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Technical Analysis of ETH/USD for August 16, 2021
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Crypto Industry News:
Christopher Perkins will become the new President and Managing Partner of CoinFund.
The information is important because it shows how strongly the blockchain industry and the cryptocurrency market have developed. Until a few years ago, it was hard to imagine a situation where a high-ranking employee in the financial sector (Perkins was one of Citigroup's CEOs) would quit everything to work in the cryptocurrency industry. Hiring a new CoinFund president is expected to positively affect the company's reputation.
CoinFund CEO on hiring Christopher Perkins
According to CoinFund founder and CEO Jake Brukhman, this is not only a milestone for the company, but an announcement of a trend in which Wall Street will start to pay attention to the possibilities of blockchain technology:
"Chris joining CoinFund is not only a major milestone for our firm, but is also indicative of a broader trend as Wall Street turns its attention to the opportunities within the blockchain-technology space".
Technical Market Outlook:
The ETh/USD pair has been seen rallying during the weekend. The bounce from the level of $3,122 was strong and bulls tested the recent high seen at the level of $3,330. Nevertheless, the bulls were not strong enough to close the daily candle above the level of $3,330, so it might be a time for another pull-back during the up trend. The immediate techncial support is seen at the level of $3,185 and $3,122.
Weekly Pivot Points:
WR3 - $3,888
WR2 - $3,615
WR1 - $3,448
Weekly Pivot - $3,162
WS1 - $3,024
WS2 - $2,746
WS3 - $2,578
Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,000. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not break below the technical support at the level of $2,695. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.
*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 August 17, 2021
AUD/USD
Yesterday, the Australian dollar reached the support of the embedded price channel line (0.7320) with a lower shadow on the daily timeframe. This trend line was broken this morning. The signal line of the Marlin Oscillator crossed the border with the area of the downward trend and now a bearish target of 0.7244 opens - the high of October 9, 2020.
There is a downward trend on the four-hour timescale: the price is decreasing under the balance and MACD indicator lines, the Marlin oscillator deepens in the negative zone. We are waiting for the price in the area of the specified target of 0.7244.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for GBP/USD on August 18, 2021
GBP/USD
The pound lost 100 points yesterday, shifting the market balance towards medium and short-term sales, as the price went under the balance indicator line on the daily chart. The signal line of the Marlin Oscillator has penetrated the zone of negative values, now the 1.3646/70 target is open.
The situation is similar on the four-hour scale chart: the price is below the indicator lines, Marlin is in the negative zone. We are waiting for the correction to be completed and further downward movement of the price.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Fall of the euro. What targets should be expected?
The fall of the current week indicates that the downward momentum has received a new round of development. Today, the monthly low is being updated and there are no restrictions on weakening yet. Now, the pair has reached the zone of the weekly average move, so it is necessary to fix part of the sales, as the probability of the formation of a corrective upward movement increases. The probability of continuing the fall next week is still above 80%.
A good target for medium-term fixations will be the level of 1.1591. So far, it looks optimistic. However, the number of applications for the purchase of the European currency is still quite large, which suggests a continuation of the decline within the average weekly moves, which amount to 140pp. In the next couple of days, it is better to concentrate on finding favorable selling prices for the instrument. We can consider the zone that was the August low last week.
Selling price - 1.1700
Stop loss - 1.1730
Take profit - 1.1591
Risk/profit ratio - 1 to 3
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for AUD/USD on August 20, 2021
AUD/USD
The Australian dollar showed a good move by falling 82 points yesterday, and has reached the target level of 0.7124 this morning. Below which is the second target level of 0.7060, but since today is Friday, investors can close positions to take all weekly profits, so a correction from 0.7124 is more likely to occur. On a daily scale, the Marlin Oscillator is flat.
On the four-hour chart, Marlin is rising against a decline in price, signaling a correction. At the moment, the MACD line limits the price's growth, approximately in the area of 0.7255, although the price does not necessarily have to rise there in its corrective growth.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for AUD/USD on August 23, 2021
AUD/USD
Since the trading day opened, the Australian dollar is headed for correctional growth from the target level of 0.7124 reached on Friday. The Marlin Oscillator is turning upward with force, the correction may stretch for more than a week, until the MACD indicator line is worked out in the area of 0.7323, which also corresponds to the correction level of 23.6% of the entire movement since February 25.
