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GBP/USD approaching resistance, potential drop!
https://forex-images.ifxdb.com/userf...d5141b6b95.png
GBPUSD is approaching our resistance at 1.3118 (horizontal overlap resistance, 61.8% Fibonacci retracement , 61.8% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 1.3039 (61.8% Fibonacci retracement , horizontal swing low support). Stochastic is also approaching resistance where we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Analysis are provided byInstaForex.
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XAU/USD approaching resistance, potential drop!
https://forex-images.ifxdb.com/userf...e9cd367deb.png
XAUUSD is approaching our first resistance at 1307.84 (61.8% Fibonacci retracement , 61.8% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 1297.82 (38.2% Fibonacci retracement , 100% Fibonacci extension ). Stochastic (89,5,3) is also approaching resistance and seeing a bearish divergence where we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Analysis are provided byInstaForex.
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Technical analysis: Intraday Levels For EUR/USD, Apr 12, 2019
https://forex-images.ifxdb.com/userf...ffbb14ac12.jpg
When the European market opens, some economic data will be released such as Industrial Production m/m. The US will also publish the economic data such as Treasury Currency Report, Prelim UoM Inflation Expectations, Prelim UoM Consumer Sentiment, Import Prices m/m, and Import Prices m/m, so amid the reports, the EUR/USD pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1315.
Strong Resistance: 1.1309.
Original Resistance: 1.1298.
Inner Sell Area: 1.1287.
Target Inner Area: 1.1261.
Inner Buy Area: 1.1235.
Original Support: 1.1224.
Strong Support: 1.1213.
Breakout SELL Level: 1.1207.
Analysis are provided byInstaForex.
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USD/CAD approaching support, potential bounce!
https://forex-images.ifxdb.com/userf...3e63a2959f.png
USDCAD is approaching our first support at 1.3295 (horizontal swing low support, short term ascending line) where a strong bounce might occur above this level pushing price up to our first resistance level at 1.3407 (horizontal swing high resistance, 61.8% Fibonacci extension , 61.8% Fibonacci retracement ). Stochastic is also approaching support where we might see a corresponding bounce in price.
Analysis are provided byInstaForex.
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XAG/USD approaching support, potential bounce!
https://forex-images.ifxdb.com/userf...537fb0d9aa.png
XAGUSD is approaching our first support at 14.83 (horizontal pullback support, 61.8% Fibonacci extension , 61.8% retracement , short term ascending line) where a strong bounce might occur to our first resistance at 15.30 (horizontal overlap resistance, 61.8% Fibonacci retracement ). Stochastic is also approaching support where we might see a corresponding bounce in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Analysis are provided byInstaForex.
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GBP/USD approaching support, potential bounce!
https://forex-images.ifxdb.com/userf...537fb0d9aa.png
GBPUSD is approaching our first support at 1.3000 (horizontal swing low support, 61.8% Fibonacci retracement , 61.8% Fibonacci extension ) where a strong drop might occur below this level to our first support level at 1.3136 (horizontal swing high resistance, 38.2% Fibonacci retracement ).
Stochastic is also approaching support where we might see a corresponding bounce in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Analysis are provided byInstaForex.
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NZD/USD approaching support, potential bounce!
https://forex-images.ifxdb.com/userf...d1c9c2f136.png
NZDUSD is approaching our first support at 0.6672 (horizontal swing low support, 61.8% Fibonacci extension . Descending channel support) where a strong bounce to our major resistance at 0.6741 (horizontal overlap resistance, 61.8% Fibonacci retracement ) might occur. Stochastic is approaching support as well.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Analysis are provided byInstaForex.
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XAU/USD approaching support, potential bounce!
https://forex-images.ifxdb.com/userf...d1c9c2f136.png
XAUUSD is approaching our first support at 1275.34 (horizontal swing low support, 38.2% Fibonacci retracement , 100% Fibonacci extension ) where a strong bounce might occur above this level pushing price up to our major resistance at 1308.70 (horizontal swing high resistance, 50% Fibonacci retracement ).
Stochastic is also approaching support where we might see a corresponding bounce in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Analysis are provided byInstaForex.
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CAD/JPY broke key support with strong bearish pressure from Ichimoku cloud, expect further drop!
https://forex-images.ifxdb.com/userf...fcdec0346c.png
Company does not offer investment advice and the analysis performed does not guarantee results
Entry : 83.48
Why it's good : horizontal pullback resistance, 23.6% fibonacci retracement Stop Loss : 83.63
Why it's good : horizontal pullback resistance, 38.2% fibonacci retracement Take Profit : 82.69
Why it's good : horizontal pullback support, 61.8% fibonacci retracement
Analysis are provided byInstaForex.
