Forex Analysis & Reviews: Technical Analysis of GBP/USD for September 13, 2021

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

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

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

Analysis are provided byInstaForex.

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.

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.

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

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.

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.

Forex Analysis & Reviews: Trading plan for EURUSD for September 29, 2021

Technical outlook:
EURUSD might have carved a higher low around 1.1668 levels on Tuesday before pulling back. The currency could be looking to turn bullish from here and a break above 1.1750 will confirm the same. The counter trend rally still remains possible until prices stay above 1.1660 levels going forward. Bulls remain poised to push higher towards 1.2050 at least.

The recent boundary which is being worked upon is between 1.2266 and 1.1660 levels respectively. Also note that fibonacci 0.618 retracement of the above drop is seen passing through 1.2050-1.2100 zone. If bulls manage to push through the above zone, high probability remains for a turn lower since resistance will be strong.

The bigger picture for EURO remains bearish towards 1.1300, which is the Fibonacci 0.618 retracement of previous rally between 1.0636 and 1.2350 levels respectively. A drop there would warrant potential bullish reversal going forward.

Trading plan:
Potential rally towards 1.2050, against 1.1650.
Good luck!

Analysis are provided byInstaForex.

Forex Analysis & Reviews: UKOIL facing bearish pressure, drop incoming!

UKOIL is holding below 1st resistance at 79.28 in line with 61.8 Fibonacci retracement and 38.2% Fibonacci extension and may bearish towards 1st support at 76.10 in line 61.8% Fibonacci retracement and 161.8% Fibonacci extension . Our bearish is further supported by how MACD is showing a bearish signal where the signal line is above the MACD line. Otherwise price may bullish towards 2nd resistance at 80.72 in line with Horizontal swing high and 61.8% Fibonacci extension.

Trading Recommendation
Entry: 79.28
Reason for Entry:
61.8 Fibonacci retracement and 38.2% Fibonacci extension
Take Profit: 76.10
Reason for Take Profit:
61.8% Fibonacci retracement and 161.8% Fibonacci extension
Stop Loss: 80.72
Reason for Stop Loss:
Horizontal swing high and 61.8% Fibonacci extension.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: USDCHF bullish continuation | 5th Oct 2021

Price is holding above the ascending trendline support, signifying a bullish momentum. We can expect the price to push up from the pivot level in line with 23.6% Fibonacci retracement towards the take profit level in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the stochastic indicator where the %K line bounced at the support level.

Trading Recommendation
Entry: 0.92572
Reason for Entry:
23.6% Fibonacci Retracement
Take Profit: 0.93326
Reason for Take Profit:
61.8% Fibonacci Retracement and 61.8% Fibonacci projection
Stop Loss: 0.92329
Reason for Stop Loss:
127.2% Fibonacci projection

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Elliott wave analysis for Natural Gas for October 7, 2021

Natural gas article from September 15

Yesterday, natural gas peaked at 6.46. It is time for a correction towards 5.26 and maybe even closer to 4.75 before the natural gas can take off again to way above the peak at 6.46.

Inflation may weigh on the economic recovery. Once the correction in crude oil and natural gas is completed and prices rise to new highs, it will become much more painful to the global economies.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: AUDUSD bearish continuation | 11th Oct 2021

Price is holding below the descending trendline resistance, signifying a bearish momentum. We can expect the price to continue to push down towards the 1st Support in line with 78.6% Fibonacci projection and 61.8% Fibonacci Retracement. Our bearish support is further supported by the stochastic indicator where the %K line drops from the resistance level.

Trading Recommendation
Entry: 0.73454
Reason for Entry:
61.8% Fibonacci retracement and 100% Fibonacci Projection
Take Profit: 0.72230
Reason for Take Profit:
78.6% Fibonacci projection and 61.8% Fibonacci Retracement
Stop Loss: 0.74127
Reason for Stop Loss:
61.8% Fibonacci projection and 78.6% Fibonacci retracement

Analysis are provided byInstaForex.