-
Forex Analysis & Reviews: Forecast for EUR/USD on October 29, 2021
The euro grew by 49 points on Thursday, but not on the basis of the European Central Bank meeting to determine the decision on the fate of PEPP in December, but on the disappointing US GDP for the third quarter, which amounted to 2.0% against the expected 2.6%.
https://forex-images.ifxdb.com/userf...47_source!.jpg
On the daily scale chart, the price crossed the balance and MACD indicator lines, as well as the signal level of 1.1669. Now the target is open at 1.1750 - resistance on September 21-24. Overcoming the level opens the second target at 1.1852, which is likely to be achieved, as investors paid more attention to the US indicators. Today we will receive data on expenses and income of individuals for September, forecasts for which are weak: income -0.2%, expenses 0.5% against 0.8% in August. On Monday, the ISM manufacturing PMI for October is expected to decline from 61.1 to 60.4, on Wednesday the volume of industrial orders for September may show a decrease of 0.1%, which will lead to a downward revaluation of GDP, and may also deter the Fed from optimistic forecasts at the meeting on November 3rd.
https://forex-images.ifxdb.com/userf...1d_source!.jpg
The situation is completely upward on the H4 chart: the price settled above the signal level of 1.1669, the Marlin Oscillator is growing in the positive area.
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: GBPUSD facing bearish pressure, potential for more downside!
https://forex-images.ifxdb.com/userf...f6_source!.jpg
Price is below the 1st resistance at 1.37093 in line with 23.6% Fibonacci retracement and 38.2% Fibonacci extension. Price has also shown a bearish breakout below the neckline of a possible head and shoulder pattern and also holding below the Daily 50MA. Price could potentially bearish from 1st resistance at 1.37093 in line with 23.6% Fibonacci retracement and 38.2% Fibonacci extension to 1st support at 1.36099 in line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension . Our bearish bias is further supported by how Price is holding below the Ichimoku cloud and MACD is holding below the 0 line. Otherwise price may continue to bullish to 2nd resistance at 1.37732 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension.
Trading Recommendation
Entry: 1.37093
Reason for Entry:
23.6% Fibonacci retracement and 38.2% Fibonacci extension
Take Profit: 1.36099 Reason for Take Profit:
78.6% Fibonacci retracement and 161.8% Fibonacci extension
Stop Loss: 1.37732
Reason for Stop Loss:
61.8% Fibonacci retracement and 100% Fibonacci extension.
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: NZDJPY facing bullish pressure, potential for more upside!
https://forex-images.ifxdb.com/userf...8b_source!.jpg
Price has broken out of the symmetrical triangle and is above 1st support at 81.799 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension. Price could potentially bullish from 1st support at 81.799 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension to 1st resistance at 82.507 in line with -0.272% Fibonacci retracement and 78.6% Fibonacci extension. Our bullish bias is further supported by how Price is holding above the EMA and the Ichimoku cloud and RSI is abiding to an ascending trendline support. Otherwise price may continue to bearish to 2nd support at 81.350 in line with 78.6% Fibonacci retracement and 127% Fibonacci extension.
Trading Recommendation
Entry: 81.799
Reason for Entry:
38.2% Fibonacci retracement and 61.8% Fibonacci extension
Take Profit: 82.507
Reason for Take Profit:
-0.272% Fibonacci retracement and 78.6% Fibonacci extension
Stop Loss: 81.350
Reason for Stop Loss:
78.6% Fibonacci retracement and 127% Fibonacci extension.
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Trading plan for GBP/USD on November 3, 2021
The GBP/USD pair closed yesterday below the defining support zone of the Weekly Control Zone 1/2 1.3661-1.3644. This allows us to consider today's growth as an opportunity to search for selling prices.
The opening level of yesterday's trading is decisive, so it can be used as the most favorable selling price for this instrument in the case of today's upward movement. The maximum correction zone is the WCZ 1/4 1.3699-1.3691. The target of the bearish impulse was the Weekly Control Zone 1.3489-1.3455. There is a 75% probability of testing these levels.
https://forex-images.ifxdb.com/userf...b0_source!.jpg
It is not profitable to consider buying options, since the downward movement is a medium-term impulse, which increases the probability of repeated updates of the weekly minimum to 80%. This week's main task is to find favorable prices for sale.
