Instaforex Analysis

**InstaForex Gertrude** · 12-05-14, 10:42

USD/CAD intraday technical levels and trading recommendations for May 9, 2014

The chart shows that the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20. The bears took an advantage and pushed the pair towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart). Although previous daily closure below 1.0920 took place, it didn't take long time to get a bullish engulfing daily candlestick as a bullish reaction the next day pushed the pair again towards 1.1000. On the other hand, on the 4H chart, the price zone of 1.0995-1.1045 (38.2% Fibonacci of the most recent bearish swing) was expected to provide a valid sell entry and it did. The previously suggested bearish position taken at 1.0995 achieved its full projection target by hitting 61.8% Fibonacci level around 1.0830. As expected, price zone of 1.0875-1.0830 (extending down to 61.8% Fibonacci level on the daily chart ) provided significant bullish pressure strong enough to invalidate our SELL position. The market is now expressing a bullish pull-back towards 1.0940-1.0950 and probably 1.0980 where 38.2% Fibonacci level is located on the 4H chart. Bearish positions can be taken again at the price zone of 1.0940-1.0950. It's the most recent resistance zone that comes to meet the pair. The pair will probably establish a sideway consolidation zone. Bearish targets are to be located at 1.0865 initially. SL should be located slightly above 1.1000.

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**InstaForex Gertrude** · 13-05-14, 10:37

Technical analysis of USD/JPY for May 13, 2014

In Asia, Japan will release the M2 Money Stock y/y, and 30-y Bond Auction. Meanwhile, the US will unveil some economic data such as NFIB Small Business Index, Core Retail Sales m/m, Retail Sales m/m, Import Prices m/m, and Business Inventories m/m. So there is a big probability the USD/JPY will move with low volatility today.

Today's technical levels:
Resistance. 3: 102.73.
Resistance. 2: 102.53.
Resistance. 1: 102.33.
Support. 1: 102.07.
Support. 2: 101.87.
Support. 3: 101.67.

Description:
Please, pay attention to the levels of support 3 (101.67) and resistance 3 (102.73). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips. But if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

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**InstaForex Gertrude** · 14-05-14, 11:22

Technical analysis of USD/JPY for May 14, 2014

In Asia, Japan will release the CGPI y/y, Prelim Machine Tool Orders y/y, and the US will release some economic data such as PPI m/m, Core PPI m/m. So there is a big probability the USD/JPY will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:
Resistance. 3: 102.71.
Resistance. 2: 102.51.
Resistance. 1: 102.31.
Support. 1: 102.05.
Support. 2: 101.85.
Support. 3: 101.65.

DESCRIPTION:
Please, pay attention to the levels of support 3 (101.65) and resistance 3 (102.71). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

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**InstaForex Gertrude** · 15-05-14, 11:39

Technical analysis of Gold for May 15, 2014

Technical outlook and chart setups:
1. Gold rallied yesterday only to face resistance around $1,304.00 levels as seen here. The metal is consolidating again in a cone format between decreasing resistance and increasing support lines as seen here. A break out of this consolidation is required to decide further direction, recommendations for now is to exit long positions and remain flat.
2. Support is seen at $1,270.00/80.00 levels, followed by $1,230.00/40.00, $1,210.00 and lower while resistance is at $1,330.00, followed by $1,350.00/60.00, $1,388.00 and higher respectively.
3. The structure indicates that Gold still remains in a trading range and breakout is required below $1,280.00 or above $1,310.00 to determine further direction.

Trading recommendations:
Exit longs. Remain flat for now.

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**InstaForex Gertrude** · 16-05-14, 11:11

Technical analysis of Silver for May 16, 2014

Technical outlook and chart setups:
1. Silver falls back to $19.40 levels as discussed and expected yesterday. The metal could now rally up to $19.80 levels before falling back. A break of the interim support line and $19.00 20/00 levels from here could be encouraging for bears and open doors for fresh lows below $18.00 levels.
2. Support is at $19.00/20, followed by $18.90, $18.75 and lower while resistance is at $20.40, followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver could be on its way lower if $19.00 levels break. On the higher side $20.40 remains key for a trend reversal.

