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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 29, 2021 The euro grew by 49 points on Thursday, but ...

      
   
  1. #1041
    Senior Member InstaForex Gertrude's Avatar
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    Forex Analysis & Reviews: Forecast for EUR/USD on October 29, 2021

    The euro grew by 49 points on Thursday, but not on the basis of the European Central Bank meeting to determine the decision on the fate of PEPP in December, but on the disappointing US GDP for the third quarter, which amounted to 2.0% against the expected 2.6%.



    On the daily scale chart, the price crossed the balance and MACD indicator lines, as well as the signal level of 1.1669. Now the target is open at 1.1750 - resistance on September 21-24. Overcoming the level opens the second target at 1.1852, which is likely to be achieved, as investors paid more attention to the US indicators. Today we will receive data on expenses and income of individuals for September, forecasts for which are weak: income -0.2%, expenses 0.5% against 0.8% in August. On Monday, the ISM manufacturing PMI for October is expected to decline from 61.1 to 60.4, on Wednesday the volume of industrial orders for September may show a decrease of 0.1%, which will lead to a downward revaluation of GDP, and may also deter the Fed from optimistic forecasts at the meeting on November 3rd.



    The situation is completely upward on the H4 chart: the price settled above the signal level of 1.1669, the Marlin Oscillator is growing in the positive area.

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  2. #1042
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    Forex Analysis & Reviews: GBPUSD facing bearish pressure, potential for more downside!



    Price is below the 1st resistance at 1.37093 in line with 23.6% Fibonacci retracement and 38.2% Fibonacci extension. Price has also shown a bearish breakout below the neckline of a possible head and shoulder pattern and also holding below the Daily 50MA. Price could potentially bearish from 1st resistance at 1.37093 in line with 23.6% Fibonacci retracement and 38.2% Fibonacci extension to 1st support at 1.36099 in line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension . Our bearish bias is further supported by how Price is holding below the Ichimoku cloud and MACD is holding below the 0 line. Otherwise price may continue to bullish to 2nd resistance at 1.37732 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension.

    Trading Recommendation
    Entry: 1.37093
    Reason for Entry:
    23.6% Fibonacci retracement and 38.2% Fibonacci extension
    Take Profit: 1.36099 Reason for Take Profit:
    78.6% Fibonacci retracement and 161.8% Fibonacci extension
    Stop Loss: 1.37732
    Reason for Stop Loss:
    61.8% Fibonacci retracement and 100% Fibonacci extension.

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  3. #1043
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    Forex Analysis & Reviews: NZDJPY facing bullish pressure, potential for more upside!



    Price has broken out of the symmetrical triangle and is above 1st support at 81.799 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension. Price could potentially bullish from 1st support at 81.799 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension to 1st resistance at 82.507 in line with -0.272% Fibonacci retracement and 78.6% Fibonacci extension. Our bullish bias is further supported by how Price is holding above the EMA and the Ichimoku cloud and RSI is abiding to an ascending trendline support. Otherwise price may continue to bearish to 2nd support at 81.350 in line with 78.6% Fibonacci retracement and 127% Fibonacci extension.

    Trading Recommendation
    Entry: 81.799
    Reason for Entry:
    38.2% Fibonacci retracement and 61.8% Fibonacci extension
    Take Profit: 82.507
    Reason for Take Profit:
    -0.272% Fibonacci retracement and 78.6% Fibonacci extension
    Stop Loss: 81.350
    Reason for Stop Loss:
    78.6% Fibonacci retracement and 127% Fibonacci extension.

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  4. #1044
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    Forex Analysis & Reviews: Trading plan for GBP/USD on November 3, 2021

    The GBP/USD pair closed yesterday below the defining support zone of the Weekly Control Zone 1/2 1.3661-1.3644. This allows us to consider today's growth as an opportunity to search for selling prices.

    The opening level of yesterday's trading is decisive, so it can be used as the most favorable selling price for this instrument in the case of today's upward movement. The maximum correction zone is the WCZ 1/4 1.3699-1.3691. The target of the bearish impulse was the Weekly Control Zone 1.3489-1.3455. There is a 75% probability of testing these levels.



    It is not profitable to consider buying options, since the downward movement is a medium-term impulse, which increases the probability of repeated updates of the weekly minimum to 80%. This week's main task is to find favorable prices for sale.

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  5. #1045
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    Forex Analysis & Reviews: Forecast for EUR/USD on November 4, 2021

    Yesterday's Federal Reserve meeting was a little "softer" than the markets expected. The central bank cut the asset repurchase program on its balance sheet by $15 billion a month, but strenuously stressed that there is still a long way to a rate hike. Investors reacted accordingly - they sold the dollar. Moreover, the trading volumes were not large, slightly above average, and almost the entire volume was selected in the first hour after the release.



    On the technical side, the likelihood of growth, of course, increased, but strategically the situation remained the same as a day ago; for the growth to develop, the price must settle above the MACD line on the daily chart, above 1.1622. And if the price goes below the level of 1.1572, the risk of price convergence with the Marlin Oscillator opens up again. But as this probability has become lower, it is now indicated by the dotted lines.



