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Forex Analysis & Reviews: Forecast for EUR/USD on October 11, 2022
Yesterday, the euro overcame the support of 0.9724, but has not yet consolidated below the level. To settle below this area, you need to close today's candle below this level. Of course, there is such a possibility, but the signal line of the Marlin Oscillator is turning up, which already calls into question the further vigorous price decline.
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In case of reverse consolidation above the level of 0.9724, a corrective growth from the previous 4-day decline to the level of 0.9855 is possible. The condition for the continuation of the decline is to overcome yesterday's low of 0.9682.
https://forex-images.ifxdb.com/userf...4d5e03f7c6.jpg
The price consolidated under the MACD line and under the price level of 0.9724 on the four-hour chart. The Marlin Oscillator is in negative territory. The overall situation is down, and unless there is some very positive news for the eurozone, the decline may continue. Aim for 0.9520.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on October 12, 2022
Yesterday, the euro traded in a solid range of 103 points, but the closing of the day was almost at the opening level and in fact the price settled on the daily chart, under the key level of 0.9724. As a result, now we are waiting for a more confident price decline to the level of 0.9520.
https://forex-images.ifxdb.com/userf...629fcb9d14.jpg
Eurozone industrial production data for August will be released today. An increase of 0.6% and an improvement in the annual rate from -2.4% to 1.2% y/y are expected. Market participants will be drawn to today's release of the FOMC minutes from the last meeting - investors need to find out if their federal funds rates are justified in the 78% probability of a 0.75% rate hike at the Federal Reserve meeting on November 2.
On the four-hour chart, the price consolidated under the MACD line and under the level of 0.9724 now after a false exit above these lines. We look forward to continuing the chosen course. Not far from the target level of 0.9520 is an intermediate target of 0.9554 – the low of September 26th. The level is strong, so the target of the movement can be defined as a range of 0.9520/54.
https://forex-images.ifxdb.com/userf...62a08e26bf.jpg
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on October 13, 2022
Yesterday's publication of the minutes from the last Federal Reserve meeting showed a rather hawkish mood of the members of the monetary policy committee, but the markets practically did not react to it, if we do not take into account a brief revival at the time of the immediate release.
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Today the focus will be on US inflation data for September. Core CPI is projected to rise from 6.3% y/y to 6.5% y/y, headline CPI is expected to decline to 8.1% y/y from 8.3% y/y in August. If we add to these mixed forecasts the expected increase in initial jobless claims, which is expected to increase from 219,000 to 225,000, that is, with a jump above the one and a half month data, then preferences for long positions on the dollar will prevail. The price is still consolidating below the 0.9724 level on the daily chart. The Marlin Oscillator is growing, so it is undesirable for the bears to delay pushing through the euro, as the bulls can become more active and consolidate above the specified key level. And the 0.9855 target opens above it. The main scenario assumes a decline to support 0.9520.
https://forex-images.ifxdb.com/userf...77b4117f29.jpg
On the four-hour chart, the price is generally consolidating under the MACD indicator line. The Marlin Oscillator shows the intention to reverse down from the zero line. We are waiting for the price in the target range of 0.9520/54.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on October 14, 2022
Yesterday was another day of high volatility. The euro traded in the range of 176 points, closing the day with an increase of 74 points. The price has moved above the resistance level of 0.9724, now the 0.9855 target is just ahead. The daily-scale MACD indicator line is approaching the level.
https://forex-images.ifxdb.com/userf...8cfe359010.jpg
According to the first version of the correction, the growth may end in this area. According to the second option, the growth may continue to the level of 0.9955 - to the low of July 14, which will create a false exit of the price above the MACD line. If later the price returns and settles under the MACD line, then the subsequent decline may be below 0.9520.
The media cite arguments for the euro's growth: the market has fully priced in the Federal Reserve's November rate hike of 0.75% and even the "ceiling" of the rate of 4.85% in March next year. We allow such an interpretation and quote the euro at current levels at a rate of 4.85%, but then political factors should be removed from the components, including the latest event - sabotage at the Druzhba oil pipeline in Poland. Oil rose by 2.44% yesterday, the stock index S&P 500 by 2.60%. That is, there is a short-term return of market players to risk. At the same time, yields on US government bonds are not declining. So far, we are seeing a "shake-up" of the market on US inflation data. Yesterday, the core CPI for September showed an increase from 6.3% y/y to 6.6% y/y, while the overall CPI fell from 8.3% y/y to 8.2% y/y.
https://forex-images.ifxdb.com/userf...8cfccac124.jpg
On the four-hour chart, the price settled above the level of 0.9724 and MACD line. Growth stopped at the balance line, which shows the consolidation of the "bulls" for a short-term turning point in their favor. Marlin Oscillator is in the growth zone. We are waiting for the end of the correction either at the nearest level of 0.9855 or at 0.9950, which is more likely due to the nature of yesterday's reversal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Analytische Bewertungen Forex: Forecast for GBP/USD on October 17, 2022
The pound returned to the support of 1.1170 on Friday after British Prime Minister Liz Truss sacked Treasury Secretary Kwasi Kwarteng, who had been in office for just 38 days.
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And since the sell-off of the pound was emotional (-148 points), today's opening was with a rising gap. The gap tells us that the market will try to close it, which will mean that the price will go under the support level of 1.1170, and then it may continue to decline to the support of 1.0815 - to the green price channel line.
https://forex-images.ifxdb.com/userf...cc0cb3650c.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.
