Wave Analysis by InstaForex

Elliott wave analysis of EUR/NZD for June 22, 2018



The minor correction we expected from 1.6921 moved slightly lower than expected and spiked down to 1.6806, but that does not change our outlook for a new impulsive rally soon towards 1.7133 and above.

Short-term, we could see another minor spike to near 1.6806 before the next move higher should be expected.

Only an unexpected break below support at 1.6737 will question our bullish outlook.

R3: 1.7025
R2: 1.6964
R1: 1.6933
Pivot: 1.6890
S1: 1.6837
S2: 1.6784
S3: 1.6737

Trading recommendation:
We are long EUR from 1.6815 with our stop placed at 1.6730. If you are not long EUR yet, then buy near 1.6806 or upon a break above 1.6933 and use the same stop at 1.6730.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided byInstaForex.

Elliott wave analysis of EUR/JPY for June 25, 2018



We continue to look for more upside here. A break above minor resistance at 1.6933 will call for a continuation higher towards 1.7133 as the next minor upside target on the way higher. Support is now seen at 1.6806 and is expected to be able to protect the downside for a break above 1.6933.

R3: 1.7025
R2: 1.6964
R1: 1.6933
Pivot: 1.6890
S1: 1.6837
S2: 1.6806
S3: 1.6784

Trading recommendation:
We are long EUR from 1.6815 with our stop placed at 1.6730. If you are not long EUR yet, then buy near 1.6806 or upon a break above 1.6933 and use the same stop at 1.6730.

Analysis are provided byInstaForex.

Trading Plan for Crude Oil for June 26, 2018



Technical outlook:
A medium-term time frame has been presented (4 hours) here, and the most probable wave counts have been labelled here. It looks to be like a bearish resumption trade setup is getting ready in Crude Oil now. Let us understand the wave counts from sub 73.00 levels. The drop from 73.00 to almost 63.50 has been an impulse (unfolding into 5 waves) as labeled here. The entire drop can be labeled as wave (1). The subsequent rally then unfolded into a probable Zigzag (5-3-5) corrective wave structure, labeled as a-b-c here. Also note that the termination of the wave (2) is just at Fibonacci 0.618 resistance, around 69.50 levels, which triggered a sharp reversal yesterday. if this ave structure holds to be good, we should witness a continued drop lower towards 58.00 and 48.00 respectively. Ideally, prices should now stay below 73.00 levels going forward.

Trading plan:
Remain short now, stop above 73.00, target 58.00 at least.

Fundamental outlook:
Watch out for US Consumer confidence numbers to be out today at 10:00 AM EST.

Analysis are provided byInstaForex.

Technical analysis on Gold for June 27, 2018

Gold price remains in a bearish trend. Price is approaching important weekly support levels and at least a short-term bounce is approaching. Gold price has weekly oversold signals, warning not to be bearish at current levels. We have no reversal confirmation yet, but we believe that soon we will see the reversal. The key level is at $1,268.



Green line - long-term support

Red line - long-term resistance

Blue arrows - reversal points when Stochastic was oversold.

Gold price is challenging the weekly cloud support and the weekly upward sloping trend line. All the previous times the stochastic was so oversold, Gold rallied. Our time frame is for the next 1-2 months and therefore our risk tolerance should be similar to the downside. Our target remains new highs above $1,400.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Technical analysis of USD/CAD for June 28, 2018



Overview:
The USD/CAD pair broke the resistance that turned into strong support at the level of 1.3247 since days. The level of 1.3247 coincides with the ratio of 78.6% Fibonacci which is expected to act as a major support on the H1 chart today. Consequently, the first support is set at the level of 1.3247. Moreover, the RSI starts signaling an upward trend, and the trend is still showing strength above the moving average (100). Hence, the market is indicating a bullish opportunity above the area of 1.3247/1.3300. So, the market is likely to show signs of a bullish trend around 1.3247 - 1.3300. In other words, buy orders are recommended above the ratio of 78.6% Fibonacci (1.3247) with the first target at the level of 1.3387 in order to test the first resistance in the same time frame. If the pair succeeds to pass through the level of 1.3387, the market will probably continue towards the next objective at 1.3442. The daily strong support is seen at 1.3247. Thus, if a breakout happens at the support level of 1.3243, then this scenario may be invalidated.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Technical analysis of USD/CHF for June 29, 2018



