-
Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of USD/CAD Commodity Currency Pairs, Wednesday March 01 2023
If we look on the 4 hour chart The Loonie then there will be 2 important things:
1. The appearance of Bearish 123 pattern.
2. There is a hidden deviation between Price movement with Stochastic Oscillator indicator.
Based on two things above then as long as USD/CAD back to break above the level 1,3658 on the nearest time has the potential to go down to test the level of 1,3533. If this level successfully broken then level 1,3440 will become the next main target to pursue and level 1,3356 will be the second target to test later.
(Disclaimer)
*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
Read More https://ifxpr.com/3EHwd9G
-
FOREX ANALYSIS & REVIEWS: TECHNICAL ANALYSIS OF DAILY PRICE MOVEMENT OF NASDAQ 100 INDEX, THURSDAY MARCH 02 2023.
Nasdaq 100 Index on the daily chart seems continue the decline and currently trying to break below its Bearish Ross Hook at the level 11913.5 where it is also confirmed by the price movement that moves below EMA 10 and MACD indicator which intersects downwards where this all shows that the momentum from #NDX is in a bearish condition so that if this (RH) level is successfully broken down then #NDX has the potential to continue its decline to the level of 11546.3 as the first target and if the momentum and volatility are also supportive then no It is impossible for the 11246.8 level to become the second target with a note that during the descent towards these target levels there was no significant upward correction, especially to break above the 12236.7 level because if this level is successfully penetrated upwards then the downward scenario described previously has the potential not to occur. realized.
(Disclaimer)
*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
Read More https://ifxpr.com/3kERidX
-
FOREX ANALYSIS & REVIEWS: FORECAST FOR USD/JPY ON MARCH 3, 2023
The yen is moving up so far, according to our main scenario, to the 137.75 target level. But the technical pressure on the pair is increasing every day. The signal line of the Marlin oscillator is being pushed down, against the rising price. The pair might not reach the 137.75 target.
The pair can continue to rise if the dollar continues a massive attack in all markets, including commodities, then the oscillator's decline will transform before it rises further. And then the price could overcome the target level of 137.75 and the rally will continue to reach 138.90 (July 21, 2022 high).
There is a double divergence on the four-hour chart. If the price goes under the MACD line, below the 136.28 mark, it will also correspond to the move of the Marlin oscillator into the downtrend area. The downtrend will be fueled even more, once the price hits the 134.00 target. A full-fledged growth will start once the price surpasses yesterday's high (137.10).
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.95% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Analysis are provided by InstaForex
Read More https://ifxpr.com/3IXaJrS
-
FOREX ANALYSIS & REVIEWS: TECHNICAL ANALYSIS OF DAILY PRICE MOVEMENT OF EUR/GBP CROSS CURRENCY PAIRS, MONDAY MARCH 06, 2023.
On the daily chart EUR/GBP cross currency pairs you can see that the price movement is moving in a downward channel and the appearance of deviations between price movements and the MACD indicator strengthens the potential for a decline in EUR/GBP in the future where currently the 0.8754 level will try to be broken down if this level is successfully broken down and there is no upward correction that passes level 0.8928, EUR/GBP in the next few days will potentially fall down to the 0.8721 level as the first target and the 0.8546 level as the second target.
(Disclaimer)
*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
Read More https://ifxpr.com/3JhadF8
-
FOREX ANALYSIS & REVIEWS: FORECAST FOR USD/JPY ON MARCH 7, 2023
Yesterday's attempts to win back positions against the dollar were suppressed, and the pair ended the day above Friday's closing level by 9 points. The Marlin oscillator is persistently decreasing on the daily chart, but it also creates the potential for the oscillator to move into the overbought zone. We still have an uptrend, and the target is the nearest embedded line of the price hyperchannel around 137.75.
If the price overcomes yesterday's low (135.38), it can continue to fall to the bottom line of the price channel around 134.00.
On the four-hour chart, the price is under the balance and MACD indicator lines. The Marlin oscillator reverses upward, but it still needs to move into the positive area to support the bulls. In order for the pair to continue rising, the price needs to break through the MACD line at 136.53.
(Disclaimer)
*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
Read More https://ifxpr.com/3L1K3HB
-
FOREX ANALYSIS & REVIEWS: TECHNICAL ANALYSIS OF DAILY PRICE MOVEMENT OF USD/CAD COMMODITY CURRENCY PAIRS, WEDNESDAY, MARCH 08 2023.
