Instaforex Analysis

**InstaForex Gertrude** · 29-08-23, 05:50

JAPAN JOBLESS RATE RISES TO 2.7% IN JULY

The unemployment rate in Japan came in at a seasonally adjusted 2.7 percent in July, the Ministry of Internal Affairs and Communications said on Tuesday.

That exceeded expectations for 2.5 percent, which would have been unchanged from the June reading.

The jobs-to-applicant ratio ticked down to 1.29, shy of forecasts for 1.30, which again would have been unchanged.

The participation rate was 63.1 percent, matching forecasts and steady from the June level.

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**InstaForex Gertrude** · 30-08-23, 06:45

Forecast for EUR/USD on August 30, 2023

EUR/USD
On Tuesday, the euro tried to approach the support level of 1.0774, but the bulls held on to their strong positions, and as a result, the euro closed the day above the resistance level of 1.0865. The single currency started the day with a bearish correction, but eventually, it will try to test the resistance at 1.0931, above which the MACD line lies. The Marlin oscillator is also approaching the boundary of the uptrend territory. If the price surpasses 1.0931 concurrently with Marlin moving into the growth territory, the euro might receive another support for growth. Potential bullish targets are: 1.1012, 1.1062, 1.1096. This growth has a corrective nature.

In the US, the JOLTS Jobs Openings slowed to 8.82 million in July, well off the estimate of 9.46 million, and June data was revised downwards from 9.582 million to 9.165 million. In Japan, July unemployment increased from 2.5% to 2.7% (the forecast was for it to remain unchanged). Our assumption about the labor market in the US and worldwide losing steam seems justified. We anticipate weak employment data on Friday and the euro to rise further.

On the four-hour chart, the price has settled above the balance and MACD indicator lines, above the 1.0865 level. The Marlin oscillator has sharply jumped. In such a scenario, the price may consolidate and rise further.

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**InstaForex Gertrude** · 31-08-23, 06:56

USDCHF, H4 | Bounce off support?

The USD/CHF chart exhibits bullish momentum. Potential rebound from 1st support to 1st resistance. 1st support at 0.8772 and 2nd support at 0.8710 (50% Fibonacci Retracement) are crucial. Conversely, 1st resistance at 0.8825 (61.80% Fibonacci Retracement) resists, and 2nd resistance at 0.8866 signifies multi-swing high resistance. These levels indicate potential price reactions.

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**InstaForex Gertrude** · 01-09-23, 06:51

Forecast for GBP/USD on September 1, 2023

GBP/USD
As a result of yesterday, the pound fell by 46 points, returning below the 1.2684 level. The signal line of the Marlin oscillator on the daily chart isn't in a hurry to move downwards; on the contrary, it indicates an intent to rise above the zero line.

If the pound realizes this intention, then the pair could rise in the target range of 1.2799-1.2814. Traders across markets are eagerly awaiting today's US employment data for August. If they turn out to be strong, the pound might head towards 1.2547.

On the four-hour chart, the price consolidated below the MACD indicator line, with the Marlin oscillator in a waiting position in the uptrend territory. While waiting for the US data, the price might rise above 1.2684, which would significantly improve the bulls' positions.

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**InstaForex Gertrude** · 04-09-23, 07:03

Forecast for EUR/USD on September 4, 2023

EUR/USD
The short-term battle of speculators with the release of US employment data ended in favor of the dollar bulls. The dollar index rose by 0.58%, US government bond yields increased (from 4.25% to 4.30% for 5-year bonds), and stock markets closed mixed. The euro lost 66 pips, reaching the target support at 1.0774. Is this a signal or condition for a medium-term decline? At the very least, we need to wait for the price to settle below 1.0774. Next, we need to confirm a confident reversal of the S&P 500. In other words, the initial conditions can only emerge tomorrow. If this doesn't happen, the euro may rise again, attempting to surpass 1.0931 (MACD line).

We currently have a downtrend on the daily chart, so the nearest target is the level of 1.0692. Overcoming this target could result in the pair aiming for the 1.0483-1.0552 range, which includes the descending price channel line and the Fibonacci retracement level.

There is also potential for a bullish scenario, indicated by the emerging convergence between price and the Marlin oscillator.

If the pound realizes this intention, then the pair could rise in the target range of 1.2799-1.2814. Traders across markets are eagerly awaiting today's US employment data for August. If they turn out to be strong, the pound might head towards 1.2547.

On the four-hour chart, the price has paused at the target support of 1.0774. Consolidating below this level will allow the price to reach the target at 1.0692, but the euro can only reach this level if the stock market remains weak.

