Forex Analysis & Reviews: Forecast for EUR/USD on August 6, 2021

EUR/USD
Yesterday, the stock and foreign exchange markets did not take any action in anticipation of today's data on US employment. The euro, being under technical pressure, dropped slightly, consolidating below the target level of 1.1847. The euro is preventing the euro from working out the bearish target of 1.1705 by the Marlin Oscillator, which is reluctantly declining, being in the zone of the rising trend.

The forecast for Non-Farm Employment Change is wide: 780-895,000, but this is not so much an optimistic factor as negative - if the indicator is closer to the lower bound of forecasts, even such an optimistic one, will have a negative impact on the dollar - resistance at 1.1925 can be overcome. Strong non-farms will send the euro to the lower target of 1.1705.

The price has settled below the MACD indicator line on the four-hour chart, Marlin is in the zone of negative values, the current moment is decreasing. But today fundamental factors prevail, so only the data release will set the direction of the European currency.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for EUR/USD on August 10, 2021

EUR/USD
Yesterday, the euro was down 25 points. There are 30 points left to the target level of 1.1705, but the euro is already showing signs of an upward reversal. On a daily scale, the Marlin Oscillator has penetrated into the downward trend zone; there is still a possibility of reaching the target level.

If we accept the version about yesterday's decline in counterdollar currencies due to a strong fall in gold, which fell 4.4% in the Asian session and closed the day by -1.89%, then its expected recovery today may prevent the euro from continuing to decline.

On a four-hour chart, the Marlin Oscillator is turning upward, forming a slight convergence with the price:

Now the euro is in the consolidated wandering zone - the lower border of this zone is defined by the target level of 1.1705, the upper border is formally the MACD line, but it is quite high, therefore, most likely, the euro's exit from such uncertainty will largely depend on the time factor, that is the market needs to wait about a day for the MACD line to go down. Consolidating above it will return the euro to growth. Settling below 1.1705 opens the target at 1.1640.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for GBP/USD on August 12, 2021

GBP/USD
Yesterday, the British pound made its first attempt to overcome the resistance of the MACD line on the daily chart. The trading range was wide, more than 80 points, so the price was limited only to testing this line.

Today the pound started the Asian session with growth, so there is a good chance that today the MACD line (1.3887) will be overcome. The signal line of the Marlin Oscillator turns up from the lower border of the channel. We anticipate the pound's rise to 1.4069.

The price is consolidating in front of the balance indicator line on the four-hour chart, Marlin has settled in a growing trend. We are waiting for another upward price surge.

Analysis are provided byInstaForex.

Technical Analysis of ETH/USD for August 16, 2021

Crypto Industry News:

Christopher Perkins will become the new President and Managing Partner of CoinFund.

The information is important because it shows how strongly the blockchain industry and the cryptocurrency market have developed. Until a few years ago, it was hard to imagine a situation where a high-ranking employee in the financial sector (Perkins was one of Citigroup's CEOs) would quit everything to work in the cryptocurrency industry. Hiring a new CoinFund president is expected to positively affect the company's reputation.

CoinFund CEO on hiring Christopher Perkins

According to CoinFund founder and CEO Jake Brukhman, this is not only a milestone for the company, but an announcement of a trend in which Wall Street will start to pay attention to the possibilities of blockchain technology:

"Chris joining CoinFund is not only a major milestone for our firm, but is also indicative of a broader trend as Wall Street turns its attention to the opportunities within the blockchain-technology space".

Technical Market Outlook:

The ETh/USD pair has been seen rallying during the weekend. The bounce from the level of $3,122 was strong and bulls tested the recent high seen at the level of $3,330. Nevertheless, the bulls were not strong enough to close the daily candle above the level of $3,330, so it might be a time for another pull-back during the up trend. The immediate techncial support is seen at the level of $3,185 and $3,122.

Weekly Pivot Points:

WR3 - $3,888

WR2 - $3,615

WR1 - $3,448

Weekly Pivot - $3,162

WS1 - $3,024

WS2 - $2,746

WS3 - $2,578

Trading Outlook:

Ethereum have started the next wave up and violated the long-term target at the level of $3,000. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not break below the technical support at the level of $2,695. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.

