Instaforex Analysis

[Instaforex Bella]

Forex Analysis & Reviews: Indicator analysis: Daily review of GBP/USD on July 22, 2024

Trend Analysis (Fig. 1) Today, GBP/USD may start moving upward from the 1.2908 level (the close of Friday's daily candle) with a target of 1.2941 – the 23.6% retracement level (red dotted line). The price will likely rise from this level with a target of 1.2980 – the 14.6% retracement level (red dotted line).

Fig. 1 (daily chart) Comprehensive Analysis: Indicator Analysis – Up; Fibonacci Levels – Up; Volumes – Up; Candlestick Analysis – Down; Trend Analysis – Up; Bollinger Bands – Up; Weekly Chart – Up. General Conclusion: Today, GBP/USD may start moving upward from the 1.2908 level (the close of Friday's daily candle) with a target of 1.2941 – the 23.6% retracement level (red dotted line). The price will likely rise from this level with a target of 1.2980 – the 14.6% retracement level (red dotted line). Alternative Scenario: The pair may attempt to continue the downward movement from the level of 1.2908 (the close of Friday's daily candle) with a target of 1.2820 – the 8 EMA (blue thin line). The price will likely rise from this line with a target of 1.2980 – the 14.6% retracement level (blue dotted line).

Analysis are provided by InstaForex.

Read more: https://ifxpr.com/3Wm0V06

[Instaforex Bella]

Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of NZD/USD Commodity Currency Pairs, Tuesday July 23, 2024.

With the appearance of deviations between price movements and the MACD Histogram indicator on the 4-hour chart of the NZD/USD commodity currency pair, in the near future there will be a strengthening correction in the Kiwi even though currently the bias is still weak, which is confirmed by the price movement which is below the EMA 20 & EMA 50, but as long as the strengthening correction does not broken above the 0.6061 level, NZD/USD will have the potential to weaken again to the 0.5930 level as the main target and if momentum and volatility support it, NZD/USD will fall to the 0.5839 level.

Analysis are provided by InstaForex.

Read more: https://ifxpr.com/4cSfxLF

[Instaforex Bella]

Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of GBP/USD Main Currency Pairs, Wednesday July 24, 2024.

The cable on the 4-hour chart is still in a bullish condition where this condition is confirmed by the position of the EMA 50 which is still above the EMA 200 (Golden Cross). However, currently there is a weakening correction and has the potential to bring GBP/USD to the level of the 1.2845-1.2829 area. However, as long as the downward correction does not broken below the 1.2775 level, GBP/USD will strengthen again because this is confirmed by the appearance of deviations between price movements and the MACD Histogram indicator and the existence of a Failing Wedge pattern. where based on these two indicators, GBP/USD has the potential to appreciate stronger to the level of 1.2941 and if momentum and volatility support it, GBP/USD will continue its strengthening to the level of 1.3043.

Analysis are provided by InstaForex.

Read more: https://ifxpr.com/3YhvNRR

[Instaforex Bella]

Forex Analysis & Reviews: Hot forecast for EUR/USD on July 25, 2024

The forex market continues to tread water despite the release of economic reports. According to preliminary assessments, European business activity indices have all declined, while only the manufacturing sector's business activity index showed a decrease in the US. Conversely, the composite index and the services PMI data showed growth and exceeded forecasts. Nevertheless, this had no impact on the situation. The weak eurozone data only prevented the dollar from falling. Almost simultaneously, corporate media began promoting the idea of a rate cut at the upcoming Federal Reserve meeting in July. This idea may gain traction and pressure the market, contributing to the dollar's weakness. Considering that today's macro data will have a minor impact, as changes in unemployment claims are expected to be purely symbolic, the market will likely gradually move towards pushing for the dollar's decline.

EUR/USD is in a corrective phase, trading from the lower area of the psychological level 1.0950/1.1000. As a result, the quote has dropped more than 100 pips, which fits within the cyclical component of the upward trend. On the 4-hour chart, the RSI indicator is moving in the lower area of the 30/50 range. However, it touched the oversold level, indicating an excessive volume of short positions in the euro. During the same time frame, the Alligator's MAs point downwards, aligning with the corrective cycle's direction. Outlook The euro may reach the 1.0800 level if the corrective phase remains intact. However, based on the technical signs of the euro's oversold conditions in the short term, selling volumes may eventually fall, which, in theory, will lead to the end of the corrective cycle. In terms of complex indicator analysis, the volume of long positions may likely rise in the short term. Meanwhile, the bearish bias persists in the intraday period.

Analysis are provided by InstaForex.

