-
Forex Analysis & Reviews: Trading plan for EURUSD for April 13, 2022
Technical outlook:
EURUSD prints yet another higher low around 1.0811 mark during the early Asian session on Wednesday. The single currency pair remained shy by just five pips from testing the previous swing low at 1.0806. It is seen to be trading around 1.0833 level at this point in writing and a push through 1.0910 could confirm a bottom in place.
EURUSD has shown quite resilience as bulls defended 1.0806 swing low. If a potential bottom is in place at 1.0811, price would continue higher and break above 1.0910-20 initial resistance. On the flip side, it 1.0806 breaks down, bears might print a shallow low before bulls are back in control. Both scenarios present a bullish picture over medium term.
EURUSD is already producing a bullish divergence on the daily RSI as prices remained just five pips away from printing fresh lows below 1.0806 mark. The divergence is not shown here but it is a potential trend reversal indicator going forward. It would be interesting to see a break above 1.0910-20 mark as the day progresses.
Trading plan:
Potential rally towards 1.1500 against 1.0700
Good luck!
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: ETHUSD, Bullish Bounce | 18th April 2022
On the H4, we see the price is near pivot level. Price can potentially bounce from 1st support level of 2955.24 in line with the 61.8% Fibonacci projection and 61.8% Fibonacci retracement towards the 1st resistance level of 3083.99 in line with 78.6% Fibonacci projection. Alternatively, price may break through key support structure and head for our 2nd support level of 2835.69 in line with 78.6% Fibonacci projection.
Trading Recommendation
Entry: 2955.24
Reason for Entry:
61.8% Fibonacci projection and 61.8% Fibonacci retracement.
Take Profit: 3083.99
Reason for Take Profit:78.6% Fibonacci projection.
Stop Loss: 2835.69
Reason for Stop Loss:
78.6% Fibonacci projection.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for April 19, 2022
As GBP/JPY has continue to make new highs for the rally since the 123.99 low we have reviewed our count. It's clearly possible to count a complete five wave rally from 123.99 to the present high at 166.60. What It also clear is that wave 4 is a triangle, which is normally a warning that the next impulsive rally will be the last of the total five wave sequence since the 123.99 low. That of course also means that the very best of the impulsive rally now is behind us and it's just a matter of time before GBP/JPY peaks and a larger corrective decline to 156.90 is seen.
We expect GBP/JPY to see its final peak at 168.26 where wave 5 will be 61.8% the length of wave 1 through wave 3.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Trading plan for Ethereum for April 20, 2022
Technical outlook:
Ethereum managed to rally through $3,130 highs on Wednesday before finding resistance. The crypto has plled back since then and is seen to be trading close to $3,095 levels at this point in writing. Intraday corrective drop remains possible through $2,980 mark, before the rally resumes higher toward $3,800-4,000 zone.
Ethereum has been in a counter trend rally since $2,140 lows,and is looking to progress toward $3,800 at least before turning lower again. Also note that $3,800 is close to fibonacci 0.618 retracement of earlier drop between $4,850 and $2,140 levels respectively. Further, the channel resistance is also passing through $3,800-4,000 zone.
High probability remains for a turn lower if prices manage to reach the above projection, as resistance would be strong. Bears will remain poised to be back in control from $3,800-4,000 mark and drag prices lower below $2,140 levels. Watch out for short term intraday support coming through $2,980 mark today.
Trading plan:
Potential rally through $3,800-4,000 against $2,100.
Good luck!
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Technical Analysis of EUR/USD for April 21, 2022
Technical Market Outlook:
The EUR/USD pair had extended the bounce from the last week low seen at 1.0757, but so far the bounce is still rather shallow as the bearish/neutral market border located at 1.0887 has not been tested yet (the local high was made at the level of 1.0874 so far)If the last week low is clearly violated, then the bears might push the price towards the technical support seen at 1.0654 (the key long term technical support for bulls) despite the extremely oversold market conditions. The down trend continues lower and there is no indication of down trend termination or reversal yet. The nearest technical resistance is located at 1.0887 and 1.0899 (bearish/neutral market border).
