Bitcoin analysis for August 08, 2018

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Trading recommendations:

According to the 15M time frame, I found that sellers are in control. I also found a potential bearish flag in creation, which is a sign of weakness. My advice is to watch for a potential breakout of the upward trendline to confirm further downward continuation. The downward target is set at the price of $6.051.

Support/Resistance

$6.521 – Intraday resistance

$6.348– Intraday support

$6.051 – Objective target

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EUR/USD analysis for August 08, 2018

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Recently, the EUR/USD has been trading upwards. The price tested the level of 1.1627. Anyway, according to the M30 time frame, I found that price rejected from the weekly pivot and daily resistance 1, which is a sign that buying looks risky. I also found a hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.1562 and at the price of 1.1530.

Resistance levels:

R1: 1.1619

R2: 1.1641

R3: 1.1676

Support levels:

S1: 1.1562

S2: 1.1527

S3: 1.1505

Trading recommendations for today: watch for potential selling opportunities.

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Analysis of GBP / USD pair. Divergences on August 8. Forces of the British pound is extremely small, even divergence does

4h

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Quotations of the GBP / USD pair on the 4-hour chart made a turn in favor of the British currency and began a weak growth process towards the corrective level of 200.0% at 1.3047. The pair exited from the Fibo level of 200.0% will allow us to count on a reversal in favor of the US dollar and the resumption of the decline in the direction of the correction level of 261.8% to 1.2638. The breakthrough of the last low divergence will similarly work in favor of the US currency. Fixing the pair above the Fibo level of 200.0% will increase the probability of further growth towards the next correction level of 161.8% at 1.3301.

The Fibo grid was established on the boundary from March 1, 2018 and April 17, 2018.

1h

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On the hourly chart, the pair made a return to the Fibo level of 100.0% at 1.2958. The pair retreated from the correction level of 100.0% will allow traders to expect a reversal in favor of the US currency and a slight drop towards the corrective level of 127.2% to 1.2888. Brewing divergences are not observed in any indicator. Fixing the quotes above the Fibo level of 100.0% will increase the chances of the pair to continue growing in the direction of the next correction level of 76.4% at 1.3018.

The Fibo grid was established on the boundary from July 19, 2018 and July 26, 2018.

Recommendations for traders:

Purchases of the GBP / USD pair can be carried out for the purpose of reaching 1.3018 and a stop loss order under the correction level of 100.0% if there is a close above the Fibo level of 1.2958 (hourly chart).

Sales of the GBP / USD pair will be possible with the target of 1.2888 and Stop Loss order above the correction level of 100.0% if there is a retreat from the level of 1.2958.

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Trading plan for the European session of GBP / USD pair on August 8

To open long positions for GBP / USD pair, you need:

To open long positions on the pound I advise only after the breakdown and consolidation above the resistance of 1.2959, which will lead to the formation of an upward trend in the area of 1.2996 and 1.3041, where I recommend fixing profits. In the case of a pound drop in the morning, you can go back to shopping after a false breakout in the area of 1.2922 or a rebound from 1.2886.

To open short positions for GBP / USD pair, you need:

The formation of a false breakout at 1.2959 and a return to it will be a good signal to the new sales of GBP / USD in order to re-update the low in the area of 1.2922. A breakdown at this level will lead to a larger sale to the area of 1.2886, where fixing profits are recommended. In the case of the pound reaching above 1.2959 in the morning, you can sell on a false breakout of 1.2996 or a rebound from resistance 1.3041.

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Description of indicators

  • MA (average sliding) 50 days - yellow
  • MA (average sliding) 30 days - green
  • MACD: fast EMA 12, slow EMA 26, SMA 9
  • Bollinger Bands 20
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Analysis of Gold for August 08, 2018

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Recently, the Gold has been trading sideways at the price of $1,211.15. According to the M30 time – frame, I found broken upward trendline, which is a sign that sellers are in control. I also found the rejection of the resistance 1 and hidden bearish divergence on the stochastic oscillator, which is a sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,207.00 and at the price of $1,202.65.

