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Wave Analysis by InstaForex

This is a discussion on Wave Analysis by InstaForex within the Analytics and News forums, part of the Trading Forum category; EUR/JPY remain bearish for a further drop The price continues to rise and we're now seeing major resistance at 129.40 ...

      
   
  1. #41
    Senior Member InstaForex Gertrude's Avatar
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    EUR/JPY remain bearish for a further drop



    The price continues to rise and we're now seeing major resistance at 129.40 (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension) where we expect a strong reaction from to fuel the drop to at least 127.56 support (Fibonacci extension, horizontal swing low support).

    Stochastic (34,5,3) is once against testing our 93% resistance level where we expect a drop from.

    Sell below 129.40. Stop loss is at 129.86. Take profit is at 127.56.

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  2. #42
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    Technical analysis of USD/JPY for Aug 29, 2017



    In Asia, Japan will release the BOJ Core CPI y/y, Unemployment Rate, Household Spending y/y data, and the US will release some Economic Data, such as CB Consumer Confidence and S&P/CS Composite-20 HPI y/y. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

    TODAY'S TECHNICAL LEVEL:
    Resistance. 3: 109.34.
    Resistance. 2: 109.13.
    Resistance. 1: 108.91.
    Support. 1: 108.66.
    Support. 2: 108.44.
    Support. 3: 108.23.

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  3. #43
    Senior Member InstaForex Gertrude's Avatar
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    AUD/USD bounced perfectly above our buying area and reached our profit target. Prepare to sell



    The price bounced perfectly from our buying area and reached our profit target. We prepare to sell below 0.7979 resistance (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, bearish divergence) for a push down to at least 0.7909 support (Fibonacci retracement, horizontal overlap support).

    Stochastic (34,5,3) is seeing bearish divergence vs price signaling that a reversal is impending.

    Sell below 0.7979. Stop loss is at 0.8003. Take profit is at 0.7909.

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  4. #44
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    The Euro continued its correction



    The euro did not take advantage of the chance to rise against the US dollar after the release of good data on inflation in Germany and the index of sentiment in the euro area economy.

    According to the report of the statistics agency, the consumer price index harmonized in accordance with the EU standards in Germany increased by 1.8% in August this year compared to the same period in 2016, while economists expected growth of only 1.7%. Compared to July, inflation increased by 0.1%, fully coinciding with the forecast. As a rule, low prices for energy carriers continue to create the main problem.

    Despite the fact that all values are still preliminary, traders were disappointed by the rather weak indicators and core inflation.

    However, there are also positive moments. According to the report, the growth of salaries in Germany sharply accelerated in the second quarter of this year. So, in comparison with the second quarter of 2016, salaries increased by 3.8%. From this, we can conclude that a sharp drop in the unemployment rate did not seriously affect the wage index, which is a good indicator for the economy.

    Data on sentiment in the euro area economy also supported the euro in the morning. According to the report of the statistical agency, the index of sentiment in the economy of the eurozone in August this year rose to 111.9 points against 111.3 points in July. Economists had expected the index to remain unchanged.

    The US labor market and the economy are in perfect order, which was reflected in the quotes of the EUR/USD pair, which declined after the report on changes in the number of employees from ADP.

    The number of jobs in the private sector in the US in August this year increased by 237,000, while economists expected growth of only 185,000 jobs. Data for July were revised upward, to 201,000.

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  5. #45
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    Technical analysis of EUR/USD for Sept 04, 2017



    When the European market opens, some Economic Data will be released, such as PPI m/m, Sentix Investor Confidence, and Spanish Unemployment Change. Today the US will not release any Economic Data, so, amid the reports, EUR/USD will move in a low volatility during this day.

    TODAY'S TECHNICAL LEVEL:
    Breakout BUY Level: 1.1939.
    Strong Resistance:1.1932.
    Original Resistance: 1.1921.
    Inner Sell Area: 1.1910.
    Target Inner Area: 1.1882.
    Inner Buy Area: 1.1854.
    Original Support: 1.1843.
    Strong Support: 1.1832.
    Breakout SELL Level: 1.1825.

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  6. #46
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    Technical analysis of USD/JPY for Sept 05, 2017



    In Asia, Japan will release the 10-y Bond Auction data, and the US will release some Economic Data, such as IBD/TIPP Economic Optimism and Factory Orders m/m. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

    TODAY'S TECHNICAL LEVEL:
    Resistance. 3: 110.09.
    Resistance. 2: 109.88.
    Resistance. 1: 109.66.
    Support. 1: 109.40.
    Support. 2: 109.19.
    Support. 3: 108.97.

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  7. #47
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    NZD/USD testing major resistance, prepare to sell



    The price is testing major resistance at 0.7261 (Multiple Fibonacci retracements, horizontal swing high resistance) and we expect to see a strong reaction from this level to push the price down to at least 0.7208 support (Fibonacci retracement, horizontal pullback support).

    Stochastic (34,5,3) is seeing major resistance below 92% and we expect a corresponding reaction off this level.

    Sell below 0.7261. Stop loss is at 0.7301. Take profit is at 0.7208.