Weekly Pivot Points:
WR3 - 1.1073
WR2 - 1.1001
WR1 - 1.0893
Weekly Pivot - 1.823
WS1 - 1.0717
WS2 - 1.0648
WS3 - 1.0538
Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.1185, so a breakout above this level is a must for bulls for a trend reversal. The next long-term technical support is located at 1.0639. The up trend can be continued towards the next long-term target located at the level of 1.1494 (high from 06.02.2022) only if bullish cycle scenario is confirmed by breakout above the level of 1.1186 and 1.1245, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0639 or below.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for April 25, 2022
GBP/JPY has see a nice drop from the 168.43 peak. We where looking for a peak at 168.26 so it was close to a bulls-eye regarding picking the top. We are now looking for a deeper and more prolonged corrective phase unfolding towards at least 158.25 and possibly closer to 150.10.
We have seen a nice five wave rally from 123.99 to 168.43 to complete the impulsive cycle and we are now looking for a corrective cycle for the coming month.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Forecast for EUR/USD on April 26, 2022
The euro fell by 78 points yesterday. The 1.0636 key level (March 2020 low) is about 100 pips away, and now the price is correcting slightly before further preparations to overcome it.
The growing correction is expected to be small, the MACD indicator line on the four-hour chart (1.0755) serves as a reference point for its end. The price may slightly go above the indicator line. The Marlin Oscillator has turned up, it also tends to correct and discharge before further decline. Falling below yesterday's low at 1.0697 will start a new wave of decline for the euro.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Forecast for EUR/USD on April 27, 2022
The euro was ahead of our bold forecasts. We expected an attack on the target level of 1.0636 at the Federal Reserve meeting, but the price reached it last night, and at the point of intersection of the level with the lower border of the Fibonacci channel, marked in green on the daily chart. Consolidating below 1.0636 (March 2020 low) opens the way for the euro to parity. The first target is 1.0493 (February 2017 low).
On the four-hour chart, the price lingers at the reached level with a slight upturn of the Marlin Oscillator. Here, however, there may still be at least a slight correction in depth, in the form of consolidation, to give the oscillator a little rise before further decline. But if it does not exist, then after settling under 1.0636, we are waiting for further movement to 1.0493.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Technical Analysis of EUR/USD for April 28, 2022
Technical Market Outlook
The EUR/USD pair had broken below the last week low seen at the level of 1.0757 and made a new swing low at the level of of 1.0481, however, in a case of the down move continuation, the next target for bears is seen at the level of 1.0336. This level is the key long-term technical support from 2020, so please keep an eye on the market behaviour around this level. The nearest technical resistance is located at 1.0654. Despite the oversold market conditions on the H4 and Daily time frame charts, the down trend continues and there is no indication of trend termination or reversal just yet. Weak and negative momentum supports the short-term bearish outlook.
Weekly Pivot Points:
WR3 - 1.1064
WR2 - 1.0994
WR1 - 1.0884
Weekly Pivot - 1.0825
WS1 - 1.0717
WS2 - 1.0643
WS3 - 1.0535
Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.1185, so a breakout above this level is a must for bulls for a trend reversal. The next long-term technical support is located at 1.0639. The up trend can be continued towards the next long-term target located at the level of 1.1494 (high from 06.02.2022) only if bullish cycle scenario is confirmed by breakout above the level of 1.1186 and 1.1245, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0639 or below.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for April 29, 2022
GBP/JPY is correcting nicely from the 168.43 peak and we should see more downside force being added in the near-term towards our first downside target at 158.15, but this support will likely break after a short while for a continuation towards support at 154.41 and possibly closer to 150.04.
So continue to look for more downside pressure near term.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Technical Analysis of EUR/USD for May 2, 2022
Technical Market Outlook
The EUR/USD pair had made a new swing low at the level of 1.047 and in the meantime, the bulls are trying to bounce towards the lower channel line located around the level of 1.0573, which is the nearest technical resistance as well. So far they failed to move back into the descending channel, so in a case of the down move continuation, the next target for bears is seen at the level of 1.0336. This level is the key long-term technical support from 2020, so please keep an eye on the market behavior around this level. Despite the oversold market conditions on the H4 and Daily time frame charts, the down trend continues and there is no indication of trend termination or reversal just yet. Weak and negative momentum supports the short-term bearish outlook.
