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Post Info TOPIC: Wave Analysis by InstaForex


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RE: Wave Analysis by InstaForex


Technical analysis of USD/JPY for April 17, 2014

 

In Asia, Japan is going to report on the Consumer Confidence, and the BOJ Gov Kuroda Speech. The US will release some economic data such as Unemployment Claims, Philly Fed Manufacturing Index, Natural Gas Storage. So there is a big probability the USD/JPY will move with low volatility during this day. 
 
TODAY's TECHNICAL LEVELS: 
Resistance. 3: 102.58. 
Resistance. 2: 102.38. 
Resistance. 1: 102.18. 
Support. 1: 101.94.
Support. 2: 101.73. 
Support. 3: 101.53.

 

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Technical analysis of USD/JPY for April 21, 2014
 
 
In Asia, Japan will release the Trade Balance and the US will release some economic data such as CB Leading Index m/m. So there is a big probability the USD/JPY will move with low volatility during this day.  
 
TODAY's TECHNICAL LEVELS:  
Resistance. 3: 103.16. 
Resistance. 2: 102.96. 
Resistance. 1: 102.76. 
Support. 1: 102.51. 
Support. 2: 102.31. 
Support. 3: 102.11. 
 
DESCRIPTION: 
Please, pay attention to the levels of support 3 (102.11) and resistance 3 (103.16). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
 

 

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Technical analysis of USD/JPY for April 22, 2014
cleardot.gif
 
 
In Asia, Japan will not release any economic data, and the US will release some economic data such as HPI m/m, Existing Home Sales, Richmond Manufacturing Index. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with high volatility during the US session. 
 
TODAY's TECHNICAL LEVELS: 
Resistance. 3: 103.17. 
Resistance. 2: 102.97. 
Resistance. 1: 102.77. 
Support. 1: 102.52. 
Support. 2: 102.32. 
Support. 3: 102.12. 
 
DESCRIPTION: 
Please, pay attention to the levels of support 3 (102.12) and resistance 3 (103.17). Normally, when a level is touched, USD/JPY rebounds from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it is a sign that these currencies have found trends today.

 

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Technical analysis of GBP/CHF for April 23, 2014

Technical outlook and chart setups: 
1. The GBP/CHF pair seems to be in its last leg of rally that begun from sub 1.4450 levels. Implications are that the pair may reverse/retrace from current levels (1.4900/1.4880) or from 1.4960. As seen here, the 1.4600/50 levels remain of particular interest to initiate long positions again. 

 

2. Support starts from 1.4630/40 (intermediary), followed by 1.4450/1.4350, 1.4200 and lower while resistance is at 1.4950/60, followed by 1.5120 respectively. 

 

3. The structure indicates that GBP/CHF would remain a buy on dips till prices stay above 1.4450/1.4500 levels. 

 

 
Trading recommendations: 

Look to buy lower around 1.4600 on a pullback and bullish bounce.

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Technical analysis of USD/JPY for April 24, 2014
cleardot.gif
 
In Asia, Japan will release the CSPI y/y and the US will release some economic data such as Core Durable Goods Orders m/m, Unemployment Claims, Natural Gas Storage, Durable Goods Orders m/m. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session. 
 
TODAY's TECHNICAL LEVELS: 

Resistance. 3: 102.99. 

Resistance. 2: 102.79. 

Resistance. 1: 102.59.

Support. 1: 102.34. 

Support. 2: 102.13. 

Support. 3: 101.93. 

 

DESCRIPTION: 

Please, pay attention to the levels of support 3 (101.93) and resistance 3 (102.99). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

More analysis - at instaforex.com



-- Edited by InstaForex Gertrude on Thursday 24th of April 2014 01:27:34 AM

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Technical analysis of GBP/CHF for April 28, 2014

 

Technical outlook and chart setups: 
1. The GBP/CHF pair is trading close to the 1.4800 levels for now.The minimum level of interest to initiate fresh long positions is around 1.4730/50, which is the 0.382 fibonacci retracement of the entire rally from 1.4450 to 1.4900. Recommendations are to remain flat for now and watch for lower levels. 
2. Support is at 1.4630, followed by 1.4525, 1.4450, 1.4350 and lower while resistance is at 1.4950 and 1.5120 respectively. 
3. The structure indicates that GBP/CHF retracement/pullback could continue till 1.4750 levels. Bulls may regain control from there on to push higher towards 1.4950 levels. On the flip side, a break of 1.4630 would indicate further bearishness. 
 
Trading recommendations: 
Remain flat for now. 