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The US following China may surprise markets with unexpectedly high GDP growth in the first quarter
https://lh3.googleusercontent.com/4D...M0W9fIOZjnl1M6
The latest temporary government shutdown, trade conflicts and a slowdown in global growth — against this background, the prospects for the first quarter for the US economy did not look promising. However, GDP data for the first three months of 2019 may surprise. After the Chinese economy unexpectedly grew during this period, it is expected that the United States will see a growth of 2.1 percent, although previously the range of analysts' estimates began from 1 percent. In the forecasts of the Atlanta Fed, the range is even more optimistic, between 2.2 and 3.4 percent. If recently most experts spoke about the weakness of the US economy, now they are expecting strong growth in the first quarter. In addition, companies have increased investment, in March, retail sales in the country grew at the fastest rate in 1.5 years - all opposed to the version of the beginning of a recession.
The unexpected reduction in the US trade deficit in February is also evidence of higher growth rates, and only weak production volumes — recall the recent first quarterly decline in industrial output after the election of Donald Trump — can explain such a wide range of estimates.
News are provided by
InstaForex.
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GBP/CHF reversed off key resistance, expect further drop!
https://forex-images.ifxdb.com/userf...11b75c8928.png
Company does not offer investment advice and the analysis performed does not guarantee results
Entry : 1.3267
Why it's good : horizontal overlap resistance, 61.8% fibonacci retracement, 61.8% Fibonacci extension
Stop Loss : 1.3430
Why it's good : horizontal swing high resistance
Take Profit : 1.2955
Why it's good : horizontal swing low support, 61.8% fibonacci extension
Analysis are provided byInstaForex.
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Technical analysis of EUR/USD for 26/04/2019
https://forex-images.ifxdb.com/userf...290e8f31f7.jpg
Technical Market Overview:
The EUR/USD market is now consolidating in a narrow range between the levels of 1.1118 - 1.1145 after the downtrend has passed a for a while due to the oversold market conditions. The momentum remains weak anyway and there is no sign of any trend reversal yet. The first important technical resistance is seen at the level of 1.1176 and the next technical support is seen at the level of 1.1109 and 1.1027.
Weekly Pivot Points:
WR3 - 1.1384
WR2 - 1.1352
WR1 - 1.1289
Weekly Pivot - 1.1254
WS1 - 1.1188
WS2 - 1.1157
WS3 - 1.1092
Trading recommendations:
The last take profit level at 1.1118 has been hit and all sell orders should be closed with profit. The traders should now wait for another trading setup to occur shortly.
Analysis are provided byInstaForex.
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NZD/USD approaching key resistance, potential reversal!
https://forex-images.ifxdb.com/userf...65d1d8ed1b.png
Price is facing bearish pressure from our first resistance where we can expect a drop below this level to our first support level. Stochastic is approaching resistance as well.
Entry : 0.6717
Why it's good : horizontal pullback resistance, 38.2% fibonacci retracement, 61.8% Fibonacci extension
Stop Loss : 0.6775
Why it's good : horizontal swing high resistance, 50% fibonacci retracement
Take Profit : 0.6585
Why it's good : horizontal swing low support
News are provided by
InstaForex.
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EUR/USD testing key resistance, potential reversal!
https://forex-images.ifxdb.com/userf...7b1429d490.png
Price is facing bearish pressure from our first resistance where we can expect a drop below this level to our first support level. Stochastic is approaching resistance as well.
Entry : 1.1190
Why it's good : horizontal pullback resistance, 23.6%, 38.2% fibonacci retracement, 61.8% Fibonacci extension
Stop Loss : 1.1225
Why it's good : horizontal overlap resistance, 50% fibonacci retracement Take Profit : 1.1124
Why it's good : horizontal swing low support
Analysis are provided byInstaForex.
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Gold price inability to break above resistance will lead prices towards $1,260.
Gold price as expected since $1,270 has bounced for a back test of the major support area of $1,280-90. Now there are a lot of chances that the entire back test is over as bulls remain too weak to break above $1,290-$1,300. The next leg down should follow soon.
https://forex-images.ifxdb.com/userf...a03b304331.png
Blue line - major resistance trend line
Red line -RSI support trend line
Red rectangle - major confluence area of resistance (previous support)
Gold price remains below the blue trend line resistance and shows rejection signs once again at the red rectangle area that is now resistance and was once support. Inability by the bulls to recapture the $1,280-90 level is a bearish sign. Since this support area was broken we said that we expect prices to move lower towards $1,250-60. Price fell as low as $1,266 and we said expect a back test and then maybe another move lower. As long as price is below $1,300 we continue to expect prices to move lower towards $1,250-60 or even lower. Any bounce is considered a selling opportunity. Gold should see $1,250-60 if price breaks below $1,270.
Analysis are provided byInstaForex.
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Forecast for EUR/USD on May 3, 2019
EUR/USD
On Thursday, the dollar strengthened, adding 0.2% to the index, which was facilitated by good data on the growth of factory orders – the March figure grew by 1.9% against expectations of 1.0%. The euro lost 22 points, eventually gaining support from the four-hour balance line. The Marlin oscillator on H4 indicates a further decrease in the trend.
