UK PMI Construction in May was 50.8 vs. expectations for 49.8 and April’s figure of 49.4. However, being under the market’s pressure, the pound did not manage to develop upward movement and stayed in the assumed range. Today at 12:30 GMT+4 Services PMI in the UK in May is issued, forecast 53.1 vs. 52.9 […]
The unemployment in Spain dropped in May. The number of people out of work fell by 98.3K from April when it fell 46.1K. Specialists forecast a drop for 50.2K. However, PPI in the eurozone in April dropped considerably since med-2009, -0.6% vs. estimates for -0.2%. US Trade Balance in April was slightly better than […]
Today’s Support and Resistance levels: R3: 131.00 R2: 130.71 R1: 130.57 Current spot: 130.42 S1: 130.19 S2: 129.93 S3: 129.46 Technical overview: The rally of the 129.46 low became much higher than we expected, but even a test of 131.40 does not change the larger picture. We are still in a major wave 2 correction […]
Today’s Support and Resistance levels: R3: 1.6452 R2: 1.6394 R1: 1.6328 Current spot: 1.6323 S1: 1.6278 S2: 1.6238 S3: 1.6194 Technical overview: As we expected a new high has been made and we are still looking for new highs to be made as wave iii unfolds. Currently we are about to end green wave v […]
Read the Daily Market Report from Dave Evans, Professional Trader Aussie hit by Shrinking GDP Morning Report: 08.30 London • This morning the main mover is the Australian dollar. The AUD/JPY is off by 1.15%, with the AUD/USD off by 0.85%. Australian GDP came in below estimates this morning, while […]
TODAY’S TECHNICAL LEVELS: Resistance 3: 100.71. Resistance 2: 100.51. Resistance 1: 100.32. Support 1: 100.07 Support 2: 99.87. Support 3: 99.67. DESCRIPTION: Please pay attention to the levels of support 3 (99.67) and resistance 3 (100.71). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but […]
Overview: The EUR/USD pair’s support had been broken and it was turned to resistance around the price of 1.3188 for a month. Therefore, the pair has already formed a strong resistance at 1.3188. Moreover, after it could close above 1.3100 and the pair started signing for bullish market, it should also be noted that the […]
Daily chart: Crude Oil is trying to break the resistance at the 94.46 level. Currently, the price of Crude Oil stays above the 200-day moving average, having made a bullish rebound in it and the support at the 92.79 level. If Crude Oil manages to break the resistance at the 94.46 level, it is expected […]
TODAY’s TECHNICAL LEVELS: Breakout buy level: 1.3135. Strong resistance: 1.3127. Original resistance: 1.3114. Inner sell area: 1.3101. Target inner area: 1.3070. Inner buy area: 1.3039. Original support: 1.3026. Strong support: 1.3013. Breakout sell level: 1.3005. DESCRIPTION: Today EUR/USD has support and resistance at 1.3026 and 1.3114. The rate is accompanied by strong support at […]
RECOMMENDATIONS: Buy stop (pending order) at 131.26. Take profit at 131.40. Stop Loss at 131.16. Alternative: Sell stop (pending order) at 130.74. Take profit at 130.60. Stop loss at 130.84. Best regards, Arief Makmur Official Analyst of InstaForex Group InstaForex Group http://instaforex.com Email: [email protected] Yahoo Messenger & Skype: Arief.ifx_jakarta blog.mt5.com/arief http://www.mt5.com/forex_analysis_award/profile/index/arief Disclaimer: Trading […]
Overview: The market is continuing to show signs of strength following the break at 1.0250 (green horizontal line in the chart). Additionally, USD/CAD’s resistance was broken and turned to support last week. Furthermore, the pair has already formed a strong support at the level of 1.0250. Consequently, the market indicates a bullish opportunity at the level […]
Daily chart: As we said in the previous analysis, USD/JPY made a bullish rebound on the support at the 99.81 level, trying to climb to the resistance at the 100.94 level. Near the bullish trend line at the level of 98.25, the pair formed a fractal, indicating that a higher low pattern could not form. […]
Yesterday the pound sterling showed an upward movement, exceeding the level of our fractal 1.5330, also led by lower measuring U.S. manufacturing ISM. If you remember our previous analysis, this pair met all our expectations we had been saying the 1.5330 level. However, the construction PMI in the UK exceeds 50 points, which separates contraction […]
Yesterday the euro moved upwardly due to a surprising drop in the ISM Manufacturing, which fell just below the 50 level, indicating that there is a contraction in the sector. As a result, the U.S. dollar depreciated against all crosses. However, this morning at the American session the euro was trading below 1.31 level. Yesterday […]
After a strong recovery the Australian dollar moved to the level of 0.98 yesterday and fell considerably after the policy statement of the Reserve Bank of Australia. The entity left, unchanged interest rate at 2.75%, as expected, however, if you look at the graph this pair has left a gap at the beginning of the […]