 

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Technical analysis of Silver for April 29, 2014

cleardot.gif


Technical outlook and chart setups: 
1. Silver is trading around $19.50/60 levels for now having formed lows at $18.90 last week. It needs to break $20.40 levels though before it can be confirmed that the metal has turned bullish. Recommendations are to remain flat for now. 
2. Support is at $18.90, followed by $18.75, and $18.00 while resistance is at $20.40, $21.70, $22.30, and higher respectively. 
3. The structure indicates that Silver remains cautiously bullish for now. A break of $20.40 would confirm the reversal. 
 
Trading recommendations: 
Remain flat for now.

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Technical analysis of Gold for April 30, 2014

 

cleardot.gif

Technical outlook and chart setups: 
1. Gold is seen to be pulling back from the intermediary resistance line passing around $1,300.00 levels for now. A drop below $1,270.00 would drag prices towards $1,230.00/40.00. Meanwhile, a break higher should take it higher towards $1,330.00. At the moment, recommendations are to remain flat. 

 

2. Support is seen at $1,270.00, followed by $1,230.00/40.00, $1,210.00 and lower, while resistance is seen at $1,330.00, followed by $1,388.00 and higher respectively. 

 

3. The structure indicates that Gold needs to push through $1,330.00 levels to confirm that bulls are to remain in control. 

 

 
Trading recommendations: 

Remain flat for now. Or long 50%, with stop at $1,230.00/40.00 (aggressive setup).

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Technical analysis of EUR/JPY for May 05, 2014


cleardot.gif
Technical outlook and chart setups: 
1. The EUR/JPY pair is bouncing off the channel support and resistance at the moment, broadly between 141.40/50 to 142.50/60 for now. The pair is again at the support near 141.50 levels. A break here would be encouraging for bears and a subsequent break below 140.00 would confirm bearish resumption. Recommendations are to sell on the break of channel support. 
2. Support is at 141.00, followed by 140.00, 138.50, 136.00 and lower while resistance is at 142.50, followed by 143.50/144.00 and 145.50 on the higher side. 
3. The structure indicates that EUR/JPY bears would want to break 141.00 levels for now. On the flip side, a bullish bounce here again, would enable prices to re-test 142.50. 
 
Trade recommendations: 
Remain flat for now. Sell on a break of the channel line support.

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[B]Technical analysis of EUR/USD for May 06, 2014


cleardot.gif
EUR/USD 
The pair has been in an uptrend from 1.3774 levels. It is facing strong resistance at every higher level. Currently the pair is facing strong resistance at 1.3906 levels. It is the key level for bulls and bears. Until the pair breaks the 1.3906 levels, the pair will move to 1.36. Last week's low at 1.3774 is the very crucial for further up move. Until the pair holds 1.3774, there is a remote chance for 1.3950 and 1.40 levels. The weakness persists only below 1.3774.

In Asia's trading session, the pair is trading at 1.3876 levels. On the higher side, if the pair crosses 1.3880, it will fly up to 1.3906, 1.3920 and 1.3950 levels. On the higher levels, selling is the best option. On the down side, intraday weakness exists below 1.3864. It will fall to the immediate major support at 1.3850 levels. The major weakness is on the cards below this, fall to 1.3812 and 1.3774 levels. We expect the selling pressure will intensify in coming sessions. 

 

Recommendations- 

1. Sell below 1.3864 with targets 1.3850, 1.38 and 1.3774.

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Technical analysis of gold for May 07, 2014
 
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Today the metal traders eye Yellen's appearance before the Joint Economic Committee. She'll also speak before the Senate Budget Committee on Thursday. The market participants talk about when the Fed will start lifting interest rates, and how high the rates will go once it starts happening. 
 
Technical view- 
The metal is trading in a range bound between $1,316-$1,305 levels. It is facing strong resistance at $1,316 (50daily SMA). Safe traders can buy above $1,316 for targets $1,319, $1,322 and $1,330. On the down side the key level is located at $1,305, below this only the metal looks bearish up to $1,300, $1,295. On the weekly chart, the metal is facing strong resistance at the 38.2 fib level. Once the metal breaks this, huge buying will add to the metal aiming at $1,330.

 

For intraday the metal has strong support at $1,302 levels, a break below this $1,297.50 is a strong support level. The hourly momentum indicators show a mixed bag. RSI is giving a sell signal and Stochastics is giving an up move indication. On the upside, the metal will face resistance at $1,313.70 and $1,316 levels.

 

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Technical analysis of Silver for May 08, 2014
cleardot.gif
Technical outlook and chart setups: 1. Silver has retraced as expected from sub $20.00 levels yesterday. The metal is bouncing off the backside of resistance turned support line as seen here around $19.20/25 levels. Furthermore, the fibonacci 0.618 support is passing around the same levels. Recommendations are to initiate long positions now, risk remains below $18.50 levels. 
2. Support is at $18.90, followed by $18.75 and lower while resistance is at $19.90/20.00 levels, followed by $20.40, $21.70 and $22.30 respectively. 
3. The structure indicates that Silver could stage an impressive rally from current levels till prices stay above $18.80/90 levels. 
 
