InstaForex Wave Analysis - page 171
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Technical analysis of Silver for February 10, 2014.
Technical outlook and chart setups:
1. Silver remains unchanged for now. It is likely to move in a trading range between $19.00 and $20.00 for a while before breaking higher. Recommendations are to hold long positions for now, risk remains at $18.50.
2. Intermediary support is at $19.00, followed by $18.75, while resistance is at $20.50 (intermediary), $21.00 and higher.
3. The structure reveals that the metal could trade between $19.00/20.00 levels for a while before thrusting higher. $18.75/50 levels should hold well now.
Trading recommendations:
Remain long, stop at $18.50, target open.
More analysis - at instaforex.com
Weekly technical levels of USD/CHF for February 11-14, 2014
Trading recommendations:
According to the previous events, the price of the USD/CHF pair has still been trapped between 0.8960 and 0.9005. As it is known, if the trend is upward, then the strength of the currency pair will be defined as following: USD is in uptrend and CHF is in downtrend. Consequently, we expect that the trend is going to call for a bearish market at the level of 0.9020 in H1 chart. Additionally, it should be noted that the range today will be about 90 pips. Thereupon, sell at the price of 0.9020 with the first target of 0.8975, it might resume to 0.8932 in order to test the weekly support 1 on February 11, 2014. At the same time, the stop loss should never exceed your maximum exposure amounts. Accordingly, your stop loss should be placed above the 0.9055 level.
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Technical analysis of EUR/JPY for February 12, 2014
Technical outlook and chart setups:
1. The EUR/JPY pair has tested resistance line at 140.00 levels as seen here. It is still recommended to remain flat and await for a reaction here. Aggressive traders may go short, risk remains at 143.00.
2. Immediate resistance is at 142.00, followed by 143.00 and 145.50, while supports are fixed at 134.00, followed by 131.00 and lower respectively.
3. The entire structure remains bullish till prices are above support line which is passing through 134.50 at the moment. A pullback is expected at least towards 137.50 before the rally resumes further.
Trading recommendations:
Flat for now.
More analysis - at instaforex.com
Technical analysis of GBP/CHF for February 13, 2014
Technical outlook and chart setups:
1. The GBP/CHF rose past the trading range and broke higher yesterday. Trading at around 1.4950 levels at the moment, the setup still favors bears to take control back. As seen here, the pair has retraced up to 0.618 fibonacci resistance at 1.4950. It is expected to reverse from here towards fresh lows. It is recommended to remain short and also add fresh now.
2. Immediate resistance is fixed at 1.5120/30, while supports are spread through 1.4550, followed by 1.4350 and lower respectively.
3. The structure is still favorable to bears till prices remain capped below 1.5120/30 levels. Current price action is a clear opportunity to initiate further short positions.
Trading recommendations:
Remain short, stop is at 1.5130, target is open.
More analysis - at instaforex.com
Technical analysis of gold for February 14, 2014
The US retail sales data softened the US dollar and made greenticks in gold. Gold made a high at the level of $1,302.70 yesterday. Thisyear gold started in a good mood reaching a 3-month high. The rally we have seen sofar came from short covering. In Asia's trading session just now gold has made ahigh at $1,307.0. In the hourly and daily charts RSI gave a sell signal. August28, 2013 RSI reached 71.71, at that time gold was trading at the level of $1,433.3.Currently, in the daily chart RSI stood at 70 and the price is trading at thelevel of $1,307.0. Whereas, in the hourly chart RSI stood in the overbought zone atthe level of 75, which does not favor bulls. Probably, gold can stretch its leg upto $1,326, chances are remote.
We recommend to start selling from cmp $1,306.5, targets are $1,300.0,$1,294.0, $1,285.0, and $1,277.0.