Overview: USD/JPY is consolidating with bearish bias after hitting three-week low of 98.86 on Monday. The rate is undermined by negative dollar sentiment as surprise fall in U.S. ISM manufacturing PMI to four-year low of 49.0 last month from 50.7 in April (vs forecast for rise to 51.0) and smaller-than-expected 0.4% increase in U.S. April […]
Overview: USD/CHF is consolidating with bearish bias after hitting near one-month low of 0.9408 on Monday. The rate is undermined by negative dollar sentiment; franc demand on soft EUR/CHF cross; stronger-than-expected rise in Switzerland PMI to 52.2 in May (vs 50.6 forecast) from 50.2 in April. Daily chart is negative-biased as MACD and stochastics are […]
Overview: NZD/USD is trading with bullish bias. The rate is underpinned by negative USD sentiment; firmer commodity prices; NZD-USD yield gap. But NZD/USD gains are tempered by Kiwi sales on buoyant AUD/NZD cross. Daily chart is positive-biased as stochastics is rising from oversold; negative MACD histogram bars are contracting. Trading recommendations: The pair is […]
Overview: GBP/JPY is consolidating with bullish bias after hitting near-one-month low. The rate is undermined by weak USD/JPY undertone; euro sales from Japan exporters. But GBP/JPY losses are tempered by euro demand from Japan importers; BOJ’s aggressive easing measures to help achieve its 2% inflation target. Daily chart is negative-biased as MACD and stochastics are […]
Overview From the today’s H4 chart, the metal is still trading between the Support level 22.00 and below the Resistance level 23.00 after its failure to break the Resistance level yesterday and bounced from it to take a slightly downward move and currently is re-testing the Support level 22.00 again. Presently we suggest waiting for closing […]
Overview From the today’s H4 chart, the pair failed to continue its bearish move and could not break the Support level 152.00 and bounced from it to reverse its downward move taking an upward movement and managed to close above 152.50 and the downward trend line as well. Currently the pair is approaching the Resistance […]
Overview: Since our last analysis the EUR/NZD pair has been trading in downward moves like we expected, we got our first target level at price 1.6200. Just after testing of level 1.6120 the price rejected and made corrective move and tested level 1.6330. On the daily chart we got two climatic bars (ultra high volume […]
Technical outlook and chart setups: Silver is a classic example of sideways consolidation and the game of support-resistance. Support band is 22.00/10, while resistance range is 23.00/10 respectively since several trading sessions. The overall wave structure remains constructive for bulls, hence it is recommended to hold long positions and buy further on dips. For those […]
Support level around 1.0016-0.9995 provided evident bullish steam for the pair to step above 1.0300. Hence, there might be further bullish pressure to test 1.0430 level. Yesterday, the USD/CAD pair dropped sharply but remained stable above significant support 1.0260 (previous top established in April). This enhances the bullish view for the pair. As long as the USD/CAD […]
Psychological Support 1.5000 that corresponds to Fibonacci 78% pushed the GBP/USD pair strongly to the upside above 1.5130 (Fibonacci 61.8%) then above 1.5220 (Fibonacci 50%). Last Friday, the pair found it was difficult to consolidate above 1.5220 (Fibonacci 50%) which brought it back down to 1.5130 in line with the negative money flow sentiment at under -16%. Price […]
Overview: Since our last analysis Gold has been trading in upward moves. It rejected very well from the level of 1,415.00 (our supply level) and we may expect future down. We are still waiting for our first short-term target level FE 61.8% at price 1,323.00, according to the daily chart. I saw decreasing volume in […]
Technical outlook and chart setups: The yellow metal is holding the short-term immediate line of support as depicted here. It is recommended to hold long positions for now, since the overall structure remains constructive for bulls; a possible 3 wave pullback is under way towards 1,500/20 levels. Immediate support is at 1,370.00, followed by 1,360.00 […]
Technical outlook and chart setups: The single currency pair has broken immediate line of support last week. Furthermore, it has tested resistance at 132.00 level as well. The current rally from 129.50 to 131.40/50 can still be defined as retracement of earlier fall; and an opportunity to initiate further short positions. It is recommended to […]
Manufacturing PMI in the UK in May was 51.3 vs. forecast for 50.1. The result is in positive territory (higher than 50.0) and it is for the first time in four consecutive months. When weak US data on ISM Manufacturing and Construction Spending was published, investors thought that the Fed would not cut QE3 […]
Support level around 1.0016-0.9995 provided evident bullish steam for the pair to step above 1.0300. Hence, there might be further bullish pressure to test 1.0430 level. Yesterday, the USD/CAD pair dropped sharply but remained stable above significant support 1.0260 (previous top established in April). This enhances the bullish view for the pair. As long as the USD/CAD […]
