Instaforex Analysis

**InstaForex Gertrude** · 19-04-16, 09:25

Technical analysis of EUR/JPY for April 19, 2016

Technical outlook and chart setups:
The EUR/JPY pair is trading around 123.50 levels for now, preparing to rally towards 125.75 levels. Please note that fibonacci 0.618 resistance is also passing through 125.75 levels and a bearish reaction is expected there. The wave structure indicates that EUR/JPY has unfolded into 5 waves from 128.20 through 121.60/70 levels. It is now expected to produce a countertrend rally (3 waves), which is expected to terminate at 125.75 levels. Hence it is recommended to initiate long positions at 122.50/60 levels, with risk at 121.60 levels. Immediate resistance is seen at 124.20 levels, while support is seen through 121.60 levels respectively.

Trading recommendations:
Look to go long around 122.50/60, stop at 121.60, target is 125.75.

More analysis - at instaforex.com

**InstaForex Gertrude** · 20-04-16, 08:42

Technical analysis of Gold for April 20, 2016

Technical outlook and chart setups:
Gold is seen to be trading at $1,246.00/47.00 levels for now, after having hit $1,256.00 levels yesterday. The metal has reversed from the fibonacci 0.786 retracement level of the drop from $1,262.00 through $1,207.00 levels earlier. Please note that the metal should remain poised to print lower lows from here, till prices stay below $1,262.00 levels at least. It is hence recommended to remain short and also look to add further, with risk above $1,262.00 levels. Immediate support is seen at $1,223.00 levels, while resistance is at $1,262.00 levels respectively. A drop below $1,223.00 levels would accelerate the downside towards $1,190.00 and $1,160.00 subsequently.

Trading recommendations:
Remain short, stop at $1,264.50, target is $1,190.00.

More analysis - at instaforex.com

**InstaForex Gertrude** · 22-04-16, 08:47

Elliott wave analysis of EUR/JPY for April 22 - 2016

Wave summary:
The red wave ii correction turned out to be an expanded flat correction, which tells us to expect an extended rally in red wave iii. This means a rally to at least 127.77 and possibly much higher as red wave iii gathers momentum. In the short term, we should see support at 123.77 protect the downside for a break above resistance at 124.96 confirming the rally higher to 127.77 and above.

Trading recommendation:
We missed the entry at 123.25, but did instead buy at 124.40 and will place stop at 123.30. If you are not long in EUR yet, then buy upon a break above 124.96 and use the same stop at 123.30 expecting to move it higher shortly.

More analysis - at instaforex.com

**InstaForex Gertrude** · 25-04-16, 08:41

Technical analysis of GBP/JPY for April 25, 2016

GBP/JPY is expected to trade with a bullish bias above 159.45. The pair remains bullish above its nearest support at 159.45. The sequence of higher highs and lows remains intact, which should confirm a positive outlook. In addition, the rising 50-period moving average still acts as support. Hence, as long as 159.45 is not broken, an advance to 161.95 and 162.55 is likely.

Trading Recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 161.95 and the second one, at 162.55. In the alternative scenario, short positions are recommended with the first target at 158.30 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 157.05. The pivot point is at 159.45.

Resistance levels: 161.95, 162.55, 163.35
Support levels: 158.30, 157.05, 156.10

More analysis - at instaforex.com

**InstaForex Gertrude** · 28-04-16, 08:10

Daily analysis of USDX for April 28, 2016

On the H1 chart, there was a lot of volatility in the USDX during yesterday's session, as the Index tried to break above the resistance zone of 94.70, but that was unsuccessful. Currently, a bottom can be found at the 94.26 level, where the buyers are trying to deal with the bears, as the Index is trading below the 200 SMA. The MACD indicator is turning into neutral territory, so the USDX may keep trading sideways in coming hours.

H1 chart's resistance levels: 94.50 / 94.70
'H1 chart's support levels: 94.26 / 94.02

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 94.50, take profit is at 94.70, and stop loss is at 94.30.

More analysis - at instaforex.com

**InstaForex Gertrude** · 29-04-16, 08:27

Technical analysis of EUR/USD for April 29, 2016

When the European market opens, some economic news will be released such as the Unemployment Rate, Italian Prelim CPI m/m, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Italian Monthly Unemployment Rate, Spanish Flash GDP q/q, French Prelim CPI m/m, French Consumer Spending m/m, German Retail Sales m/m, and French Prelim GDP q/q. The US will release economic data too such as the Treasury Currency Report, Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Personal Income m/m, Personal Spending m/m, Employment Cost Index q/q, and Core PCE Price Index m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1412.
Strong Resistance: 1.1405.
Original Resistance: 1.1394.
Inner Sell Area: 1.1383.
Target Inner Area: 1.1356.
Inner Buy Area: 1.1329.
Original Support: 1.1318.
Strong Support: 1.1307.
Breakout SELL Level: 1.1300.

