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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 USD/JPY on November 26, 2021 Yesterday, the dollar against the yen could not withstand ...

      
   
  1. #1061
    Senior Member InstaForex Gertrude's Avatar
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    Forex Analysis & Reviews: Forecast for USD/JPY on November 26, 2021

    Yesterday, the dollar against the yen could not withstand the pressure from technical factors and this morning fell to the signal level of 114.71 (October 20 high). After the price drops below this level, the USD/JPY pair may continue to move to the magnetic point at 113.20 - to the point of intersection of the price channel line with the MACD line. The price can overcome the target, since below it is the second target level of 112.74, which is desirable for the bulls to work out if they intend to advance further - to create a false downward movement.



    To complete the bearish picture, the signal line of the Marlin oscillator does not reach the negative area. Perhaps this will happen when the price goes below the signal level.



    The price almost touched the MACD line on the four-hour chart. Settling below it, as well as below the level of 114.71, will become a condition for further price movement to the downside. The Marlin Oscillator is already in the negative zone.

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  2. #1062
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    Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 29, 2021



    EUR/JPY broke below support at 128.44 which told us that every thing we have seen since the June high at 134.12 is part of a major flat correction. This correction should find its low in the 124.25 - 124.50 area for the final impulsive rally towards at least 135.04 and ideally closer to resistance at 139.70.

    Short-term a break above minor resistance at 129.60 will indicate that the wave 4/ correction has completed and wave 5/ higher towards at least 135.04 is in motion

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  3. #1063
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    Forex Analysis & Reviews: USD/CAD Ignores DXY

    USD/CAD edged higher after ending its minor retreat. You already know from my previous analysis that the currency pair could still grow as the bias remains bullish. Now, it challenges the 1.2799 static resistance, the former high. A valid breakout could activate the upside continuation.

    Later, the fundamentals may drive the pair, so you should be careful. The Canadian GDP is expected to register a 0.0% rise versus 0.4% in the previous reporting period. On the other hand, the US CB Consumer Confidence could drop from 113.8 to 110.8 points, while the Chicago PMI is expected at 67.1 points below 68.4 in the previous reporting period.

    USD/CAD STRONGLY BULLISH!



    As you can see on the h4 chart, USD/CAD found strong support on the weekly pivot point (1.2737) and now is trading back above the ascending pitchfork's median line (ML). It pressures the 1.2799 level. If the price closes and stabilizes above it could signal potential further growth. Still, in the short term, we cannot exclude a temporary drop. It could come back to test and retest the median line (ML) before resuming its growth.

    OUTLOOK FOR USD/CAD!

    Jumping, closing, and stabilizing above 1.2799 could activate the upside continuation and could bring fresh long opportunities.

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  4. #1064
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    Forex Analysis & Reviews: Forecast for EUR/USD on December 1, 2021

    Yesterday, the euro traded in a range of 150 points and, despite the growth at the end of the day, the single currency entered into an ambiguous position. On the one hand, the price is preparing to overcome the signal-target level of 1.1375, but even if this happens, a stronger resistance at 1.1448 will open, which is approached by the MACD line.

    USD/CAD STRONGLY BULLISH!



    On the other hand, the wide-range itself is a reversal pattern, the Marlin Oscillator does not leave the negative zone, and the euro is declining this morning. The development of the downward movement may lead the price to reach the target level of 1.1170, breaking it will open the second bearish target at 1.1050.



    On the four-hour scale, it is noticeable that the MACD indicator line acted as support for yesterday's range. This is a sign of further price growth. The Marlin Oscillator is declining, but in a growing trend zone. The likelihood of the euro going up and down is almost the same. Settling above 1.1448 will become a condition for the mid-term growth of the euro.

