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Forex Analysis & Reviews: Forecast for AUD/USD on November 10, 2021
The Australian dollar is already close to a mid-term pivot point. On a daily scale, the price with the Marlin Oscillator has almost formed a powerful double convergence. The price only needs to go down a bit, and the signal line of the oscillator will touch the line forming the convergence. The MACD line (0.7330) may not even be reached.
A double convergence is also forming on the four-hour chart. After its completion, the trend is likely to reverse upwards. The price exit above the MACD line, above the level of 0.7433 (yesterday's high), will confirm this reversal in the mid-term trend.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for EUR/USD on November 11, 2021
The euro fell by 113 points yesterday, which confirmed the variant with the formation of convergence before, as expected, a reversal into medium-term growth. The target of the movement is the 1.1448 level - the high on March 17, 2019. The price may move below the level, for example, to 1.1420, this is the level of the peaks of June 2020 and June 2019.
Of course, the strengthening of the dollar across the market was associated with a strong increase in the CPI in October estimates to 6.2% (forecast 5.8%), but the Federal Reserve needs to get data on the real sector to change its sentiment, and such data as retail sales, growth industrial production, the volume of civil construction will be next week. Investors also need this data, and therefore, after yesterday's rally, they can take a break.
On the four-hour scale, the price settled under the balance and MACD indicator lines, the Marlin Oscillator has already deeply entered the downtrend zone, so we expect the decline to slow down. We are waiting for the formation of technical reversal signs.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: AUDNZD on bearish momentum! | 12 Nov 2021
Price is on a bearish momentum and abiding to our bearish trendline. We see potential for a bounce from our 1st resistance at 1.04277 in line with 50% Fibonacci retracement and 38.2% Fibonacci retracement and graphical overlap towards our 1st support at 1.03297 in line with 100% Fibonacci extension. Alternatively, our stop loss will be placed at 2nd resistance at 1.04617 in line with 50% Fibonacci retracement and graphical overlap. RSI is approaching levels where dips occurred previously and ichimoku is showing bearish momentum.
Trading Recommendation
Entry: 1.04277
Reason for Entry:
50% Fibonacci retracement and 38.2% Fibonacci retracement and graphical overlap.
Take Profit: 1.03297
Reason for Take Profit:
100% Fibonacci extension.
Stop Loss: 1.04617
Reason for Stop Loss:
50% Fibonacci retracement and graphical overlap.
Analysis are provided by InstaForex
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Trading plan for GBP/USD on November 15, 2021
https://forex-images.ifxdb.com/userf...69_source!.jpg
The GBP/USD pair's downward movement last Wednesday still leaves traces. Today, the pound has returned to its low of two weeks ago on November 5. The Weekly Control Zone 1/4 1.3446-1.3438 is set at the same mark.
These two facts speak about the importance of this zone. If the price fails to consolidate above the level of 1.3446 today and an absorption pattern is formed, then sales will come to the fore again. The first downward target is last week's low. The main medium-term target will be the WCZ 1/2 1.3283-1.3266. This makes it possible to get a favorable risk-to-profit ratio.
If today closes above the level of 1.3446, then the next target for selling the instrument will be the WCZ 1/2 1.3541-1.3524. They will find the most favorable prices for opening a short position there.
*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: USDCHF bullish momentum! | 16 Nov 2021
Price is on a bullish momentum and abiding to our bullish trendline. We see potential for a bounce from our 1st support at 0.92193 in line with 23.6% Fibonacci retracement and 61.8% Fibonacci extension and graphical overlap towards our 1st resistance at 0.92647 in line with 61.8% Fibonacci extension and graphical swing high. Alternatively, our stop loss will be placed at 2nd support at 0.91883 in line with bullish trendline and graphical overlap. Technical indicators are showing bullish momentum.
