Forex Analysis & Reviews: AUDUSD Potential For Bearish Drop | 31st August 2022

On the H4, with the price moving below the ichimoku cloud, moving within the descending channel and MACD is showing a death cross, we have a bearish bias that the price may drop to the 1st support at 0.68412, which is in line with the swing low to the 2nd support at 0.68024, where the overlap support is. Alternatively, the price may rise to the 1st resistance at 0.69118, where the 38.2% fibonacci retracement and previous swing high are. If the price can break this resistance level, we can expect the price to rise to the 2nd resistance at 0.69925, where the swing highs, 50% fibonacci retracement and 100% fibonacci projection are.

Trading Recommendation
Entry: 0.68412
Reason for Entry: Swing low
Take Profit: 0.68024
Reason for Take Profit: Overlap support
Stop Loss: 0.69118
Reason for Stop Loss:
38.2% fibonacci retracement and previous swing high

*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.

https://www.instaforex.com/forex_analysis/290677

Forex Analysis & Reviews: Technical Analysis of GBP/USD for September 2, 2022

Technical Market Outlook:
The GBP/USD pair has made another fresh low at the level of 1.1498 and continues to move away from the trend line resistance. The nearest horizontal technical resistance is seen at the level of 1.1622 and this level is the next target for bulls in a case of a local pull-back. The next target for bears is located at the level of 1.1410 (2020 low). The momentum remains weak and negative on the H4 time frame chart, so the larger time frame trend (daily and weekly) remains down until further notice.

Weekly Pivot Points:
WR3 - 1.18043
WR2 - 1.17392
WR1 - 1.17002
Weekly Pivot - 1.16741
WS1 - 1.16351
WS2 - 1.16090
WS3 - 1.15439

Trading Outlook:
The Cable is way below 100 and 200 DMA , so the bearish domination is clear and there is no indication of down trend termination or reversal. The bulls has failed big time to continue the corrective cycle after a big Bearish Engulfing candlestick pattern was made on the weekly time frame chart last week. The next long term target for bears is seen at the level of 1.1410. Please remember: trend is your friend. *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.

Read More

Forex Analysis & Reviews: Forecast for EUR/USD on September 6, 2022

The euro closed Monday with a slight decrease, not having time to close the gap from the market opening. This was prevented by resistance at 0.9950. The line of the Marlin Oscillator, which forms the convergence, also showed noticeable resistance. This morning the resistance level is overcome, the gap is closed, the euro may resume its decline, but the oscillator is still struggling with the linear support hurdle.

To develop a downward movement, the price needs to return under the level of 0.9950. Next, we are waiting for the target levels 0.9850 and 0.9752 to be worked out. The price is between the balance and MACD indicator lines on the H4 chart, the Marlin Oscillator is in the negative area. To consolidate the downward momentum after the price goes under 0.9950, it will also need to overcome the MACD line, approximately in the area of 0.9918. It is also possible for the price to move slightly upwards (0.9985) so that the signal line of the Marlin Oscillator reaches the zero line and reverses from it, thus forming a repeated reversal pattern. This main scenario will be broken if the price settles above the resistance level of 1.0020.

Analysis are provided by InstaForex.

Read More

Forex Analysis & Reviews: Technical Analysis of GBP/USD for September 8, 2022

Technical Market Outlook: The GBP/USD pair has hit the level of 1.1410 which is the 7 years low for this pair and the Bullish Engulfing candlestick pattern was made at the H4 time frame chart. The momentum is negative again on the H4 time frame chart, so the larger time frame trend (daily and weekly) remains down until further notice. Please watch closely the further market reaction for the level of 1.1410, because a shallow 100 pips bounce does not terminate the down trend. The bulls need at least to test the level of 1.1717 in order to make a corrective cycle to the upside more probable.

Weekly Pivot Points:
WR3 - 1.15513
WR2 - 1.15077
WR1 - 1.14791
Weekly Pivot - 1.14641
WS1 - 1.14355
WS2 - 1.14205
WS3 - 1.13769

Trading Outlook: The bearish domination is clear and there is no indication of down trend termination or reversal on the GBP/USD market. The bulls has failed big time to continue the corrective cycle after a big Bearish Engulfing candlestick pattern was made on the weekly time frame, so the downside move accelerated. The next long term target for bears is seen at the level of 1.1410 (2020 low). Please remember: trend is your friend.