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

Forex Analysis & Reviews: Forecast for GBP/USD on August 18, 2021

GBP/USD
The pound lost 100 points yesterday, shifting the market balance towards medium and short-term sales, as the price went under the balance indicator line on the daily chart. The signal line of the Marlin Oscillator has penetrated the zone of negative values, now the 1.3646/70 target is open.

The situation is similar on the four-hour scale chart: the price is below the indicator lines, Marlin is in the negative zone. We are waiting for the correction to be completed and further downward movement of the price.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for AUD/USD on August 20, 2021

AUD/USD
The Australian dollar showed a good move by falling 82 points yesterday, and has reached the target level of 0.7124 this morning. Below which is the second target level of 0.7060, but since today is Friday, investors can close positions to take all weekly profits, so a correction from 0.7124 is more likely to occur. On a daily scale, the Marlin Oscillator is flat.

On the four-hour chart, Marlin is rising against a decline in price, signaling a correction. At the moment, the MACD line limits the price's growth, approximately in the area of 0.7255, although the price does not necessarily have to rise there in its corrective growth.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for USD/JPY on August 24, 2021

USD/JPY
The drama continues for the yen. On yesterday's daily chart, the price touched the MACD indicator line and fell below the target level of 109.80. Due to this fall, the Marlin oscillator could not enter the zone of positive values. Now the price is struggling again with the level of 109.80. Apparently, for a successful exit above the MACD line, it needs to settle above this level (109.80), thus creating a base for an attack on resistance.

The Marlin Oscillator is holding on to an upward trend on the four-hour chart. The price is above the balance indicator line, but below the MACD line. Here, too, it will not hold back the price from creating a consolidation in the range between the level of 109.80 and the MACD line for the subsequent successful breakthrough of the interfering resistances. If, however, consolidation forms below the level of 109.80, then the price may return to the early support at 109.20.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for USD//JPY on August 26, 2021

USD/JPY
Yesterday, the USD/JPY pair met the resistance of the MACD line on the daily chart for the last five days for the third time. And, as in previous cases, it could not overcome it. But this time there was one addition to the technical picture - the Marlin oscillator moved into the growing trend zone, and, what is also important, after testing the MACD line, the price did not begin to fall, as it did on August 19 and 23. At the moment, the price is struggling with the MACD line and breaking it above 110.12 will open the target at 110.60 - the price channel line of the higher timeframe.

The price is consolidating below the signal level of 110.12 on the four-hour timeline. And the price is above the MACD indicator line. The Marlin Oscillator is sideways in the positive trend zone. We are waiting for the price to settle above the signal level and growth to continue.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 30, 2021

EUR/JPY broke briefly below key-support at 128.29. The big question is whether this was a forewarning of more downside pressure towards 124.97 or this was a Bear-trap which a break above short-term key resistance at 130.56 will confirm it was. A break above short-term key resistance at 130.56 will also make the S/H/S top-formation a failed pattern, which will call for a rally towards 135.42 and maybe even higher as a lot will be caught short of EUR which they will need to cover fast.

So, we need a break below support at 127.95 to get a signal for a move to 124.97 or a break above resistance at 130.56 to get a call for a rally towards 135.42. Be patient and wait for the signal.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: What's next after the development of the EUR/USD upward pattern?

The EUR/USD pair reached the Weekly Control Zone of 1.1857-1.1840 yesterday, which indicates the completion of the upward cycle. The next movement will depend on testing the first support zone.

Today, the Weekly Control Zone of 1/4 1.1801-1.1797 is being tested. The pair's movement will continue in the first half of September depending on the reaction to this zone. If the pair manages to break through this zone and consolidates below during today's European session, then the decline will become interesting again for termination this week.

Trading in a downward direction can become a priority for a long time. If yesterday was the first day of the new cycle, then the second half of the week will be a decline to the WCZ 1/2 1.1757-1.1749. The daily lows will be updated for the next two days.

Time will tell whether the fall will lead to a medium-term reversal and a test of WCZ 1/2. This zone is located at a significant level of the market maker formed last week. The probability of a large demand for its test is quite high.

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

Analysis are provided byInstaForex.

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.

Analysis are provided byInstaForex.

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.

Analysis are provided byInstaForex.