USD/CAD Elliott Wave Since our last analysis the USD/CAD pair has been trading downwards, just like we expected, corrective wave 2 (coloured green) of the final (5) wave (coloured blue) has been developing. During the Monday’s Asian and European sessions we could observe ascending movement from 1.0071 towards 1.0095 level and we can consider this […]
May 7th 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist European markets have opened mixed this morning and continued to consolidate the previous week’s gains, amid caution ahead of first-quarter earnings by some of Europe’s largest banks. Meanwhile, the BRC reported that its shop price inflation index in the UK fell to a three-and-a-half […]
EUR/USD Elliott Wave Since our last analysis the EUR/USD pair has been trading downwards, impulsive wave 3 (coloured blue) of the bigger wave 3 (coloured green) has started its development. Yesterday, during the Asian and European sessions we could observe descending movement from 1.3141 towards the 1.3093 level. Therefore, during the New York session […]
Technical outlook and chart setups: Silver is looking for support around 23.00 level before a possible bounce. Currently the metal is trading at around 23.70/75 levels, expect the metal to dip to 23.00 level soon. A bullish bounce at 23.00 would be recommended to go long. The region is also marked by Fibonacci 0.618 support […]
Technical outlook and chart setups: There is no change at all in the wave structure, as seen here. The single currency pair has once again re-tested the sloping resistance line, in last 2 trading sessions and is back in the sell zone. This test should probably be the last one, before the pair collapses. It […]
Technical outlook and chart setups: The metal has done nothing since few trading sessions. Immediate resistance is at 1,480/80 region, while support is around 1,420/40 region. It is recommended to remain flat for now and plan to buy towards the lows of 1,420/40 region or sell around the highs around 1,480/90. Also please note that […]
Technical outlook and chart setups: Looking into the momentum which is builting up, the single currency is setting up towards 1.4700 level at least as shown on the chart setup here. As seen, this level 1.47 is re-enforced by the past support turned resistance level as well and the sloping downtrend line passing through. It […]
Amid the drop on the market (DJIA -0.03%, gold -0.27%, oil -0.55%, and the euro -47 points), the pound fell 29 points as well. Today data on France’s Industrial Production, German Factory Orders, and the US Consumer Credit in March is issued. Tomorrow UK Retail Sales in April is expected to drop. On Thursday data […]
Yesterday data on Retail Sales in the eurozone in March was in line with forecast (-0.1%), but annually it was worse than expected -2.4% vs. -2.2% and -1.7% in February. Amid weak macroeconomic data for this week for Europe and the US, the euro moves downwardly. During yesterday’s speech European Central Bank President Mario Draghi […]
The Australian dollar fell to its weakest level in two months versus the greenback after the Reserve Bank of Australia announced it cut the benchmark interest rate to a record low on Tuesday. The main lending rate has now been reduced by 25 basis points from 3.0 percent to 2.75 percent. The central bank was […]
Read the Daily Market Report from Dave Evans, Professional Trader Aussie slumps as rates hit record low Morning Report: 08.00 London • This morning the Australian dollar is selling off heavily after the RBA voted to set rates at a record low level. The AUD/JPY leads […]
The EUR/JPY pair is trading in a decisive zone, the 129.07 support level is keeping the pair with an upward trend. It is likely in the next few hours the pair will have a reversal to the weekly pivot area. If this level is a rebound, it is recommended to purchase with targets at first […]
The British pound is trading above the weekly pivot of 1.5548. We believe that if the pair finds support above this level, it is likely that the first weekly resistance will push the pair towards 1.5629 low. It has been rather overbought for several days and in the long term this pair has bearish outlook. […]
Today’s Support and Resistance levels: R3: 1.5456 R2: 1.5424 R1: 1.5381 Current spot: 1.5353 S1: 1.5337 S2: 1.5306 S3: 1.5260 Technical overview: The price-action has been very inconclusive since yesterday, we are still expecting support in the 1.5300 – 1.5310 area to protect the downside for the next rally higher. However, a break above 1.5424 […]
TODAY’S TECHNICAL LEVELS: Breakout BUY Level: 1.3136. Strong Resistance: 1.3128. Original Resistance: 1.3115. Inner Sell Area: 1.3102. Target Inner Area: 1.3071. Inner Buy Area: 1.3040. Original Support: 1.3027. Strong Support: 1.3014. Breakout SELL Level: 1.3006. DESCRIPTION: Today EUR/USD has support and resistance at 1.3027 and 1.3115. The rate is accompanied by strong support at 1.3014 […]
