator line and the upper border of the consolidation range of 1.2132/77. The Marlin oscillator is turning to the downside. We are waiting for the price to leave the area under the lower border of the consolidation range and a subsequent attack on the MACD line in the 1.2070 area, getting the price to settle below it opens the 1.1915 target.
The four-hour chart shows that the 1.2132 level coincides with the MACD indicator line, respectively, the level, like the consolidation range itself, gains strategic importance in the short-term current situation.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for GBP/USD on January 26, 2021
GBP/USD
Yesterday, the British pound tested support at 1.3648. So far it has been unsuccessful and there are several technical reasons for this; the signal line of the Marlin oscillator met the lower line of its own wedge on the daily chart; on the four-hour chart, the MACD line is located at this price level.
But Marlin has penetrated the negative area in the four-hour chart, this is a sign that the price would overcome support at 1.3648, probably by today. The target for the decline is the 1.3480 level - the low on December 9 and September 1, 2020.
The four-hour chart shows that the 1.2132 level coincides with the MACD indicator line, respectively, the level, like the consolidation range itself, gains strategic importance in the short-term current situation.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Trading plan for EURUSD for January 27, 2021
Technical outlook:
EURUSD dropped to 1.2108 lows yesterday before finding support again. It is quite possible that the European currency has managed to carve a higher low and bulls are now inclined to extend the counter trend rally towards 1.2250/70 in the near term. The single currency pair is seen to be trading at around 1.2163 levels at this point in writing and is expected to continue pushing higher towards 1.2250/70 levels before resuming lower again.
Immediate resistance remains fixed at 1.2350 mark, while interim support comes in around 1.2053 levels respectively. The recent boundary which is being worked upon is between 1.2350 and 1.2053 and the fibonacci 0.618 retracement is seen towards 1.2250 levels respectively (not shown here). High probability remains for a bearish reversal, if prices manage to reach through 1.2250/70 zone. Bears are expected to be back in control until prices stay below 1.2350 highs.
On the flip side, even if prices break above 1.2350 in the near term, upside remains limited and a sharp bearish reversal could be underway. The larger wave structure also remains constructive for bears since the entire rally between 1.0636 and 1.2350 seems to be complete. Probability remains high for a drop through 1.1250/1.1300 levels, which is fibonacci 0.618 retracement for the above rally.
Trading plan:
Remain short, add more @ 1.2250/70, stop @ 1.2500, target is open.
Good luck!
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for EUR/USD on January 29, 2021
EUR/USD
Yesterday, the euro slightly corrected after the hype of Wednesday's fall, supported by the MACD line on the daily chart. Yesterday's growth was offset by a decline in today's Asian session. It looks like the euro is going to attack the support of the MACD line at 1.2077. Getting the price to settle below this line will further strengthen the euro's decline to the target range of 1.1870-1.1915. Interim target of 1.1980.
The price is breaking the support of the MACD line on the four-hour chart. Ahead of it there is a range of support at 1.2058/77, leaving it will become a signal to reach the nearest target of 1.1980.
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Forex Analysis & Reviews: Forecast for EUR/USD on February 1, 2021
EUR/USD
The euro traded in a limited range last Friday, as it did on Thursday, staying between the MACD indicator line (1.2080) and the reference level of 1.2177 on the daily chart. Here we see that at the moment the Marlin oscillator's indicator line is slightly increasing, which will make it possible for the price to continue consolidating for at least another day. The euro will accelerate its decline only when the price goes under the MACD line, below 1.2080. The first target is 1.1980, then the range is 1.1870-1.1915.
The price is also developing above the MACD indicator line on the four-hour chart. The 1.2080 level coincides with the lows of January 28 and 20, which makes it more significant. The Marlin oscillator is growing, reaching the border of the territory of positive values. The sideways movement of the euro is likely to continue today.
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Forex Analysis & Reviews: Forecast for EUR/USD on February 2, 2021
EUR/USD
Yesterday, the euro finally decided to overcome the support of the MACD indicator line. The euro fell by 75 points. Now the 1.1980 target is open. The 1.1870-1.1915 range, which is the second target, is just below it. A weak risk of such a decline is seen in the initial stage when forming a price convergence with the Marlin oscillator. But this is still an alternative to today's scenario.