There is a few interesting things on the daily chart USD/CAD commodity currency pairs:
1. The appearance of three Wiseman signal.
2. There is a deviation between price movement with Awesome Oscillator indicator.
3. The price moves above the open Alligator gaping upwards.
4. The appearance of Bullish 123 pattern follow by 2 or Ross Hook (RH).
Based on the facts above we can predicted in a few days ahead that the Loonie will try to tested level 1,3977. However if on its way to to those levels suddenly corrected down below the level of 1,3554 the Bulls scenario that has been described earlier will become invalid and cancel by itself.
(Disclaimer)
*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
Read More https://ifxpr.com/3kYBFOM
-
FOREX ANALYSIS & REVIEWS: ELLIOTT WAVE ANALYSIS OF UNG FOR MARCH 9, 2023
UNG continues to follow our count to the letter and we are now close to testing the 61.8% corrective target of the rally from 7.16 to 9.99 at 8.23. This is likely enough to set the stage for the next impulsive rally higher towards 16.40 and 20.56 as the next upside targets.
A rally likely that in UNG warns the Natural Gas prices will lift off too and that inflation isn't under control as many politicians and economists like to tell us, so be alert as to when the next impulsive rally is ready to take off.
(Disclaimer)
*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
Read More https://ifxpr.com/41WjZDX
-
FOREX ANALYSIS & REVIEWS: FORECAST FOR EUR/USD ON MARCH 10, 2023
Yesterday, the euro managed to develop a correction so that it can reach the target level of 1.0595 this morning. The price returned to the consolidation range of the second half of December 2022, and can stay there until the release of the US employment data. Also, the price may settle below 1.0595, as the trading volumes have noticeably decreased in recent days.
We expect today's Nonfarm Payrolls to be good as weekly jobless claims are coming in at a consistently low 196,000 on average over the past month. A month earlier, the average was 189,000 and then, in January, Nonfarm Payrolls showed an increase of 517,000 new jobs. Forecast for February is 205,000, the data is likely to be better than forecast. I expect the euro to fall to the target range of 1.0443/70.
On the four-hour chart, the price has stopped rising in the area where the MACD indicator line coincides with the target resistance of 1.0595. The signal line of the Marlin oscillator closely approached the zero neutral line.There is a high probability that the price will reverse to the downside. In the main bearish scenario, the price can also climb above the resistance, but this will be a false breakout.
(Disclaimer)
*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
Read More https://ifxpr.com/3mKmWaM
-
FOREX ANALYSIS & REVIEWS: TRADING SIGNAL FOR GBP/USD FOR MARCH 13 - 14, 2023: BUY ABOVE 1.2052 OR SELL AFTER PULLBACK AT 1.2140 (200 EMA - GAP
Early in the European session, the British pound is trading around 1.2071 above the 200 EMA above the 21 SMA. We can see that the GBP/USD pair opened this week's trade with a bullish gap.
The market sentiment is bullish and is being supported by the 200 EMA. It is likely to continue to rise in the next few hours and reach the maximum of 1.2140, the level seen on February 21 and 28.
This zone between the levels of 1.2140 -1.2161 (daily resistance_1) could act as a strong barrier for the British pound since in February, it acted as strong resistance twice.
In case of a pullback towards 1.2140 - 1.2161, we could sell with targets of 1.2085 (3/8 Murray) and 1.2050 (200 EMA).
If the British pound falls below the 200 EMA and trades on 4-hour charts below this level, we can expect it to fill the gap left around 1.2030 and reach support at 2/8 Murray at 1.19162.
In the event that the British pound trades below 4/8 Murray located at 1.2207 or any technical rebound in this area, we could see a signal to sell. In this case, the pair could reach 1.2000 in the next few days and even could fall to 1.1840 (1/8 Murray).
(Disclaimer)
*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
Read More https://ifxpr.com/3ZZMnTZ
-
FOREX ANALYSIS & REVIEWS: FORECAST FOR GBP/USD ON MARCH 14, 2023
The pound continued its irrepressible growth yesterday, adding one and a half figures and overcoming the target level of 1.2155. It did not settle above this level, and this morning, it fell below it.
Most likely, the price can now head to close the opening gap of the week (1.2028). The Marlin oscillator has marked the beginning of the reversal. On the four-hour chart, there are no obvious reversal signs yet, the signal line of the oscillator should decrease even more. The first step will be the price settling under 1.2155.
