Daily VideoTechnical Analysis | AUD/USD | 26th May 2017

We take a nice detailed look at AUD/USD and see if there are any trading opportunities for us to make some juicy pips!

We combine the art of Fibonacci retracements, Fibonacci extensions, Support & Resistance along with Stochastic and RSI to determine the best entry, stop loss and profit targets.

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Daily Video Technical Analysis | NZD/USD | 26th May 2017

We take a nice detailed look at NZD/USD and see if there are any trading opportunities for us to make some juicy pips!

We combine the art of Fibonacci retracements, Fibonacci extensions, Support & Resistance along with Stochastic and RSI to determine the best entry, stop loss and profit targets.

Subscribe to me for more daily technical analysis!

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

EUR/JPY dropping nicely from our selling area

Price has tested our selling area and is dropping nicely from there. We remain bearish below major resistance at 125.55 (Fibonacci extension, Elliott wave theory, swing high resistance, bearish divergence) for a strong push down to at least 124.72 support (Fibonacci retracement, horizontal swing low support).

Stochastic (55,5,3) is dropping nicely from our 94% resistance with good downside potential.

Correlation analysis: We're expecting general JPY strength with USD/JPY expecting a drop too.

Sell below 125.55. Stop loss at 126.09. Take profit at 124.72.

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USD/JPY remain bearish below our major resistance

Price continues to drop slowly from our selling area. We remain bearish below major resistance at 112.08 (Fibonacci retracement, horizontal pullback resistance, Elliott wave theory) for a drop towards 110.50 support (Fibonacci extension, horizontal overlap support).

Stochastic (55,5,3) is reversing below our 93% resistance as we expect a strong drop from here.

Correlation analysis: We're expecting general JPY strength with EUR/JPY expecting a drop too.

Sell below 112.08. Stop loss at 112.94. Take profit at 110.50.

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NZD/USD dropping nicely from our selling area, remain bearish

Price has reached our selling area and is dropping nicely from it. We remain bearish below major resistance at 0.7051 (Fibonacci extension, Elliott wave theory, horizontal resistance, bearish divergence) for a further drop to at least 0.6987 support (Fibonacci retracement, horizontal overlap support).

Stochastic (34,5,3) is seeing major resistance below 96% level and also sees bearish divergence signalling that a drop is impending.

Correlation analysis: NZD/USD and AUD/USD are positively correlated meaning they usually move together in the same direction. We are expecting a bounce on AUD/USD but a drop on NZD/USD, hence it is best to exercise caution on this trade.

Sell below 0.7051. Stop loss at 0.7082. Take profit at 0.6987.

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AUD/USD profit target reached perfectly, prepare to buy

Price has dropped absolutely perfectly from our selling area and has reached our profit target. We prepare to buy above 0.7441 support (Fibonacci retracement, horizontal swing low support) for a push up and reintegration into the bullish channel for a rise to at least 0.7510 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance).

Stochastic (34,5,3) is seeing strong support above the 5.1% where we expect a bounce from.

Correlation analysis: AUD/USD has a strong positive correlation with NZD/USD which means they usually move together. We are expecting a bounce on AUD/USD but a drop on NZD/USD. Hence, it is best to exercise caution on this trade.

Buy above 0.7441. Stop loss at 0.7397. Take profit at 0.7510.

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Daily analysis of USD/JPY for May 26, 2017

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Overview

The USD/JPY pair holds below the bearish channel's resistance, keeping the negative pressure valid until now, which is supported by the EMA50. Stochastic heads towards the overbought areas, waiting to resume the bearish bias in the upcoming sessions. Therefore, we are waiting for downwards trading in the upcoming sessions with the targets beginning at 109.00 and further towards 106.63. A breach of 111.85 will stop the current negative pressure and push the price to test the 113.97 areas on the near-term basis. The expected trading range for today is between the 110.50 support and the 112.30 resistance.

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Daily analysis of GBP/JPY for May 26, 2017

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Overview

The GBP/JPY pair repeated its fluctuations in the sideways range, which keeps it confined between the support at 143.30 and the resistance level at 145.45. Therefore, we will keep waiting for surpassing these levels to detect the main targets in the upcoming trading. Please review the previous report to determine the expected targets when breaking the main levels. The expected trading range for today is between 143.30 and 145.45.

