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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 GBP/USD on April 5, 2022 The British pound begins to form a pennant-shaped formation ...

      
   
  1. #1151
    Senior Member InstaForex Gertrude's Avatar
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    Forex Analysis & Reviews: Forecast for GBP/USD on April 5, 2022

    The British pound begins to form a pennant-shaped formation on the daily scale. From the ideological point of view, this is quite consistent with investors' expectations for the Bank of England meeting, which will take place exactly one month later, and the European Central Bank, which will take place in nine days. On the technical side, after the formation of the lower line of the pennant, the price now tends to rise, to the upper line of the supposed pennant, to the target level of 1.3210. The signal line of the Marlin Oscillator fixed in the positive area.



    On the H4 chart, the price has not yet consolidated above the target level of 1.3119, and the signal line of the oscillator, although it is above the zero line, is still moving sideways. Today's trading day may be similar to yesterday's.



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  2. #1152
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    Forex Analysis & Reviews: Forecast for EUR/USD on April 6, 2022

    The euro is falling evenly - yesterday's fall was about the same as on Monday. On the daily chart, the signal line of the Marlin Oscillator settled below the zero line. The trend is completely down, the target 1.0820 is open. Going under the level will be an early sign that we will see the euro at parity with the dollar. Consolidating below 1.0636 (March 2020 low) will confirm this signal.



    The decline continues for all indicators on the four-hour chart. The Marlin Oscillator slowed down a bit, but it is not in the oversold zone yet. We are waiting for further development of the downward movement.



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  3. #1153
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    Forex Analysis & Reviews: Forecast for GBP/USD on April 7, 2022

    The British pound has settled under the target level of 1.3119 on a daily scale, now it acts as a resistance for it. The signal line of the Marlin Oscillator is moving sideways along its own zero line. The prevailing trend is downward. We are waiting for its qualitative breakdown with the development of the target level of 1.2900.



    The trend remains bearish on the lower working chart of H4. The price is below the indicator lines, the Marlin Oscillator has moved below the zero line and is already moving sideways in the negative area. We are waiting for the price at the target level of 1.2900. This is the December 2019 low.



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  4. #1154
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    Forex Analysis & Reviews: Forecast for EUR/USD on April 8, 2022

    The euro continues to decline, although it has slowed down. It has a technically and ideologically important support at 1.0820 ahead of it, overcoming which opens the target of 1.0636 the low of March 2020, therefore, in order to overcome such an important support, you need to gather your strength. Today is Friday, no important news is planned, and investors, if they have planned a breakthrough, will organize it not today. The Marlin Oscillator of a daily scale is moving exactly horizontally, which hints at the preliminary closing of short positions of players before an assault with fresh forces.



    On the four-hour chart, the Marlin Oscillator is growing in the downtrend zone, this can be interpreted in two ways: the oscillator rarefaction before further decline into the oversold area and a slight convergence with the price, indicating the expected closing of positions.



    Thus, two scenarios of one action appear: price correction from current levels (correction limit at 1.0945) and a subsequent powerful attack on the target level of 1.0820, and support at 1.0820 working off with a subsequent bounce from the level and only then going under it with a further decline.

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  5. #1155
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    Forex Analysis & Reviews: Forecast for AUD/USD on April 11, 2022

    On Friday, the Australian dollar marked the lower shadow of the daily candle in the target range of 0.7415/30, then went back out of it. The signal line of the Marlin Oscillator has gone into the negative area, so we do not expect a strong correction from the range reached. Until the US dollar index strengthens again, the aussie is likely to move sideways. The price going under the lower border of the range opens a new target 0.7315 (high on January 13).



    On the four-hour chart, the price is in no hurry to go into a correction. The Marlin Oscillator is also in no hurry to move either down or turn up. This circumstance confirms the aussie's reluctance to develop corrective growth.



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  6. #1156
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    Forex Analysis & Reviews: Elliott wave analysis of Silver for April 12, 2022



    Silver turned higher as the cycle bottomed. We are looking for a break above minor resistance at 25.85 for a continuation higher towards 30.00 and ultimately a rally towards the all-time high at 50.00.

    Support is now seen at 24.59 that ideally will be able to protect the downside for the expected break above minor resistance at 25.85. Only a break below support at 24.13 will shift the tide towards the downside and a decline towards 23.38, but the odds for this outcome are very low.

