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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; Technical Analysis of GBP/USD for July 6, 2020: Technical Market Outlook: The GBP/USD pair has been hovering around the level ...

      
   
  1. #701
    Senior Member InstaForex Gertrude's Avatar
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    Technical Analysis of GBP/USD for July 6, 2020:



    Technical Market Outlook:
    The GBP/USD pair has been hovering around the level of 1.2438 for most part of the weekend, but during the early Monday trading hours the bullish activity has increased. It looks like the bulls might want to test the 50% Fibonacci retracement once again, so in the case of a successful breakout, the next target for them is 61% retracement located at the level of 1.2597. Please notice, there is an important intraday technical resistance located just above 50% Fibonacci retracement at the level of 1.2542. On the other hand, the nearest technical support is still seen at the level of 1.2406 and 1.2362.

    Weekly Pivot Points:
    WR3 - 1.2879
    WR2 - 1.2698
    WR1 - 1.2610
    Weekly Pivot - 1.2423
    WS1 - 1.2323
    WS2 - 1.2148
    WS3 - 1.2056

    Trading Recommendations:
    On the GBP/USD pair the main trend is down, which can be confirmed by the down candles on the weekly time frame chart. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. 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 (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move even lower in the longer-term.

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  2. #702
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    Forecast for EUR/USD on July 7, 2020

    EUR/USD
    The euro broke the resistance of the target level of 1.1265 on Monday, showing a growth of 61 points. The price peaked on June 23. After overcoming the intermediate level of 1.1353, we expect the growth to continue to 1.1420, the second goal is 1.1465. Reaching any of these levels with the Marlin oscillator will form a technical divergence, which will become a reversal signal. Perhaps a medium-term downward trend.



    The price is firmly held above both indicator lines on the four-hour chart – the balance line (red) and the MACD line (blue). The Marlin oscillator is in the growth zone. We are waiting for the euro to grow to the designated goal of 1.1420.



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  3. #703
    Senior Member InstaForex Gertrude's Avatar
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    Japan Has Y1,176.8 Billion Current Account Surplus



    Japan posted a current account surplus of 1,176.8 billion yen in May, the Ministry of Finance said on Wednesday.

    That exceeded expectations for a surplus of 1,088.2 billion yen and was up from 262.7 billion yen in April.

    The trade balance showed a deficit of 556.8 billion yen, down 18.1 percent on year. Exports tumbled 28.9 percent on year to 4.197 trillion yen, while imports sank an annual 27.7 percent to 4.754 trillion yen.

    The capital account showed a deficit of 3.7 billion yen, while the financial account saw a deficit of 187.3 billion yen.

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  4. #704
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    Technical Analysis of EUR/USD for July 8, 2020:



    Technical Market Outlook:
    After the EUR/USD pair has hit the level of 1.1347 which is the part of the supply zone located between the levels of 1.1347 - 1.1361 the price reversed quickly. The Bearish Engulfing candlestick pattern at the top of the rally has forced bulls to pull-back towards the technical support located at the level of 1.1300, but even this level was violated and the market trades now around 1.1268. The key intraday support is still seen at the level of 1.2228 and break out below this level will likely end up in test of the 1.1185 support. The momentum remains positive on H4 time frame, but there is no clear indication regarding the market conditions.

    Weekly Pivot Points:
    WR3 - 1.2879
    WR2 - 1.2698
    WR1 - 1.2610
    Weekly Pivot - 1.2423
    WS1 - 1.2323
    WS2 - 1.2148
    WS3 - 1.2056

    Trading Recommendations:
    On the EUR/USD pair, the main long-term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

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  5. #705
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    USD/JPY price movement for July 10, 2020.



    On the 4-hour chart, the USD/ JPY pair is now trying to reach the 106.81 level as its first target. If the bullish momentum is strong enough, there is a possiblility that USD/JPY will continue its downward movement and reach the 106.09 level too as its second target. This scenario is likely to occur as long as this pair does not rise and close above the 107.41 level.

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  6. #706
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    Forecast for EUR/USD on July 13, 2020

    EUR/USD
    The euro closed Friday with growth. The price found strong support at 1.1265. The growth continues this morning, the Marlin oscillator is in a hurry to move to the growth zone – in the upper half of its own window. The divergence option, in which the euro will show a new high (1.1465), is gaining more and more strength.