More analysis - at instaforex.com

**InstaForex Gertrude** · 02-05-16, 08:17

Technical analysis of USD/JPY for May 02, 2016

In Asia, Japan will release the Final Manufacturing PMI and the US will release some economic data such as the Loan Officer Survey, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, and Final Manufacturing PMI. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:
Resistance. 3: 106.87.
Resistance. 2: 106.66.
Resistance. 1: 106.45.
Support. 1: 106.20.
Support. 2: 105.99.
Support. 3: 105.78.

More analysis - at instaforex.com

**InstaForex Gertrude** · 03-05-16, 08:38

Technical analysis of EUR/JPY for May 03, 2016

Technical outlook and chart setups:
The EUR/JPY pair rallied through 122.90 levels yesterday before pulling back lower. As it was discussed yesterday, the pair should extend its retracement towards 123.30 levels at least. Please note that the pair could have also formed a double bottom at 121.50 levels, but that would be confirmed on a break above 126.40 levels. In either case, a rally should be unfolding through fibonacci 0.382 or 0.618 resistance levels as depicted on the chart here. It is hence recommended to remain long for now, with risk at 121.00 levels. Immediate support is seen at 121.50 levels, while resistance is at 123.30 levels respectively.

Trading recommendations:
Remain long for now, stop at 121.40, targets are 123.30 and 124.50.

More analysis - at instaforex.com

**InstaForex Gertrude** · 05-05-16, 08:47

Technical analysis of GBP/JPY for May 05, 2016

GBP/JPY is expected to trade in a lower range. The pair remains weak and is likely to challenge its nearest support at 154.40 in sight. The risk of a slide below this threshold remains high, as the falling 50-period moving average maintains strong selling pressure and should push the prices lower. In this case, as long as 156 is not surpassed, a decline to 154.40 and 153.15 is likely in extension.

Trading Recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 154.40. A break of this target will move the pair further downwards to 153.15. The pivot point stands at 156.00. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 156.70 and the second target at 157.50.

Resistance levels: 156.70, 157.50, 158.40
Support levels: 154.40, 153.15, 152.20

More analysis - at instaforex.com

**InstaForex Gertrude** · 10-05-16, 09:21

Technical analysis of GBP/CHF for May 10, 2016

Technical outlook and chart setups:
The GBP/CHF pair is seen to be stalling at 1.4000 levels at this moment. As depicted in the wave structure on the daily chart here, please note that the pair had reversed lower from fibonacci 0.382 resistance at 1.4200/10 levels earlier. Hence it is quite possible that the pair could continue drifting lower from current levels or from 1.4100 levels going forward. It is hence recommended to initiate short positions now, with risk at 1.4250 levels. Immediate resistance is seen at 1.4210/20 levels, while support is seen at 1.3800 levels (intermediary). Bears could possibly gain control if prices remain below 1.4200/20 levels from here on.

Trading recommendations:
Remain short now, stop at 1.4250/60, a target is open.

More analysis - at instaforex.com

**InstaForex Gertrude** · 11-05-16, 09:24

Technical analysis of USD/JPY for May 11, 2016

In Asia, Japan will release the leading indicators. The US will release some economic data such as Federal Budget Balance, 10-y Bond Auction, and Crude Oil Inventories. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Resistance. 3: 109.52.
Resistance. 2: 109.30.
Resistance. 1: 109.09.
Support. 1: 108.82.
Support. 2: 108.61.
Support. 3: 108.40.

More analysis - at instaforex.com

**InstaForex Gertrude** · 12-05-16, 09:26

Daily analysis of GBP/USD for May 12, 2016

GBP/USD continues trading slow in a sideways range, but still trapped below the 200 SMA and dominated by the bearish bias. If pair does another rebound at the current levels and spikes towards the resistance zone of 1.4549, it could break that level for further advance to the 1.4635 level. The 200 SMA remains flat and the MACD indicator is at the negative territory.

H1 chart's resistance levels: 1.4549 / 1.4635
H1 chart's support levels: 1.4430 / 1.4316

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4430, take profit is at 1.4316, and stop loss is at 1.4542.

More analysis - at instaforex.com

**InstaForex Gertrude** · 13-05-16, 08:29

Daily analysis of USDX for May 13, 2016

USDX is currently doing a rebound above the 200 SMA on the H1 chart, and we can see another rally toward the 94.35 level on a short-term basis. However, this bullish trend could get invalidated when the Index does a breakout of the May 11th lows, which should push the price lower below the 200 SMA. The MACD indicator is reaching overbought territory.

H1 chart's resistance levels: 94.35 / 94.61
H1 chart's support levels: 94.06 / 93.80

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 94.34, take profit is at 94.61, and stop loss is at 94.09.