*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.

Read More

Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for September 12, 2022

GBP/JPY is getting absolutely nowhere. The most likely pattern unfolding here is a descending triangle as wave B/. We have apparently seen a top at 166.31 for renewed downside pressure towards the triangle support line near 160.00. A break below here will confirm the next decline towards 154.41.

Short-term a break below minor support at 164.19 will set the stage for a decline towards the triangle support line at 160.00. *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.

Read More

Forex Analysis & Reviews: NZDUSD Potential for Bearish Drop | 14th September 2022

On the H4, with the price moving within the descending channel and below ichimoku cloud, we have a bearish bias that the price may drop from the 1st support at 0.59960, which is in line with the swing low and 61.8% fibonacci projection to the 2nd support at 0.59062, where the 100% fibonacci projection is. Alternatively, the price may rise to the 1st resistance at 0.61564, which is in line with the overlap resistance, 61.8% fibonacci retracement and 38.2% fibonacci retracement.

Trading Recommendation
Entry: 0.59960
Reason for Entry:Swing low and 61.8% fibonacci projection
Take Profit: 0.59062
Reason for Take Profit: 100% fibonacci projection
Stop Loss: 0.61564
Reason for Stop Loss:
Overlap resistance, 61.8% fibonacci retracement 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 by InstaForex.

Read More

Forex Analysis & Reviews: AUDUSD Potential for Bearish Drop | 16th September 2022

On the H4, with the price moving within the descending channel and below ichimoku cloud, we have a bearish bias that the price may drop to the 1st support at 0.67105, which is in line with the swing low. If the 1st support level is broken, the 2nd support could be at 0.66122, where the 100% fibonacci projection is. Alternatively, the price may rise to the 1st resistance at 0.67717, which is in line with the 38.2% fibonacci retracement and overlap resistance.

Trading Recommendation
Entry: 0.67105
Reason for Entry: Swing low
Take Profit: 0.66122
Reason for Take Profit: 100% fibonacci projection
Stop Loss: 0.67717
Reason for Stop Loss:
38.2% fibonacci retracement and overlap resistance

*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.

Read More

Forex Analysis & Reviews: Forecast for EUR/USD on September 20, 2022

The euro rose slightly on Monday, supporting the strong resistance of the target level of 1.0032 and the MACD indicator line coinciding with it. This morning the resistance was pierced, but it is unlikely that speculators will decide to develop the movement before tomorrow's Federal Reserve meeting.

But the Fed meeting should be "soft" so that the counter-dollar market shifts to growth, and we do not expect a soft meeting, since the rate will be raised by 0.75%, according to the FOMC members themselves, and the committee's forecasts on inflation and future rates in light of the current situation is unlikely to be weak.

We are waiting for the price to reverse from the achieved resistance to the nearest support at 0.9950. Next, we are waiting for the price to decline to the support of 0.9850. The Marlin Oscillator has penetrated into the growth zone, but this movement seems to be false so far.

The price is trying to consolidate above 1.0032 on the four-hour chart, the Marlin Oscillator is in the positive area. Formally, the technical situation favors the euro's further growth, but before the Fed meeting, we will refrain from both buying and premature selling. *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.

Read More

Forex Analysis & Reviews: Forecast for EUR/USD on September 22, 2022

After the euro's decline by 134 points yesterday, the price continues to decline under the target level of 0.9850 in today's Asian session. The inertial decline may continue to the level of 0.9752, from which we expect a reversal into a correction.

Correction from 0.9752 on the technical side may be due to the emerging extended convergence with the Marlin Oscillator. It also appears on the weekly chart. If the price still manages to consolidate under 0.9752, then the euro is waiting for the underlying levels of 0.9692 and 0.9625.