Trading recommendations: 
Initiate long positions now, stop at $18.40, target is open.

More analysis - at instaforex.com



-- Edited by InstaForex Gertrude on Thursday 8th of May 2014 01:45:36 AM

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Technical analysis of USD/JPY for May 9, 2014


cleardot.gif
In Asia, Japan will release the Leading Indicators and the US will release some economic data such as JOLTS Job Openings, Wholesale Inventories m/m. So there is a big probability the USD/JPY will move with low volatility during this day. 
TODAY's TECHNICAL LEVELS: 
Resistance. 3: 102.20. 
Resistance. 2: 102.00. 
Resistance. 1: 101.80. 
Support. 1: 101.56. 
Support. 2: 101.36. 
Support. 3: 101.16. 

DESCRIPTION: 
Please, pay attention to the levels of support 3 (101.16) and resistance 3 (102.20). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.


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USD/CAD intraday technical levels and trading recommendations for May 9, 2014
 

cleardot.gif
The chart shows that the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20. The bears took an advantage and pushed the pair towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart). Although previous daily closure below 1.0920 took place, it didn't take long time to get a bullish engulfing daily candlestick as a bullish reaction the next day pushed the pair again towards 1.1000. On the other hand, on the 4H chart, the price zone of 1.0995-1.1045 (38.2% Fibonacci of the most recent bearish swing) was expected to provide a valid sell entry and it did. The previously suggested bearish position taken at 1.0995 achieved its full projection target by hitting 61.8% Fibonacci level around 1.0830. As expected, price zone of 1.0875-1.0830 (extending down to 61.8% Fibonacci level on the daily chart ) provided significant bullish pressure strong enough to invalidate our SELL position. The market is now expressing a bullish pull-back towards 1.0940-1.0950 and probably 1.0980 where 38.2% Fibonacci level is located on the 4H chart. Bearish positions can be taken again at the price zone of 1.0940-1.0950. It's the most recent resistance zone that comes to meet the pair. The pair will probably establish a sideway consolidation zone. Bearish targets are to be located at 1.0865 initially. SL should be located slightly above 1.1000.

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Technical analysis of USD/JPY for May 13, 2014
 
In Asia, Japan will release the M2 Money Stock y/y, and 30-y Bond Auction. Meanwhile, the US will unveil some economic data such as NFIB Small Business Index, Core Retail Sales m/m, Retail Sales m/m, Import Prices m/m, and Business Inventories m/m. So there is a big probability the USD/JPY will move with low volatility today. 

 

 
Today's technical levels: 
Resistance. 3: 102.73. 

 

Resistance. 2: 102.53. 
Resistance. 1: 102.33. 
Support. 1: 102.07. 

 

Support. 2: 101.87. 
Support. 3: 101.67. 

Description: 
Please, pay attention to the levels of support 3 (101.67) and resistance 3 (102.73). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips. But if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

 

 
 
More analysis - at instaforex.com

 



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Technical analysis of USD/JPY for May 14, 2014

 
In Asia, Japan will release the CGPI y/y, Prelim Machine Tool Orders y/y, and the US will release some economic data such as PPI m/m, Core PPI m/m. So there is a big probability the USD/JPY will move with low to medium volatility during this day. 
 
TODAY's TECHNICAL LEVELS: 
Resistance. 3: 102.71. 
Resistance. 2: 102.51. 
Resistance. 1: 102.31. 
Support. 1: 102.05. 
Support. 2: 101.85. 
Support. 3: 101.65. 
 
DESCRIPTION: 
Please, pay attention to the levels of support 3 (101.65) and resistance 3 (102.71). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today. 

 
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Technical analysis of Gold for May 15, 2014

 

 
Technical outlook and chart setups: 

 

1. Gold rallied yesterday only to face resistance around $1,304.00 levels as seen here. The metal is consolidating again in a cone format between decreasing resistance and increasing support lines as seen here. A break out of this consolidation is required to decide further direction, recommendations for now is to exit long positions and remain flat. 

 

2. Support is seen at $1,270.00/80.00 levels, followed by $1,230.00/40.00, $1,210.00 and lower while resistance is at $1,330.00, followed by $1,350.00/60.00, $1,388.00 and higher respectively. 

 

3. The structure indicates that Gold still remains in a trading range and breakout is required below $1,280.00 or above $1,310.00 to determine further direction. 

 

 
Trading recommendations: 

Exit longs. Remain flat for now.