More analysis - at instaforex.com

**InstaForex Gertrude** · 16-05-16, 09:15

Technical analysis of Silver for May 15, 2016

Technical outlook and chart setups:
Silver dropped lower to $16.80 levels on Friday before pulling back. The metal is trading higher at $17.30 levels at this moment, expected to face resistance at $17.50 levels. Please note that $17.50 is also the fibonacci 0.618 resistance of the drop between $18.00 and $16.60 levels respectively. The metal is expected to produce a meaningful correction towards $16.00 levels going forward, as depicted on the 4H chart view. It is hence recommended to sell on rallies, with stop at $18.50 levels for now. Immediate support is seen at $16.60/80 levels, while resistance is at $17.60 levels respectively.

Trading recommendations:
Look to sell rallies through $17.50/60 levels, stop above $18.00 levels, target is open.

More analysis - at instaforex.com

**InstaForex Gertrude** · 19-05-16, 08:54

Technical analysis of Silver for May 19, 2016

Technical outlook and chart setups:
Silver dropped lower towards $16.70 levels yesterday before pulling back higher. The metal is seen to be trading at $16.81 levels at the moment, looking to rally further at least towards $17.60 levels before reversing lower. Please note that the probability still remains that the metal hits fresh highs at $18.40 levels, if prices stay above $16.60/70 levels. If not a new high, at least a countertrend rally is expected towards $17.60 levels going forward. It is hence recommended to remain cautiously bullish or remain flat for now looking to sell at higher levels. Immediate support is seen through $16.60 levels, while resistance is at $17.60 levels respectively.

Technical recommendations:
Remain flat for now or cautiously bullish with stop at $16.50 levels.

More analysis - at instaforex.com

**InstaForex Gertrude** · 20-05-16, 08:42

Elliott wave analysis of EUR/NZD for May 20 - 2016

Wave summary:
EUR/NZD, as has been the case for EUR/JPY, failed to rally after the break above minor resistance at 1.6675. This has prolonged the corrective decline from 1.6931, but as long as important short-term support at 1.6479 is able to protect the downside, the upside will remain in focus.
To ease the current corrective downside pressure, a break above minor resistance at 1.6625 and, more importantly, a break above resistance at 1.6704 is needed. A break above the latter will call for a return to the 1.6931 high and higher to 1.7237 and above.

Trading recommendation:
Our stop at 1.6535 was hit for a small loss, but we will re-buy EUR upon a break above 1.6625 and place stop at 1.6475 expecting to be able to raise it soon.

More analysis - at instaforex.com

**InstaForex Gertrude** · 23-05-16, 08:34

Daily analysis of USDX for May 23, 2016

The index still trades sideways to higher levels, consolidating gains above the support at 95.22, where we expect to see a rebound to test the next resistance placed around 95.68 area. A breakout above it will open doors to reach new highs, the first target lies at 96.14 level. MACD indicator, however, is entering into negative territory, so be cautious when adding more long orders at the current stage.

H1 chart's resistance levels: 95.68 / 96.14
H1 chart's support levels: 95.22 / 94.89

Trading recommendations for today:
Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 95.68, take profit is at 96.14, and stop loss is at 95.20.

More analysis - at instaforex.com

**InstaForex Gertrude** · 24-05-16, 09:36

Daily analysis of USDX for May 24, 2016

USDX is trading below the resistance zone of 95.68, but the intraday structure remains sideways. However, an acceleration below the 95.22 level will open the doors for a decline toward the 94.89 level, where a rebound is expected, as the 200 SMA on H1 chart can act as a dynamic support. MACD indicator is supporting further weakness on an intraday basis.

H1 chart's resistance levels: 95.68 / 96.14
H1 chart's support levels: 95.22 / 94.89

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 95.68, take profit is at 96.14, and stop loss is at 95.20.

More analysis - at instaforex.com

**InstaForex Gertrude** · 25-05-16, 09:11

Technical analysis of USD/JPY for May 25, 2016

In Asia, today Japan will not release any economic data. However, the US will release some economic data such as Crude Oil Inventories, Flash Services PMI, HPI m/m, and Goods Trade Balance. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Resistance. 3: 110.68.
Resistance. 2: 110.46.
Resistance. 1: 110.25.
Support. 1: 109.98.
Support. 2: 109.76.
Support. 3: 109.55.

More analysis - at instaforex.com

**InstaForex Gertrude** · 26-05-16, 09:24

Daily analysis of GBP/USD for May 26, 2016

GBP/USD had another rally day after it broke the highs from the May 19th session. Currently, we expect a breakout higher of the resistance zone of 1.4723 in order to reach the psychological zone around the 1.4800 level. However, a pullback can happen to correct the current bias, at least toward the 1.4662 level in the first degree.

H1 chart's resistance levels: 1.4723 / 1.4759
H1 chart's support levels: 1.4692 / 1.4662

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4723, take profit is at 1.4759 and stop loss is at 1.4689.

More analysis - at instaforex.com