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Forex analysis review Currency trading on the international financial Forex market
Evident bullish recovery emerged from the area around 1.4550 where a significant bullish engulfing weekly candlestick was expressed.As mentioned before, persistence above the levels of 1.5000-1.5080 exposed the weekly supply zone of 1.5500-1.5550 (roughly corresponding to weekly 50% Fibonacci level), where significant bearish pressure was previously applied on February 22.Last week, the market has already pushed above the weekly supply at 1.5530 (50% Fibo level) and slightly above 1.5720 (FE 100%). However, evident bearish pressure was applied around 1.5800, resulting in the depicted bearish engulfing weekly candlestick.Note that persistence below the weekly supply at 1.5530 (corresponding to 50% Fibo level) hinders the ongoing bullish trend. It gives more time for sideway movement with bearish tendency. Sideways movement with a slight bearish tendency had been expressed on the daily chart until the bullish breakout took place above 1.4970-1.5000 (via a long-term bullish reversal pattern).The price zone between 1.5000 and 1.5050 failed to keep prices below. Moreover, it now constitutes a prominent demand zone for the GBP/USD pair.It offered a valid buy entry for retesting that took place last week.A daily closure above the weekly supply zone of 1.5500-1.5530 exposed the next supply level located at 1.5720 (100% Fibonacci Expansion of the recent bullish swing) where evident bearish pressure was applied. So, a bearish pullback took place towards 1.5500 on Tuesday.Bearish breakout off the depicted bullish channel took place on Friday as a result of the evident bearish pressure that emerged at the level of 1.5660.Persistence below 1.5470 is needed to maintain the current bearish momentum.Initial bearish targets would be located at 1.5250 and probably 1.5100. On the other hand, consolidation above 1.5550 invalidates the current bearish scenario. The material has been provided by InstaForex Company - www.instaforex.com […]
Overview: Recently, EUR/NZD has been trading downwards. The price tested the level of 1.4991 in an ultra high volume (selling climax). The short-term trend is neutral. According to the daily time frame, we can observe weak supply and reversal up-thrust bar (bullish). According to the 30-minute time frame, the price again rejected from our Fibonacci expansion 100% (1.4950) in a high volume. Be careful when selling EUR/NZD since we may see bullish movements. The first strong resistance is around the level of 1.5040. Fibonacci Pivot Points: Resistance levels: R1: 1.5075R2: 1.5110R3: 1.5164 Support levels: S1: 1.4962S2: 1.4927S3: 1.4872Trading recommendations: Be careful when selling EUR/NZD at this stage since we can observe strong bullish activity (volume) in the background and rejection from our support.The material has been provided by InstaForex Company - www.instaforex.com […]
Fundamental Overview: USD/JPY is expected to consolidate with bullish bias after hitting almost an eight-year high of 123.33 on Tuesday. USD/JPY is underpinned by the positive dollar sentiment (ICE spot dollar index last 97.24 versus 96.45 early Tuesday) on stronger-than-expected US May CB consumer confidence of 95.4 (versus forecast 95.0), larger-than-expected increase of 6.7% in the US April new home sales to 517,000 (forecast +6.0% to 510,000), and upward revision of the US March durable goods orders from +4.4% to +5.1%. The pair is also boosted by continued impact from Fed Chair Yellen's comments that the central bank was on track to raise interest rates this year. USD/JPY is also supported by the demand from Japan's importers and the ultra-loose monetary policy of the Bank of Japan's. But USD/JPY gains are tempered by the Japanese exports and lower US Treasury yields (10-year fell to 2.142% from 2.229%), flows to the safe-haven yen amid increased risk aversion (VIX fear gauge rose 15.91% to 14.06; S&P 500 closed 1.03% lower at 2,104.2 overnight) as worries mount that Greece will be unable to pay back loans to the International Monetary Fund due next month. Technical comment: The daily chart is positive-biased as the MACD is bullish, stochastics stays elevated at overbought levels, 5 and 15-day moving averages are advancing. Trading recommendations:The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 124.15 and the second target at 124.40. In the alternative scenario, short positions are recommended with the first target at 122.45 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 121.70. The pivot point is at 122.85.Resistance levels: 124.15 124.40 124.75Support levels: 122.45 121.70 121.35The material has been provided by InstaForex Company - www.instaforex.com […]
Fundamental overview: USD/CHF is expected to consolidate with bullish bias after hitting almost a monthly high of 0.9540 this morning. It is underpinned by positive dollar sentiment, the negative Swiss interest rates, and the threat of the Swiss National Bank to carry out CHF-selling intervention. But USD/CHF gains are tempered by the franc demand on the soft EUR/CHF cross. Technical comment: The daily chart is positive-biased as the MACD and stochastics are bullish, although the latter is at overbought levels. Ffive-day moving average is above 15-day moving average and is advancing. Trading recommendations:The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.96 and the second target at 0.9650. In the alternative scenario, short positions are recommended with the first target at 0.9335 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9280. The pivot point is at 0.940 .Resistance levels: 0.96 0.9650 0.97Support levels: 0.94 0.9335 0.93The material has been provided by InstaForex Company - www.instaforex.com […]
The market was pushed lower after breaking below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.The EUR/USD pair lost almost 1,500 pips since the beginning of 2015. Moreover, the EUR/USD bears have already pushed the market slightly below the monthly demand level of 1.0550 (established on January 1997).The previous monthly closure had a negative impact on the EUR/USD pair. However, April's monthly candlestick came as a bullish engulfing candle as depicted on the chart.In the long term, bearish breakdown of the monthly demand level at 1.0550 should not be excluded as the long-term breakout target is roughly projected towards the level of 0.9450.On the other hand, a bullish corrective movement towards 1.1500 and 1.1600 is still probable especially if intraday demand zone (1.1150-1.1100) remains defended by bulls. The obvious bearish breakout of the weekly demand level at 1.1100 allowed the market to fall dramatically shortly afterwards.After such a long bearish rally (which started around the levels of 1.1300), bullish rejection was expressed at 1.0570 (monthly demand level).A bullish continuation pattern with an ascending bottom was established around the level of 1.0650.That is why, bears failed to hinder the ongoing bullish momentum around the key zone of 1.1150-1.1050 on April 29. Temporal bullish fixation above 1.1100 took place shortly after.Further bullish advancement was enhanced until bearish pressure was applied around 1.1450 (just below the depicted supply level of 1.1500).This week, a bearish pullback is taking place towards 1.0800 -1.0830 where a valid buy entry can be offered. S/L should be set as daily closure below 1.0770.Note that the price zone of 1.1000-1.1100 is now the nearest SUPPLY zone to meet the EUR/USD pair if enough bullish momentum is developed.The material has been provided by InstaForex Company - www.instaforex.com […]