Instaforex Analysis

**InstaForex Gertrude** · 27-08-21, 08:54

Forex Analysis & Reviews: Technical Analysis of GBP/USD for August 27, 2021

Technical Market Outlook:
The GBP/USD pair has failed to break above the 61% Fibonacci retracement seen at the level of 1.3772 and after the Pin Bar candlestick was made the bulls were rejected. The market is currently coming off the overbought conditions and this is not really helping the bulls. Any violation of the level of 1.3700 will open the road towards the next target for bears located at 1.3668. On the other hand, only a sustained breakout above the level of 1.3772 would have change the immediate outlook to more bullish.

Weekly Pivot Points:
WR3 - 1.4029
WR2 - 1.3959
WR1 - 1.3752
Weekly Pivot - 1.3680
WS1 - 1.3474
WS2 - 1.3399
WS3 - 1.3118

Trading Outlook:
The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).

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**InstaForex Gertrude** · 30-08-21, 07:56

Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 30, 2021

EUR/JPY broke briefly below key-support at 128.29. The big question is whether this was a forewarning of more downside pressure towards 124.97 or this was a Bear-trap which a break above short-term key resistance at 130.56 will confirm it was. A break above short-term key resistance at 130.56 will also make the S/H/S top-formation a failed pattern, which will call for a rally towards 135.42 and maybe even higher as a lot will be caught short of EUR which they will need to cover fast.

So, we need a break below support at 127.95 to get a signal for a move to 124.97 or a break above resistance at 130.56 to get a call for a rally towards 135.42. Be patient and wait for the signal.

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**InstaForex Gertrude** · 31-08-21, 07:56

Forex Analysis & Reviews: Forecast for AUD/USD on August 31, 2021

AUD/USD
The Australian dollar touched the point of intersection of the 23.6% Fibonacci level with the MACD line with yesterday's high and dropped 15 points. But the Marlin Oscillator does not show a reversal, the price is preparing to overcome the resistance reached at 0.7321. The success of this venture may be accompanied by an increase to the next Fibonacci level of 38.2% at 0.7452.

On the four-hour chart, the price is consolidating below the 0.7321 level, the Marlin oscillator turns up without crossing the zero line - the border with the territory of the downward trend. We are waiting for further price growth.

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**InstaForex Gertrude** · 01-09-21, 08:10

Forex Analysis & Reviews: What's next after the development of the EUR/USD upward pattern?

The EUR/USD pair reached the Weekly Control Zone of 1.1857-1.1840 yesterday, which indicates the completion of the upward cycle. The next movement will depend on testing the first support zone.

Today, the Weekly Control Zone of 1/4 1.1801-1.1797 is being tested. The pair's movement will continue in the first half of September depending on the reaction to this zone. If the pair manages to break through this zone and consolidates below during today's European session, then the decline will become interesting again for termination this week.

Trading in a downward direction can become a priority for a long time. If yesterday was the first day of the new cycle, then the second half of the week will be a decline to the WCZ 1/2 1.1757-1.1749. The daily lows will be updated for the next two days.

Time will tell whether the fall will lead to a medium-term reversal and a test of WCZ 1/2. This zone is located at a significant level of the market maker formed last week. The probability of a large demand for its test is quite high.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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**InstaForex Gertrude** · 02-09-21, 07:17

Forex Analysis & Reviews: Forecast for USD/JPY on September 2, 2021

USD/JPY
The yen continues to confuse with incessant false movements in both directions. A growth spike was shown yesterday and it can be interpreted as an unsuccessful attempt to rise to the target of 110.62 - to the embedded price channel line. Yesterday's closing took place below the MACD indicator line, and today it also opened below it.

At the same time, US stock indices showed weakness: Dow Jones -0.14%, S&P 500 +0.03%, technological Nasdaq (an extremely speculative sector of the modern era) at 0.33%. We expect weak data on employment in the US tomorrow, the stock market will fall, and the USD/JPY pair will fall accordingly. The target for the decline at 109.20 is the June 8 low.

On the four-hour scale chart, the balance and MACD indicator lines keep the price from falling, but the Marlin oscillator is already in the negative area. A signal to fall is when the price moves below the target level of 109.85, which is below these indicator lines.