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Daily analysis of Gold for May 26, 2017

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Overview

The gold price continues to fluctuate within a sideways track and the price needs to breach one of the key levels represented by the 1,249.94 support and the 1,263.00 resistance to detect its next destination clearly. Therefore, we still remain neutral until we get a clearer confirmation signal for the next trend. Note that a break of the mentioned support will push the price to test the 38.2% Fibonacci correction level at 1,229.32; while a breach of 1,2636.00 will make the price return to the main bullish trend, the first target of which is located at 1,295.37. The expected trading range for today is between the 1,240.00 support and the 1,270.00 resistance.

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Daily analysis of Silver for May 26, 2017

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Overview

The silver price calmly edges higher approaching our initial target at 17.43, motivated by Stochastic positivity shown on the four-hour time frame. A breach of this level will extend silver gains to 18.30 levels on the near-term basis. Therefore, the bullish trend will remain valid and active for today unless breaking and holding below 16.56 levels. The expected trading range for today is between the 17.00 support and the 17.50 resistance.

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GBP/USD analysis for May 26, 2017

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Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.2844. According to the Daily time frame, I found that price broke a sideways channel, which is a sign that sellers took control over the market. There is also a breakout of inside bar formation, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of 1.2760.

Resistance levels:

R1: 1.2990

R2: 1.3015

R3: 1.3045

Support levels:

S1: 1.2930

S2: 1.2910

S3: 1.2875

Trading recommendations for today: consider potential selling opportunities.

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Fundamental Analysis of AUD/JPY for May 26, 2017

AUD/JPY is currently residing in a corrective volatile structure which seems to widen in a range. Recently, AUD has been affected by negative reports, so AUD lost ground against JPY. On the other hand, Japan presented mixed economic reports today. National Core CPI came in at 0.3%, a bit down than the forecast a 0.4% gain, but the fresh score was better than the previous result at 0.2%. Tokyo Core CPI was positive at 0.1% which was expected to be 0.0% and SPPI also showed a figure of 0.7%, down than the consensus for a 0.9% rise and 0.8% in the previous month. So, some Japan's economic reports showed weak data today. Nevertheless, despite the negative reports JPY has managed to rise against AUD today. If JPY could end the week with such domination, we may see more gains in the future.

Now let us look at the technical chart. The price is currently at edge of breaking below the level 83.00. As of the volatility in the market it would be better to wait for a daily close today before we take a decision on buy or sell position for this pair. Currently, the bias is 60% bearish and 40% bullish. If the price breaks below 83.00 with a daily close today, then we will expect the price to move down towards 81.50 support level. Otherwise, if the price rejects the bears and closes above 83.00 level, then we will consider buy positions with a target at 84.50 resistance level.

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EUR/USD analysis for May 26, 2017

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Recently, the EUR/USD pair has been trading sideways at the price of 1.1205. According to the 30M time frame, I found a resistance cluster at the price of 1.1230. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.1170 and 1.1090.

Resistance levels:

R1: 1.1240

R2: 1.1255

R3: 1.1280

Support levels:

S1: 1.1195

S2: 1.1180

S3: 1.1160

Trading recommendations for today: consider potential selling opportunities.

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Fundamental analysis of USD/CHF for May 26, 2017

USD/CHF has been in a good bearish run since the bounce off the 1.0100 resistance area recently. Switzerland published a negative trade balance report on Tuesday which was at 1.97B versus the expected level at 2.87B. However, the Swiss currency is stronger against USD. Currently CHF is dominating USD in every dimension possible. On the USD side, today the G7 meeting is going on which is expected to bring some volatility to the market. Besides, the preliminary estimates of the GDP growth rate are expected to show an increase of 0.9% which previously was at 0.7%. The durable goods orders is expected to show a negative figure at -1.4% which previously was positive at 0.9%, and Prelim GDP Price Index is expected to be unchanged at 2.3%. If the USD reports fail to meet expectations today, CHF is expected to extend gains in the coming days.

Now let us look at the technical view. The price has already broken below the event level at 0.9960 and currently it is in a non-volatile bearish trend with a target towards 0.9550 area. Some correction may be observed before the price reaches the ground at 0.9550 area. Counter players are currently weak in this market structure. We are in bearish bias in this pair and it will continue till the price breaks above 1.0100 area with a daily close.