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Technical analysis of Silver for May 16, 2014

 

 
Technical outlook and chart setups: 

 

1. Silver falls back to $19.40 levels as discussed and expected yesterday. The metal could now rally up to $19.80 levels before falling back. A break of the interim support line and $19.00 20/00 levels from here could be encouraging for bears and open doors for fresh lows below $18.00 levels. 

 

2. Support is at $19.00/20, followed by $18.90, $18.75 and lower while resistance is at $20.40, followed by $21.70, $22.30 and higher respectively. 

 

3. The structure indicates that Silver could be on its way lower if $19.00 levels break. On the higher side $20.40 remains key for a trend reversal. 

 

 
Trading recommendations: 

Remain flat for now.

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Technical analysis of EUR/JPY for May 19, 2014

 

Technical outlook and chart setups: 

 

1. The EUR/JPY pair is looking for a bullish reversal ahead of key support at 138.40 levels as seen here. Please also note that the sub 139.00 levels is also supported by fibonacci 0.618 levels of the rally between 136.00 and 143.50 as shown here. Recommendation is to watch out for a bullish reversal here and go long. Risk remains below 138.00. 

 

2. Support is at sub 138.00, followed by 136.00 and lower while resistance is at 141.00, followed by 142.50, 143.50/144.00 and 145.50 respectively, 

 

3. The structure indicates that EUR/JPY might be setting up for a bullish reversal at sub 139.00 levels. High probability setup would be bullish from here on till prices stay above 138.00 levels. 

 

 
Trading recommendations: 

Initiate longs, stop below 138.00, target is open.

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Technical analysis of USD/JPY for May 21, 2014

 
In Asia, Japan will release the Trade Balance, Monetary Policy Statement, BOJ Monthly Report, BOJ Press Conference and the US will release some economic data such as Crude Oil Inventories, Fed Chair Yellen Speaks, FOMC Meeting Minutes. So there is a big probability the USD/JPY will move with low to medium volatility during this day. 
 
TODAY's TECHNICAL LEVELS: 
Resistance. 3: 102.78. 
Resistance. 2: 101.58. 
Resistance. 1: 101.38. 
Support. 1: 101.13. 
Support. 2: 100.93. 
Support. 3: 100.73. 
 
DESCRIPTION: 
Please, pay attention to the levels of support 3 (100.73) and resistance 3 (102.78). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

More analysis - at instaforex.com

 



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Technical analysis of Gold for May 22, 2014

 

Technical outlook and chart setups: 

 

1. Gold is still trading within the consolidation range as seen here. The metal bounced off the lower support boundary around $1,283.00 levels yesterday, indicating that the next move could be higher from here on. Recommendations are to remain long with risk just below $1,280.00 levels for now. 

 

2. Support is seen at $1,280.00, followed by $1,270.00, $1,230.00/40.00, $1,210.00 while resistance is seen at $1,305.00, followed by $1,310.00, $1,330.00, $1,350.00/60.00 and higher respectively. 

 

3. The structure indicates that Gold needs to break above $1,305.00/10.00 levels to challenge resistance at $1,330.00 and confirm further upside. 

 

 
Trading recommendations: 

 

Remain long, stop just below $1,280.00, target is open.


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Technical analysis of EUR/JPY for May 23, 2014

 

 
Technical outlook and chart setups: 

 

1. The EUR/JPY has produced a bullish morning star candlestick trading signal around 138.00 levels as seen here. Furthermore the trend line support and fibonacci 0.618 support levels also pass through the same region. Recommendations are to remain long from here on, risk remains below 138.00. 

 

2. Support is seen at 138.00, followed by 136.50, 134.00 and lower, while resistance is seen at 141.00, followed by 142.50, 143.50/144.00 and 145.50 respectively. 

 

3. The structure indicates that the pair could possibly produce a bullish reversal from current levels, prices should stay above 138.00 though. 

 

Trading recommendations: 

Remain long, stop at 137.90, target is open.

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]Technical analysis of Silver for May 26, 2014

 

Technical outlook and chart setups: 

 

1. Silver is seen to be trading in a consolidation channel as seen here, just below the line of support. Broader range is between $18.75 and $20.00 levels for now. At the moment, the metal has bounced off support from sub $19.00 levels and moving towards $20.00 levels if not higher. 

 

2. Support is seen at $19.00, followed by $18.75/90, $18.45/50, while resistance is at $20.00/40, followed by $21.70, $22.30 respectively. 

 

3. The structure indicates that Silver could resume rally towards $20.00/40 from current levels. Potentially it is possible to rally till $21.30/40 levels in this leg up. 

 

 
Trading recommendations: 

Remain long, stop below $18.50, target is open. OR remain flat.