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**InstaForex Gertrude** · 03-09-21, 08:16

Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 3, 2021

EUR/JPY is currently testing key-resistance at 130.56 and we expect a temporary break above followed by a correction towards 129.63 before the next rally higher trough the key-resistance to confirm the final impulsive rally in wave 3 towards 135.42.

A break above key-resistance at 130.56 will give us a failed S/H/S top pattern and failed patterns often result in strong moves in the opposite direction of the failed pattern. The S/H/S top would indicate a decline, while the failed pattern calls for a rally instead.

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**InstaForex Gertrude** · 06-09-21, 07:37

Forex Analysis & Reviews: Forecast for GBP/USD on September 6, 2021

GBP/USD
The British pound hit the first target (1.3883) on Friday. Now it should rise above this level, settling above it, and continue to rise to the second target at 1.4004, also determined by the embedded price channel line. The Marlin oscillator is rising, helping the price meet this target.

The trend is fully upward on the four-hour chart: the price is above the balance and MACD indicator lines, the Marlin oscillator is in the growth zone. We are waiting for the price to settle above the level of 1.3883 and its further growth.

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**InstaForex Gertrude** · 07-09-21, 08:30

Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for September 7, 2021

We continue to look for renewed upside pressure through minor resistance at 153.48 to call for the next impulsive rally towards the next upside target seen at 159.75 to complete wave v/ of iii and set the stage for a temporary correction/consolidation in wave iv before the next rally higher.

Longer-term we are looking for a rally to at least 163.00 and possibly a lot higher than that, as a long-term rally towards 205 clearly is an option, but not a given fact. A a lot can still happen a cut the ongoing rally short near 163, but only time will show.

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**InstaForex Gertrude** · 08-09-21, 08:29

Forex Analysis & Reviews: Elliott wave analysis of Ripple for September 8, 2021

Ripple completed a five wave rally in wave i with the test of 1.4162. We should now see a corrective decline in wave ii close to the 61.8% corrective target of wave i near 0.8560 before the next rally higher to at least 1.7600 and possibly even closer to the extension target for wave iii near 2.3226 takes place.

Ultimately. we are looking for a rally to 3.2000 in this impulsive sequence.

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**InstaForex Gertrude** · 09-09-21, 09:14

FOREX ANALYSIS & REVIEWS: TRADING PLAN FOR EURUSD FOR SEPTEMBER 09, 2021

Technical outlook:
EURUSD has slipped toward 1.1800 mark since printing 1.1900 highs over the last week. The drop is corrective and bulls might be inclined to come back in control, pushing prices higher towards 1.2050 levels, going further. Probability also remains for a drop towards 1.1750 first, before resuming its rally. Either way, EURUSD is in a corrective wave from 1.1900/10 high.

EURUSD is seen to be trading close to 1.1810/15 mark at this point in writing and could be preparing to push higher towards 1.1870/80 mark in the immediate short term. Immediate price resistance is at 1.1910, while support comes in around 1.1660 mark respectively. The pair could drop toward 1.1750 to complete its gartley structure before resuming higher towards 1.2050 mark.

The overall structure remains bearish toward 1.1300 mark in the medium term. In the short term though, a counter trend rally towards 1.2050 remains possible though. Also note that 1.2030/50 is the fibonacci 0.618 retracement of the drop between 1.2266 and 1.1660 respectively. High probability remains for a bearish turn if prices manage to reach there.

Trade Alan:
Potential to push towards 1.2050 against 1.1650. Good luck!

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**InstaForex Gertrude** · 10-09-21, 08:09

Forex Analysis & Reviews: Trading plan for EURUSD for September 10, 2021

Technical outlook:
EURUSD is consolidating within a tight range after dropping to a low of 1.1806 on Thursday. The pair is expected to push higher towards the 1.1865-70 zone during the day before finding resistance again. It is expected to slide towards 1.1750 in the next few trading sessions before bulls can resume higher to the 1.2050 level.