Weekly Pivot Points:
WR3 - 1.1064
WR2 - 1.0933
WR1 - 1.0710
Weekly Pivot - 1.0591
WS1 - 1.0363
WS2 - 1.0252
WS3 - 1.0032
Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.1185, so a breakout above this level is a must for bulls for a long-term trend reversal. The up trend can be continued towards the next long-term target located at the level of 1.1494 (high from 06.02.2022) only if bullish cycle scenario is confirmed by breakout above the level of 1.1186 and 1.1245, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0336 or below.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Elliott wave analysis of Silver for May 3, 2022
Silver is testing support at 22.16 and could be ready for the next impulsive rally towards resistance at 30.00 and a break above here will release the energy for a continuation higher to the all-time high at 50.00. That said, if minor resistance at 23.56 is able to cap the upside, then silver could move closer to strong support near 21.65 before being ready to rally in the next impulsive move higher.
So for now we need to stay flexible and observe the market behavior near 22.16 and more importantly near minor resistance at 23.56 as a break will indicate the correction is complete and the next rally towards 30.00 is in motion.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: USDJPY, Potential for Bullish Continuation | 4th May 2022
On the H4, with price moving above the Ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 131.240 where the swing high resistance is from our 1st support at 129.374 in line with the horizontal pullback support and 50% and 78.6 Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 127.240 where the horizontal swing low support is.
Trading Recommendation
Entry: 129.374
Reason for Entry:
Horizontal pullback support and 50% and 78.6 Fibonacci retracement
Take Profit:131.240
Reason for Take Profit: Horizontal swing high resistance
Stop Loss: 127.240
Reason for Stop Loss:
Horizontal swing low support
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Technical Analysis of EUR/USD for May 6, 2022
Technical Market Outlook
The EUR/USD pair bounce had been capped at the level of 1.0636 after the Pin Bar candlestick pattern was made at the H4 time frame chart. The oversold market conditions on the Daily time frame chart, indicate the down trend continues and there is no indication of trend termination or reversal just yet. The nearest technical support is located at 1.0469. The bearish market border is located at 1.0755, so there is still a room for bears to try to resume the down trend.
Weekly Pivot Points:
WR3 - 1.1064
WR2 - 1.0933
WR1 - 1.0710
Weekly Pivot - 1.0591
WS1 - 1.0363
WS2 - 1.0252
WS3 - 1.0032
Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.1185, so a breakout above this level is a must for bulls for a long-term trend reversal. The up trend can be continued towards the next long-term target located at the level of 1.1494 (high from 06.02.2022) only if bullish cycle scenario is confirmed by breakout above the level of 1.1186 and 1.1245, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0336 or below.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for May 9, 2022
We see a should/Head/Should top building and the neckline support currently sitting near 159.63 a clear break below the neckline support will call for a continuation lower towards support at 157.96 and 154.14 as the next downside targets.
The neckline support should not be to difficult to break confirming the top and the continuation of wave C lower towards support near 134.14 and possibly even lower towards the 50% target at 150.09.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: GBPUSD Potential for Bearish Continuation | 10th May 2022
On the H4, with price moving below the Ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 1.24080 where the 38.2% Fibonacci retracement and pullback resistance is to our 1st support at 1.22677 in line with the 161.8% Fibonacci extension and horizontal swing low support is. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.24802 in line with the 61.8% Fibonacci retracement.
Trading Recommendation
Entry: 1.24080
Reason for Entry:
38.2% Fibonacci retracement and pullback resistance
Take Profit:1.22677
Reason for Take Profit:161.8% Fibonacci extension and horizontal swing low support
Stop Loss: 1.24802
Reason for Stop Loss:
61.8% Fibonacci retracement and horizontal pullback support
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: GBPUSD Potential for Bearish Continuation | 11th May 2022
On the H4, with price moving below the Ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 1.24080 where the 38.2% Fibonacci retracement and pullback resistance is to our 1st support at 1.22677 in line with the 161.8% Fibonacci extension and horizontal swing low support is. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.24802 in line with the 61.8% Fibonacci retracement.
