InstaForex Wave Analysis - page 204
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Intraday technical levels and trading recommendations for GBP/USD for August 21, 2015
Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area around 1.5900, which provided evident supply for the GBP/USD pair. As anticipated, a bearish pullback towards the level of 1.5550 took place. Temporary bearish break out below the GBP/USD key level at 1.5500 took place on July 5. Last week, strong bearish pressure was applied to the level of 1.5550 again. It was broken down temporarily until the last week when the weekly bullish engulfing candlestick was expressed. Contradictory signals are coming from consecutive weekly candlesticks. This indicates market indecision above the price levels of 1.5500. However, the previous weekly candlestick closure above 1.5500 hinders further bearish decline and enhances the bullish side of the market at least towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level). On the other hand, the current weekly candlestick should be monitored by the end of the current day to determine if the weekly closure persists above 1.5500 or below. The nearest demand level around 1.5200 will become exposed only if the GBP/USD bears manage to bring the market price below the level of 1.5500 again (low probability).
Previously, the zone of 1.5800-1.5880 acted as significant supply. It offered a valid sell entry few weeks ago. All T/P levels were successfully reached. On the other hand, the level of 1.5550, which corresponds to 50% Fibonacci level and a previous prominent top, was temporarily broken allowing further bearish decline towards 1.5350 where an ascending bottom was recently established. The level of 1.5500 constitutes a significant KEY level to watch for. It corresponds to the short-term uptrend line depicted on the chart. However, evident bullish pressure was applied at 1.5450 on August 7. A bullish engulfing daily candlestick was expressed by the end of the day. The nearest supply levels to meet the GBP/USD pair are located around the price levels of 1.5660 (multiple daily highs) and 1.5770 (prominent 61.8% Fibonacci level) where bearish rejection should be anticipated. The price reaction should be watched at retesting price levels around 1.5770 (61.8% Fibonacci level). A valid SELL entry can be offered there. On the other hand, the bearish scenario towards 1.5470 and 1.5370 should only be anticipated if the GBP/USD bears manage to push again below 1.5500 successfully (low probability).
More analysis - at instaforex.com
Daily analysis of GBP/USD for August 24, 2015
On the daily chart, bullish tone remains untouched with GBP/USD, because the pair is looking to break the resistance zone of 1.5761 higher during this week. Besides, the cable is still supported by the 200 SMA, which is also giving the current bullish momentum to this pair. There could be some pullbacks, but the rally is strong.
Resistance level of 1.5715 is the near-term target that pair is looking to break in order to continue trading in favor of the bullish bias. Next interest zone is located around the 1.5763 level. However, at least during this week, GBP/USD could test again the 200 SMA and perform a rebound to ride again the bullish trend.
Daily chart's resistance levels: 1.5761 / 1.5881
Daily chart's support levels: 1.5640 / 1.5543
H1 chart's resistance levels: 1.5715 / 1.5763
H1 chart's support levels: 1.5679 / 1.5632
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 1.5715, take profit is at 1.5763, and stop loss is at 1.5666.
More analysis - at instaforex.com
Technical analysis of USD/JPY for August 24, 2015
USD/JPY is expected to trade in a lower range. The US dollar and stocks were impacted by fears about the global growth, particularly those concerning China. The Dow Jones Industrial Average tumbled 3.1% to close at 16459, the S&P 500 plunged 3.2% to 1970, while the Nasdaq Composite dropped 3.5% to 4706.04. Having declined 10% from its recent high, the DJIA is now in correction territory, and its loss of more than 1,000 points last week was the largest weekly decline since October 2008. Crude oil touched as low as $39.86 a barrel before finishing at $40.45, down 2.1% on the day, while gold gained 0.7% to $1160 per ounce. Safe-haven buying of US government bonds pushed down the 10-year Treasury yield to 2.052% - the lowest level since April - from 2.084%. The US dollar plunged against most major currencies as traders became more doubtful about whether the US Federal Reserve will hike interest rates next month. The greenback lost over 1% against the euro and the yen. Regarding USD/JPY, the pair posted strong downward momentum after breaking below both the 120.00 and 119 levels. Both the declining 20- and 50-period intraday moving averages are maintaining the bearish bias. And the intraday RSI is capped by a declining trendline. As long as 120.55 holds as the key resistance, the pair is expected to head towards the first downside target at 117 .
Trading recommendations: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 121.30. A break of that target will move the pair further downwards to 122.35. The pivot point stands at 120.55. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 121.30 and the second target at 122.35.