EURUSD is unfolding into a counter-trend rally toward 1.2050 in the near term before resuming lower towards the larger trend. Also note that the pair is carving a counter-trend within the counter trend and is expected to first drop toward 1.1750, then rally towards 1.2050 levels respectively. EURUSD is facing immediate resistance at 1.1900 while support is seen around 1.1800 levels respectively.

Overall wave structure remains bearish towards 1.1300 but medium term remains pointed higher to 1.2050-1.2100 zone. Also note that 1.2050 is near Fibonacci 0.618 retracement of the drop between 1.2266 and 1.1660 levels respectively. Hence, probabilities remain high for a bearish reversal f prices manage to reach there.

Trading plan:
Potential to rally toward 1.2050 against 1.1660.
Good luck!

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**InstaForex Gertrude** · 13-09-21, 08:12

Forex Analysis & Reviews: Technical Analysis of GBP/USD for September 13, 2021

Technical Market Outlook
The GBP/USD pair has failed to break through the supply zone that was the key zone for bears. There might be a Double High price pattern made at the H4 time frame chart. The zone is still located between the levels of 1.3874 - 1.3886. The momentum is negative and the market conditions are overbought, so the bulls might not have a chance to move higher. The next target for bears is seen at the level of 1.3807 and 1.3785.

Weekly Pivot Points:
WR3 - 1.4068
WR2 - 1.3979
WR1 - 1.3915
Weekly Pivot - 1.3815
WS1 - 1.3755
WS2 - 1.3649
WS3 - 1.3586

Trading Outlook:
The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).

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**InstaForex Gertrude** · 14-09-21, 08:21

Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 14, 2021

We have seen the expected dip closer to 129.60 and EUR/JPY should now be ready to start the next impulsive rally higher to 134.24 and then towards the ideal target for wave 5/ closer to 135.42. Short-term we need a break above minor resistance at 130.23 to confirm that sub-wave ii of 5/ has completed and sub-wave iii is in motion towards 134.24 and then higher to 135.42.

Longer term we continue to look for much higher levels, but for now, just let's look for a break above minor resistance at 130.23 to confirm sub-wave ii has completed and sub-wave iii higher is in motion.

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**InstaForex Gertrude** · 15-09-21, 08:26

Forex Analysis & Reviews: Technical Analysis of EUR/USD for September 15, 2021

Technical Market Outlook
The EUR/USD pair has been trying to move higher after the bounce from the level of 1.1774, but even after the breakout above the short-term trend line resistance the rally was capped and the price reversed back down again. Currently, the price is hovering around the level of 1.1804, that we have seen many times before. The market keeps making lower highs and lower lows, so the odds for another down move are high. The next target is seen at the level of 1.1774 (previous local low) and 1.1758 (61% Fibonacci retracement). The key short-term technical support is seen at the level of 1.1751.

Weekly Pivot Points:
WR3 - 1.1947
WR2 - 1.1912
WR1 - 1.1832
Weekly Pivot - 1.1824
WS1 - 1.1765
WS2 - 1.1741
WS3 - 1.1684

Trading Outlook:
The market is in control by supply that might push the prices lower towards the key technical support located at 1.1599. There might be a bounce form this level, but the last rally out of the Falling Wedge pattern has failed anyway. The up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021) only if bullish cycle scenario is confirmed by breakout above the level of 1.1909 and 1.2000.

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**InstaForex Gertrude** · 16-09-21, 08:39

Forex Analysis & Reviews: Technical Analysis of GBP/USD for September 16, 2021

Technical Market Outlook
The GBP/USD pair has been rejected for the third time from the supply zone and the Bearish Engulfing candlestick pattern was made at the end of the up move at the level of 1.3912. The zone is still located between the levels of 1.3874 - 1.3886 and after a bounce from the level of 1.3791 the market is trading currently around the level of 1.3832, which is the technical resistance for bulls. The intraday technical support is seen at 1.3785 and 1.3807 and it might be tested soon as the momentum barely holds the positive territory.

Weekly Pivot Points:
WR3 - 1.4068
WR2 - 1.3979
WR1 - 1.3915
Weekly Pivot - 1.3815
WS1 - 1.3755
WS2 - 1.3649
WS3 - 1.3586

Trading Outlook:
The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).