Trading Recommendation
Entry: 1.24080
Reason for Entry:
38.2% Fibonacci retracement and pullback resistance
Take Profit:1.22677
Reason for Take Profit:161.8% Fibonacci extension and horizontal swing low support
Stop Loss: 1.24802
Reason for Stop Loss:
61.8% Fibonacci retracement and horizontal pullback support
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Forecast for EUR/USD on May 12, 2022
Yesterday, the euro decided neither to actively rise nor to decline. The price continues to consolidate above the support level of 1.0493. The price drop below this level opens the target range of 1.0340/65. The reference point for its lower boundary is the January 2017 low. Yesterday's fall in stock markets (S&P 500 -1.65%), caused by persistently high inflation (monthly CPI growth for April is shown at 0.3%, and the decrease in annual pressure from 8.5% to 8.3%) completely deprives investors of interest to risk. As a result, the probability of the euro falling to the lower border of the price channel with an attempt to overcome it increases.
The price is on the MACD line on the four-hour chart, which so far shows its neutral state, but at the same time, it is below the balance line and the Marlin Oscillator is in the negative area.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Forecast for GBP/USD on May 13, 2022
Yesterday the pound broke through the target level of 1.2250, now it is hardly moving towards the next support at 1.2073 (May 2020 low). The difficulty is created by the convergence with the Marlin Oscillator on the daily scale. However, the convergence is not pronounced, it can be easily broken and lose its already weak appearance.
There is also a slight divergence on the four-hour chart, the signal line of the Marlin Oscillator is consolidating in the range rather than trying to indicate the trend's potential. The most likely development in the current conditions is a gradual decline to the target level of 1.2073 under the MACD line, as it has been for the last week.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Technical Analysis of GBP/USD for May 16, 2022
The GBP/USD pair has been seen bouncing from the swing low located at the level of 1.2155. Despite the oversold market conditions on the H4 and Daily time frame charts there is no indication of trend termination or reversal just yet, so any move up must be seen only as a corrective cycle during the down trend. The bearish pressure continues and the next technical support is seen at the level of 1.2165 and 1.2072. The immediate intraday technical resistance is located at 1.2297 and 1.2325.
Weekly Pivot Points:
WR3 - 1.2621
WR2 - 1.2514
WR1 - 1.2371
Weekly Pivot - 1.2267
WS1 - 1.2119
WS2 - 1.2008
WS3 - 1.1859
Trading Outlook:
The price broke below the level of 1.3000, so the bears enforced and confirmed their control over the market in the long term. The Cable is way below 100 and 200 WMA , so the bearish domination is clear and there is no indication of trend termination or reversal. The next long term target for bears is seen at the level of 1.1989. Please remember: trend is your friend.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Elliott wave analysis of Crude Oil for May 17, 2022
Crude oil has just completed a symmetric triangle to the upside which calls for the next impulsive rally towards at least 134.34 and more likely closer to 159.94. If we see a runaway rally in wave 5, we could even see crude oil reach the 200 handle.
Short-term we see minor resistance near 116.64 before running higher for a test of the 134.34 target.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Technical Analysis of GBP/USD for May 18, 2022
Technical Market Outlook:
The GBP/USD pair has been seen bouncing from the swing low located at the level of 1.2155 and bulls had broken through the immediate intraday technical resistance at 1.2411. The technical resistance located at the level of 1.2484 is being tested currently, so any breakout through this level will open the road towards 1.2615 - 1.2697 zone. Despite the oversold market conditions on the H4 and Daily time frame charts there is no indication of trend termination or reversal just yet, so any move up must be seen only as a corrective cycle during the down trend. The bearish pressure will likely resume soon and the next technical support is seen at the level of 1.2165 and 1.2072.
