InstaForex Wave Analysis - page 199
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
GBP/USD intraday technical levels and trading recommendations
On March 2, a bearish breakdown of the lower limit of the previous daily channel occurred enhancing the bearish side of the market. Persistence below the zone between 1.4950 and1.5000 indicated a further bearish decline towards 1.4700. Shortly after, the bearish trend was resumed towards the level of 1.4550, where a lower daily bottom was established. Evident bullish recovery emerged at 1.4560 pushing the GBP/USD pair above the level of 1.4700, then successive higher highs were hit. As anticipated, the daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where extensive bearish pressure was previously applied. This enhanced the bearish side of the market towards the levels of 1.5300, 1.5250, and 1.5100 where the most recent bullish swing was initiated on May 5. On the other hand, the price zone of 1.5750-1.5800 (critical resistance zone) offered valid sell entry almost three weeks ago. The final bearish target at 1.5450 was already reached. Moreover, a lower high at 1.5660 applied significant bearish pressure. That is why the support zone between 1.5500 and1.5450 failed to stop this bearish momentum leading to its breakdown. It should be acting as intraday resistance when further retesting takes place. The low-risk sell entry can be retested. The price levels of 1.5150 and 1.5100 are exposed to be reached now. However, Tuesday's daily candlestick came as a bullish engulfing one. This has paused the bearish momentum for a few days until now. Conservative traders can wait for a bearish pullback towards 1.5080-1.5100 for low-risk buy entries. SL should be set as daily closure below 1.5080.
More analysis - at instaforex.com
Elliott wave analysis of EUR/JPY for June 8 - 2015
Technical summary:
An expected correction in red wave ii/ is unfolding. We will be looking for a correction towards 138.03 as an ideal downside target before the next impulsive rally higher to 144.03 and higher towards 150.77. In the short term, only a break above minor resistance at 140.54 will indicate that the correction is already over. It is calling for the next impulsive rally upwards. We have to remember that corrections in the third wave tend to be small.
Trading recommendation:
We will buy EUR at 138.35 or upon a break above 140.54 with a stop placed at 136.25 expecting to be able to raise the stop quickly.
More analysis - at instaforex.com
Daily analysis of GBP/USD for June 09, 2015
A daily chart is still showing a lower low pattern formation, as the pair remains below the resistance level of 1.5346. Now, we are expecting a lower continuation, because that resistance is very strong and the bearish bias is likely to start dominating the trend in the GBP/USD pair again. The MACD indicator is entering oversold territory. At the H1 chart, the support zone of 1.5259 remains very solid, because the pair was rejected at that level. Now it's trying to break the resistance level of 1.5358. The next higher target is seen at 1.5428 level, which is above the 200 SMA. However, that moving average could act as dynamic resistance.
More analysis - at instaforex.com
Daily analysis of USDX for June 10, 201
The USDX is currently trading above the support level of 94.66 and there is a strong fight between bears and bulls, because the Index could do a rebound at current levels. Thanks to a possible bullish momentum, which could give that support zone mentioned above. The MACD indicator is in the negative territory. There are no major changes in the short-term outlook for the USDX, but the Index is still moving above the support level of 95.15, a zone which rejected the US Dollar Index during yesterday's session. Currently, we should expect a rise towards the resistance level of 95.71 and a breakout could happen there in coming hours.
Daily chart's resistance levels: 95.74 / 96.97
Daily chart's support levels: 94.66 / 93.75
H1 chart's resistance levels: 95.71 / 96.16
H1 chart's support levels: 95.15 / 94.63
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level isseen at 95.71, take profit is at 96.16, and stop loss is at 96.32.
More analysis - at instaforex.com
Technical analysis of USD/JPY for June 11, 2015
In Asia, Japan will release the BSI Manufacturing Index. The US is ixpected to publish data on the 30-y Bond Auction, Natural Gas Storage, Business Inventories m/m, Import Prices m/m, Unemployment Claims, Retail Sales m/m, and Core Retail Sales m/m. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.
TODAY TECHNICAL LEVELS:
Resistance. 3: 123.66. Resistance. 2: 123.42. Resistance. 1: 123.18. Support. 1: 122.88. Support. 2: 122.64. Support. 3: 122.40.
More analysis - at instaforex.com
Elliott wave analysis of EUR/JPY for June 12 - 2015
Technical summary:
A correction in red wave ii/ is still unfolding and as long as minor resistance at 139.61 protects the upside. We will be looking for a final decline closer to 138.03 to end red wave ii/ and set the stage for a strong rally in red wave iii/ higher to 144.03 on the way towards 150.77. It will take an unexpected break below support at 135.10 to invalidate more upside pressure and indicate that the rally from 126.05 only was a correction, but this is clearly not the preferred count.
Trading recommendation:
We will buy EUR at 138.10 or upon a break above 139.61. The stop should be placed at 137.00
More analysis - at instaforex.com
Daily analysis of USDX for June 15, 2015
USDX is currently finding strong support around the 94.66 level. Now, the index could rally towards the resistance zone of 95.74. This week will be very decisive for the current trend of USDX on this time frame because it could resume the bullish bias in the coming days with a huge rebound. MACD indicator is on the negative territory.
More analysis - at instaforex.com
Technical analysis of Gold for June 16, 2015
Technical outlook and chart setups:
Gold is trading around the levels of $1,183.00/84.00 at the moment after hitting interim highs of $1,190 yesterday. The metal could drop further low into $1,180.00 today before rallying towards $1,204.00 and $1,211.00 subsequently as depicted here. Please note that the metal has bounced off the fibonacci 0.618 support at $1,171.00/72.00 yesterday. It is therefore recommended to remain long now and also look to add further positions aroundthe level of $1,180.00 with risk at $1,150.00. Immediate support is seen at the level of $1,171.00 followed by $1,161.00, $1,143.00, and lower. Resistance is seen at $1,205.00 followed by $1,215.00 and higher respectively.
Trading recommendations: Remain long for now, stop is at $1,150.00, a target is open.
More analysis - at instaforex.com
Daily analysis of GBP/USD for June 17, 2015
On the daily chart, the price action is calling for more upside above the 200 SMA and the nearest target is located around the level of 1.5755, which is a strong resistance zone. However, don't forget the GBP/USD pair could start to do corrective moves in the short term, because we have been watching a very strong bullish trend development over the last days. There is an interesting bullish structure formed on the H1 chart, because the pair has been trading higher above the support level at 1.5610. We expect a breakout of the resistance level at 1.5671 in order to reach the next high around 1.5721. The MACD indicator is entering in the negative territory and the 200 SMA is still bullish.
Daily chart's resistance levels: 1.5755 / 1.5898
Daily chart's support levels: 1.5543 / 1.5346
H1 chart's resistance levels: 1.5671 / 1.5721
H1 chart's support levels: 1.5610 / 1.5548
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 1.5671, take profit is at 1.5721, and stop loss is at 1.5621.
More analysis - at instaforex.com
Technical analysis of USD/JPY for June 18, 2015
In Asia, Japan is not expected to release economic data today. However, the US will publish data data on the Natural Gas Storage, CB Leading Index m/m, Philly Fed Manufacturing Index, Current Account, Unemployment Claims, Core CPI m/m, amd CPI m/m. So, there is a big probability that USD/JPY will move with low to medium volatility during the day.
TODAY TECHNICAL LEVELS: Resistance. 3: 123.93. Resistance. 2: 123.67. Resistance. 1: 123.44. Support. 1: 123.15. Support. 2: 122.91. Support. 3: 122.66.
More analysis - at instaforex.com