The Marlin Oscillator is climbing up a steep trajectory on the four-hour scale chart, probably with the intention of settling above its own zero line, in the growth zone, and then continuing to grow at a normal rate. The first obstacle on the way to 0.7323 is the MACD line in the area of 0.7250. If the price does not settle above it, a reverse decline to 0.7124 is possible.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for USD/JPY on August 24, 2021
USD/JPY
The drama continues for the yen. On yesterday's daily chart, the price touched the MACD indicator line and fell below the target level of 109.80. Due to this fall, the Marlin oscillator could not enter the zone of positive values. Now the price is struggling again with the level of 109.80. Apparently, for a successful exit above the MACD line, it needs to settle above this level (109.80), thus creating a base for an attack on resistance.
The Marlin Oscillator is holding on to an upward trend on the four-hour chart. The price is above the balance indicator line, but below the MACD line. Here, too, it will not hold back the price from creating a consolidation in the range between the level of 109.80 and the MACD line for the subsequent successful breakthrough of the interfering resistances. If, however, consolidation forms below the level of 109.80, then the price may return to the early support at 109.20.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for AUD/USD on August 25, 2021
AUD/USD
The Australian dollar gained 49% on Tuesday, confirming its intention to take the target level of 0.7323. On the daily chart, this is the point of coincidence of the 23.6% Fibonacci level with the MACD indicator line. The Marlin oscillator pondered a little before the border with the growth zone, this is a small sign of a slowdown in price growth, because the aussie is slightly ahead of the market.
The price managed to settle above the MACD indicator line on the four-hour chart. Here, on the example of August 18, consolidation is possible, after which we expect further price growth.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for USD//JPY on August 26, 2021
USD/JPY
Yesterday, the USD/JPY pair met the resistance of the MACD line on the daily chart for the last five days for the third time. And, as in previous cases, it could not overcome it. But this time there was one addition to the technical picture - the Marlin oscillator moved into the growing trend zone, and, what is also important, after testing the MACD line, the price did not begin to fall, as it did on August 19 and 23. At the moment, the price is struggling with the MACD line and breaking it above 110.12 will open the target at 110.60 - the price channel line of the higher timeframe.
The price is consolidating below the signal level of 110.12 on the four-hour timeline. And the price is above the MACD indicator line. The Marlin Oscillator is sideways in the positive trend zone. We are waiting for the price to settle above the signal level and growth to continue.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Technical Analysis of GBP/USD for August 27, 2021
Technical Market Outlook:
The GBP/USD pair has failed to break above the 61% Fibonacci retracement seen at the level of 1.3772 and after the Pin Bar candlestick was made the bulls were rejected. The market is currently coming off the overbought conditions and this is not really helping the bulls. Any violation of the level of 1.3700 will open the road towards the next target for bears located at 1.3668. On the other hand, only a sustained breakout above the level of 1.3772 would have change the immediate outlook to more bullish.
Weekly Pivot Points:
WR3 - 1.4029
WR2 - 1.3959
WR1 - 1.3752
Weekly Pivot - 1.3680
WS1 - 1.3474
WS2 - 1.3399
WS3 - 1.3118
Trading Outlook:
The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 30, 2021
EUR/JPY broke briefly below key-support at 128.29. The big question is whether this was a forewarning of more downside pressure towards 124.97 or this was a Bear-trap which a break above short-term key resistance at 130.56 will confirm it was. A break above short-term key resistance at 130.56 will also make the S/H/S top-formation a failed pattern, which will call for a rally towards 135.42 and maybe even higher as a lot will be caught short of EUR which they will need to cover fast.
So, we need a break below support at 127.95 to get a signal for a move to 124.97 or a break above resistance at 130.56 to get a call for a rally towards 135.42. Be patient and wait for the signal.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for AUD/USD on August 31, 2021
AUD/USD
The Australian dollar touched the point of intersection of the 23.6% Fibonacci level with the MACD line with yesterday's high and dropped 15 points. But the Marlin Oscillator does not show a reversal, the price is preparing to overcome the resistance reached at 0.7321. The success of this venture may be accompanied by an increase to the next Fibonacci level of 38.2% at 0.7452.