If the price is able to exceed yesterday's high of 1.2198, it may continue to rise to the MACD line around 1.2272 on the daily chart.
(Disclaimer)
*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
Read More https://ifxpr.com/3yAwuaP
-
ELLIOTT WAVE ANALYSIS OF EUR/USD FOR MARCH 15, 2023
EUR/USD has consolidated just above the double bottom neckline near 1.0710 and is ready to push higher towards the next minor resistance at 1.0807. EUR/USD is making its way higher to the 1.1248 target and possibly even closer to 1.1424 before wave 5 is in place.
Support is seen at 1.0710 and then at 1.0636 which we expect will be able to act as a floor for the next impulsive rally higher towards 1.1248 and possibly higher.
Analysis are provided by InstaForex
Read More https://ifxpr.com/42atK1n
-
TRADING PLAN FOR US DOLLAR INDEX ON MARCH 16, 2023
Technical outlook:
The US dollar index slipped through 104.50 during the New York session on Wednesday as discussed earlier. The index is seen to be trading close to 104.10 at this point in writing as the bears remain inclined to come back in control intraday. Interim support is now in place at 103.00 and the bullish structure will remain intact until it holds well.
The US dollar index is currently working on its larger-degree rally between 100.50 and 105.50 as seen on the 4H chart here. The bears have been successful to drag prices lower towards 103.00, which is the Fibonacci 0.50 retracement of the above rally. Please note that the potential remains for a drag lower towards 102.50 if an Up Gartley is unfolding.
In that case, prices will test the Fibonacci 0.618 retracement around 102.50 before resuming its rally towards 106.50 and 109.00. Also, note that 102.50 is the Fibonacci 0.618 retracement of the above rally, hence the potential remains high for a bullish turn if prices manage to reach there. The overall direction remains higher against 100.50.
Trading idea:
A potential rally towards 106.00 and 109.00
Good luck!
Analysis are provided by InstaForex
Read More https://ifxpr.com/3LrWBby
-
FORECAST FOR AUD/USD ON MARCH 17, 2023
Yesterday, the Australian dollar decided to take advantage of the wave of optimism in European markets and rose by 40 points. In today's Asian session, it is gaining the same amount.
AUD might reach the target level of 0.6730, and on the daily chart, the signal line of the Marlin oscillator will reach its zero line by that time. After that a synchronous reversal of the price and the oscillator from their resistances may follow.
On the four-hour chart, the price is rising after initial consolidation above the indicator lines and resistance level of 0.6640. If the price changes its mind to rise further, falling below the support of 0.6640 and under the MACD line (0.6630) will be a confirmation of it.
Analysis are provided by InstaForex
Read More https://ifxpr.com/3LuS208
-
NZDUSD, H4 | POTENTIAL BEARISH REVERSAL
The NZD/USD chart currently displays a bearish momentum, with price below a major descending trend line and the bearish Ichimoku cloud. The potential price movement could involve a bearish reaction off the 1st resistance, leading to a drop towards the 1st support level.
At 0.6097, the 1st support level is a strong overlap support that lines up with the 38.20% Fibonacci retracement. If price drops below this level, the next support level it could reach is the 2nd support at 0.5897, which is a swing low support that has a 61.80% Fibonacci retracement lining up with it.
Alternatively, if price bounces from the 1st support level, it could rise to the 1st resistance level at 0.6284, which is a pullback resistance. Beyond that, the 2nd resistance level at 0.6476 is a significant multi-swing high resistance.
Analysis are provided by InstaForex
Read More https://ifxpr.com/4021LiZ
-
FORECAST FOR EUR/USD ON MARCH 21, 2023
Yesterday, the euro was up 53 points, having overcome not only the balance indicator line on the daily chart, but it had also gotten through the collapse of the eurozone trade balance for January at -30.6bn against the forecast of -12.5bn and -8.8bn in December. The signal line of the Marlin oscillator, which we considered in yesterday's review, reached the March 15 high, from which the oscillator, and the price behind it, may reverse to the downside.
If the price ignores today's ZEW eurozone economic sentiment indicator, which is expected to decline from 29.7 to 23.2 in the March estimate, the price might reach the 1.0758/87 target range. If expectations of the Federal Reserve's rate hike at tomorrow's meeting comes to the fore, the price will turn around towards 1.0660.
On the four-hour chart, the price is rising above the indicator lines, the Marlin oscillator is rising quietly in the area of the uptrend. In general, we can say that the price is in a neutral state. I still expect the euro to fall.