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Forecast for EUR/USD on November 4, 2021
Yesterday's Federal Reserve meeting was a little "softer" than the markets expected. The central bank cut the asset repurchase program on its balance sheet by $15 billion a month, but strenuously stressed that there is still a long way to a rate hike. Investors reacted accordingly - they sold the dollar. Moreover, the trading volumes were not large, slightly above average, and almost the entire volume was selected in the first hour after the release.
https://forex-images.ifxdb.com/userf...bc_source!.jpg
On the technical side, the likelihood of growth, of course, increased, but strategically the situation remained the same as a day ago; for the growth to develop, the price must settle above the MACD line on the daily chart, above 1.1622. And if the price goes below the level of 1.1572, the risk of price convergence with the Marlin Oscillator opens up again. But as this probability has become lower, it is now indicated by the dotted lines.
https://forex-images.ifxdb.com/userf...1a_source!.jpg
On the four-hour chart, the main change was that the price went above the balance indicator line. If yesterday's initial momentum is maintained, the price will break above 1.1622 and above 1.1630, breaking the MACD line on its timeframe. The Marlin Oscillator is in the positive area. The price has a chance to rise. But... the probability of a price increase is 55%. This is due to the fact that at the same time as the price rises, the technical pressure on it also increases. As mentioned above, strategically, nothing has changed over the past day. Today is likely to pass in anticipation of the market's decision in such a difficult situation.
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: USDJPY potential bullish momentum | 5th Nov 2021
https://forex-images.ifxdb.com/userf...4c_source!.jpg
Price is currently reacting in a triangle and a bullish pennant pattern. We can expect price to bounce from 1st support in line with 88% Fibonacci retracement and 78.6% Fibonacci projection towards the 1st Resistance level in line with 61.8% Fibonacci projection. Our short-term bullish bias is further supported by RSI approaching the support level.
Trading Recommendation
Entry: 113.551
Reason for Entry:
88% Fibonacci retracement and 78.6% Fibonacci projection
Take Profit: 114.024
Reason for Take Profit:
61.8% Fibonacci projection
Stop Loss: 113.412
Reason for Stop Loss:
100% Fibonacci projection
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: USDCAD bullish bounce | 8rd Nov 2021
https://forex-images.ifxdb.com/userf...45_source!.jpg
On the H4, with price bouncing off the support on the RSI indicator and price moving above the ichimoku cloud, we have a bullish bias that price will rise from 1st support at 1.24286 in line with the 50% Fibonacci retracement levels and the horizontal overlap support to 1st resistance at 1.24796 in line with the graphical swing high resistance and possibly even to 2nd resistance at 1.24964 in line with the graphical swing high from 12th of October. Alternatively, we may see price break 1st support structure and head for 2nd support at 1.24024 in line with the 78.6% Fibonacci retracement level and horizontal overlap support.
Trading Recommendation Entry: 1.24286
Reason for Entry:
50% Fibonacci retracement levels and the horizontal overlap support
Take Profit:1.24796
Reason for Take Profit:
graphical swing high resistance
Stop Loss:1.24024
Reason for Stop Loss:
78.6% Fibonacci retracement level and horizontal overlap support
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: USDCHF potential bearish drop | 9th Nov 2021
https://forex-images.ifxdb.com/userf...44_source!.jpg
On the H4 timeframe, price is now abiding to a descending trendline resistance, signifying bearish momentum. We can now expect price to make a drop from the 1st resistance in line with 61.8% Fibonacci retracement and 61.8 % Fibonacci projection towards the 1st Support in line with 78.6% Fibonacci projection and 78.6% Fibonacci retracement. Price is currently in the middle of the descending trendline resistance and ascending trendline support, hence traders should wait for the price to swing higher or lower before entering into the trade.
Trading Recommendation
Entry: 0.91690
Reason for Entry:
61.8% Fibonacci retracement and 61.8 % Fibonacci projection
Take Profit: 0.91690
Reason for Take Profit:
78.6 % Fibonacci projection
Stop Loss: 0.919325
Reason for Stop Loss:
100% FIbonacci projection and 78.6% Fibonacci retracement
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Forecast for AUD/USD on November 10, 2021
The Australian dollar is already close to a mid-term pivot point. On a daily scale, the price with the Marlin Oscillator has almost formed a powerful double convergence. The price only needs to go down a bit, and the signal line of the oscillator will touch the line forming the convergence. The MACD line (0.7330) may not even be reached.
https://forex-images.ifxdb.com/userf...d9_source!.jpg
A double convergence is also forming on the four-hour chart. After its completion, the trend is likely to reverse upwards. The price exit above the MACD line, above the level of 0.7433 (yesterday's high), will confirm this reversal in the mid-term trend.
https://forex-images.ifxdb.com/userf...d9_source!.jpg
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Forecast for EUR/USD on November 11, 2021
The euro fell by 113 points yesterday, which confirmed the variant with the formation of convergence before, as expected, a reversal into medium-term growth. The target of the movement is the 1.1448 level - the high on March 17, 2019. The price may move below the level, for example, to 1.1420, this is the level of the peaks of June 2020 and June 2019.