Weekly Pivot Points:
WR3 - 1.2621
WR2 - 1.2514
WR1 - 1.2371
Weekly Pivot - 1.2267
WS1 - 1.2119
WS2 - 1.2008
WS3 - 1.1859
Trading Outlook:
The price broke below the level of 1.3000, so the bears enforced and confirmed their control over the market in the long term. The Cable is way below 100 and 200 WMA , so the bearish domination is clear and there is no indication of trend termination or reversal. The next long term target for bears is seen at the level of 1.1989. Please remember: trend is your friend.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Technical analysis Apple for May 19, 2022
Apple continues to push lower as expected and should continue lower towards the 38.2% corrective target at 113.08. As we saw it with Target (see our article just before) there is a clear risk, that the Market will be griped by fear and sell-off Apple in a major way.
Yes it's nice to have the newest iPhone, but is it a necessity? No it's not. If the Market starts to think in those terms, then the risk of a major sell-off is increased big time.
No matter, if the Market pushes Apple down in a major sell-off or in a more controlled way, the end result will be the same, a decline towards the 113.08 target and possible even closer to the 50% corrective target at 91.50.
Analysis are provided by InstaForex
-
Forex Analysis & Reviews: Forecast for EUR/USD on May 20, 2022
Yesterday, the euro defied our main plan, suggesting a decline towards 1.0340, but it failed to break the resistance of the upper limit of the 1.0493-1.0600 range. If the price still manages to settle above the level of 1.0600, then the corrective growth may continue to the MACD line, to the area of 1.0710. Formally, the Marlin Oscillator, which has already moved into the positive area, can help the price, but there is a high risk of its quick return to the zero line, that is, form a false signal.
https://forex-images.ifxdb.com/userf...04_source!.jpg
On the H4 chart, the price reversal from the level of 1.0600 has not yet been expressed. The Marlin Oscillator is not ahead of the price, while it is in the positive area. If the reversal takes place, it will not be fast, it may take two days to exit the range downwards. But this is our main scenario.
https://forex-images.ifxdb.com/userf...a2_source!.jpg
Analysis are provided byInstaForex.
Read More
-
Forex Analysis & Reviews: Technical Analysis of GBP/USD for May 23, 2022
https://forex-images.ifxdb.com/userf...44_source!.jpg
Technical Market Outlook:
The GBP/USD pair has bounced from the lows seen at the level of 1.2155 last week and continues to move higher. Currently, bulls has broken above the technical resistance located at 1.2511 (now intraday support) and are heading towards the key supply zone located between the levels of 1.2615 - 1.2697. Any violation of this zone would change the short-term outlook to more bullish as the market could target even the level of 1.3000 again. The strong and positive momentum support the short-term bullish outlook for Cable, however the market conditions look overbought and quick pull-back is welcome.
Weekly Pivot Points:
WR3 - 1.2933
WR2 - 1.2731
WR1 - 1.2632
Weekly Pivot - 1.2626
WS1 - 1.2321
WS2 - 1.2106
WS3 - 1.2001
Trading Outlook:
The price broke below the level of 1.3000 six weeks ago, so the bears enforced and confirmed their control over the market in the long term. The Cable is way below 100 and 200 WMA , so the bearish domination is clear and there is no indication of trend termination or reversal. The bulls are now trying to start the corrective cycle, which is welcome after eight weeks of the down move. The next long term target for bears is seen at the level of 1.1989. Please remember: trend is your friend.
Analysis are provided byInstaForex.
Read More
-
Forex Analysis & Reviews: Technical Analysis of EUR/USD for May 24, 2022
Technical Market Outlook:
The EUR/USD pair has bounced from the lows seen at the level of 1.0349 last week and continues to move higher. Currently, bulls had broken above the neutral market zone located between the levels of 1.0631 - 1.0654 and are trading inside the bullish zone. The strong and positive momentum support the short-term bullish outlook for Euro, however the ABC corrective cycle for bulls looks completed and the level of 1.0673 was the 100% Fibonacci extension for the up wave. If the bulls will continue higher, the next target is seen at 1.0731 (127% Fibonacci extension). The immediate technical support is located at 1.0654 and 1.0631 (the previous resistance).
