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Forex Analysis & Reviews: Forecast for EUR/USD on June 16, 2022
On Wednesday, the US Federal Reserve raised its base rate from 1.00% to 1.75%, in line with bold expectations. The majority of investors expected an increase to 1.50%. The sharp increase in the rate led to massive purchases of US government bonds, th
Yesterday, the euro traded within the range of target levels 1.0340-1.0493. Its growth is visually perceived as a correction. We believe that the imbalance of the single currency due to a strong rate hike will end today, so we are waiting for the closing of the day with a decrease. And then we are waiting for the price to leave under the support of 1.0340 and advance to 1.0170. On the four-hour chart, the Marlin Oscillator shows the intention to turn down from the border with the growth territory. It is very similar to the fact that the oscillator is forming a short-term range in the negative zone. And this is consolidation before the next decline.
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Forex Analysis & Reviews: Forecast for USD/JPY on June 17, 2022
For the last two days, Wednesday and Thursday, the yen corrected after a strong growth since the final days of May. The correction ended at the embedded price channel line at 131.48. The Marlin Oscillator has not left the positive area, which confirms the corrective nature of the decline.
In today's Asian session the pair is trying to go over the resistance of the upper sloping line at 133.80 as soon as possible. If it succeeds, then the target opens at 135.59 (high on June 15), then 137.20.
On the 4-hour chart, the price had a good momentum before attacking 133.80, and above this level there is the MACD line (134.65), which needs to be overcome before the key event of the transition above 135.59. The Marlin Oscillator has not yet left the downward trend, it needs to do so as soon as possible, because without the help of the oscillator, the price may not move above the MACD line. The main scenario is rising.
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Forex Analysis & Reviews: Technical Analysis of EUR/USD for June 20, 2022
Technical Market Outlook:
The EUR/USD pair had almost retraced 61% of the last wave down and made a Pin Bar candlestick at the level of 1.0661, 14 pips away from the Fibonacci retracement level. Since then, the bulls keep trying to continue the bounce, keep making the local pull-backs, but the level of 1.0615 is still unreachable for them. The nearest technical support is seen at 1.0469 - 1.0448, so as long as the market trades above this zone, the outlook remains bullish. Please notice, that despite the recent efforts, the bulls are still trading inside the bearish zone and they need to break above the level of 1.0678 to enter the bullish zone.
The up trend can be continued towards the next long-term target located at the level of 1.1186 only if the complex corrective structure will terminate soon (above 1.0335) and the market breaks above 1.0678 level. The 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 1.0335 or below.
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Forex Analysis & Reviews: ETHUSD, Potential For Bearish drop | 21st June 2022
Description On the H4, with price moving below our ichimoku cloud, we have a bearish bias that price will drop to our 1st support at 702 in line with the 78.6% Fibonacci projection level from our 1st resistance at 1282 in line with the horizontal pullback resistance is. Alternatively, price may not break structure and head for our 2nd resistance at 1739 where the pullback resistance and 23.6% Fibonacci retracement.
Trading Recommendation
Entry: 1282 Reason for Entry: Horizontal pullback resistance
Take Profit: 702Reason for Take Profit:78.6% Fibonacci projection
Stop Loss: 1739 Reason for Stop Loss:Horizontal pullback resistance and 23.6% Fibonacci retracement
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Forex Analysis & Reviews: GBPUSD Potential For Bullish Continuation | 22nd June 2022
Description: On the H4, with prices expected to bounce off the ichimoku support, we have a bullish bias that price will rise from our 1st support at 1.21846 where the horizontal overlap support,50% fibonacci retracement and 61.8% fibonacci projection to our 1st resistance at 1.24327 in line with the 61.8% fibonacci projection, 78.6% fibonacci retracement and pullback resistance. Alternatively, price may break 1st support structure and head for 2nd support at 1.19313 where the horizontal swing low support is.
Trading Recommendation
Entry: 1.21846Reason for Entry:horizontal overlap support,50% fibonacci retracement and 61.8% fibonacci projection
Take Profit: 1.24327Reason for Take Profit:61.8% fibonacci projection, 78.6% fibonacci retracement and pullback resistance
Stop Loss: 1.19313Reason for Stop Loss: horizontal swing low support
Analysis are provided by InstaForex
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Forex Analysis & Reviews: USDCHF, Potential For Bullish rise | 23rd June 2022
Description : On the H4, with the price expected to bounce off the RSI indicator, we have a bearish bias that price will rise from our 1st support at 0.95475 where the horizontal swing low support and 100% Fibonacci projection is to our 1st resistance at 0.97148 in line with the horizontal swing high resistance. Alternatively, price may break structure and head for 2nd support at 0.94114 where the 127.2% Fibonacci extension is.
