Instaforex Analysis

**InstaForex Gertrude** · 24-08-20, 09:10

Technical Analysis of EUR/USD for August 24, 2020

Technical Market Outlook:
The EUR/USD pair dropped below 61% Fibonacci retracement level again and made a new local low at the level of 1.1754. The market is still in a horizontal trading range, so the bulls still have a chance to bounce higher. The next target for them is seen at the level of 1.1822 and 1.1882. In order to make a new high, the bulls will have to break through the short-term trend line resistance seen at the level of 1.1900. The immediate technical support is located at the level of 1.1720 and 1.1710. The larger time frame trend remains up.

Weekly Pivot Points:
WR3 - 1.2107
WR2 - 1.2031
WR1 - 1.1883
Weekly Pivot - 1.1825
WS1 - 1.1682
WS2 - 1.1616
WS3 - 1.1470

Trading Recommendations:
On the EUR/USD pair the main trend is up, which can be confirmed by 8 weekly up candles on the weekly time frame chart and 3 monthly up candles on the monthly time frame chart. This means any corrections should be used to buy the dips. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 25-08-20, 10:01

Technical Analysis of ETH/USD for August 25, 2020

Crypto Industry News:

Coinbase and Apple are still not getting along months after Coinbase warned customers it might remove the app from the Apple Store.

Coinbase CEO Brian Armstrong tweeted that Apple continues to block some cryptocurrency features, including the ability to make money and unlimited decentralized applications (dApp) of the browser:

"Apple has been very restrictive and hostile to cryptocurrencies over the years. They still block some features now, including the ability to make money with cryptocurrency through task execution and unlimited Dapp browsers," Armstrong said.

In December, Coinbase warned its customers that it might be necessary to remove the dApp browser from its app to comply with Apple App Store policies. At the time, both Apple and the Google Play Store with Android apps wanted to remove dApps from their network.

Apple, especially its App Store, has been under fire recently due to unfair terms it imposes on app developers and publishers. The Wall Street Journal, The New York Times and game developer Epic Games have called on Apple to find fairer conditions for developers.

Technical Market Outlook:
The ETH/USD pair has hit the target seen at the level of $407.03 - $414.11 with a local top at the level of $409.67 and then was capped. Currently, the price is trading below the level of $400 and the next target for bears is seen at the level of $396.45 (itraday techncial support). The momentum keeps increasing as the market bounces from the oversold conditions as well. All the bigger time frame charts looks very bullish and the up trend should be continued after the correction is completed.

Weekly Pivot Points:
WR3 - $491.79
WR2 - $470.70
WR1 - $424.12
Weekly Pivot - $402.20
WS1 - $357.21
WS2 - $333.72
WS3 - $286.54

Trading Recommendations:
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500. The key mid-term technical support is seen at the level of $364.95.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 28-08-20, 09:16

Forecast for USD/JPY on August 28, 2020

USD/JPY
The yen managed to gather strength and reach the nearest target of 106.65 even faster than we expected – we were waiting for the price at this level today, but it hit the level on Thursday. At the moment, the price is already attacking the target level of 107.00. The Marlin oscillator is on a path of optimal growth, price left above balance indicator line (red) that speaks about the growth's strength and, accordingly, we expect the nearest level to be overcome and also a short correction from the second target of 107.35, that is, from the upper borders of consolidation 9-22 July.

The price settled above both indicator lines on the four-hour chart, the Marlin oscillator is growing, and we are waiting for the price to continue growing to the specified levels.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 31-08-20, 08:51

Control zones for GBPUSD on 08/31/20

Friday's growth will continue the upward priority pattern. Any reduction in part of Friday's movement will be corrective and will make it possible for you to get the best prices on long deals. The nearest support is WCZ 1/4 1.3248-1.3238. Testing this zone should be considered as an opportunity to buy the British pound.

Growth can continue without forming a deep correction pattern. The nearest target for taking part of the profit is the WCZ 1/2 1.3438-1.3417.

To reverse the upward momentum, it will require absorbing Friday's growth and closing today's trading below Friday's low. The probability of this event is less than 20%, which makes this model unprofitable for termination, and sales go into the background and can not be considered today.

Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.
Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which changes several times a year.
Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 01-09-20, 09:06

Forecast for USD/JPY on September 1, 2020

USD/JPY
USD/JPY gained 54 points on Monday. Having reached the balance line on the daily chart, the price turned down from it. The decline intensified during today's Asian session. It is very likely that our fears about the price falling to support the lower border of the price channel towards the 104.90 level is turning into the main scenario. The signal line of the Marlin oscillator returns to the area of negative values again.

