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RE: Wave Analysis by InstaForex - 6/28/2018 1:50:41 AM   
IFX Yvonne

 

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Technical analysis of USD/CAD for June 28, 2018



Overview:
The USD/CAD pair broke the resistance that turned into strong support at the level of 1.3247 since days. The level of 1.3247 coincides with the ratio of 78.6% Fibonacci which is expected to act as a major support on the H1 chart today. Consequently, the first support is set at the level of 1.3247. Moreover, the RSI starts signaling an upward trend, and the trend is still showing strength above the moving average (100). Hence, the market is indicating a bullish opportunity above the area of 1.3247/1.3300. So, the market is likely to show signs of a bullish trend around 1.3247 - 1.3300. In other words, buy orders are recommended above the ratio of 78.6% Fibonacci (1.3247) with the first target at the level of 1.3387 in order to test the first resistance in the same time frame. If the pair succeeds to pass through the level of 1.3387, the market will probably continue towards the next objective at 1.3442. The daily strong support is seen at 1.3247. Thus, if a breakout happens at the support level of 1.3243, then this scenario may be invalidated.

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

(in reply to InstaForex Gertrude)
Post #: 261
RE: Wave Analysis by InstaForex - 7/2/2018 11:57:53 PM   
IFX Yvonne

 

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Technical analysis of Gold for July 03, 2018



From the Daily Charts we know the Gold bias is still in a Bullish Condition, this can be seen by the Gold still moving in an up Channel event. Now Gold has a correction and tries to test the nearest Support level at 1,235.72 but it seems that in a few days Gold will be back to its previous bias (Bull). This is already confirmed by the Stochastic Oscilator now at the Oversold level and preparr to go up above the 20 level, so the next few days ahead it seems the Gold will go back to the previous bias (Bull). (Dsiclaimer)

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

(in reply to InstaForex Gertrude)
Post #: 262
RE: Wave Analysis by InstaForex - 7/3/2018 11:45:27 PM   
InstaForex Gertrude

 

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Technical analysis of AUD/USD for July 04, 2018

Overview:
Last week, the AUD/USD pair fell from the level of 0.7474 towards 0.7348. Now, the price is set at 0.7371. The resistance is seen at the levels of 0.7426 and 0.7474. Moreover, the price area of 0.7474 remains a significant resistance zone. Therefore, there is a possibility that the AUD/USD pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Thus, amid the previous events, the price is still moving between the levels of 0.7426 and 0.7257. If the AUD/USD pair fails to break through the resistance level of 0.7426, the market will decline further to 0.7474 as the first target. This would suggest the bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.7302 so as to test the daily support 2. On the other hand, if a breakout takes place at the resistance level of 0.7474, then this scenario may become invalidated.

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
Post #: 263
RE: Wave Analysis by InstaForex - 7/4/2018 11:22:04 PM   
InstaForex Gertrude

 

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Technical analysis: Intraday Level For EUR/USD, July 05, 2018

When the European market opens, some Economic Data will be released such as French 10-y Bond Auction, Spanish 10-y Bond Auction, Retail PMI, and German Factory Orders m/m. The US will release the Economic Data too, such as Crude Oil Inventories, ISM Non-Manufacturing PMI, Final Services PMI, Unemployment Claims, ADP Non-Farm Employment Change, and Challenger Job Cuts y/y, so, amid the reports, EUR/USD will move in a medium to high volatility during this day.

TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1718.
Strong Resistance:1.1711.
Original Resistance: 1.1700.
Inner Sell Area: 1.1689.
Target Inner Area: 1.1661.
Inner Buy Area: 1.1633.
Original Support: 1.1622.
Strong Support: 1.1611.
Breakout SELL Level: 1.1604.