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Global macro overview for 26/05/2017

Global macro overview for 26/05/2017:

The National CPI index in Japan remains stable in April. The data released overnight revealed that the National CPI rose for a fourth consecutive month in April to the level of 0.4% in line with market expectations. Consumer prices excluding food and energy costs rose 0.1% in April, after falling 0.1% the previous month. The Tokyo Core CPI, which is considered a barometer of nationwide price trends, increased 0.2% and it was better than anticipated increase of 0.1%. The long-term Bank Of Japan inflation target is still at 2.0%, but the declining household spending and tightening job market might make this target difficult to reach. Nevertheless, the Japanese economy is still expanding at a steady pace of 0.5%, so the most appropriate approach for BoJ is to wait-and-see for the further events to unfold.

Let's now take a look at the GBP/JPY technical picture on the H4 timeframe. The Bears have managed to break out below the technical support at the level of 143.31 (38%Fibo) and it looks like the next target for them is at the level of 50%Fibo at the level of 141.03. The Fibonacci projection, however, indicates another target at the 100% expansion at the level of 140.59, which is close to the 61%Fibo at the level of 140.36 and technical support at the level of 140.00. The momentum indicator and stochastic oscillator support the bearish bias.

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Global macro overview for 26/05/2017

Global macro overview for 26/05/2017:

Interesting comments from Fed policymaker Leal Brainard regarding the interest rates policy has hit the newswires. In a panel discussion at the Center for Global Development on Thursday, Fed Governor Brainard stated, the "brighter" global economy is posing less risk to the Fed's outlook for the US. "The global economy is brighter than it has been for the last few years," she said in the discussion. Moreover, she added that not only the US economy looks brighter, but the Euro area economy is growing more solidly as well. In conclusion, the positive tone from Brainard suggests the Fed monetary policy towards the interest rate hike did not change since the last meeting and the June meeting interest rate hike is almost certain.

Let's now take a look at the USD/JPY technical picture on the H4 time frame. The USD/JPY pair broke out of a wedge formation, so the price has an open road to 110.50, although it is worth considering small support at the level of 110.85 (May 23rd low). The immediate resistance is now a pierced support around the level of 111.44. Any violation of the level of 110.20 will open the road towards the level of 109.27. Both momentum indicator and stochastic oscillator support the downside bias.

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Trading plan for 26/05/2017

Trading plan for 26/05/2017:

The pound was under pressure overnight, probably due to economic and political reasons. Crude Oil price drop is weighing on commodity currencies and some stock markets indices like Australian. Mixed moods help USD/JPY but EUR/USD is stable, trading around 1.1200 level.

On Friday 26th of May, the event calendar is light in important economic data releases, nevertheless, market participants will pay attention to Durable Goods Orders, GDP Second Release, and Revised UoM Consumer Sentiment data release during the US session.

EUR/USD analysis for 26/05/2017:

The Durable Goods Orders and GDP Second Release are scheduled for release at 12:30 PM GMT today and market participants expect an increase in the US GDP from 0.7% to 0.9% in the first quarter. The Durable Goods Orders are expected to decrease -1.4% in the month of April after a 0.7% increase in March. These would not be drastic decreases and would essentially imply a continuation of a range. The upper end of this range had been reached in the 2013-17 period, so now the orders should move in a steady sideway range. The durable goods are considered to be the key to a higher economic growth rate (together with business investment) but since 2013 the durable goods have been relatively unchanged. Maybe today's better than expected figure would trigger renewed anticipations of stronger than expected GPD in the second quarter.

Let's now take a look at the EUR/USD technical picture on the H4 time frame. There is a clear trading zone between the levels od 1.1170 - 1.1268 that is waiting for a breakout. So far stochastic and momentum indicators are pointing out the downside breakout possibility, but the market does not follow the clues yet. The wait-and-see approach is the best strategy to apply to the current market conditions.

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Market Snapshot: Crude Oil sell-off continues

After the first leaks regarding the OPEC meeting production cuts extension, the price of Crude Oil deteriorated almost 50% and was stopped at the level of $48.24. Nevertheless, market participants are still waiting for the official statement from OPEC regarding the production cut agreement. The most important support is currently the zone between the levels of $47.88 - $48.24. Breakout below would suggest the bears are in full control over the market again.