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Forex Analysis & Reviews: Forecast for EUR/USD on October 18, 2022
The main drivers of yesterday's growth in almost all market assets were the British pound and the US stock market. The new Minister of Finance, Jeremy Hunt, canceled the so-called "mini-budget" of his predecessor Kwarteng, on which the currency and debt markets of Great Britain went up. The pound rose by 1.05%, S&P 500 by 2.65%, also growing under the impression of good corporate reports, and the euro by 1.08% (117 points).
https://forex-images.ifxdb.com/userf...e125a0371a.jpg
In its growth, the price almost reached the magnetic point of intersection of two lines - the target level of 0.9855 and the MACD line of the daily scale. Now the price has two actions to choose from: consolidate above this level and continue to rise to 0.9950, and turn down to the starting point of yesterday - to the level of 0.9724. The Marlin Oscillator is in the positive area, it tends to continue growing. The difficulty in choosing a direction is also that there are now two opposing investment ideas on the market: to continue buying risk on a positive background of corporate reports and to be careful in this, slowly getting rid of the euro, as amid continuing negative statistics on the euro area, the European Central Bank may raise the rate not by 0.75% but by 0.50% at a meeting on October 27, which, of course, will send the euro unambiguously down.
US industrial production data for September is released today. Forecast 0.1% vs. -0.2% in August. And if the data helps the euro to overcome the current resistance of 0.9855, then this will become an indicator of the mood of investors in the coming days (growth in risk appetite).
The situation is generally on the rise on a four-hour timescale. But in order to stay in the growing trend, the price must consolidate above the resistance. Otherwise, a quick return to 0.9724 may follow. This can happen in the event of sharply negative news.
https://forex-images.ifxdb.com/userf...e12676da85.jpg
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on October 19, 2022
The euro stalled on the strong price level resistance at 0.9864 (September 6 low) in line with the daily MACD indicator line.
https://forex-images.ifxdb.com/userf...f67305c0d6.jpg
The Marlin Oscillator is growing in the positive area, which means that the price is preparing to exit above the resistance. If this attempt turns out to be successful, then the increase may last up to 0.9950/52, the low of July 14th. In order for the price to turn towards 0.9724, it needs to overcome the cluster of peaks on October 13-14 near the level of 0.9806.
https://forex-images.ifxdb.com/userf...f6724a79ae.jpg
The situation is similar on the lower timeframe; consolidating above 0.9864 will allow the euro to rise to the target level of 0.9950, consolidating under 0.9806 will again direct the quote in a downward direction to the target level of 0.9724.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Forecast for USD/JPY on October 20, 2022
The yen hit an important target at 150.00 (this morning's actual high of 149.96). In addition to being a round number, the target is defined by an embedded monthly timeframe price channel line. Above it are levels with increased frequency, approximately every 80 points.
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There were rumors again on the market that the Bank of Japan is preparing another intervention. The technical component also indicates to us a high probability of a price reversal during the formation of a divergence with the Marlin Oscillator. We believe that this is the main scenario for further developments. The nearest target in this case will be the price channel line in the area of 147.40.
https://forex-images.ifxdb.com/userf...0b6bb087a7.jpg
A divergence is also preparing to form on the four-hour chart. We will find out later this evening whether the reversal will take place or not.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forecast for EUR/USD on October 21, 2022
The euro bulls did not want to give up easily yesterday - the trading range was 92 points and the day closed with a white candle of 15 points. On the technical side, the price took advantage of the confusion of the Marlin Oscillator at the zero neutral line.
https://forex-images.ifxdb.com/userf...207d4d00cb.jpg
But already in the Pacific session, yesterday's growth was blocked, the price again rushed to the nearest support of 0.9724, the Marlin Oscillator is pushing through the support of this zero line. A decline below 0.9724 opens the next target at 0.9520.
https://forex-images.ifxdb.com/userf...207c738a3d.jpg
On the four-hour chart, the price makes a second attack on the support of the MACD line. The price also moved under the balance indicator line, which shows us the shift in the players' mood to sell. The Marlin Oscillator is moving deeper into the downward trend.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forecast for EUR/USD on October 24, 2022
On Friday, the head of the San Francisco Federal Reserve, Mary Daly, said that the high pace of rate hikes is slowing down the economy, this pace needs to be slowed down. As a result, yields on government bonds fell, stock indices rose, and the euro closed the day up 75 points. The quote of the single currency again reached the resistance of 0.9864 and the MACD indicator line. The European Central Bank raises rates on the 27th, but we still doubt the market's willingness to switch so quickly from the Fed's leading role in pricing the euro to the ECB's leading position. Eurozone business activity indicators for October will be released today, and a recession is predicted for them.
https://forex-images.ifxdb.com/userf...5fd01eeef7.jpg
On the technical side, in order to consolidate the euro in the green, the price needs to go above the descending price channel, marked in green on the daily chart, that is, above the level of 0.9950. Price development above 0.9864 (September 6 low) before breaking 0.9950 in this situation is considered as a false exit above the MACD indicator line. Consolidation below this line may bring the price back to support 0.9724. The Marlin Oscillator is already turning down and does not share the optimism of the price.
https://forex-images.ifxdb.com/userf...5fcf6037f8.jpg
The price is already forming a divergence with Marlin on the H4 chart. As long as it's weak. A decline below the MACD line (0.9797) will set the bearish mood for the euro.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Elliott wave analysis of Litecoin for October 25, 2022
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Our preferred scenario for Litecoin shows that wave 2/ completed at 48.41 but we need a break above resistance at 55.94 to confirm the low and a rally to the neckline resistance near 65.10. Only a break above here will confirm a long-term corrective low being in place for the next strong rally higher to 97.38 and likely even closer to 116.85.
