Forex Analysis & Reviews: Forecast for EUR/USD on May 31, 2021

EUR/USD
The euro fell by 60 points last Friday, and with the release of positive US data, it returned to the opening of the day. Investors probably closed against the data ahead of the long weekend in the US and UK until June 1. Consumer personal spending for April increased by the expected 0.5%, the US trade balance for April improved from -92.0 billion dollars to -85.2 billion.

Technically, nothing has changed for the euro, even the indicators at the end of the day did not move from their values. As a result, we are still waiting for the price to support the MACD line on the daily chart near the 1.2052 mark. The level coincides with the low on May 13.

On the four-hour chart, the price did not go over the MACD line and the Marlin oscillator did not cross the zero line, that is, did not leave the negative territory. The EUR/USD pair is likely to resume its decline.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Technical Analysis of EUR/USD for June 2, 2021

Technical Market Outlook:
The EUR/USD pair rally towards the swing high had been capped at the level of 1.2254 after the Pin Bar candlestick was made. The next target for bulls is seen at the level of 1.2266, which is a swing high. If there is no sustained and coordinated up wave continuation above the level of 1.2266, the bears might strike again and push the prices towards the main channel lower line seen around the level of 1.2160 or the local low made at 1.2131. So fat the momentum is strong and positive, which support the short-term bullish outlook.

Weekly Pivot Points:
WR3 - 1.2356
WR2 - 1.2298
WR1 - 1.2235
Weekly Pivot - 1.2173
WS1 - 1.2117
WS2 - 1.2059
WS3 - 1.1997

Trading Recommendations:
The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent Doji candlestick high. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.2241 (25.02.2021) and 1.2350 (06/01/2021).

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Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 4, 2021

We are looking for a correction in wave 4/ towards 130.86 as a minimum from where we could see the next impulsive rally higher towards 135.42 and possibly even higher. As wave 2/ was a simple deep zig-zag correction, we should expect a complex and hard to trade wave 4/ towards the ideal target at 130.86. It's possible that wave 4/ continues lower towards the 38.2% correction at 129.06 but only time will tell.

Trading recommendation:
As a complex and hard to trade wave 4 correction is unfolding, we recommend stay on the sideline and wait to buy EUR near 130.86 for the next rally towards 135.42

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for EUR/USD on June 8, 2021

EUR/USD
The euro gained 23 points on Monday, going deeper into the accumulation range of May 18. The intention to form a triple divergence with the Marlin oscillator has intensified. Also, the price may turn down within the accumulation range, since the Marlin oscillator is still in the negative zone and is in no hurry to get out of it. The probability of the price reaching the level of 1.2272 is about 40%.

On the four-hour scale, the situation is similar in terms of uncertainty, here the oscillator is in the growth area, but the price is below the indicator lines. A breakthrough above the MACD line, above 1.2214, will increase the probability that the price will reach the 1.2272 level to 50%.

Analysis are provided byInstaForex.

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

EUR/USD
Yesterday, the euro was growing at the moment by 46 points, but the final daily growth was 8 points - investors were waiting for today's decision of the ECB on monetary policy and the US CPI indicators for May. The forecast for the general CPI is 4.7% y/y against 4.2% y/y in April, the core CPI is expected to be 3.4% y/y against 3.0% y/y a month earlier. Investors, of course, are waiting for an increase in inflation indicators, so the EUR/USD pair is visually preparing to move out of the accumulation range to the downside. The likelihood of a triple divergence is still there, as news from the ECB will be released first.

But in general, whether another price surge will take place or not, we are waiting for the euro to reach the target level of 1.2051. Surpassing the level makes way for the 1.1925 target - the lower border of the rising price channel.

On the four-hour scale, the price turned downward from the MACD line yesterday, piercing it. This is still a sign of a further decline in prices from current levels. The Marlin oscillator is breaking into a downward trend zone.

Analysis are provided byInstaForex.

Forecast for GBP/USD on June 14, 2021

GBP/USD

In Friday's fall, the pound pierced the support of the MACD indicator line on the daily chart with a lower shadow, and today the market opening was below it. This is a sign of further price declines. The Marlin oscillator has reversed from its own zero line separating the growth zone from the decline zone and is now deepening below. The goal of further movement of 1.1004 is the low on May 13 and the high on March 12.

On the four-hour chart, the price has completed a false exit above the MACD line for the fifth time in a row. Taking into account the situation on the daily scale, this was probably the last time, now the MACD line at 1.4142 looks even stronger.

The Marlin oscillator is in its lower half, we are waiting for the development of a downward movement.