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Technical analysis of Silver for May 27, 2014

 
Technical outlook and chart setups: 
1. Silver is seen to be bouncing off its lower support range around $19.20/30 at the moment. A bounce towards the $20.00 levels is expected from here on. A push through $20.40 is required to confirm that Silver could continue further upside.
2. Support is seen at $19.00 levels, followed by $18.90, $18.75, $18.50 and lower, while resistance is seen at $20.40, followed by $21.70, $22.30 and higher up respectively. 
3. The structure indicates that Silver has potential to rally at least till $20.00 for now. The metal would be extremely bullish above $20.40 resistance. 
 
Trading recommendations: 
Remain long, stop below $18.50, target is open.

 

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Technical analysis of Gold for May 28, 2014

 

 
Technical outlook and chart setups: 
1. Gold has broken down the trading range below $1,270.00/80.00 levels as seen here. The metal is trading at $1,260.00 levels for now which is also the fibonacci 0.618 support of the rally between $1,180.00/82.00 and $1,388.00. A bullish bounce could remain possible at current levels. Recommendations are to remain flat for now. Watch for a reaction at current levels. 
2. Support is seen at $1,240.00/30.00 levels, followed by $1,210.00 and lower while resistance is seen at $1,300.00/10.00, followed by $1,330.00, $1,350.00/60.00 and higher respectively. 
3. The structure indicates that Gold could produce a bullish bounce at current levels around $1,260.00. A break here and subsequently $1,230.00/40.00 could be extremely bearish for the metal though. 
 
Trading recommendations: 
Remain flat for now.

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Forecast for USDX for May 29, 2014

 
Today traders eye prelim GDP and unemployment claims data. The index moved to a 2-month high. The index closed above the 200-day EMA which was a bullish sign for the medium term for 82 and 84 targets, but the overbought indicators stopped the dollar and it did not cross the previous swing high at 80.60 (April 04 high), the index formed a double top at 80.58 levels. We expect the price will correct a bit to 80.30, 80.17 and 80. A day close below the 80 mark, then the bulls is in trouble, the weakness exists only below 80.40 levels.

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Daily analysis of GBP/JPY for May 30, 2014
Overview: 
The H4 chart demonstrates today that the pair still cannot break the support area of 170.00-169.75 and it is currently trading above the support area, so we should wait for the mid-day closing. If the pair manages to close 4H below it, there will be a good opportunity to sell till reaching the support level of 169.20 after closing 4H below it. After that we should wait for breaking out this support level to continue the bearish move. In case the pair is able to break the support level of 169.20 and closes 4H below it, we will get bearish strength which will provide new sell signals and enable the support level of 168.50 as a target level. 

 

 
Resistance and support levels: 

R3 (172.75), R2 (172.00), R1 (171.50), S1 (170.00), S2 (169.75), S3 (169.20).

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Technical analysis of CL for June 03, 2014

 
The crude oil took support at the 50-day SMA in yesterday's trading session. On the down side, if the price breaks the 50-day DMA at 101.85, it will go up to 100.98, 100 and 99.70 levels. If it closes below the lower trend line, it will fall to 98.70 and 97.50 levels. Today the price looks weak below 102.35, it will go for 101.85 for the strong support. On the up side, 102.76 is the inital resistance.

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Technical analysis of USD/CHF for June 4, 2014

 

Overview: 

Depending on the previous events, the last double top has set at the level of 0.8994 and support is placed at 0.9821. Additionally, the USD/CHF pair has still been trapped between 0.8943 and 0.8990. Also, the key level is set at 0.8921 because it is representing strong support and is coinciding with the last weekly pivot point of the USD/CHF pair. Equally important, the double top will be formed at the 0.8994 level, but it seems the price is going to break this level in order to continue towards the level of 0.9030. The level of 0.9030 will be resistance today. Hence, the market's range will be around 50 pips. As it is know, history will probably repeat itself at this level again. Therefore, it will be a good sign to buy above 0.9821 with the first target of 0.8990. Furthermore, It will call for uptrend in order to continue its bullish movement towards 0.9030. However, the stop loss should never exceed your maximum exposure amounts, thus the stop loss should be placed below 0.8921, at the price of 0.8903.

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Daily analysis of Silver for June 06, 201

Overview 

As it was expected, the metal took an upward move in case of closing above the resistance level of 19.00. Friday, as it is shown in the H4 chart, the metal took a slightly upward move after breaking the Resistance area at 19.00 and it managed to close 4H above it and, currently, it is approaching the Resistance level of 19.20. More bullish signals are expected as long as silver is trading above this Resistance area with the first target few pips below the Resistance level of 19.50. But if silver closes 4H below 19.20, we should wait for testing the Support area again before making decision and also cancels the bullish move scenario. 