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Market Snapshot: Pound broke the trend line support

The price of GBP/USD has broken below the golden trend line support around the level of 1.2930 and now it trades just below the technical support at the level of 1.2881. Nevertheless, the road to the key longer-term technical support zone between the levels of 1.2706 - 1.2777 is still long. The momentum indicator is pointing to the downside, so the next support at the level of 1.2828 is expected to be tested before any meaningful bounce will occur.

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Elliott wave analysis of EUR/NZD for May 26 - 2017

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Elliott wave analysis of EUR/NZD for May 26 - 2017

NZD/USD Intraday technical levels and trading recommendations for May 26, 2017

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In December 2016, a bullish breakout above 0.6960-0.7000 allowed the pair to head toward the price level of 0.7100 (the key level) which failed to provide sufficient bearish pressure on the pair.

Bullish persistence above 0.7100 allowed a further advance towards 0.7250-0.7350 (sell zone) where the bearish price action was expected.

Bearish persistence below 0.7250 allowed a further decline towards 0.7100 then 0.6960 that failed to provide enough support for the pair.

That is why a further fall was expected toward 0.6860 (the lower limit of the depicted BUY zone) where a bullish position was suggested in previous articles.

Recently, a bullish breakout was achieved above the depicted key level (0.6960). However, the pair failed to keep enough bullish momentum above 0.7050.

That is why, the NZD/USD pair became trapped within the depicted consolidation range (0.6860-0.6960) once again.

Note the depicted bullish 1-2-3 pattern remains valid as long as bullish fixation above 0.6900-0.6850 is maintained on a daily basis.

The current bullish breakout above 0.6960 should be defended to enhance further bullish movement.

An expected projection target for the pattern is located around 0.7250 provided that bullish breakout above 0.7100 (key level) is achieved on a daily basis.

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Intraday technical levels and trading recommendations for USD/CAD for May 26, 2017

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Since April 2016, the USD/CAD pair has been trending upward within the depicted ascending channel.

In December 2016, a bullish breakout above 1.3300 (50% Fibonacci level) was expected to allow further advance toward 1.3700-1.3750 (the upper limit of the depicted channel).

However, significant bearish rejection was expressed around 1.3580 (recently established top).

During the bearish pullback, the price level of 1.3300 (50% Fibonacci Level) failed to provide enough support to the pair.

This allowed a further bearish movement toward the price level of 1.2970 (61.8% Fibonacci level) where a valid BUY entry was offered in February 2017.

A few weeks ago, the bullish breakout above 1.3300 (50% Fibonacci Level) enhanced further advance toward 1.3440 and 1.3580.

As long as the USD/CAD pair maintains bullish trading above 1.3450-1.3500 (confluence of prominent tops and the recent uptrend line), the market remains bullish. Otherwise, bearish pullback should be expected towards 1.3300.

The expected bullish target would be located around 1.3950 and 1.4030 (the upper limit of the depicted channel and FE 100%).

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Trading Plan for EUR/USD and GBP/USD for May 26, 2017

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Technical outlook:

The EUR/USD pair continues to consolidate after printing highs at 1.1263 levels earlier. The pair should be poised to drop today during New York Session towards a short-term trend line support as depicted here. The price coordinates expected are 1.1000 levels where support is sould be set. A bullish reversal there could push prices again higher towards 1.15/16 levels. On the flip side, a break below the support trend line would warrant a continued bearish view. Looking into wave counts and the bigger picture, the pair is still producing its counter trend correction that began in early 2017 and the correction is expected to end around 1.15 levels unless a different outcome is seen in the coming days. Immediate resistance is seen at recent highs at 1.1263 levels, while support is strong at 1.0850 levels respectively.

Trading plan:

Please remain short for now with stop above 1.1263, targeting at least 1.1000 levels.

GBP/USD chart setups:

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Technical outlook:

A bearish reversal scenario of GBP/USD is looking good now. It has paid off to remain just short in recent days and maybe a meaningful top is already in place at 1.3047 levels. The pair has broken below its consolidation range and is seen to be trading comfortable below 1.2900 levels. The long-term story remain intact for a potential bearish resumption towards 1.2000 levels and lower. According to the wave counts as well, prices should now unfold into 5 waves lower from here till 1.3047 levels hold good. As an alternate count though, if prices do not break below 1.2800 levels, there remains a possibility of yet another high before reversing lower towards its long-term bearish trend. Immediate support is seen at 1.2800 levels while resistance is seen at 1.3047 levels,

Trading plan:

Please book profits on short positions taken earlier.

