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  1. #1441
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    Forex Analysis & Reviews: Forecast for EUR/USD on April 19, 2021

    EUR/USD
    Last Friday, the euro hit the resistance level of 1.1990 at the point where it coincides with the MACD indicator line on the daily chart and is declining this morning, reaching Friday's low. The Marlin oscillator is turning down. Perhaps this is a reversal to the 1.1810 target and to subsequent, lower target levels.

    The technical complexity of the current moment on the H4 chart; the gap remains open and the divergence with the oscillator risks becoming double, and the double divergence will create a cross with an undefined target. You can even allow 1.2023 - the low on February 17.

    But Marlin is still in the negative zone, so it may continue to fall, and the closing of the gap will be postponed indefinitely. But the price needs to settle below the MACD line for such a scenario, below 1.1930. In this case, the 1.1810 target will become relevant.

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  2. #1442
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    Forex Analysis & Reviews: Forecast for GBP/USD on April 20, 2021

    GBP/USD
    The pound soared 150 points yesterday, without any media reports about what happened. The optimism regarding the partial lifting of restrictions in England can hardly be taken as the main one. Nevertheless, the pound is determined, it has already crossed the MACD line, and after the price consolidates above the 1.4016 level (high on March 4 (checkmark), conditions are created for a prolonged attack on the February 24 high, to approximately the level of 1.4260.

    The price has consolidated above the target level of 1.3955 on the four-hour chart, the Marlin oscillator is slightly decreasing, removing tension, it seems, before the previous rally. But to confirm the signal, the price should settle above the reference level of 1.4016.

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  3. #1443
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    Forex Analysis & Reviews: Forecast for EUR/USD on April 21, 2021

    EUR/USD The euro traded in a 60-point range yesterday, closing the day at the opening level. The price settled above the 50.0% Fibonacci level (daily). Now the price is ready to continue rising to the next Fibonacci level of 61.8% at the price of 1.2105. Consolidating above it will entail another wave of growth to the Fibonacci level of 76.4% at the price of 1.2200. The trend breakdown will occur after the price settles below the MACD line, which is now just above the 38.2% Fibonacci level.

    At the moment, there is no reversal situation on the four-hour chart. The growth is confident and rhythmic.

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  4. #1444
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    Forex Analysis & Reviews: Forecast for EUR/USD on April 22, 2021

    EUR/USD Yesterday, the euro mirrored the situation on Tuesday: the day closed at the opening level, only the pronounced shadow was lower this time. The opening and closing of the days occurs above the Fibonacci level of 50.0%, which speaks in favor of further growth. The nearest target is the Fibonacci level of 61.8% at 1.2105. It is followed by 1.2200 at the Fibonacci level of 76.4%. The Marlin oscillator is directed to the downside, but it is not in the overbought zone, so this short decline is only a discharge of the oscillator before it grows further.

    The price continues to rise on the four-hour chart. Marlin returned to the positive area. The two-day consolidation seems to be over, now we are waiting for it to move towards the specified goals.

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  5. #1445
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    Forex Analysis & Reviews: Short-term analysis on USDJPY

    USDJPY has declined from 111 to 108 as expected after breaking out of the bullish channel. Price has stopped the decline right at the 38% Fibonacci retracement and key short-term support. A bounce towards 109-110 is justified at this point in time. Price might make a new lower low towards 107.70 before bouncing higher.

    Red line - support
    Green lines - Fibonacci retracement
    Yellow rectangle -pull back target
    USDJPY has a lot of chances of a move higher back inside the yellow rectangle. Price is at the 38% Fibonacci retracement and very close to the red trend line resistance. If price breaks below 107.70-107.50 then we should expect a deeper correction towards the next major Fibonacci retracement at 106 (61.8% retracement).

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  6. #1446
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    Forex Analysis & Reviews: Forecast for EUR/USD on April 26, 2021

    EUR/USD This morning the euro reached its first target of 1.2105 at the 61.8% Fibonacci level. The correction from the movement on January 6-March 31 is already quite deep, but the price does not even intend to stop. In any case, the Marlin oscillator, being a leading indicator, continues to move up on the daily chart. The growth target is now the Fibonacci level of 76.4% at the price of 1.2200.