Trading Recommendation
Entry: 0.95475 Reason for Entry: Horizontal swing low support and 100% Fibonacci projection
Take Profit: 0.97148Reason for Take Profit:Horizontal swing high resistance
Stop Loss: 0.94114Reason for Stop Loss:127.2% Fibonacci extension
Analysis are provided by InstaForex
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Forex Analysis & Reviews: USDJPY Potential For Bullish Continuation | 24th June 2022
Description:
On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 135.536 in line with the pullback support and 23.6% fibonacci retracement to our 1st resistance at 138.846 where the 161.8% fibonacci extension and 78.6% fibonacci projection are . Alternatively, price may break 1st support structure and head for 2nd support at 131.607 in line with the swing low support,78.6% fibonacci projection and 50% fibonacci retracement.
Trading Recommendation
Entry: 135.536
Reason for Entry:horizontal pullback support and 23.6% fibonacci retracement
Take Profit: 138.846
Reason for Take Profit:161.8% fibonacci extension and 78.6% fibonacci projection
Stop Loss: 131.607
Reason for Stop Loss: horizontal swing low support,78.6% fibonacci projection and 50% fibonacci retracement
Analysis are provided by InstaForex
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Forex Analysis & Reviews: USDCAD, Potential For Bullish Bounce | 27th June 2022
On the H4, with price expected to bounce off the stochastics indicator, we have a bullish bias that price will rise from our 1st support at 1.28647 where the horizontal swing low support and 38.2% Fibonacci retracement is to our 1st resistance at 1.30128 in line with the horizontal swing high resistance. Alternatively, price may break structure and head for 2nd support where the horizontal pullback support and 61.8% Fibonacci retracement.
Trading Recommendation
Entry: 1.28647 Reason for Entry: Horizontal swing low support and 38.2% Fibonacci retracement
Take Profit: 1.30128
Reason for Take Profit: Horizontal swing high resistanceStop Loss: 1.27189 Reason for Stop Loss:
Horizontal pullback support and 61.8% Fibonacci retracement
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Elliott wave analysis of Gold for June 28, 2022
Gold has been consolidating since it peaked at 2,075 in August 2020. With higher lows, it's likely that an ascending triangle is developing. If this is the case, we should see a rally towards the resistance line near 2,075 before a final corrective decline to 1,890 before the real take-off towards 2,400 and 2,700.
That said, it's important to remember, that fifth waves within the commodity complex often become runaway rallies. If this is the case here too, then 2,700 may be just a minor bump on the way higher to 3,340.
In the short term, a break above minor resistance at 1,857 will call for a rally towards 2,075 in wave D.
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Forex Analysis & Reviews: EURUSD Potential For Bearish Continuation | 29th June 2022
On H4, with price recently breaking the ascending trendline, we have a bearish bias that price will continue to drop from the 1st resistance at 1.06047 at the pullback resistance in line with the 61.8% fibonacci projection and 61.8% fibonacci retracement to the 1st support at 1.03541 in line with the multiple horizontal swing lows. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 1.07814 at the horizontal swing high in line with the 50% fibonacci retracement and 100% Fibonacci projection.
Trading Recommendation
Entry: 1.06047
Reason for Entry:
Pullback resistance in line with the 61.8% fibonacci projection and 61.8% fibonacci retracementTake Profit: 1.03541
Reason for Take Profit:Multiple horizontal swing lowsStop Loss: 1.07814 Reason for Stop Loss:
Horizontal swing high in line with the 50% fibonacci retracement and 100% Fibonacci projection.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Technical Analysis of GBP/USD for June 30, 2022
Technical Market Outlook:
The GBP/USD pair has been rejected from the main channel lower line as the bulls failed to rally back inside the main channel. The price went lower to break below the key short-term technical support seen at the level of 1.2165 - 1.2155 and now this level is being tested from below. If the bearish pressure intensify and the level of 1.2165 holds, the next target for bears is seen at the level of 1.2072 or below. The supply zone located between the levels of 1.2618 - 1.2697 is still the main obstacle for bulls that needs to be broken if the rally is expected to be continued, but for now bulls can not even get back to the main channel.