The situation is completely decreasing on the four-hour chart; the price is below the balance and MACD indicator lines, while the Marlin oscillator is in the zone of negative values, there is no convergence according to Marlin. Since the price surpassed yesterday's low (1.2056), we are waiting for it to move to the first target of 1.1980.
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Forex Analysis & Reviews: Forecast for EUR/USD on February 3, 2021
EUR/USD
Yesterday, the euro settled below the MACD indicator line on the daily chart. This suggests that now the road to a medium-term decline with the 1.1760 target and, probably, below, in the target range of 1.1550/75 is open. The goals are still to be specified.
But at the moment there is a circumstance that can disrupt the plan to pull down the price to the nearest targets: 1.1980 and 1.1915. This is a sign of the price convergence with the Marlin oscillator. If this convergence is completed and it turns out to be strong, the price will be able to return to the area above the MACD line and then a new downward momentum will be carried over for several more days. In the meantime, the correction is limited by the resistance of the MACD line at 1.2083.
There are no clear reversal signs on the 4-hour chart. The Marlin oscillator is growing in a downward trend zone. The price and the oscillator are growing within a moderate correction. The main scenario - the imminent end of the correction and the price falling to the first target of 1.1980 and to the second target at 1.1915 has higher chances, about 70%.
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Forex Analysis & Reviews: Technical Analysis of GBP/USD for February 4, 2021
Technical Market Outlook:
The bearish pressure on GBP/USD has increased and the market has broke below the technical support located at the level of 1.3608. This level will now act as an intraday technical resistance. The local low was made at the level of 1.3586, so the next target for them is the intraday technical support located at the level of 1.3519. The market is coming off the overbought conditions and the momentum is weak and negative, pointing down. The key mid - term technical support is seen at the level of 1.3428, but please pay attention to any breakout below the trend line support around the level of 1.3500 first. This might be the first indication of a potential move lower.
Weekly Pivot Points:
WR3 - 1.4011
WR2 - 1.3877
WR1 - 1.3788
Weekly Pivot - 1.3646
WS1 - 1.3564
WS2 - 1.3416
WS3 - 1.3342
Trading Recommendations:
The GBP/USD pair keeps developing the up trend and the trigger for this trend was the breakout above the level or 1.3518 on the weekly time frame chart. The recent top was made at the level of 1.3744 and this was the higher close in over two years. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4370.
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Forex Analysis & Reviews: Forecast for AUD/USD on February 8, 2021
AUD / USD
The Australian dollar rose by 77 points last Friday, breaking the level of 0.7641. Now, you should wait for the price to go back under this level so that you can start selling again. Today, the important macroeconomic data are not released, and the weakened indicators on the trade balance in Germany are expected tomorrow, which can move European currencies going down even more and along with them the "Australian" will weaken.
As we can see on the daily chart, the signal line of the Marlin oscillator has almost reached the upper limit of its own descending channel, and here the indicator may linger.
Based on the four-hour chart, the price is fixed above the indicator lines of the balance and the Kruzenshtern line. The Marlin is at the top but it is turning slightly. It is quite possible that the AUD/USD pair will have enough potential to stay here for a day.
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Forex Analysis & Reviews: Forecast for AUD/USD on February 9, 2021
AUD / USD
On the back of yesterday's pronounced increase in risk appetites given by the large-scale growth of cryptocurrencies - the value of this market for the day increased by 143 billion dollars, which led by bitcoin with a trading volume of 120 billion dollars, and the total capitalization of this market yesterday was 1.316 trillion dollars. Dollars, increased to 1.363 trillion, which strongly affected the market of real national currencies and stock markets: the Australian dollar rose by 26 points, the S & P500 added 0.74%.
As we can see on the daily chart, the signal line of the Marlin oscillator has left the descending channel up and is currently preparing to enter the zone of positive values. The price itself went to the target range of 0.7765 / 83 (defined by the peaks of January 21 and 13), after which it can go to storm the January high of January 6, the target of which is slightly higher - 0.7830.
Based on a four-hour scale, the situation is completely growing: the price rises above the indicator lines, the Marlin oscillator rises without signs of a reversal. So, the nearest target of the Australian dollar is 0.7765/83.