On the four-hour chart, the price is consolidating below the 0.7321 level, the Marlin oscillator turns up without crossing the zero line - the border with the territory of the downward trend. We are waiting for further price growth.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: What's next after the development of the EUR/USD upward pattern?
The EUR/USD pair reached the Weekly Control Zone of 1.1857-1.1840 yesterday, which indicates the completion of the upward cycle. The next movement will depend on testing the first support zone.
Today, the Weekly Control Zone of 1/4 1.1801-1.1797 is being tested. The pair's movement will continue in the first half of September depending on the reaction to this zone. If the pair manages to break through this zone and consolidates below during today's European session, then the decline will become interesting again for termination this week.
Trading in a downward direction can become a priority for a long time. If yesterday was the first day of the new cycle, then the second half of the week will be a decline to the WCZ 1/2 1.1757-1.1749. The daily lows will be updated for the next two days.
Time will tell whether the fall will lead to a medium-term reversal and a test of WCZ 1/2. This zone is located at a significant level of the market maker formed last week. The probability of a large demand for its test is quite high.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for USD/JPY on September 2, 2021
USD/JPY
The yen continues to confuse with incessant false movements in both directions. A growth spike was shown yesterday and it can be interpreted as an unsuccessful attempt to rise to the target of 110.62 - to the embedded price channel line. Yesterday's closing took place below the MACD indicator line, and today it also opened below it.
At the same time, US stock indices showed weakness: Dow Jones -0.14%, S&P 500 +0.03%, technological Nasdaq (an extremely speculative sector of the modern era) at 0.33%. We expect weak data on employment in the US tomorrow, the stock market will fall, and the USD/JPY pair will fall accordingly. The target for the decline at 109.20 is the June 8 low.
On the four-hour scale chart, the balance and MACD indicator lines keep the price from falling, but the Marlin oscillator is already in the negative area. A signal to fall is when the price moves below the target level of 109.85, which is below these indicator lines.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 3, 2021
EUR/JPY is currently testing key-resistance at 130.56 and we expect a temporary break above followed by a correction towards 129.63 before the next rally higher trough the key-resistance to confirm the final impulsive rally in wave 3 towards 135.42.
A break above key-resistance at 130.56 will give us a failed S/H/S top pattern and failed patterns often result in strong moves in the opposite direction of the failed pattern. The S/H/S top would indicate a decline, while the failed pattern calls for a rally instead.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for GBP/USD on September 6, 2021
GBP/USD
The British pound hit the first target (1.3883) on Friday. Now it should rise above this level, settling above it, and continue to rise to the second target at 1.4004, also determined by the embedded price channel line. The Marlin oscillator is rising, helping the price meet this target.
The trend is fully upward on the four-hour chart: the price is above the balance and MACD indicator lines, the Marlin oscillator is in the growth zone. We are waiting for the price to settle above the level of 1.3883 and its further growth.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for September 7, 2021
We continue to look for renewed upside pressure through minor resistance at 153.48 to call for the next impulsive rally towards the next upside target seen at 159.75 to complete wave v/ of iii and set the stage for a temporary correction/consolidation in wave iv before the next rally higher.
Longer-term we are looking for a rally to at least 163.00 and possibly a lot higher than that, as a long-term rally towards 205 clearly is an option, but not a given fact. A a lot can still happen a cut the ongoing rally short near 163, but only time will show.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Elliott wave analysis of Ripple for September 8, 2021
Ripple completed a five wave rally in wave i with the test of 1.4162. We should now see a corrective decline in wave ii close to the 61.8% corrective target of wave i near 0.8560 before the next rally higher to at least 1.7600 and possibly even closer to the extension target for wave iii near 2.3226 takes place.
Ultimately. we are looking for a rally to 3.2000 in this impulsive sequence.
Analysis are provided by InstaForex
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FOREX ANALYSIS & REVIEWS: TRADING PLAN FOR EURUSD FOR SEPTEMBER 09, 2021
Technical outlook:
EURUSD has slipped toward 1.1800 mark since printing 1.1900 highs over the last week. The drop is corrective and bulls might be inclined to come back in control, pushing prices higher towards 1.2050 levels, going further. Probability also remains for a drop towards 1.1750 first, before resuming its rally. Either way, EURUSD is in a corrective wave from 1.1900/10 high.