 

 
Resistance and support levels: 

R3 (19.50), R2 (19.20), R1 (19.00), S1 (18.60), S2 (18.30), S3 (18.00).

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Technical analysis of EUR/JPY for June 9, 2014

 

General overview for 09/06/2014 07:40 CET 

 

The wave structure develops in the anticipated shape so far and currently the market is in corrective cycle wave B black. One more wave to the downside is needed to complete the structure of a simple correction in wave B black, or the corrective cycle will transforms into a triangle formation for example. Please remember, that when this corrective structure is completed, then black wave C will develop to the upside to finish the overall cycle. 

 

 
Support/Resistance: 

 

140.46 - WR1 
140.04 - Intraday Resistance 

 

139.56 - Weekly Pivot 
139.37 - Intraday Support 

 

139.15 - WS1 
138.67 - Wave (a) Low 

 

138.24 - WS2 

Trading recommendations: 

Daytraders should consider opening short positions from current price levels with SL above the level of 140.08 and TP at the level of 139.56 and 139.37.

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Daily analysis of Silver for June 10, 2014

 

Overview 
In today's H4 chart, silver is still stabilizing above the Support level of 19.00 after it could not break it yesterday and currently it is bouncing from it towards the Resistance level of 19.20. So we still suggest waiting for closing above the next Resistance level in case of bouncing from the Support level, to provide a new opportunity for more buy signals with the first target few pips below the Resistance level of 19.50, then after breaking this Resistance level, silver would open the way towards the Resistance level of 19.75, which means more bullish signals, but as long as the metal trades below the Resistance level of 19.20, this cancels the bullish scenario. 

 

 
Resistance and support levels: 

R3 (19.75), R2 (19.50), R1 (19.20), S1 (19.00), S2 (18.60), S3 (18.30).

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Technical analysis of EUR/USD for June 11, 2014

 

The pair has been in a downtrend from 1.3995 levels, moving to downside to form a near-term bottom. Today the pair opened higher on a highly bearish note, the same as the cable. Currently it is trading at 1.3524 levels. The pair can take the support between 1.35-1.3477, if it holds these levels it can pull back up to 1.3620. The pair is trading in a highly bearish format, so it is better to trade below the short and medium term moving averages. Until the pair trades and closes above the 1.3677 levels, we can see 1.32 levels in a few weeks time. The next fall would take place below 1.3460.
 
On the upside, if the pair breaks the 1.3548 it can fly up to the 1.3585 , 1.36 and 1.3620 levels. Bulls will be back only in case the pair closes above 1.3677. Until that, sell on the rally for 1.32 levels. Safe traders can start selling below 1.3460 levels.

 

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Technical analysis of EUR/JPY for June 12, 2014

 

 
Technical outlook and chart setups: 

 

1. The EUR/JPY pair has taken out 138.00 lows and also the immediate trend line support as seen here. It is quite possible that a major correction is under way towards 131.00 levels as shown here. Recommendations are to initiate selling on rallies from here on. 139.00 levels could be immediate resistance. 

 

2. Support is 136.50, followed by 134.00, 132.00 and lower, while resistance is at 140.00, followed by 141.00, 142.50/143.50 and higher respectively. 

 

3. The structure indicates that EUR/JPY could be heading lower towards 131.00 levels in a corrective manner. 

 

 
Trading recommendations: 

Remain flat for now. Look to sell around 139.00.

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Technical analysis of gold for June 13, 2014

Traders are waiting for the PPI and core PPI data. We expect both indexes to be upbeat. The USD index is trading at 80.57 levels. The price is taking support at 80.50, below this, 80.44 is the strong support levels. Once breaking below this, the index can drop to 80.25 and 80 levels. On the other hand, it has strong resistance at 80.61 levels. Crossing above that, the index can fly up to 80.67, 80.74, 80.85, 80.90 and 81 levels. On an intraday basis, sell below 80.27 and buy above 80.61. is recommended

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Review of Gold for June 16, 2014

The yellow metal gained support due to the Middle East concerns. The metal moved to a 2-week high. In Asia's session, it is trading at $1,282. In the weekly chart, the metal gave an upside breakout from a descending pattern. We recommended twice to buy, the first one, at $1,253 and the second time, at $1,278.50. Our targets are open at $1,284.50, $1,286, $1,289.60 and $1,296.50 levels. Currently it is reaching a critical resistance level at $1,285.50 (50-day SMA). Once the metal crosses this, it can extend the rally up to $1,288.70, and $1,297 levels. A day close above $1,285.50, the metal will gain some more strength and again a safe buy will activate above $1,288.70 for $1,297 levels. A week close above $1,297, the bulls will take the metal up to $1,310 levels as an initial target. This week we can expect it going up to $1,288.70/$1,289 or $1,297 levels. Traders can book profit at the current market price $1,281.50.

