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Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for April 19, 2022
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As GBP/JPY has continue to make new highs for the rally since the 123.99 low we have reviewed our count. It's clearly possible to count a complete five wave rally from 123.99 to the present high at 166.60. What It also clear is that wave 4 is a triangle, which is normally a warning that the next impulsive rally will be the last of the total five wave sequence since the 123.99 low. That of course also means that the very best of the impulsive rally now is behind us and it's just a matter of time before GBP/JPY peaks and a larger corrective decline to 156.90 is seen.
We expect GBP/JPY to see its final peak at 168.26 where wave 5 will be 61.8% the length of wave 1 through wave 3.
Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Trading plan for Ethereum for April 20, 2022
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Technical outlook:
Ethereum managed to rally through $3,130 highs on Wednesday before finding resistance. The crypto has plled back since then and is seen to be trading close to $3,095 levels at this point in writing. Intraday corrective drop remains possible through $2,980 mark, before the rally resumes higher toward $3,800-4,000 zone.
Ethereum has been in a counter trend rally since $2,140 lows,and is looking to progress toward $3,800 at least before turning lower again. Also note that $3,800 is close to fibonacci 0.618 retracement of earlier drop between $4,850 and $2,140 levels respectively. Further, the channel resistance is also passing through $3,800-4,000 zone.
High probability remains for a turn lower if prices manage to reach the above projection, as resistance would be strong. Bears will remain poised to be back in control from $3,800-4,000 mark and drag prices lower below $2,140 levels. Watch out for short term intraday support coming through $2,980 mark today.
Trading plan:
Potential rally through $3,800-4,000 against $2,100.
Good luck!
Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Technical Analysis of EUR/USD for April 21, 2022
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Technical Market Outlook:
The EUR/USD pair had extended the bounce from the last week low seen at 1.0757, but so far the bounce is still rather shallow as the bearish/neutral market border located at 1.0887 has not been tested yet (the local high was made at the level of 1.0874 so far)If the last week low is clearly violated, then the bears might push the price towards the technical support seen at 1.0654 (the key long term technical support for bulls) despite the extremely oversold market conditions. The down trend continues lower and there is no indication of down trend termination or reversal yet. The nearest technical resistance is located at 1.0887 and 1.0899 (bearish/neutral market border).
Weekly Pivot Points:
WR3 - 1.1073
WR2 - 1.1001
WR1 - 1.0893
Weekly Pivot - 1.823
WS1 - 1.0717
WS2 - 1.0648
WS3 - 1.0538
Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.1185, so a breakout above this level is a must for bulls for a trend reversal. The next long-term technical support is located at 1.0639. The up trend can be continued towards the next long-term target located at the level of 1.1494 (high from 06.02.2022) only if bullish cycle scenario is confirmed by breakout above the level of 1.1186 and 1.1245, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0639 or below.
Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on April 22, 2022
The euro's growth from yesterday was more than 80 points, but it could not do anything with the general strengthening of the dollar, with the expectation of an even greater discrepancy in the rates of the Federal Reserve and the European Central Bank, which eventually led the single currency to close the day with a black candle of 12 points. Today's report on the eurozone PMI indices for April are expected to weaken. The forecast for manufacturing PMI is 54.7 against 56.5 in March, expectations for non-manufacturing PMI are 55.0 against 55.6 a month earlier. We are waiting for a further decline to the target range of 1.0636/70. The Marlin Oscillator has not yet reversed from its zero line on the daily chart, which could slow down a potential price decline.
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On the chart of the four-hour scale, the price and the readings of the indicators returned to the positions from yesterday morning. The only difference is that the MACD line slightly decreased, and now, for a reliable signal to decrease, the price should go under lower support, under the level of 1.0788. The bears' pressure on the price is not light.
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Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for April 25, 2022
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GBP/JPY has see a nice drop from the 168.43 peak. We where looking for a peak at 168.26 so it was close to a bulls-eye regarding picking the top. We are now looking for a deeper and more prolonged corrective phase unfolding towards at least 158.25 and possibly closer to 150.10.