Weekly Pivot Points:
WR3 - 1.2507
WR2 - 1.2415
WR1 - 1.2351
Weekly Pivot - 1.2242
WS1 - 1.2181
WS2 - 1.2088
WS3 - 1.2017
Trading Outlook:
The price broke below the level of 1.3000 quite long time 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 after a big Pin Bar candlestick pattern was made last week. 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
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Forex Analysis & Reviews: Forecast for EUR/USD on July 1, 2022
Mixed data on Europe and the US came out on Thursday, which led to a breakthrough of counter-dollar currencies into correction, the dollar index lost 0.39% on the day. If you look closely at adjacent markets, and there the yield on 5-year US government bonds decreased from 3.13% to 3.04% and the S&P 500 fell by 0.88% while gold fell by 0.55%, then the idea arises that the growth of the euro and other currencies occurred primarily due to the short-term weakness of the dollar itself. This weakness may extend the corrective growth of the euro to the MACD line on the daily chart (1.0515), but then we are waiting for a new round of weakening of the single currency.
The eurozone CPI for June will be released today, the forecast for it is 8.4% Y/Y against 8.1% Y/Y in May. The US ISM index of business activity in the manufacturing sector for June will also be published, the forecast for which is 54.9 against 56.1 earlier. The discrepancy in the data may help the euro to technically finalize the correction.
On the EUR/USD daily chart, the price is near the target level of 1.0493, which was not worked out yesterday, this is a technical factor of the price's desire to go above this resistance to the MACD line (1.0515). The price could also fall from current levels if the dollar's weakness was due to speculative reasons, then large players will open long positions on the dollar due to the positions of euro optimists. Ultimately, we are still waiting for the euro at the target level of 1.0340 - at the low of January 2017.
The price has settled above the MACD indicator line on the four-hour chart, but the Marlin Oscillator is still in the negative zone. As in the daily chart, the current situation is not defined. Consolidating below the MACD line will increase the chances of moving downward, settling above the level of 1.0493 will slightly delay the euro with a reversal into a new wave of weakening.
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Forex Analysis & Reviews: Elliott wave analysis of NZD/USD for July 4, 2022
NZD/USD is still correcting the long-term decline from the 1.4900 high in 1973 to 0.3900 in 2000 and we are looking for a continuation higher to the 50% corrective target at 0.9450 before the correction is complete.
In the short term, we expect support near 0.6050 to be able to protect the downside for the next impulsive rally towards our long-term target near 0.9450 to complete the correction and come under new downside pressure.
*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 EUR/USD on July 5, 2022
In the absence of American players on the market yesterday, the euro did not fall, and growth is planned this morning. The correction will probably continue to the target level of 1.0493 with a slight overlap, until the MACD indicator line of the daily scale (1.0515) is worked out.
The daily Marlin Oscillator is turning up, helping the correction. From the indicated resistances, a price reversal to the target level of 1.0340 is likely. If the price settles above 1.0493 (this is an alternative), the price will continue to rise to the target level of 1.0600. Yesterday's small attempt to increase the price was stopped by the MACD indicator line of the four-hour scale. The Marlin Oscillator is currently crossing the border with the territory of the growing trend, which helps the price to re-attack the MACD line (1.0454). Breaking this line will open the 1.0493 target.
*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 EUR/USD on July 6, 2022
The euro fell 158 points yesterday, leaving the nearest support at 1.0340 far behind. The decline in the euro was qualitative - the fall occurred in all major stock exchange values: Dow Jones -0.42%, EuroStoxx50 -2.68%, oil -8.34% (WTI), the yield on 5-year US government bonds decreased from 2.91 % to 2.82%.
The fall in the Eurozone Composite PMI for June from 54.8 to 52.0 added to this. Obviously, the price is now facing the 1.0170 target. We are waiting for a correction from this level, and then again a decline to a new bearish target of 1.0020. The price fell with a reversal from the MACD indicator line on a four-hour scale. The price settled under the level of 1.0340. The Marlin Oscillator is rising slightly correctively, after which it will be ready to continue the decline along with the price.