Weekly Pivot Points:
WR3 - 1.0888
WR2 - 1.0735
WR1 - 1.0635
Weekly Pivot - 1.0526
WS1 - 1.0448
WS2 - 1.0311
WS3 - 1.0227
Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.0639, so a breakout above this level is a must for bulls for a long-term trend reversal. The up trend can be continued towards the next long-term target located at the level of 1.1186 only if bullish cycle scenario is confirmed by breakout above the level of 1.0726, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0336 or below.
Analysis are provided by InstaForex
Read More
-
Forex Analysis & Reviews: Forecast for EUR/USD on May 25, 2022
Yesterday the euro chose to continue the correction with the full development of the MACD indicator line. The daily Marlin Oscillator is turning down, of course, a downside scenario is more likely. Targets for a decline are marked on the chart: 1.0600, 1.0493, 1.0340.
https://forex-images.ifxdb.com/userf...84_source!.jpg
The situation for the reversal looks even stronger on the four-hour chart: the price has formed a triple divergence with the Marlin Oscillator. At the same time, the signal line of the oscillator has formed a wedge, from which a downward breakthrough is already taking place. We are waiting for the price at the first target level of 1.0600.
https://forex-images.ifxdb.com/userf...c7_source!.jpg
Analysis are provided byInstaForex.
Read More https://ifxpr.com/38JNuCm
-
Forex Analysis & Reviews: Forecast for EUR/USD on May 26, 2022
The euro fell by 57 points on Wednesday. The daily candle has covered (engulfed) the white candle of Tuesday, which is one of the signs of a downward trend reversal. At the moment, the price is trying to grow, but it is being held by the balance (red) and MACD (blue) indicator lines. The Marlin Oscillator is turning down. The bears' goals remain the same: 1.0600, 1.0493, 1.0340.
The downward direction has not yet gained a foothold on the H4 chart. The leading Marlin Oscillator penetrated into negative territory yesterday, but did not settle on it on the first attempt. A significant signal of reaching the first target at 1.0600 will be when the price overcomes yesterday's low at 1.0642. The MACD line is just below the level of 1.0600, which strengthens it, so you should wait for the price to settle below it in order to carry out trading strategies with the euro target at 1.0493.
Analysis are provided by InstaForex
Read More
-
Forex Analysis & Reviews: Forecast for EUR/USD on May 27, 2022
Last night, the euro made a desperate attempt to break above the resistance of the MACD indicator line, and this morning it succeeded. The desperation of the moment is that yesterday's daily trading volumes were the lowest for the month. True, there was a holiday in Switzerland, but the price still needs to do a lot to strengthen the medium-term growth. At the first stage, the price should settle above the MACD line, that is, the day should be closed with a white candle. The nearest targets in this case will be the levels 1.0780 and 1.0830.
In the current situation, the Marlin Oscillator on the daily scale does not share the price's optimism, so it is worth waiting for the price's reaction at the target levels.
Marlin also does not share the price's optimism on the four-hour chart, there are early signs of the formation of a divergence, and in order to overcome it, the price needs to move noticeably higher.
At the moment, the strategically correct decision will be to wait for today's uncertainty.
Analysis are provided by InstaForex
Read More
-
Forex Analysis & Reviews: Forecast for GBP/USD on May 30, 2022
On the daily chart, the price has moved above the target level of 1.2637 with the rising Marlin Oscillator. Ahead of it is the target level of 1.2715. The MACD line is now below this level, but the price may slightly go above it even if it plans to turn down later. If the price consolidates above this level, then the growth may last up to 1.2970 - the path will become open.
On the four-hour chart, the price develops growth above the balance indicator line. The Marlin Oscillator turned up without reaching the border of the bears' territory. The rising trend is strong.
Analysis are provided by InstaForex
Read More
-
Forex Analysis & Reviews: Forecast for EUR/USD on March 31, 2022
Following the plan we described yesterday, the euro reached the target level of 1.0780 and turned down from it. The daily Marlin Oscillator supports this reversal. Now our attention is on the MACD indicator line (1.0693) – if the price overcomes it, then we can aim for the 1.0600 target. If the price does not overcome that level, then it may turn around to reach a higher level at 1.0830.
