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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 EUR/USD on October 15, 2021 EUR/USD Yesterday, the euro closed the day with a ...

      
   
  1. #1031
    Senior Member InstaForex Gertrude's Avatar
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    Forex Analysis & Reviews: Forecast for EUR/USD on October 15, 2021

    EUR/USD
    Yesterday, the euro closed the day with a symbolic growth of 1 point, the peak growth was 30 points, so yesterday can be considered corrective. US retail sales data for September are due tonight, forecast at -0.3%. In the euro area, an increase in the trade balance for August is expected from 13.4 billion euros to 15.3 billion. The euro will likely rise. The growth target is the MACD line in the 1.1668 area.



    On the four-hour scale, the Marlin Oscillator was discharged from the overbought zone yesterday, now it is ready to continue rising. The correction developed above the balance indicator line, which means that investors are still interested in buying.



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  2. #1032
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    Forex Analysis & Reviews: Technical Analysis of EUR/USD for October

    Technical Market Outlook:
    The EUR/USD pair had been rejected from the technical resistance seen at level of 1.1613, which is very close to the upper channel line. The series of some Pin Bars around this level is indicating as possible down move continuation towards the level of 1.1562 (intraday technical support), 1.1539 (technical support) or 1.1514 (the key short-term technical support).

    On the other hand, the level of 1.1497 remains the key long-term technical support for bulls and any violation of this level will be seen as very negative for bulls. Please notice the market keeps trading inside of the descending channel, so the bears are still in control of the market.

    Weekly Pivot Points:
    WR3 - 1.1742
    WR2 - 1.1684
    WR1 - 1.1640
    Weekly Pivot - 1.1582
    WS1 - 1.1545
    WS2 - 1.1479
    WS3 - 1.1445

    Trading Outlook:
    The market is in control by bears that pushed the prices towards the level of 1.1562, which is the lowest level since November 2020. The next target for bears is seen at the level of 1.1497. The up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021) only if bullish cycle scenario is confirmed by breakout above the level of 1.1909 and 1.2000.



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  3. #1033
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    Forex Analysis & Reviews: Elliott wave analysis of Copper for October 19, 2021



    After a temporary correction in wave 4/ copper is on its way towards a new all-time high and a move closer to the next target at 5.07 and 5.76. If Copper takes a moon-shot, we could see Copper aim for 6.88 where wave 5/ will be equal in length to the distance traveled from the start of wave 1/ through to the peak of wave 3/ added to the low of wave 4.

    Support is now seen at 4.44 with key support seen at 4.01.


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  4. #1034
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    Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 20, 2021



    EUR/JPY has extended its sub-wave iii/ closer to the wave iii peak at 134.12. However, a correction in sub-wave iv/ should be expected soon towards support near 132.12 before the final impulsive rally towards the long-term target for wave 5/ and 3.

    As JPY-crosses often form triangle consolidation in their fourth waves, we will be looking for a triangle consolidation in sub-wave iv/ .

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  5. #1035
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    Forex Analysis & Reviews: Elliott wave analysis of AUD/USD for October



    AUD/USD has broken above resistance at 0.7478 indicating that wave A completed with the test of 0.7106 in late August and wave B is now in motion. B-waves are the most difficult waves to predict as all kinds of combinations may occur. Wave A was in three waves and that calls for only two possibilities for wave B. It can be a flat correction, which calls for a rally back to at least 0.7890 and possibly closer to the start of wave A at 0.8007. Wave B can be a triangle in which case we could see a rally to between 0.7614 to 0.7814 before topping and then move lower near 0.7765.

    Only time will show how wave B develops. Once wave B is completed, C will be a five-wave decline to complete wave 2 and set the stage for a new impulsive rally in wave 3.

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  6. #1036
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    Forex Analysis & Reviews: Gold respects cloud support.

    Gold price continues to respect the cloud support in the 4 hour chart and once again bounces off the cloud. Gold price is at $1,788 having made a higher low at the cloud support at $1,777. Gold price faces a major resistance trend line now and breaking above it will be an important bullish sign.



    Black line - major resistance trend line

    Gold price is trading above the Kumo and above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Support is at $1,782, $1,778 and $1,772. Holding above the cloud is crucial for the short-term trend. Bulls need to show more signs of strength in order for more upside to be expected. So far short-term trend is in bull's control. Breaking above $1,790-$1,800 is important not only because of the major trend line, but because there we also find the upper cloud resistance in the Daily chart. A break out in a Daily time frame provides added support to the bullish scenario for a move towards $1,860 and higher.