EURUSD is seen to be trading close to 1.1810/15 mark at this point in writing and could be preparing to push higher towards 1.1870/80 mark in the immediate short term. Immediate price resistance is at 1.1910, while support comes in around 1.1660 mark respectively. The pair could drop toward 1.1750 to complete its gartley structure before resuming higher towards 1.2050 mark.
The overall structure remains bearish toward 1.1300 mark in the medium term. In the short term though, a counter trend rally towards 1.2050 remains possible though. Also note that 1.2030/50 is the fibonacci 0.618 retracement of the drop between 1.2266 and 1.1660 respectively. High probability remains for a bearish turn if prices manage to reach there.
Trade Alan:
Potential to push towards 1.2050 against 1.1650. Good luck!
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Trading plan for EURUSD for September 10, 2021
Technical outlook:
EURUSD is consolidating within a tight range after dropping to a low of 1.1806 on Thursday. The pair is expected to push higher towards the 1.1865-70 zone during the day before finding resistance again. It is expected to slide towards 1.1750 in the next few trading sessions before bulls can resume higher to the 1.2050 level.
EURUSD is unfolding into a counter-trend rally toward 1.2050 in the near term before resuming lower towards the larger trend. Also note that the pair is carving a counter-trend within the counter trend and is expected to first drop toward 1.1750, then rally towards 1.2050 levels respectively. EURUSD is facing immediate resistance at 1.1900 while support is seen around 1.1800 levels respectively.
Overall wave structure remains bearish towards 1.1300 but medium term remains pointed higher to 1.2050-1.2100 zone. Also note that 1.2050 is near Fibonacci 0.618 retracement of the drop between 1.2266 and 1.1660 levels respectively. Hence, probabilities remain high for a bearish reversal f prices manage to reach there.
Trading plan:
Potential to rally toward 1.2050 against 1.1660.
Good luck!
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Technical Analysis of GBP/USD for September 13, 2021
Technical Market Outlook
The GBP/USD pair has failed to break through the supply zone that was the key zone for bears. There might be a Double High price pattern made at the H4 time frame chart. The zone is still located between the levels of 1.3874 - 1.3886. The momentum is negative and the market conditions are overbought, so the bulls might not have a chance to move higher. The next target for bears is seen at the level of 1.3807 and 1.3785.
Weekly Pivot Points:
WR3 - 1.4068
WR2 - 1.3979
WR1 - 1.3915
Weekly Pivot - 1.3815
WS1 - 1.3755
WS2 - 1.3649
WS3 - 1.3586
Trading Outlook:
The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 14, 2021
We have seen the expected dip closer to 129.60 and EUR/JPY should now be ready to start the next impulsive rally higher to 134.24 and then towards the ideal target for wave 5/ closer to 135.42. Short-term we need a break above minor resistance at 130.23 to confirm that sub-wave ii of 5/ has completed and sub-wave iii is in motion towards 134.24 and then higher to 135.42.
Longer term we continue to look for much higher levels, but for now, just let's look for a break above minor resistance at 130.23 to confirm sub-wave ii has completed and sub-wave iii higher is in motion.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Technical Analysis of EUR/USD for September 15, 2021
Technical Market Outlook
The EUR/USD pair has been trying to move higher after the bounce from the level of 1.1774, but even after the breakout above the short-term trend line resistance the rally was capped and the price reversed back down again. Currently, the price is hovering around the level of 1.1804, that we have seen many times before. The market keeps making lower highs and lower lows, so the odds for another down move are high. The next target is seen at the level of 1.1774 (previous local low) and 1.1758 (61% Fibonacci retracement). The key short-term technical support is seen at the level of 1.1751.
Weekly Pivot Points:
WR3 - 1.1947
WR2 - 1.1912
WR1 - 1.1832
Weekly Pivot - 1.1824
WS1 - 1.1765
WS2 - 1.1741
WS3 - 1.1684
Trading Outlook:
The market is in control by supply that might push the prices lower towards the key technical support located at 1.1599. There might be a bounce form this level, but the last rally out of the Falling Wedge pattern has failed anyway. The up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021) only if bullish cycle scenario is confirmed by breakout above the level of 1.1909 and 1.2000.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Technical Analysis of GBP/USD for September 16, 2021
Technical Market Outlook
The GBP/USD pair has been rejected for the third time from the supply zone and the Bearish Engulfing candlestick pattern was made at the end of the up move at the level of 1.3912. The zone is still located between the levels of 1.3874 - 1.3886 and after a bounce from the level of 1.3791 the market is trading currently around the level of 1.3832, which is the technical resistance for bulls. The intraday technical support is seen at 1.3785 and 1.3807 and it might be tested soon as the momentum barely holds the positive territory.