On the H4 chart, the price divergence with the oscillator has changed somewhat over the past day, but retains its influence. The signal line of the oscillator is in negative territory again. The MACD line here almost coincides with the MACD line on a daily scale. The 1.0693 level is of particular importance due to the coincidence of the indicator of different timeframes on it. As a result, the probability of working off 1.0600 with the price going lower, to the levels of 1.0493 and 1.0340, increases.
Analysis are provided by InstaForex
Read More
-
Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 1, 2022
We continue to look for more downside pressure as the correction from 140.04 should persist longer. That said the current rally from 132.66 could peak here at 138.50 but as always with X-waves or B-waves all possible options are open. Therefore, we could also see a flat correction back to test the 140.04 higher before turning lower. But also the option for an expanded flat is open and that would call for a break above 140.04 closer to 142.87 before turning lower again. To confirm that wave X is complete we need a break below minor support at 136.80 that would call for renewed downside pressure towards 130.22.
Analysis are provided by InstaForex
Read More
-
Forex Analysis & Reviews: Forecast for AUD/USD on June 3, 2022
The Australian dollar showed a very good growth on Thursday, at which it overcame the resistance of the MACD line (0.7212) and reached the target level of 0.7285 (high on February 23). Now, probably, it's time for a correction, which is warned by the Marlin Oscillator, the signal line of which is turning down. The reversal will be confirmed by the price returning under the MACD line, below 0.7212. The exit above 0.7285 and consolidating on lower timeframes can extend the growth to 0.7400.
The situation on the four-hour chart is similar to the higher timeframe - the general trend is upward, but it has primary signs of a reversal. As on the daily scale, we are waiting for the price to fall below the signal level of 0.7212. Just below it is the MACD line (0.7195), crossing this line will become a confirmation of the reversal signal.
Analysis are provided by InstaForex
Read More
-
Forex Analysis & Reviews: Forecast for EUR/USD on June 6, 2022
The optimistic data on US employment released on Friday helped the dollar to slightly strengthen against most world currencies. The euro fell by 27 points. The Marlin Oscillator resumed its decline on the daily chart. The price is moving towards the support of the MACD indicator line (1.0675). Breaking this line will open the target level at 1.0600. Consolidating below the level opens the 1.0493 target. This is the main scenario. A breakthrough above 1.0780 would naturally open the 1.0830 target, but a move higher to 1.0940 at that stage looks unlikely.
The price settled below the MACD line on the four-hour chart, the Marlin Oscillator has reached the border with the territory of the downward trend and is preparing to overcome it. We are waiting for the development of a downward trend.
Analysis are provided by InstaForex
Read More
-
Forex Analysis & Reviews: Forecast for EUR/USD on June 7, 2022
The euro is slowly declining according to the main scenario - moving towards the target level of 1.0493. Since the decline is not fast, the MACD indicator line managed to adapt to it and slightly decrease, thereby lowering the signal level to 1.0667. Now, in order to confidently hit the nearest target at 1.0600, it is necessary to go under 1.0667, otherwise the risk of a jump to 1.0780 will remain. The Marlin Oscillator is declining steadily, the main downside scenario is in force.
On the 4-hour chart, the Marlin Oscillator has entered negative territory. It, of course, helps the price to go under the signal level of 1.0667. Actually, the price develops under both indicator lines - under the balance line (red) and MACD(blue). The trend is downward.
Analysis are provided by InstaForex
Read More
-
Forex Analysis & Reviews: June 9, 2022 : EUR/USD daily technical review and trading opportunities.
In late September, Re-closure below the price level of 1.1700 has initiated downside-movement towards 1.1500 where some recovery was witnessed.
Shortly after, Price levels around 1.1700 managed to hold prices for a short period of time before another price decline took place towards 1.1200.
Then the EURUSD has temporarily moved-up within the depicted movement channel until downside breakout occurred recently.
Since then, the price zone around 1.1500 has applied significant SELLING pressure when a valid SELL Entry was offered upon the previous ascending movement towards it.