Fundamental outlook:

Please watch out for US GDP figures today at 08:30 AM EST today and expect price volatility.

Good luck!

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Elliott wave analysis of EUR/NZD for May 26 - 2017

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Wave summary:

We continue to look for signs confirming that a corrective low is in place with the test of 1.5852. A break above minor resistance seen at 1.6014 will be the first good indication that the corrective low of wave [ii] is in place and wave [iii] higher towards 1.6655 is developing.

R3: 1.6237

R2: 1.6154

R1: 1.6014

Pivot: 1.5975

S1: 1.5886

S2: 1.5852

S3: 1.5803

Trading recommendation:

We are long EUR from 1.5665 with stop placed at 1.5800. If you are not long EUR yet, then buy a break above 1.6014 and use the same stop at 1.5800.

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Elliott wave analysis of EUR/JPY for May 26, 2017

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Wave summary:

We continue to look for a corrective decline into the 123.78 - 124.17 area before the next impulsive rally towards 134.30 and 138.52 should be expected. Short-term resistance is now seen at 125.16 and again at 125.43, Only a break above the later will indicate that the correction is complete and more upside towards 134.30 is developing.

R3: 125.81

R2: 125.43

R1: 125.16

Pivot: 125.00

S1: 124.86

S2: 124.17

S3: 123.78

Trading recommendation:

We will re-buy EUR at 124.20 or upon a break above 125.43.

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Technical analysis of EUR/USD for May 26, 2017

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When the European market opens, the thin economic calendar contains just Italian 10-y Bond Auction. The US will release a series of economic reports such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Prelim GDP Price Index q/q, Durable Goods Orders m/m, Prelim GDP q/q, and Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1264.

Strong Resistance:1.1258.

Original Resistance: 1.1247.

Inner Sell Area: 1.1236.

Target Inner Area: 1.1210.

Inner Buy Area: 1.1184.

Original Support: 1.1173.

Strong Support: 1.1162.

Breakout SELL Level: 1.1156.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for May 26, 2017

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In Asia, Japan will release the SPPI y/y, Tokyo Core CPI y/y, and National Core CPI y/y. The US will release a series of economic reports such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Prelim GDP Price Index q/q, Durable Goods Orders m/m, Prelim GDP q/q, and Core Durable Goods Orders m/m. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance 3: 112.30.

Resistance 2: 112.08.

Resistance 1: 111.86.

Support 1: 111.59.

Support 2: 111.38.

Support 3: 111.16.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Daily analysis of major pairs for May 26, 2017

EUR/USD: This pair has moved between the support line at 1.1150 and the resistance line at 1.1250 (which has been tested several times this week). The resistance line is supposed to be breached to the upside as the market trends upwards. When that happens, the next target would be the resistance line at 1.1300.

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USD/CHF: A bearish signal remains on the USD/CHF pair, although price has moved largely sideways this week (in the context of a downtrend). A rise in momentum is anticipated, which would happen today or next week, and which would most probably favor bears.

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GBP/USD: This market has already generated a "sell" signal. As it was forecasted at the beginning of this week, bearish movements on certain other GBP pairs have forced a bearish propensity on GBP/USD. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. We may see drop of at least, 200 pips between now and the end of next week.

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USD/JPY: The USD/JPY pair has been consolidating to the upside, and this has resulted in a threat to the short-term bearish bias on the market. A movement above the supply levels at 112.50 and 113.00 would result in a Bullish Confirmation Pattern on the 4-hour chart. Then, the indicators on the chart would have all supported a rally. Only the RSI period 14 is giving a bullish signal right now.

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EUR/JPY: This cross pair has also consolidated so far this week, though there is still a bullish outlook on the market. A breakout to the upside is expected today or early next week, which may enable the supply zones at 125.50, 126.00, and 126.50 to be tested. Since the market is currently quiet, there could be a measure of high volatility next week.