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

Forecast for EUR/USD on June 16, 2021

So the decisive day has come, determining the fate of the euro in the medium term. Today, the Federal Reserve meeting will take place, at which the beginning of a discussion on changing monetary policy can be announced. Yesterday's US report came out very well by the way: industrial production increased by 0.8% in May against the forecast of 0.6%, the producer price index (PPI) for the same period added 0.8% against expectations of 0.5%, the base PPI added 0.7%. Against this background, the trade balance of the euro zone in April showed a deterioration from 18.3 billion euros to 9.4 billion. And it is even surprising that yesterday the euro did not surpass the support of the MACD line on the daily chart (1.2084).

Nevertheless, the price did not overcome the resistance of the red balance indicator line, which gives an indication of the downward trend's control over the situation. Today we expect to overcome the target level 1.2051. A little later, the price may reach the lower border of the price channel at 1.1942.

There is no additional information on the four-hour timescale, unless the price also rose above the balance line and Marlin did not leave the downward trend zone.

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

Forex Analysis & Reviews: EURNZD approaching descending trendline resistance! Drop Incoming!

Price is approaching 78.6% Fibonacci retracement and descending trendline resistance. A short term drop below our 1st resistance at 1.70255 towards 1st support at 1.69560 could be possible. Stochastic is testing resistance where price pulledback in the past.

Trading Recommendation
Entry: 1.70255
Reason for Entry:
78.6% Fibonacci retracement, descending trendline resistance
Take Profit: 1.69560
Reason for Take Profit:
-27.2% Fibonacci retracement, Graphical overlap support
Stop Loss: 1.70583
Reason for Stop Loss:
Graphical swing high resistance

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for EUR/USD on June 22, 2021

EUR/USD
The euro gained 55 points from the target level it achieved on Monday and is currently showing a decline this morning. Perhaps,it might surpass the first price support on the way to the mid-term decline of 1.1855 by today or tomorrow and then the euro will continue to decline. The next target is 1.1705 - the March 31 low. The Marlin oscillator on the daily scale chart seems to have fallen deep enough that the rate of decline might slow down.

On a four-hour chart, the Marlin oscillator shows an intention to turn around from its own zero line, which characterizes yesterday's growth as a moderate correction. Exit above Friday's high at 1.1926 will bring the oscillator into the zone of positive values. This pattern will allow the price to strengthen the corrective growth, possibly even to the MACD line to the level of 1.1990, where the H4 shows a micro consolidation from the 17th.

The continuation of the decline is considered as the main option, as it has a 55% probability. The deepening of the correction to 1.1990 is accepted as an alternative, but it provides the opportunity to enter the market with short positions at the best price.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for AUD/USD on June 24, 2021

AUD/USD
The Australian dollar took on higher commitments yesterday and bravely stepped out of the embedded price channel line. The Marlin oscillator keeps the market interest in buying yesterday and today in a growing position.

Our main scenario is a downward one, but if the price overcomes yesterday's high, it is possible that the growth will continue to the level of 0.7647 - to the low on June 3. A price return below the price channel line below 0.7552 will return the price to a downward mood. The closest target will be the level 0.7490.

On the four-hour chart, the price met an obstacle to growth from the side of the MACD line. The Marlin oscillator is flat, but declining. We are waiting for the price to settle below the level of 0.7552 and a further decline to 0.7490.

According to the alternative scenario, after consolidation above 0.7600, growth to 0.7647 is possible.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Elliott Wave Analysis of Natural Gas for June 28, 2021

Natural Gas just complete a cup with handle bottom calling for a rally towards 5.26. We currently see support at the cup with handle neckline at 3.40 and key support that should be able to protect the downside is seen at 3.13.

Longer term we will be looking for much higher levels, but expect resistance in the 4.92 - 5.26 zone should spark a period of consolidation before the next push higher towards 6.13 - 6.49 as the next target zone

Trading recommendation:
Buy Natural Gas or UNG to get exposure and place you stop at 3.10 for the rally to the 4.92 - 5.26 target-zone

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for EUR/USD on June 29, 2021

EUR/USD
The euro lost only a few points on Monday, but this showed the main thing - the intention to continue the decline to the first target of 1.1855, and then, if it overcomes this support, to strengthen the fall to 1.1705.

Doubt is shown only by the Marlin oscillator on the daily chart, it never formed a reversal. Perhaps even before Friday's US employment report, macroeconomic data may not come as a pleasant surprise. For an alternate growth scenario, the price needs to settle above the signal level of 1.1970. In this case, the price may subsequently try to reach the MACD indicator line in the area of 1.2060.

The price is above the balance and MACD indicator lines on the four-hour chart, the Marlin oscillator is on the zero line. For a downward signal, the price needs to go below these indicator lines, which coincide with yesterday's low at 1.1902. Perhaps it is this support that is felt by Marlin on a daily scale and keeps the market's interest in buying.

Analysis are provided byInstaForex.