Trading Recommendation
Entry: 0.92193
Reason for Entry:
23.6% Fibonacci retracement and 61.8% Fibonacci extension and graphical overlap
Take Profit: 0.92647
Reason for Take Profit:
61.8% Fibonacci extension and graphical swing high
Stop Loss: 0.91883
Reason for Stop Loss:
Bullish trendline and graphical overlap
Analysis are provided by InstaForex
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Forex Analysis & Reviews: GBPJPY potential for bounce! | 18th Nov 2021
Price is in a cup pattern and has recently broken out of our ascending trendline. We see potential for a bounce from our 1st support at 153.625 in line with 50% Fibonacci retracement, 23.6% Fibonacci retracement and graphical overlap towards our 1st resistance at 154.356 in line with 50% Fibonacci retracement and graphical overlap. Alternatively, our stop loss will be placed at 2nd support at 153.332 in line with 61.8% Fibonacci retracement and graphical overlap. Technical indicators are showing bullish momentum.
Trading Recommendation
Entry: 153.625
Reason for Entry:
50% Fibonacci retracement, 23.6% Fibonacci retracement and graphical overlap
Take Profit: 154.356
Reason for Take Profit:
50% Fibonacci retracement and graphical overlap
Stop Loss: 153.332
Reason for Stop Loss:
61.8% Fibonacci retracement and graphical overlap
Analysis are provided by InstaForex
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Forex Analysis & Reviews: AUDUSD potential short term bullish bounce | 19th Nov 2021
On the H4, we can see that price abiding to the ascending channel on the daily and descending trendline on the H4. We can expect price to make a bounce from 1st Support in line with 78.6% Fibonacci projection, 78.6% Fibonacci retracement and ascending channel support towards the 1st Resistance in line with 61.8% Fibonacci projection and 50% Fibonacci retracement. Our bullish bias is further supported by stochastic indicator where the %K line is at the support level awaiting for a bounce.
Trading Recommendation
Entry: 0.72530
Reason for Entry: 78.6% Fibonacci projection, 78.6% Fibonacci retracement and ascending channel support
Take Profit: 0.73316
Reason for Take Profit: 78.6% Fibonacci projection and 23.6% Fibonacci retracement
Stop Loss: 0.72256
Reason for Stop Loss:
100% Fibonacci projection
Analysis are provided by InstaForex
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Forex Analysis & Reviews: USDCAD Bearish Reversal | 22nd Nov 2021
On the H4, with price reversing off the resistance on the RSI indicator and the a graphical level, we have a bearish bias that price will dip to 1st support at 1.25853 in line with the graphical overlap support and possibly to 2nd support at 1.27074 in line with the graphical overlap support from 1st resistance at 1.26472 in line with the horizontal overlap resistance and 23.6% Fibonacci retracement level. Alternatively, we may see price break 1st resistance structure and head for 2nd resistance at 1.25466 in line with the 50% Fibonacci projection retracement level and horizontal swing high resistance.
Trading Recommendation
Entry: 1.26472
Reason for Entry:
Horizontal overlap resistance and 23.6% Fibonacci retracement level
Take Profit: 1.25853
Reason for Take Profit:
Graphical overlap support
Stop Loss: 1.25466
Reason for Stop Loss:
50% Fibonacci projection retracement level and horizontal swing high resistance
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Gold reaches 2nd target after bearish signal
Gold price has reached the $1,800 area which was our second target after our bearish signal last Friday. As expected by our analysis, Gold started the week under pressure because of the bearish signal we got last Friday.
Red rectangle- resistance
Blue rectangle - support
Gold price is now trading at the 61.8% Fibonacci retracement of the entire rise from $1,758. Our first target was the 38% retracement around $1,830 and our next target was the 61.8% level. Short-term trend remains bearish after the bearish signal on Friday. At 61.8% retracement level we usually see trend reversals. That is why the decline has stopped around this Fibonacci level. Bears need to be cautious as we could see a higher low being formed and price to reverse to the upside. For now no such signal has been given. Price could during the day make a new lower low so bulls need to be very patient and cautious. Next support is at the 78.6% retracement level. Breaking below that level will increase dramatically the chances of falling below $1,758 over the coming days. For now this is not the most probable scenario.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Trading plan for GBP/USD on November 24, 2021
The GBP/USD pair has been forming a flat range for the last ten days. Yesterday's update of the monthly low led again to the emergence of demand.
If today's closing of the day turns out to be higher than yesterday's opening of the day, then the "absorption" pattern on the daily chart will form. This will open the way to buy the instrument. The upward target will be the Weekly Control Zone 1/2 1.3531-1.3514, which coincides with a significant weekly extreme.