Resistance levels:

R1: $1,215.18

R2: $1,219.81

R3: $1,223.90

Support levels:

S1: $1.206.45

S2: $1,202.35

S3: $1,197.75

Trading recommendations for today: watch for potential selling opportunities.

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Fundamental Analysis of USD/CHF for August 8, 2018

USD/CHF has been quite volatile and indecisive below 0.9980-1.0050 area from where it is expected to push a bit lower before starting to push higher in the coming days. USD has been the dominant currency in the pair but as of the recent Trade War tensions and Political aspects, it is struggling to maintain its momentum in the process.

CHF has been struggling with the recent economic reports which lead the currency to be a bit weak in comparison to USD earlier. Recently CHF Foreign Currency Reserves report was published with an increase to 750B from the previous figure of 748B which did help the currency to gain certain momentum in the process. Ahead of the Unemployment Rate report to be published tomorrow which is expected to be unchanged at 2.6%, CHF is expected to maintain the bearish momentum in the pair for the time being.

On the other hand, Ahead of PPI and CPI report this week, today FOMC Member Barkin is going to speak about interest rate and monetary policy decision which is expected to have a neutral impact on the market and Crude Oil Inventories is expected to decrease to -2.8M from the previous figure of 3.8M.

As of the current scenario, ahead of the high impact economic reports of USD, certain volatility is expected in this pair but having dovish economic forecasts on the USD side, it is expected to struggle a bit further before pushing higher against CHF in the coming days.

Now let us look at the technical view. The price currently quite indecisive after rejecting off the 0.9980 area with a daily close which is expected to push the price a bit lower towards the trend line support at 0.99 before pushing higher with a target towards 1.0050 resistance area in the future. As the price remains above 0.9850 with a daily close, the bullish bias is expected to continue in this pair.

SUPPORT: 0.9850-0.9900

RESISTANCE: 0.9980-1.0050

BIAS: BULLISH

MOMENTUM: VOLATILE

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Technical analysis of AUD/USD for August 08, 2018

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Overview:

The daily strong resistance of the AUD/USD pair is seen at the price of 0.7474. The AUD/USD pair fell from the level of 0.7474 towards 0.7348. But, the price rebounded from the bottom of 0.7348 to trade around the spot of 0.7474 again. The resistance is seen at the levels of 0.7474, 0.7513 and 0.7554. Moreover, the price area of 0.7474/0.7513 remains a significant resistance zone. Therefore, there is a possibility that the AUD/USD pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Thus, amid the previous events, the price is still moving between the levels of 0.7474 and 0.7257. If the AUD/USD pair fails to break through the resistance level of 0.7474, the market will decline further to 0.7302 as the first target. This would suggest the bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.7257 so as to test the daily support 3. On the other hand, if a breakout takes place at the resistance level of 0.7553, then this scenario may become invalidated.

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Technical analysis of GBP/USD for August 08, 2018

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Overview:

The GBP/USD pair continues to move downwards from the areas of 1.3036 (which coincides with a ratio of 23.6% Fibonacci on the H4 chart) and 1.2969. Yesterday, the pair dropped from the level of 1.3036 to 1.2902. Today, resistance is seen at the levels of 1.2969 and 1.3036. So, we expect the price to set below the strong resistance at the levels of 1.2969 and 1.3036; because the price is in a bearish channel now.

Amid the previous events, the price is still moving between the levels of 1.2969 and 1.2829. In overall, we still prefer the bearish scenario as long as the price is below the level of 1.2969. Furthermore, if the GBP/USD pair is able to break out the bottom at 1.2902, the market will decline further to 1.2829 (daily support 1). hence, the price will fall into a bearish trend in order to go further towards the strong support at 1.2829 to test it again. The level of 1.2768 will form a new double bottom.

On the other hand, if the price closes above the strong resistance of 1.3036, the best location for a stop loss order is seen above 1.3169.

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Local decline in the dollar may continue

The situation in the foreign exchange market fully characterizes the general picture formed in the world markets and reflects the picture of uncertainty made by the US for an attempt to preserve its political and economic domination in the world.