Trading recommendations:
Remain flat for now.

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**InstaForex Gertrude** · 19-05-14, 11:34

Technical analysis of EUR/JPY for May 19, 2014

Technical outlook and chart setups:
1. The EUR/JPY pair is looking for a bullish reversal ahead of key support at 138.40 levels as seen here. Please also note that the sub 139.00 levels is also supported by fibonacci 0.618 levels of the rally between 136.00 and 143.50 as shown here. Recommendation is to watch out for a bullish reversal here and go long. Risk remains below 138.00.
2. Support is at sub 138.00, followed by 136.00 and lower while resistance is at 141.00, followed by 142.50, 143.50/144.00 and 145.50 respectively,
3. The structure indicates that EUR/JPY might be setting up for a bullish reversal at sub 139.00 levels. High probability setup would be bullish from here on till prices stay above 138.00 levels.

Trading recommendations:
Initiate longs, stop below 138.00, target is open.

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**InstaForex Gertrude** · 20-05-14, 10:42

Technical analysis of Silver for May 20, 2014

Technical outlook and chart setups:
1. Silver is seen to be testing lower end of the consolidation range around $19.00/20 levels. A bullish bounce here would again take prices towards the $20.00 levels, while a break below shall prove to be extremely bearish. Recommendations are to remain flat for now and await for a clear break out from the trading range established for now.
2. Support is seen at $19.00, followed by $18.90/75, $18.40/50 and lower, while resistance is seen at $20.40, followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver continues to trade in a tight range between $19.00 and $20.00 for now. A break on either side is required to determine the next big move.

Trading recommendations:
Remain flat for now OR trade the range buy around $19.00/20 and sell around $20.00.

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**InstaForex Gertrude** · 21-05-14, 10:57

Technical analysis of USD/JPY for May 21, 2014

In Asia, Japan will release the Trade Balance, Monetary Policy Statement, BOJ Monthly Report, BOJ Press Conference and the US will release some economic data such as Crude Oil Inventories, Fed Chair Yellen Speaks, FOMC Meeting Minutes. So there is a big probability the USD/JPY will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:
Resistance. 3: 102.78.
Resistance. 2: 101.58.
Resistance. 1: 101.38.
Support. 1: 101.13.
Support. 2: 100.93.
Support. 3: 100.73.

DESCRIPTION:
Please, pay attention to the levels of support 3 (100.73) and resistance 3 (102.78). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

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**InstaForex Gertrude** · 22-05-14, 10:40

Technical analysis of Gold for May 22, 2014

Technical outlook and chart setups:
1. Gold is still trading within the consolidation range as seen here. The metal bounced off the lower support boundary around $1,283.00 levels yesterday, indicating that the next move could be higher from here on. Recommendations are to remain long with risk just below $1,280.00 levels for now.
2. Support is seen at $1,280.00, followed by $1,270.00, $1,230.00/40.00, $1,210.00 while resistance is seen at $1,305.00, followed by $1,310.00, $1,330.00, $1,350.00/60.00 and higher respectively.
3. The structure indicates that Gold needs to break above $1,305.00/10.00 levels to challenge resistance at $1,330.00 and confirm further upside.

Trading recommendations:
Remain long, stop just below $1,280.00, target is open.

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**InstaForex Gertrude** · 23-05-14, 10:32

Technical analysis of EUR/JPY for May 23, 2014

Technical outlook and chart setups:
1. The EUR/JPY has produced a bullish morning star candlestick trading signal around 138.00 levels as seen here. Furthermore the trend line support and fibonacci 0.618 support levels also pass through the same region. Recommendations are to remain long from here on, risk remains below 138.00.
2. Support is seen at 138.00, followed by 136.50, 134.00 and lower, while resistance is seen at 141.00, followed by 142.50, 143.50/144.00 and 145.50 respectively.
3. The structure indicates that the pair could possibly produce a bullish reversal from current levels, prices should stay above 138.00 though.
Trading recommendations:
Remain long, stop at 137.90, target is open.