In the longer term, a break above the neckline resistance will indicate a new impulsive rally towards the former peaks in the 375 - 400 area.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Elliott wave analysis of Litecoin for October 26, 2022
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Litecoin has now broken above resistance at 56.43 which will be calling for more upside towards the S/H/S bottoms neckline near 65.00. A break above here will activate the bottom formation for a rally towards the S/H/S-target at 97.38 and possibly even the extension target at 116.85. However, in the longer term, we expect a much stronger rally and Litecoin to continue higher towards its all-time high near 400. Ultimately, the all-time high peak at 413.60 should be broken too, but it could be far out in the future. So, let's work with the data we have and take it in baby steps as always and look for a test of the neckline resistance at 65.00 as the next upside target.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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US stock market closes higher, Dow Jones gains 1.07%
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At the close of the New York Stock Exchange, the Dow Jones rose 1.07% to hit a monthly high, the S&P 500 rose 1.63% and the NASDAQ Composite rose 2.25%.
The top performer among the components of the Dow Jones index today was Nike Inc, which gained 3.71 points (4.22%) to close at 91.72. Quotes of American Express Company rose by 5.39 points (3.81%), closing the session at 147.02. Boeing Co rose 4.60 points or 3.24% to close at 146.65.
The biggest losers were The Travelers Companies Inc, which shed 3.70 points or 2.06% to end the session at 176.09. Amgen Inc was up 1.33 points (0.51%) to close at 259.99, while UnitedHealth Group Incorporated was down 1.38 points (0.25%) to close at 540. 22.
Leading gainers among the S&P 500 index components in today's trading were Centene Corp, which rose 10.47% to 83.75, IQVIA Holdings Inc, which gained 10.17% to close at 197.83, and shares of Charles River Laboratories, which rose 9.10% to end the session at 219.12.
The losers were Brown & Brown Inc, which shed 12.65% to close at 55.10. Shares of Cadence Design Systems Inc shed 5.55% to end the session at 151.32. Quotes W. R. Berkley Corp fell in price by 4.64% to 69.20.
Leading gainers among the components of the NASDAQ Composite in today's trading were Taysha Gene Therapies Inc, which rose 97.35% to hit 2.98, Fangdd Network Group Ltd, which gained 89.64% to close at 1.26. , as well as shares of Revelation Biosciences Inc, which rose 64.60% to close the session at 0.41.
The biggest losers were Hoth Therapeutics Inc, which shed 26.37% to close at 0.24. Shares of Mana Capital Acquisition Corp lost 23.24% to end the session at 5.99. Quotes TuanChe ADR fell in price by 18.45% to 6.32.
On the New York Stock Exchange, the number of securities that rose in price (2619) exceeded the number of those that closed in the red (487), while quotations of 112 shares remained practically unchanged. On the NASDAQ stock exchange, 2989 companies rose in price, 753 fell, and 241 remained at the level of the previous close.
The CBOE Volatility Index, which is based on S&P 500 options trading, fell 4.66% to 28.46, hitting a new monthly low.
Gold futures for December delivery added 0.21%, or 3.55, to $1.00 a troy ounce. In other commodities, WTI crude futures for December delivery rose 0.39%, or 0.33, to $84.91 a barrel. Brent futures for January delivery fell 0.05%, or 0.05, to $91.16 a barrel.
Meanwhile, in the Forex market, EUR/USD rose 0.94% to hit 1.00, while USD/JPY fell 0.71% to hit 147.90.
Futures on the USD index fell 1.03% to 110.75.
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Forex Analysis & Reviews: Gold still attractive for buyers
https://forex-images.ifxdb.com/userf...a11d677957.jpg
The price of gold dropped in the short term after reaching the 1,675 level. Now, it is traded at 1,664 at the time of writing. XAU/USD slipped lower as the DXY tried to rebound. Still, Gold could try to develop a new bullish momentum as the Dollar Index is under downside pressure.
Today, the fundamentals will drive the price, so you have to be careful. The ECB is expected to increase the Main Refinancing Rate from 1.25% to 2.00%. The Monetary Policy Statement and the ECB Press Conference could really shake the markets.
Also, the US Advance GDP is expected to register a 2.3% growth, Advance GDP Price Index may report a 5.3% growth, Unemployment Claims could be reported at 219K, Durable Goods Orders could register a 0.6% growth, while Core Durable Goods Orders may report a 0.2% growth.
As you can see on the H1 chart, XAU/USD found resistance at 1,668. The bias remains bullish as long as it stays above the uptrend line. Technically, after its strong growth, a temporary drop was natural.
Staying near the 1,668 resistance may signal an imminent breakout. Temporary consolidation could bring more bullish energy and attract more buyers.
XAU/USD Forecast!