*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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GBPUSD Potential For Bearish Continuation | 7th July 2022
On the H4, with prices moving below the ichimoku indicator and within the descending channel, we have a bearish bias that price will drop from our 1st resistance at 1.19313 where the horizontal pullback resistance and 61.8% fibonacci projection are to our 1st support at 1.18235 where the 161.8% fibonacci extension, -61.8% fibonacci expansion and 61.8% fibonacci projection are. Alternatively, price could rise to 2nd resistance at 1.19762 in line with the pullback resistance, 100% fibonacci projection and 38.2% fibonacci retracement.
Trading Recommendation
Entry: 1.19313
Reason for Entry:
Horizontal pullback resistance
Take Profit: 1.18235
Reason for Take Profit:161.8% fibonacci extension, -61.8% fibonacci expansion and 61.8% fibonacci projection
Stop Loss: 1.19762
Reason for Stop Loss:
Pullback resistance, 100% fibonacci projection and 38.2% fibonacci retracement
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Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for July 8, 2022
We are looking for a break below support at 159.98 to confirm that the X-wave has peaked at 168.98 and wave Y now is in motion towards the 150.09 target and possibly even lower to the 61.8% corrective target near 145.72.
We expect minor resistance at 164.62 will be able to cap the upside for a break below support at 159.98 confirming the next part of the decline towards 150.09. *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: Technical Analysis of GBP/USD for July 11, 2022
Technical Market Outlook: The GBP/USD pair has retraced 61% of the last wave down and hit the level of 1.2054, however after the pull-back the bulls are still trying to resume the bounce. Despite this bounce, the weak and negative momentum on the H4 time frame chart supports the bearish outlook. The supply zone located between the levels of 1.2160 - 1.2187 is still the main short-term obstacle for bulls that needs to be broken if the rally is expected to be continued.
Weekly Pivot Points:
WR3 - 1.2601
WR2 - 1.2311
WR1 - 1.2169
Weekly Pivot - 1.2022
WS1 - 1.1879
WS2 - 1.1732
WS3 - 1.14433
Trading Outlook: The price broke below the level of 1.3000 quite long time 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 after a big Pin Bar candlestick pattern was made on the weekly time frame chart. The next long term target for bears is seen at the level of 1.1989. Please remember: trend is your friend.
*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 EUR/USD on July 12, 2022
The euro fell by 146 points on Monday and almost reached the target level of 1.0020. The Marlin Oscillator has shown a small reversal from the oversold zone and the price is close to correction, but if the target level of 1.0020 is overcome, then the bears' last effort may reach the target of 0.9950. Further, a correction to the area of 1.0100/70 is likely.
A more aggressive price decline is possible, in this case, the price could reach the 0.9850 target, and then we are waiting for a correction to 1.0020. The main scenario is marked with dotted lines on the four-hour chart. According to this plan, the price will reach the nearest target level of 0.9950, the Marlin Oscillator will form a convergence with the price, and the correction will focus on the MACD indicator line (1.0170 or slightly lower).
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Forex Analysis & Reviews: USDCHF, Potential For Bullish Bounce | 13th July 2022
On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 0.97233 where the horizontal pullback support is to our 1st resistance at 1.00485 in line with the 100% Fibonacci projection is. Alternatively, price may not break 1st support and head for 2nd support at 0.95268 where the horizontal pullback support.
Trading Recommendation
Entry: 0.97233 Reason for Entry: Horizontal pullback support Take Profit: 1.00485
Reason for Take Profit: 100% Fibonacci projection
Stop Loss: 0.95268
Reason for Stop Loss:Horizontal pullback support
*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 EUR/USD on July 14, 2022
Yesterday, the euro traded in a wide range at the support of 1.0020. As a result, the day ended with a white candle of 20 points. This morning the white candle is already covered by the black one, the price is trying to consolidate under the target level of 1.0020. Consolidating below the level opens new bearish targets: 0.9950 and 0.9850.
The signal line of the Marlin Oscillator is developing in its own descending channel on a daily scale. Now there is a slight rebound of the signal line from the lower border of the channel and the prospect of further decline is not great. With the price reaching 0.9850, a deep correction is likely, about three figures. Yesterday's range did not come out of the downward trend on the four-hour chart - the upper shadow was limited by the balance indicator line. The Marlin Oscillator briefly went into the positive area, now it is falling again in the negative area. There is room to move down.