The desire of the States to use their dominant position in the world geopolitics to "level off" trade relations with trade partners in their favor led to the emergence of trade wars. If they succeeded in actually crushing Europe, then China is actively resisting America's hegemonic policy. The uncertainty of who will win in this fight, as well as the constant swaying of the situation from one side to the other, leads to the formation of this uncertainty, which in turn produces a lateral trend in virtually all significant financial markets. We see such a picture in the stock markets in Europe, Asia and North America. Something similar happens on commodity and commodity markets and, of course, on Forex.

The ICE dollar index, reflecting its dynamics to the major currencies, moves in the rather narrow range of 93.20-95.45 since the end of May. It is possible that this trend will continue until the end of the current month, if something out of the ordinary happens. On Tuesday, the dollar was under pressure on the wave of rising demand for risky assets after growth over the past week. We do not see any serious reasons of a fundamental nature. Most likely, market players will trade in the ranges where they could fall, given the news background and emerging statistics.

This behavior can still be explained by the beginning of the "dead" vacation season, when a significant number of market participants go on vacation, and the rest take full advantage of all the delights of the range trade. And, this will continue until some significant factors of a fundamental nature outweigh the others. For example, a customs truce between the US and the EU will cease and a full-scale trade war will begin, such a probability is small but it is ongoing. For example, trade relations will deteriorate between Washington and Beijing or the American economy will begin to lose momentum of growth, having played all the things that it supports now.

To summarize, we note that we expect the continuation of the lateral dynamics until the end of the month. And as for the dollar movement, it is likely that it will continue to decrease smoothly and remain in the range before the publication of US consumer inflation data, which will be released this Friday.

Forecast of the day:

The EUR/USD is trading above 1.1605. It can continue its local growth to 1.1690 if it keeps above this mark.

The USD/CAD pair is trading below the level of 1.3070 against the backdrop of Tuesday's release of weak data on the business activity index in Canada. Overcoming this level can lead to a local price increase to 1.3110.

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* The presented market analysis is informative and does not constitute a guide to the transaction.

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RBA leaves rates unchanged, and euro needs correction

The Australian dollar managed to strengthen its positions against the US dollar after the meeting of the Reserve Bank of Australia, as the results will be released today. Apparently, investors remain in a wait-and-see position, but are not so pessimistic about the future prospects of raising interest rates, which will lead to the strengthening of the Australian dollar in the future.

According to the data, the Reserve Bank of Australia today retained the key interest rate unchanged at 1.5%. The current policy of the RBA remains unchanged for two years already.

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The bank said that the latest data on inflation meet expectations, but inflation may be slightly lower than expected in the third quarter.

Also, the RBA expect a decline in unemployment, as the leading indicators indicate a strong increase in employment. Despite this, the negative factor is the weak growth of wages, which will apparently continue in the future. A number of experts expect that the unemployment rate in Australia will drop by 5% in the next two years.

As for risks, the RBA fears that the direction of trade policy will make the prospects for the world economy even more uncertain.

The medium-term technical picture in the AUD/USD pair remains uncertain. On the one hand, the sideways channel 0.7320-0.7460 points to a large enough volume to resume growth. Otherwise, the break of the lower boundary will be a very strong signal to a new downward wave, which will lead to another annual minimum. While the trade is conducted in the middle of the channel, it is better not to make attempts to enter the market, and rather wait for working out its upper or lower limit.

The US dollar paired with the European currency failed to hold its positions yesterday, which led to an upward correction of the currency pair in the second half of the day, despite good data from the Conference Board on the US employment trends index.

According to the report, the index rose to 109.89 points against 108.72 points in June. In comparison with the same period of the previous year, the index grew by 5.4%. As noted in the Conference Board, it is expected that economic activity will remain at a fairly high level and employment growth will continue in the next few months.

As for the technical picture of the EUR/USD pair, it remained unchanged. Another unsuccessful attempt to enter the resistance level 1.1560 may result in a sell-off of the euro, and a breakthrough in the 1.1530 support will lead to a new downward trend in risky assets, reaching the lows of 1.1480 and 1.1440. In case of growth above resistance 1.1565 in the short term, an upward correction may be formed in the area of 1.1600 and 1.1630.

