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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; Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 3, 2021 EUR/JPY is currently testing key-resistance at 130.56 ...

      
   
  1. #1001
    Senior Member InstaForex Gertrude's Avatar
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    Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 3, 2021



    EUR/JPY is currently testing key-resistance at 130.56 and we expect a temporary break above followed by a correction towards 129.63 before the next rally higher trough the key-resistance to confirm the final impulsive rally in wave 3 towards 135.42.

    A break above key-resistance at 130.56 will give us a failed S/H/S top pattern and failed patterns often result in strong moves in the opposite direction of the failed pattern. The S/H/S top would indicate a decline, while the failed pattern calls for a rally instead.

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  2. #1002
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    Forex Analysis & Reviews: Forecast for GBP/USD on September 6, 2021

    GBP/USD
    The British pound hit the first target (1.3883) on Friday. Now it should rise above this level, settling above it, and continue to rise to the second target at 1.4004, also determined by the embedded price channel line. The Marlin oscillator is rising, helping the price meet this target.



    The trend is fully upward on the four-hour chart: the price is above the balance and MACD indicator lines, the Marlin oscillator is in the growth zone. We are waiting for the price to settle above the level of 1.3883 and its further growth.



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  3. #1003
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    Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for September 7, 2021



    We continue to look for renewed upside pressure through minor resistance at 153.48 to call for the next impulsive rally towards the next upside target seen at 159.75 to complete wave v/ of iii and set the stage for a temporary correction/consolidation in wave iv before the next rally higher.

    Longer-term we are looking for a rally to at least 163.00 and possibly a lot higher than that, as a long-term rally towards 205 clearly is an option, but not a given fact. A a lot can still happen a cut the ongoing rally short near 163, but only time will show.

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  4. #1004
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    Forex Analysis & Reviews: Elliott wave analysis of Ripple for September 8, 2021



    Ripple completed a five wave rally in wave i with the test of 1.4162. We should now see a corrective decline in wave ii close to the 61.8% corrective target of wave i near 0.8560 before the next rally higher to at least 1.7600 and possibly even closer to the extension target for wave iii near 2.3226 takes place.

    Ultimately. we are looking for a rally to 3.2000 in this impulsive sequence.

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  5. #1005
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    FOREX ANALYSIS & REVIEWS: TRADING PLAN FOR EURUSD FOR SEPTEMBER 09, 2021



    Technical outlook:
    EURUSD has slipped toward 1.1800 mark since printing 1.1900 highs over the last week. The drop is corrective and bulls might be inclined to come back in control, pushing prices higher towards 1.2050 levels, going further. Probability also remains for a drop towards 1.1750 first, before resuming its rally. Either way, EURUSD is in a corrective wave from 1.1900/10 high.

    EURUSD is seen to be trading close to 1.1810/15 mark at this point in writing and could be preparing to push higher towards 1.1870/80 mark in the immediate short term. Immediate price resistance is at 1.1910, while support comes in around 1.1660 mark respectively. The pair could drop toward 1.1750 to complete its gartley structure before resuming higher towards 1.2050 mark.

    The overall structure remains bearish toward 1.1300 mark in the medium term. In the short term though, a counter trend rally towards 1.2050 remains possible though. Also note that 1.2030/50 is the fibonacci 0.618 retracement of the drop between 1.2266 and 1.1660 respectively. High probability remains for a bearish turn if prices manage to reach there.

    Trade Alan:
    Potential to push towards 1.2050 against 1.1650. Good luck!

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  6. #1006
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    Forex Analysis & Reviews: Trading plan for EURUSD for September 10, 2021



    Technical outlook:
    EURUSD is consolidating within a tight range after dropping to a low of 1.1806 on Thursday. The pair is expected to push higher towards the 1.1865-70 zone during the day before finding resistance again. It is expected to slide towards 1.1750 in the next few trading sessions before bulls can resume higher to the 1.2050 level.