The price turned away from the balance line on the four-hour chart, which is very indicative that the trend has not gone upward. Also, Marlin did not try to enter the growth trend zone. We are waiting for the price to decline further, the target is 104.90.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 03-09-20, 08:58

Forecast for EUR/USD on September 3, 2020

EUR/USD
The euro continues to decline in the uncertainty range of 1.1710-1.1905. The double divergence on the Marlin oscillator is unfolding in full force on the daily chart, the indicator is already in the negative zone, which further increases the technical pressure on the price.

We are waiting for the price at the lower border of the range, at which the MACD indicator line is already located. Setting the price below it will become a condition for the mid-term fall of the euro.

The price settled below the balance (red) and MACD (blue) indicator lines on the four-hour chart. Marlin is in the negative zone. The situation is completely decreasing in this timeframe. The target for the decline is 1.1710.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 04-09-20, 09:42

Technical Analysis of GBP/USD for September 4, 2020

Technical Market Outlook:
The GBP/USD pair has felt out of the parallel channel and made a new local low at the level of 1.3241, slightly below the 50% Fibonacci retracement seen at the level of 1.3266. The next technical support is seen at the level of 1.3215 and 1.3183. This is the immediate support for bulls and a clear violation of this level will be an intraday bearish signal. Weekly and monthly time frame trend remains up, so if the bullish pressure sustain, then the next target for bulls is seen at the level of 1.3447. Please notice, the market conditions are now oversold on the H4 time frame chart, so after a spike down a relief rally might occur.

Weekly Pivot Points:
WR3 - 1.3797
WR2 - 1.3564
WR1 - 1.3482
Weekly Pivot - 1.3256
WS1 - 1.3192
WS2 - 1.2962
WS3 - 1.2882

Trading Recommendations:
On the GBP/USD pair the main, multi-year trend is down, which can be confirmed by the down candles on the monthly time frame chart. Nevertheless, the recent rally form the multi-year lows seen at the level of 1.1404 has been successful and the trend might be reversing. The key long-term technical resistance is seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate towards the key long-term technical support is seen at the level of 1.1404.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 08-09-20, 08:21

Forecast for AUD/USD on September 8, 2020

AUD/USD
The Australian dollar is on the MACD line on the daily chart. Setting the price below it can trigger a medium-term decline with a movement of about 4.5-5 figures. A condition that can confirm the medium-term decline is when the price leaves the area below the low of 0.7223. The first target will be the August 3 low at 0.7075. Also, in order for the price to confidently settle under the MACD line (0.7277), the aussie needs the signal line of the Marlin oscillator to fall into the zone of negative values.

The situation is also neutral on the 4-hour timeframe. The price is consolidating at the 0.7277 level. The Marlin oscillator moves gently, it can lie in the horizon without entering the growing trend zone. We are waiting for the development of events.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 14-09-20, 08:40

Forecast for GBP/USD on September 14, 2020

GBP/USD
The pound sterling was not able to develop a corrective growth last Friday, so it ended the day by falling, but the correction receives a new impetus today in the Asian session, the price went above the 1.2812 level, heading towards the 1.2912 correction target at the 76.4% Fibonacci level. The signal line of the Marlin oscillator is moving up, which is a signal for a correction.

The price continues to converge with Marlin on the four-hour chart. We are waiting for the correction to end at the target level of 1.2912, and then a reversal into a new downward trend with targets at 1.2725, 1.2645.

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**InstaForex Gertrude** · 15-09-20, 08:58

Forecast for EUR/USD on September 15, 2020

The euro, having felt little resistance, grew by 18 points on Monday, following the momentum of the previous days. Meanwhile, British MPs in the second reading passed a law on the internal market last night, contrary to international law (which is what Prime Minister Boris Johnson meant when he spoke of the superiority of British laws). The law is sent to the authorities, and this cannot but put pressure on both the pound and the euro.

The price is above the red balance indicator line on the daily chart, above the MACD line (blue), but the Marlin oscillator signal line touches its own trend line near the border of the growth area. The price could reverse from the current levels. If the price moves under the MACD line, below the 1.1800 level, it will cause the euro to fall towards the first target of 1.1650.

But this has not happened yet, therefore, this plan may not be realized and the price will continue to rise to the upper border of the price channel in the 1.1995 area.