    There is a sign of an impending divergence on the four-hour chart. To secure this, the price will need to settle below 1.2105.

    Data on March orders for durable goods in the United States will be published in the evening. The forecast is 2.5%. The report will probably determine the price's further action. But even if the euro does not go to the second target at 1.2200, it will not be easy to form a reversal, since there is another 60 points (1.2050) before the MACD line, a departure under which will become a condition for a bearish reversal.

    So, the main scenario is the upward price movement. The risk of a reversal involves working with reduced volumes of open positions.

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  7. #1447
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    Forex Analysis & Reviews: Forecast for EUR/USD on April 27, 2021

    EUR/USD Yesterday, the euro marked a downward turn after a correctional growth of 61.8% of the movement from January 6 to March 31. The first sign of it was when the divergence formed on the four-hour chart. The reversal should take place in two stages: consolidating under the MACD indicator line at H4 and settling under the same indicator line on the daily (1.1980).

    The growth will likely recover after the price goes over yesterday's high at 1.2117. In this case, the target will be the 76.4% correction level at the price of 1.2200. We choose a price reversal and a further medium-term decline as the main scenario, since the price still develops in the global descending channel, which originates from July 2008.

    So, we are waiting for the price to settle below 1.2060 and fall to 1.1980.

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  8. #1448
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    Forex Analysis & Reviews: Forecast for EUR/USD on April 28, 2021

    EUR/USD The euro's situation has not changed over the past day. After an attempt to decline, this morning the price is found at the opening levels of Tuesday. Obviously, investors were waiting for the Federal Reserve meeting, which will happen today. The Marlin oscillator dropped a little more on the daily chart, the target along the MACD line at 1.1980 began to stand out more visually.

    The price could not settle under the MACD line on the four-hour chart, the Marlin oscillator got stuck on the border of the bears' territory. Pushing the price to settle below 1.2070 opens the target at 1.1980.

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  9. #1449
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    Forex Analysis & Reviews: Technical Analysis of EUR/USD for April 29, 2021

    Technical Market Outlook:

    The EUR/USD pair has been seen moving higher despite the several candlestick patterns warning about the potential local trend termination. The recent rally made the approach towards the level of 1.2149, just below the lower level of the supply zone located between the levels of 1.2154 - 1.2178. Please notice, the market conditions on the daily time frame chart are now overbought, so the chances for another wave up are decreasing and the pull-back or correction might start to develop soon. The next key technical support is seen at the level of 1.2011 and 1.1953.

    Weekly Pivot Points:
    WR3 - 1.2320
    WR2 - 1.2206
    WR1 - 1.2167
    Weekly Pivot - 1.2057
    WS1 - 1.2010
    WS2 - 1.1890
    WS3 - 1.1850

    Trading Recommendations:

    The weekly time frame chart show the counter-trend corrective cycle is still in progress, but if the trend line on the daily time frame chart is violated, then the up trend might be considered done. The corrective cycle has not been completed yet, because the key level for bulls is located at 1.1608. As long as the market trades above this level the up trend is valid and all of the down waves should be used to open long positions.

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  10. #1450
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    Forex Analysis & Reviews: Technical Analysis of GBP/USD for April 30, 2021

    Technical Market Outlook:

    The GBP/USD pair has been rejected from the supply zone located between the levels of 1.3965 - 1.4000. The local high was made at the level of 1.3975, but then the bearish pressure started to intensify. The momentum is strong and positive, so another wave up above the level of 1.4000 is still on table. The local technical support is located at the level of 1.3923. Any violation of the swing high at the level of 1.4007 will open the road towards the level of 1.4080 as a next target for bulls.

    Weekly Pivot Points:
    WR3 - 1.4166
    WR2 - 1.4086
    WR1 - 1.3971
    Weekly Pivot - 1.3890
    WS1 - 1.3768
    WS2 - 1.3692
    WS3 - 1.3573

    Trading Recommendations:
    The GBP/USD pair keeps developing the up trend and bulls are back inside the main ascending channel. The recent top was made at the level of 1.4224 and this was the higher high in over two years. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4374.