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Forex Analysis & Reviews: Forecast for AUD/USD on February 10, 2021
AUD / USD
Yesterday, the Australian dollar rose by 36 points. There is still much time left to go to work out the target range of 0.7765 / 83. Thus, it is already becoming much more difficult for the "Australian". The Marlin oscillator outlines a reversal from the border with the territory of growth. The price can work out the target range with a declining oscillator, but the growth should slow down, respectively, the goal will be reached only tomorrow.
Based on the four-hour chart, the Marlin is not pronounced but it is only discharged perhaps before the further growth. But be that as it may, the time for purchases is not suitable, it is only possible to hold previously opened positions.
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NEW ZEALAND ELECTRONIC CARD TRANSACTIONS SLIP 0.4% IN JANUARY
The total value of electronic card transactions in New Zealand was down a seasonally adjusted 0.4 percent on month or NZ$24 million in January, Statistics New Zealand said on Thursday - following the 19.2 percent spike in December.
Spending in the core retail industries slipped 0.7 percent on month or NZ$39 million.
On a yearly basis, electronic retail card spending was up 1.9 percent - slowing from 3.5 percent in the previous month.
By industry, the movements were: durables, up NZ$34 million (2.1 percent); motor vehicles (excluding fuel), up NZ$3 million (1.7 percent); fuel, down NZ$1 million (0.3 percent); apparel, down NZ$7 million (2.0 percent); and consumables, down NZ$31 million (1.3 percent).
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Forex Analysis & Reviews: Forecast for USD/JPY on February 11, 2021
USD/JPY
The yen has been lingering suspiciously long at 104.62, forming a new consolidation on it. Such consolidation indicates the intention of the market to continue the decline, in this case, the target is to support the embedded line of the price channel in the area of 104.02. The signal for such a breakthrough will be the transition of the price under yesterday's low of 104.42.
If the price still intends to continue to grow, then it must do it today, overcoming the top of yesterday's 104.85. The Marlin oscillator on the four-hour chat is turning up, this sign preserves the probability of price growth.
But before reaching the main target of 105.33, the price will need to overcome two previous levels: the already specified 104.85 and 105.05 along the MACD line on H4. It is the MACD line that is now of the greatest importance; if the price cannot overcome it, then a trend reversal will occur with the intention of working out 104.02.
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Forex Analysis & Reviews: Hot forecast for EUR/USD on 02/15/2021
We can absolutely calmly say that the single European currency has actually stood still for several days in a row. Of course it gradually decreased for nearly the entirety of Friday, and it completely won back all these losses closer to the end of the US session. But the scale of these movements, at best, can be called extremely modest. Something in the region of thirty points one way and the other. Which, in general, is not surprising, since the macroeconomic calendar was completely empty on Friday. So there was simply nothing for investors to grab onto.
Today the situation is somewhat different, as data on retail sales will be published in Europe, which should show zero growth. More precisely, they can show no change in annual terms. And oddly enough, this can be perceived as an extremely positive factor, since the European industry has been declining for twenty-five consecutive months. That is, it has been decreasing since November 2018. The data for December last year will be published today. In general, despite the depressing state of affairs in the European industry, the fact that the recession has stopped already seems like incredible growth, which will contribute to the euro's appreciation. Industrial production (Europe):
After a short pullback from the resistance point of 1.2150, the EURUSD pair returned to the area of last week's high, while showing interest in growth.
The market dynamics is below average, while local jumps are slipping in the market, which indicates that speculators are on it.
Based on the quote's current location, it is clear that market participants are already practically touching the resistance level of 1.2150, where, given the recent pullback, a regrouping of trading forces could have occurred, which will positively affect the volume of long positions.
Considering the trading chart in general terms, the daily period, you can see that the quote follows in the structure of the corrective move from the high of the medium-term trend of 1.2349, where, taking into account the recovery, we are about halfway from the high of the trend.
We can assume that the recovery process relative to the corrective move may continue to be present in the market, but in order to do so, the quote needs to stay above 1.2155, which will open the way in the direction of 1.2190, this is the first point of a possible move.
In case the price does not surpass the 1.2155 level on a four-hour period, then a fluctuation along the 1.2110/1.2160 range is not excluded.
From the point of view of a comprehensive indicator analysis, we see that the indicators of technical instruments signal a buy, since the quote can be found in the 1.2150 region.
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