Shortly after, the EURUSD looked oversold while approaching the price levels of 1.0800. That's where the recent upside movement was previously initiated.
That's why, the recent movement towards 1.1200 was considered for another SELL Trade which is already running in profits now.
The current ascending movement above 1.0600 enabled further advancement towards 1.0850 where bearish rejection can be applied.
Analysis are provided by InstaForex
Read More
-
Forex Analysis & Reviews: Forecast for AUD/USD on June 10, 2022
Yesterday, the Australian dollar decreased under powerful pressure of foreign markets: oil fell by 0.81%, iron ore by 1.18%, S&P 500 -2.38%, the dollar index 0.73%. The aussie lost 91 points.
During the fall, the price overcame the target level of 0.7136, now it faces the nearest level of 0.7037 - the low on May 25 and other historical extremums. With overcoming support, it is likely to decrease to 0.6951 - to the low of May 18. On a four -hour timescale, the price settled under 0.7136, the MACD line turned down, Marlin in the descending trend area. We are waiting for the continuation of the decline in the medium term.
Analysis are provided by
Read More
-
Forex Analysis & Reviews: ETHUSD, Potential For Bearish Drop | 13th June 2022
On the H4, with price expected to bounce off the support of the stochastics indicator, we have a bullish bias that price will rise from the 1st support at 1480c in line with the horizontal swing low support and 161.8% Fibonacci extension to our 1st resistance at 1727 in line with the 50% fibonacci retracement and horizontal pullback resistance. Alternatively, price may break structure and head for 2nd support at 1309 in line with the 161.8% Fibonacci projection level.
Trading Recommendation
Entry: 1727
Reason for Entry: 50% fibonacci retracement and horizontal pullback resistanceTake Profit: 1727
Reason for Take Profit: 50% fibonacci retracement and horizontal pullback resistance
Stop Loss: 1309
Reason for Stop Loss:
161.8% Fibonacci projection
Analysis are provided by InstaForex
Read More
-
Forex Analysis & Reviews: Forecast for EUR/USD on June 14, 2022
Yesterday, the euro was ahead of our forecast - there was a fall of 108 points and now the price is halfway to the target level of 1.0340. There are no obstacles on this path, but the whole question is the speed of further decline. Perhaps today the price will still stop simply because the Federal Reserve will announce its decision on monetary policy tomorrow evening.
It rarely happens when investors are ahead of the curve. But maybe yesterday and today exactly such frequent events occur? Anyway, we are waiting for the price at the target level of 1.0170 in the future for several days.
There is a strong downward local trend on the four-hour chart. The Marlin Oscillator still cannot go deeper into the oversold area and it needs a release. If there is no release, then tomorrow there may be a surprise on the topic "the markets have already taken the rate hike into account". Therefore, today we are still waiting for the price to consolidate so that Marlin can grow and discharge before tomorrow's further decline.
Analysis are provided by InstaForex
Read More
-
Forex Analysis & Reviews: Trading plan for GBPUSD for June 15, 2022
Technical outlook:
GBPUSD dropped through the 1.1933 level on Tuesday before finding bids again. The currency pair managed to rally through 1.2040 thereafter, taking out initial resistance at the 1.2031 mark on the hourly chart. It is seen to be trading around the 1.1990 level at this point of writing and is expected to move higher towards the 1.2665 mark in the near term.
The 1.2665 mark is the initial resistance on the daily chart, and a break there will confirm that a meaningful bottom is in place and that the trend has potentially reversed. Bulls will be poised to hold prices above 1.1900 to keep the medium term favorable for a continued rally. Also note that GBPUSD has dropped through the Fibonacci 0.786 retracement of a larger degree upswing (not seen here).
GBPUSD's overall wave structure remains bullish with the larger degree upswing between 1.1400 and 1.4250 and has retraced through the 78.6% levels. If the above structure holds well, bulls will stage an impressive rally from current levels pushing prices through the 1.2665 mark in the near term.
Trading plan:
Potential rally through 1.2665 against 1.1800
Analysis are provided by InstaForex
Read More