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**InstaForex Gertrude** · 05-09-23, 07:22

Forex Analysis & Reviews: Forecast for EUR/USD on September 5, 2023

EUR/USD Yesterday, the euro gained 19 pips despite a relatively muted day. From a technical perspective, the situation has not changed. A close below 1.0774 would pave the way for the bears to reach 1.0692. However, there is a nuance here – it could break the support or a false consolidation to create a distinct convergence with the oscillator rather than leaving it weak as we see it now. On the other hand, it could gradually rise towards the nearest resistance level at 1.0834, then 1.0865, and ultimately 1.0931.

On the 4-hour chart, we have a neutral situation because the price is moving sideways within the 1.0774-1.0834 range. The Marlin oscillator is also moving sideways, and the price is below both indicator lines, and there is no clear direction.

There are no clues on the external side. In the euro area, the composite PMI index for August is expected to fall from 48.6 to 47.0. In the United States, factory orders for July are expected to drop by 2.5%. We await further developments.

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**InstaForex Gertrude** · 08-09-23, 08:07

XAUUSD H4 | Reacting off 1st Resistance?

The XAU/USD chart currently has a bullish momentum, indicating a potential upward trend. There's a likelihood of continued bullish movement towards the first resistance. The first support at 1913.49 is significant, aligning with the 61.80% Fibonacci Retracement. The second support at 1901.55 is also noteworthy, aligning with the 78.60% Fibonacci Retracement. On the resistance side, the first resistance at 1931.97 aligns with the 38.20% Fibonacci Retracement, and the second resistance at 1943.88 aligns with the 78.60% Fibonacci Retracement.

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**InstaForex Gertrude** · 11-09-23, 07:36

Technical Analysis of Intraday Price Movement of Gold Commodity Asset, Monday, September 11 2023

With the penetration of the three important levels of the CCI indicator on the 4 hour timeframe, the Gold commodity asset indicates that Sellers are dominating this commodity asset, even though there is currently an upward correction to test the Equal High level of 1928.17, but as long as it does not penetrate above the 1935.42 level, Gold still has the potential to continue. The decline is especially supported by the emergence of the Bearish Continuation Ascending Broadening Wedge pattern, so Gold has the potential to go down and try to penetrate below the 1914.79 level and if this level is successfully penetrated, the level of the Daily Bullish Fair Value Gap area in the range of 1903.38-1911.29 will be the next target to be aimed at.

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**InstaForex Gertrude** · 12-09-23, 06:23

NZDUSD H4 | Falling to 1st support?

The NZD/USD chart currently shows a bullish trend with potential for further upward movement. The 1st resistance at 0.5930, coinciding with the 50.00% Fibonacci retracement, is a key level that may impede bullish progress. Similarly, the 2nd resistance at 0.5992 is also significant for potential resistance.

On the downside, the 1st support at 0.5891 aligns with the 61.80% Fibonacci retracement and serves as a strong support level. The 2nd support at 0.5862, identified as a pullback support, adds to the support zone.

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**InstaForex Gertrude** · 15-09-23, 06:34

GBPUSD H4 | Bearish Continuation Expected?

The GBP/USD chart currently shows a bearish momentum due to trading below the bearish Ichimoku cloud. This could lead to a continued bearish movement towards the significant 1st support level at 1.2372, which is marked as an overlap support. Additionally, the 2nd support at 1.2309 is recognized as a swing low support.

On the resistance side, the 1st resistance level at 1.2448 is a pullback resistance, possibly hindering upward movement. The 2nd resistance at 1.2533 is an overlap resistance, suggesting its potential as a point of reversal or resistance.

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**InstaForex Gertrude** · 18-09-23, 06:16

GBPUSD Day | Bearish Continuation Expected?

The GBP/USD chart displays a dominant bearish trend, emphasized by its position below the bearish Ichimoku cloud and a descending trend line. Key supports stand at 1.2293, backed by the 78.60% Fibonacci Projection, and 1.2182, aligned with the 100% Fibonacci Projection. Resistances are identified at 1.2418 and 1.2632, with the latter being an overlap resistance. The overall outlook remains bearish.

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**InstaForex Gertrude** · 19-09-23, 06:50

Forecast for GBP/USD on September 19, 2023

The British pound closed Monday at the same level as Friday's closing level. The Marlin oscillator rose, reinforcing the double convergence with the price. We can see that the signal line of the oscillator is converging into a wedge, and an upward exit (most likely) from it will fuel the price growth.

The nearest bullish target is 1.2547, followed by 1.2617. The third target is 1.2684. The MACD indicator line is approaching this level.

On the 4-hour chart, we see a build up in the convergence. A break above 1.2444 will also correspond to Marlin's move into the bullish territory. Such a pattern will support the pound. We await the results of tomorrow's Federal Reserve meeting.