Today, the main news will be data on employment in the United States. The increase in jobs outside the agricultural sector in April is expected to be 181 thousand, the average hourly wage may grow by 0.3%, business activity in the non-production sector from ISM is expected to be 57.2 against 56.1 a month earlier.
But in the afternoon, the European CPI is set to be released, and here the forecasts are also optimistic; The base CPI for April is expected to be 1.0% y/y against 0.8% in March, the overall CPI is 1.6% against 1.4% earlier.
The minimum task for the euro today is to consolidate below the level of 1.1155, with fresh forces next week to continue the decline to 1.1075 and 1.0985. The target levels are determined by the Fibonacci grid of the daily chart.
https://lh5.googleusercontent.com/Lk...cOPlRg9aA-qLXt
https://lh5.googleusercontent.com/mD...3rqcbaiXs2g5eG
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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Technical analysis of Bitcoin for 06.05.2019
Crypto Industry News:
68% of people with high incomes from around the world have already invested or are planning to invest in the crypto until the end of 2022, according to a survey conducted by the Dubai company deVere Group.
DeVere Group has over $ 10 billion in assets under the supervision and over 80,000 customers located in 100 countries.
More than two-thirds of people from around the world, whose value of assets is equivalent to or greater than 1 million British pounds, will invest in cryptocurrencies, such as Bitcoin, Ethereum and XRP. The new study involved more than 700 deVere customers located in major countries around the world, such as the United States, the United Kingdom, Australia, Japan, Qatar, Switzerland, Mexico, Hong Kong, Spain, France, Germany, South Africa, and the United Arab Emirates.
Technical Market Overview:
The BTC/USD pair has broken above the important technical resistance zone located between the levels of $5,701 - $5,839. Moreover, at the weekly timeframe chart, the price has made a green bullish candle that closed away from the technical resistance zone, around the level of $6,106. This is a solid and important technical clue for all bulls that the up move is still strong and the Bitcoin is on its way to the much higher price levels.
Weekly Pivot Points:
WR3 - $7,123
WR2 - $6,689
WR1 - $6,362
Weekly Pivot - $5,868
WS1 - $5,578
WS2 - $5,080
WS3 - $4,863
Trading Recommendations:
The bigger time frame charts are now indicating a possible trend change from bearish to bullish, so only a buy positions should be open on the local corrective pull-backs. The nearest level to open the buy order is located at the top of the support zone at $5,729.
https://forex-images.ifxdb.com/userf...fc36fe6c89.jpg
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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Aussie messed up the policy
Following Donald Trump, other representatives of the US administration called on the Fed to lower the Federal funds rate. Vice President Michael Pence and chief economic adviser to the head of state Larry Kudlow believe that the economy works very well and the time has come to further disperse it by easing monetary policy. However, the US central bank has not yet followed the White House. Moreover, his colleagues from Australia have the best chance of monetary expansion. According to estimates of the derivatives market, the likelihood that the RBA will reduce the cash rate to a record low of 1.25% at the May meeting, is at 50: 50. It is interesting that even here it can not do without pressure from politicians.
Australia will have Parliamentary elections on May 18, and regardless of who comes to power (for now, according to opinion polls, Labor is in the lead), the new government will focus on stimulating monetary and fiscal policies. A significant slowdown in GDP growth in the second half of 2018, cooling of retail sales and a fall in real estate prices require increasing consumer activity. It is possible that the Reserve Bank will become a hostage of the current ruling party. 17 out of 42 experts polled by Reuters expect that at a meeting on May 7 it will reduce the cash rate by 25 bp. Most experts believe that by the end of the year the rate may fall to 1% against the background of a significant slowdown in inflation.
Australian Inflation Dynamics and RBA Rates
https://lh6.googleusercontent.com/GE...lQGGFk9VjPGtHg
It should be noted that in recent months, the RBA's outlook has changed significantly. If in December Philip Lowe said that monetary policy could be tightened for the first time since 2010, in February he focused on keeping the rate at 1.5%, by April he began to hint at monetary expansion. If it does happen, the RBA will be the first central bank of a developed country to decide to reduce borrowing costs. According to AMP Capital, the beginning of the monetary easing cycle will lead to the peak of AUD/USD to 0.6.
While the "bears" on the aussie rely on the weakness of the Australian economy, "bulls", on the contrary, adopt external factors. BofA Merrill Lynch sees the analyzed pair at 0.78 by the end of the year, Goldman Sachs recommends buying it as the Chinese economy recovers. Even the best forecaster of Bloomberg, during the end of the first quarter Tempus Inc expects the growth of AUD/USD to 0.74 by the end of 2019. Donald Trump, who announced an increase in tariffs for imports from China, could spoil the karma for aussie fans. The market was confident that Beijing and Washington were about to sign the deal, but such threats undermined this belief, contributing to the deterioration of the global risk appetite.