Analysis are provided by InstaForex
Read More https://ifxpr.com/3lBIoya
-
WTI, H4 | POTENTIAL REVERSAL?
WTI crude oil has been experiencing bearish momentum lately, potentially leading to a bearish reaction off the first resistance at 70.38 and a drop towards the first support at 67.02. The second support level at 64.36 is also expected to act as support due to its multi-swing low status. The first resistance level at 70.38 is an overlap resistance, with the second resistance level at 73.40 being a 50% Fibonacci retracement level. There is also an intermediate resistance level at 69.75. Overall, the chart's momentum is bearish
Analysis are provided by InstaForex
Read More https://ifxpr.com/3yVhOTN
-
INDICATOR ANALYSIS: DAILY REVIEW OF GBP/USD ON MARCH 23, 2023
Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.2265 (closing of yesterday's daily candle) to the target at 1.2352, the 85.4% pullback level (blue dotted line). When testing this level, the price may continue to move upward with the target at 1.2446, the upper fractal (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis - up;
Fibonacci levels - up;
Volumes - up;
Candlestick analysis - up;
Trend analysis - up;
Bollinger bands - up;
Weekly chart - up.
General conclusion:
Today, the price may move upward from the level of 1.2265 (closing of yesterday's daily candle) to the target at 1.2352, the 85.4% pullback level (blue dotted line). When testing this level, the price may continue to move upward with the target at 1.2446, the upper fractal (blue dotted line).
Alternatively, the price may move upward from the level of 1.2265 (closing of yesterday's daily candle) to the target at 1.2352, the 85.4% pullback level (blue dotted line). From this level, a downward movement is possible with the target at 1.2256, the 14.6% pullback level (yellow dotted line).
Analysis are provided by InstaForex
Read More https://ifxpr.com/3K1gdCf
-
BTCUSD, H4 | POTENTIAL REVERSAL FROM A KEY LEVEL ?
The BTC/USD chart is currently bearish, indicating potential further price drops. The first resistance level at 28342 could prompt a bearish reaction towards the first support level at 26557. This support level is an overlap support with a 23.60% Fibonacci retracement, which could be a strong buying interest area. If broken, the price could fall towards the second support level at 25204, which is also an overlap support with a 38.20% Fibonacci retracement.
On the resistance side, the first resistance level at 28342 is a multi-swing high resistance that could lead to significant selling pressure. Breaking through it may drive the price towards the second resistance level at 31662, a swing high resistance.
Analysis are provided by InstaForex
Read More https://ifxpr.com/40bxtKV
-
BTC UPDATE FOR MARCH 27,.2023 - TIGHT RANGE AND POTENTIAL FOR THE BREAKOUT
BTC/USD has been trading sideways at the price of $27.800 and I see potetnial for the breakout mode.
Due to the strong upside cycle in the background and higher lows on H4, I see potential for the upside continuation.
In case of the breakout of resistance at $28.500, I see potential rally towards $32.000 and $35.000
Additionally, I found contraction of Bolinger Bands, which is another confirmation of the potential breakout regime.
Analysis are provided by InstaForex
Read More https://ifxpr.com/3TLiUuY
-
TECHNICAL ANALYSIS OF GBP/USD FOR MARCH 28, 2023
Overview :
The GBP/USD pair traded higher and closed the day in the positive territory near the price of 1.2208. Right now, it was trading in a narrow range of 1.2150 staying close to a 2-days high. On the hourly chart, the GBP/USD pair is still trading above the MA (100) H1 moving average line (1.2068 - weekly pivot point). The situation is similar on the 4-hour chart. Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as the GBP/USD pair remains above MA 100 H1, it may be necessary to look for entry points to buy for the formation of a correction.
All elements being clearly bullish, it would be possible for traders to trade only long positions on the GBP/USD pair as long as the price remains well above the golden ratio of 1.2068. The buyers' bullish objective is set at 1.2209.
The price is likely to form a double top in the same time frame. Accordingly, the GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.2209. So, buy above the level of 1.2068 with the first target at 1.2209 in order to test the daily resistance 1.
The level of 1.2209 is a good place to take profits. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours.