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**InstaForex Gertrude** · 26-05-14, 11:22

Technical analysis of Silver for May 26, 2014

Technical outlook and chart setups:
1. Silver is seen to be trading in a consolidation channel as seen here, just below the line of support. Broader range is between $18.75 and $20.00 levels for now. At the moment, the metal has bounced off support from sub $19.00 levels and moving towards $20.00 levels if not higher.
2. Support is seen at $19.00, followed by $18.75/90, $18.45/50, while resistance is at $20.00/40, followed by $21.70, $22.30 respectively.
3. The structure indicates that Silver could resume rally towards $20.00/40 from current levels. Potentially it is possible to rally till $21.30/40 levels in this leg up.

Trading recommendations:
Remain long, stop below $18.50, target is open. OR remain flat.

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**InstaForex Gertrude** · 27-05-14, 09:39

Technical analysis of Silver for May 27, 2014

Technical outlook and chart setups:
1. Silver is seen to be bouncing off its lower support range around $19.20/30 at the moment. A bounce towards the $20.00 levels is expected from here on. A push through $20.40 is required to confirm that Silver could continue further upside.
2. Support is seen at $19.00 levels, followed by $18.90, $18.75, $18.50 and lower, while resistance is seen at $20.40, followed by $21.70, $22.30 and higher up respectively.
3. The structure indicates that Silver has potential to rally at least till $20.00 for now. The metal would be extremely bullish above $20.40 resistance.

Trading recommendations:
Remain long, stop below $18.50, target is open.

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**InstaForex Gertrude** · 28-05-14, 11:23

Technical analysis of Gold for May 28, 2014

Technical outlook and chart setups:
1. Gold has broken down the trading range below $1,270.00/80.00 levels as seen here. The metal is trading at $1,260.00 levels for now which is also the fibonacci 0.618 support of the rally between $1,180.00/82.00 and $1,388.00. A bullish bounce could remain possible at current levels. Recommendations are to remain flat for now. Watch for a reaction at current levels.
2. Support is seen at $1,240.00/30.00 levels, followed by $1,210.00 and lower while resistance is seen at $1,300.00/10.00, followed by $1,330.00, $1,350.00/60.00 and higher respectively.
3. The structure indicates that Gold could produce a bullish bounce at current levels around $1,260.00. A break here and subsequently $1,230.00/40.00 could be extremely bearish for the metal though.

Trading recommendations:
Remain flat for now.

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**InstaForex Gertrude** · 29-05-14, 09:56

Forecast for USDX for May 29, 2014

Today traders eye prelim GDP and unemployment claims data. The index moved to a 2-month high. The index closed above the 200-day EMA which was a bullish sign for the medium term for 82 and 84 targets, but the overbought indicators stopped the dollar and it did not cross the previous swing high at 80.60 (April 04 high), the index formed a double top at 80.58 levels. We expect the price will correct a bit to 80.30, 80.17 and 80. A day close below the 80 mark, then the bulls is in trouble, the weakness exists only below 80.40 levels.

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**InstaForex Gertrude** · 30-05-14, 08:44

Daily analysis of GBP/JPY for May 30, 2014

Overview:
The H4 chart demonstrates today that the pair still cannot break the support area of 170.00-169.75 and it is currently trading above the support area, so we should wait for the mid-day closing. If the pair manages to close 4H below it, there will be a good opportunity to sell till reaching the support level of 169.20 after closing 4H below it. After that we should wait for breaking out this support level to continue the bearish move. In case the pair is able to break the support level of 169.20 and closes 4H below it, we will get bearish strength which will provide new sell signals and enable the support level of 168.50 as a target level.

