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Wave Analysis by InstaForex

This is a discussion on Wave Analysis by InstaForex within the Analytics and News forums, part of the Trading Forum category; Forex Analysis & Reviews: Forecast for AUD/USD on September 17, 2021 AUD/USD On Thursday, under the influence of the general ...

      
   
  1. #1011
    Senior Member InstaForex Gertrude's Avatar
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    Forex Analysis & Reviews: Forecast for AUD/USD on September 17, 2021

    AUD/USD
    On Thursday, under the influence of the general strengthening of the US dollar, the US currency index rose by 0.41%, while the Australian currency lost 0.55% (39 points). The price stopped at the MACDindicator line of the daily scale and is currently weighing alternative plans - whether to consolidate below this indicator line (0.7275) for a subsequent decline to the promising target of 0.7065, or turn upwards from it to the first target along the Fibonacci line 38.2% on the 0.7450 price. The Marlin Oscillator has already entered the territory of the downward trend, but the basis for the future movement will be set only by the Federal Reserve meeting on September 22nd.



    On the four-hour chart, the price is developing in a completely downward trend: the MACD line has turned down, Marlin is in the zone of negative values. And if the price does not turn upwards from the support of the daily timeframe (MACD line), then after the price settles below yesterday's low of 0.7275, a downward movement may develop until the Fed's announcements.



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  2. #1012
    Senior Member InstaForex Gertrude's Avatar
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    Forex Analysis & Reviews: Elliott wave analysis of Ripple for September 20, 2021



    Ripple should move closer to the 61.8% corrective target near 0.8560 before completing the corrective decline in wave ii. If so, we will be looking for the next strong impulsive rally in wave iii towards 2.3227 and maybe even higher. In the short term, we see resistance near 1.0526, which is expected to cap the upside for the corrective decline to 0.8560 and the higher in the next impulsive rally towards 2.3227.

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  3. #1013
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    Forex Analysis & Reviews: Trading plan for EURUSD for September 21, 2021

    Technical outlook:
    EURUSD might have carved an interim bottom around 1.1700 mark on Monday. The currency pair has bounced off through 1.1740 mark and has also produced a pinbar candlestick on the daily chart. High probability remains for bulls to take control back from here and push towards 1.1850, 1.1950 and 1.2050 potential targets.

    EURUSD is probably into its last leg of the counter trend rally, which had begun since 1.1660 lows. The down gartley should likely terminate around 1.2050 mark, which is also the Fibonacci 0.618 retracement of the recent downswing (1.2266 to 1.1660). Bears might come back in control thereafter.

    EURUSD is seen to be trading around 1.1735 level at this point in writing and is expected to push higher against 1.1660 mark. Immediate support is seen at 1.1660, while resistance comes in around 1.1850, followed by 1.1900 levels respectively. Only a drop below 1.1660 would change the above bullish scenario.

    Trading plan:
    Potential towards 1.2050 against 1.1660
    Good luck!

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    Last edited by InstaForex Gertrude; 09-22-2021 at 06:35 AM.
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  4. #1014
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    Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 22, 2021



    EUR/JPY made it almost back to the start of wave i at 127.92. We have seen the low of wave ii at 127.95. Wave ii is allowed to correct to 99.99% of wave ii, but not more and therefore should stay above 127.92 or else, we will need to make a revision of our preferred count.

    As long as short-term key-support at 127.92 is able to act as a floor, we will be looking for a break above minor resistance at 128.70 and more importantly a break above resistance at 129.55 as confirmation that wave ii has been completed and wave iii is unfolding towards 134.24 and135.42 .

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  5. #1015
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    Forex Analysis & Reviews: EURJPY short-term bullish bounce | 23rd Sep 2021



    Price is holding below the descending trendline resistance, however we are expecting price to be making a short-term bullish bounce as price is seen to bounce off the 1st support. We can expect the price to bounce from the 1st Support and ride the bullish momentum towards the 1st resistance in line with 61.8% Fibonacci projection, 61.8% Fibonacci retracement and descending trendline resistance. Our short-term bullish bias is further supported by the MACD indicator where the MACD line cross over the signal line.

    Trading Recommendation
    Entry: 84.760
    Reason for Entry:
    78.6% Fibonacci projection
    Take Profit: 86.999
    Reason for Take Profit:
    61.8% Fibonacci projection
    Stop Loss: 83.571
    Reason for Stop Loss:
    127.% Fibonacci Retracement

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  6. #1016
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    Forex Analysis & Reviews: USDJPY short-term bearish drop | 24th Sep 2021



    Price is holding above the ascending trendline support, however we are expecting the price to be making a short-term bearish drop as price has approached a strong resistance level where price reversed twice at that level. We can expect the price to drop from the 1st Resistance and ride the bearish momentum towards the 1st Support in line with 61.8% Fibonacci Retracement and 78.6% Fibonacci Projection. Our short-term bearish bias is further supported by the Stochastic indicator where the %K line touches the resistance level awaiting for a drop.