https://forex-images.ifxdb.com/userf...a5_source!.jpg
Of course, the strengthening of the dollar across the market was associated with a strong increase in the CPI in October estimates to 6.2% (forecast 5.8%), but the Federal Reserve needs to get data on the real sector to change its sentiment, and such data as retail sales, growth industrial production, the volume of civil construction will be next week. Investors also need this data, and therefore, after yesterday's rally, they can take a break.
https://forex-images.ifxdb.com/userf...e0_source!.jpg
On the four-hour scale, the price settled under the balance and MACD indicator lines, the Marlin Oscillator has already deeply entered the downtrend zone, so we expect the decline to slow down. We are waiting for the formation of technical reversal signs.
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: AUDNZD on bearish momentum! | 12 Nov 2021
https://forex-images.ifxdb.com/userf...50_source!.jpg
Price is on a bearish momentum and abiding to our bearish trendline. We see potential for a bounce from our 1st resistance at 1.04277 in line with 50% Fibonacci retracement and 38.2% Fibonacci retracement and graphical overlap towards our 1st support at 1.03297 in line with 100% Fibonacci extension. Alternatively, our stop loss will be placed at 2nd resistance at 1.04617 in line with 50% Fibonacci retracement and graphical overlap. RSI is approaching levels where dips occurred previously and ichimoku is showing bearish momentum.
Trading Recommendation
Entry: 1.04277
Reason for Entry:
50% Fibonacci retracement and 38.2% Fibonacci retracement and graphical overlap.
Take Profit: 1.03297
Reason for Take Profit:
100% Fibonacci extension.
Stop Loss: 1.04617
Reason for Stop Loss:
50% Fibonacci retracement and graphical overlap.
Analysis are provided byInstaForex.
-
Trading plan for GBP/USD on November 15, 2021
https://forex-images.ifxdb.com/userf...69_source!.jpg
The GBP/USD pair's downward movement last Wednesday still leaves traces. Today, the pound has returned to its low of two weeks ago on November 5. The Weekly Control Zone 1/4 1.3446-1.3438 is set at the same mark.
These two facts speak about the importance of this zone. If the price fails to consolidate above the level of 1.3446 today and an absorption pattern is formed, then sales will come to the fore again. The first downward target is last week's low. The main medium-term target will be the WCZ 1/2 1.3283-1.3266. This makes it possible to get a favorable risk-to-profit ratio.
If today closes above the level of 1.3446, then the next target for selling the instrument will be the WCZ 1/2 1.3541-1.3524. They will find the most favorable prices for opening a short position there.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
-
Forex Analysis & Reviews: USDCHF bullish momentum! | 16 Nov 2021
https://forex-images.ifxdb.com/userf...d8_source!.jpg
Price is on a bullish momentum and abiding to our bullish trendline. We see potential for a bounce from our 1st support at 0.92193 in line with 23.6% Fibonacci retracement and 61.8% Fibonacci extension and graphical overlap towards our 1st resistance at 0.92647 in line with 61.8% Fibonacci extension and graphical swing high. Alternatively, our stop loss will be placed at 2nd support at 0.91883 in line with bullish trendline and graphical overlap. Technical indicators are showing bullish momentum.
Trading Recommendation
Entry: 0.92193
Reason for Entry:
23.6% Fibonacci retracement and 61.8% Fibonacci extension and graphical overlap
Take Profit: 0.92647
Reason for Take Profit:
61.8% Fibonacci extension and graphical swing high
Stop Loss: 0.91883
Reason for Stop Loss:
Bullish trendline and graphical overlap
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Technical analysis for EUR/USD pair on November 17, 2021
The EUR/USD pair's downward impulse, which began this spring, is breaking records. A similar decline was observed in 2018 when the weakening was 10%.
At present, the decline is already 8.5% from this year's high, which indicates either the huge strength of market sellers or the huge desire of the central bank to see the Euro cheaper. In any case, this should be used in order to look for opportunities to sell this pair. This should not be done at the current levels, but any growth should be considered as a correction and look for patterns to sell the instrument.
https://forex-images.ifxdb.com/userf...3b_source!.jpg
It is worth noting that the pair has gone beyond the average zone for the second week in a row. This indicates that volatility is growing and it will be extremely problematic to deploy such a downward impulse. Therefore, the best solution would be to join sellers at more favorable prices.