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  5. #1065
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    Forex Analysis & Reviews: Forecast for AUD/USD on December 2, 2021

    On Wednesday, the Australian dollar, like on Tuesday, worked out a range of target levels, only a smaller range: 0.7107/71. This morning, the price shows an intention to rise again, and the Marlin Oscillator, which is unfolding from the oversold zone, helps it. If on Friday, when the US employment data will be released, the price overcomes the 0.7171 level that is not yet amenable to it, then the target level 0.7227 will soon be taken, and then there may be a bullish mood at 0.7316, that is, to the daily MACD line scale. This level also coincides with the high of September 2018.



    On the 4-hour chart, the rising price sentiment is being held by the Marlin Oscillator. Until its signal line goes under the line forming the convergence, one can hope for growth to 0.7171 and even for consolidation above the level. But if the price overcomes yesterday's low (0.7096), which will mean a fall in the oscillator, then the speculators' target will be the level of 0.7065 that was previously reached. Finally, if US employment data turns out to be good, the price may continue to decline to 0.7007 (September 2020 low).



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  6. #1066
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    Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for December 6, 2021



    GBP/JPY would ideally move a bit lower to test the ideal corrective target at 148.83 to complete wave iv/ and set the stage for a new impulsive rally towards at least 160.40 and ideally closer to 163.39 to complete wave v/ and iii.

    That said, we can see that GBP/JPY is testing a support-line which could prevent GBP/JPY from the final dip to test the ideal corrective target at 148.83. If this is the case, then a break above minor resistance at 152.59 will be seen soon.

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  7. #1067
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    As for the technical picture of the EURUSD pair, an unsuccessful attempt to get beyond the resistance level of 1.1885 led to the expected downward correction in the trading instrument, which will likely be limited to support levels around 1.1830 and 1.1805.
    Last edited by osmana; 12-08-2021 at 04:58 AM.

  8. #1068
    Senior Member InstaForex Gertrude's Avatar
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    Forex Analysis & Reviews: AUDUSD bearish continuation | 7th Dec 2021



    On the H4, price is abiding to the descending trendline resistance, signifying bearish momentum. Price dropped below the daily overlap support, we can expect price to drop from 1st Resistance in line with 38.2% FIbonacci retracement and 61.8% Fibonacci projection towards 1st Support in line with 161.8% Fibonacci extension. Our bearish bias is further supported by the Ichimoku cloud indicator acting as a resistance.

    Trading Recommendation
    Entry:0.70615
    Reason for Entry:
    38.2% FIbonacci retracement and 61.8% Fibonacci projection
    Take Profit: 0.69940
    Reason for Take Profit:
    161.8% Fibonacci extension
    Stop Loss: 0.71033
    Reason for Stop Loss:
    61.8% Fibonacci retracement and 100% Fibonacci projection

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  9. #1069
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    Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for December 8, 2021



    GBP/JPY should be close to a completion of the correction in wave iv/. Ideally we will see a final spike down to test support at 148.83. However, GBP/JPY is testing a minor support-line which could prove to be strong enough to protect further downside progress and push GBP/JPY higher through minor resistance at 152.42 as confirmation that wave 5/ of iii is unfolding towards at least 160.54 and ideally closer to the 163.39 target.

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  10. #1070
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    Forex Analysis & Reviews: Forecast for USD/JPY on December 9, 2021

    Yesterday the Japanese yen traded in a range of 65 points, but the day was closed with a white candle and settling above the daily MACD line (blue sliding line) was confirmed.



    The Marlin Oscillator is approaching the border with the growth territory. This is a sign that the signal level of 113.96 (yesterday's high) is technically increasing its value - crossing and settling on it can be synchronized in time with the oscillator's transition to the positive area, which will strengthen the upward potential. The target for growth is the 115.80-116.15 range. Returning under the price channel line (113.21) will provoke an attack on the bearish signal level of 112.54, the crossing of which, in turn, will direct the price to the lower line of the price channel of 110.77.



    On the four-hour scale chart, the price settled above the MACD indicator line, the Marlin Oscillator is in a sideways local trend, but in the zone of positive values. The probability of further growth is 70%.

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