Forex Analysis & Reviews: Technical Analysis of ETH/USD for March 7, 2022

Crypto Industry News:
The Korean Digital Asset Industry Committee, made up of South Korea's leading Blockchain experts, has called for a government committee to be formed to help and develop digital asset companies in the country.

The expert group discussed the various ways in which Korea could become a leading marketplace for digital assets and what role the government should play to achieve this. Experts believe Blockchain technology and cryptocurrencies will become key tools of the fourth industrial revolution.

Experts called on the government to support the nascent cryptocurrency industry and other emerging use cases such as decentralized finance, decentralized autonomous organizations, NFT tokens and metaverse.

South Korea's cryptocurrency laws are seen as one of the strictest, considering that nearly 200 small and medium-sized cryptocurrency exchanges had to shut down after regulators issued an injunction for crypto exchanges to create accounts with real usernames.

The Financial Conduct Authority, the country's chief regulator, also banned exchanges from conducting anonymous transactions and banned the use of private wallets. Regulators previously proposed a 20% tax on cryptocurrency profits, but the proposal was postponed due to a lack of clarity on cryptocurrency laws. While regulators have taken a strict stance on the virtual asset market, they seem quite positive about the Metaverse as the country announced $187 million investment for the domestic Metaverse project.

Technical Market Outlook
The ETH/USD pair had broken below all of the Fibonacci retracement levels after the rejection from the technical resistance seen at $3,000 level. The bears are in control of the market and the target for them is located at the swing low seen at $2,302. The momentum is weak and negative, so even despite the extremely oversold market conditions on the H4 time frame the down move might continue for some time. The immediate technical resistance is seen at the level of $2,568. Only a clear and sustained breakout above the trend line resistance located around $3,024 level would change the outlook to bullish in the near time.

Weekly Pivot Points:
WR3 - $3,323
WR2 - $3,179
WR1 - $2,855
Weekly Pivot - $2,718
WS1 - $2,386
WS2 - $2,240
WS3 - $1,190

Trading Outlook:

The market keeps trying to bounce higher after over the 50% retracement made since the ATH at the level of $4,868 was made. The level of $3,192 is the next key Fibonacci retracement for bulls, but the bulls had failed to break through three times already. On the other hand, the next long-term technical support is located at $1,721 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Elliott wave analysis of Gold for March 9, 2022

Gold is currently testing the former all-time high at 2,074. It should just be a matter of time before this resistance is broken for a continuation higher towards 2,400 and ultimately higher towards our long-term target at 2,700.

Short-term we need to allow for some consolidation either just below the all-time high or just above the all-time high. If the consolidation takes place just below the all-time high at 2,074, we could see a correction towards 1,971 before the next rally higher towards 2,400 and 2,700.

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Forex Analysis & Reviews: Forecast for GBP/USD on March 11, 2022

GBP/USD was the only currency pair that did not make false movements yesterday following the meeting of the European Central Bank. It fell by 95 points, clearly defining the targets 1.2853-1.2900.

In the four-hour chart, the pair went under 1.3115 this morning, with the Marlin oscillator going into the bearish area.

Most likely, it would continue dipping today as the data on the UK trade balance for January will be released, and many expect it to show a decrease from 12.3 billion to 12.6 billion.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for AUD/USD on March 15, 2022

The Australian dollar confirmed our yesterday's thesis about the prospect of a rapid decline as a recovery of balance with other world currencies after its previous four-month growth outstripping the market. The aussie's fall from yesterday was 100 points, the MACD line of the daily scale was reached. This morning, the price continued its decline with overcoming this support line. The Marlin Oscillator is in the downward trend zone. The 0.7065 target is open.

The price is completely in a downward position on the four-hour chart - it is falling below the indicator lines, the MACD line itself has turned to decline. The Marlin Oscillator may soon enter the oversold zone, but under the pressure of fundamental factors, it may end up there for several days.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Trading plan for US dollar index for March 17, 2022

Technical outlook:
The US dollar index has dropped through 98.40 intraday today after carving a lower high around 99.30 levels early this week. The index has also carved another Evening Star bearish candlestick pattern on the daily chart as expected. Ideally, prices should continue to drag lower from here and a drop below 97.70 will accelerate further.

Furthermore, if the US dollar index bears are successful in holding prices below 99.45 mark, we might withess a steep fall towards 94.50 in the next few trading sessions. A break there will also confirm that bears are back in control and are here to stay for long. On the flip side, if a more complex corrective structure unfolds, prices might print above 99.30 before finding resistance.

The US dollar had earlier carved a meaningful larger degree downswing by dropping from 104.00 through 89.20 levels. The entire drop has now been retraced through its fibonacci 0.618 level seen around 99.45 mark. If the above structure holds well, bears will remain inclined to drag prices below 89.20 to complete the structure.