At the moment, the priority is still to trade within the framework of the flat. It should be noted that finding the price at the lower end of the range indicates the opportunity to buy profitably when the corresponding pattern appears.
Today's daily candle should be similar to the candle of November 12. If this happens, then purchases will come to the fore tomorrow. To continue the pair's decline, it will be necessary to close today below yesterday's low. This will indicate the appearance of new orders to buy the pound at more favorable prices.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: AUDUSD bearish continuation | 25th Nov 2021
Today's daily candle should be similar to the candle of November 12. If this happens, then purchases will come to the fore tomorrow. To continue the pair's decline, it will be necessary to close today below yesterday's low. This will indicate the appearance of new orders to buy the pound at more favorable prices.
On the H4, we can see that price broke out of the ascending channel on the daily and abiding to the descending trendline on the H4. We can expect the price to drop from 1st Resistance in line with 23.6% Fibonacci retracement towards the 1st Support in line with 127.2% Fibonacci projection. Our bearish bias is further supported by the Ichimoku cloud indicator where price is holding below it and it is forming a strong resistance level.
Trading Recommendation
Entry: 0.72317
Reason for Entry:
23.6% Fibonacci retracement
Take Profit: 0.71716
Reason for Take Profit:
127.2% Fibonacci Projection
Stop Loss: 0.72524
Reason for Stop Loss:
61.8% Fibonacci projection and 38.2% Fibonacci retracement
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for USD/JPY on November 26, 2021
Yesterday, the dollar against the yen could not withstand the pressure from technical factors and this morning fell to the signal level of 114.71 (October 20 high). After the price drops below this level, the USD/JPY pair may continue to move to the magnetic point at 113.20 - to the point of intersection of the price channel line with the MACD line. The price can overcome the target, since below it is the second target level of 112.74, which is desirable for the bulls to work out if they intend to advance further - to create a false downward movement.
To complete the bearish picture, the signal line of the Marlin oscillator does not reach the negative area. Perhaps this will happen when the price goes below the signal level.
The price almost touched the MACD line on the four-hour chart. Settling below it, as well as below the level of 114.71, will become a condition for further price movement to the downside. The Marlin Oscillator is already in the negative zone.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 29, 2021
EUR/JPY broke below support at 128.44 which told us that every thing we have seen since the June high at 134.12 is part of a major flat correction. This correction should find its low in the 124.25 - 124.50 area for the final impulsive rally towards at least 135.04 and ideally closer to resistance at 139.70.
Short-term a break above minor resistance at 129.60 will indicate that the wave 4/ correction has completed and wave 5/ higher towards at least 135.04 is in motion
Analysis are provided by InstaForex
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Forex Analysis & Reviews: USD/CAD Ignores DXY
USD/CAD edged higher after ending its minor retreat. You already know from my previous analysis that the currency pair could still grow as the bias remains bullish. Now, it challenges the 1.2799 static resistance, the former high. A valid breakout could activate the upside continuation.
Later, the fundamentals may drive the pair, so you should be careful. The Canadian GDP is expected to register a 0.0% rise versus 0.4% in the previous reporting period. On the other hand, the US CB Consumer Confidence could drop from 113.8 to 110.8 points, while the Chicago PMI is expected at 67.1 points below 68.4 in the previous reporting period.
USD/CAD STRONGLY BULLISH!
As you can see on the h4 chart, USD/CAD found strong support on the weekly pivot point (1.2737) and now is trading back above the ascending pitchfork's median line (ML). It pressures the 1.2799 level. If the price closes and stabilizes above it could signal potential further growth. Still, in the short term, we cannot exclude a temporary drop. It could come back to test and retest the median line (ML) before resuming its growth.
OUTLOOK FOR USD/CAD!
Jumping, closing, and stabilizing above 1.2799 could activate the upside continuation and could bring fresh long opportunities.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for EUR/USD on December 1, 2021
Yesterday, the euro traded in a range of 150 points and, despite the growth at the end of the day, the single currency entered into an ambiguous position. On the one hand, the price is preparing to overcome the signal-target level of 1.1375, but even if this happens, a stronger resistance at 1.1448 will open, which is approached by the MACD line.
USD/CAD STRONGLY BULLISH!