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
Post #: 264
RE: Wave Analysis by InstaForex - 7/5/2018 10:37:21 PM   
InstaForex Gertrude

 

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Technical analysis of NZD/USD for July 06, 2018

The NZD/USD (kiwi) pair continues to move downwards from the level of 0.6840. This week, the pair dropped from the level of 0.6840 to trade around the 0.6775 level. This level of 0.6840 coincides with the major resistance today. Today, the first resistance level is seen at 0.6840 followed by 0.6880, while daily support 1 is found at 0.6742. Also, the level of 0.6775 represents a key price today for that it is acting as major resistance/support this week. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.6840/0.6807 towards the first support level at 0.6742 in order to test it. If the pair succeeds to pass through the level of 0.6742, the market will indicate a bearish opportunity below the level of 0.6742. Then, resell again at the price of 0.6742 with the targets of 0.6716 and 0.6697. On the other hand, if a breakout happens at the resistance level of 0.6840, then this scenario may be invalidated.

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
Post #: 265
RE: Wave Analysis by InstaForex - 7/9/2018 12:37:24 AM   
InstaForex Gertrude

 

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Technical analysis: Intraday Level For EUR/USD, July 09, 2018

When the European market opens, some Economic Data will be released such as Sentix Investor Confidence, and German Trade Balance. The US will also release the Economic Data such as Consumer Credit m/m, so amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1808.
Strong Resistance:1.1801.
Original Resistance: 1.1790.
Inner Sell Area: 1.1779.
Target Inner Area: 1.1751.
Inner Buy Area: 1.1723.
Original Support: 1.1712.
Strong Support: 1.1701.
Breakout SELL Level: 1.1694.

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
Post #: 266
RE: Wave Analysis by InstaForex - 7/9/2018 11:40:47 PM   
InstaForex Gertrude

 

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Wave analysis of EUR / USD. The euro continues to adhere to the working scenario

Analysis of wave counting:

During the trades on Friday, the currency pair EUR / USD added about 50 percentage points, remaining thus in the stage of construction of the proposed wave 3, c, 4. If this is the case, then the quotes will continue to rise with targets near the mark of 1.1856, which corresponds to 100.0% of Fibonacci, and higher. The wave c can assume a pronounced 5-wave structure, which allows one to assume the growth of the pair to area 20 of the figure. The construction of wave 5 of the downward trend section is being postponed for an indefinite period.

The objectives for the option with sales: 1.1440 - 323.6% of the Fibonacci of the highest order
1,1118 - 423.6% of Fibonacci

The objectives for the option with purchases:
1.1866 - 100.0% of Fibonacci
1.2072 - 127.2% of Fibonacci

General conclusions and trading recommendations:

The pair EUR / USD continues to rise within wave 3, c, 4. Thus, on July 9 I recommend to remain in purchases with targets located near the calculated marks of 1.1856 and 1.2072, which corresponds to 100.0% and 127.2% of Fibonacci. Return to sales, I recommend after receiving confirmation of the completion of the entire wave 4. At the moment there is no sign of the completion of the construction of this wave.

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
Post #: 267
RE: Wave Analysis by InstaForex - 7/10/2018 11:43:31 PM   
InstaForex Gertrude

 

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Brent disobeyed the president

Interruptions in supplies in Libya, Venezuela, Canada and Norway, Iran's threats to block the Strait of Hormuz, and some weakness of the US dollar after the release of the US labor market report for June allowed the bulls for Brent and WTI to continue the rally. If oil can update the May highs, the road in the direction of $ 83-85 per barrel will be opened. According to Tehran, the aim of restraining the price of black gold tweets of Donald Trump, in fact, can bring the North Sea grade to the psychologically important mark of $ 100 per barrel. Who is bigger? Sanford C. Bernstein & Co draws attention to the reduction in oil companies' stocks by an average of 30% since the beginning of 2000 and the increase in urban population in Asia by 1 billion over the next two decades. As a result, the demand for cars and gasoline will rise sharply, which will launch a new super cycle on black gold and allow it to grow to $ 150 per barrel.