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: GBPJPY potential for bounce! | 18th Nov 2021
https://forex-images.ifxdb.com/userf...7f_source!.jpg
Price is in a cup pattern and has recently broken out of our ascending trendline. We see potential for a bounce from our 1st support at 153.625 in line with 50% Fibonacci retracement, 23.6% Fibonacci retracement and graphical overlap towards our 1st resistance at 154.356 in line with 50% Fibonacci retracement and graphical overlap. Alternatively, our stop loss will be placed at 2nd support at 153.332 in line with 61.8% Fibonacci retracement and graphical overlap. Technical indicators are showing bullish momentum.
Trading Recommendation
Entry: 153.625
Reason for Entry:
50% Fibonacci retracement, 23.6% Fibonacci retracement and graphical overlap
Take Profit: 154.356
Reason for Take Profit:
50% Fibonacci retracement and graphical overlap
Stop Loss: 153.332
Reason for Stop Loss:
61.8% Fibonacci retracement and graphical overlap
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: AUDUSD potential short term bullish bounce | 19th Nov 2021
https://forex-images.ifxdb.com/userf...37_source!.jpg
On the H4, we can see that price abiding to the ascending channel on the daily and descending trendline on the H4. We can expect price to make a bounce from 1st Support in line with 78.6% Fibonacci projection, 78.6% Fibonacci retracement and ascending channel support towards the 1st Resistance in line with 61.8% Fibonacci projection and 50% Fibonacci retracement. Our bullish bias is further supported by stochastic indicator where the %K line is at the support level awaiting for a bounce.
Trading Recommendation
Entry: 0.72530
Reason for Entry: 78.6% Fibonacci projection, 78.6% Fibonacci retracement and ascending channel support
Take Profit: 0.73316
Reason for Take Profit: 78.6% Fibonacci projection and 23.6% Fibonacci retracement
Stop Loss: 0.72256
Reason for Stop Loss:
100% Fibonacci projection
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: USDCAD Bearish Reversal | 22nd Nov 2021
https://forex-images.ifxdb.com/userf...56_source!.jpg
On the H4, with price reversing off the resistance on the RSI indicator and the a graphical level, we have a bearish bias that price will dip to 1st support at 1.25853 in line with the graphical overlap support and possibly to 2nd support at 1.27074 in line with the graphical overlap support from 1st resistance at 1.26472 in line with the horizontal overlap resistance and 23.6% Fibonacci retracement level. Alternatively, we may see price break 1st resistance structure and head for 2nd resistance at 1.25466 in line with the 50% Fibonacci projection retracement level and horizontal swing high resistance.
Trading Recommendation
Entry: 1.26472
Reason for Entry:
Horizontal overlap resistance and 23.6% Fibonacci retracement level
Take Profit: 1.25853
Reason for Take Profit:
Graphical overlap support
Stop Loss: 1.25466
Reason for Stop Loss:
50% Fibonacci projection retracement level and horizontal swing high resistance
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Gold reaches 2nd target after bearish signal.
Gold price has reached the $1,800 area which was our second target after our bearish signal last Friday. As expected by our analysis, Gold started the week under pressure because of the bearish signal we got last Friday.
https://forex-images.ifxdb.com/userf...ee_source!.jpg
Red rectangle- resistance
Blue rectangle - support
Gold price is now trading at the 61.8% Fibonacci retracement of the entire rise from $1,758. Our first target was the 38% retracement around $1,830 and our next target was the 61.8% level. Short-term trend remains bearish after the bearish signal on Friday. At 61.8% retracement level we usually see trend reversals. That is why the decline has stopped around this Fibonacci level. Bears need to be cautious as we could see a higher low being formed and price to reverse to the upside. For now no such signal has been given. Price could during the day make a new lower low so bulls need to be very patient and cautious. Next support is at the 78.6% retracement level. Breaking below that level will increase dramatically the chances of falling below $1,758 over the coming days. For now this is not the most probable scenario.
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Trading plan for GBP/USD on November 24, 2021
The GBP/USD pair has been forming a flat range for the last ten days. Yesterday's update of the monthly low led again to the emergence of demand.
If today's closing of the day turns out to be higher than yesterday's opening of the day, then the "absorption" pattern on the daily chart will form. This will open the way to buy the instrument. The upward target will be the Weekly Control Zone 1/2 1.3531-1.3514, which coincides with a significant weekly extreme.
At the moment, the priority is still to trade within the framework of the flat. It should be noted that finding the price at the lower end of the range indicates the opportunity to buy profitably when the corresponding pattern appears.
https://forex-images.ifxdb.com/userf...52_source!.jpg
Today's daily candle should be similar to the candle of November 12. If this happens, then purchases will come to the fore tomorrow. To continue the pair's decline, it will be necessary to close today below yesterday's low. This will indicate the appearance of new orders to buy the pound at more favorable prices.