More analysis - at instaforex.com
Technical analysis of gold for February 17, 2014
Gold gains amid weak US economic data. New Federal Reserve chairperson Yellen stated that theFed would maintain an accommodative stance on monetary policy. The statement caused weakness of USD. Gold sits at a 3-month high. Gold made the largestweekly increase since August and it jumped 9.7% this year so far. Even in overbought territory, gold is ralling today at Asia's trading session. In the Asia's tradingsession gold is moving towards the resistance zone at the level of $1,335.It made a high at $1,329.65. Until gold crosses the level of $1,335, we do not expect furtherupmove. In the hourly and daily charts, RSI stays in the overbought area.We remain bearish on the yellow metal. India reaches ahead if the wedding periodstarts from March and the central government eases its ban on gold import inthis month due to the election period. The Indian government increasedcustoms duty on the yellow metal three times in 2013. India is likely to seeless than 500 tonnes of gold import in FY4 if the government does not loose theimport restrictions.
More analysis - at instaforex.com
Technical analysis of GBP/CHF for February 18, 2014
Technical outlook and chart setups:
1. The GBP/CHF pair remains structurally unchanged for now. The pair has retraced to1.4950/60, which is also fibonacci 0.618 resistance as seen here. The rally has stalled and a possible down move should be on the way. It is recommended to remain short, risk remains at 1.5120.
2. Intermediary resistance is at 1.4950/60, followed by 1.5120/30, while supports are spread through 1.4550/60, followed by 1.4350/60 respectively.
3. The structure is indicative of a potential head and shoulder reversal formation as seen here. A potential right shoulder has been carved out at 1.4950/60 levels and the next large move could be lower towards 1.43 levels at least. Trading recommendations: Remain short, stop is at 1.5130, target is open.
More analysis - at instaforex.com
Technical analysis of USD/CAD for Febuary 19, 2014
General overview for 19/02/2014 08:30 CET
The count has been slightly changed as the momentum is slowing and the market might be in final stages of the ending diagonal wave (v) pattern. Any breakout above the level of 1.0938 is bullish, and the bottom for the whole blue impulsive cycle might be in place. On the other hand, in case of downside breakout below the level of 1.0923, the next support is at the level of 1.0900. Please notice the bullish divergence has formed on momentum .
Support/Resistance:
1.0994 - Weekly Pivot
1.0987 - Technical Resistance
1.0938 - Technical Resistance
1.0923 - Intraday Support
1.0900 - WS1
Trading recommendations:
The buy orders should be opened from the level of 1.0941 with SL below the level of 1.0923 and TP at the level of 1.0987.
More analysis - at instaforex.com
Daily analysis of GBP/JPY for February 20, 2014
Overview
As it was expected, we should wait for breaking the Resistance area of 172.00-171.50 before making a decision to continue the bullish move. Yesterday, as it is shown in the H4 chart, the pair failed to break this Resistance level to trade below this area and above the Support level of 169.75. Currently, it is testing the Support level of 169.75 trying to break it through to continue its bearish move. If the pair manages to break this Support level and closes 4H below, it would be another good opportunity for more sell-signals till reaching the Support level of 168.50 as the first target.
Resistance and Support levels: R3 (172.00), R2(171.50), R1(170.50), S1 (169.75), S2 (168.50), S3(167.00).
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Weekly technical levels of GBP/USD for February 24-28, 2014
Trading recommendations:
As it is known, sellers are asking for a high price as well as buyers are bidding at a lower price. Therefore, the first key level will set at the level of 1.6755 and the second key level will set at the 1.6545 level on February 24, 2014. Equally important, the price of the GBP/USD pair has still been moving between 1.6683 and 1.6603. Additionally, it should be noted that the range was about 210 pips last week. Furthermore, the trend was very clear and was indicating in downtrend. Accordingly, we expect that the trend is going to call for a bearish market at the level of 1.6750 in H1 chart. As a result, sell at the price of 1.6750 with the first target of 1.6663, it might resume to 1.6544 in order to test the weekly support 1. on the other hand, your stop loss should be placed above the 1.6755, hence it will helpful to set it at the price of 1.6780.
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