Instaforex Analysis

**InstaForex Gertrude** · 12-04-23, 06:53

Technical Analysis of Intraday Price Movement of Nasdaq 100 Index, Wednesday April 12, 2023

With the appearance of deviation between Nasdaq 100 index price movement with Stochastic Oscillator indicator on the 4 hour chart then it is high likely for #NDX will depreciated for some time in the future up to the area level of 12705,8-12617,7 however during the decline not exceed below the level of 12517,9 then #NDX still has the potential to back to rallying upwards up to the level of 13238,0.

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**InstaForex Gertrude** · 13-04-23, 08:22

Forecast for GBP/USD on April 13, 2023

As a result of yesterday, the pound rose by 60 points, trying to move faster and further away from the 1.2422 level. The nearest target will be 1.2598 – the peak of June 7, 2022. At the same time, there is a high probability of forming a reversal divergence with the Marlin oscillator.

On the four-hour chart, the price is climbing above the balance and MACD indicator lines, and the Marlin oscillator is growing in the "green zone". We have an uptrend.

The primary signal of a reversal is when the price falls below the MACD indicator line (1.2460), and the signal will be confirmed once the price settles below the 1.2422 level. The pound's final decision to take a course for a medium-term decline is when it moves below the MACD line, in the area of the 1.2320 mark.

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**InstaForex Gertrude** · 17-04-23, 08:53

EURUSD, Day | Continue to 1st Support?

The EUR/USD chart currently displays an overall bearish momentum, indicating a potential continuation of bearish movements towards the 1st support level. The 1st support level at 1.0806 is an overlap support that has previously demonstrated its strength. However, should the price break through this level, it could potentially drop further towards the 2nd support at 1.0516, which is a multi-swing low support.

Resistance levels for the EUR/USD can be found at 1.1184 and 1.1035. The 1st resistance level is an overlap resistance that is crucial in monitoring for any potential bearish movements. Meanwhile, the intermediate resistance at 1.1035 is a multi-swing high resistance that could potentially trigger a stronger bearish trend towards the 1st support level if the price breaks through it. It's important to note that there is also an intermediate support level at 1.0974, which is a pullback support. Should the price bounce from this level, it could potentially rise towards the intermediate resistance at 1.1035

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**InstaForex Gertrude** · 18-04-23, 08:20

Forecast for GBP/USD on April 18, 2023

Yesterday, the British pound showed strong volatility, closing the day with a loss of 38 points. On the daily chart, the signal line of the Marlin oscillator has approached the limit of the downtrend, so to break through it, the price should settle below the MACD indicator line (1.2322). Consolidating below support will open the next target at 1.2155 - the peak of November 2022.

On the four-hour chart, we can see that yesterday's trading range was formed below the target level of 1.2422. The balance indicator line in red also helped the level.

This is a sign of strong resistance, so in the near future, I expect the price to cross the support level of 1.2322. The Marlin oscillator is also set to fall further.

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**InstaForex Gertrude** · 19-04-23, 08:30

Forecast for USD/JPY on April 19, 2023

Yesterday, the US dollar lost 35 points against the Japanese yen, coinciding with the dollar weakening throughout the market and the price's struggle with the technical resistance of the strong price channel line (134.30, daily).

The signal line of the Marlin oscillator is pointing upward in the area of the uptrend. The bullish target is 135.40 - the low on March 6th. Consolidating above this level will allow the price to rise to the next embedded price channel line around 138.34.

On the four-hour chart, the Marlin oscillator resumed growth after the signal line rebounded from the limit of the area of the downtrend (arrow). The price is rising above the balance and MACD lines, with the main trend being upward. To guarantee it, the price needs to consolidate above 134.30.

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**InstaForex Gertrude** · 20-04-23, 07:07

Technical analysis of GBP/USD for April 19, 2023

Overview :

The GBP/USD pair continues to move upwards from the level of 1.2390. According to the previous events, the GBP/USD pair is still moving between the levels of 1.2390 and 1.2427; for that we expect a range of 110 pips (1.2500 - 1.2390). On the one-hour chart, immediate support level is seen at 1.2390, which coincides with a ratio of 23.6% Fibonacci retracement.

Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100) and (50). Therefore, if the trend is able to break out through the first resistance level of 1.2443, we would see the pair climbing towards the daily resistance at 1.2500 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support of 1.2343.

It should always be noted that: If the trend is upward, the strength of the currency will be defined as follows: GBPis in an uptrend and USD is in a downtrend. The stop loss should never exceed your maximum exposure amounts. The market is highly volatile if the last day had huge volatility. Signal :

According to the previous events, the price of the GBP/USD pair has been still trading between the levels of 1.2343 and 1.2500. The level of 1.2544 is representing the double top and the weekly support one has set at the same price. Buy above the spot of 1.2420 with the targets 1.2427 and 1.2544. On the other hand, the daily strong support is seen at 1.2390. If the GB/USD pair is able to break out the level of 1.2390, the market will decline further to 1.2303.

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**InstaForex Gertrude** · 21-04-23, 08:52

USDJPY, H4 | Bounce off 1st support?

The USD/JPY chart currently exhibits strong bullish momentum, with potential for prices to bounce off the 1st support level at 133.72 and advance towards the 1st resistance level at 134.73.

The 1st support level, coinciding with current price, is an overlap support that signals a robust buying interest. Additionally, the 2nd support level, aligned with the 61.80% Fibonacci projection, reinforces its importance as a significant support level.

As for resistance levels, the 1st resistance level is a multi-swing high resistance that corresponds with the 61.80% Fibonacci retracement, and is expected to present a significant challenge for upward price movements. Similarly, the 2nd resistance level, a pullback resistance, may also impede bullish momentum.

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**InstaForex Gertrude** · 27-04-23, 08:19

Forecast for GBP/USD on April 27, 2023

GBP/USD
The British pound continues its sideways movement in anticipation of the FOMC meeting next week. The upper limit of the range is the April 14th peak at 1.2545. Breaking through it will extend growth to 1.2598. Slightly higher is the second target level of 1.2666 – the peak of May 2022.

A sign of further price growth is the Marlin oscillator, turning upwards from the zero line – from the limit of the area of the downtrend.

If the price falls, the range will end with overcoming the MACD line (1.2342).

On the four-hour chart, the price has consolidated above the indicator lines, and the signal line of the Marlin oscillator is in the positive area. The pound has a good chance of surpassing yesterday's peak. Especially if today's US GDP data turns out to be lower than forecasted.

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**InstaForex Gertrude** · 01-05-23, 05:57

Forex Analysis & Reviews: High inflationary pressure forces the Fed to continue raising rates

Euro and pound decline on news that two key inflation indicators showed sustained pressure in the US in recent months, supporting the case for a new interest rate hike by the Federal Reserve System next week.

The Personal Consumption Expenditures (PCE) price index, excluding food and energy, the Fed's preferred core inflation measure, rose 0.3% in March compared to the previous month and 4.6% compared to a year earlier. The Commerce Department report also said that the employment cost index, which the Fed also closely monitors, rose 1.2% in the first quarter compared to the previous period, exceeding economists' forecasts.

I would like to remind you that the main goal of the Fed is a 2% level, which is measured by a broader indicator, but the regulator considers the core indicator as a better indicator of the trend.

Price data, especially in combination with rising labor costs, confirm expectations that Fed policymakers will continue to raise interest rates, raising them by another quarter of a percentage point at next week's meeting.

A positive aspect in the PCE report was the slowdown in the growth of service costs. Thus, service prices, excluding housing, rose only 0.2% in March. However, in annual terms, the indicator remains elevated at 4.5%.

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**InstaForex Gertrude** · 04-05-23, 10:05

Forex Analysis & Reviews: USD/JPY analysis for May 04, 2023 - Potential for the further downside movement

USD/JPY has been trading downside as I expected and the first upside objective has been reached at 135.00. Anyway, I see potential for the lower prices towards 133.35.

Due to the strong downside momentum and no signs for the reversal, I see potential for the further downside movement towards lower reference.

Next major downside objective is set at the price of 133.35

MACD is showing negative reading, which is sign that sellers are still in control.