The USD/CHF pair faced resistance at the level of 0.9943. The strong resistance has been already formed at the level of 0.9943 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9943, the market will indicate a bearish opportunity below the new strong resistance level of 0.9943 (the level of 0.9943 coincides with a ratio of 78.6% Fibonacci). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below 0.9943, so it would be good to sell at 0.9940 with the first target of 0.9795. It will also call for a downtrend in order to continue towards 0.9733. The daily strong support is seen at 0.9733. On the other hand, the stop loss order should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.0055 (the double top on the H4 chart).


*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Technical analysis of Gold for July 03, 2018



From the Daily Charts we know the Gold bias is still in a Bullish Condition, this can be seen by the Gold still moving in an up Channel event. Now Gold has a correction and tries to test the nearest Support level at 1,235.72 but it seems that in a few days Gold will be back to its previous bias (Bull). This is already confirmed by the Stochastic Oscilator now at the Oversold level and preparr to go up above the 20 level, so the next few days ahead it seems the Gold will go back to the previous bias (Bull). (Dsiclaimer)

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Technical analysis of AUD/USD for July 04, 2018



Overview:
Last week, the AUD/USD pair fell from the level of 0.7474 towards 0.7348. Now, the price is set at 0.7371. The resistance is seen at the levels of 0.7426 and 0.7474. Moreover, the price area of 0.7474 remains a significant resistance zone. Therefore, there is a possibility that the AUD/USD pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Thus, amid the previous events, the price is still moving between the levels of 0.7426 and 0.7257. If the AUD/USD pair fails to break through the resistance level of 0.7426, the market will decline further to 0.7474 as the first target. This would suggest the bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.7302 so as to test the daily support 2. On the other hand, if a breakout takes place at the resistance level of 0.7474, then this scenario may become invalidated.

Analysis are provided byInstaForex.

Technical analysis: Intraday Level For EUR/USD, July 05, 2018



When the European market opens, some Economic Data will be released such as French 10-y Bond Auction, Spanish 10-y Bond Auction, Retail PMI, and German Factory Orders m/m. The US will release the Economic Data too, such as Crude Oil Inventories, ISM Non-Manufacturing PMI, Final Services PMI, Unemployment Claims, ADP Non-Farm Employment Change, and Challenger Job Cuts y/y, so, amid the reports, EUR/USD will move in a medium to high volatility during this day.

TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1718.
Strong Resistance:1.1711.
Original Resistance: 1.1700.
Inner Sell Area: 1.1689.
Target Inner Area: 1.1661.
Inner Buy Area: 1.1633.
Original Support: 1.1622.
Strong Support: 1.1611.
Breakout SELL Level: 1.1604.

Analysis are provided byInstaForex.

Technical analysis of NZD/USD for July 06, 2018



The NZD/USD (kiwi) pair continues to move downwards from the level of 0.6840. This week, the pair dropped from the level of 0.6840 to trade around the 0.6775 level. This level of 0.6840 coincides with the major resistance today. Today, the first resistance level is seen at 0.6840 followed by 0.6880, while daily support 1 is found at 0.6742. Also, the level of 0.6775 represents a key price today for that it is acting as major resistance/support this week. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.6840/0.6807 towards the first support level at 0.6742 in order to test it. If the pair succeeds to pass through the level of 0.6742, the market will indicate a bearish opportunity below the level of 0.6742. Then, resell again at the price of 0.6742 with the targets of 0.6716 and 0.6697. On the other hand, if a breakout happens at the resistance level of 0.6840, then this scenario may be invalidated.

Analysis are provided byInstaForex.