The price settled above the MACD line on the four-hour chart, while Marlin is in the growing trend zone. Breaking through the September 10 high (1.1917) is a signal that the price could rise to 1.1995. But the price did not break far from the MACD line, and the line itself moves horizontally, that is, the prospects for a short-term trend is not very noticeable. The option that the price would move down has a 45% probability. We are waiting for the development of events. Probably, the final choice will take place at the Federal Reserve meeting tomorrow.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 16-09-20, 09:22

Technical Analysis of EUR/USD for September 16, 2020

Technical Market Outlook:
Another Bearish Engulfing candlestick pattern on H4 time frame has made the market to reverse at the level of 1.1899 and hit the level of 61% Fibonacci retracement located at 1.1822 again. The bulls were unable to break through the retracement located at the level of 1.1912 and the rally was reversed. The bulls are still trying to resume the rally, but the level of 1.1912 has not been violated yet. Any intraday breakout below the level of 1.1813 will accelerate the sell-off towards the level of 1.1753 again, so it is worth to keep an eye on the next developments. The weekly trend remains up,

Weekly Pivot Points:
WR3 - 1.2085
WR2 - 1.1993
WR1 - 1.1923
Weekly Pivot - 1.1829
WS1 - 1.1753
WS2 - 1.1670
WS3 - 1.1589

Trading Recommendations:
On the EUR/USD pair the main trend is up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. Nevertheless, weekly chart is recently showing some weakness in form of a several Pin Bar candlestick patterns at the recent top. This means any corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 17-09-20, 09:28

Elliott wave analysis of GBP/JPY for September 17, 2020

Technical Market Outlook:
GBP/JPY remains locked inside the sideways consolidation between 135.41 and 136.59 and we will need a break out of this consolidation-area for the next meaningfull move. We prefer a break above resistance at 136.59, but the longer GBP/JPY stays locked inside this sideways consolidation, the risk for a break below support at 135.41 rises for a final spike towards 133.87.

A break above 136.59 will confirm that red wave iv/ has completed and red wave v/ to above 142.72 is in motion.
R3: 137.10
R2: 136.60
R1: 136.06
Pivot: 135.90
S1: 135.75
S2: 135.50
S3: 135.25

Trading recommendation:
We are long GBP from 135.55 and we will move our stop to 135.35

Analysis are provided by InstaForex

**InstaForex Gertrude** · 18-09-20, 06:45

Forecast for USD/JPY on September 18, 2020

USD/JPY
The USD/JPY pair retested the trend line from below and continued to decline on Thursday. The yen lost 21 points, but today there is a correction in the Asian session. The signal line of the Marlin oscillator is reversing to the upside, which indicates the price's intention to continue doing so until the evening or Monday. After the correction is completed, the price can fall to the previously indicated target of 103.75.

The price formed a short convergence with the Marlin oscillator on the four-hour chart, this is a sign of the upcoming sideways price movement. There will probably be no strong movements in the market until the beginning of next week.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 21-09-20, 08:05

Forecast for AUD/USD on September 21, 2020

AUD/USD
The dollar index strengthened by 0.10% on Friday, it was enough for the overbought Australian to fall by 22 points (-0.30%). The signal line of the Marlin oscillator has sharply turned down and penetrated the zone of negative values, although it is trying to go back up at the moment. We assume this is the effect of price fluctuations. We expect the price to overcome the first target of 0.7249 (September 10 low) and continue to fall to the second target of 0.7110 (August 12 low).

The price fluctuates around the balance and MACD indicator lines on the four-hour chart. On the technical side, this means waiting for another impulse from the external market. The Marlin oscillator turned into a new wave of decline from the border of the growth area, which is a leading sign of a market reversal.

We are waiting for the technical signals to be confirmed. This will probably not happen until Tuesday.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 22-09-20, 09:18

Forecast for EUR/USD on September 22, 2020

EUR/USD
There was a slight panic in the market on Monday. Due to the development of the second wave of coronavirus in Europe and the United States, investors began to fear the widespread closure of economies, as the UK intends to do from today. The maximum restrictions in England are introduced from the 28th. The British stock index FTSE 100 fell 3.38%. The European EuroStoxx 50 index lost 3.74%, while the US S&P 500 was down -1.16%. Investors started buying the dollar as a defensive currency and the euro fell 68 points.