Intraday resistance is set at the price of 135.00

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**InstaForex Gertrude** · 08-05-23, 09:24

Forecast for GBP/USD on May 8, 2023

GBP/USD
On Friday, the British pound chose an alternative scenario with a short-term perspective – on quite good data on US employment, it overcame the resistance of 1.2598 and approached the target level of 1.2666. Now the whole question is in the level of divergence slope by the Marlin oscillator. The price may continue to rise to the second target of 1.2785, and the divergence will not be obstructed.

This target level is the average value of the extremes of June 2020 and November 2019. Such a scenario can be realized if the price consolidates above 1.2666. If the price consolidates below 1.2598, the pound will make additional efforts to reach 1.2447.

On the four-hour chart, the price, indicators, and oscillator are growing. The bullish sentiment is optimistic, and we can only wait for the price to consolidate above 1.2666. The probability of implementing the described scenarios is equal.

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**InstaForex Gertrude** · 09-05-23, 08:11

Forecast for EUR/USD on May 9, 2023

EUR/USD
As of today, the euro clearly correlates with the yields of US government bonds, which are growing and pulling the single currency down. But for more reliable conditions for the euro's medium-term decline, it lacks other correlating instruments - commodities or the stock market, which are still growing. Other counter-dollar currencies are also not in a hurry to reverse.

On the daily chart, the price is moving towards the important support of 1.0910, and consolidating below it may indicate a break in the uptrend from March 16th. The 1.0804 target will become available. The signal line of the Marlin oscillator is in negative territory - in the downtrend area. At the moment, the euro has not fallen deep enough to prevent it from reversing and working through the range of 1.1078-1.1110.

On the four-hour chart, the price has once again consolidated below the indicator lines, with Marlin in the area of the downtrend. If signals from related markets support the dollar, this time these technical signals will be effective.

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**InstaForex Gertrude** · 10-05-23, 07:11

Forecast for GBP/USD on May 10, 2023

GBP/USD
Yesterday, the pound closed almost at Monday's closing level. The Marlin oscillator's signal line lies in a sideways trend, thereby reducing the likelihood of creating divergence from Monday's peak, which tested the target level of 1.2666.

But the reversal potential is not exhausted, so consolidating below 1.2598 and overcoming yesterday's low of 1.2577 opens the target at 1.2447. On the four-hour chart, the Marlin oscillator returned to the positive area, but probably for a short time.

Below the level of 1.2598, there is another support – the MACD line. Overcoming it (1.2568) will remove the last obstacle for the development of a medium-term decline in the British currency.

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**InstaForex Gertrude** · 11-05-23, 07:26

Forecast for USD/JPY on May 11, 2023

USD/JPY
After the price reached the target level of 135.40 on Wednesday, it returned below the price channel line (134.50). The target on the MACD indicator line is 133.03.

The Marlin oscillator approached the zero line and presents two different interpretations: either the oscillator's signal line will reverse from this zero boundary and pull the quote above 134.50 for a repeated attack on the 135.40 level, or the Marlin will move to negative territory and help the price reach the MACD line (133.03).

On the four-hour chart, the price has consolidated below 134.50 and below the indicator lines; the Marlin oscillator has returned to negative territory. All these circumstances maintain the downtrend and the main scenario of achieving the target of 133.03.

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**InstaForex Gertrude** · 12-05-23, 10:27

Technical Analysis of GBP/USD for May 12, 2023

Technical Market Outlook:
The GBP/USD pair has made another new swing high at the level of 1.2678, so the key technical resistance located t 1.2666 was broken. After the new swing high was made, the Bearish Engulfing candlestick pattern was made at the top of the move, so the market pulled-back and keeps moving lower towards the technical support seen at the level of 1.2434. Please keep an eye on this level as any breakout lower might trigger the bigger correction on Pound. The weak and negative momentum in the H4 time frame chart supports the short-term bearish outlook for Pound.

Weekly Pivot Points:
WR3 - 1.27061
WR2 - 1.26746
WR1 - 1.26607
Weekly Pivot - 1.26431
WS1 - 1.26292
WS2 - 1.26116
WS3 - 1.25801

Trading Outlook:
Pound continues the corrective cycle to the upside and on the Weekly time frame chart the price is about to hit the 61% Fibonacci retracement located at the level of 1.2778. When this level is hit, the high volatility is expected, so please stay focused as the bears will defend this level strongly.

