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Control zones for GBPUSD on 08/31/20
Friday's growth will continue the upward priority pattern. Any reduction in part of Friday's movement will be corrective and will make it possible for you to get the best prices on long deals. The nearest support is WCZ 1/4 1.3248-1.3238. Testing this zone should be considered as an opportunity to buy the British pound.
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Growth can continue without forming a deep correction pattern. The nearest target for taking part of the profit is the WCZ 1/2 1.3438-1.3417.
To reverse the upward momentum, it will require absorbing Friday's growth and closing today's trading below Friday's low. The probability of this event is less than 20%, which makes this model unprofitable for termination, and sales go into the background and can not be considered today.
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Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.
Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which changes several times a year.
Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.
Analysis are provided byInstaForex.
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Forecast for USD/JPY on September 1, 2020
USD/JPY
USD/JPY gained 54 points on Monday. Having reached the balance line on the daily chart, the price turned down from it. The decline intensified during today's Asian session. It is very likely that our fears about the price falling to support the lower border of the price channel towards the 104.90 level is turning into the main scenario. The signal line of the Marlin oscillator returns to the area of negative values again.
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The price turned away from the balance line on the four-hour chart, which is very indicative that the trend has not gone upward. Also, Marlin did not try to enter the growth trend zone. We are waiting for the price to decline further, the target is 104.90.
https://forex-images.ifxdb.com/userf...dbbc7a2743.jpg
Analysis are provided byInstaForex.
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Analytics and trading signals for beginners. How to trade the EUR/USD on September 2? Plan for opening and closing trades on Wednesday
Hourly chart of the EUR/USD pair
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The EUR/USD pair continued to move down last night and reached the 1.1891 level, which we mentioned as a target in yesterday's articles. Today, the pair has new support and resistance levels (updated every day). Therefore, we can draw the following conclusions based on the results of the past 12 hours of trading. First, novice traders can close short positions opened on the signal of overcoming the upward trend line. The profit is about 60 points. Secondly, traders can leave sell positions open until the MACD indicator turns up. Since it is already morning, which means that the European markets will start opening, we can expect a resumption of the trend movement, and it is currently descending. Third, the price also reached the 1.1903 level, which has long been considered as the upper line of the side channel. Thus, we believe that if the 1.1903 level is overcome, then the downward movement can continue on Wednesday, September 2. Novice traders need to decide which option they are going to stick to for today.
Important reports and events from the European Union are not scheduled for September 2. A report on retail sales will be published in Germany, but we do not believe that the market will particularly react to it. Thus, we recommend novice traders to focus on the ADP report on changes in the number of employees in the private sector for August. This report shows how the number of employed Americans has changed in a month. Recall that the last report (for July) was projected with an increase of 1.5 million, but in reality the increase was only 167,000 which is much worse. Today, a growth of 950,000-1,000,000 new workers is projected. Therefore, if this figure is exceeded, then we can expect the US dollar to grow further. Otherwise, the US currency will not receive support from the macroeconomic background. But even so, the euro/dollar pair can still continue to fall (US dollar growth), as technical factors speak in favor of this option. In general, the dollar has not been in demand in the foreign exchange market for several months, but it is still able to show growth for several consecutive days.
Possible scenarios for September 2:
1) Novice traders are not recommended to consider buying the pair at this time, since it has settled below the upward trend line, so the trend has now changed to a downward trend. However, the upward movement may resume in the near future, and the upward trend line may be realigned, changing the inclination of its angle no less. However, at the moment there are no prerequisites for implementing this option. They will appear if the MACD indicator moves up, after which a strong upward movement begins.
2) Sales look more relevant now, but, as mentioned above, the overall low demand for the US dollar and the possible resumption of the upward trend with a realignment of the trendline may result in cancelling the scenario with a new downward trend. In any case, novice traders had a great opportunity to reach the 1.1891 level. Now they can open short positions before the MACD indicator turns up. They can wait for a round of upward correction (if there is one) and, when it is completed, resume trading downward with targets at 1.1872 and 1.1832.
On 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.
Red lines are the channels or trend lines that display the current trend and show in which direction it is better to trade now.
Up/down arrows show where you should sell or buy after reaching or breaking through particular levels.