Staying above the minor uptrend line and making a valid breakout above 1,675 could confirm further growth. A new higher high is seen as a buying opportunity. The 1,700 psychological level and the R2 (1,699) represent upside targets.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on October 27, 2022
The euro is not letting up and yesterday it grew by another 113 points to the target range of 1.0100/20. And once again, the market is asking the question - will there be a reversal today due to the "soft" statement of the European Central Bank after the rate hike by 0.75% and the expected growth of US GDP for the 3rd quarter by 2.4%, which will mean the end of the recession?
https://forex-images.ifxdb.com/userf...9f22a4bf6a.jpg
From a purely technical point of view, the probability of a reversal is 60%, since the price is at the upper border of the downward price channel of the weekly timeframe. The Marlin Oscillator is also not averse to turning down. Of course, the price's exit above the target range of 1.0100/20 will allow the price to reach the target of 1.0205 - to renew the high on September 12th.
Additional information, unfortunately, is not visible on the four-hour chart. The price is quite able to reach the 1.0100/20 range, but the indicators do not suggest what will happen next. Without a doubt, today's events (the ECB meeting and the release of the US GDP) are such important events that they can move the single currency's quote in any direction. We are waiting for the development of events. In general, the fundamental pressure on the euro remains and the ongoing growth is still a correction.
https://forex-images.ifxdb.com/userf...9f23914c82.jpg
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Forex Analysis & Reviews: Technical Analysis of GBP/USD for October 28, 2022
Technical Market Outlook: The GBP/USD pair has hit the projected target level at 1.1625 (61% Fibonacci extension of the wave A) and is approaching the intraday technical support seen at 1.1496. The local high was even made at the level of 1.1644 before the Pin Bar candlestick pattern forced bulls to pull-back towards the technical support. The market is ready to extend the breakout towards the projected target level located at 1.1717 (supply zone) or higher. The intraday technical support is seen at 1.1496 and 1.1544. The momentum is strong and positive, which supports the short-term bullish outlook for GBP. Only a sudden and strong breakout below the 30 periods moving average would change the imminent outlook to bearish.
https://forex-images.ifxdb.com/userf...b84383ab27.jpg
Weekly Pivot Points:
WR3 - 1.15209
WR2 - 1.14338
WR1 - 1.13938
Weekly Pivot - 1.13467
WS1 - 1.13067
WS2 - 1.12596
WS3 - 1.11725
Trading Outlook:
The bears are still in charge of Cable and the next long-term target for them is the parity level. The level of 1.0351 has not been tested since 1985, so the down trend is strong, however, the market is extremely oversold on longer time frames already. In order to terminate the down trend, bulls need to break above the level of 1.2275 (swing high from August 10th).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on October 31, 2022
On Monday, the euro faces the 0.9959 support level.The target level of 0.9864 is at the bottom, and at the top is the resistance of 1.0051 (high on September 20) and the upper limit of the price channel. In general, the dollar feels strong on the market, but there is also an increased interest in risk in the market, which can pull the euro up (on Friday, the S&P 500 added 2.46%).
https://forex-images.ifxdb.com/userf...f37bcceabb.jpg
On the other hand, Friday could also be the last day of such appetites, as the Federal Reserve is expected to raise the rate by 0.75% to 4.00% on Wednesday. Also, weak data on the eurozone may come out today. Retail sales in Germany for September are expected to be -0.3% m/m (decreasing at an annual pace from -4.3% to -4.9%), while euro area GDP for the 3rd quarter may be as low as 0.1%, which will reduce annual growth from 4.1% to 2.1%. The euro is more likely to decline from these positions. After consolidating under 0.9950, we are waiting for the price at 0.9864.
https://forex-images.ifxdb.com/userf...f37c82815c.jpg
On the four-hour chart, the price is consolidating at the support level and on the MACD indicator line. Overcoming supports will be a signal to decline. More precisely, the signal level is Friday's low at 0.9927. The Marlin Oscillator is falling in negative territory.
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Forex Analysis & Reviews: Forecast for EUR/USD on November 1, 2022
The euro undertook a downward breakout on Monday. Having made a path of 80 points, the euro has almost reached the target support of 0.9864. Apparently, the price lingered before the support to build up strength before it was overcome, as the support is strengthened by the MACD line (0.9840). Overcoming the formed range (0.9840/64) opens a further path to the target support at 0.9715 – to the April 2000 high.
https://forex-images.ifxdb.com/userf...08971d5b6d.jpg
The Marlin Oscillator is approaching the zero line on the daily. It is likely that the price will overcome the support range and the zero line oscillator at the same time. Such synchronization will lead to a powerful downward movement. In terms of timing, such a breakthrough may take place tomorrow - on the day of the Federal Reserve meeting.
On the four-hour chart, the price consolidated under the indicator lines of balance (red) and MACD. The Marlin Oscillator is developing in the downward trend zone. Today, consolidation is likely before the breakout of the planned supports, or even the first attempt at such a breakout.
https://forex-images.ifxdb.com/userf...0897d321c3.jpg
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Elliott wave analysis of Litecoin for November 2, 2022
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Litecoin is still fighting to break clear of resistance at 55.94. A break above minor resistance at 57.40 will confirm continuation higher towards the neckline resistance near 64.60. Only a break above here activates the formation for a rally towards the S/H/S target at 97.38 and possibly even closer to the extension target at 116.85. Only a break below support at 54.18 will delay the expected rally higher and call for a dip to 50.00 before turning higher again.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Trading Signal for GBP/USD on November 3-4, 2022: buy above 1.1378 (200 EMA - bottom bearish channel)
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In the next few hours, we could expect a technical bounce above the 200 EMA around 1.1378. So, the price could reach 3/8 Murray at 1.1474 and even 1.1550 (top bearish channel).