    The price overcomes the signal level of 1.1315 on the four-hour chart, the Marlin oscillator moved to the growing trend zone, and the nearest growth target is the level of 1.1353. Overcoming the level opens the way to 1.1420, then to 1.1465. The recently formed divergence is considered fulfilled, the price has taken a course for a new short-term trend.



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  7. #707
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    Forecast for EUR/USD on July 14, 2020

    EUR/USD
    The euro showed the expected growth on Monday, but the structure of this growth was tricky, there was a potential for the price to turn down, in a deep correction, for example, to the target level of 1.1195. This warning signal is weak on the daily chart. This is the probability of a reversal of the signal line of the Marlin oscillator from the border of the growth territory. Consolidating the price above yesterday's high will continue to develop in the market according to the main scenario – the euro's growth in the target range of 1.1420/65 with a divergence forming on Marlin.



    The risk of a downward price reversal is stronger on the four-hour chart - this is a double divergence on the Marlin oscillator. Leaving the price below 1.1265 opens the remaining path to 1.1195. After falling below this level, the price will face a difficult task of reaching the target level of 1.1010 – it will face both difficult supports and weak dynamics on the discharged oscillators.



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  8. #708
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    Technical Analysis of GBP/USD for July 15, 2020:

    Technical Market Outlook:

    After the GBP/USD pair had made a Double Top price pattern at the level of 1.2668, the bears have managed to push the prices towards the level of 1.2484 which is the key short-term technical support for the market. The price has bounced from support, but no new high was made yet ( the local high was made at the level of 1.2586. The bulls might try to test the trend line from below, but this move would require more momentum in order to get to the level of 1.2640. The RSI indicator shows the momentum is neutral, so neither bulls not bears are in control of the market (on the short-term time frame like H4). Any violation of the level of 1.2466 will accelerate the sell-off towards the next technical support seen at the level of 1.2406.

    Weekly Pivot Points:WR3 - 1.2915WR2 - 1.2796WR1 - 1.2712Weekly Pivot - 1.2585WS1 - 1.2508WS2 - 1.2378

    WS3 - 1.2304

    Trading Recommendations:

    On the GBP/USD pair the main trend is down, which can be confirmed by the down candles on the weekly time frame chart. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. 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 (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move even lower in the longer-term. *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.



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

  9. #709
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    Technical Analysis of EUR/USD for July 16, 2020:

    Technical Market Outlook:
    Another Bearish Engulfing candlestick pattern has been made at the top of the last move up at the level of 1.1452, but bulls are not giving up. This is the seventh attempt to rally above the supply zone located between the levels of 1.1406 - 1.1419. The RSI indicator shows the positive and strong momentum, so the market participants should wait for a Pin Bar like candlestick around the level of 1.1400. If there is this kind of a reversal candlestick pattern, then the bulls might continue the local up trend towards the level of 1.1497.

    Weekly Pivot Points:
    WR3 - 1.1497
    WR2 - 1.1428
    WR1 - 1.1365
    Weekly Pivot - 1.1301
    WS1 - 1.1233
    WS2 - 1.1170
    WS3 - 1.1101

    Trading Recommendations:
    On the EUR/USD pair, the main long-term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).



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  10. #710
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    Control zones for AUDUSD on 07/17/20

    Previously opened purchases must be kept. The first goal for growth is to renew weekly and monthly highs. It is important to understand that a reversal model will only form in case closing of trades occur below the WCZ 1/2 0.6949-0.6940. Until this happens, buying is the best strategy. Yesterday's decline made it possible for us to get favorable prices to open a long position.



    Closing today's trading above the week's local high will make it possible for us to talk about growth lasting until next week.

    Testing the WCZ 1/2 0.6949-0.6940 will be required to obtain more favorable prices for purchasing the instrument. If this happens, then the entrance will require any absorption pattern to form on a time frame of at least m30. It is necessary to close today's trading below the WCZ 1/2 to break the upward pattern. This will allow you to exit all long positions and consider sales on Monday.



    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.

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