* The presented market analysis is informative and does not constitute a guide to the transaction.

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Analysis of EUR / USD Divergences on August 8. The bullish divergence supported the Euro-currency

4h

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The EUR / USD pair on the 4-hour chart fixed over the correction level of 61.8% to 1.1617, after the bullish divergence of the CCI indicator. As a result, the growth process can be continued on August 8 in the direction of the next corrective level of 50.0% - 1.1649. No new brewing divergences are observed in any indicator. The consolidation of the pair's rate under the Fibo level of 61.8% can be interpreted as a reversal in favor of the US currency and expect a slight decline in the direction of the correction level of 76.4% - 1.1576.

The Fibo grid is built on extremes from June 21, 2018 and July 9, 2018.

Daily

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On the 24-hour chart, the pair's quotes cleared from the correction level of 100.0% to 1.1553 and a reversal in favor of the EU currency. Thus, the growth of quotations began in the direction of the Fibo level of 76.4% - 1.1789. There are no maturing divergences today. The consolidation of quotations under the correction level of 100.0% will work in favor of the US dollar and the resumption of the fall of the pair in the direction of the corrective level of 127.2% - 1.1285.

The Fibo grid is built on extremes from November 7, 2017, and February 16, 2018.

Recommendations for traders:

Purchases of the EUR / USD pair can now be carried out with the target at 1.1649 and the Stop Loss level below the Fibo level of 61.8%, as the pair completed the closing above the correction level of 1.1617.

Sales of the EUR / USD pair will be possible with the target of 1,1576 if the closing is carried out under the correction level of 61.8%, with a Stop Loss order above the level of 1.1617.

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Analysis of EUR / USD Divergences on August 7. Bull divergence allows the euro to recover

4h

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The currency EUR / USD on the 4-hour chart reversed in favor of the euro and began the process of returning to the correction level of 76.4% - 1.1576, after the bullish divergence of the CCI indicator. Quit on August 7 from the Fibo level of 76.4% will count on a reversal in favor of the US currency and the resumption of the decline in the direction of the correction level of 100.0% - 1.1508. The consolidation of the pair's rate above the Fibo level of 76.4% will work in favor of continuing growth towards the next correction level of 61.8% - 1.1617.

The Fibo grid is built on extremes from June 21, 2018 and July 9, 2018.

Daily

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On the 24-hour chart, the pair quotes fell to the correction level of 100.0% - 1.1553. The pair's retreat from the Fibo level of 100.0% will allow traders to expect a turn in favor of the European currency and some growth in the direction of the correctional level of 76.4% - 1.1789. Brewing divergences today is not observed in any indicator. The consolidation of quotations under the correction level of 100.0% will increase the chances of further falling in the direction of the next Fibo level of 127.2% - 1.1285.

The Fibo grid is built on extremes from November 7, 2017 and February 16, 2018.

Recommendations for traders:

Purchases of the EUR / USD pair can now be carried out with the target of 1.1576 and the Stop Loss level under the low divergence, since a bullish divergence has been formed. Closing above the level of 1.1576 will allow to hold purchases with the goal of 1.1617.

Sales of the EUR / USD pair can now be carried out with the aim of 1,1508, if the retracement from the correction level is 76.4%, with a Stop Loss order above 1.1576.

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Technical analysis of USD/CAD For Aug 08, 2018

If we look at the Daily Charts at the USD/CAD pair, we will see the Bearish Harmonic Gartley 222 Pattern. Now Loonie started going down to fullfill its Target Projection 1 at the Fibonacci Retrachement 38.2% from A-D at 1.2882 as long as this pair does not break out and close above the 1.3385, Loonie have a chance to catch the Target Projection 2 at Fibonacci Retrachement 61.8% from A-D at 1.2571.

(Disclaimer)

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Technical analysis of Crude Oil for Aug 08, 2018

At the 4-hour charts we can see Crude Oil moving in a sideways condition, with a decreased volatility. And if we look at the Stochastic Oscillator there's a Divergence between this Oscillator and the price. So, this means in near future there will be a chance for the #CL to go down at least to test the lower channel (the blue line).