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**InstaForex Gertrude** · 17-09-21, 07:46

Forex Analysis & Reviews: Forecast for AUD/USD on September 17, 2021

AUD/USD
On Thursday, under the influence of the general strengthening of the US dollar, the US currency index rose by 0.41%, while the Australian currency lost 0.55% (39 points). The price stopped at the MACDindicator line of the daily scale and is currently weighing alternative plans - whether to consolidate below this indicator line (0.7275) for a subsequent decline to the promising target of 0.7065, or turn upwards from it to the first target along the Fibonacci line 38.2% on the 0.7450 price. The Marlin Oscillator has already entered the territory of the downward trend, but the basis for the future movement will be set only by the Federal Reserve meeting on September 22nd.

On the four-hour chart, the price is developing in a completely downward trend: the MACD line has turned down, Marlin is in the zone of negative values. And if the price does not turn upwards from the support of the daily timeframe (MACD line), then after the price settles below yesterday's low of 0.7275, a downward movement may develop until the Fed's announcements.

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**InstaForex Gertrude** · 20-09-21, 08:40

Forex Analysis & Reviews: Elliott wave analysis of Ripple for September 20, 2021

Ripple should move closer to the 61.8% corrective target near 0.8560 before completing the corrective decline in wave ii. If so, we will be looking for the next strong impulsive rally in wave iii towards 2.3227 and maybe even higher. In the short term, we see resistance near 1.0526, which is expected to cap the upside for the corrective decline to 0.8560 and the higher in the next impulsive rally towards 2.3227.

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**InstaForex Gertrude** · 21-09-21, 09:00

Forex Analysis & Reviews: Trading plan for EURUSD for September 21, 2021

Technical outlook:
EURUSD might have carved an interim bottom around 1.1700 mark on Monday. The currency pair has bounced off through 1.1740 mark and has also produced a pinbar candlestick on the daily chart. High probability remains for bulls to take control back from here and push towards 1.1850, 1.1950 and 1.2050 potential targets.

EURUSD is probably into its last leg of the counter trend rally, which had begun since 1.1660 lows. The down gartley should likely terminate around 1.2050 mark, which is also the Fibonacci 0.618 retracement of the recent downswing (1.2266 to 1.1660). Bears might come back in control thereafter.

EURUSD is seen to be trading around 1.1735 level at this point in writing and is expected to push higher against 1.1660 mark. Immediate support is seen at 1.1660, while resistance comes in around 1.1850, followed by 1.1900 levels respectively. Only a drop below 1.1660 would change the above bullish scenario.

Trading plan:
Potential towards 1.2050 against 1.1660
Good luck!

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**InstaForex Gertrude** · 22-09-21, 08:43

Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 22, 2021

EUR/JPY made it almost back to the start of wave i at 127.92. We have seen the low of wave ii at 127.95. Wave ii is allowed to correct to 99.99% of wave ii, but not more and therefore should stay above 127.92 or else, we will need to make a revision of our preferred count.

As long as short-term key-support at 127.92 is able to act as a floor, we will be looking for a break above minor resistance at 128.70 and more importantly a break above resistance at 129.55 as confirmation that wave ii has been completed and wave iii is unfolding towards 134.24 and135.42 .

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**InstaForex Gertrude** · 23-09-21, 07:50

Forex Analysis & Reviews: EURJPY short-term bullish bounce | 23rd Sep 2021

Price is holding below the descending trendline resistance, however we are expecting price to be making a short-term bullish bounce as price is seen to bounce off the 1st support. We can expect the price to bounce from the 1st Support and ride the bullish momentum towards the 1st resistance in line with 61.8% Fibonacci projection, 61.8% Fibonacci retracement and descending trendline resistance. Our short-term bullish bias is further supported by the MACD indicator where the MACD line cross over the signal line.

Trading Recommendation
Entry: 84.760
Reason for Entry:
78.6% Fibonacci projection
Take Profit: 86.999
Reason for Take Profit:
61.8% Fibonacci projection
Stop Loss: 83.571
Reason for Stop Loss:
127.% Fibonacci Retracement

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