Conversely, in case of a sharp break below the 200 EMA and a daily close on the 4-hour chart below 1.1370, the currency pair could continue the bearish bias and the price could reach 2/8 Murray around 1.1230.
The eagle indicator is giving a negative signal and any bounce towards the psychological level of 1.15 will be considered a signal to continue selling. Our trading plan for the next few hours is to buy above the 200 EMA and above the bottom of the downtrend channel around 1.1378 with targets at 1.1474 and 1.1530.
On the other hand, the signal to sell will be activated if there is a strong break below 1.1370 (200 EMA) with targets at 1.1230.
As long as the GBP/USD pair trades within the downtrend channel formed since Oct 26, any technical bounce back towards the 21 SMA located at 1.14 98 will be seen as an opportunity to sell.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Forecast for GBP/USD on November 4, 2022
The Bank of England raised the rate to the expected 0.75% and warned of two points: in the future, the pace of the rate hike will slow down, from the 3rd quarter the UK economy will enter a recession and it will last until mid-2024 with an increase in unemployment until the end of the 25th year to 6.4%. The pound fell by 230 points. Data on British GDP for the 3rd quarter will be released on November 11, the forecast of economists is -0.2%, obviously, the forecast coincides with the calculations of the central bank.
The decline continued to the target level of 1.1170 on the daily chart. The signal line of the Marlin Oscillator went below the zero line into the area of the downtrend. After the price settles under 1.1170, we are waiting for the pound to fall further to 1.0785 - to the line of the price channel of the higher timeframe.
On the four-hour chart, the price, together with the Marlin Oscillator, is turning into a slight correction. Perhaps the correction will last until the first noticeable resistance at 1.1260 - the former local support for October. After the end of the correction, we are waiting for a further fall towards the specified target.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex
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Forex Analysis & Reviews: USD/JPY analysis for November 07, 2022 - Triangle pattern in creation
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USD/JPY has been trading sideways at the price of 147.45. I see potential for the breakout play. Trading recommendation:
Due to the range condition, watch for potential breakout of the trading range to confirm further direction. In case of the upside breakout of the resistance at 148.80, watch for buying opportunities with the upside objective at 151.85.
In case of the downside breakout of the support at 145.65, watch for selling opportunities with the downside objective at 141.85 *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Forecast for AUD/USD on November 8, 2022
The Australian dollar managed to overcome the resistance of the MACD indicator line on the daily chart. Today it opened above this line. Now the price will try to master the target range of 0.6514/32. If it is overcome, then the next target will be the level of 0.6592.
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The daily Marlin Oscillator is in the neutral position, and it reached a reversal level on October 27 and August 12 (0.0185 on the indicator scale), which increases the psychological tension in connection with the upcoming US Congressional elections today.
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On the four-hour chart, the price is above the indicator lines, Marlin is in the positive area and shows the intention to develop a sideways movement. In general, the expectation is positive, that is, the market is preparing to meet the victory of the Republicans. But we are not in a hurry with such expectations, so we just follow the course of events.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Elliott wave analysis of Litecoin for November 9, 2022
We have seen a deeper-than-expected correction here, as we have seen a correction to the 78.6% corrective target near 53.72, but then it's just in the middle of the fourth wave of one lesser degree, which is normally what we would expect to see. Therefore, we expect Litecoin to start the next journey higher towards the S/H/S bottom target at 97.38.
Only an unexpected break below the key support at 48.41 will invalidate our bullish scenario for the expected rally higher to 97.38 and above.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on November 10, 2022
The elections to the American Congress turned out to be far from being as tragic for the Democrats as the US and other world media predicted. Seats in the Senate were distributed equally 48/48. There will be re-elections in several states in December to determine the winners. The seats in the lower house this morning were distributed as follows: 182 for the Democrats, 205 for the Republicans. As a result, conflicts are already brewing in the Republican camp, a number of functionaries are demanding that Trump be removed from influence on the party, and several Republican governors have already spoken out on their nominations for the presidency (DeSantis, Hogan).
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Well, the markets continued their fall: S&P 500 -2.08%, euro -0.58%, oil (CL) -3.42%. A divergence has formed with the Marlin Oscillator on the daily chart. The price returned under the level of 1.0051, where it is most likely to close the day. Thus, the nearest target for the euro is the level of 0.9950. Further, we are waiting for the advance to 0.9864. The price is still in an upward position on the four-hour chart, as the development takes place above the indicator lines and Marlin is in the growth zone. A bit above the support of 0.9950 is the MACD line, which will make it difficult and slow down the price to work out this support.
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Forex Analysis & Reviews: Indicator analysis: Daily review of EUR/USD on November 11, 2022
Trend analysis (Fig. 1).
The euro-dollar pair may move upward from the level of 1.0208 (close of yesterday's daily candle) to 1.0246, the 85.4% retracement level (yellow dotted line). When testing this level, a downward pullback is possible.
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Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis - up;
Fibonacci levels - up;
volumes - up;
candlestick analysis - up;
trend analysis - up;
Bollinger bands - up;
weekly chart - up.
General conclusion: Today, the price may move upward from the level of 1.0208 (close of yesterday's daily candle) to 1.0246, the 85.4% retracement level (yellow dotted line). When testing this level, a downward pullback is possible.