Analysis are provided by InstaForex
Read More https://ifxpr.com/40noDJX
-
TECHNICAL ANALYSIS OF DAILY PRICE MOVEMENT OF NATURAL GAS COMMODITY ASSET, WEDNESDAY MARCH 29 2023
If we look on the daily chart of Natural Gas commodity asset then it will seen that both of Moving Average is on Death Cross condition as well as supported by the appearance of Bearish 123 pattern follow by Ross Hook (RH) also Awesome Oscillator indicator was on negative area so in a few days ahead, Natural Gas has the potential to depreciated down below where the level of 1,967 will try to tested to break below, as long as there is no upward correction movement which is quite significant until it breaks above the level of 2,427, Natural Gas has the potential to continue its decline to the level of 1,785.
Analysis are provided by InstaForex
Read More https://ifxpr.com/40HmkRF
-
FORECAST FOR GBP/USD ON MARCH 30, 2023
Yesterday, the pound, as well as other world currencies (especially the yen), refused to reach technical levels and turned down instead. The pound lost 27 pips, giving up the 1.2420 target. However, this level is very strong, and testing it while the market is neutral is unlikely to provide the pound with more prospects.
Now, the price can overcome the support level at 1.2278 and go down to 1.2155 to assess the new balance of power, as it is the middle of the range since mid-December 2022.
On the four-hour chart, the Marlin oscillator signal line is entering the downtrend area. The price is approaching the support level at 1.2278. The MACD line reached this support level, i.e. these lines coincide on different scales. And if so, a breakthrough of the support will have a strong subsequent impact on the price.
Analysis are provided by InstaForex
Read More https://ifxpr.com/3JW3srp
-
FORECAST FOR AUD/USD ON MARCH 31, 2023
The Australian dollar broke through the upper limit of the neutral range that started back on March 17. AUD climbed out of this range this morning.
It could fall to the lower limit of the range, like it did on the 23rd, but the ascending Marlin oscillator creates an advantage for the growth option, at first to 0.6790 and then, under the favorable circumstances, to 0.6873.
On the four-hour chart, the price is in an active position to rise above the indicator lines, the Marlin is growing at an even angle, with an optimal speed to enter the overbought zone. After consolidating above 0.6730, we can expect the price to rise further. However, this plan can potentially be hindered by the price breaking through the MACD line, below the 0.6693 mark.
Analysis are provided by InstaForex
Read More https://ifxpr.com/3G5e6ed
-
XAUUSD, DAY | POTENTIAL BREAKOUT 1ST SUPPORTL?
Gold (XAU/USD) has been exhibiting a bullish trend, with an overall momentum that is also bullish. Based on the chart, the price has the potential to make a bullish rebound off the first support level and then move towards the first resistance.
The first support level, which is at 1948.51, is a strong overlap support level that has been tested multiple times and has acted as a support level in the past. Therefore, it is a good level for a potential bounce.
Another support level is located at 1881.07, which is also an overlap support level. It has been tested several times and has held as a support level, making it another level for a potential bounce.
Meanwhile, the first resistance level at 2000.00 is a multi-swing high resistance level that has been significant in the past. Additionally, it is located at the 127.20% Fibonacci Extension level, which provides additional confluence to the level.
Another resistance level is at 2070.00, which is a swing high resistance level. This level has also been important in the past, making it another level for traders to observe.
Analysis are provided by InstaForex
Read More https://ifxpr.com/3ZAKGM0
-
FORECAST FOR EUR/USD ON APRIL 4, 2023
The euro changed its bearish mood on Friday, and jumped by 120 pips on Monday from the low of the day, from the support of the target level, or more precisely, the upper limit of the target range of 1.0758/87. The price is consolidating above the MACD indicator line below the upper limit of the green price channel. Climbing above the 1.0930 reference level will make 1.0990 the next target.
Bears, if they don't want to give up easily and have control of the situation, must consolidate under the MACD line on the daily chart, below 1.0867. In this case, a divergence with the Marlin oscillator will unfold, and simultaneously, the signal line of the oscillator will leave the wedge and move down. The price will move towards the range of 1.0758/87.
On the four-hour chart, a double divergence of the price with the oscillator has already been formed. This is an effective sign of a reversal, but it's not enough. In the current conditions, the price needs to cross the support of the MACD line, around 1.0857, which is 10 pips below the MACD line on the daily chart. We have to wait what scenario the market will choose in the near future.
Analysis are provided by InstaForex
Read More https://ifxpr.com/437gOd5
-
FORECAST FOR EUR/USD ON APRIL 5, 2023
The euro has chosen growth, at least soon. The EUR/USD exchange rate increased by 56 points yesterday. The price maintains its pursuit of the target level of 1.1033 – reaching its peak on February 2. Consolidation above the level will enable the target of 1.1185 — the maximum for March 2022 and the same minimum for November 2021 — to be reached.