    Trading Recommendation
    Entry: 110.431
    Reason for Entry:
    127.2% Fibonacci Projection
    Take Profit: 109.610
    Reason for Take Profit:
    61.8% Fibonacci retracement and 78.6% Fibonacci projection
    Stop Loss: 110.794
    Reason for Stop Loss:
    -27.2% Fibonacci Retracement and 161.8% Fibonacci projection

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  7. #1017
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    Forex Analysis & Reviews: USDJPY short-term bearish drop | 27th Sep 2021



    Price is holding above the ascending trendline support, however we are expecting the price to be making a short-term bearish drop as price has approached a strong resistance level where price reversed thrice at that level. We can expect the price to drop from the 1st Resistance and ride the bearish momentum towards the 1st Support in line with 100% Fibonacci Projection and 78.6% Fibonacci Retracement. Our short-term bearish bias is further supported by the Stochastic indicator where the %D line touches the resistance level awaiting for a drop.

    Trading Recommendation
    Entry: 110.813
    Reason for Entry:
    78.6% Fibonacci Projection
    Take Profit: 109.120
    Reason for Take Profit:
    100% Fibonacci Projection and 78.6% Fibonacci Retracement
    Stop Loss: 111.652
    Reason for Stop Loss:
    -61.8% Fibonacci Extension and 127.2% Fibonacci projection

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  8. #1018
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    Forex Analysis & Reviews: AUDCAD bullish bounce| 28th Sep 2021



    Price is holding above the descending trendline resistance turn support, showing a strong bullish momentum. Price is approaching the trendline support to retest and we can expect price to bounce up from 1st Support in line 127.2% Fibonacci Projection and previous swing low, towards the 1st Resistance in line with 127.2% Fibonacci retracement and 78.6% Fibonacci projection. Our bullish bias is further supported by the Stochastic indicator where the %K line is abiding to a ascending trendline.

    Trading Recommendation
    Entry: 0.91127
    Reason for Entry:
    127.2% Fibonacci Projection
    Take Profit: 0.93793
    Reason for Take Profit:
    127.2% Fibonacci Retracement and 78.6% Fibonacci Projection
    Stop Loss: 0.90243
    Reason for Stop Loss:
    161.8% Fibonacci Projection and 127.2% Fibonacci Retracement

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  9. #1019
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    Forex Analysis & Reviews: Trading plan for EURUSD for September 29, 2021



    Technical outlook:
    EURUSD might have carved a higher low around 1.1668 levels on Tuesday before pulling back. The currency could be looking to turn bullish from here and a break above 1.1750 will confirm the same. The counter trend rally still remains possible until prices stay above 1.1660 levels going forward. Bulls remain poised to push higher towards 1.2050 at least.

    The recent boundary which is being worked upon is between 1.2266 and 1.1660 levels respectively. Also note that fibonacci 0.618 retracement of the above drop is seen passing through 1.2050-1.2100 zone. If bulls manage to push through the above zone, high probability remains for a turn lower since resistance will be strong.

    The bigger picture for EURO remains bearish towards 1.1300, which is the Fibonacci 0.618 retracement of previous rally between 1.0636 and 1.2350 levels respectively. A drop there would warrant potential bullish reversal going forward.

    Trading plan:
    Potential rally towards 1.2050, against 1.1650.
    Good luck!

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  10. #1020
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    Forex Analysis & Reviews: GBPJPY bullish bounce| 30th Sep 2021



    Price is reacting below the descending trendline resistance on the daily timeframe this shows an overall bearish trend, however we can expect a short-term bullish momentum for the price to bounce back to the resistance level. We can expect the price to bounce from the 1st Support in line with 61.8% Fibonacci Projection and 38.2% Fibonacci Retracement towards the 1st Resistance in line with 61.8% Fibonacci projection. Our bullish bias is further supported by the stochastic indicator where the %K line bounced from the support line.

    Trading Recommendation
    Entry:149.922
    Reason for Entry:
    38.2% Fibonacci Retracement and 61.8% Fibonacci projection
    Take Profit: 152.161
    Reason for Take Profit:
    61.8% Fibonacci projection
    Stop Loss: 149.156
    Reason for Stop Loss:
    78.6% Fibonacci projection

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