Technically, the implementation of the "Expanding wedge" and AB=CD patterns reinforces the risks of continuing the Australian dollar's downward hike to the target by 161.8% according to the latest model. It corresponds to $0.687.
Analysis are provided byInstaForex.
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Brent: in war as in war
When pursuing many goals, you need to be prepared for the fact that they will begin to contradict each other. With a statement about raising tariffs from 10% to 25% for $200 billion worth of Chinese imports from May 10, Donald Trump brought Brent and WTI down by more than 2%, but at the same time strengthened the dollar (safe-haven asset) against currencies of developing countries (risky assets) . The risks of escalating the trade conflict between the United States and China, the two countries, which account for one-third of global oil consumption, led to a swift attack on black gold, but information about the United States sending bombers and aircraft carriers to the Middle East messed up all the cards.
The White House wants to punish Iran by reducing its oil exports to zero, but is unhappy with the growth of Brent and WTI quotes. Threats to Tehran to block the Strait of Hormuz, which will create serious supply disruptions, force Americans to demonstrate military force. At the same time, the growth of geopolitical tensions is a "bullish" factor for black gold. Try to make both goals accomplished at the same time!
The problem with China is as difficult. Trump declares that the United States annually loses $600-800 billion from trade, of which $500 billion falls on China. This can no longer continue! But excuse me, historically, the US is a consumer country. The better their economy feels, the faster the import grows and the trade balance deficit widens. At the same time, threats to raise tariffs from May 10 and then impose the entire Chinese imports on them provoked a 6% collapse of the Shanghai Composite on fears of a slowdown in the largest Asian economy. If there is no V-shaped recovery in China's GDP, then one of the key drivers of growth of world stock indices and oil will disappear, triggering them into a deep correction.
Dynamics of the Chinese stock and oil market
https://lh4.googleusercontent.com/E-...SYSOivODbVd-zb
Donald Trump will be pleased to rub his hands over the rollback of Brent and WTI, but the S&P 500's fall is unlikely to please him . At the same time, the dollar will strengthen, which the White House also does not want. The goals of the US president are often contradictory, but they can still be achieved. For example, during the trade war, China reduced the import of American oil from 430 thousand b/d to 100 thousand b/d. Potentially, thanks to the negotiations, not only will it return the previous figures, but also increase them by $12 billion a year.
In my opinion, the further fate of Brent and WTI will depend on two factors: a trade war and a prolongation of the agreement between OPEC and other producing countries on reducing production. The signing of an agreement on the contract of trade friction between Washington and Beijing, as well as the extension of the terms of the obligations of the cartel and Russia will make it possible for oil to continue the rally. On the contrary, the escalation of the conflict between the largest economies of the world and the increase in world production will launch a serious correction in the oil market. Technically, this can be expressed in the growth of quotations of futures for the North Sea variety above the resistance by $72.75 and $75.65, or in their fall below the support by $68.45 per barrel as part of the transformation of the "Shark" pattern in 5-0.
Analysis are provided byInstaForex.
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EUR/USD approaching resistance, potential reversal!
https://forex-images.ifxdb.com/userf...389badb9f7.png
Price is approaching resistance where we might see a corresponding drop in price to our first support level.
Entry : 1.12270
Why it's good : horizontal overlap resistance, 61.8% Fibonacci extension, 38.2% Fibonacci retracement
Stop Loss : 1.1277
Why it's good : 76.4% Fibonacci retracement, pullback retracement
Take Profit : 1.1144
Why it's good : horizontal swing low support, 61.8% Fibonacci extension
Analysis are provided byInstaForex.
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EUR/GBP approaching resistance, potential reversal!
https://forex-images.ifxdb.com/userf...389badb9f7.png
Price is approaching resistance where we might see a corresponding drop in price to our first support level.
Entry : 0.8587
Why it's good : horizontal overlap resistance, 78.6% Fibonacci retracement Stop Loss : 0.8679
Why it's good : horizontal swing high resistance
Take Profit : 0.8587
Analysis are provided byInstaForex.
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GBP/USD approaching support, potential bounce!
https://forex-images.ifxdb.com/userf...389badb9f7.png
Price is approaching support where we are expecting a bounce above this level.
Entry : 1.2930
Why it's good : 78.6% Fibonacci retracement, 61.8% Fibonacci extension Stop Loss : 1.2861
Why it's good : horizontal swing low support
Take Profit : 1.3053 Why it's good : horizontal overlap resistance, 50% Fibonacci retracement
Analysis are provided byInstaForex.
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USD/CHF reversed off resistance, potential for further drop
https://forex-images.ifxdb.com/userf...b7632043cf.png
Price reversed from our first resistance where there is potential for further drop.