Today, the United States will release March data on private, non-agricultural employment and the ISM Services PMI. ADP Non-Farm and ISM Services PMI are anticipated to decrease: ADP Non-Farm from 242 thousand to 200/208 thousand and ISM Services PMI from 55.1 to 54.5/3.
On the four-hour chart, the price is rising above the indicator lines, the Marlin oscillator is in the rising trend zone, and there are no indications of a price reversal.
Analysis are provided by InstaForex
Read More https://ifxpr.com/3KAfQim
-
FORECAST FOR EUR/USD ON APRIL 6, 2023
On Wednesday, the euro fell by 49 points, showing an intention to turn down in the short or medium term. However, this behavior has signs of a false movement.
https://forex-images.ifxdb.com/userf...e33f6907a0.jpg
There is no price divergence with the Marlin oscillator on the daily chart, which is rare for the saw-toothed movement of the oscillator signal line. There may be another final surge of the oscillator and the price, even if it doesn't reach the target level of 1.1033. At least (while there is no divergence), the price should settle below the MACD indicator line to create a sign of reversal, and that will take at least a day. If the bears succeed, the price will move to the target range of 1.0758/87. Meanwhile, the price can still try to overcome the April 4 high.
https://forex-images.ifxdb.com/userf...e33ebccb8c.jpg
On the four-hour chart, the price falls below the MACD line, but the main support is the line of the higher chart (1.0872). The Marlin oscillator is already in the area of the downtrend, but there can also be a breakthrough.
Analysis are provided by InstaForex.
Read More
-
FORECAST FOR GBP/USD ON APRIL 7, 2023
Yesterday, the pound reached a strong support level at 1.2422, which turned out to be an insurmountable resistance for the price in the second half of January. Now, if the pair crosses this level, the first target will be the MACD line at 1.2298, and after correcting the price may fall to 1.2155.
If the 1.2422 level is so strong that even good U.S. jobs data, if it is available today, will not be able to help the price to overcome it, the pair is likely to reverse to the target level of 1.2598. In this case, the signal line of the Marlin oscillator will climb from its own consolidation.
On the four-hour chart, the 1.2422 level is reinforced by the MACD indicator line. And even though the Marlin oscillator is already in negative territory, it can reluctantly follow the price in case it rises. It is a holiday in Europe, and the only driver may be the U.S. employment data. Let's wait for the report and see how things unfold.
Analysis are provided by InstaForex
Read More https://ifxpr.com/3nJymfa
-
BTCUSD, Daily | Potential reversal from 1st resistance?
The BTC/USD chart currently reflects a bearish momentum in the cryptocurrency market, and Bitcoin seems to be following the trend. The chart suggests that the price of Bitcoin could face resistance at the 1st resistance level of 28343, which has previously been an important level as an overlap resistance. If Bitcoin fails to break through this level, it may result in a bearish reaction causing the price to drop towards the 1st support level of 25249. This level, being a pullback support, could act as a strong support for the price of Bitcoin.
In the event that the price of Bitcoin breaks through the 1st resistance level, the next resistance level it could face is the 2nd resistance level of 32843, which is a pullback resistance. Conversely, if Bitcoin breaks below the 1st support level, the next support level it could drop to is the 2nd support level of 23925. This level, also being a pullback support, could potentially act as a strong support for the price of Bitcoin.
Additionally, there is an intermediate support level at 26598, which is a swing low support and is accompanied by a 23.60% Fibonacci retracement. This level could potentially provide support to the price of Bitcoin if it drops towards the 1st support level. Overall, the BTC/USD chart's momentum is bearish, indicating that the price is expected to continue falling in the near term.
Analysis are provided by InstaForex
Read More https://ifxpr.com/3nVZyaK
-
USDJPY, H4 | Potential reversal from 1st resistance?
The current momentum of the USD/JPY chart is bearish, indicating a potential price drop in the near future. A significant resistance level to watch is at 133.76, which is a strong pullback resistance level and coincides with the 78.60% Fibonacci projection. If the price reacts bearishly at this level, it may potentially fall towards the first support at 131.81. This support level is an overlap support and also lines up with the 61.80% Fibonacci retracement level, making it a significant level for a potential price rebound.