Weekly Pivot Points:
WR3 - 1.4068
WR2 - 1.3979
WR1 - 1.3915
Weekly Pivot - 1.3815
WS1 - 1.3755
WS2 - 1.3649
WS3 - 1.3586
Trading Outlook:
The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for AUD/USD on September 17, 2021
AUD/USD
On Thursday, under the influence of the general strengthening of the US dollar, the US currency index rose by 0.41%, while the Australian currency lost 0.55% (39 points). The price stopped at the MACDindicator line of the daily scale and is currently weighing alternative plans - whether to consolidate below this indicator line (0.7275) for a subsequent decline to the promising target of 0.7065, or turn upwards from it to the first target along the Fibonacci line 38.2% on the 0.7450 price. The Marlin Oscillator has already entered the territory of the downward trend, but the basis for the future movement will be set only by the Federal Reserve meeting on September 22nd.
On the four-hour chart, the price is developing in a completely downward trend: the MACD line has turned down, Marlin is in the zone of negative values. And if the price does not turn upwards from the support of the daily timeframe (MACD line), then after the price settles below yesterday's low of 0.7275, a downward movement may develop until the Fed's announcements.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Elliott wave analysis of Ripple for September 20, 2021
Ripple should move closer to the 61.8% corrective target near 0.8560 before completing the corrective decline in wave ii. If so, we will be looking for the next strong impulsive rally in wave iii towards 2.3227 and maybe even higher. In the short term, we see resistance near 1.0526, which is expected to cap the upside for the corrective decline to 0.8560 and the higher in the next impulsive rally towards 2.3227.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Trading plan for EURUSD for September 21, 2021
Technical outlook:
EURUSD might have carved an interim bottom around 1.1700 mark on Monday. The currency pair has bounced off through 1.1740 mark and has also produced a pinbar candlestick on the daily chart. High probability remains for bulls to take control back from here and push towards 1.1850, 1.1950 and 1.2050 potential targets.
EURUSD is probably into its last leg of the counter trend rally, which had begun since 1.1660 lows. The down gartley should likely terminate around 1.2050 mark, which is also the Fibonacci 0.618 retracement of the recent downswing (1.2266 to 1.1660). Bears might come back in control thereafter.
EURUSD is seen to be trading around 1.1735 level at this point in writing and is expected to push higher against 1.1660 mark. Immediate support is seen at 1.1660, while resistance comes in around 1.1850, followed by 1.1900 levels respectively. Only a drop below 1.1660 would change the above bullish scenario.
Trading plan:
Potential towards 1.2050 against 1.1660
Good luck!
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 22, 2021
EUR/JPY made it almost back to the start of wave i at 127.92. We have seen the low of wave ii at 127.95. Wave ii is allowed to correct to 99.99% of wave ii, but not more and therefore should stay above 127.92 or else, we will need to make a revision of our preferred count.
As long as short-term key-support at 127.92 is able to act as a floor, we will be looking for a break above minor resistance at 128.70 and more importantly a break above resistance at 129.55 as confirmation that wave ii has been completed and wave iii is unfolding towards 134.24 and135.42 .
Analysis are provided by InstaForex
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Forex Analysis & Reviews: EURJPY short-term bullish bounce | 23rd Sep 2021
Price is holding below the descending trendline resistance, however we are expecting price to be making a short-term bullish bounce as price is seen to bounce off the 1st support. We can expect the price to bounce from the 1st Support and ride the bullish momentum towards the 1st resistance in line with 61.8% Fibonacci projection, 61.8% Fibonacci retracement and descending trendline resistance. Our short-term bullish bias is further supported by the MACD indicator where the MACD line cross over the signal line.