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**InstaForex Gertrude** · 15-05-23, 08:35

Technical Analysis of Intraday Price Movement of GBP/JPY Cross Currency Pairs, Monday May 15, 2023

On the 4-hour intraday chart of the GBP/JPY cross currency pairs, a Failing Wedge pattern can be seen and the support level at 168.04 is strong enough to prevent the GBP/JPY downward correction, especially with the confirmation by the MACD indicator which is in a speculative BUY position, so there is a high probability for GBP/JPY In the near future, JPY will appreciate, rally up to the level of 171.14 as the first target and the level of 172.30 as the second target as long as it is on its way to these targets, there will be no significant downward correction, especially if it breaks below the 166.46 level because if this level is broken down, all Bull scenarios that have been previously described will become invalid and cancel by themselves.

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**InstaForex Gertrude** · 16-05-23, 08:23

Forecast for EUR/USD on May 16, 2023

EUR/USD
On Monday, the euro went through a calm correction after sharply falling in the last two days. On the daily chart, there is no sign of the end of the correction, so it could continue to the resistance line of the price channel at the 1.0900 mark. It is possible to overcome this line, and then the price will be stopped by the MACD indicator line, located 15 points higher.

Then the price could reverse into a new wave of decline with the nearest target of 1.0804. On the 4-hour chart, the accelerated growth of the Marlin oscillator catches the eye.

This could be a sign of oscillator discharge before further subsequent decline, or the euro is waiting for a more complex correction from the new local low with the formation of convergence, as shown on the chart with dashed lines. Perhaps, until the end of the month, the euro will spend in a sideways wide-range.

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**InstaForex Gertrude** · 17-05-23, 08:17

Forecast for EUR/USD on May 17, 2023

EUR/USD So, in accordance with our forecast, after sharply falling below technical supports on May 12, yesterday the price returned to one of them and went through a retest (embedded line of the price channel). It's also noticeable that on the daily chart, touching the channel line occurred at the point of contact with the balance indicator line.

Now we are waiting for the price to drop to the previously indicated target of 1.0804. Falling below this level will allow the price to compete with the support of the underlying price channel line and reach the support level of 1.0736 (the peak of December 15, 2022). However, if it fails to cross support at 1.0804, the price will stay in a short-term sideways trend.

On the four-hour chart, there was a reversal of the signal line of the Marlin oscillator from the zero line (arrow) yesterday. In general, the price is falling in a linear regression channel. We are waiting for the price at the target level of 1.0804.

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**InstaForex Gertrude** · 18-05-23, 08:26

Forecast for AUD/USD on May 18, 2023

AUD/USD The Australian dollar traded within the target levels of 0.6628 and 0.6670 yesterday. The reversal of the Marlin oscillator's signal line from the zero line was confirmed (arrow) on the daily chart.

Now, the probability of the price overcoming the 0.6628 support has significantly increased, and the price will soon reach the target level of 0.6567 (the low of March 8). In case of an alternative scenario, with the price surpassing 0.6670, it will continue to rise to the MACD line around the 0.6704 mark.

On the four-hour chart, the Marlin oscillator's signal line has turned down from the oscillator's zero line. The price is developing under the balance and MACD indicator lines. In the short term, we expect the price to overcome the 0.6628 support level according to the main scenario.

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**InstaForex Gertrude** · 19-05-23, 08:21

Forecast for EUR/USD on May 19, 2023

EUR/USD
The euro did not develop a sideways movement, so as not to delay the breakthrough under the technical support level of 1.0804. Trading volumes were average, which means that the systematic buying of the dollar is underway, and the nearest big accumulation of orders is in the range of 0.0680-0.0730. Near this area is our target level of 1.0736. Consolidating below it will pave the way for 1.0636 - the underlying embedded line of the price channel, coinciding with the March 2020 low.

At the moment, a potential for a correction has emerged again, its goal is the level of 1.0804. There is one reason why the euro could fall without going through a correction - increased optimism regarding the resolution of the problem with the US public debt. There is a probability that the dispute in the US government on this issue will end this weekend.

A renewed convergence was formed on the four-hour chart. Since yesterday's low coincided with the point of intersection of price channel lines of two time scales (on 4H linear regression channel), the probability of a correction has increased. This probability may significantly go down once the price settles below yesterday's low.

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