*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 EUR/USD on July 15, 2022
Yesterday, the euro fulfilled its task - it reached the target support of 0.9950. But the price did not settle under 1.0020 on a daily scale. The signal line of the Marlin Oscillator, having turned up from the lower border of its own descending channel, continues to grow.
Tension is being created on the market, which may turn into a corrective growth up to 1.0170. Visually, at this moment, the oscillator line will touch the upper border of the channel. If the movement of the price and the oscillator are synchronized by that moment, we expect a reversal into a new downward wave from 1.0170. If the price can overcome the support at 0.9950 immediately, then the next target will be the level of 0.9850.
https://forex-images.ifxdb.com/userf...eb_source!.jpg
The H4 chart also shows the tension and ambiguity of the situation. The Marlin Oscillator took a neutral state near the zero line, the price returned to the consolidation range on the 12th-14th. It is possible that a full-fledged correction will not take place, the growth can be stopped by the MACD indicator line (1.0105), then the price stop at 1.0020 will continue in the form of a normal consolidation. In this situation, it is advisable to wait a bit, perhaps wait out the correction in order to resume short positions with less risk.
*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 GBP/USD on July 18, 2022
The British pound's growth from last Friday amounted to 42 points. This morning, the pound added another 32 points, coming close to the upper border of the descending wedge on the daily scale chart. Consolidating above it will open the way to the 1.2073 target level. The Marlin Oscillator is set strongly up. Its signal line has already gone above the sloping resistance line.
The price's exit from the wedge can transform it into a normal descending channel, the upper hypothetical border of which is indicated on the chart in light green. It will be a complex and ambiguous growth. The Marlin Oscillator is growing in the positive area on the four-hour chart, there is not much left to the MACD line (1.1925). The exit above the line will give the corrective growth an additional charge of optimism. The target will be resistance at 1.2073.
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Forex Analysis & Reviews: Forecast for GBP/USD on July 21, 2022
The British pound has already tuned in to a breakthrough to the upside, it is only waiting for a signal from external markets. But in order to justify the optimism, the price needs to settle above the MACD line and the target level of 1.2100. Then the first growth target will be the level of 1.2250. But, despite the strong desire of the Marlin Oscillator to get ahead of the price movement, it still remains in the downward trend zone.
In order to support the price, the Marlin of the daily scale should move into the positive area. A reversal into a new wave of decline may follow from the level of 1.2100. The British currency is completely in an upward position on the H4 chart: the price is turning above the balance and MACD lines, the Marlin Oscillator is also turning up without leaving the rising trend zone. The departure of the price under the MACD line (1.1920) will be the beginning of the downward movement in the medium-term.
*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 EUR/USD on July 25, 2022
On the daily scale chart, on Friday, it is noticeable how the price touched the support at 1.0150 with its lower shadow and slightly jumped. This morning the price makes another attempt to overcome this level.
Overcoming 1.0150 will make it possible to develop an attack to the target level of 1.0020. Further, the 0.9950 target will open.
The signal line of the Marlin Oscillator is turning down from the upper border of its own descending channel.
Marlin is developing a bearish attack on the four-hour chart. The support of the MACD line at 1.0100 under the nearest target level of 1.0150. It plays the role of an intermediate resistance on the price path to 1.0020.
*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 GBP/USD on July 26, 2022
Yesterday, the British pound made the first attempt to break above the MACD indicator line on a daily scale. This morning, the pound is more confidently going above this resistance, approaching the target level of 1.2100. Surpassing the level opens the 1.2230 target. Consolidating above 1.2230 may extend the price growth to the level of 1.2435.
The Marlin Oscillator is actively growing in the positive area, instilling optimism in the bulls. Of course, it is possible that the price will not be able to overcome the strong level of 1.2100, and then Marlin's exit above the zero neutral line will become false, and the price will turn towards 1.1800.
The price is completely in an upward position on the H4 chart, since its local growth occurs above both indicator lines and the Marlin Oscillator develops in the positive area. A signal for the development of growth will be the price consolidating above the level of 1.2100. The absence of a signal can turn the price in the opposite direction.
*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: LTCUSD Potential For Bearish Continuation | 27th July 2022
On the H4, with price breaking the ascending channel and there is a descending line of RSI, we have a bearish bias that price might drop from our 1st resistance at 54.57, which is in line with 23.6% fibonacci retracement to the 1st support at 51.07, which is in line with pullback support. If the price breaks the 1st support, we could expect it to drop to the 2nd support at 47.21, which is in line with pullback support. Alternatively, price may head for 2nd resistance at 59.90, which is in line with the multiple swing highs.