The MACD indicator consists of a histogram and a signal line. When they cross, this is a signal to enter the market. It is recommended to use this indicator in combination with trend lines (channels and trend lines).
Important announcements and economic reports that you can always find in the news calendar can seriously influence the trajectory of a currency pair. Therefore, at the time of their release, we recommended trading as carefully as possible or exit the market in order to avoid a sharp price reversal.
Beginners on Forex should remember that not every single trade has to be profitable. The development of a clear strategy and money management are the key to success in trading over a long period of time.
Analysis are provided byInstaForex.
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Forecast for EUR/USD on September 3, 2020
EUR/USD
The euro continues to decline in the uncertainty range of 1.1710-1.1905. The double divergence on the Marlin oscillator is unfolding in full force on the daily chart, the indicator is already in the negative zone, which further increases the technical pressure on the price.
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We are waiting for the price at the lower border of the range, at which the MACD indicator line is already located. Setting the price below it will become a condition for the mid-term fall of the euro.
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The price settled below the balance (red) and MACD (blue) indicator lines on the four-hour chart. Marlin is in the negative zone. The situation is completely decreasing in this timeframe. The target for the decline is 1.1710.
Analysis are provided byInstaForex.
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Technical Analysis of GBP/USD for September 4, 2020
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Technical Market Outlook:
The GBP/USD pair has felt out of the parallel channel and made a new local low at the level of 1.3241, slightly below the 50% Fibonacci retracement seen at the level of 1.3266. The next technical support is seen at the level of 1.3215 and 1.3183. This is the immediate support for bulls and a clear violation of this level will be an intraday bearish signal. Weekly and monthly time frame trend remains up, so if the bullish pressure sustain, then the next target for bulls is seen at the level of 1.3447. Please notice, the market conditions are now oversold on the H4 time frame chart, so after a spike down a relief rally might occur.
Weekly Pivot Points:
WR3 - 1.3797
WR2 - 1.3564
WR1 - 1.3482
Weekly Pivot - 1.3256
WS1 - 1.3192
WS2 - 1.2962
WS3 - 1.2882
Trading Recommendations:
On the GBP/USD pair the main, multi-year trend is down, which can be confirmed by the down candles on the monthly time frame chart. Nevertheless, the recent rally form the multi-year lows seen at the level of 1.1404 has been successful and the trend might be reversing. The key long-term technical resistance is seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate towards the key long-term technical support is seen at the level of 1.1404.
Analysis are provided byInstaForex.
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Technical Analysis of BTC/USD for September 7, 2020
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Crypto Industry News:
British multinational security company BAE Systems and the Society for Worldwide Interbank Financial Telecommunication, have published a report revealing how cyber criminals launder cryptocurrencies.
Cryptocurrency laundering is still relatively small compared to the massive amounts of money laundered by traditional methods such as bank transfers, according to a Follow the Money study.
But there are a few notable examples and the report delves into the money laundering methods employed by the Lazarus Group, a well-known hacking gang sponsored by the North Korean regime.
Lazarus typically steals cryptocurrencies from an exchange and then starts relaying transactions through various exchanges using what is called a "tiered technique."
Hackers hire East Asian helpers who receive some of the stolen funds to help with their laundry. These facilitators are transferring cryptocurrencies to multiple addresses they own to "obscure the origins of the funds," the study found.
Facilitators transfer some of the funds received via newly added bank accounts that are linked to their stock exchange account - this allows you to convert the cryptocurrency into a fiat currency. Other stolen funds can be transferred in Bitcoin to prepaid gift cards that can be used on other exchanges to purchase additional Bitcoins.
Technical Market Outlook:
The BTC/USD pair has bounced slightly from the level of $9,865 which was the low made during the last wave down from $12,004. The market is hovering around the level of $10,000 again as this is very important psychological level for market participants. The nearest technical resistance is seen at the level of $10,248, $10 343 and $10,430 and the nearest technical support is seen at the level of $9,704. The market conditions are oversold, but the momentum remains weak and negative, so another wave down might be just around the corner.
Weekly Pivot Points:
WR3 - $13,397
WR2 - $12,625
WR1 - $11,243
Weekly Pivot - $10,566
WS1 - $9,071
WS2 - $8,375
WS3 - $6,978
Trading Recommendations:
The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic correction are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,463 and $10,000.