Alternatively, the price may move upward from the level of 1.0208 (close of yesterday's daily candle) to the upper limit of the Bollinger band indicator at 1.0308 (black dotted line). Upon reaching this level, a downward movement is possible with the target of 1.0162, the 14.6% retracement level (blue dotted line).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Elliott wave analysis of Gold for November 14, 2022
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Gold has finally broken nicely above resistance at 1,735 confirming that wave C of 4 has been completed and wave 5 towards at least 2,400 is in progress. We will be looking for a rally towards resistance in the 1,799 - 1,809 area from where we could see a temporary correction back to retest the former resistance which now acts as support at 1,735 before the next strong rally higher to 1,912 and 2,070 as the next major hurdles on the way higher to 2,400 and possibly 2,700.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: AUDUSD Potential for Bearish Drop | 15th November 2022
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With the price moving above the ichimoku cloud on the H4, we have a bullish bias that the price will rise to the first resistance at 0.67711, which is in line with the 161.8% fibonacci line. If the first resistance is broken, the second should be at 0.69161, the previous swing high. Alternatively, the price could fall to the first support level at 0.65398, which is marked by the 38.2% Fibonacci line.
Trading Recommendation
Entry: 0.67711
Reason for Entry: 1st resistance line
Take Profit: 0.65398
Reason for Take Profit:
1st support line
Stop Loss: 0.69161
Reason for Stop Loss:
Previous swing high and 1st resistance line
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Technical Analysis of GBP/USD for November 16, 2022
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Technical Market Outlook: The GBP/USD pair has been seen moving higher towards the next target for bulls which is located at 161% Fibonacci extension level at 1.2073. So far the local high was made at the level of 1.2026 and then a 2% pull-back followed. The intraday technical support is seen at 1.1760, 1.1734 and 1.1722. The strong and positive momentum on the H4 time frame chart supports the bullish outlook for GBP despite the extremely overbought market conditions, however please stay focused and viligant as the pull-back lower might come any time now as the market looks overstretched o n H4 time frame chart.
Weekly Pivot Points:
WR3 - 1.19243
WR2 - 1.18500
WR1 - 1.18089
Weekly Pivot - 1.17757
WS1 - 1.17346
WS2 - 1.17014
WS3 - 1.16271
Trading Outlook:
The Bearish Engulfing candlestick pattern that was made on the weekly time frame chart has been invalidated and the strong green weekly candle was made. The bulls are temporary in control of the market and the 38% Fibonacci retracement of the last wave down located at 1.1830 had been tested as well. On the other hand, the level of 1.0351 has not been tested since 1985, so the down trend is strong. In order to terminate the down trend, bulls need to break above the level of 1.2275 (swing high from August 10th). *The market analysis posted here is meant to incr
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Technical Analysis of Nasdaq 100 Index Intraday Price Movement, Thursday November 17, 2022
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On 4 hour chart Nasdaq 100 Index seems visible if #NDX still moving within its Bullish Pitchfork channel even so because of its failure to touch the top line of the Bullish Pitchfork channel it can be considered as Hagopian Rules which confirms that in the near future #NDX will depreciated in the near future where it is also confirmed by the emergence of the Ascending Broadening Wedge pattern so that in the near future #NDX will try to test and broke below the level 11670,5 if this level is successfully broken then #NDX has the potential to fall to 11121.8 as the main target and 10789.1 as the next target to be tested with a note that on its way to the target level it does not return to its initial bias (Bull) until it exceeds above 12082. because if this level is successfully broken, it is very likely that the downside scenario described above will become invalid.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Forecast for EUR/USD on November 18, 2022
Despite the euro's strong desire to go down yesterday, it was not possible to overcome the support of 1.0360, the day closed higher. This morning the price is at the level, waiting for external incentives for further action. Yesterday, such incentives were the fall of oil by 3.76% and the decline of gold by 0.79%.
https://forex-images.ifxdb.com/userf...6f2ef8dbc0.jpg
The daily Marlin Oscillator is declining smoothly, while there are no signs that the price may abandon attempts to break through 1.0360. If this happens, the 1.0205 target will become available.
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On the four-hour chart, the price is supported by the indicator balance line (red moving line), but, nevertheless, the Marlin Oscillator has been in the negative area for a long time, so the price is unlikely to stop trying to overcome the supports. On the way to 1.0205, there is a MACD line (1.0260). It is also an important support to overcome. If the attempt is still unsuccessful, then the price may return to 1.0470 or even overcome the high on November 15 to form a divergence.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Technical Analysis of Intraday Price Movements of the EUR/GBP Cross Currency Pair November 21, 2022
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On the 4 hour chart EUR/GBP cross Currency pair seems to appear.
1. Deviations between price movements with the CCI indicator.
2. Ascending Broadening Wedge.
3. Bearish Wolve Waves
Based on the three information above it can be confirmed that in the near future EUR/GBP will try to get down below the level 0,8689 where if this level successfully penetrated will potentially bring EUR/GBP down to ETA Line from Wolve Waves and/or to the level 0,8589 as a target that will aim for with a note that if on his way to these levels there is no upward correction movement that penetrates above the 0.8775 level because if this level is successfully broken above, it is very likely that the scenario described previously will potentially become invalid.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Technical Analysis of Intraday Price Movements of the EUR/GBP Cross Currency Pair November 21, 2022
Yesterday, China reported a sharp rise in Covid cases in Beijing, and the return of social restrictions and isolation in several areas in the country. Oil rebounds and stock indices started to decline on risks regarding the collapse of new (after FTX) cryptocurrency platforms (Genesis). Against this backdrop, the euro fell in price by 0.80%.