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  7. #1157
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    Forex Analysis & Reviews: Trading plan for EURUSD for April 13, 2022



    Technical outlook:
    EURUSD prints yet another higher low around 1.0811 mark during the early Asian session on Wednesday. The single currency pair remained shy by just five pips from testing the previous swing low at 1.0806. It is seen to be trading around 1.0833 level at this point in writing and a push through 1.0910 could confirm a bottom in place.

    EURUSD has shown quite resilience as bulls defended 1.0806 swing low. If a potential bottom is in place at 1.0811, price would continue higher and break above 1.0910-20 initial resistance. On the flip side, it 1.0806 breaks down, bears might print a shallow low before bulls are back in control. Both scenarios present a bullish picture over medium term.

    EURUSD is already producing a bullish divergence on the daily RSI as prices remained just five pips away from printing fresh lows below 1.0806 mark. The divergence is not shown here but it is a potential trend reversal indicator going forward. It would be interesting to see a break above 1.0910-20 mark as the day progresses.

    Trading plan:
    Potential rally towards 1.1500 against 1.0700
    Good luck!

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  8. #1158
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    Forex Analysis & Reviews: Forecast for EUR/USD on April 14, 2022

    Yesterday we overestimated the possibilities of the dollar, the breakdown of support at 1.0820 did not happen. It may seem that investors took no action ahead of today's European Central Bank meeting and decided to keep the euro in the range of 1.0820-1.0945, but in fact there was a reaction to the general weakening of the dollar, which received a boost from sharply falling US government bond yields on Tuesday and Wednesday. Yields on 2-year securities have been declining since Monday, during this time it fell from 2.54% to 2.27%, and yesterday the dollar slightly correlated. By this action, the market makes it clear that the euro exchange rate in the current situation is more dependent on the policy of the Federal Reserve than on the policy of the ECB. And if the market's expectations regarding the June ECB rate hike justifies, the euro definitely has no reason to rise. In the best case, the price will linger a little more in the range of 1.0820-1.0945. This is our main scenario.



    If there are problems with the main scenario, the price settles above 1.0945, then the euro is likely to rise to 1.1085 - to the Fibonacci channel line (daily), in the area of the MACD indicator line (blue). At the same time, price convergence with the Marlin Oscillator will finally form. We see no reason for such activity of speculators 2.5 weeks before the Fed rate hike by 0.50 points.



    Convergence is also forming on the four-hour chart; it can be taken as already formed, since the signal line of the Marlin Oscillator is in the positive area. The convergence potential is enough to bring the price to the resistance area of the price level 1.0945 and the MACD line.

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  9. #1159
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    Forex Analysis & Reviews: Forecast for EUR/USD on April 15, 2022

    Yesterday's European Central Bank meeting turned out to be softer than expected. Despite rising inflation, the central bank gave a hint of a rate hike only in the fourth quarter, as the overall economic situation in Europe is not in the best way. Likewise, the anti-COVID agenda remains alarming. The euro closed the day down 54 points. This morning the price is trying again to go under the support level of 1.0820, obviously consolidating below it. The Marlin Oscillator slightly turned down. If the price settles below 1.0820, we are waiting for the price in the target range of 1.0636/70.



    On the four-hour chart, the price reversed down exactly from the resistance of the MACD indicator line. This suggests that the short-term exit of the price above the red balance line was false, one might say, erroneous for a group of bullish players, since the price was developing all the time in a medium-term downward trend - below the MACD line. At the moment, the price has already settled below the balance line and may soon settle below the level of 1.0820. The Marlin Oscillator returned to the territory of the downward trend.



    Today the markets of Europe and the US are closed for the Catholic Easter, on Monday Europe continues to rest, while the US has already gone back to work. We are waiting for the main events on Monday-Tuesday.

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  10. #1160
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    Forex Analysis & Reviews: ETHUSD, Bullish Bounce | 18th April 2022



    On the H4, we see the price is near pivot level. Price can potentially bounce from 1st support level of 2955.24 in line with the 61.8% Fibonacci projection and 61.8% Fibonacci retracement towards the 1st resistance level of 3083.99 in line with 78.6% Fibonacci projection. Alternatively, price may break through key support structure and head for our 2nd support level of 2835.69 in line with 78.6% Fibonacci projection.

    Trading Recommendation
    Entry: 2955.24
    Reason for Entry:
    61.8% Fibonacci projection and 61.8% Fibonacci retracement.
    Take Profit: 3083.99
    Reason for Take Profit:78.6% Fibonacci projection.
    Stop Loss: 2835.69
    Reason for Stop Loss:
    78.6% Fibonacci projection.

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