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  8. #48
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    Brent made friends with hurricanes

    Hurricane Harvey did not bring happiness, but this disaster helped the "bulls" in the North Sea and saved them by catching the straw, instead of forcing them to flee the battlefield. The experts of Bloomberg predicted that the US black gold reserves will grow by 2.5 million barrels by the end of the week by 1 September, while the Goldman Sachs announced that it will reach 40 million barrels within a month as the hurricane ends. The oil became a more serious driver of growth which returned refinery to life.

    ExxonMobil, Phillips 66, Valero Energy and others reported about the resumption of refining operations. As of September 5, factories with a capacity of 3.8 million b/s (about 20% of the total value for the States) were closed, while at the height of the hurricane it was about 4.2 million b/s capacity. According to the US Energy Information Administration, the continuation process can take several days or weeks. Everything will depend on the damage found at the time of the resumption.

    Along with the return to life of the oil refinery, oil has another important hidden driver of growth as the domestic energy increased its demand among the states affected by Harvey. The White House asked the Congress for about $ 7.9 billion in aid to Texas and Louisiana for restoration work, which is regarded as a "bullish" factor for black gold.

    However, Goldman Sachs claims that the potential growth of oil is limited, as the current situation is likely to take advantage of mining companies from the States. The possible price hike will increase the hedging of price risks and production volumes, which will affect the global balance of the physical asset market and the futures market. The bank draws attention to the fact that companies have significantly reduced costs in recent years, and the level of revenue showed a growth in profits. This position corresponds to the opinion of the Alexander Novak, Minister of Energy of Russia, saying that in 2018 Brent will cost $45-55 per barrel.

    Corrections to the current alignment of forces can make another hurricane. Irma is moving in the direction of Florida, but it is impossible that its impact will be more serious for the US oil industry than Harvey's influence.

    Brent and WTI gained support from the weak dollar. The dovish statement of Lael Brainard and Neel Kashkari reduced the potential increase of the federal funds rate in December to 37%. The growth of geopolitical risks related to North Korea put pressure on the yields of US Treasury bonds by pushing futures for the North Sea grade to the maximum levels since May.

    Dynamics of oil and the dollar index



    Source: Trading Economics.

    Technically, the "bulls" renewed July highs of Brent along with the activation of the AB = CD pattern increase the risks of continuing the northern campaign towards the target at 127.2% and 161.8%. This corresponds to $54.7 and $56 per barrel. On the contrary, the inability of buyers to keep prices above the levels of $53.7 and $52.9 will indicate weakness.

    Brent Daily Chart



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  9. #49
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    Draghi moved the answers to late autumn



    The European currency strengthened its position against the US dollar after the press conference of the president of the European Central Bank, which took place immediately after the regulator left its interest rates unchanged.

    However, it should be noted that the growth of the euro was more restrained than many analysts had predicted. Basically this was due to the fact that specific deadlines or measures regarding the repurchase program of the bonds were not announced.

    During the speech ECB President Draghi, he said that rates will be at current levels for a long period, and in the framework of quantitative easing, the ECB will buy assets of 60 billion euros a month until December 2017 or longer, if necessary.

    As for the specific time frames, the ECB President said that this fall, it will be decided when to adjust the parameters of the policy next year. This leaves room for further strengthening of the euro in the medium term, therefore it would be wrong to talk of any major downward correction in the EURUSD pair. The market reaction associated with buying the euro in the current situation speaks for itself.

    Mario Draghi also drew attention to the fact that the economic recovery seems strong and large-scale, and the available information confirms that the prospects for economic growth remain the same.

    Draghi very mildly expressed concern regarding the exchange rate of the European currency, saying that the recent volatility of exchange rates is a source of uncertainty that requires observation. Some analysts predicted today that there will be verbal intervention by the president of the European Central Bank, aimed at weakening the rate of the single European currency.

    The ECB President also drew attention to the fact that when deciding on monetary policy, the central bank will have to take into account the exchange rate.

    As for inflation, according to Draghi, the core index has grown slightly, but a very significant monetary stimulus is still needed.

    Data on the labor market slightly supported the US dollar, as the number of Americans who applied for unemployment benefits increased last week. The rise is associated with Hurricane Harvey. According to the report of the US Department of Labor, the number of initial applications for unemployment benefits for the week from August 27 to September 2 increased by 62,000 and amounted to 298,000. Economists predicted the number of applications to be at 241,000.

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  10. #50
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    Technical analysis of gold for September 11, 2017

    Gold price opened with a gap down today. Trend remains bullish. Price can find support at $1,330-$1,340 area. Gold price is expected to continue its bullish trend higher.



    Black lines - bullish channel

    Gold price has reached the 38% Fibonacci retracement support. We could see price move a bit lower towards the lower channel boundary or the Ichimoku cloud support at $1,330, This would be a buying opportunity. I remain bullish and expect Gold price to reverse to the upside soon.



    On a daily basis, Gold price is making higher highs and higher lows. Support is at $1.330-$1,300 area. Trend is bullish in ichimoku cloud terms as well. The oscillators are turning downwards from overbought levels but we have no divergence. This implies that price should make new highs after the pullback is over.

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