On the other hand, the wide-range itself is a reversal pattern, the Marlin Oscillator does not leave the negative zone, and the euro is declining this morning. The development of the downward movement may lead the price to reach the target level of 1.1170, breaking it will open the second bearish target at 1.1050.
On the four-hour scale, it is noticeable that the MACD indicator line acted as support for yesterday's range. This is a sign of further price growth. The Marlin Oscillator is declining, but in a growing trend zone. The likelihood of the euro going up and down is almost the same. Settling above 1.1448 will become a condition for the mid-term growth of the euro.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for AUD/USD on December 2, 2021
On Wednesday, the Australian dollar, like on Tuesday, worked out a range of target levels, only a smaller range: 0.7107/71. This morning, the price shows an intention to rise again, and the Marlin Oscillator, which is unfolding from the oversold zone, helps it. If on Friday, when the US employment data will be released, the price overcomes the 0.7171 level that is not yet amenable to it, then the target level 0.7227 will soon be taken, and then there may be a bullish mood at 0.7316, that is, to the daily MACD line scale. This level also coincides with the high of September 2018.
On the 4-hour chart, the rising price sentiment is being held by the Marlin Oscillator. Until its signal line goes under the line forming the convergence, one can hope for growth to 0.7171 and even for consolidation above the level. But if the price overcomes yesterday's low (0.7096), which will mean a fall in the oscillator, then the speculators' target will be the level of 0.7065 that was previously reached. Finally, if US employment data turns out to be good, the price may continue to decline to 0.7007 (September 2020 low).
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Forecast for EUR/USD on December 3, 2021
The euro did not repeat its attempt to overcome the signal level of 1.1375, and by this morning it has been slowly declining for the third day. On a daily scale, the Marlin Oscillator is retreating from the local high. Obviously, investors are waiting for today's data on employment in the US, which can (like inflation) further strengthen the dollar. The forecast of labor data is as follows: November unemployment may decrease from 4.6% to 4.5%, 550,000 new jobs can be created in the non-agricultural sector (against 531K in October), an increase in the average hourly wage per month is 0.4% (5.0% y/y). The forecast for the growth of industrial orders for October is 0.5%, and in Canada, the decline in unemployment is expected to be 6.6% from 6.7% earlier. The general stream of positive statistical forecasts suggests that the data on labor in the US will come out good. As a consequence, the euro is likely to fall to the target level of 1.1170. Overcoming the first target opens the second - 1.1050.
On the H4 chart, the Marlin Oscillator has moved into the negative zone. The final confirmation of the downward direction is when the price overcomes the support of the MACD line at 1.1244.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for December 6, 2021
GBP/JPY would ideally move a bit lower to test the ideal corrective target at 148.83 to complete wave iv/ and set the stage for a new impulsive rally towards at least 160.40 and ideally closer to 163.39 to complete wave v/ and iii.
That said, we can see that GBP/JPY is testing a support-line which could prevent GBP/JPY from the final dip to test the ideal corrective target at 148.83. If this is the case, then a break above minor resistance at 152.59 will be seen soon.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: AUDUSD bearish continuation | 7th Dec 2021
On the H4, price is abiding to the descending trendline resistance, signifying bearish momentum. Price dropped below the daily overlap support, we can expect price to drop from 1st Resistance in line with 38.2% FIbonacci retracement and 61.8% Fibonacci projection towards 1st Support in line with 161.8% Fibonacci extension. Our bearish bias is further supported by the Ichimoku cloud indicator acting as a resistance.
Trading Recommendation
Entry:0.70615
Reason for Entry:
38.2% FIbonacci retracement and 61.8% Fibonacci projection
Take Profit: 0.69940
Reason for Take Profit:
161.8% Fibonacci extension
Stop Loss: 0.71033
Reason for Stop Loss:
61.8% Fibonacci retracement and 100% Fibonacci projection
Analysis are provided by InstaForex
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Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for December 8, 2021
GBP/JPY should be close to a completion of the correction in wave iv/. Ideally we will see a final spike down to test support at 148.83. However, GBP/JPY is testing a minor support-line which could prove to be strong enough to protect further downside progress and push GBP/JPY higher through minor resistance at 152.42 as confirmation that wave 5/ of iii is unfolding towards at least 160.54 and ideally closer to the 163.39 target.
Analysis are provided by InstaForex