The US president demands from his military allies (primarily from Saudi Arabia) to increase production to 2 million bpd, knowing full well that the OPEC decisions on the curtailment of the production of "bulls" for Brent and WTI at the end of June cannot be stopped. The states are exerting pressure on buyers of Iranian oil, and if their plan to reduce exports from this Middle Eastern country translates into life, then the market will take 2.5 million bpd. Tehran is the fifth oil producer in the world with a production volume of 3.8 million bpd. The country's leadership claims that it is ready to sell as much black gold as it can.

The support of Brent and WTI is provided by the factor of production reduction in Libya from 1.28 million bpd in February to the current 527 thousand bpd. According to Capital Economics estimates, the market may lose about 2 million bpd from Iran and 1 million bpd from Venezuela, which will widen the deficit and help develop the "bullish" conjuncture of the black gold market.

At first glance, instead of putting pressure on OPEC, Donald Trump could spur the activity of American producers. For a long time, the oil market was living in tug-of-war conditions between those working on reducing the cartel's output and companies from the States that used price increases to hike their own production and simultaneously hedge the risks. They let the number of drilling rigs from Baker Hughes grow (+5 to 863 in the week of July 6), and the Energy Information Administration forecasts an increase in production to a record 11.8 million bpd, no problems with the infrastructure have been canceled. For example, in the Perm basin in 2019 will produce 1 million bpd more than its pipes can afford to pump.

Extraction and power of pipelines

The hand to help the "bulls" for Brent and WTI is fixing profit to the US dollar after the publication of disappointing statistics on US unemployment and the average wage. The first indicator increased from 3.8% to 4%, the second did not reach the forecasts of experts from Bloomberg (+ 0.2% vs. + 0.3% m / m)

Technically, a breakthrough of resistance at $ 79.5 and $ 80.5 per barrel will open the "bulls" along Brent road to the north in the direction of the target for 127.2% and 161.8% for the AB = CD pattern.

Brent, daily chart

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
Post #: 268
RE: Wave Analysis by InstaForex - 7/12/2018 12:36:21 AM   
InstaForex Gertrude

 

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Trading Plan for EUR/USD for July 12, 2018

Technical outlook:

The hourly EUR/USD chart presented here indicates that the currency pair is dropping in a corrective manner since printing highs at the 1.1790 levels recently. At this point in time, prices are finding support at a past resistance turned support zone around the 1.1660/70 levels. According to the Fibonacci extensions displayed here, it remains quite possible for the pair to drop through the 1.1650/30 levels to find further support before turning higher. The price support is seen at the 1.1590 levels, followed by the 1.1530 levels, respectively, while interim resistance is seen at the 1.1790 levels. Most probable direction is to push higher at least one last time towards 1.1850 and above, before reversing lower again. Please note that in the medium term, till the prices remain below the 1.2150 levels, bears shall be in complete control.

Trade plan:

Aggressive traders, now look to buy again between the 1.1630/60 levels, with stop below 1.1550 and target above 1.1850.

Fundamental outlook:

Watch out for USD CPI at 0800 AM EST today.

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
Post #: 269
RE: Wave Analysis by InstaForex - 7/13/2018 12:15:12 AM   
InstaForex Gertrude

 

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Technical analysis of NZD/USD for July 13, 2018

Overview: The NZD/USD pair continues to move downwards from the level of 0.6840 (23.6% of Fibonacci retracement). This week (from 9 to 13 July 2018), the pair has dropped from the level of 0.6840 to trade around the 0.6775 level. This level of 0.6840 coincides with the major resistance today. Today, the first resistance level is seen at 0.6840 followed by 0.6880, while daily support 1 is found at 0.6742. Also, the level of 0.6775 represents a key price today for that it is acting as major resistance/support this week. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.6840/0.6807 towards the first support level at 0.6742 in order to test it. If the pair succeeds to pass through the level of 0.6742, the market will indicate a bearish opportunity below the level of 0.6742. Then, resell again at the price of 0.6742 with the targets of 0.6716 and 0.6697. On the other hand, if a breakout happens at the resistance level of 0.6843, then this scenario may be invalidated.