The price attacked the lower border of the two-month consolidation range at 1.1760, now it is ready to reach the nearest target at 1.1650. Then (after a local correction), we expect it to fall towards 1.1550.

The decline occurs without reversal signals on the four-hour chart. We are waiting for the price to settle under 1.1760 and further progress towards the indicated targets.

Analysis are provided by InstaForex

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

Elliott wave analysis of EUR/JPY for September 23, 2020

We are still expecting a final dip closer to our ideal target at 122.15 to complete wave 2/ and set the stage for a new impulsive rally in wave 3/ to above the former peak at 127.07. In the short-term, a minor triangle is developing as the penultimate wave and this should ultimate give away for the final dip to 122.15 to complete wave 2/.

Only a direct break above minor resistance at 123.42 wil indicate that wave 2/ already has completed while a break above resistance at 124.01 will confirm that wave 3/ is in motion.
R3: 124.40
R2: 124.01
R1: 123.66
Pivot: 123.30
S1: 122.87
S2: 122.53
S3: 122.15

Trading recommendation:
We are short EUR from 123.90 and we will buy+revers our short position to a long EUR-position at 123.25 or upon a break above 123.45

Analysis are provided by InstaForex

**InstaForex Gertrude** · 24-09-20, 09:41

Forecast for USD/JPY on September 24, 2020

USD/JPY
The Japanese yen broke through the price channel line and reached the intermediate Fibonacci level of 110.0% on Wednesday. The powerful convergence of the price and the Marlin oscillator continues to work, now the yen is aiming for the Fibonacci level of 106.00, or slightly higher, where the MACD line passes. But the main goal of the USD/JPY pair is the upper line of the price channel (also embedded) around the area of the 106.40 level, since overcoming it will guarantee a medium-term price growth (targets 107.35, 108.20 and higher).

The four-hour chart shows that the price has firmly settled in the area above the balance and MACD indicator lines. The signal line of the Marlin oscillator falls into the horizon, which may be a harbinger of a local price decline in the 105.00/15 range, formed by support of the MACD line (H4) and the price channel line (daily).

Analysis are provided by InstaForex

**InstaForex Gertrude** · 25-09-20, 04:35

Evening review on September 24, 2020

The EURUSD pair prospects possible decline.

The unemployment claims in the US for the long-term practically remain unchanged at 12.6 million. Note that there was a notable decrease of 700,000 just a week earlier.

Nevertheless, the euro continues to decline.
You may keep selling from 1.1735 with a stop at 1.1760.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 28-09-20, 09:14

Technical Analysis of GBP/USD for September 28, 2020

Technical Market Outlook:
The GBP/USD pair has hit the level of 1.2697 (low was made at 1.2674) and after a short period of consolidation the market is starting to bounce. This corrective bounce higher should be capped very soon, because there is a wide supply zone located between the level of 1.2747 - 1.2869 and only a sustained breakout above the level of 1.2869 would indicate the whole corrective cycle termination. Moreover, the market is bouncing from the oversold conditions on the H4 time frame chart and the momentum is slowly accelerating as well. The weekly time frame trend remains up.

Weekly Pivot Points:
WR3 - 1.3187
WR2 - 1.3072
WR1 - 1.2894
Weekly Pivot - 1.2783
WS1 - 1.2601
WS2 - 1.2494
WS3 - 1.2312

Trading Recommendations:
On the GBP/USD pair the main, multi-year trend is down, which can be confirmed by the down candles on the monthly time frame chart. The key long-term technical resistance is still seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518 is the reversal level) or accelerate towards the key long-term technical support is seen at the level of 1.1903 (1.2589 is the key technical support for this scenario).

Analysis are provided by InstaForex

**InstaForex Gertrude** · 29-09-20, 08:31

Forecast for EUR/USD on September 29, 2020

EUR/USD
The euro slightly increased on Monday amid rising risk appetite in the stock market and ahead of the first debate of presidential candidates Trump and Biden on Wednesday. Technically, the growth was reflected in consolidation at the target level of 1.1650. The observed consolidation is likely to continue today. The price must settle below the 1.1650 level in order for a significant downward movement to appear. The first target is 1.1550 (November 2017 low).

The price shows an intention to fall from the September 24 and 25 highs. It would be like forming a narrow consolidation, which in turn will act as a technical figure for the trend to continue, that is, a decline. The euro's consolidation growth may continue up to the MACD indicator line at 1.1712. We are waiting for the development of events, the main scenario is decreasing.

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