Entry : 1.0095 Why it's good : 23.6% Fibonacci retracement, 61.8% Fibonacci extension
Stop Loss : 1.0123
Why it's good : horizontal overlap resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement
Take Profit : 1.0008
Why it's good : horizontal overlap support, 61.8% Fibonacci retracement, 61.8% Fibonacci extension
Analysis are provided byInstaForex.
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EUR/USD 3 Star Sell Signal | Fundamental + Technical Analysis
Fundamentals: Heightened transatlantic tensions drove the currency lower as EU is ready to retaliate against $23 billion of US goods with US auto tariffs deadline of 18 May approaching. Those duties would be based on the same national - security grounds invoked for controversial American levies on foreign steel and Aluminum. US tariffs on European cars and auto parts will mark a significant escalation of transatlantic tensions because the value of EU automotive exports to the America market is about 10 times greater than that of the bloc's steels and aluminum exports combined. Hence, if the auto tariffs are imposed, EU retaliatory duties would target a bigger amount of US exports to Europe. Elsewhere, Italian 2 year yield rose sharply while EUR plummeted on as Italy Deputy Prime Minister Matteo Salvini said the nation is ready to break EU fiscal rules if necessary to boost employment.
Technical analysis:
https://lh5.googleusercontent.com/Rx...dFZRrNiFF5aror
Price is starting to break an ascending support line and we expect it to drop further to 1.1180. It reacted perfectly from our resistance level yesterday and is on track to reaching its profit target.
Analysis are provided byInstaForex.
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Technical analysis of GBP/USD for 17/05/2019:
https://forex-images.ifxdb.com/userf...e34551ee5d.jpg
Technical Market Overview:
There is no rest for the bears on the GBP/USD pair as the market keeps doing the lower lows in the downtrend despite the extremely oversold conditions. The price just recently hit the technical support at the level of 1.2788 after a series of down candles were made in order the break out of the channel. The momentum is still weak and negative, so the next target for bears is located at the level of 1.2772.
Weekly Pivot Points: WR3 - 1.3288
WR2 - 1.3229 WR1 - 1.3095
Weekly Pivot - 1.3031
WS1 - 1.2885
WS2 - 1.2821
WS3 - 1.2676
Trading Recommendations:
The market is moving below the trendline, so the best trading strategy for daytraders is to open the sell orders during the local pull-backs. All the targets for this week have been hit already, so. please pay attention to the price action signs of reversal and candlestick patterns at the range support and range resistance to confirm the level for the trading position.
Analysis are provided byInstaForex.
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Control zones NZDUSD 05/20/19
The downward movement is a medium-term impulse, so selling is still a priority. It is not profitable to sell on Monday from current grades, since the target of the fall is the weekly CZ of 0.6470-0.6456. Any growth should be used as an opportunity to sell the pair. The first resistance will be WCZ 1/4 06545-0.6542.
https://lh4.googleusercontent.com/eU...nAc26-mtrx05_E
The downward trend is so strong that it will be possible to look for opportunities for buying only if a daily absorption takes place and the US session closes above Friday's maximum. This model will be the starting point in the formation of a deep correctional model, the next goal of which will be WCZ 1/2 0.6584-0.6577. While the pair will be trading below the specified zone, the bearish trend will not turn.
https://lh3.googleusercontent.com/AH...aq4qxaoO8uwVRe
Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.
Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change several times a year.
Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.
Analysis are provided byInstaForex.
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Technical analysis of EUR/USD for 21.05.2019
https://forex-images.ifxdb.com/userf...38a8c4626d.jpg
Technical Market Overview:
After making the local low at the level of 1.1150, the EUR/USD pair has tried to bounce or even rally higher, but this attempt was capped at the technical resistance zone located between the levels of 1.1167 - 1.1173 and the price reversed. The short-term outlook remains bearish and there is no signs or any trend reversal for now. The next target for bears is seen at the level of 1.1111.
Weekly Pivot Points:
WR3 - 1.1317
WR2- 1.1287
WR1 - 1.1208
Weekly Pivot - 1.1178
WS1 - 1.1099
WS2 - 1.1069
WS3 - 1.0986
Trading Recommendations:
The best trading strategy in the current market conditions is to sell the local pull-backs with a tight protective stop loss. Due to the oversold market conditions please pay attention to the candlestick trend reversal patterns and market trend reversal patterns. The next important technical support is located at the level of 1.1111 and this is the next target for bears.
Analysis are provided byInstaForex.
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Technical analysis of EUR/USD for 22.05.2019
Technical Market Overview:
The EUR/USD market is still hovering around the technical resistance zone located between the levels of 1.1167 - 1.1174 with no intention of breaking higher so far. There were some attempts to rally but were quickly capped by the bears. The short-term outlook remains bearish and there is no signs or any trend reversal for now. The next target for bears is seen at the level of 1.1135 and 1.1111.