Analysis are provided byInstaForex.
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Forecast for AUD/USD on September 8, 2020
AUD/USD
The Australian dollar is on the MACD line on the daily chart. Setting the price below it can trigger a medium-term decline with a movement of about 4.5-5 figures. A condition that can confirm the medium-term decline is when the price leaves the area below the low of 0.7223. The first target will be the August 3 low at 0.7075. Also, in order for the price to confidently settle under the MACD line (0.7277), the aussie needs the signal line of the Marlin oscillator to fall into the zone of negative values.
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The situation is also neutral on the 4-hour timeframe. The price is consolidating at the 0.7277 level. The Marlin oscillator moves gently, it can lie in the horizon without entering the growing trend zone. We are waiting for the development of events.
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Analysis are provided byInstaForex.
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Forecast for EUR/USD on September 9, 2020
EUR/USD
The euro fell by 37 points on Tuesday, still hesitating to take decisive action, as is the case with the pound, or at least with the aussie. Investors may still be hoping for positive messages from the European Central Bank on Thursday, but the ECB will not rush to sound an alarm on Brexit, and the negative pressure from the UK is growing every day.
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But on the technical side, the euro quote will have to deal with the support of the MACD line on the daily chart, this is the 1.1750 level. The price falling in the area under it opens the first target at 1.1650. The medium-term prospect for a decline of 1.1315 is support for the embedded price channel line. It is marked in green on the chart. Taking the euro's resilience to the current political turmoil into account, we assume that the price will move from side to side until tomorrow's ECB meeting.
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The price is slightly correcting from the key level of 1.1750 on the four-hour chart. The leading Marlin oscillator is in no hurry to decline, which may also play into the euro's hands in its desire to take a closer look at the external situation and clarify the central bank's intentions. The upper limit of the waiting range is determined by the MACD line - the level 1.1855.
Analysis are provided byInstaForex.
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Forecast for EUR/USD on September 10, 2020
EUR/USD
So we are approaching the ECB meeting, and as is almost always the case, from a technical point of view, the euro approached this event in a neutral stance. At the same time, the financial media carefully presented various opinions about the central bank's upcoming assessment of economic prospects. If the ECB really intends to lower the euro (protect the 1.20 level), which is already rumored since the central bank suggested it, then ECB President Christine Lagarde only has verbal tools, up to threats to lower the rate again "if the situation worsens".
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The daily chart shows that the price stopped at the MACD line, and the Marlin oscillator is in the lower area. As before, we are waiting for the price to break through, but this may happen after spikes in both directions, since major players are very eager to take positions accumulated before such an intriguing ECB meeting.
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The four-hour chart shows the price in the 1.1750-1.1855 range indicated earlier. Not strong, but a double convergence on the Marlin oscillator with the signal line entering the zone of positive values indicates a more probable primary price surge. Of course, it is not limited to the 1.1855 level. There is a small accumulation zone in the 1.1925 area.
Analysis are provided byInstaForex.
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Forecast for EUR/USD on September 11, 2020
EUR/USD
Yesterday's ECB meeting, as we expected, did not provide any surprises. The European Central Bank did not shock the public with a desire to control the euro exchange rate, refuse any targets, and only discussed the impact of the euro's current rate on the economy. The changes only affected the ECB's own forecast for GDP for the current year, which improved from -8.7% to -8.0%. There was no strong volatility in the market. The euro jumped by 110 points, but there was no significant reversal; the euro grew by 12 points by the end of the day.
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The MACD line has slightly increased on the four-hour chart, now the price needs to settle below the 1.1770 level in order to move towards 1.1650 and lower target levels.
The price reached the second expected volatility level of 1.1920 on the four-hour chart, afterwards it fell and settled under the MACD line. The signal line of the Marlin oscillator is in the zone of positive values, therefore, preparing to fall further will take about two bars, that is, by tonight. Perhaps even longer. The 1.1770 level is strong enough. If there was no such attempt yesterday, the big players are unlikely to attack it today.
So, we expect a sideways trend today, in preparation for an attack on 1.1770 next week.
Analysis are provided byInstaForex.