Read more: https://ifxpr.com/4dgwTl3

[Instaforex Bella]

Forex Analysis & Reviews: Hot forecast for EUR/USD on July 26, 2024

The situation in the market remains unchanged, and in general, the changes have been purely superficial for the entire week. This is partly due to an almost empty economic calendar. On the other hand, after the sharp increase in political uncertainty in the United States over the past weekend, following Joe Biden's announcement of his withdrawal from the election race, the situation had noticeably become more stable by Monday evening. This also contributed to the normalization of the currency market. Moreover, while at the beginning of the week, American media were trying to hype the potential for an interest rate cut this month, by mid-week, it seemed that everyone had forgotten about it. It appears that nothing will change today either, especially with the Federal Open Market Committee meeting approaching in the middle of next week. The media coverage will likely intensify on Monday, with countless predictions and discussions about the possibility of interest rate cuts.

The corrective cycle slowed down around the 1.0825 level. This was followed by a pullback-stagnation phase, characterized by a typical realignment of trading forces. On the 4-hour chart, the RSI indicator is moving in the lower area of the 30/50 range, which suggests that the bearish bias remains intact. In the same time frame, the Alligator's MAs point downwards, aligning with the corrective cycle's direction. Outlook Assuming the bearish sentiment persists, the euro could fall to 1.0800. However, it is important to consider that the upward trend generally remains intact, and the current correction still fits within its cyclical phase. Therefore, it is crucial to carefully analyze potential support levels from which the price could initiate a rebound, possibly marking the beginning of a recovery process in the euro. In terms of the complex indicator analysis, we see that in the short term, technical indicators lack stable signals due to the stagnant phase. Meanwhile, in the intraday period, the indicators reflect a bearish cycle.

Analysis are provided by InstaForex.

Read more: https://ifxpr.com/3WEzf83

[Instaforex Bella]

Forex Analysis & Reviews: Hot forecast for EUR/USD on July 29, 2024

Considering the empty economic calendar, it's no surprise that market conditions remain unchanged. The dollar is treading water. This situation will likely persist until the Federal Open Market Committee (FOMC) meeting occurs on Wednesday. It's not just about the meeting itself but also about the lack of macro data.

The corrective cycle slowed down around the 1.0825 level. This was followed by a pullback-stagnant phase characterized by a typical realignment of trading forces. On the 4-hour chart, the RSI is moving along the middle level of 50, indicating a stagnant phase. On the same chart, two of the three moving averages of the Alligator Indicator intersect, indicating a slowdown in the downward cycle. Outlook The bearish movement will come into play if the price falls below the 1.0825 mark. In this scenario, there is a high probability of reaching the 1.0800 level with an attempt to break through it. As for the bullish scenario, it considers the end of the corrective cycle relative to the current values, with a gradual increase in the volume of long positions. In this case, the price will gradually return to the values of the local high of the upward cycle. Complex indicator analysis indicates a stagnant phase in the short- and intraday time frames.

Analysis are provided by InstaForex.

Read more: https://ifxpr.com/3LKaJfc

[Instaforex Bella]

Forex Analysis & Reviews: Forecast for EUR/USD on August 6, 2024

EUR/USD Yesterday's market panic had almost subsided by this morning. Monday did not turn out to be a "black" day. The S&P 500 plummeted by 4.71%, closing at -3.00%. Good ISM figures supported the market: business activity in the non-manufacturing sector strengthened from 49.6 to 54.5 in July, and the employment index rose from 46.1 to 51.1 against an expectation of 46.4. However, the cunning euro buyers we mentioned in our last review chose a bad moment for their action. Market participants did not believe in their notions of a fourfold rate cut by the end of the year, specifically a double decrease of 0.5% each. We saw a similar pattern last November when investors anticipated a sixfold rate cut for the current year, but then the euro fell by 4.5 figures.

After reaching the target level of 1.1010, the price is now ready to form a divergence with the Marlin oscillator on the daily chart. If the pair closes the day below the July 17th peak of 1.0949, the likelihood of the price returning to 1.0905 and attempting to consolidate below this level will significantly increase.

The target level of 1.1018, which we highlighted on the weekly chart, no longer needs to be met with absolute precision unless it is to continue the rise above 1.12.

The price is consolidating below the resistance at 1.0964 in the 4-hour chart. Marlin is striving to exit the overbought zone. If the price consolidates below the level of 1.0905 in this time frame, it will also mean settling below the MACD line on the weekly chart. We're waiting for the market to cool down and form more stable signs of reversal and decline.

Analysis are provided by InstaForex.

Read more: https://ifxpr.com/4dxsaf6