If the price breaks below the first support, it may fall towards the second support at 130.53, which is also an overlap support level. However, if the price breaks above the first resistance, it may potentially rise towards the second resistance at 134.08. This is an overlap resistance level and also has the 61.80% Fibonacci retracement level lining up with it, making it a significant level to watch.
Analysis are provided by InstaForex
Read More https://ifxpr.com/3mlATMr
-
Technical Analysis of Intraday Price Movement of Nasdaq 100 Index, Wednesday April 12, 2023
With the appearance of deviation between Nasdaq 100 index price movement with Stochastic Oscillator indicator on the 4 hour chart then it is high likely for #NDX will depreciated for some time in the future up to the area level of 12705,8-12617,7 however during the decline not exceed below the level of 12517,9 then #NDX still has the potential to back to rallying upwards up to the level of 13238,0.
Analysis are provided by InstaForex
Read More https://ifxpr.com/43spFGI
-
Forecast for GBP/USD on April 13, 2023
As a result of yesterday, the pound rose by 60 points, trying to move faster and further away from the 1.2422 level. The nearest target will be 1.2598 – the peak of June 7, 2022. At the same time, there is a high probability of forming a reversal divergence with the Marlin oscillator.
On the four-hour chart, the price is climbing above the balance and MACD indicator lines, and the Marlin oscillator is growing in the "green zone". We have an uptrend.
The primary signal of a reversal is when the price falls below the MACD indicator line (1.2460), and the signal will be confirmed once the price settles below the 1.2422 level. The pound's final decision to take a course for a medium-term decline is when it moves below the MACD line, in the area of the 1.2320 mark.
Analysis are provided by InstaForex
Read More https://ifxpr.com/3ZZFukZ
-
EURUSD, Day | Continue to 1st Support?
The EUR/USD chart currently displays an overall bearish momentum, indicating a potential continuation of bearish movements towards the 1st support level. The 1st support level at 1.0806 is an overlap support that has previously demonstrated its strength. However, should the price break through this level, it could potentially drop further towards the 2nd support at 1.0516, which is a multi-swing low support.
Resistance levels for the EUR/USD can be found at 1.1184 and 1.1035. The 1st resistance level is an overlap resistance that is crucial in monitoring for any potential bearish movements. Meanwhile, the intermediate resistance at 1.1035 is a multi-swing high resistance that could potentially trigger a stronger bearish trend towards the 1st support level if the price breaks through it. It's important to note that there is also an intermediate support level at 1.0974, which is a pullback support. Should the price bounce from this level, it could potentially rise towards the intermediate resistance at 1.1035
Analysis are provided by InstaForex
Read More https://ifxpr.com/3MO6YXT
-
Forecast for GBP/USD on April 18, 2023
Yesterday, the British pound showed strong volatility, closing the day with a loss of 38 points. On the daily chart, the signal line of the Marlin oscillator has approached the limit of the downtrend, so to break through it, the price should settle below the MACD indicator line (1.2322). Consolidating below support will open the next target at 1.2155 - the peak of November 2022.
On the four-hour chart, we can see that yesterday's trading range was formed below the target level of 1.2422. The balance indicator line in red also helped the level.
This is a sign of strong resistance, so in the near future, I expect the price to cross the support level of 1.2322. The Marlin oscillator is also set to fall further.
Analysis are provided by InstaForex
Read More https://ifxpr.com/3KOl1Ki
-
Forecast for USD/JPY on April 19, 2023
Yesterday, the US dollar lost 35 points against the Japanese yen, coinciding with the dollar weakening throughout the market and the price's struggle with the technical resistance of the strong price channel line (134.30, daily).
The signal line of the Marlin oscillator is pointing upward in the area of the uptrend. The bullish target is 135.40 - the low on March 6th. Consolidating above this level will allow the price to rise to the next embedded price channel line around 138.34.
On the four-hour chart, the Marlin oscillator resumed growth after the signal line rebounded from the limit of the area of the downtrend (arrow). The price is rising above the balance and MACD lines, with the main trend being upward. To guarantee it, the price needs to consolidate above 134.30.
Analysis are provided by InstaForex
Read More https://ifxpr.com/41mdB8e
-
Technical analysis of GBP/USD for April 19, 2023
Overview :
The GBP/USD pair continues to move upwards from the level of 1.2390. According to the previous events, the GBP/USD pair is still moving between the levels of 1.2390 and 1.2427; for that we expect a range of 110 pips (1.2500 - 1.2390). On the one-hour chart, immediate support level is seen at 1.2390, which coincides with a ratio of 23.6% Fibonacci retracement.
Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100) and (50). Therefore, if the trend is able to break out through the first resistance level of 1.2443, we would see the pair climbing towards the daily resistance at 1.2500 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support of 1.2343.
It should always be noted that: If the trend is upward, the strength of the currency will be defined as follows: GBPis in an uptrend and USD is in a downtrend. The stop loss should never exceed your maximum exposure amounts. The market is highly volatile if the last day had huge volatility. Signal :
According to the previous events, the price of the GBP/USD pair has been still trading between the levels of 1.2343 and 1.2500. The level of 1.2544 is representing the double top and the weekly support one has set at the same price. Buy above the spot of 1.2420 with the targets 1.2427 and 1.2544. On the other hand, the daily strong support is seen at 1.2390. If the GB/USD pair is able to break out the level of 1.2390, the market will decline further to 1.2303.
Analysis are provided by InstaForex
Read More https://ifxpr.com/3ouCtwc
-
USDJPY, H4 | Bounce off 1st support?
The USD/JPY chart currently exhibits strong bullish momentum, with potential for prices to bounce off the 1st support level at 133.72 and advance towards the 1st resistance level at 134.73.
The 1st support level, coinciding with current price, is an overlap support that signals a robust buying interest. Additionally, the 2nd support level, aligned with the 61.80% Fibonacci projection, reinforces its importance as a significant support level.
As for resistance levels, the 1st resistance level is a multi-swing high resistance that corresponds with the 61.80% Fibonacci retracement, and is expected to present a significant challenge for upward price movements. Similarly, the 2nd resistance level, a pullback resistance, may also impede bullish momentum.
Analysis are provided by InstaForex
Read More https://ifxpr.com/3KUOXVs
-
Forecast for GBP/USD on April 27, 2023
GBP/USD
The British pound continues its sideways movement in anticipation of the FOMC meeting next week. The upper limit of the range is the April 14th peak at 1.2545. Breaking through it will extend growth to 1.2598. Slightly higher is the second target level of 1.2666 – the peak of May 2022.
A sign of further price growth is the Marlin oscillator, turning upwards from the zero line – from the limit of the area of the downtrend.
If the price falls, the range will end with overcoming the MACD line (1.2342).
On the four-hour chart, the price has consolidated above the indicator lines, and the signal line of the Marlin oscillator is in the positive area. The pound has a good chance of surpassing yesterday's peak. Especially if today's US GDP data turns out to be lower than forecasted.
Analysis are provided by InstaForex
Read More https://ifxpr.com/3oQJwiH
-
Forex Analysis & Reviews: High inflationary pressure forces the Fed to continue raising rates
Euro and pound decline on news that two key inflation indicators showed sustained pressure in the US in recent months, supporting the case for a new interest rate hike by the Federal Reserve System next week.
The Personal Consumption Expenditures (PCE) price index, excluding food and energy, the Fed's preferred core inflation measure, rose 0.3% in March compared to the previous month and 4.6% compared to a year earlier. The Commerce Department report also said that the employment cost index, which the Fed also closely monitors, rose 1.2% in the first quarter compared to the previous period, exceeding economists' forecasts.
I would like to remind you that the main goal of the Fed is a 2% level, which is measured by a broader indicator, but the regulator considers the core indicator as a better indicator of the trend.
Price data, especially in combination with rising labor costs, confirm expectations that Fed policymakers will continue to raise interest rates, raising them by another quarter of a percentage point at next week's meeting.
A positive aspect in the PCE report was the slowdown in the growth of service costs. Thus, service prices, excluding housing, rose only 0.2% in March. However, in annual terms, the indicator remains elevated at 4.5%.
Analysis are provided by InstaForex
Read More https://ifxpr.com/44a7ENH
-
Forex Analysis & Reviews: USD/JPY analysis for May 04, 2023 - Potential for the further downside movement
USD/JPY has been trading downside as I expected and the first upside objective has been reached at 135.00. Anyway, I see potential for the lower prices towards 133.35.
Due to the strong downside momentum and no signs for the reversal, I see potential for the further downside movement towards lower reference.
Next major downside objective is set at the price of 133.35
MACD is showing negative reading, which is sign that sellers are still in control.
Intraday resistance is set at the price of 135.00
Analysis are provided by InstaForex
Read More https://ifxpr.com/3VwljKY