Weekly Pivot Points:
WR3 - 1.1317
WR2- 1.1287
WR1 - 1.1208
Weekly Pivot - 1.1178
WS1 - 1.1099
WS2 - 1.1069
WS3 - 1.0986
Trading Recommendations:
The best trading strategy in the current market conditions is to sell the local pull-backs with a tight protective stop loss. Due to the oversold market conditions please pay attention to the candlestick trend reversal patterns and market trend reversal patterns. The next important technical support is located at the level of 1.1111 and this is the next target for bears.
https://forex-images.ifxdb.com/userf...4dfed2df52.jpg
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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EUR/GBP approaching resistance, potential drop!
https://forex-images.ifxdb.com/userf...6045960c29.png
Price is approaching our first resistance level.
Entry : 0.8858 Why it's good : 61.8% Fibonacci retracement, channel's resistance
Stop Loss : 0.8956 Why it's good : horizontal overlap resistance, 78.6% Fibonacci retracement
Take Profit : 0.8773
Why it's good :23.6% Fibonacci retracement, horizontal overlap support
Analysis are provided byInstaForex.
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EUR/USD approaching resistance, potential drop!
https://forex-images.ifxdb.com/userf...b475944423.png
Price is approaching our first resistance level.
Entry : 1.1227
Why it's good : 76.4% Fibonacci retracement, descending resistance line, 61.8% Fibonacci extension
Stop Loss : 1.1266 Why it's good : horizontal swing high resistance
Take Profit : 1.1180
Why it's good : 38.2% Fibonacci retracement, horizontal overlap support
Analysis are provided byInstaForex.
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Technical analysis of ETH/USD for 28.05.2019
https://forex-images.ifxdb.com/userf...cc639d4449.jpg
Crypto Industry News:
One of the largest peer-to-peer cryptocurrencies, LocalBitcoins.com, has banned users living in Iran, according to information published on the company's website.
The source previously informed the financial media in an e-mail that the impulse to limit Iranian transactions was to comply with financial regulations in Finland, where the headquarters of LocalBitcoins.com is located. In addition, the stock exchanges allegedly cut off users from Iran because of sanctions previously imposed on other exchanges by the United States.
Coinbase and Binance cryptocurrency exchanges do not currently support users residing in Iran as well.
Technical Market Overview:
The ETH/USD pair might have completed wave (4) and now the market is unfolding the wave (5) to the upside, but the momentum behind the move up is still low. The target for this wave is seen at the level of $304. For now, the market is consolidating the recent gains in a narrow range between the levels of $278.14 - $263.42 as the market participants wait for the breakout.
Weekly Pivot Points:
WR3 - $321.20
WR2 - $292.77
WR1 - $283.99
Weekly Pivot - $254.33
WS1 - $241.65
WS2 - $213.82
WS3 - $203.55
Trading Recommendations:
The best trading strategy in the current market conditions is to buy the local pull-back as wave 4 is in progress in anticipation of the wave 5 to the upside. Please pay attention to the technical resistance at the level of $278.14 as any breakout above this level is bullish. On the other hand, any violation of the level of $226.17 will accelerate the sell-off towards the next technical support at the level of $212.12.
Analysis are provided byInstaForex.
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EUR/GBP approaching resistance, potential drop!
https://forex-images.ifxdb.com/userf...df53d75655.png
EURGBP approaching resistance, potential drop!
Description :
Price is approaching our first resistance level.
Entry : 0.8852
Why it's good : Horizontal swing high resistance, 61.8% Fibonacci retracement
Stop Loss : 0.8907
Why it's good : 100% Fibonacci extension
Take Profit : 0.8773
Why it's good : 23.6% Fibonacci retracement, horizontal overlap support
Analysis are provided byInstaForex.
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USD/CHF approaching resistance, potential drop!
https://forex-images.ifxdb.com/userf...f4290b7c38.png
Price is approaching our first resistance level.
Entry : 1.0096
Why it's good : Horizontal swing high resistance, 38.2% Fibonacci retracement
Stop Loss : 1.0125
Why it's good : Horizontal swing high resistance, 50% Fibonacci retracement
Take Profit : 0.9973
Why it's good : 76.4% Fibonacci retracement, horizontal overlap support
Analysis are provided byInstaForex.
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Another failed attempt of the Dollar index capture the 98 price level.
https://forex-images.ifxdb.com/userf...44dfde8c7b.png
The Dollar index ended last week on a mixed to bearish note as price recaptured the critical resistance at the 98 price level only to lose it with a big decline on the last trading day of the week.
Red rectangle - major resistance
Green rectangle - major support
The Dollar index made new highs on May 23rd but price reversed and did not close above 98. On May 29th and 30th we saw new higher highs but on a closing basis above the major resistance area depicted with a red rectangle. However on the last trading day we saw another reversal. The inability to break above 98 and stay above it, is a worrying sign for bulls. However as long as price is trading above the green rectangle, bulls remain in control of the trend. The many failed attempts point to a bigger reversal in trend, taking into consideration how much time has the index around 98 which is the 61.8% Fibonacci retracement of the entire decline from 103.75 to 88.