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  7. #1037
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    Forex Analysis & Reviews: USDCHF bullish momentum | 25nd Oct 2021



    Price is seen to be reacting in a potential triangle. We can expect price to make a short-term bullish bounce from the 1st support in line with 61.8% Fibonacci retracement, towards the 1st Resistance in line with 127.2% Fibonacci projection and 38.2% Fibonacci retracement. Our short-term bullish bounce is further supported by the stochastic indicator where the %K line bounces off the support level.

    Trading Recommendation
    Entry: 0.91510
    Reason for Entry:
    61.8% Fibonacci retracement
    Take Profit: 0.92278
    Reason for Take Profit:
    127.2% Fibonacci projection and 38.2% Fibonacci retracement
    Stop Loss: 0.91336
    Reason for Stop Loss:
    127.2& Fibonacci projection

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  8. #1038
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    Forex Analysis & Reviews: Technical Analysis of GBP/USD for October 26, 2021



    Technical Market Outlook
    The GBP/USD pair has failed to break through the technical resistance located at 1.3790. The momentum remains positive, but is not that strong yet as the market conditions are coming off the overbought levels and the bearish pressure intensify. The immediate technical support is seen at the level of 1.3726. The larger time frame trend remains up and the bulls have a chance to make a Bullish Engulfing candlestick pattern at the daily time frame chart.

    Weekly Pivot Points:
    WR3 - 1.3933
    WR2 - 1.3884
    WR1 - 1.3802
    Weekly Pivot - 1.3757
    WS1 - 1.3683
    WS2 - 1.3629
    WS3 - 1.3554

    Trading Outlook:
    The up trend on a larger time frame charts is being continued, but only a sustained breakout above the level of 1.4000 would improve the outlook to more bullish with a target at 1.4200. 100 DMA is located at the level of 1.3792 and 200 DMA is seen at 1.3846.

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  9. #1039
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    Forex Analysis & Reviews: GBPJPY facing bullish pressure, potential for more upside!



    Price is consolidating within the ascending channel and reacting above the ascending channel support. Price could potentially bullish from 1st support at 156.719 in line with 23.6% Fibonacci retracement and 61.8% Fibonacci extension to 1st resistance at 158.888 in line with 127.2% Fibonacci retracement and 78.6% Fibonacci extension. Our bullish bias is further supported by how price is trending above the Ichimoku cloud and also by how RSI is abiding to the ascending trendline support. Otherwise price may bearish towards 2nd support at 155.357 in line with 38.2% Fibonacci retracement and 100% Fibonacci extension.

    Trading Recommendation
    Entry: 156.719
    Reason for Entry:
    23.6% Fibonacci retracement and 61.8% Fibonacci extension
    Take Profit: 158.888
    Reason for Take Profit:
    127.2% Fibonacci retracement and 78.6% Fibonacci extension
    Stop Loss: 155.357
    Reason for Stop Loss:
    38.2% Fibonacci retracement and 100% Fibonacci extension.

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  10. #1040
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    Forecast for AUD/USD on October 28, 2021

    The Australian dollar is forming a sideways short-term trend.

    On Wednesday, as in the previous two days, the Australian dollar continued to rise to the target level of 0.7566, set by the lows of March 25 and February 2 this year. Overcoming this level will open the next target of 0.7646 - the low on June 3. But in today's Asian session, the fall has blocked yesterday's growth, the Marlin Oscillator has outlined a downward reversal. This is probably a lateral movement before further growth. Unless, of course, the level of 0.7414 is overcome, which may lead to a decline to the MACD line on the daily in the area of 0.7325.



    At 2.00 am ET Thursday, Destatis is scheduled to issue Germany's factory orders for December. Orders are forecast to climb 0.6 percent on month, reversing a 1.3 percent drop in November.

    Ahead of the data, the euro traded mixed against its major rivals. While the euro rose against the franc, it held steady against the rest of major rivals. The euro was worth 1.1000 against the greenback, 120.90 against the yen, 1.0713 against the franc and 0.8471 against the pound as of 1:55 am ET.

    On the four-hour chart, the price settled below the MACD indicator line (blue), while the Marlin Oscillator entered negative territory. Short-term pressure on the price has increased. In general, the AUD/USD pair has no pronounced signals in either direction - the chance of quickly reaching the support of 0.7445 did not materialize with the support of such a scenario by technical indicators, but the pressure will remain for some time, the price will develop in a sideways range.




    *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.[/B]

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