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Technical analysis of Gold for June 17, 2014
Technical outlook and chart setups: 
1. Gold reverses from convergence of the following: i) Trend line resistance, ii) Fibonacci 0.618 resistance and iii) Support turned resistance at sub $1,280.00 levels. Recommendations are to remain short for now, risk remains at $1,300.00. 
2. Support is at $1,245.00, followed by $1,240.00, $1,230.00, $1,210.00 and lower, while resistance is at $1,300.00, followed by $1,310.00, $1,330.00 and higher respectively. 
3. The structure indicates that Gold may break below $1,240.00 and subsequently $1,180.00 in the sessions to come. 
 
Trading recommendations: 

Remain short, stop at $1,300.00, target is open.

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Technical analysis of Silver for June 19, 201

 
Technical outlook and chart setups: 
1. Silver is seen to be breaking out of trend line resistance as seen here. The confirmation is above $20.00 levels though. Recommendations for now is to remain short with risk around $20.40 levels. 
2. Support is seen at $19.40, followed by $19.00, $18.60 and lower while resistance is seen at $20.40, followed by $21.70 and higher respectively. 
3. The structure indicates that Silver might be turning bullish; a break of $20.40 would confirm though. 
Trading recommendations: 
Remain flat (conservative trade setups). OR remain short with stop at $20.40.

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Technical analysis of Silver for June 23, 2014

 

Technical outlook and chart setups: 
1. Silver breaks out of the resistance line and also takes out immediate resistance at $20.40 levels as seen here. A dip is expected from current levels towards $19.50/20.00 levels from here, before rallying further up. Also note that the resistance line is now turned into support. 2. Support is seen at $19.50, followed by $19.00, $18.60 and lower while resistance is seen at $21.70, followed by $22.30 and higher respectively. 
3. The structure indicates that Silver needs to correct lower before rallying further up. Trading recommendations: 
 
Flat for now. 
Look to buy lower.

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Forecast of USD/ZAR for June 24, 2014

 
The pair took support at the previous resistance trend line of 2012-2013. The resistance became support at 10.26 levels. Currently it is trading at 10.5895. The support is between 10.38-10.26 levels within minor support at 10.54 levels. Until the pair holds these support levels, we can expect another pull back up to 10.96 and 11.50 levels. For an intraweek basisi, it has support at 10.5282, 10.4686 and 10.4093 levels. 
 
Until the pair holds 10.5282 on a closing basis, the upside target at 11.50 is open.

 

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Technical analysis of USD/JPY for June 25, 2014

 
In Asia, Japan will release the CSPI y/y, and the US will release some economic data such as Core Durable Goods Orders m/m, Final GDP q/q, Durable Goods Orders m/m, Final GDP Price Index q/q, Flash Services PMI, Crude Oil Inventories. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session. 
 
TODAY's TECHNICAL LEVELS: 
Resistance. 3: 102.41. 
Resistance. 2: 102.22. 
Resistance. 1: 102.02. 
Support. 1: 101.77. 
Support. 2: 101.57. 
Support. 3: 101.37. 
 
DESCRIPTION: 

Please, pay attention to the levels of support 3 (101.37) and resistance 3 (102.41). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

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Short-term forecast for EUR/JPY for June 27, 2014

 

The pair has been in a down trend from 145.68 levels. The pair has broken the 16-month support trend line and is trading near 50-week Sma at 137.45 levels. It is trading in a very crucial support zone between 137.45-136.20. If the pair hits the 50-week Sma on a closing basis, we can see the extension of the bearish leg towards the initial target at 134.40-134.10 and later 131 .20 levels. On the upside, we have resistance at 138.90, 140.06 and 142 levels. The pair favors selling on the rallies until it crosses above the 143.78 levels. We can see a huge downfall if the pair breaches 136.21 for 131 and 129 levels. 

 

 

KEY SUPPORT LEVEL 136.20 FOR THE SHORT TERM

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Weekly forecast of USD/CHF for June 30-July 04, 2014

 
The pair has been in a downtrend from 0.9037 levels. It is trading at 0.8909 levels near to its crucial support levels 0.89 (50 days Sma). If the pair breaks the 50 days Sma levels, we can expect selling up to 0.8883, 0.8830, and 0.8770 levels. The momentum oscillators favors to sell in multiple time frames. Today's closing is very crucial for bulls hold above 0.89 levels on closing basis. The pair opened its session in a bearish note opened higher at 0.8913. Until the pair breaches this higher level, we recommend trades not to opt for longs. If the pair manages to breach the resistance level at 0.8913, we can see some up move up to 0.8938 and 0.8954 levels.