Resistance and support levels:
R3 (172.75), R2 (172.00), R1 (171.50), S1 (170.00), S2 (169.75), S3 (169.20).

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**InstaForex Gertrude** · 03-06-14, 10:58

Technical analysis of CL for June 03, 2014

The crude oil took support at the 50-day SMA in yesterday's trading session. On the down side, if the price breaks the 50-day DMA at 101.85, it will go up to 100.98, 100 and 99.70 levels. If it closes below the lower trend line, it will fall to 98.70 and 97.50 levels. Today the price looks weak below 102.35, it will go for 101.85 for the strong support. On the up side, 102.76 is the inital resistance.

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**InstaForex Gertrude** · 04-06-14, 11:20

Technical analysis of USD/CHF for June 4, 2014

Overview:
Depending on the previous events, the last double top has set at the level of 0.8994 and support is placed at 0.9821. Additionally, the USD/CHF pair has still been trapped between 0.8943 and 0.8990. Also, the key level is set at 0.8921 because it is representing strong support and is coinciding with the last weekly pivot point of the USD/CHF pair. Equally important, the double top will be formed at the 0.8994 level, but it seems the price is going to break this level in order to continue towards the level of 0.9030. The level of 0.9030 will be resistance today. Hence, the market's range will be around 50 pips. As it is know, history will probably repeat itself at this level again. Therefore, it will be a good sign to buy above 0.9821 with the first target of 0.8990. Furthermore, It will call for uptrend in order to continue its bullish movement towards 0.9030. However, the stop loss should never exceed your maximum exposure amounts, thus the stop loss should be placed below 0.8921, at the price of 0.8903.

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**InstaForex Gertrude** · 05-06-14, 11:17

Technical analysis of GBP/JPY for June 05, 2014

GBP/JPY
The pair has been in an uptrend from 169.53 levels. In yesterday's session, it was moved to 61.8 fib levels. Today in Asia's session, it halted at 171.97 and moved to lower levels. As of now, the pair has taken the support from 50day SMA and 50.0 fib levels. The trading activity is fixed between 50.0-61.8 fib levels. The pair looks safe to buy above 171.35 for 172.35 and 172.75 levels. It also looks weak below 171.34 for 171.25, 170.50 levels.
For intraday , the pair favors selling at 171.45, 171.25 and 171 levels. The hourly momentum oscillators favors to sell side.

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**InstaForex Gertrude** · 06-06-14, 10:19

Daily analysis of Silver for June 06, 2014

Overview
As it was expected, the metal took an upward move in case of closing above the resistance level of 19.00. Friday, as it is shown in the H4 chart, the metal took a slightly upward move after breaking the Resistance area at 19.00 and it managed to close 4H above it and, currently, it is approaching the Resistance level of 19.20. More bullish signals are expected as long as silver is trading above this Resistance area with the first target few pips below the Resistance level of 19.50. But if silver closes 4H below 19.20, we should wait for testing the Support area again before making decision and also cancels the bullish move scenario.

Resistance and support levels:
R3 (19.50), R2 (19.20), R1 (19.00), S1 (18.60), S2 (18.30), S3 (18.00).

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**InstaForex Gertrude** · 09-06-14, 11:17

Technical analysis of EUR/JPY for June 9, 2014

General overview for 09/06/2014 07:40 CET
The wave structure develops in the anticipated shape so far and currently the market is in corrective cycle wave B black. One more wave to the downside is needed to complete the structure of a simple correction in wave B black, or the corrective cycle will transforms into a triangle formation for example. Please remember, that when this corrective structure is completed, then black wave C will develop to the upside to finish the overall cycle.

Support/Resistance:
140.46 - WR1
140.04 - Intraday Resistance
139.56 - Weekly Pivot
139.37 - Intraday Support
139.15 - WS1
138.67 - Wave (a) Low
138.24 - WS2

Trading recommendations:
Daytraders should consider opening short positions from current price levels with SL above the level of 140.08 and TP at the level of 139.56 and 139.37.

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