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This morning, the euro is approaching support at 1.0205. The price may correct just a bit, as the Marlin oscillator has a margin to the zero line on the daily chart - up to the limit of the declining territory, and may try to turn up without leaving this area. The bears' success, however, would open the 1.0100/20 target range. The price has settled under the MACD indicator line on the four-hour chart. The Marlin oscillator is in negative territory, in the area where the direction is downward.
These circumstances increase the probability of the attempt to overcome 1.0205. The immediate objective is to settle under 1.0205. Support is technically strong, preliminary price consolidation is likely.
https://forex-images.ifxdb.com/userf...c3a5f8c31e.jpg
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Technical Analysis of Intraday Price Movements of Commodity Currency Pairs, NZD/USD Wednesday, November 23, 2022
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On the 4 hour chart kiwi shows that hidden deviations appear between price movements and the CCI indicator which confirms if in the near future NZD/USD will have the potential to rally upwards to the nearest liquidity gathering place, namely in the Equal High area, namely at the level of 0.6201 but if the CCI level drops below the level 0 and/or level 0.6962 is exceeded, it is very likely for the scenario described earlier cancel by itself.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Elliott wave analysis of EUR/USD for November 24, 2022
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The minor correction from 1.0482 has reached its corrective target at 1.0222 and the pair is ready to resume the underlying impulsive rally higher through resistance at 1.0482 for a rally towards 1.0784 and 1.0927 as the next upside targets.
In the longer term, we are looking for much higher levels here as we see the major corrective decline from 1.6038 as completed at 0.9536. A new major impulsive rally that ultimately will take us back above 1.6038 is unfolding. This of course will not be in a straight line, but in the next years, the trend will be up.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: Future interest rate reductions by the Bank of England are also possible.
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Currently, the Bank of England is a "dark horse." It is difficult to predict how much longer the British regulator will raise its rate, even though it is doing so slower than the Fed and the ECB. It decided to increase the rate by 75 basis points at the most recent meeting, a record increase over the previous 12 to 13 years and the first increase during the current tightening monetary policy cycle. Although the Bank of England rate has already increased to 3%, inflation in the UK is still rising, and there are currently no signs that it will slow down. One could anticipate at least a slight slowdown in the consumer price index with such a rate value, but keep in mind that there is a "time lag" that could take up to 3–4 months for the economy to fully adjust to the most recent (and subsequent) PEPP tightenings.
Inflation in the UK may therefore start to slow down soon, but I believe it will only be able to disappear at a 3% rate, even below the 10% threshold. It increased to 11.1% in October, and Andrew Bailey recently predicted that the peak value might reach 13% or 15%. The fact that British inflation has yet to display any discernible slowdown that would be considered the start of a fall is a major disadvantage. Based on this, it can be assumed that the Bank of England's relatively high rate is already impacting the economy and inflation. However, no one can say with certainty how significant this impact is. There may be an impact, but it is probably insignificant in light of the factors that drive monthly price increases. A 3% rate may only stop prices from increasing even more quickly. Since I cannot respond, it is too early to discuss the Bank of England's final interest rate.
In light of the current situation, the regulator should increase the rate by 75 basis points at least twice more, bringing it to 4.5%. After that, he can follow the Fed's lead and raise the rate gradually while he waits for inflation to respond to three or four rounds of extremely strict PEPP tightening. However, given the current state of the British economy, analysts now have serious doubts about the Bank of England's ability to take such actions. According to Andrew Bailey, the recession "has already begun" and at the same time "has just begun" due to the most recent GDP report for the third quarter showing a contraction. It can last for up to two years (assuming no further economic shocks), and it is difficult to predict how much the British GDP will decline due to high rates.
According to Dave Ramsden, the deputy governor of the Bank of England, it is imperative to respond to the state of the British economy. If things continue to go poorly, it will be prudent to lower the rate to prevent making the already challenging financial situation for households even worse. The objective of bringing inflation back to 2% remains the same, but the Bank of England will need to monitor economic expansion.
The construction of a new downward trend segment is predicated on the wave pattern of the pound/dollar instrument. I cannot suggest purchasing the instrument immediately because the wave marking already permits the development of a downward trend section. Sales are more accurate now that the targets are close to the 200.0% Fibonacci level.
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Forex Analysis & Reviews: Forecast for EUR/USD on November 28, 2022
Last Friday, the euro touched the lower shadow of the support at 1.0360, this morning it did the same thing. The price needs to settle under this level so it can reach 1.0205, and it will form a double top on the daily chart. But the price is not in a hurry to do so. Therefore, if today closes with a white candle, then there is a high probability of a breakout of 1.0470 and a divergence may form with the Marlin oscillator.
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The situation on the weekly chart contributes to the divergence option - here we see that the MACD indicator line still hasn't been reached. But whether it will be reached or not, remains an intrigue.
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On the four-hour chart, the price crossed the MACD line on the descending Marlin oscillator. There was a similar transition on Friday, it was not reliable. Now, when the Marlin oscillator is involved, the price has a chance of settling under 1.0360. Watch the situation, for a signal for a short-term growth or a medium-term fall.