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  11. #1451
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    Forex Analysis & Reviews: Forecast for EUR/USD on May 3, 2021

    EUR/USD
    Last Friday, the euro plummeted 100 points, dropping one point below its opening on April 20th. Our bewilderment regarding the euro's growth in the last ten days has been resolved - it turned out to be speculative. Investors definitely didn't believe Federal Reserve Chairman Jerome Powell's vague explanation of the stability (absence) of inflation.

    The price fell below the 50.0% Fibonacci level on the daily chart. Falling below the 38.2% level (1.1952) opens the way to the lower embedded line of the price channel in the 1.1675 area.

    A downward situation has developed on the four-hour chart: the price is below the balance and MACD indicator lines, the MACD line itself is turning down, while the Marlin oscillator is in the negative trend area. We anticipate the euro's decline. The first target is 1.1952.

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    Forex Analysis & Reviews: Forecast for EUR/USD on May 4, 2021

    EUR/USD
    In a relatively thin market on Monday (it was a holiday in Japan, China and the UK), the dollar did not dare to continue its Friday offensive. PMI indices showed deterioration in both Europe and the United States. The manufacturing PMI of the eurozone for April in the final assessment was lowered from 63.3 to 62.9, the US ISM Manufacturing PMI showed 60.7 points instead of the expected 65.0. Today, industrial orders in the US for March are expected to grow by 1.3%.

    In today's Asian session, the price is making a second attempt to overcome the support of the 50.0% Fibonacci level (1.2025). It could be successful if the quote reaches 1.1952 in the coming days (Fibonacci level 38.2% per daily).

    The balance indicator line stopped yesterday's corrective growth on the four-hour chart. The Marlin oscillator is turning to the downside without leaving the downward trend area. We are waiting for the price to settle under 1.2025 and further downward movement.

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    Forex Analysis & Reviews: Forecast for EUR/USD on May 5, 2021

    EUR/USD
    The euro fell by 50 points on Tuesday, breaching the 50.0% Fibonacci level. Today's task is to settle below this level (1.2025). The price still needs some time to reach the 1.1952 target level, perhaps two days, since the price is still above the MACD line and the Marlin oscillator is in the zone of positive values.

    The price did not form a strong convergence with Marlin on the H4 chart. It is possible for it to settle below the 1.2025 level (the goal for today) before it falls even deeper.

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    Forex Analysis & Reviews: Forecast for USD/JPY on May 6, 2021

    USD/JPY
    The Japanese yen is in an interesting position: the current price on the daily chart is between the balance and MACD indicator lines, between the target levels of 109.26 and 109.60, it does not go beyond Tuesday's range, while the Marlin oscillator is sideways on the zero line. The price is clearly waiting for "an event" with which it will go on a medium-term track. Probably, such an event will be the release of the US employment report on Friday. And since the data is forecast to be strong, the price might reach the 110.43 target level by tomorrow, by the end of the week.

    The price is supported by the balance indicator line on the H4 chart, Marlin is in the negative zone, but since its peak on April 28 it has already unloaded against the price growth and is now ready to follow it, that is, assuming the role of a trailing instrument. We are waiting for the development of events.

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    Forex Analysis & Reviews: Forecast for EUR/USD on May 7, 2021

    EUR/USD
    The euro did not wait for the US employment report to be released today and, bouncing off the MACD indicator line, rose by 60 points yesterday. We underestimated the impact of this technical instrument, relying on the idea of market consolidation ahead of Friday's report. Nevertheless, the market is still in a position for growth, the bulls realized the remaining potential, but now, after testing the MACD line, the next branch of the price decline can overcome it without delay. The technical task of the price remains the same - to overcome 1.2025, then move to 1.1952. Targets are determined at 50.0% and 38.2% Fibonacci levels on the daily chart. The third target is 1.1856.

    The MACD line at 1.2080 is an obstacle to price growth on the four-hour chart. Today's US employment report is expected to be strong: for new jobs in the nonfarm sector, the consensus forecast is 978,000, the overall unemployment rate is 5.8% against 6.0% in March. We are waiting for the euro to fall.

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