Instaforex Analysis

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  1. #851
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    Instaforex Analysis
    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.

    Analysis are provided byInstaForex.

  2. #852
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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).

    Analysis are provided byInstaForex.

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    Forex Analysis & Reviews: Forecast for AUD/USD on September 17, 2021

    AUD/USD
    On Thursday, under the influence of the general strengthening of the US dollar, the US currency index rose by 0.41%, while the Australian currency lost 0.55% (39 points). The price stopped at the MACDindicator line of the daily scale and is currently weighing alternative plans - whether to consolidate below this indicator line (0.7275) for a subsequent decline to the promising target of 0.7065, or turn upwards from it to the first target along the Fibonacci line 38.2% on the 0.7450 price. The Marlin Oscillator has already entered the territory of the downward trend, but the basis for the future movement will be set only by the Federal Reserve meeting on September 22nd.



    On the four-hour chart, the price is developing in a completely downward trend: the MACD line has turned down, Marlin is in the zone of negative values. And if the price does not turn upwards from the support of the daily timeframe (MACD line), then after the price settles below yesterday's low of 0.7275, a downward movement may develop until the Fed's announcements.



    Analysis are provided byInstaForex.

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    Forex Analysis & Reviews: Elliott wave analysis of Ripple for September 20, 2021



    Ripple should move closer to the 61.8% corrective target near 0.8560 before completing the corrective decline in wave ii. If so, we will be looking for the next strong impulsive rally in wave iii towards 2.3227 and maybe even higher. In the short term, we see resistance near 1.0526, which is expected to cap the upside for the corrective decline to 0.8560 and the higher in the next impulsive rally towards 2.3227.

    Analysis are provided byInstaForex.

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    Forex Analysis & Reviews: Trading plan for EURUSD for September 21, 2021

    Technical outlook:
    EURUSD might have carved an interim bottom around 1.1700 mark on Monday. The currency pair has bounced off through 1.1740 mark and has also produced a pinbar candlestick on the daily chart. High probability remains for bulls to take control back from here and push towards 1.1850, 1.1950 and 1.2050 potential targets.

    EURUSD is probably into its last leg of the counter trend rally, which had begun since 1.1660 lows. The down gartley should likely terminate around 1.2050 mark, which is also the Fibonacci 0.618 retracement of the recent downswing (1.2266 to 1.1660). Bears might come back in control thereafter.

    EURUSD is seen to be trading around 1.1735 level at this point in writing and is expected to push higher against 1.1660 mark. Immediate support is seen at 1.1660, while resistance comes in around 1.1850, followed by 1.1900 levels respectively. Only a drop below 1.1660 would change the above bullish scenario.

    Trading plan:
    Potential towards 1.2050 against 1.1660
    Good luck!

    Analysis are provided by InstaForex

  6. #856
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    Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 22, 2021



    EUR/JPY made it almost back to the start of wave i at 127.92. We have seen the low of wave ii at 127.95. Wave ii is allowed to correct to 99.99% of wave ii, but not more and therefore should stay above 127.92 or else, we will need to make a revision of our preferred count.

    As long as short-term key-support at 127.92 is able to act as a floor, we will be looking for a break above minor resistance at 128.70 and more importantly a break above resistance at 129.55 as confirmation that wave ii has been completed and wave iii is unfolding towards 134.24 and135.42 .

    Analysis are provided byInstaForex.

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    Forex Analysis & Reviews: EURJPY short-term bullish bounce | 23rd Sep 2021



    Price is holding below the descending trendline resistance, however we are expecting price to be making a short-term bullish bounce as price is seen to bounce off the 1st support. We can expect the price to bounce from the 1st Support and ride the bullish momentum towards the 1st resistance in line with 61.8% Fibonacci projection, 61.8% Fibonacci retracement and descending trendline resistance. Our short-term bullish bias is further supported by the MACD indicator where the MACD line cross over the signal line.

    Trading Recommendation
    Entry: 84.760
    Reason for Entry:
    78.6% Fibonacci projection
    Take Profit: 86.999
    Reason for Take Profit:
    61.8% Fibonacci projection
    Stop Loss: 83.571
    Reason for Stop Loss:
    127.% Fibonacci Retracement

    Analysis are provided byInstaForex.

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    Forex Analysis & Reviews: USDJPY short-term bearish drop | 24th Sep 2021



    Price is holding above the ascending trendline support, however we are expecting the price to be making a short-term bearish drop as price has approached a strong resistance level where price reversed twice at that level. We can expect the price to drop from the 1st Resistance and ride the bearish momentum towards the 1st Support in line with 61.8% Fibonacci Retracement and 78.6% Fibonacci Projection. Our short-term bearish bias is further supported by the Stochastic indicator where the %K line touches the resistance level awaiting for a drop.

    Trading Recommendation
    Entry: 110.431
    Reason for Entry:
    127.2% Fibonacci Projection
    Take Profit: 109.610
    Reason for Take Profit:
    61.8% Fibonacci retracement and 78.6% Fibonacci projection
    Stop Loss: 110.794
    Reason for Stop Loss:
    -27.2% Fibonacci Retracement and 161.8% Fibonacci projection

    Analysis are provided byInstaForex.

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    Forex Analysis & Reviews: USDJPY short-term bearish drop | 27th Sep 2021



    Price is holding above the ascending trendline support, however we are expecting the price to be making a short-term bearish drop as price has approached a strong resistance level where price reversed thrice at that level. We can expect the price to drop from the 1st Resistance and ride the bearish momentum towards the 1st Support in line with 100% Fibonacci Projection and 78.6% Fibonacci Retracement. Our short-term bearish bias is further supported by the Stochastic indicator where the %D line touches the resistance level awaiting for a drop.

    Trading Recommendation
    Entry: 110.813
    Reason for Entry:
    78.6% Fibonacci Projection
    Take Profit: 109.120
    Reason for Take Profit:
    100% Fibonacci Projection and 78.6% Fibonacci Retracement
    Stop Loss: 111.652
    Reason for Stop Loss:
    -61.8% Fibonacci Extension and 127.2% Fibonacci projection

    Analysis are provided byInstaForex.

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    in ro ham eslah kon:
    Forex Analysis & Reviews: AUDCAD bullish bounce| 28th Sep 2021



    Price is holding above the descending trendline resistance turn support, showing a strong bullish momentum. Price is approaching the trendline support to retest and we can expect price to bounce up from 1st Support in line 127.2% Fibonacci Projection and previous swing low, towards the 1st Resistance in line with 127.2% Fibonacci retracement and 78.6% Fibonacci projection. Our bullish bias is further supported by the Stochastic indicator where the %K line is abiding to a ascending trendline.

    Trading Recommendation
    Entry: 0.91127
    Reason for Entry:
    127.2% Fibonacci Projection
    Take Profit: 0.93793
    Reason for Take Profit:
    127.2% Fibonacci Retracement and 78.6% Fibonacci Projection
    Stop Loss: 0.90243
    Reason for Stop Loss:
    161.8% Fibonacci Projection and 127.2% Fibonacci Retracement

    Analysis are provided byInstaForex.

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