InstaForex Wave Analysis - page 179
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Review of Gold for June 16, 2014
The yellow metal gained support due to the Middle East concerns. The metal moved to a 2-week high. In Asia's session, it is trading at $1,282. In the weekly chart, the metal gave an upside breakout from a descending pattern. We recommended twice to buy, the first one, at $1,253 and the second time, at $1,278.50. Our targets are open at $1,284.50, $1,286, $1,289.60 and $1,296.50 levels. Currently it is reaching a critical resistance level at $1,285.50 (50-day SMA). Once the metal crosses this, it can extend the rally up to $1,288.70, and $1,297 levels. A day close above $1,285.50, the metal will gain some more strength and again a safe buy will activate above $1,288.70 for $1,297 levels. A week close above $1,297, the bulls will take the metal up to $1,310 levels as an initial target. This week we can expect it going up to $1,288.70/$1,289 or $1,297 levels. Traders can book profit at the current market price $1,281.50.More analysis - at instaforex.com
Technical analysis of Gold for June 17, 2014
Technical outlook and chart setups:
1. Gold reverses from convergence of the following: i) Trend line resistance, ii) Fibonacci 0.618 resistance and iii) Support turned resistance at sub $1,280.00 levels. Recommendations are to remain short for now, risk remains at $1,300.00.
2. Support is at $1,245.00, followed by $1,240.00, $1,230.00, $1,210.00 and lower, while resistance is at $1,300.00, followed by $1,310.00, $1,330.00 and higher respectively.
3. The structure indicates that Gold may break below $1,240.00 and subsequently $1,180.00 in the sessions to come.
Trading recommendations:
Remain short, stop at $1,300.00, target is open.More analysis - at instaforex.com
Technical analysis of USD/JPY for June 18, 2014
The pair has been in an uptrend from 101.60 levels. It pauses the rally at the descending trend line. We expect the next up move will take place only above 102.25 levels. Until it crosses that, we can see selling pressure. On the down side, the pair has support at 102.10, 102 and 101.90 levels. Once it breaks below that 101.90, selling pressure will become active and may take the pair towards 101.82, 101.70 and 101.60 levels. Today, 101.60 will act as the bulls fate zone, if this level is taken off, the pair will shift the mode to free fall up to 101.40, 101.30 and 101 levels. O
n the bullish front, if the pair manages to breach the 102.25 resistance level, it can extend its up leg to 102.40, 102.57 and 102.65 levels.
Sell with sl 102.25 or buy above 102.25.
More analysis - at instaforex.com
Technical analysis of Silver for June 19, 2014
Technical outlook and chart setups:
1. Silver is seen to be breaking out of trend line resistance as seen here. The confirmation is above $20.00 levels though. Recommendations for now is to remain short with risk around $20.40 levels.
2. Support is seen at $19.40, followed by $19.00, $18.60 and lower while resistance is seen at $20.40, followed by $21.70 and higher respectively.
3. The structure indicates that Silver might be turning bullish; a break of $20.40 would confirm though.
Trading recommendations:
Remain flat (conservative trade setups). OR remain short with stop at $20.40.
More analysis - at instaforex.com
Technical analysis of Silver for June 23, 2014
Technical outlook and chart setups:
1. Silver breaks out of the resistance line and also takes out immediate resistance at $20.40 levels as seen here. A dip is expected from current levels towards $19.50/20.00 levels from here, before rallying further up. Also note that the resistance line is now turned into support. 2. Support is seen at $19.50, followed by $19.00, $18.60 and lower while resistance is seen at $21.70, followed by $22.30 and higher respectively.
3. The structure indicates that Silver needs to correct lower before rallying further up. Trading recommendations:
Flat for now.
Look to buy lower.
More analysis - at instaforex.com
Forecast of USD/ZAR for June 24, 2014
The pair took support at the previous resistance trend line of 2012-2013. The resistance became support at 10.26 levels. Currently it is trading at 10.5895. The support is between 10.38-10.26 levels within minor support at 10.54 levels. Until the pair holds these support levels, we can expect another pull back up to 10.96 and 11.50 levels. For an intraweek basisi, it has support at 10.5282, 10.4686 and 10.4093 levels.
Until the pair holds 10.5282 on a closing basis, the upside target at 11.50 is open.
More analysis - at instaforex.com
Technical analysis of USD/JPY for June 25, 2014
In Asia, Japan will release the CSPI y/y, and the US will release some economic data such as Core Durable Goods Orders m/m, Final GDP q/q, Durable Goods Orders m/m, Final GDP Price Index q/q, Flash Services PMI, Crude Oil Inventories. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.
TODAY's TECHNICAL LEVELS:
Resistance. 3: 102.41.
Resistance. 2: 102.22.
Resistance. 1: 102.02.
Support. 1: 101.77.
Support. 2: 101.57.
Support. 3: 101.37.
DESCRIPTION:
Please, pay attention to the levels of support 3 (101.37) and resistance 3 (102.41). 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 EUR/JPY for June 26, 2014
Technical outlook and chart setups:
1. The EUR/JPY is stalling around 139.00 levels at the moment, which is also fibonacci 0.50 resistance as seen here. A push above 139.00 here, would test the 139.30/40 levels which is fibonacci 0.618 resistance and trend line confluence.
2. Support is around 137.70/75, followed by 136.50, 134.00 and lower, while resistance is at 139.30/40, followed by 140.00, 141.00 and higher up respectively.
3. The structure indicates that EUR/JPY should be in control of bears until prices remain below 140.00.
Trading recommendations:
Remain flat for now. Look to sell the rally around 139.20/30.
More analysis - at instaforex.com
Short-term forecast for EUR/JPY for June 27, 2014
The pair has been in a down trend from 145.68 levels. The pair has broken the 16-month support trend line and is trading near 50-week Sma at 137.45 levels. It is trading in a very crucial support zone between 137.45-136.20. If the pair hits the 50-week Sma on a closing basis, we can see the extension of the bearish leg towards the initial target at 134.40-134.10 and later 131 .20 levels. On the upside, we have resistance at 138.90, 140.06 and 142 levels. The pair favors selling on the rallies until it crosses above the 143.78 levels. We can see a huge downfall if the pair breaches 136.21 for 131 and 129 levels.
KEY SUPPORT LEVEL 136.20 FOR THE SHORT TERMMore analysis - at instaforex.com
Weekly forecast of USD/CHF for June 30-July 04, 2014
The pair has been in a downtrend from 0.9037 levels. It is trading at 0.8909 levels near to its crucial support levels 0.89 (50 days Sma). If the pair breaks the 50 days Sma levels, we can expect selling up to 0.8883, 0.8830, and 0.8770 levels. The momentum oscillators favors to sell in multiple time frames. Today's closing is very crucial for bulls hold above 0.89 levels on closing basis. The pair opened its session in a bearish note opened higher at 0.8913. Until the pair breaches this higher level, we recommend trades not to opt for longs. If the pair manages to breach the resistance level at 0.8913, we can see some up move up to 0.8938 and 0.8954 levels.
More analysis - at instaforex.com