Trading Recommendation
Entry: 84.760
Reason for Entry:
78.6% Fibonacci projection
Take Profit: 86.999
Reason for Take Profit:
61.8% Fibonacci projection
Stop Loss: 83.571
Reason for Stop Loss:
127.% Fibonacci Retracement
Analysis are provided by InstaForex
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Forex Analysis & Reviews: USDJPY short-term bearish drop | 24th Sep 2021
Price is holding above the ascending trendline support, however we are expecting the price to be making a short-term bearish drop as price has approached a strong resistance level where price reversed twice at that level. We can expect the price to drop from the 1st Resistance and ride the bearish momentum towards the 1st Support in line with 61.8% Fibonacci Retracement and 78.6% Fibonacci Projection. Our short-term bearish bias is further supported by the Stochastic indicator where the %K line touches the resistance level awaiting for a drop.
Trading Recommendation
Entry: 110.431
Reason for Entry:
127.2% Fibonacci Projection
Take Profit: 109.610
Reason for Take Profit:
61.8% Fibonacci retracement and 78.6% Fibonacci projection
Stop Loss: 110.794
Reason for Stop Loss:
-27.2% Fibonacci Retracement and 161.8% Fibonacci projection
Analysis are provided by InstaForex
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Forex Analysis & Reviews: USDJPY short-term bearish drop | 27th Sep 2021
Price is holding above the ascending trendline support, however we are expecting the price to be making a short-term bearish drop as price has approached a strong resistance level where price reversed thrice at that level. We can expect the price to drop from the 1st Resistance and ride the bearish momentum towards the 1st Support in line with 100% Fibonacci Projection and 78.6% Fibonacci Retracement. Our short-term bearish bias is further supported by the Stochastic indicator where the %D line touches the resistance level awaiting for a drop.
Trading Recommendation
Entry: 110.813
Reason for Entry:
78.6% Fibonacci Projection
Take Profit: 109.120
Reason for Take Profit:
100% Fibonacci Projection and 78.6% Fibonacci Retracement
Stop Loss: 111.652
Reason for Stop Loss:
-61.8% Fibonacci Extension and 127.2% Fibonacci projection
Analysis are provided by InstaForex
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Forex Analysis & Reviews: AUDCAD bullish bounce| 28th Sep 2021
Price is holding above the descending trendline resistance turn support, showing a strong bullish momentum. Price is approaching the trendline support to retest and we can expect price to bounce up from 1st Support in line 127.2% Fibonacci Projection and previous swing low, towards the 1st Resistance in line with 127.2% Fibonacci retracement and 78.6% Fibonacci projection. Our bullish bias is further supported by the Stochastic indicator where the %K line is abiding to a ascending trendline.
Trading Recommendation
Entry: 0.91127
Reason for Entry:
127.2% Fibonacci Projection
Take Profit: 0.93793
Reason for Take Profit:
127.2% Fibonacci Retracement and 78.6% Fibonacci Projection
Stop Loss: 0.90243
Reason for Stop Loss:
161.8% Fibonacci Projection and 127.2% Fibonacci Retracement
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Trading plan for EURUSD for September 29, 2021
Technical outlook:
EURUSD might have carved a higher low around 1.1668 levels on Tuesday before pulling back. The currency could be looking to turn bullish from here and a break above 1.1750 will confirm the same. The counter trend rally still remains possible until prices stay above 1.1660 levels going forward. Bulls remain poised to push higher towards 1.2050 at least.
The recent boundary which is being worked upon is between 1.2266 and 1.1660 levels respectively. Also note that fibonacci 0.618 retracement of the above drop is seen passing through 1.2050-1.2100 zone. If bulls manage to push through the above zone, high probability remains for a turn lower since resistance will be strong.
The bigger picture for EURO remains bearish towards 1.1300, which is the Fibonacci 0.618 retracement of previous rally between 1.0636 and 1.2350 levels respectively. A drop there would warrant potential bullish reversal going forward.
Trading plan:
Potential rally towards 1.2050, against 1.1650.
Good luck!
Analysis are provided by InstaForex
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Forex Analysis & Reviews: GBPJPY bullish bounce| 30th Sep 2021
Price is reacting below the descending trendline resistance on the daily timeframe this shows an overall bearish trend, however we can expect a short-term bullish momentum for the price to bounce back to the resistance level. We can expect the price to bounce from the 1st Support in line with 61.8% Fibonacci Projection and 38.2% Fibonacci Retracement towards the 1st Resistance in line with 61.8% Fibonacci projection. Our bullish bias is further supported by the stochastic indicator where the %K line bounced from the support line.