Trading Recommendation
Entry: 54.57
Reason for Entry: 23.6% fibonacci retracement
Take Profit: 51.07
Reason for Take Profit:Pullback resistanceStop Loss: 59.90
Reason for Stop Loss:
Multiple swing highs
*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: USDJPY Potential For Bearish Continuation | 28th July 2022
On the H4, with price broken out of the ascending trendline and moving below the ichimoku indicator, we have a bearish bias that price will drop to our 1st support at 134.531 where the swing low support, 61.8% fibonacci retracement, 78.6% fibonacci projection and 161.8% fibonacci extension are. Once there is downside confirmation of price breaking 1st support, we would expect bearish momentum to carry price to the 2nd support at 131.480 where the swing low support is. Alternatively, price could head for 1st resistance at 136.723 where the overlap resistance is.
Trading Recommendation
Entry: 134.531
Reason for Entry:
Swing low support, 61.8% fibonacci retracement, 78.6% fibonacci projection and 161.8% fibonacci extension
Take Profit: 131.480
Reason for Take Profit:Swing low support
Stop Loss: 136.723
Reason for Stop Loss:
Overlap resistance
*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 EUR/USD on July 29, 2022
Yesterday's attempt to break through the support of 1.0150 failed. After a decline of 83 points, the price was tossed and the day closed at the opening level. At this time, the signal line of the Marlin Oscillator reached the border with the growing trend territory and, according to the main scenario, it can now turn down from it, which will help the price overcome the support of 1.0150. This will be followed by a decline to the level of 1.0020.
Another scenario allows the price to reach the resistance of the MACD line (1.0292) and only then turn down. An alternative scenario suggests an attack on the target level of 1.0360.
The bears' situation looks more alarming on the four-hour scale. The price bounced off the support of the MACD line for the third time and the Marlin Oscillator moved into the growing trend zone. The euro could weaken again if we receive disappointing data on the GDP of the eurozone, which will be released today. The quarterly forecast is 0.2%. The data should be weaker than predicted. Yesterday, the US GDP for the 2nd quarter showed a contraction of 0.9% against the forecast growth of 0.5%, so the data on the euro area may also be negative. If European data turns out to be stronger, EUR/USD will try to work out the upper targets.
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Forex Analysis & Reviews: Forecast for EUR/USD on August 1, 2022
By this morning, the euro's situation is such that over the past four days the price has not overcome the support level of 1.0150, the downward potential was lost, and now the price is growing towards the nearest target of 1.0285 supported by the Marlin Oscillator growing in the positive area on the daily scale chart.
Breaking the MACD line (1.0285) will open the target level of 1.0360 (the June 15 low). From this level, the probability of a price reversal down, into a medium-term decline, will increase by a lot.
On the H4 chart, it is noticeable that a four-fold upward price reversal occurred from the MACD indicator line. At the moment, the price is rising above the balance line, the Marlin Oscillator is growing in the upper half - in the territory of an upward trend.
The final estimates of the eurozone Manufacturing PMI for July will be published today, the forecast for it is unchanged at 49.6, as well as for the US ISM Manufacturing PMI, for which the forecast is already down: 52.0-52.3 against 53.0 a month earlier. We are waiting for the continuation of the euro's corrective growth.
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Forex Analysis & Reviews: Forecast for GBP/USD on August 2, 2022
On the second attempt, that is, yesterday, the pound went above the target level of 1.2230 and above the balance indicator line. It continues to rise this morning, there is a difficult path just ahead to the target of 1.2435, and this target level may not be reached, as there is a technically strong 1.2405 ahead of it - the high of June 16 and earlier historical extremes. The Marlin Oscillator is growing, the growth potential has not been exhausted.
The price has consolidated above the target level of 1.2230 on the four-hour chart, but the Marlin Oscillator does not share the price's optimism, intending to return to the downward trend zone.
This is already a manifestation of signs of a technically difficult upward movement. If the price settles below 1.2230, Marlin will return to the negative area, this will be the first sign of the completion of the corrective growth.