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Daily analysis of Silver for July 01, 2014

 

Overview 
Based on the H4 chart above, silver is still stabilizing between the Support of 20.90 and the Resistance level of 21.20 after its failure to break the Resistance level last week. If silver continues its bearish move and manages to break the Support level of 20.90 which is being tested now, it would provide a strong indicator for the downward move and open the way towards the Support level of 20.50 as a kickoff. In this case we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this Resistance level will denote a bullish strength providing new buy signals from this level till reaching the Resistance level of 21.50 then 21.75. 
 
Resistance and support levels: R3 (21.75), R2 (21.50), R1 (21.20), S1 (20.90), S2 (20.50), S1(20.20).

 

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Technical analysis of Silver for July 02, 2014

 

Technical outlook and chart setups: 

 

1. Silver is seen to be topping out around the $21.20 handle at the moment. A dip is expected through the $19.50-$20.00 levels at least, if not lower (potential low cannot be ruled out though). Remain short, risk remains around $21.50/60. 2. Support is seen at $19.50, followed by $19.00, $18.60 and lower while resistance is seen at $21.70, followed by $22.30 and higher up. 3. The structure indicates that Silver may at least retrace/correct itself towards $19.50 levels. The resistance turned support line is also seen to be passing there. 

 

 
Trading recommendations: 

Remain short, stop at $21.50, target is open.

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Daily analysis of Silver for July 03, 2014

 

Overview 
According to our yesterday's expections, the prices close below the Resistance level of 21.20 would give new opportunities for sell signals. As shown in the H4 chart, the metal has failed to break the Resistance level of 21.20 and bounced from it. Currently, the metal is trying to break the Support level of 20.90 and is approachig it to continue its bearish move. On the other hand, the metal's rebound from the Support level of 20.90 cancels the bearish scenario. 

 

 
Resistance and support levels: 

R3 (21.75), R2 (21.50), R1 (21.20), S1 (20.90), S2 (20.50), S1(20.20).

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Technical analysis of Gold for July 07, 2014
 
 
Technical outlook and chart setups: 
1. Gold is finally seen to be reversing after printing highs at $1,330.00 levels last week. The downfall should accelerate towards at least $1,290.00/80.00 levels if not lower. Recommendations are to remain short for now. 
2. Support is seen at $1,280.00, followed by $1,260.00, $1,240.00, $1,230.00 and lower while resistance is seen at $1,350.00/60.00, followed by $1,388.00 and higher respectively. 
3. The structure indicates that Gold is headed lower for now before reversing. 

Trading recommendations: 
Remain short, stop at $1,340.00, target is open.

 

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Technical analysis of USD/JPY for July 08, 2014
 
 
In Asia, Japan will release the Current Account, Bank Lending y/y, Economy Watchers Sentiment. The US will release some economic data such as NFIB Small Business Index, JOLTS Job Openings. So there is a big probability the USD/JPY pair will move with low volatility during the day. 
 
TODAY's TECHNICAL LEVELS: 
Resistance. 3: 102.29. 
Resistance. 2: 102.09. 
Resistance. 1: 101.89. 
Support. 1: 101.64. 
Support. 2: 101.44. 
Support. 3: 101.24. 

DESCRIPTION: 
Please, pay attention to the levels of support 3 (101.24) and resistance 3 (102.29). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today. 


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Daily analysis of GBP/JPY for July 08, 2014

 

 
In H4 chart, the price closed below the support level of 174.75 which gave a new opportunity for more bearish signals today. As shown, the price has already broken the Support area and now is approaching the support level of 173.50. Closing below this level again may give us more sell signals till the price tests the support level of 172.75. So, we can consider our first target a few pips above this support level, then 172.30 as the second level. But first, we should wait for breaking the Support level of 173.50 and closing 4H below it, before making a decision. But the price's closing above the support level cancels the bearish scenario. 

 

 
Resistance and support levels: 

R3 (175.30), R2 (174.75), R1 (174.00), S1 (173.50), S2 (172.75), S3 (172.30).

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Technical analysis of GBP/CHF for July 11, 2014

Technical outlook and chart setups: 

1. The GBP/CHF pair is bouncing off the fibonacci 0.50 support levels around 1.5250 levels, as seen here. Please, note that the past resistance turned to support is around the same levels. Recommendations are to initiate long positions, risk remains just below 1.5240. 

 

2. Support is seen at 1.5150, followed by 1.4950, 1.4780 and lower while resistance is seen at 1.5350/60 levels respectively. 

 

3. The structure indicates that GBP/CHF pair may manage to push higher up from 1.5250 levels. Only a break below 1.5150 is a concern. 

 

 
Trading recommendations: 

Initiate longs, stop below 1.5240, target is open.

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