Trading Recommendation
Entry:149.922
Reason for Entry:
38.2% Fibonacci Retracement and 61.8% Fibonacci projection
Take Profit: 152.161
Reason for Take Profit:
61.8% Fibonacci projection
Stop Loss: 149.156
Reason for Stop Loss:
78.6% Fibonacci projection
Analysis are provided by InstaForex
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Forex Analysis & Reviews: UKOIL facing bearish pressure, drop incoming!
UKOIL is holding below 1st resistance at 79.28 in line with 61.8 Fibonacci retracement and 38.2% Fibonacci extension and may bearish towards 1st support at 76.10 in line 61.8% Fibonacci retracement and 161.8% Fibonacci extension . Our bearish is further supported by how MACD is showing a bearish signal where the signal line is above the MACD line. Otherwise price may bullish towards 2nd resistance at 80.72 in line with Horizontal swing high and 61.8% Fibonacci extension.
Trading Recommendation
Entry: 79.28
Reason for Entry:
61.8 Fibonacci retracement and 38.2% Fibonacci extension
Take Profit: 76.10
Reason for Take Profit:
61.8% Fibonacci retracement and 161.8% Fibonacci extension
Stop Loss: 80.72
Reason for Stop Loss:
Horizontal swing high and 61.8% Fibonacci extension.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Elliott wave analysis of Ripple for October 4, 2021
Ripple has completed sub-wave ii near 0.8560. We are looking for an upside acceleration towards 2.3227 in sub-wave iii where a sideways consolidation is expected.
In the long term, upward movement to 3.3170 and higher is expected. In the short term, a break above minor resistance at 1.1300 and ideally above resistance at 1.2400 may occur. If so, the digital asset may rise to 1.4160, 1.9665, and 3.3170.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: USDCHF bullish continuation | 5th Oct 2021
Price is holding above the ascending trendline support, signifying a bullish momentum. We can expect the price to push up from the pivot level in line with 23.6% Fibonacci retracement towards the take profit level in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the stochastic indicator where the %K line bounced at the support level.
Trading Recommendation
Entry: 0.92572
Reason for Entry:
23.6% Fibonacci Retracement
Take Profit: 0.93326
Reason for Take Profit:
61.8% Fibonacci Retracement and 61.8% Fibonacci projection
Stop Loss: 0.92329
Reason for Stop Loss:
127.2% Fibonacci projection
Analysis are provided by InstaForex
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Forex Analysis & Reviews: EUR/USD pair has not implemented growth yet
A lack of major support from the ECB is indicated by today's Asian trading session. If the situation does not change, then the probability of updating the monthly low will increase to 80%.
When making a trading plan, it is worth noting that yesterday's closing level may become a determining resistance if the European session opens below the level of 1.1596. Trading in a downward direction is regaining its status as the priority. So, one must get ready for another bearish momentum. The first downward target is to update the monthly low. The main target is the Weekly Control Zone of 1.1540-1.1523.
This pattern will be the main one if the activity during the European session allows the price to stay below the level of 1.1596. The task is to join stronger players who will buy the euro at more favorable prices at a monthly low and below.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Elliott wave analysis for Natural Gas for October 7, 2021
Natural gas article from September 15
Yesterday, natural gas peaked at 6.46. It is time for a correction towards 5.26 and maybe even closer to 4.75 before the natural gas can take off again to way above the peak at 6.46.
Inflation may weigh on the economic recovery. Once the correction in crude oil and natural gas is completed and prices rise to new highs, it will become much more painful to the global economies.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: AUDUSD bearish continuation | 8th Oct 2021
Price is holding below the descending trendline resistance, signifying a bearish momentum. We can expect the price to continue to push down towards the 1st Support in line with 61.8% Fibonacci projection and 61.8% Fibonacci Retracement. Our bearish support is further supported by the stochastic indicator where the %K line drops from the resistance level.
Trading Recommendation
Entry: 0.73249
Reason for Entry:
50% Fibonacci retracement and Graphical overlap resistance
Take Profit: 0.72225
Reason for Take Profit:
61.8% Fibonacci Retracement and 61.8% Fibonacci projection
Stop Loss: 0.74078
Reason for Stop Loss:
61.8% Fibonacci projection and 78.6% Fibonacci retracement
Analysis are provided by InstaForex