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**InstaForex Gertrude** · 20-09-23, 07:11

Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of USD/CAD Commodity Currency Pairs, Wednesday, September 20 2023

From the 4-hour chart of The Lonnie, it can be clearly seen that Sellers are very dominant, this can be seen from the price movement which moves regularly and harmoniously in the Pitchfork channel which dips downwards and the price movement is below the WMA (20) with a downward sloping slope as well as the CCI indicator has succeeded breaking below the three main levels (100, 0, & -100), but currently it appears that USD/CAD is being corrected upwards to test the SBR (support Become Resistance) level at the level 1.3494. As long as this upward correction does not breaks and close above the level 1.3550, then USD/CAD has the potential to continue its decline back to level 1.3422 as the main target and level 1.3380 as the second target if momentum and volatility support it.

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**InstaForex Gertrude** · 25-09-23, 06:49

GBPUSD Day | Bouncing off support?

The GBP/USD chart shows a bearish trend, with focus on the 1st support at 1.2089, significant due to the convergence of the 127.20% Fibonacci Extension and the 78.60% Fibonacci Retracement. The 2nd support is at 1.1845, a historical swing low. On the resistance side, the 1st resistance is at 1.2311, a pullback resistance aligned with the 61.80% Fibonacci Retracement, serving as a potential barrier.

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**InstaForex Gertrude** · 26-09-23, 06:42

Forecast for EUR/USD on September 26, 2023

EUR/USD
Once again, the euro is following an alternative scenario. Yesterday, the day closed with a black candle below the support at 1.0613 and below the Fibonacci channel line. The price is heading towards the target at 1.0552. The euro has a saw-toothed structure of decline, typical of corrective movements, and this correction, since July 18th, is clearly prolonged. The likely reason for this is the ongoing decline in the stock market. Now, a crisis correlation (the decline of both the stock market and the dollar) is possible in the event of a U.S. budget collapse - in the event of an emergency reduction in budget expenditures. U.S. lawmakers have a deadline until October 1st.

The signal line of the Marlin oscillator on the daily chart has returned to the wedge, slightly modifying it but maintaining the priority of breaking above it. We probably shouldn't expect strong movement until we reach Monday, October 2. If the budget issue in the United States is resolved by a certain deadline, we may see an appetite for risk - growth in the stock market and the euro. Thus, the single currency still has a bullish bias. Only a clearly interpreted and protracted crisis will shift the priority (our target is 0.9338).

On the 4-hour chart, the price is decreasing after a series of unsuccessful attempts to overcome the MACD line and the balance line. Marlin has expended all its strength for growth, and it will be difficult for it to recover now. We will likely see a sideways trend until Monday.

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**InstaForex Gertrude** · 28-09-23, 06:20

USDJPY Day | Potential bearish reversal?

The USD/JPY chart displays a bullish trend, with potential for a bearish reaction off the 1st resistance at 149.13, dropping to the 1st support at 148.47. The 1st resistance aligns with the 161.80% Fibonacci projection, while the 2nd resistance is at 150.19. The 1st support coincides with the 38.20% Fibonacci retracement, and the 2nd support at 147.95 aligns with the 61.80% retracement.

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**InstaForex Gertrude** · 29-09-23, 06:24

USDCHF H4 | Falling to support level?

The USD/CHF chart currently has bearish momentum, aiming for the 1st support at 0.9104, supported by the 38.20% Fibonacci Retracement. The 2nd support at 0.8987, coinciding with the 78.60% Fibonacci Retracement, provides additional price support. On the resistance side, the 1st resistance at 0.9211 and 2nd resistance at 0.9326 may limit upward moves.

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**InstaForex Gertrude** · 02-10-23, 07:13

USDCAD Day | Rising toward resistance level?

The USD/CAD chart shows bullish momentum with a potential move towards the first resistance. There's an important first support at 1.3372, serving as an overlap support. On the resistance side, the first resistance at 1.3673 is also an overlap resistance, and the second resistance at 1.3876 is a swing high resistance.

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**InstaForex Gertrude** · 03-10-23, 07:28

GBPUSD H4 | Bouncing off support?

The GBP/USD chart is currently bearish, primarily due to its position below the bearish Ichimoku cloud. There's a potential scenario of a bullish bounce off the 1st support at 1.2067, supported by the 127.20% Fibonacci Extension, and the 2nd support at 1.2011, a swing low support with the 161.80% Fibonacci Extension.

On the resistance side, the 1st resistance at 1.2124 is an overlap resistance that may impede bullish movements. Additionally, the 2nd resistance at 1.2265 is also categorized as an overlap resistance.

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**InstaForex Gertrude** · 04-10-23, 07:26

GBPUSD H4 | Bullish Divergence?

The GBP/USD chart shows bullish momentum, with the possibility of a bullish bounce from the first support at 1.2067, backed by the 127.20% Fibonacci Extension, indicating a reversal point. The second support at 1.2011, aligning with the 161.80% Fibonacci Extension, adds to its importance as a potential support level.

On the resistance side, the first resistance at 1.2124 is noted as an overlap resistance, potentially hindering bullish movements. The second resistance at 1.2273 is labeled as a swing high resistance

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