    EURUSD is unfolding into a counter-trend rally toward 1.2050 in the near term before resuming lower towards the larger trend. Also note that the pair is carving a counter-trend within the counter trend and is expected to first drop toward 1.1750, then rally towards 1.2050 levels respectively. EURUSD is facing immediate resistance at 1.1900 while support is seen around 1.1800 levels respectively.

    Overall wave structure remains bearish towards 1.1300 but medium term remains pointed higher to 1.2050-1.2100 zone. Also note that 1.2050 is near Fibonacci 0.618 retracement of the drop between 1.2266 and 1.1660 levels respectively. Hence, probabilities remain high for a bearish reversal f prices manage to reach there.

    Trading plan:
    Potential to rally toward 1.2050 against 1.1660.
    Good luck!

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  7. #1007
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    Forex Analysis & Reviews: Technical Analysis of GBP/USD for September 13, 2021



    Technical Market Outlook
    The GBP/USD pair has failed to break through the supply zone that was the key zone for bears. There might be a Double High price pattern made at the H4 time frame chart. The zone is still located between the levels of 1.3874 - 1.3886. The momentum is negative and the market conditions are overbought, so the bulls might not have a chance to move higher. The next target for bears is seen at the level of 1.3807 and 1.3785.

    Weekly Pivot Points:
    WR3 - 1.4068
    WR2 - 1.3979
    WR1 - 1.3915
    Weekly Pivot - 1.3815
    WS1 - 1.3755
    WS2 - 1.3649
    WS3 - 1.3586

    Trading Outlook:
    The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).

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  8. #1008
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    Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 14, 2021



    We have seen the expected dip closer to 129.60 and EUR/JPY should now be ready to start the next impulsive rally higher to 134.24 and then towards the ideal target for wave 5/ closer to 135.42. Short-term we need a break above minor resistance at 130.23 to confirm that sub-wave ii of 5/ has completed and sub-wave iii is in motion towards 134.24 and then higher to 135.42.

    Longer term we continue to look for much higher levels, but for now, just let's look for a break above minor resistance at 130.23 to confirm sub-wave ii has completed and sub-wave iii higher is in motion.

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  9. #1009
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    Forex Analysis & Reviews: Technical Analysis of EUR/USD for September 15, 2021



    Technical Market Outlook
    The EUR/USD pair has been trying to move higher after the bounce from the level of 1.1774, but even after the breakout above the short-term trend line resistance the rally was capped and the price reversed back down again. Currently, the price is hovering around the level of 1.1804, that we have seen many times before. The market keeps making lower highs and lower lows, so the odds for another down move are high. The next target is seen at the level of 1.1774 (previous local low) and 1.1758 (61% Fibonacci retracement). The key short-term technical support is seen at the level of 1.1751.

    Weekly Pivot Points:
    WR3 - 1.1947
    WR2 - 1.1912
    WR1 - 1.1832
    Weekly Pivot - 1.1824
    WS1 - 1.1765
    WS2 - 1.1741
    WS3 - 1.1684

    Trading Outlook:
    The market is in control by supply that might push the prices lower towards the key technical support located at 1.1599. There might be a bounce form this level, but the last rally out of the Falling Wedge pattern has failed anyway. The up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021) only if bullish cycle scenario is confirmed by breakout above the level of 1.1909 and 1.2000.

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  10. #1010
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    Forex Analysis & Reviews: Technical Analysis of GBP/USD for September 16, 2021



    Technical Market Outlook
    The GBP/USD pair has been rejected for the third time from the supply zone and the Bearish Engulfing candlestick pattern was made at the end of the up move at the level of 1.3912. The zone is still located between the levels of 1.3874 - 1.3886 and after a bounce from the level of 1.3791 the market is trading currently around the level of 1.3832, which is the technical resistance for bulls. The intraday technical support is seen at 1.3785 and 1.3807 and it might be tested soon as the momentum barely holds the positive territory.

    Weekly Pivot Points:
    WR3 - 1.4068
    WR2 - 1.3979
    WR1 - 1.3915
    Weekly Pivot - 1.3815
    WS1 - 1.3755
    WS2 - 1.3649
    WS3 - 1.3586

    Trading Outlook:
    The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).

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