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: AUDUSD bearish continuation | 25th Nov 2021
https://forex-images.ifxdb.com/userf...66_source!.jpg
Today's daily candle should be similar to the candle of November 12. If this happens, then purchases will come to the fore tomorrow. To continue the pair's decline, it will be necessary to close today below yesterday's low. This will indicate the appearance of new orders to buy the pound at more favorable prices.
On the H4, we can see that price broke out of the ascending channel on the daily and abiding to the descending trendline on the H4. We can expect the price to drop from 1st Resistance in line with 23.6% Fibonacci retracement towards the 1st Support in line with 127.2% Fibonacci projection. Our bearish bias is further supported by the Ichimoku cloud indicator where price is holding below it and it is forming a strong resistance level.
Trading Recommendation
Entry: 0.72317
Reason for Entry:
23.6% Fibonacci retracement
Take Profit: 0.71716
Reason for Take Profit:
127.2% Fibonacci Projection
Stop Loss: 0.72524
Reason for Stop Loss:
61.8% Fibonacci projection and 38.2% Fibonacci retracement
Analysis are provided byInstaForex.
-
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.
https://forex-images.ifxdb.com/userf...be_source!.jpg
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.
https://forex-images.ifxdb.com/userf...57_source!.jpg
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.
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 29, 2021
https://forex-images.ifxdb.com/userf...91_source!.jpg
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
Analysis are provided byInstaForex.
-
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!
https://forex-images.ifxdb.com/userf...3c_source!.jpg
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.
Analysis are provided byInstaForex.
-
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!
https://forex-images.ifxdb.com/userf...a6_source!.jpg
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.
https://forex-images.ifxdb.com/userf...23_source!.jpg
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.
Analysis are provided byInstaForex.
-
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.
https://forex-images.ifxdb.com/userf...9d_source!.jpg
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).
https://forex-images.ifxdb.com/userf...6e_source!.jpg
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for December 6, 2021
https://forex-images.ifxdb.com/userf...64_source!.jpg
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.
Analysis are provided byInstaForex.
-
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.
-
Forex Analysis & Reviews: AUDUSD bearish continuation | 7th Dec 2021
https://forex-images.ifxdb.com/userf...4e_source!.jpg
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
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for December 8, 2021
https://forex-images.ifxdb.com/userf...1f_source!.jpg
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.
Analysis are provided byInstaForex.
-
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.
https://forex-images.ifxdb.com/userf...0e_source!.jpg
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.
https://forex-images.ifxdb.com/userf...b5_source!.jpg
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%.
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: AUDUSD bullish breakout | 10th Dec 2021
The wandering nature of the euro, which we talked about in yesterday's review, is gaining confirmation this morning. The daily scale Marlin Oscillator begins chaotic movements along the zero line, approximately as it was in the third decade of October (gray rectangle). Therefore, we can take the price movement to 1.1415 and to 1.1170 equally probable. Taking into account the current downward trend, which has been going on since May, the probability of a downward trend is 55%. Of course, surpassing the target level of 1.1415 and the MACD line will direct the euro into medium-term growth.
https://forex-images.ifxdb.com/userf...4b_source!.jpg
On the four-hour chart, the price is being held by the MACD indicator line, the Marlin Oscillator has penetrated the bears' territory. If the price moves below yesterday's low (1.1278), it will also correspond to its decline below the MACD line, which will increase the probability of price movement to the lower target of 1.1170 to 75%.
https://forex-images.ifxdb.com/userf...f1_source!.jpg
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: EUR/USD Indicator Analysis; Daily review for December 13, 2021
Trend analysis (Fig. 1).
The market may move down on Monday from the level of 1.1314 (closing of Friday's daily candle) with the target at 1.1246, the support line (blue bold line). When testing this line, the price may continue to move upward with the target at 1.1306, the 23.6% retracement level (blue dashed line).
https://forex-images.ifxdb.com/userf...55_source!.jpg
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - down.
General conclusion:
The price may move down from the level of 1.1314 (closing of Friday's daily candle) with the target at 1.1246, the support line (blue bold line). When testing this line, the price may continue to move upward with the target at 1.1306, the 23.6% retracement level (blue dashed line).
Unlikely scenario: the price may start moving up from the level of 1.1314 (closing of Friday's daily candle) with the target at 1.1354, the upper fractal (red dotted line). When testing this level, the price may continue to move upward with the target at 1.1378, the 38.2% retracement level (blue dashed line).
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Technical analysis for EUR/USD on December 14, 2021
Trend analysis (pic. 1).
