InstaForex Wave Analysis - page 177
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Technical analysis of EUR/JPY for May 19, 2014
Technical outlook and chart setups:
1. The EUR/JPY pair is looking for a bullish reversal ahead of key support at 138.40 levels as seen here. Please also note that the sub 139.00 levels is also supported by fibonacci 0.618 levels of the rally between 136.00 and 143.50 as shown here. Recommendation is to watch out for a bullish reversal here and go long. Risk remains below 138.00.
2. Support is at sub 138.00, followed by 136.00 and lower while resistance is at 141.00, followed by 142.50, 143.50/144.00 and 145.50 respectively,
3. The structure indicates that EUR/JPY might be setting up for a bullish reversal at sub 139.00 levels. High probability setup would be bullish from here on till prices stay above 138.00 levels.
Trading recommendations:
Initiate longs, stop below 138.00, target is open.More analysis - at instaforex.com
Technical analysis of Silver for May 20, 2014
Technical outlook and chart setups:
1. Silver is seen to be testing lower end of the consolidation range around $19.00/20 levels. A bullish bounce here would again take prices towards the $20.00 levels, while a break below shall prove to be extremely bearish. Recommendations are to remain flat for now and await for a clear break out from the trading range established for now.
2. Support is seen at $19.00, followed by $18.90/75, $18.40/50 and lower, while resistance is seen at $20.40, followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver continues to trade in a tight range between $19.00 and $20.00 for now. A break on either side is required to determine the next big move.
Trading recommendations:
Remain flat for now OR trade the range buy around $19.00/20 and sell around $20.00.
More analysis - at instaforex.com
Technical analysis of USD/JPY for May 21, 2014
In Asia, Japan will release the Trade Balance, Monetary Policy Statement, BOJ Monthly Report, BOJ Press Conference and the US will release some economic data such as Crude Oil Inventories, Fed Chair Yellen Speaks, FOMC Meeting Minutes. So there is a big probability the USD/JPY will move with low to medium volatility during this day.
TODAY's TECHNICAL LEVELS:
Resistance. 3: 102.78.
Resistance. 2: 101.58.
Resistance. 1: 101.38.
Support. 1: 101.13.
Support. 2: 100.93.
Support. 3: 100.73.
DESCRIPTION:
Please, pay attention to the levels of support 3 (100.73) and resistance 3 (102.78). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
More analysis - at instaforex.com
Technical analysis of Gold for May 22, 2014
Technical outlook and chart setups:
1. Gold is still trading within the consolidation range as seen here. The metal bounced off the lower support boundary around $1,283.00 levels yesterday, indicating that the next move could be higher from here on. Recommendations are to remain long with risk just below $1,280.00 levels for now.
2. Support is seen at $1,280.00, followed by $1,270.00, $1,230.00/40.00, $1,210.00 while resistance is seen at $1,305.00, followed by $1,310.00, $1,330.00, $1,350.00/60.00 and higher respectively.
3. The structure indicates that Gold needs to break above $1,305.00/10.00 levels to challenge resistance at $1,330.00 and confirm further upside.
Trading recommendations:
Remain long, stop just below $1,280.00, target is open.
More analysis - at instaforex.com
Technical analysis of EUR/JPY for May 23, 2014
Technical outlook and chart setups:
1. The EUR/JPY has produced a bullish morning star candlestick trading signal around 138.00 levels as seen here. Furthermore the trend line support and fibonacci 0.618 support levels also pass through the same region. Recommendations are to remain long from here on, risk remains below 138.00.
2. Support is seen at 138.00, followed by 136.50, 134.00 and lower, while resistance is seen at 141.00, followed by 142.50, 143.50/144.00 and 145.50 respectively.
3. The structure indicates that the pair could possibly produce a bullish reversal from current levels, prices should stay above 138.00 though.
Trading recommendations:
Remain long, stop at 137.90, target is open.More analysis - at instaforex.com
Technical analysis of Silver for May 26, 2014
Technical outlook and chart setups:
1. Silver is seen to be trading in a consolidation channel as seen here, just below the line of support. Broader range is between $18.75 and $20.00 levels for now. At the moment, the metal has bounced off support from sub $19.00 levels and moving towards $20.00 levels if not higher.
2. Support is seen at $19.00, followed by $18.75/90, $18.45/50, while resistance is at $20.00/40, followed by $21.70, $22.30 respectively.
3. The structure indicates that Silver could resume rally towards $20.00/40 from current levels. Potentially it is possible to rally till $21.30/40 levels in this leg up.
Trading recommendations:
Remain long, stop below $18.50, target is open. OR remain flat.More analysis - at instaforex.com
Technical analysis of Silver for May 27, 2014
Technical outlook and chart setups:
1. Silver is seen to be bouncing off its lower support range around $19.20/30 at the moment. A bounce towards the $20.00 levels is expected from here on. A push through $20.40 is required to confirm that Silver could continue further upside.
2. Support is seen at $19.00 levels, followed by $18.90, $18.75, $18.50 and lower, while resistance is seen at $20.40, followed by $21.70, $22.30 and higher up respectively.
3. The structure indicates that Silver has potential to rally at least till $20.00 for now. The metal would be extremely bullish above $20.40 resistance.
Trading recommendations:
Remain long, stop below $18.50, target is open.
More analysis - at instaforex.com
Technical analysis of Gold for May 28, 2014
Technical outlook and chart setups:
1. Gold has broken down the trading range below $1,270.00/80.00 levels as seen here. The metal is trading at $1,260.00 levels for now which is also the fibonacci 0.618 support of the rally between $1,180.00/82.00 and $1,388.00. A bullish bounce could remain possible at current levels. Recommendations are to remain flat for now. Watch for a reaction at current levels.
2. Support is seen at $1,240.00/30.00 levels, followed by $1,210.00 and lower while resistance is seen at $1,300.00/10.00, followed by $1,330.00, $1,350.00/60.00 and higher respectively.
3. The structure indicates that Gold could produce a bullish bounce at current levels around $1,260.00. A break here and subsequently $1,230.00/40.00 could be extremely bearish for the metal though.
Trading recommendations:
Remain flat for now.
More analysis - at instaforex.com
Forecast for USDX for May 29, 2014
Today traders eye prelim GDP and unemployment claims data. The index moved to a 2-month high. The index closed above the 200-day EMA which was a bullish sign for the medium term for 82 and 84 targets, but the overbought indicators stopped the dollar and it did not cross the previous swing high at 80.60 (April 04 high), the index formed a double top at 80.58 levels. We expect the price will correct a bit to 80.30, 80.17 and 80. A day close below the 80 mark, then the bulls is in trouble, the weakness exists only below 80.40 levels.
More analysis - at instaforex.com
Daily analysis of GBP/JPY for May 30, 2014
Overview:
The H4 chart demonstrates today that the pair still cannot break the support area of 170.00-169.75 and it is currently trading above the support area, so we should wait for the mid-day closing. If the pair manages to close 4H below it, there will be a good opportunity to sell till reaching the support level of 169.20 after closing 4H below it. After that we should wait for breaking out this support level to continue the bearish move. In case the pair is able to break the support level of 169.20 and closes 4H below it, we will get bearish strength which will provide new sell signals and enable the support level of 168.50 as a target level.
Resistance and support levels:
R3 (172.75), R2 (172.00), R1 (171.50), S1 (170.00), S2 (169.75), S3 (169.20).More analysis - at instaforex.com