In the long term, we look at the euro's fall to the levels of the winter 2002 area, to the 0.8600 area, which would correspond to a Fibonacci reaction level of 200.0% on the monthly scale chart.

The price has consolidated below 0.9850 on the 4-hour chart, Marlin is in the negative area, but is already making the first attempts to slow down this decline. We are waiting for the price at the target level of 0.9752.

*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.

Read More

Forex Analysis & Reviews: Forecast for GBP/USD on September 26, 2022

The British pound fell by an incredible 417 points (-3.65%) on Friday, reaching strong support from the 1.0830 price level and price channel line of the monthly timeframe. This morning, during the first four hours of the trading session, the price fell by another 490 points in the moment, winning back half of the fall in the next half hour.

Now the price is between the target levels of 1.0310 and 1.0535. The Marlin Oscillator is in the oversold zone, the ultra-high volatility of the pound indicates its potential correction in the near future. The optimal strategy in this situation would be to wait for the correction to be completed and then open new short positions. The nearest target at 1.0310, formed by the embedded line of the price channel, remains unworked out. Leaving the area under it opens the 1.0140 target.

On a four-hour scale, the Marlin Oscillator is already headed for a correction - the price is consolidating under the level of 1.0535. We are waiting for the correction to be completed, the market to be calm, and the price to move down further.

*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.

Read More

Forex Analysis & Reviews: Trading Signal for Gold (XAU/USD) On September 28-29, 2022: buy above $1,625 or in case of rebound at $1,600 (0/8 Murray - oversold)

Since the beginning of August, gold (XAU/USD) has been trading inside a downtrend channel. It is likely to find support around 0/8 Murray (1,625).

Gold reached the low of April 05, 2020, at 1,621.01. It is currently trading near these levels and is showing levels of consolidation.

Some members of the FED are supporting further increases in interest rates, even at the risk of slowing economic growth. On Friday, the president of the Federal Reserve Bank of Philadelphia said that he believed that the US central bank could reduce inflation without causing a deep recession and high unemployment.

Yesterday, in the American session, gold made a brief recovery and reached 1,642.33. As it failed to consolidate gains, it changed course and now is facing a decision to break the critical support of 1,625.

In the event of a drop below 1,624, it will head towards the next level of 1,610 and could even drop towards the psychological level of 1,600.

Conversely, a sharp break above the 21 SMA could accelerate the upside momentum and the price could reach the top of the downtrend channel around 1,656-1,662.

According to the 4-hour chart, the outlook remains negative for gold. In case of extending the bounce, the resistances could be located at 1,641, followed by 1,656. A drop below 1,625 in the short term would expose the area of recent lows and the next support at 1,600.

Our trading plan for the next few hours is to buy XAU/USD only if it trades above 0/8 Murray (1,625) or if there is a technical bounce off the bottom of the downtrend channel around 1,600. With targets at 1,625,1,645 and 1,656.

*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.

Read More

Forex Analysis & Reviews: Trading Signal for GBP/USD on September 30, 2022: sell below 1.1230 (21 SMA - 7/8 Murray)

The British pound is trading around 1.1144. We can see three consecutive days of recovery and now it is facing the zone of 7/8 Murray (1.1230) which represents a likely technical reversal.

A pullback towards the 1.1310 area (200 EMA) or towards the 1.1230 level (7/8) could be considered as a signal to resume selling.

According to the daily chart, we can see that the British pound has three days of strong recovery and could now face overbought levels.

This recovery could be momentary, as the main trend is still bearish and its rise higher will be seen by the bears as a good opportunity to sell.

The intervention of the Bank of England caused strong volatility in the GBP/USD pair, which led to a recovery of almost 900 points. The BoE announced that it will make temporary purchases of UK bonds. This intervention will only relieve downward pressure momentarily, as the Fed is determined to raise its interest rate in the coming months.

Therefore, we can sell the pound below the area of 7/8 Murray or the 200 EMA with targets at 6/8 around 1.0742.

Additionally, the psychological level of 1.10 will be the key level for the British pound. We expect the British pound to trade around this area in the coming days and it could be seen as a pivot point in the event of a bullish or bearish move.

*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.

Read More