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
Post #: 270
RE: Wave Analysis by InstaForex - 7/16/2018 12:18:00 AM   
InstaForex Gertrude

 

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Technical analysis of Bitcoin For July 16, 2018

The Bitcoin at the 4-hour charts looks clearly moving in a Bearish bias. This can be confirmed by the price still moving in a down slope channel and the Exponential Moving Average period 21 still bellow the Linear Weighted Moving Average period 55, as long as the price does not break out and close above the 6,360.51, it is highly likely the bias from this cryptocurrency will still be in a Bearish condition.

Analysis are provided by InstaForex

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Post #: 271
RE: Wave Analysis by InstaForex - 7/17/2018 12:28:48 AM   
InstaForex Gertrude

 

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Technical analysis: Intraday Level For EUR/USD, July 17, 2018

When the European market opens, there's no Economic Data will be released from the Euro Zone, but The US will release the Economic Data such as TIC Long-Term Purchases, NAHB Housing Market Index, Industrial Production m/m, and Capacity Utilization Rate, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1767.
Strong Resistance:1.1760.
Original Resistance: 1.1749.
Inner Sell Area: 1.1738.
Target Inner Area: 1.1710.
Inner Buy Area: 1.1682.
Original Support: 1.1671.
Strong Support: 1.1660.
Breakout SELL Level: 1.1653.

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
Post #: 272
RE: Wave Analysis by InstaForex - 7/18/2018 12:21:22 AM   
InstaForex Gertrude

 

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Technical analysis: Intraday level for USD/JPY, July 18, 2018

In Asia, Japan today will not release any Economic Data, but the US will release some Economic Data such as Beige Book, Crude Oil Inventories, Housing Starts, and Building Permits. So, there is a probability the USD/JPY will move with a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Resistance. 3: 113.54.
Resistance. 2: 113.32.
Resistance. 1: 113.10.
Support. 1: 112.82.
Support. 2: 112.60.
Support. 3: 112.38.

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
Post #: 273
RE: Wave Analysis by InstaForex - 7/18/2018 11:53:47 PM   
InstaForex Gertrude

 

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Technical analysis: Intraday Level For EUR/USD, July 19, 2018

When the European market opens, some Economic Data will be released such as Spanish 10-y Bond Auction. The US will release the Economic Data too, such as Natural Gas Storage, CB Leading Index m/m, Unemployment Claims, and Philly Fed Manufacturing Index, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1701.
Strong Resistance:1.1694.
Original Resistance: 1.1683.
Inner Sell Area: 1.1672.
Target Inner Area: 1.1644.
Inner Buy Area: 1.1616.
Original Support: 1.1605.
Strong Support: 1.1594.
Breakout SELL Level: 1.1587.

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
Post #: 274
RE: Wave Analysis by InstaForex - 7/20/2018 12:17:29 AM   
InstaForex Gertrude

 

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Technical analysis: Intraday Level For EUR/USD, July 20, 2018

When the European market opens, some Economic Data will be released such as Current Account and German PPI m/m. The US today will not release any Economic Data, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1711.
Strong Resistance:1.1704.
Original Resistance: 1.1693.
Inner Sell Area: 1.1682.
Target Inner Area: 1.1654.
Inner Buy Area: 1.1625.

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
Post #: 275
RE: Wave Analysis by InstaForex - 7/22/2018 11:35:04 PM   
InstaForex Gertrude

 

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Mr. Trump Against All

Mr. Trump is against everyone.
In recent weeks:

Trump with a scandal held a meeting with the "Big Seven", refusing to sign under a general statement. His statements to the head of Canada were in fact insults. The meeting of the "Seven" was a series of attacks by Trump on the Allies - Europe (especially Germany), Canada.

Trump took part in the NATO meeting, where he struck everyone with the demand to immediately increase defense spending of the participating countries to 4% - despite the fact that the goal of 2% is quite difficult to achieve. Trump again attacked Germany and Merkel - for low defense spending.