Analysis are provided byInstaForex.
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Technical analysis of Bitcoin for 04.06.2019
https://forex-images.ifxdb.com/userf...5f780e4cc6.jpg
Crypto Industry News:
The Japan House of Representatives officially approved a new bill to amend national laws regulating the cryptographic industry.
The draft law - prepared by the Japanese Financial Services Agency (FSA) and approved by the House in mid-March this year - was adopted by a majority of votes at the plenary session of the Chamber of Councilors, in accordance with the current update of the FSA on the official website.
The project is aimed at introducing changes to two national laws regarding cryptographic assets - the act on the settlement of funds and the law on financial instruments and exchange. Now that the bill has been adopted, the amended acts are expected to enter into force in April 2020.
The proposed changes to Japanese financial instruments and payment services will ostentatiously tighten the regulation of cryptocurrencies to promote user protection, more stringent regulation of trading in cryptographic instruments, mitigate industry risks, such as stock market busts, and the broad establishment of a more transparent legal framework for new asset classes.
According to earlier reports, the bill also introduces a legal change in the name of cryptocurrencies as "cryptographic assets", previously marked in the country as "virtual currencies". The draft also provides for stricter rules regarding trading in margins, limiting the leverage to double and four times the initial deposit.
Technical Market Overview:
The BTC/USD pair has made another wave to the downside as anticipated. This wave is a part of the wave 4 correction and so far reached the level of $7,739 after all the technical supports were violated. The next target for bulls is seen at the level of $7,484. This corrective cycle might evolve into an ABCDE Triangle pattern as well, so please keep an eye on the further developments.
Weekly Pivot Points:
WR3 - $10,284
WR2 - $9,622
WR1 - $9,121
Weekly Pivot - $8.545
WS1 - $8,037
WS2 - $7,438
WS3 - $6,960
Trading Recommendations:
The best strategy in the current market conditions is to trade in the direction of the main trend, which is still up. All the local bounces and correction should be treated as another opportunity to open the buy orders for a better price. Please notice, the larger time frame trend is up and there are no signs of any trend reversal.
Analysis are provided byInstaForex.
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EURUSD: ECB revised the interest rate forecast. Mario Draghi is pleased with the growth of the economy in the 1st quarter, but fears for its future
The euro ignored data on the growth of the eurozone economy in the 1st quarter of this year, as traders closely followed the ECB report. Even despite the fact that the expected dates for raising interest rates in the eurozone were shifted to the middle of next year, and Mario Draghi signaled a possible decrease in interest rates to a negative level if necessary, the euro held its position and even rose against the US dollar.
According to the report, a good increase in consumer spending in the euro area in the 1st quarter of this year contributed to accelerating economic growth. Export has also made a significant contribution.
According to the EU statistics agency, the eurozone economy grew by 0.4% in the 1st quarter of this year compared to the 4th quarter. Compared with the 1st quarter of 2018, the economy grew by 1.2%. In annual terms, an increase of 1.6%.
https://lh6.googleusercontent.com/GW...fvIn13DKNvcdXz
However, it is already known from the results of the latest reports that in the 2nd quarter of this year, GDP growth slows down, and, as many experts expect, growth will be the weakest since the beginning of economic recovery in 2014.
As I noted above, the attention of traders was focused on the ECB meeting, at which the regulator left the refinancing rate unchanged, at the level of 0.0%. The European Central Bank left the deposit rate unchanged at -0.40%.
The central bank revised its forecast, saying that rates would remain at current levels, at least until the end of the first half of 2020. The ECB will continue to completely reinvest the income from the QE program over a long period after the first rate increase.
A new TLTRO program was also announced, according to which targeted long-term loans for banks will be offered at a rate of 10 bp above the average refinancing rate.
The euro rose during the speech of the ECB President Mario Draghi, although the statements made by in principal were negative.
Draghi noted that he is closely following how monetary policy affects banks, and is ready to act. If necessary, the ECB will adjust monetary policy instruments. As for the extension of the forecast period of saving rates, it was quite expected due to the long-term uncertainty, which is now observed in the global economy. First of all, uncertainty is associated with conflicts in international trade and changes in the policies of central banks. Draghi also said that the ECB may lower interest rates if necessary.
As for the economy, the head of the ECB is confident that, despite the stronger growth in eurozone GDP in the 1st quarter of this year, the difficulties in the world still put pressure on the prospects for further growth, and the data indicate a slightly weaker growth in the economy 2nd and 3rd blocks.
ECB economists forecast GDP growth in 2019 by 1.2% against the previous forecast of growth of 1.1%, while in 2020 it is expected to grow by 1.4% against the previous forecast of growth by 1.6%.