We have seen a nice five wave rally from 123.99 to 168.43 to complete the impulsive cycle and we are now looking for a corrective cycle for the coming month.
Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on April 26, 2022
The euro fell by 78 points yesterday. The 1.0636 key level (March 2020 low) is about 100 pips away, and now the price is correcting slightly before further preparations to overcome it.
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The growing correction is expected to be small, the MACD indicator line on the four-hour chart (1.0755) serves as a reference point for its end. The price may slightly go above the indicator line. The Marlin Oscillator has turned up, it also tends to correct and discharge before further decline. Falling below yesterday's low at 1.0697 will start a new wave of decline for the euro.
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Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on April 27, 2022
The euro was ahead of our bold forecasts. We expected an attack on the target level of 1.0636 at the Federal Reserve meeting, but the price reached it last night, and at the point of intersection of the level with the lower border of the Fibonacci channel, marked in green on the daily chart. Consolidating below 1.0636 (March 2020 low) opens the way for the euro to parity. The first target is 1.0493 (February 2017 low).
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On the four-hour chart, the price lingers at the reached level with a slight upturn of the Marlin Oscillator. Here, however, there may still be at least a slight correction in depth, in the form of consolidation, to give the oscillator a little rise before further decline. But if it does not exist, then after settling under 1.0636, we are waiting for further movement to 1.0493.
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Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Technical Analysis of EUR/USD for April 28, 2022
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Technical Market Outlook
The EUR/USD pair had broken below the last week low seen at the level of 1.0757 and made a new swing low at the level of of 1.0481, however, in a case of the down move continuation, the next target for bears is seen at the level of 1.0336. This level is the key long-term technical support from 2020, so please keep an eye on the market behaviour around this level. The nearest technical resistance is located at 1.0654. Despite the oversold market conditions on the H4 and Daily time frame charts, the down trend continues and there is no indication of trend termination or reversal just yet. Weak and negative momentum supports the short-term bearish outlook.
Weekly Pivot Points:
WR3 - 1.1064
WR2 - 1.0994
WR1 - 1.0884
Weekly Pivot - 1.0825
WS1 - 1.0717
WS2 - 1.0643
WS3 - 1.0535
Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.1185, so a breakout above this level is a must for bulls for a trend reversal. The next long-term technical support is located at 1.0639. The up trend can be continued towards the next long-term target located at the level of 1.1494 (high from 06.02.2022) only if bullish cycle scenario is confirmed by breakout above the level of 1.1186 and 1.1245, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0639 or below.
Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for April 29, 2022
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GBP/JPY is correcting nicely from the 168.43 peak and we should see more downside force being added in the near-term towards our first downside target at 158.15, but this support will likely break after a short while for a continuation towards support at 154.41 and possibly closer to 150.04.
So continue to look for more downside pressure near term.
Analysis are provided byInstaForex.
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Forex Analysis & Reviews: Technical Analysis of EUR/USD for May 2, 2022
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Technical Market Outlook
The EUR/USD pair had made a new swing low at the level of 1.047 and in the meantime, the bulls are trying to bounce towards the lower channel line located around the level of 1.0573, which is the nearest technical resistance as well. So far they failed to move back into the descending channel, so in a case of the down move continuation, the next target for bears is seen at the level of 1.0336. This level is the key long-term technical support from 2020, so please keep an eye on the market behavior around this level. Despite the oversold market conditions on the H4 and Daily time frame charts, the down trend continues and there is no indication of trend termination or reversal just yet. Weak and negative momentum supports the short-term bearish outlook.
Weekly Pivot Points:
WR3 - 1.1064
WR2 - 1.0933
WR1 - 1.0710
Weekly Pivot - 1.0591
WS1 - 1.0363
WS2 - 1.0252
WS3 - 1.0032
Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.1185, so a breakout above this level is a must for bulls for a long-term trend reversal. The up trend can be continued towards the next long-term target located at the level of 1.1494 (high from 06.02.2022) only if bullish cycle scenario is confirmed by breakout above the level of 1.1186 and 1.1245, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0336 or below.
Analysis are provided byInstaForex.