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Forex Analysis & Reviews: ETHUSD Potential For Bearish Continuation | 29th November 2022
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Looking at the H4 chart, my overall bias for ETHUSD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market .If this bearish momentum continues, expect price to possibly head towards the 1st support at 1071.11, where the -previous swing low is located. In an alternate scenario, price could possibly head back up towards the 1st resistance level at 1291.84, where the 38.2% Fibonacci line is located. Trading Recommendation Entry: 1302.56 Reason for Entry: 1st resistance line Take Profit:1071.11 Reason for Take Profit: 1st support line Stop Loss: 1677.00 Reason for Stop Loss: Slightly above where the 2nd resistance line is located.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: USD/MXN Currency Pair Intraday Price Movement Technical Analysis Wednesday November 30, 2022.
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With price movements moving below the Moving Average of the 100 period and the CCI indicator still moving in the range of 0 to -100 levels on the 4-hour chart, the condition of the USD/MXN currency pair is confirmed to be still moving in a bearish bias while currently an upward correction is occurring. stuck at the Resistance level 19,268-19,240 if this level area is strong to hold the upward correction rate and does not exceed the 19,390 level then USD/MXN will have the potential to fall again down to the 19,036 level.
Analysis are provided by InstaForex.
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Forex Analysis & Reviews: EUR/USD. Overview for December 1, 2022
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On Wednesday, there was no movement in the EUR/USD currency pair. We wouldn't have been shocked if this situation had occurred on Monday or Tuesday because there hasn't been a single significant event or report published lately. On Wednesday, there were a ton of macroeconomic statistics. Still, traders paid no attention to the report on European inflation, although it was just as alarming as the last one on American inflation, which sparked this rally. Yet again, we are convinced that the impact of European statistical data on trader sentiment is minimal. But the main point is that quite significant reports from abroad were disregarded yesterday. The ADP report could cause a market reaction if everything in the GDP report is clearer because such reports always come out with three estimates. After the first estimate, it is clear what to expect from the value for a particular quarter.
And it's puzzling why the market didn't find anything interesting in them when we consider all the information and data received. As a result, the pair is still relatively close to the moving average line, and it is still determining the direction of its future movement. For the past week and a half, we have been anticipating a significant downward correction, but this calls for a fix that is at least below the moving average. Formally, the consolidation was visible on Tuesday, but 20 points hardly qualify as a confident result. We focus on the second rebound from Murray level "6/8"-1.0498. Two rebounds from this level could signal the start of a corrective movement. As you can see, traders were unmoved by yesterday's data, so we now have to wait for Friday's nonfarm payrolls and unemployment figures.
In the third quarter, US GDP increased.
Since the GDP report typically includes three estimates, as we mentioned above, traders know what to expect before the second or third estimate is released. However, yesterday's report caught some people off guard because, contrary to expectations of +2.6–2.7% q/q, the actual value was 2.9%. This strong deviation should have benefited the value of the US dollar. Not only was the EU inflation report disregarded, but so was a rather significant GDP with an unexpected value. Even the ADP report received no response. Therefore, even though we think traders still have access to the factors supporting the US currency, they are not yet eager to repurchase the dollar.
As a result, the third quarter of the American economy displays very positive dynamics and can easily compensate for the "disadvantages" of the first two quarters. If this occurs, the Fed will have many more opportunities to raise interest rates as much as it wants. It is again good for the dollar because if inflation stops falling, the Fed will still have opportunities to tighten monetary policy more than expected. It will then become very difficult to talk about a recession in the US economy. Additionally, the fact that there isn't a recession is excellent news for the American economy. Similar to how it is for every other economy in the world. For instance, it is unlikely that the European economy will be spared from such "happiness." Additionally, a slower inflation rate in the Eurozone might encourage the ECB to raise the key rate gradually over the next few months. The euro currency may experience the same fate as the dollar, which has been declining for several months due to the Fed's potential decision to raise interest rates more gradually than previously. Although there are more and more signs pointing to a new rise in the dollar's value, more precise technical signals are still needed to test this theory. We will only analyze Jerome Powell's speech today because it is crucial to know how the market will respond.
As of December 1, the euro/dollar currency pair's average volatility over the previous five trading days was 103 points, considered "high." So, on Thursday, we anticipate the pair to fluctuate between 1.0331 and 1.0538 levels. The Heiken Ashi indicator's turning downward indicates a new phase of the corrective movement.
Nearest levels of support
S1 – 1.0376
S2 – 1.0254
S3 – 1.0132
Nearest levels of resistance
R1 – 1.0498
R2 – 1.0620
R3 – 1.0742
Trading Suggestions:
The EUR/USD pair is still positioned close to the moving average. To avoid the Heiken Ashi indicator turning down, new long positions with targets of 1.0498 and 1.0538 should now be considered. Only after fixing the price below the moving average line with targets of 1.0254 and 1.0132 will sales become significant.
Explanations of the illustrations:
Linear regression channels help determine the current trend. The trend is strong if both are directed in the same direction.
The moving average line (settings 20.0, smoothed) determines the short-term trend and the direction to trade now.
Murray levels are target levels for movements and corrections.
Volatility levels (red lines) are the likely price channel in which the pair will spend the next day, based on current volatility indicators.
The CCI indicator – its entry into the oversold area (below -250) or into the overbought area (above +250) means that a trend reversal in the opposite direction is approaching.
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