InstaForex Wave Analysis - page 176
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Technical analysis of EUR/JPY for May 05, 2014
Technical outlook and chart setups:
1. The EUR/JPY pair is bouncing off the channel support and resistance at the moment, broadly between 141.40/50 to 142.50/60 for now. The pair is again at the support near 141.50 levels. A break here would be encouraging for bears and a subsequent break below 140.00 would confirm bearish resumption. Recommendations are to sell on the break of channel support.
2. Support is at 141.00, followed by 140.00, 138.50, 136.00 and lower while resistance is at 142.50, followed by 143.50/144.00 and 145.50 on the higher side.
3. The structure indicates that EUR/JPY bears would want to break 141.00 levels for now. On the flip side, a bullish bounce here again, would enable prices to re-test 142.50.
Trade recommendations:
Remain flat for now. Sell on a break of the channel line support.
More analysis - at instaforex.com
Technical analysis of EUR/USD for May 06, 2014
EUR/USD
The pair has been in an uptrend from 1.3774 levels. It is facing strong resistance at every higher level. Currently the pair is facing strong resistance at 1.3906 levels. It is the key level for bulls and bears. Until the pair breaks the 1.3906 levels, the pair will move to 1.36. Last week's low at 1.3774 is the very crucial for further up move. Until the pair holds 1.3774, there is a remote chance for 1.3950 and 1.40 levels. The weakness persists only below 1.3774.In Asia's trading session, the pair is trading at 1.3876 levels. On the higher side, if the pair crosses 1.3880, it will fly up to 1.3906, 1.3920 and 1.3950 levels. On the higher levels, selling is the best option. On the down side, intraday weakness exists below 1.3864. It will fall to the immediate major support at 1.3850 levels. The major weakness is on the cards below this, fall to 1.3812 and 1.3774 levels. We expect the selling pressure will intensify in coming sessions.
Recommendations-
1. Sell below 1.3864 with targets 1.3850, 1.38 and 1.3774.
More analysis - at instaforex.com
Technical analysis of gold for May 07, 2014
Today the metal traders eye Yellen's appearance before the Joint Economic Committee. She'll also speak before the Senate Budget Committee on Thursday. The market participants talk about when the Fed will start lifting interest rates, and how high the rates will go once it starts happening.
Technical view-
The metal is trading in a range bound between $1,316-$1,305 levels. It is facing strong resistance at $1,316 (50daily SMA). Safe traders can buy above $1,316 for targets $1,319, $1,322 and $1,330. On the down side the key level is located at $1,305, below this only the metal looks bearish up to $1,300, $1,295. On the weekly chart, the metal is facing strong resistance at the 38.2 fib level. Once the metal breaks this, huge buying will add to the metal aiming at $1,330.
For intraday the metal has strong support at $1,302 levels, a break below this $1,297.50 is a strong support level. The hourly momentum indicators show a mixed bag. RSI is giving a sell signal and Stochastics is giving an up move indication. On the upside, the metal will face resistance at $1,313.70 and $1,316 levels.
More analysis - at instaforex.com
Technical analysis of Silver for May 08, 2014
Technical outlook and chart setups: 1. Silver has retraced as expected from sub $20.00 levels yesterday. The metal is bouncing off the backside of resistance turned support line as seen here around $19.20/25 levels. Furthermore, the fibonacci 0.618 support is passing around the same levels. Recommendations are to initiate long positions now, risk remains below $18.50 levels.
2. Support is at $18.90, followed by $18.75 and lower while resistance is at $19.90/20.00 levels, followed by $20.40, $21.70 and $22.30 respectively.
3. The structure indicates that Silver could stage an impressive rally from current levels till prices stay above $18.80/90 levels.
Trading recommendations:
Initiate long positions now, stop at $18.40, target is open.
More analysis - at instaforex.com
Technical analysis of USD/JPY for May 9, 2014
In Asia, Japan will release the Leading Indicators and the US will release some economic data such as JOLTS Job Openings, Wholesale Inventories m/m. So there is a big probability the USD/JPY will move with low volatility during this day.
TODAY's TECHNICAL LEVELS:
Resistance. 3: 102.20.
Resistance. 2: 102.00.
Resistance. 1: 101.80.
Support. 1: 101.56.
Support. 2: 101.36.