    On the four-hour chart, the main change was that the price went above the balance indicator line. If yesterday's initial momentum is maintained, the price will break above 1.1622 and above 1.1630, breaking the MACD line on its timeframe. The Marlin Oscillator is in the positive area. The price has a chance to rise. But... the probability of a price increase is 55%. This is due to the fact that at the same time as the price rises, the technical pressure on it also increases. As mentioned above, strategically, nothing has changed over the past day. Today is likely to pass in anticipation of the market's decision in such a difficult situation.

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  6. #1046
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    Forex Analysis & Reviews: USDJPY potential bullish momentum | 5th Nov 2021



    Price is currently reacting in a triangle and a bullish pennant pattern. We can expect price to bounce from 1st support in line with 88% Fibonacci retracement and 78.6% Fibonacci projection towards the 1st Resistance level in line with 61.8% Fibonacci projection. Our short-term bullish bias is further supported by RSI approaching the support level.

    Trading Recommendation
    Entry: 113.551
    Reason for Entry:
    88% Fibonacci retracement and 78.6% Fibonacci projection
    Take Profit: 114.024
    Reason for Take Profit:
    61.8% Fibonacci projection
    Stop Loss: 113.412
    Reason for Stop Loss:
    100% Fibonacci projection

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  7. #1047
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    Forex Analysis & Reviews: USDCAD bullish bounce | 8rd Nov 2021



    On the H4, with price bouncing off the support on the RSI indicator and price moving above the ichimoku cloud, we have a bullish bias that price will rise from 1st support at 1.24286 in line with the 50% Fibonacci retracement levels and the horizontal overlap support to 1st resistance at 1.24796 in line with the graphical swing high resistance and possibly even to 2nd resistance at 1.24964 in line with the graphical swing high from 12th of October. Alternatively, we may see price break 1st support structure and head for 2nd support at 1.24024 in line with the 78.6% Fibonacci retracement level and horizontal overlap support.

    Trading Recommendation Entry: 1.24286
    Reason for Entry:
    50% Fibonacci retracement levels and the horizontal overlap support
    Take Profit:1.24796
    Reason for Take Profit:
    graphical swing high resistance
    Stop Loss:1.24024
    Reason for Stop Loss:
    78.6% Fibonacci retracement level and horizontal overlap support

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  8. #1048
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    Forex Analysis & Reviews: USDCHF potential bearish drop | 9th Nov 2021



    On the H4 timeframe, price is now abiding to a descending trendline resistance, signifying bearish momentum. We can now expect price to make a drop from the 1st resistance in line with 61.8% Fibonacci retracement and 61.8 % Fibonacci projection towards the 1st Support in line with 78.6% Fibonacci projection and 78.6% Fibonacci retracement. Price is currently in the middle of the descending trendline resistance and ascending trendline support, hence traders should wait for the price to swing higher or lower before entering into the trade.

    Trading Recommendation
    Entry: 0.91690
    Reason for Entry:
    61.8% Fibonacci retracement and 61.8 % Fibonacci projection
    Take Profit: 0.91690
    Reason for Take Profit:
    78.6 % Fibonacci projection
    Stop Loss: 0.919325
    Reason for Stop Loss:
    100% FIbonacci projection and 78.6% Fibonacci retracement

    Analysis are provided byInstaForex.
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  9. #1049
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    Forex Analysis & Reviews: Forecast for AUD/USD on November 10, 2021

    The Australian dollar is already close to a mid-term pivot point. On a daily scale, the price with the Marlin Oscillator has almost formed a powerful double convergence. The price only needs to go down a bit, and the signal line of the oscillator will touch the line forming the convergence. The MACD line (0.7330) may not even be reached.



    A double convergence is also forming on the four-hour chart. After its completion, the trend is likely to reverse upwards. The price exit above the MACD line, above the level of 0.7433 (yesterday's high), will confirm this reversal in the mid-term trend.



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  10. #1050
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    Forex Analysis & Reviews: Forecast for EUR/USD on November 11, 2021

    The euro fell by 113 points yesterday, which confirmed the variant with the formation of convergence before, as expected, a reversal into medium-term growth. The target of the movement is the 1.1448 level - the high on March 17, 2019. The price may move below the level, for example, to 1.1420, this is the level of the peaks of June 2020 and June 2019.



    Of course, the strengthening of the dollar across the market was associated with a strong increase in the CPI in October estimates to 6.2% (forecast 5.8%), but the Federal Reserve needs to get data on the real sector to change its sentiment, and such data as retail sales, growth industrial production, the volume of civil construction will be next week. Investors also need this data, and therefore, after yesterday's rally, they can take a break.



    On the four-hour scale, the price settled under the balance and MACD indicator lines, the Marlin Oscillator has already deeply entered the downtrend zone, so we expect the decline to slow down. We are waiting for the formation of technical reversal signs.

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