Today, the pair has dropped from the level of 1.1283 (the closing of yesterday's daily candlestick). It may reach the support level of 1.1249 (the blue bold line). When testing this level, it is likely to rebound to the retracement level of 23.6% - 1.1305 (blue dotted line). After that, the pair may climb higher.
https://forex-images.ifxdb.com/userf...26_source!.jpg
Pic. 1 (daily chart).
Complex technical analysis:
- technical indicator analysis - down;
- Fibonacci retracement levels - down;
- trading volumes - down;
- candlestick analysis - up;
- trend analysis - up;
- Bollinger bands - down;
- weekly chart-up.
Conclusion:
Today, the price from the level of 1.1283 (closing of yesterday's daily candle), moving down, will try to reach the support line - 1.1249 (blue bold line). When testing this line, it is possible to move up in order to reach the pullback level of 23.6% - 1.1305 (blue dotted line), most likely, after that the price will go further up.
Alternatively, the pair may try to resume the downward movement from the 1.1283 level (closing of yesterday's daily candlestick) with the target level of 1.1249. It also acts as a support (blue bold line). Having tested this level, the pair is likely to decline to the target level of 1.1227, the bottom line (red dotted line).
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Technical Analysis of ETH/USD for December 15, 2021
Crypto Industry News:
German savings banks plan to allow clients to invest in leading digital currencies such as Bitcoin and Ethereum directly from their accounts.
Savings banks in German-speaking countries, also known as Sparkassen, are working on a pilot of the launch of an internal cryptocurrency wallet and exchange next year, a local business magazine reported.
The pilot project is subject to approval by the Sparkasse committees in early next year, while the banking association intends to develop related services in early 2022.
A spokesman for the German Savings Association confirmed the news.
"More and more consumers are interested in cryptocurrencies. One in ten customers of German savings banks claim to own or have owned cryptocurrencies. Given their expectations, the Financial Group of Savings Banks must also look at cryptocurrencies," he said.
The representative added that a group of experts from the German IT service provider S-Payment "is currently exploring ways to provide options to securely store cryptocurrencies in a wallet for selected customers."
Technical Market Outlook
The ETH/USD pair has made another lower low at the level of $3,666 as the bears approach the key short-term technical support. The bulls had manage to bounce back up locally towards the technical resistance located at $4,913 so far. In a case of a further move down, the next target is seen at the swing low at the level of $3,438. Moreover, in order to extend the bounce, bulls need to test and break through the short-term trend line resistance located at the level of $4,300 and head towards the level of $4,435. Despite the extremely oversold market conditions at the H4 time frame, the bears are still on control of the market.
Weekly Pivot Points:
WR3 - $4,978
WR2 - $4,721
WR1 - $4,397
Weekly Pivot - $4,163
WS1 - $3,831
WS2 - $3,582
WS3 - $3,258
Trading Outlook:
The ABCxABC complex corrective cycle might be terminated, so the next long-term target for ETH is seen at the level of $5,000. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls. The level of $3,677 is the key mid-term technical support for bulls.
https://forex-images.ifxdb.com/userf...e2_source!.jpg
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Forecast for USD/JPY on December 16, 2021
The dollar strengthened against the yen by 0.32% (35 points) on Wednesday following the US Federal Reserve meeting. The price broke the signal level of 113.96, crossed the indicator line of the daily scale balance, displacing the market interest in buying, and now its target is 115.80-116.15. The Marlin Oscillator supports this price plan by moving into an upward trend area.
https://forex-images.ifxdb.com/userf...07_source!.jpg
On the chart of a four-hour scale, the price is in an upward trend by all indications: its development goes above the indicator lines, Marlin is in the positive area.