Trump visited Britain and criticized Prime Minister May's plan for a "soft Brexit" plan, on which the May government's survival depends.

Trump makes it clear that he considers the EU to be a harmful, unnecessary structure. He offers France to leave the EU.

Trump is attacking China, raising the stakes in the trade war - on Friday he promised to extend new duties on almost all the goods coming to the US from China - to an amount of $500 billion. This will undoubtedly have a noticeable impact on inflation in the US, businesses related to the United States - not to mention the retaliatory measures on the part of China. A very likely consequence will be a sharp cooling down of China-US political relations - these relations have been very friendly since 1978 (!)

In general, it is the US-China trade war that Trump is unleashing right before our eyes - that is the biggest risk for the world economy, and more than the economy.

Trump is attacking the EU on trade issues - demanding to introduce duties on cars from the EU is a blow to Germany. Paradoxically,
Trump is counting on Europe's support in the trade war against China.

Earlier, Trump withdrew from the "nuclear deal" with Iran - while Europe for the continuation of relations with Iran.

Trump attacked his own special services, saying that he did not trust their investigations into Russia's interference in US elections. Then he refuted his words. And then he said he didn't trust them again.

Finally, Trump attacked the Fed, condemning the decision to raise rates. He accused the US central bank that raising the Fed's rate hinders economic growth in the US and strengthens the dollar, which makes US debt (more than $20 trillion) more expensive and helps US competitors - China and Europe - in trade, increasing the US trade deficit.

Trump made this statement on Thursday, and despite criticism that Trump attacks the independence of the US Central Bank, and his statement that he respects the Fed's independence and personally Powell, the head of the Fed, - on Friday Trump reiterated his criticism.

Perhaps the only person Trump talked about sympathetically in recent weeks is Russian President Putin. Trump, after a meeting in Helsinki with Putin, soon invited the Russian president to the United States for a visit. This, of course, only added fuel to the fire of Trump's criticism.

Trump announced that China and the ECB specifically pursue a policy of undervaluing their currencies against the dollar, thereby damaging the US in trade. The market started talking about "currency wars".

This is it. The only thing that can be said: "The more fronts on which the commander is at war, the less chance he has to win."

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

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
Post #: 276
RE: Wave Analysis by InstaForex - 7/24/2018 12:30:44 AM   
InstaForex Gertrude

 

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Elliott wave analysis of EUR/NZD for July 24, 2018

We continue to look for more upside pressure through resistance at 1.7268 and more importantly through resistance at 1.7305, that calls for red wave iii towards 1.7505 on the way higher towards 1.8381.

Support is now seen at 1.7206 and again at 1.7170. Ideally the later will be able to protect the downside for the expected break above 1.7268.

R3: 1.7305
R2: 1.7268
R1: 1.7232
Pivot: 1.7208
S1: 1.7184
S2: 1.7164
S3: 1.7144

Trading recommendation:
We are long EUR at 1.7226 with our stop placed at 1.7110. If you are not long EUR yet, then buy EUR upon a break above 1.7268 and start by using the same stop at 1.7110.

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

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
Post #: 277
RE: Wave Analysis by InstaForex - 7/24/2018 11:59:38 PM   
InstaForex Gertrude

 

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Joined: 5/16/2014
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The euro is stable ahead of the ECB meeting

Eurozone
The key event in the eurozone this week is the ECB meeting on Thursday, July 26. This meeting is considered to be a passing one, the likelihood of any changes is minimal, but surprises are still possible, and they will primarily concern the wording regarding the timing of maintaining current rates.

The ECB directly links the first increase to achieving a consistently high inflation rate, and at the moment this parameter is rather negative – growth is primarily due to rising prices for petroleum products, the root value is about 1%, which is too low to begin the cycle of tightening. At the same time, maintaining a dovish rhetoric is increasingly difficult, as with each new meeting, the spread of returns between dollar and euro assets is increasing, the spread of yields between assets in dollars and euros is growing, and delaying the process can accelerate the migration of capitals from the eurozone.