RECOMMENDATION: SELL Stop (Pending Order) is at 1.5524. Stop Loss is at 1.5534. Take Profit is at 1.5510. Alternative: BUY Stop (Pending Order) is at 1.5576. Stop Loss is at 1.5566. Take Profit is at 1.5590. Best regards, Arief Makmur Official Analyst of InstaForex Companies Group InstaForex Companies Group http://instaforex.com Email: [email protected] Yahoo […]
The Australian dollar was the biggest mover during Tuesday’s Asian session, falling against most major counterparts after the Reserve Bank of Australia announced it reduced the benchmark interest rate to 2.75 percent, the lowest on record. This was a 25 basis point cut from 3.0 percent and was in line with expectations. RBA governor Glen […]
RECOMMENDATION: Sell stop (pending order) at 129.24. Stop loss at 129.34. Take profit at 129.10. Alternative: Buy stop (pending order) at 129.76. Stop loss at 129.66. Take profit at 129.90. 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 […]
EUR/USD: This pair traded downwards on Monday – something that poses a serious threat to the current bullish outlook. The Williams’ Percent Range is already in the oversold area, and for the bullish outlook to continue to be valid, the price must stay above the support line at 1.3000, otherwise, there would be a clear […]
Today’s support and resistance levels: R3: 130.68 R2: 130.23 R1: 129.81 Current spot: 129.58 S1: 129.23 S2: 128.97 S3: 128.61 Technical overview: The minor correction from 130.41 has been a little bigger than we expected, but that does not change our view that the next powerful rally higher is to begin soon. We are currently […]
After a quiet European session, the euro finally made a move during the US session and fell against the dollar after European Central Bank President Mario Draghi said that the central banks is ready to cut interest rates again if needed. Draghi’s remarks come just a few days after the ECB cut the main interest […]
Overview: The H4 chart demonstrates that bullish signals opportunity is still expected as long as the metal is trading above 23.90 and according to that, it will open the way towards the resistance level 25.00. Thus, we will get a good opportunity again after closing 4H above this resistance level with 25.50 as the […]
Overview According to last week’s expectation, the pair took a bullish move after closing 4H above the Resistance level 153.20 which gave the price the opportunity to break the Resistance level 154.00 as well. Currently the price is still trading above this Resistance level but more bullish signals are still expected as long as the […]
The euro is trading below 1.3129 weekly pivot. At the moment it is trading at 1.3107. Given that this pair could not overcome the 1.3129 area, it is likely that for the next few hours the pair falls to 1.3015 first weekly support, key level. If the price breaks the 1.3015 area, it is likely […]
The Australian Dollar is trading very close to 1.0231 weekly pivot. It is likely that in this area there is an upward bounce because in the previous weeks this pair jumped to the 1.03 psychological level area. Now the weekly pivot point is located on the level of 1.0308. Therefore, it is recommended to buy […]
Price zone 1.0200 – 1.0235, which corresponded to a downtrend line, has been broken through obviously last week. The continuation of flag pattern seems to fail due to the strong bearish pressure which pushed the pair again inside the channel. Bearish rejection around 1.0300 was followed by multiple days of indecision within the same […]
Stabilization above 1.5370 temporarily cancelled the bearish reversal scenario, leading towards 1.5430 (the projection target of the range breakout) then 1.5590. The long-term view remains bullish as long as the pair continues to consolidate within the depicted daily bullish channel above 1.5370-1.5400. However, the upper limit of the movement channel 1.5590-1.5600 may provide a considerable […]
On the daily chart, the EUR/USD pair pursues the continuation of the Flag pattern after the bullish impulse was initiated at 1.2750 on April 4th. A breakthrough above 1.3100 took place on Tuesday which confirmed the pattern to have final projection target at 1.3400. Moreover, on Friday the pair failed to fixate below its support level […]
The cable opens this week at 1.5570 remaining within the same previous consolidation range 1.5480-1.5590. Last Friday, the daily candlestick quickly tested 1.5480 (50% Fibonacci) showing obvious bullish rejection. Last week, there was a supply zone located around 1.5550-1.5600 corresponding to the upper limit of the depicted bullish channel. However, no significant bullish rejection […]
Overview: NZD/USD is consolidating. The rate is underpinned by positive global risk sentiment; NZD-USD yield gap; stronger commodity prices. But NZD/USD gains tempered by improved dollar sentiment after U.S. Non-farm payrolls increased by more-than-expected 165,000 in April (vs. +148,000 forecast) and U.S. unemployment rate fell to 7.5% from 7.6% (vs. forecast for no change), reducing […]