*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: Trading Signal for USD/JPY for August 3 - 4, 2022: buy in case of rebound at 132.63 (5/8 Murray - 21 SMA)
USD/JPY has risen more than 350 pips in the last 48 hours, recovering strongly from the lowest level in almost two months. The pair bottomed at 130.39 at around 4/8 Murray and is now trading with an upward bias above the 21 SMA and above 5/8 Murray.
Since July 14, the Japanese yen strengthened, having fallen almost 900 pips from the high of 139.39 to the low of 130.39. The Japanese yen is currently showing signs of being oversold and any pullback is likely to be seen as a buying opportunity. The psychological level of 130.00 has become major support for USD/JPY. It is likely that as long as it trades above this level, it could resume its bullish cycle and could reach 135.00 (200 EMA) and even reach the psychological level of 140.00.
Risk appetite added pressure to USD/JPY, setting the stage for the yen's recovery that took more than 2 weeks. The strong technical bounce from earlier this week could signal the end of the downtrend. However, July payroll data will be released on Friday and could change the short-term outlook for the Japanese yen.
A return above the 200 EMA located and 135.08 will mean a resumption of the uptrend and USD/JPY could reach 137.50 (8/8 Murray) again and even reach the 24-year high at 139.38. On the other hand, any technical bounce above the 21 SMA located at 132.63 will still be a clear signal to buy. The pair could continue its rise to 135.00 and 137.50.
On August 1, the eagle indicator reached the extremely oversold zone of around 5 points which was a clear signal to buy. After reaching a high of 133.89 in the Asian session, it is showing signs of a technical correction. Hence, we can expect the price to rebound off 132.63 to buy again.
Our trading plan for the next few hours is to wait for a technical bounce at around 132.63 and buy the pair with targets at 6/8 Murray around 134.65 and at the 200 EMA around 135.12. *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 EUR/USD on August 4, 2022)
The euro traded with a range of 45 points on Wednesday, closing the day at the opening level, above the support of 1.0150. The signal line of the Marlin Oscillator also failed to cross the zero line into the bears' territory. Thus, the price level of 1.0150 appears to be quite strong, the price may develop an acceleration when it is overcome. Downward targets: 1.0020, 0.9950.
The price settled under both indicator lines on the H4 chart. Yesterday the price went through the shadows of the support at 1.0150 and the resistance of the MACD line. Marlin has a downward direction, we are waiting for the price to settle under 1.0150 and its further fall. This plan will be disrupted after the price settles above the MACD line (1.0195). In this case, the growth will continue to the daily MACD line - 1.0255.
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Forex Analysis & Reviews: Forecast for EUR/USD on August 5, 2022
After an unsuccessful attempt to overcome technical support at 1.0150 on Wednesday, and the price jumped 77 points on Thursday in order to turn around from the MACD line, having received an impulse push from resistance, to make a subsequent attempt to a solid level of 1.0150. The Marlin Oscillator also did not have enough strength to overcome the zero line on the first attempt, after which it slightly rose and is now turning to a new attack.
After the price settles below 1.0150, the movement will continue to the target level of 1.0020. An alternative scenario will open after the price settles above 1.0254, that is, above the daily MACD line. The nearest upside target will be the level of 1.0360 (15 June low), from which we still expect a reversal to the medium-term downside.
The price is formally in an upward position on the four-hour chart, as there is an increase above both indicator lines and Marlin in the upward trend territory, but based on the logic of the daily timeframe, we are waiting for the price to drop below the MACD line, below 1.0212, which will start the development of an attack on technical support for the daily timeframe. At the time of the price transition below 1.0212, the Marlin Oscillator will move into the downward trend zone. Consolidating above 1.0254 will prolong the euro's corrective growth
*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 GBP/USD on August 8, 2022
The pound was falling by 151 points on Friday, having touched the support of the MACD trend line (1.2003) with the lower shadow of the daily candle. The price's departure under the trend indicator line will mean a resumption of a decline in the medium term. The first target on this path is the level of 1.1800.
The Marlin Oscillator remains in positive territory for now. Apparently, this circumstance did not allow the price to overcome the support on Friday. Now there is such a situation that the price overcoming the MACD line (1.2003) and the transition of the oscillator to a negative position can coincide in time. Such synchronicity can give a strong momentum to the price in moving down. If the price goes back above 1.2100, then the decline will be delayed for a day or two. Overcoming 1.2230 will open the 1.2435 target.