Resistance levels: 121.30 122.35 123
Support levels: 117 116.20 115.65
More analysis - at instaforex.com
Daily analysis of GBP/USD for August 26, 2015
On the daily chart, GBP/USD performed a pullback to the resistance level of 1.5761, after bullish momentum which this pair had recived in the beggining of the week. That is why we should be aware of a possible test around the level of 1.5640, where the pair could do another rebound. The MACD indicator is still at positive territory.
The pair is forming a lower low pattern below the resistance level of 1.5715. Currently, it is looking for strong dynamic support at the 200 SMA in the H1 chart. This could give another bullish breath to the pair in order to ride the overall bullish trend. The upside road shows that the resistance levels are found at 1.5715 and 1.5763. The MACD indicator becomes oversold.
Daily chart's resistance levels: 1.5761 / 1.5881
Daily chart's support levels: 1.5640 / 1.5543
H1 chart's resistance levels: 1.5715 / 1.5763
H1 chart's support levels: 1.5680 / 1.5632
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 seen at 1.5715, take profit is at 1.5763, and stop loss is at 1.5665.
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Elliott wave analysis of EUR/NZD for August 27, 2015
Technical summary:
Small consolidation seen over the last couple of days does look like a small triangle. As we think the final rally in wave (iii) is still missed, we regard this triangle as red wave 8iv) and will be looking for one more rally higher in red wave iv to 1.9141. We are aware of the risk of being a b-wave triangle. In this case, we will see a break below support at 1.7426 in order to make a decline towards 1.6495.
Trading recommendation:
We will buy on a break above 1.7866 with stop placed at 1.7420 or we will sell on a break below support at 1.7426 with stop placed at 1.7870 (one order cancels the other)
More analysis - at instaforex.com
Technical analysis of EUR/USD for August 28, 2015
When the European market opens, economic news about Italian 10-y Bond Auction, Spanish Flash CPI y/y, and German Prelim CPI m/m is due to release. The US will publish data on the Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m, and Goods Trade Balance. So amid the reports, EUR/USD will move low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1297.
Strong Resistance:1.1291.
Original Resistance: 1.1280.
Inner Sell Area: 1.1269.
Target Inner Area: 1.1243.
Inner Buy Area: 1.1217.
Original Support: 1.1206.
Strong Support: 1.1195.
Breakout SELL Level: 1.1189.
More analysis - at instaforex.com
Elliott wave analysis of EUR/JPY for September 1, 2015
Technical summary:
There are still no changes in the view - We expect an upside breakout through the minor resistance at 136.62 confirming a continuation higher towards 139.02 and 141.06. A break below support at 135.23 could take place, but we think the downside potential should be limited. Only a break below the important support level of 133.27 will indicate a much more complex correction unfolding from a high of 141.06.
Trading recommendation:
We are long EUR from 136.42 with stop placed at 134.90. If you are not long EUR yet, buy a break above 136.62 with a stop at 135.60
More analysis - at instaforex.com
Technical analysis of EUR/USD for September 02, 2015
When the European market opens, some economic news on the PPI m/m and Spanish Unemployment Change will be released .The US will unveile readings for Beige Book, Crude Oil Inventories, Factory Orders m/m, Revised Unit Labor Costs q/q, Revised Nonfarm Productivity q/q, and ADP Non-Farm Employment Change. So amid the reports, EUR/USD will move with medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1350.
Strong Resistance:1.1344.
Original Resistance: 1.1333.
Inner Sell Area: 1.1322.
Target Inner Area: 1.1296.
Inner Buy Area: 1.1270.
Original Support: 1.1259.
Strong Support: 1.1248.
Breakout SELL Level: 1.1242.
More analysis - at instaforex.com
US dollar leaps on volatile stock markets
The US dollar bounced Thursday as global investors scaled back on riskier equities, aggravated by China's devitalizing economy and its volatile stock markets. China's degenerating economy and woes about global growth pressed investors to cut bets in the euro and the Japanese yen. The greenback finished at $1.1210 per euro. Versus the Japanese yen, the dollar closed at ¥120.655. We believe additional easing is possible before the year ends. Such message should uphold sentiment, “which so far has been a drag on risky assets,” said strategists at Barclays. With China's markets shut for a national holiday, investors will now focus on the European Central Bank policy meeting today.
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Technical analysis of EUR/USD for September 04, 2015
When the European market opens, economic news on the Revised GDP q/q, Retail PMI, and German Factory Orders m/m is due to be released. The US will publish economic data on the Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So amid the reports, EUR/USD will move with medium to high volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1176.
Strong Resistance:1.1170.
Original Resistance: 1.1159.
Inner Sell Area: 1.1148.
Target Inner Area: 1.1112.
Inner Buy Area: 1.1096.
Original Support: 1.1085.
Strong Support: 1.1074.
Breakout SELL Level: 1.1068.
More analysis - at instaforex.com