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Technical analysis of NZD/USD for May 26, 2017

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Overview:

  • The NZD/USD pair indicates for a bullish trend from the support level of 0.6985.
  • Presently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
  • As the price is still above the moving average (100) and (50), immediate support is seen at 0.6985, which coincides with a golden ratio (61.8% of Fibonacci).
  • The second support is set at the level of 0.6953 (major support). So, the market is likely to show signs of a bullish trend around the spot of 0.6985.
  • In other words, buy orders are recommended above the golden ratio at 0.6985 with the first target at the level of 0.7057.
  • Furthermore, if the trend is able to breakout through the first resistance level of 0.7057. We should see the pair climbing towards the double top (0.7089) to test it. Besides, it should be noted that the major weekly resistance is seen at the 0.7135 price.
  • On the other hand, if a breakout happens at the support level of 0.6953 (50% of Fibonacci), then this scenario may be invalidated.
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Technical analysis of USD/CHF for May 26, 2017

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Overview:

  • The USD/CHF pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bearish in the nearest term testing 0.9645 or lower. The first resistance level is seen at 0.9787 followed by 0.9847, while daily support 1 is seen at 0.9691. The USD/CHF pair broke support which turned to strong resistance at 0.9787. The market is still set to trade around the daily pivot point of 0.9739. This week, it continued to move downwards from the level of 0.9787 to the bottom around 0.9739. The pair is trading below this level. It is likely to trade in a lower range as long as it remains below the resistance of 0.9787 which is expected to act as major resistance. Amid the previous events, the USD/CHF pair is still moving between the levels of 0.9787 and 0.9691. For that reason, the major resistance can be found at 0.9787 providing a clear signal to sell with a target seen at 0.9691. If the trend breaks the minor support at 0.9691, the pair will move downwards continuing the bearish trend development to the level of 0.9645 and 0.9600 in order to test the daily support 3. Taking everything into account, we still prefer the bearish scenario which suggests that the pair will stay below the spot of 0.9787.
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Ichimoku indicator analysis of USDX for May 26, 2017

The Dollar index is moving sideways. Price has formed a triangle pattern. Soon we will have a breakout. I believe it is more probable to break to the downside towards 96 before a bigger bounce higher.

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Blue lines - triangle pattern

The Dollar index remains below the 4-hour Kumo (cloud). Trend remains bearish as price cannot even break above the kijun-sen indicator. Support is at 96.90 and resistance is at 97.45. I believe it is more probable to break to new lows before a bigger bounce.

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Red line - resistance

Green line - broken support trend line

Price is still at the edge of the weekly cloud. Price is at very important support. We could see the Kumo break but I believe a bigger reversal bounce will come over the next weeks. 96 is the next target if the short-term triangle is broken.

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Ichimoku indicator analysis of gold for May 26, 2017

Gold price is forming a sideways triangle price action. This tightening range will soon provide a break out and a clear signal. I believe that it is more probable the breakout to be to the upside.

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Blue lines -triangle pattern

Gold price is trading around the tenkan- and kijun-sen indicators above the 4-hour Ichimoku cloud. Trend is neutral in the short term. Resistance is at $1,263. Support is at $1,250.

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On a daily basis Gold price has been trading inside a price range for 6 sessions

in a row. Price is near the upper cloud boundary and a daily close above it will be a bullish sign that will push price towards $1,280-$1,300. A close below $1,245 will be a bearish sign as price will be below the daily cloud.

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Daily analysis of USDX for May 26, 2017

The index held its structure above the support zone of 96.90, as the bears didn't have the enough power to continue following the downside path. Overall, a corrective move is coming and that should happen when USDX manages to break above the resistance level of 97.41, with the next target placed around 98.11, which is also above the 200 SMA on H1 chart.

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H1 chart's resistance levels: 97.41 / 98.11

H1 chart's support levels: 96.90 / 96.25

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 96.90, take profit is at 96.25 and stop loss is at 97.56.

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Daily analysis of GBP/USD for May 26, 2017

Despite the momentum gathered by the greenback across the markets, the pair struggles to get outside from the range in which has been trapped during the week. The support zone of 1.2928 remains the same and we're still expecting a break below there in order to witness a decline towards the next target to the downside of 1.2872. MACD indicator favors that scenario.