The price has consolidated under the balance and MACD indicator lines on the four-hour chart, the Marlin Oscillator is developing in negative territory. We are waiting for the price to move down according to the predominant downward scenario.
*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 USD/JPY on August 9, 2022
The USD/JPY pair formed a candle with a small body (-6 points) and sweeping shadows on Monday, which creates a sign of a reversal of the growing trend, that is, a sign of the end of the corrective growth from August 2. The reversal will be confirmed by the price dropping below the nearest support of the embedded price channel line at 134.22. The target will open on the underlying embedded line at 132.13.
The Marlin Oscillator is turning down, being in the downward trend zone. An alternative scenario assumes the price's succeeding growth with the 136.00 target. But a sign of such an alternative will be when the price overcomes yesterday's high at 135.57, which is close enough to the target itself, so in the current situation, the best strategy will be to wait for a sell signal, whether it will happen today or in a few days.
The price is approaching the support at 134.22 supported by the rapidly declining Marlin Oscillator on the 4-hour chart. The advance of the oscillator in the current situation means that it tends to move into the negative area before the price approaches the MACD line, since the price will already need technical assistance to overcome this support by that time. Ultimately, we are waiting for the price at the nearest target level of 132.13.
*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: USDCAD Potential for Bullish Rise | 10th August 2022
On the H4, with the price going above ichimoku cloud, and DIF is breaking the signal line in MACD, we have a bullish bias that the price may rise from our 1st resistance at 1.29011, which is in line with previous swing high to our 2nd resistance at 1.29831, which is in line with the 78.6% fibonacci projection and 50% fibonacci retracement. Alternatively, the price may drop to the 1st support at 1.28483, which is in line with 61.8% fibonacci retracement and pullback support.
Trading Recommendation
Entry:1.29011
Reason for Entry:Swing high
Take Profit: 1.29831
Reason for Take Profit: 78.6% fibonacci projection and 50% fibonacci retracement
Stop Loss: 1.28483
Reason for Stop Loss:
61.8% fibonacci retracement and pullback support
*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: USDCHF Potential for Bearish Drop | 11st August 2022
On the H4, with prices moving below the ichimoku cloud and the MACD indicators are below zero, we have a bearish bias that the price may drop from the 1st support at 0.94002, where the swing low support is to the 2nd support at 0.93272, which is in line with 78.6% fibonacci projection. Alternatively, since the price is rising currently and from H1, the DIF is crossing over the signal line, the price may rise to the 1st resistance at 0.95233, where the swing low support and 50% fibonacci retracement are.
Trading Recommendation Entry:0.94002
Reason for Entry: Swing low support
Take Profit: 0.93272
Reason for Take Profit: 78.6% fibonacci projection
Stop Loss: 0.95233
Reason for Stop Loss:
Swing low support and 50% fibonacci retracement
*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 GBP/USD on August 16, 2022
As a result of Monday, the British pound fell by 79 points, passing under the indicator balance line, which empirically shifts the players' interest mainly in short positions.
The price is systematically approaching the nearest support at 1.1970 - the MACD line of the daily scale. The Marlin Oscillator has crossed the border with the territory of the downward trend, the downward movement continues. The second target is the level of 1.1800.
The price settled below the balance indicator line on the four-hour chart, Marlin is falling in negative territory. We are waiting for a further slow decline in the pound.
*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 GBP/USD on August 17, 2022
The pound slowed down corrective growth at the target level of 1.2100. If the price does not settle above it, then we are waiting for a reversal with the development of support for the MACD line of the daily scale in the area of 1.1965. Further, the 1.1800 target may open.
A large layer of inflation indicators for July will be released in the UK today. The core CPI is expected to rise from 5.8% y/y to 5.9% y/y, while the overall CPI could rise from 9.4% y/y to 9.8% y/y. Only a slight weakening is expected in producer prices - their selling prices may show an increase of 16.2% y/y against 16.5% y/y a month earlier. Thus, the option with the pound's growth is possible, we will consider its details on the four-hour chart.
Growth is limited by the MACD indicator line on the H4 chart, approximately at the level of 1.2170. At the current moment, the signal line of the Marlin Oscillator is turning down from the border with the territory of the growing trend. Therefore, consolidating under 1.2100 will resume the price decline in its main direction. First target at 1.1965.
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