Daily analysis of USD/JPY for May 21, 2018

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Overview

The USDJPY pair provided slight negative trading on last Friday but it begins today with a bullish gap that puts the price near 111.00 barrier, noticing that stochastic gets rid of its negativity clearly and gain the positive momentum on the four hours' time frame, forming positive motive that we are waiting to assist to push the price to resume the bullish trend. Therefore, our bullish overview will remain valid conditioned by the price stability above 110.04, reminding you that our next main target is located at 111.32. The expected trading range for today is between 110.00 support and 111.60 resistance.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of GBP/JPY for May 21, 2018

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Overview

The moving average 55 is forming a strong barrier at 149.85, but the stability of GBPJPY within the bullish channel's levels will increase the chances to gather positive momentum in the near period. This increases the chances to make the required breach, aiming for the main upward targets during its rally to 150.80 and 152.00. As Stochastic surpasses the overbought level, this might force the price to extend sideways trading, but that will increase the chances to gain new bullish momentum in the near period. The expected trading range for today is between 149.00 and 150.80.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of Gold for May 21, 2018

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Overview

Gold price is trading lower at around $1,285.90. The price aims to break it and is struggling to hold below it now. This supports the continuation of our bearish outlook efficiently for the upcoming period. The price is affected by the negative signal provided by stochastic now. Let me reminding you that our next target is located at $1,267.00. The EMA50 is still supporting the suggested bearish wave, provided that is holding below $1,301.20. The expected trading range for today is between $1,270.00 support and $1,305.00 resistance.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of Silver for May 21, 2018

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Overview

Silver is trading lower around the EMA50. So, no change to the sideways scenario suggested in the recent reports. The price is confined between 16.15 support and 16.80 resistance, waiting to breach one of them to determine the next targets clearly. The details of the expected targets after the breach area explained in our previous reports. The expected trading range for today is between 16.20 support and 16.60 resistance.

The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for May 21, 2018

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EUR/NZD has followed the expected path lower in wave C. Ideally this decline will complete near 1.6922 and set the stage for the next impulsive rally to above minor resistance at 1.7049 and more importantly above resistance at 1.7166 that confirms wave iii/ towards at least 1.7474 is developing.

R3: 1.7103

R2: 1.7049

R1: 1.7000

Pivot: 1.6967

S1: 1.6955

S2: 1.6922

S3: 1.6881

Trading recommendation:

We took profit on our short position from 1.7100 at 1.6965 and book a nice little profit of 135 pips. We will buy EUR at 1.6930 or upon a break above 1.7055.

The material has been provided by InstaForex Company - www.instaforex.com