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H1 chart's resistance levels: 1.2992 / 1.3038

H1 chart's support levels: 1.2928 / 1.2872

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2992, take profit is at 1.3038 and stop loss is at 1.2945.

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Daily Forex Technical Analysis | NZD/USD | 26th May 2017

We take a nice detailed look at NZD/USD and see if there are any trading opportunities for us to make some juicy pips!

We combine the art of Fibonacci retracements, Fibonacci extensions, Support & Resistance along with Stochastic and the RSI to determine the best entry, stop loss and profit targets.

Subscribe to me for more daily technical analysis!

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Daily analysis of EUR/JPY for May 25, 2017

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Overview

The EUR/JPY pair showed a clear bullish trend by rallying towards 125.50 recently. The pair aims to keep the positive stability above 124.40 support. This increases the chances of recording new targets in the near term and medium term. Thus, we will keep waiting until the 126.15 barrier is surpassed followed by moving strongly towards 127.30 and 128.50 for today. Stochastic continues to support the positive attempts to settle within the overbought areas. This gives the price a fresh impetus that eases the attempt to surpass the current barrier and reach the previously suggested targets. The expected trading range for today is between 124.40 and 126.15

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Daily analysis of GBP/JPY for May 25, 2017

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Overview

No news for the GBP/JPY pair has been released until this moment. So the pair is trading sideways in the range between the 145.45 resistance and the 143.30 support. Meanwhile, the contradiction of the major indicators confirms the domination of the sideways bias in the short term. So we are waiting until the pair provides new signal by breaching one of the main levels. Only after that, traders will be able to determine main targets for the near term. We remind you that breaching the current resistance will reinforce the bullish bias for the upcoming trading. New positive targets are seen starting from 147.00. On the other hand, a decline below the 143.30 support will put the price under the bearish pressure and push it to suffer more losses by reaching 142.20 followed by 140.15. The expected trading range for today is between 143.30 and 145.45

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Daily analysis of Gold for May 25, 2017

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Overview

Gold price has not shown any strong move since morning. The metal is still fluctuating between the key levels represented by 1,254.56 support and 1,262.25 resistance. The price needs to breach one of these levels to indicate its next destination clearly. As a result, traders are in the wait-and-see mode at the moment. To review the details of the expected targets after breaching the mentioned levels, please check our morning report. The expected trading range for today is between 1,240.00 support and 1,275.00 resistance.

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Daily analysis of Silver for May 25, 2017

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Overview

Silver traded positively after retesting the neckline of the double bottom pattern that appears on chart. It confirms that a bullish bias is still dominating the intraday trading. We are waiting until 17.43 level is tested initially. Please note that breaching this level will push the price to head towards 18.30 as the next main station. Therefore, we still suggest the bullish trend in the upcoming sessions supported by the EMA50. Besides, it should be taken into consideration that breaking 16.56 will stop the suggested rise and push the price to decline again. The expected trading range for today is between 17.00 support and 17.50 resistance.

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AUD/JPY testing major resistance, remain bearish with a tight stop

analytics5926fc44b0e5c.pngPrice continues to test our strong resistance at 83.69 (Fibonacci extension, horizontal overlap resistance) and we expect to see a drop from here towards 82.96 support (Fibonacci retracement, horizontal overlap support). We keep our stop loss tight at 83.95 (Fibonacci retracement).

Stochastic (21,5,3) is seeing major resistance below the 93% where we expect price to continue to drop from.

Correlation analysis: We're expecting general JPY strength with EUR/JPY and USD/JPY expecting a drop too.

Sell below 83.69. Stop loss at 83.94. Take profit at 82.96.

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AUD/USD still testing key resistance, remain bearish

We sell below major resistance at 0.7510 (Fibonacci extension, horizontal overlap resistance) and keep a really tight stop loss at 0.7526. We expect price to drop to at least the 0.7441 support level (Fibonacci retracement, horizontal swing low support).

RSI (34) sees major resistance below the 65 % level where we hope to see price drop from.

Correlation analysis: AUD/USD has a strong positive correlation with NZD/USD which means they usually move together. We are expecting a drop on AUD/USD and a drop on NZD/USD which goes in line with this correlation.

Sell below 0.7510. Stop loss at 0.7526. Take profit at 0.7441.

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