https://forex-images.ifxdb.com/userf...e2_source!.jpg
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Forecast and trading signals for GBP/USD for December 17. Detailed analysis of the movement of the pair and trade deals. The pound has fully worked out the Bank of England's decision to raise the rate
Forex Analysis & Reviews: Forecast and trading signals for GBP/USD for December 17. Detailed analysis of the movement of the pair and trade deals. The pound has fully worked out the Bank of England's decision to raise the rate
https://forex-images.ifxdb.com/userf...70_source!.jpg
The GBP/USD pair showed volatility equal to 135 points on Thursday. The growth of the British currency's quotes began at the European trading session. Thus, British traders worked out the results of the Federal Reserve meeting. The British currency rose a bit more, but then rolled back down, as the index of business activity in the UK services sector turned out to be weak (figure "1" in the chart). However, the downward movement did not last long, so the Bank of England decided to raise the key rate to 0.25%, which provoked a strong growth of the British currency to the resistance level of 1.3367. But with the release of American statistics, it could give the impression that it was she who provoked the growth of the dollar. But we believe that this is not the case, since the US data is hardly strong. As a result, the pair "flew" perfectly from side to side yesterday, and we just have to deal with the trading signals and understand how to work out all these movements. The first buy signal was formed when the pair overcame the Senkou Span B line and the extreme level of 1.3276. After that, a little more than 20 points were passed up, which allowed traders to set the Stop Loss to breakeven. According to this order, the purchase transaction was closed. Then the pair returned to the area of 1.3265 - 1.3276 and not very confidently, but bounced off it, forming another buy signal. However, it was formed exactly at the time when the Bank of England announced the results of its meeting, so traders could hardly have time to open a deal and set a Stop Loss on it in order to take a risk. Thus, it simply did not work out to work out this signal. But the pound still allowed traders to earn. The pair very quickly reached the extreme level of 1.3362, from which it bounced and formed a sell signal, after which an equally strong downward movement began and in the late afternoon the quotes dropped by about 45 points from the point of forming a sell signal. Thus, near the level of 1.3317, short positions could be closed manually. Although a little, but it turned out that one could earn yesterday.
GBP/USD 1H
https://forex-images.ifxdb.com/userf...b2_source!.jpg
On the hourly timeframe, the pound/dollar pair has been in the stage of strong growth for a whole day, but at this time it has started a new round of downward movement and may well return to its original positions, as well as the euro currency. Formally, there is an upward trend now, since the price settled above the descending channel earlier, but after two important meetings of the central banks, we need to let the market calm down a little and see where the pair will be at the end of this week. On December 17, we highlight the following important levels: 1,3186 - 1,3193, 1,3276, 1,3362, 1,3406. There are no levels below, as the price has not been so low for more than a year. The Senkou Span B(1.3265) and Kijun-sen(1.3272) lines can also be signal sources. Signals can be "rebounds" and "breakthroughs" of these levels and lines. It is recommended to set the Stop Loss level to breakeven when the price passes in the right direction by 20 points. The lines of the Ichimoku indicator can move during the day, which should be taken into account when searching for trading signals. On Friday, a report on retail sales for November will be published in the UK, but this report is likely to be overshadowed by two meetings that took place earlier this week. Thus, we are not waiting for the reaction of traders to this report. Nothing interesting is planned in the United States today.
We recommend you to familiarize yourself:
Overview of the EUR/USD pair. December 17. Predictable Fed and passive ECB.
Overview of the GBP/USD pair. December 17. An unexpected expected surprise from the Bank of England.
Forecast and trading signals for EUR/USD for December 17. Detailed analysis of the movement of the pair and trade deals.
COT report
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
https://forex-images.ifxdb.com/userf...0f_source!.jpg
The mood of professional traders became a little less bearish during the last reporting week (November 30 – December 6). Professional traders closed 3,600 sell contracts (shorts) and 2,100 buy contracts (longs) during the week. Thus, the net position for the "non-commercial" group of traders increased by 1,500 contracts. This is a very small change even for the British pound. In general, the mood of non-commercial traders continues to be bearish, and quite strong. We draw your attention to how low the green line of the first indicator is located in the chart above, which reflects the net position of the non-commercial group. Thus, unlike the euro, the pound's decline in recent weeks looks just logical: major players sell off the currency, and it falls. A further decline in the British currency is also now quite likely, but at the same time we draw your attention to the fact that the green and red lines of the first indicator have moved quite far from each other. This may indicate that the downward trend is drying up. Thus, we get a situation in which the euro currency is not moving down quite logically, and the pound may complete its movement in the near future. Thus, for both major pairs, we recommend waiting for the downward trend to end, but do not start buying until specific buy signals are formed.
Explanations for the chart:
Support and Resistance Levels are the levels that serve as targets when buying or selling the pair. You can place Take Profit near these levels.
Kijun-sen and Senkou Span B lines are lines of the Ichimoku indicator transferred to the hourly timeframe from the 4-hour one.
Support and resistance areas are areas from which the price has repeatedly rebounded off.
Yellow lines are trend lines, trend channels and any other technical patterns.
Indicator 1 on the COT charts is the size of the net position of each category of traders.
Indicator 2 on the COT charts is the size of the net position for the non-commercial group.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Trading signals for CRUDE OIL on December 20 - 21, 2021: buy above 68,75 (2/8)
https://forex-images.ifxdb.com/userf...1_source!.jpgg
The oil price (WTI- #CL) kicked off this week with a bearish gap and approached the low of 68,75. The 2/8 Murray zone is strong support for crude oil. It is expected for the next few days to bounce above this level with targets at the 21 SMA located at 70,77.