Trading plan:
Potential drop through 94.50 against 100.00
Good luck!

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for GBP/USD on March 21, 2022

The British pound is consolidating in the range of target levels 1.3110-1.3210. If we assume that the pound's growth since March 15 is a correction from a strong previous fall, then its potential is far from exhausted, it can continue to the MACD line, which currently corresponds to a 50% correction level. Slow price growth will allow the MACD line to drop to the 38.2% correction level, which is close to the target level of 1.3270. Therefore, with the release of the price above the nearest resistance at 1.3210, we can expect continued steady growth to 1.3270. Price drop below 1.3110 will bring it back to the downside.

On the H4 chart, the situation is ascending: the price is developing along the balance and MACD indicator lines, the Marlin Oscillator is falling, being led in the current situation, but has not yet left the territory of the rising trend. We are waiting for the continuation of consolidation in the indicated hundred-point range and follow the choice of the price of the further direction. The probability of growth is 55%.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for AUD/USD on March 23, 2022

The Australian dollar's growth from yesterday amounted to 68 points. The price overcame the target range of 0.7415/30, but the next target (0.7500) did not work out. The Marlin Oscillator is starting to turn down, and while its readings are not enough to resolve the issue with the 1.7500 level, will the price reach it or not. Returning to the area below 0.7415 opens the 0.7315 target.

The technical situation is even more confusing on the four-hour chart. Price divergence begins to form with the Marlin Oscillator; it can persist even if the bullish target level is worked out. But there may be a price reversal with consolidation under 0.7415 from the current levels. We are waiting for the development of events.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Technical Analysis of GBP/USD for March 25, 2022

Technical Market Outlook
The GBP/USD pair has been having trouble to move higher after the local high was made at the level of 1.3295 and is currently testing the lower channel line around the level of 1.3194. Any sustained violation of the level of 1.3194 will indicate a possibility of a deeper correction, so please keep an eye on this level and on the whole demand zone located between the levels of 1.3121 - 1.3110. The nearest technical resistance is seen at the level of 1.3210 and 1.3240.

Weekly Pivot Points:
WR3 - 1.3487
WR2 - 1.3345
WR1 - 1.3272
Weekly Pivot - 1.3138
WS1 - 1.3067
WS2 - 1.2918
WS3 - 1.2816

Trading Outlook:
If the market will break below the level of 1.3169, the up trend on the weekly time frame is terminated and the bears enforce and confirm their control over the market in the long term. The Cable is below 100 and 200 WMA already, so the bearish domination is clear. The next long term target for bears is seen at the level of 1.2751 and 1.2663. Please remember: trend is your friend.

[img]hhttps://forex-images.ifxdb.com/userfiles/20220325/analytics623d76dc8e191_source!.jpg[/img]

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for GBP/USD on March 29, 2022

The British pound fell 93 points yesterday, having successfully overcome the first target level of 1.3119. The Marlin Oscillator has settled in the downward trend area. The price has chosen a direction and a target at 1.2900. Slightly lower is the second target at 1.2853, which together can be defined as a target range of 1.2853-1.2900 (November 2020 low and December 2019 low).

The price consolidated under the level of 1.3119 and under the MACD line on the four-hour chart. The trend is downward, but at the moment there is a slight correction after yesterday's strong fall. Upon completion of the correction, we expect further decline.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: ETHUSD, Bullish Pressure | 31st March 2022

On the H4, with price moving above the Ichimoku indicator, we have a bias that price will rise to our 1st resistance at 3589 in line with the horizontal pullback resistance and 127.2% Fibonacci extension from our 1st support at 3240 in line with the horizontal pullback support and 23.6% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 3034 in line with the horizontal pullback support and 38.2% Fibonacci retracement.

Trading Recommendation
Entry: 3240
Reason for Entry:
Horizontal pullback support and 23.6% Fibonacci retracement
Take Profit: 3589
Reason for Take Profit:Horizontal pullback resistance and 127.2% Fibonacci extension
Stop Loss: 3034
Reason for Stop Loss:Horizontal pullback support and 38.2% Fibonacci retracement

*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: Forecast for GBP/USD on April 5, 2022

The British pound begins to form a pennant-shaped formation on the daily scale. From the ideological point of view, this is quite consistent with investors' expectations for the Bank of England meeting, which will take place exactly one month later, and the European Central Bank, which will take place in nine days. On the technical side, after the formation of the lower line of the pennant, the price now tends to rise, to the upper line of the supposed pennant, to the target level of 1.3210. The signal line of the Marlin Oscillator fixed in the positive area.

On the H4 chart, the price has not yet consolidated above the target level of 1.3119, and the signal line of the oscillator, although it is above the zero line, is still moving sideways. Today's trading day may be similar to yesterday's.

Analysis are provided byInstaForex.