There is another factor that may push Draghi to take a more hawkish position. The inversion of the yield curve in the United States is approaching, the dynamics are obvious. Three times in recent decades, the inversion preceded a new recession, and if the current trend continues, the new inversion will come in half a year, and there before the recession at hand.

Accordingly, the ECB is in an ambiguous position – it can begin a cycle of tightening just as a new recession is indicated. This paradoxical conclusion from the current situation does not allow the ECB to publicly announce the expected steps, because they can be canceled at any time.

Thus, there are two scenarios for the euro, and both of them are bad, and there is a badly hidden split in the bank's management regarding the future actions of the regulator. Accordingly, the focus is shifted to the press conference of Draghi following the meeting, which may lead to the growth of the euro, since Draghi is unlikely to avoid adding hawkish notes to his position.

Since the ECB meeting is not expected to publish important macroeconomic data (the release of the PMI Markit report is unlikely to be able to take markets out of balance on Wednesday), EUR/USD trading will most likely take place in a range close to current levels. After the meeting, it is possible to consolidate the euro above 1.1790 and try to test 1.1853, but it is unlikely that it will be successful, the dollar in the main currency pair remains favorable.

Britain
The pound is under pressure due to another political crisis that threatens to lead to the resignation of the May government, as well as due to weak economic data. At the same time, the Bank of England meeting is holding it back from falling, with a 70% probability that the key rate will be raised. The GBPUSD will continue to trade in a wide range of 1.3050 / 3190, the probability of an exit for which until the end of the week is low.

Oil
Oil prices again attempt to grow after Saudi Arabia has lowered its tone regarding output growth under pressure from a number of OPEC countries and the lack of real growth in demand. The threat of "excess" oil entering the market has decreased, which led to the stabilization of prices. Brent traded on Tuesday above $73 per barrel, by the end of the week can rise above 74. *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
Post #: 278
RE: Wave Analysis by InstaForex - 7/26/2018 12:35:01 AM   
InstaForex Gertrude

 

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Elliott wave analysis of EUR/NZD for July 26, 2018

The ongoing correction in red wave ii keeps pushing lower, but it must not break below the start of red wave i at 1.7116 as a break below here, will confirm that black wave ii still is in motion and is headed for support at 1.7066. If, however, the low of red wave i at 1.7116 stays untouched, as we expected, for a break above the channel resistance near 1.7199, that will call for red wave iii towards 1.7510 on the way towards the first long-term target at 1.8381.
R3: 1.7305
R2: 1.7268
R1: 1.7199
Pivot: 1.7184
S1: 1.7165
S2: 1.7130
S3: 1.7116

Trading recommendation: We are long EUR from 1.7226 with our stop placed at 1.7110. If you are not long EUR yet, then buy a break above the channel-resistance at 1.7199 and use the same stop at 1.7110.

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
Post #: 279
RE: Wave Analysis by InstaForex - 7/27/2018 12:16:35 AM   
InstaForex Gertrude

 

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Elliott wave analysis of EUR/NZD for July 27, 2018

EUR/NZD is a break above the descending channel resistance-line near 1.7173 indicating that red wave ii completed with the test of 1.7130 and red wave iii towards 1.7510 now is developing.

Short-term, we would like to see a break above resistance at 1.7207 too, as confirmation that red wave iii is in motion for the next impulsive rally.

Support is now seen at 1.7162 and again at 1.7130. Ideally the later will be able to protect the downside for the expected break above 1.7207.

R3: 1.7305
R2: 1.7268
R1: 1.7207
Pivot: 1.7184
S1: 1.7162 S2: 1.7130
S3: 1.7116

Trading recommendation:
We are long EUR from 1.7226 with our stop placed at 1.7110. If you are not long EUR yet, you should buy here at 1.7180 or upon a break above 1.7207 and use the same stop at 1.7110.

Analysis are provided by InstaForex

(in reply to InstaForex Gertrude)
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