The International Energy Agency (IEA) downgraded the outlook for oil demand by around 100,000 barrels per day for both 2021 and 2022, citing the emergence of the Omicron variant weighing on global oil demand.
A surplus in oil inventories of 1.7 million barrels per day could materialize in the first quarter of 2022, an oil surplus of 2 million barrels per day could materialize in the second quarter of 2022.
According to the IEA report, global supply could skyrocket by 6.4 million barrels per day next year compared to an increase of 1.5 million barrels per day in 2021.
In the medium term, oil could be under downward pressure. If inventories continue to increase in the market, the oil price could decline more to the psychological level of 50,00.
On the chart, we can see that oil is trading below the 200 EMA located at 73,55 and below the 21 SMA at 70,77. This technical data provides the negative outlook for oil, which we could expect to fall in the next few days towards 65,62 and even more to the low of December 2 at 62,40.
Our trading plan is to buy as long as it remains above 2/8 Murray, with the target at SMA of 21 at 70,77. Friday's gap at the close of Friday will be covered. A consolidation above 70.77 could boost the recovery of oil to the level of 200 EMA at 73,55.
Conversely, a daily close below 68,40 could quickly accelerate the WTI decline. The objective will be to cover the gap that remains open at 65,62 if the downward pressure prevails up to 62,40. The eagle indicator continues to give the negative signal. It is likely that it could continue the fall in the coming days.
Support and Resistance Levels for December 20 - 21, 2021
Resistance (3) 70,76
Resistance (2) 70,19
Resistance (1) 69,32
----------------------------
Support (1) 68,72
Support (2) 67,97
Support (3) 67,01
************************************************** *********
A trading tip for WTI on December 20 - 21, 2021
Buy above 68,75 (2/8) with take profit at 70,77 and 73,55 (200 EMA), stop loss below 68,30.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Forecast for EUR/USD on December 21, 2021
The euro rose by 37 points on Monday, extending the lateral movement in time from the 7th. The Marlin Oscillator continued to form the pattern of the third decade of October (gray area). Then, after the sideways trend of the oscillator, the price fell, a similar outcome is likely in the current situation.
https://forex-images.ifxdb.com/userf...3e_source!.jpg
The four-hour chart shows a correctional price rebound from the support area on December 7 and 16, which was expected yesterday. The balance indicator line stopped the price's growth, while the oscillator's growth was stopped by its own zero line - the border with the bulls' territory. Now we are waiting for a repeated attack on the support area on December 7 and 16 (1.1225/40), surpassing it and further decline to the first target level of 1.1170, then to 1.1050.
https://forex-images.ifxdb.com/userf...f1_source!.jpg
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for December 22, 2021
https://forex-images.ifxdb.com/userf...9e_source!.jpg
EUR/JPY is clearly in its final stages of the correction near wave 4/. All we need is a break above minor resistance at 129.64 to confirm that wave 4/ is completed and wave 5/ of 3 is in motion towards at least 135.04 and possibly even closer to the 139.70 target. This will complete wave 3 and set the stage for another wave 4 correction,. However, first we need to stay alert to signs that wave 4/ is completed and wave 5/ is in motion. The best thing that can happen is a break above minor resistance at 129.64 to confirm that wave 5/ is in motion.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided byInstaForex.
-
Forex Analysis & Reviews: Forecast for EUR/USD on December 23, 2021
Yesterday, the euro decided to choose an upward direction, intending to complicate and lengthen the horizontal movement, which began on November 29-30. There are about 20 points until the resistance of the MACD line (1.1363), and without breaking the main scenario and its own sideways movement, it is likely that the price will turn down from this resistance. If it overcomes the 1.1363 level, the main scenario will change to a price reversal from the target level of 1.1415. But if the price settles above 1.1415, then an alternative scenario will take effect with the price rising to the target level of 1.1572 (the January 2019 high).
https://forex-images.ifxdb.com/userf...65_source!.jpg
An interesting situation develops on the Marlin Oscillator. Yesterday's exit of the signal line from the rectangular area of consolidation, marked with a gray area, repeats the exit of the signal line from the same consolidation on October 28 - it is marked with a red oval. And, as you can see, after the signal line returned to the range, the price fell.
https://forex-images.ifxdb.com/userf...8e_source!.jpg
On the four-hour chart, the price settled above the MACD line, Marlin is confidently rising in the positive area - the situation is upward. Probably, the price will decide to test the strength of the resistance range of 1.1363-1.1415.
Analysis are provided byInstaForex.