The ECB president is confident that the increase in employment and wage growth will continue to support the eurozone economy, but the threat of protectionism and geopolitical factors will slow it down.
Analysis are provided byInstaForex.
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EURUSD: ECB revised the interest rate forecast. Mario Draghi is pleased with the growth of the economy in the 1st quarter, but fears for its future
The euro ignored data on the growth of the eurozone economy in the 1st quarter of this year, as traders closely followed the ECB report. Even despite the fact that the expected dates for raising interest rates in the eurozone were shifted to the middle of next year, and Mario Draghi signaled a possible decrease in interest rates to a negative level if necessary, the euro held its position and even rose against the US dollar.
According to the report, a good increase in consumer spending in the euro area in the 1st quarter of this year contributed to accelerating economic growth. Export has also made a significant contribution.
According to the EU statistics agency, the eurozone economy grew by 0.4% in the 1st quarter of this year compared to the 4th quarter. Compared with the 1st quarter of 2018, the economy grew by 1.2%. In annual terms, an increase of 1.6%.
https://lh6.googleusercontent.com/GW...fvIn13DKNvcdXz
However, it is already known from the results of the latest reports that in the 2nd quarter of this year, GDP growth slows down, and, as many experts expect, growth will be the weakest since the beginning of economic recovery in 2014.
As I noted above, the attention of traders was focused on the ECB meeting, at which the regulator left the refinancing rate unchanged, at the level of 0.0%. The European Central Bank left the deposit rate unchanged at -0.40%.
The central bank revised its forecast, saying that rates would remain at current levels, at least until the end of the first half of 2020. The ECB will continue to completely reinvest the income from the QE program over a long period after the first rate increase.
A new TLTRO program was also announced, according to which targeted long-term loans for banks will be offered at a rate of 10 bp above the average refinancing rate.
The euro rose during the speech of the ECB President Mario Draghi, although the statements made by in principal were negative.
Draghi noted that he is closely following how monetary policy affects banks, and is ready to act. If necessary, the ECB will adjust monetary policy instruments. As for the extension of the forecast period of saving rates, it was quite expected due to the long-term uncertainty, which is now observed in the global economy. First of all, uncertainty is associated with conflicts in international trade and changes in the policies of central banks. Draghi also said that the ECB may lower interest rates if necessary.
As for the economy, the head of the ECB is confident that, despite the stronger growth in eurozone GDP in the 1st quarter of this year, the difficulties in the world still put pressure on the prospects for further growth, and the data indicate a slightly weaker growth in the economy 2nd and 3rd blocks.
ECB economists forecast GDP growth in 2019 by 1.2% against the previous forecast of growth of 1.1%, while in 2020 it is expected to grow by 1.4% against the previous forecast of growth by 1.6%.
The ECB president is confident that the increase in employment and wage growth will continue to support the eurozone economy, but the threat of protectionism and geopolitical factors will slow it down.
Analysis are provided byInstaForex.
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Technical analysis of GBP/USD for 10/06/2019
https://forex-images.ifxdb.com/userf...deaeb173ac.jpg
Technical Market Overview:
The GBP/USD pair did not make the breakout above the technical resistance at the level of 1.2747, just a local high was made at 1.2761. The market reversed slightly, but there is still no new low made, so the outlook is not certain for now, but due to the face that the short-term trendline dynamic resistance has not been broken as well, the outlook remains bearish. The nearest technical support is seen at the level of 1.2668.
Weekly Pivot Points:
WR3 - 1.2954
WR2 - 1.2856
WR1 - 1.2800
Weekly Pivot Point: 1.2708
WS1 - 1.2658
WS2 - 1.2549
WS3 - 1.1502
Trading Recommendations:
The best strategy in the current market conditions is to trade in the direction of the main trend, which is still down. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is down and there are no signs of any trend reversal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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USD/JPY to test resistance, a drop is possible!
https://forex-images.ifxdb.com/userf...f0b8796950.png
USDJPY to test key resistance, a drop to 1st support is possible
Entry: 109.012
Why it's good : 61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal pullback resistance
Stop Loss : 109.914
Why it's good :50% Fibonacci retracement,horizontal swing high resistance
Take Profit : 107.854
Why it's good: 61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal swing low support
Analysis are provided byInstaForex.
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GBP/USD near support, a bounce is possible!
https://forex-images.ifxdb.com/userf...1b67898639.png
GBPUSD is near support, a bounce to 1st resistance is possible
Entry: 1.2844
Why it's good : 100% Fibonacci extension, 38.2% & 23.6% Fibonacci retracement, horizontal swing low support
Stop Loss : 1.1256
Why it's good :38.2% & 61.8% Fibonacci retracement,100% Fibonacci extension, horizontal swing low support
Take Profit : 1.1342
Why it's good: 100% Fibonacci extension, horizontal swing high resistance
Analysis are provided byInstaForex.