Support. 3: 101.16.
DESCRIPTION:
Please, pay attention to the levels of support 3 (101.16) and resistance 3 (102.20). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
More analysis - at instaforex.com
USD/CAD intraday technical levels and trading recommendations for May 9, 2014
The chart shows that the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20. The bears took an advantage and pushed the pair towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart). Although previous daily closure below 1.0920 took place, it didn't take long time to get a bullish engulfing daily candlestick as a bullish reaction the next day pushed the pair again towards 1.1000. On the other hand, on the 4H chart, the price zone of 1.0995-1.1045 (38.2% Fibonacci of the most recent bearish swing) was expected to provide a valid sell entry and it did. The previously suggested bearish position taken at 1.0995 achieved its full projection target by hitting 61.8% Fibonacci level around 1.0830. As expected, price zone of 1.0875-1.0830 (extending down to 61.8% Fibonacci level on the daily chart ) provided significant bullish pressure strong enough to invalidate our SELL position. The market is now expressing a bullish pull-back towards 1.0940-1.0950 and probably 1.0980 where 38.2% Fibonacci level is located on the 4H chart. Bearish positions can be taken again at the price zone of 1.0940-1.0950. It's the most recent resistance zone that comes to meet the pair. The pair will probably establish a sideway consolidation zone. Bearish targets are to be located at 1.0865 initially. SL should be located slightly above 1.1000.
More analysis - at instaforex.com
Technical analysis of USD/JPY for May 13, 2014
In Asia, Japan will release the M2 Money Stock y/y, and 30-y Bond Auction. Meanwhile, the US will unveil some economic data such as NFIB Small Business Index, Core Retail Sales m/m, Retail Sales m/m, Import Prices m/m, and Business Inventories m/m. So there is a big probability the USD/JPY will move with low volatility today.
Today's technical levels:
Resistance. 3: 102.73.
Resistance. 2: 102.53.
Resistance. 1: 102.33.
Support. 1: 102.07.
Support. 2: 101.87.
Support. 3: 101.67.
Description:
Please, pay attention to the levels of support 3 (101.67) and resistance 3 (102.73). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips. But if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
More analysis - at instaforex.com
Technical analysis of USD/JPY for May 14, 2014
In Asia, Japan will release the CGPI y/y, Prelim Machine Tool Orders y/y, and the US will release some economic data such as PPI m/m, Core PPI m/m. So there is a big probability the USD/JPY will move with low to medium volatility during this day.
TODAY's TECHNICAL LEVELS:
Resistance. 3: 102.71.
Resistance. 2: 102.51.
Resistance. 1: 102.31.
Support. 1: 102.05.
Support. 2: 101.85.
Support. 3: 101.65.
DESCRIPTION:
Please, pay attention to the levels of support 3 (101.65) and resistance 3 (102.71). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
More analysis - at instaforex.com
Technical analysis of Gold for May 15, 2014
Technical outlook and chart setups:
1. Gold rallied yesterday only to face resistance around $1,304.00 levels as seen here. The metal is consolidating again in a cone format between decreasing resistance and increasing support lines as seen here. A break out of this consolidation is required to decide further direction, recommendations for now is to exit long positions and remain flat.
2. Support is seen at $1,270.00/80.00 levels, followed by $1,230.00/40.00, $1,210.00 and lower while resistance is at $1,330.00, followed by $1,350.00/60.00, $1,388.00 and higher respectively.
3. The structure indicates that Gold still remains in a trading range and breakout is required below $1,280.00 or above $1,310.00 to determine further direction.
Trading recommendations:
Exit longs. Remain flat for now.More analysis - at instaforex.com
Technical analysis of Silver for May 16, 2014
Technical outlook and chart setups:
1. Silver falls back to $19.40 levels as discussed and expected yesterday. The metal could now rally up to $19.80 levels before falling back. A break of the interim support line and $19.00 20/00 levels from here could be encouraging for bears and open doors for fresh lows below $18.00 levels.
2. Support is at $19.00/20, followed by $18.90, $18.75 and lower while resistance is at $20.40, followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver could be on its way lower if $19.00 levels break. On the higher side $20.40 remains key for a trend reversal.
Trading recommendations:
Remain flat for now.More analysis - at instaforex.com