(Disclaimer)

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Trading plan for 08/08/2018

Trade in Asia was taking place in the presence of negative information about trade wars, although there is no major market reaction. USD remains weak after Tuesday. Data from China showed a jump in imports.

The stock market is in mixed moods. Late Tuesday evening, the US administration published a list of 16 billion USD worth of Chinese products that will be subject to a 25% duty. The duties will take effect from August 23. This is the second tranche of duties after the earlier imposition of customs duties worth 34 billion USD, which have been in force since 6 July. The market reaction is very limited - USD / CNY is basically unchanged from Tuesday's levels (6.8285). Data from Chinese foreign trade for July showed a clear contraction of the surplus by the jump in imports. The surplus amounted to US$28.05 billion (threshold: US$ 38.9 billion) compared to US$ 41.5 billion in June. Imports increased by 27.3% against a 16.5% forecast, but exports only increased by 12.2% versus 10% expected.

On Wednesday, the 8th of August, the event calendar is light in important data releases, but the global investors should keep an eye on Canadian Building Permits data, Crude Oil Inventories data from the US and the event of the day: RBNZ Official Cash Rate and Monetary Statement late in the night.

NZD/USD analysis for 08/08/2018:

NZD is the strongest on Wednesday with NZD / USD approaching 0.6760. Two-year inflation expectations in the third quarter have risen to 2.04% from 2.01%. This is a small change, but it allows for some optimism before the RBNZ decision tonight. The RBNZ should leave the interest rates unchanged at the level of 1.75%, but the most important will be the statement tone and expectations regarding the New Zealand economy in times of trade wars.

Let's now take a look at the NZD/USD technical picture at the H4 time frame. The market remains locked in a horizontal consolidation between the levels of 0.6765 - 0.6721 and only an impulsive breakout out of this zone would give traders more clues whether the downtrend will be continued or not. The market conditions are now close to the neutral and the momentum is neutral as well - typical summer market conditions.

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NZD/USD Intraday technical levels and trading recommendations for August 8, 2018

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Breakdown of 0.7220-0.7170 (neckline zone) was needed for a bearish breakout of the depicted consolidation range (0.7170 and 0.7350). Target levels have been achieved around 0.7050 and 0.7000.

The price level of 0.7050 was considered a key-level for the NZD/USD bears. That's why bearish persistence below 0.7050 allowed further bearish decline to occur towards the price levels around 0.6800.

As anticipated, the recent bullish pullback towards the price level of 0.7050 (Broken Demand-Level) offered a good opportunity for a valid SELL entry.

The quick bearish decline took place towards 0.6800 where a false bearish breakdown occurred.

This allowed temporary bearish movement to occur towards 0.6680. However, the pair failed to maintain enough bearish momentum.

On July 7, evident bullish rejection pushed the NZD/USD pair above 0.6820 again.

This was followed by a recent bullish reversal pattern (123 pattern) which enhances the bullish side of the market. Recent signs of bullish weakness were manifested on the chart.

The bulls are failing to maintain enough bullish momentum above 0.6820 indicating evident signs of bullish weakness.

Bullish fixation above 0.6820 is needed to allow further bullish advancement towards 0.6900 and 0.6980. Otherwise, further bearish decline should be expected towards 0.6680.

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Intraday technical levels and trading recommendations for EUR/USD for August 8, 2018

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Daily Outlook

In April 2018, the EUR/USD pair outlook turned to become bearish when the pair pursued trading below the broken uptrend as well as the lower limit of the depicted consolidation range.

Shortly after, the price zone (1.1850-1.1750) offered temporary bullish rejection towards 1.1990. The EUR/USD bulls failed to pursue towards higher bullish targets. Instead, a descending high was established around 1.1990.

This was followed by a bearish breakdown below the price zone of 1.1850-1.1750. This price zone has been standing as a significant Supply zone since June 2018.

On the other hand, the price zone of 1.1520-1.1420 was considered a prominent demand zone where a valid bullish BUY entry was offered during previous weeks' consolidations.

On July 10, signs of bearish rejection were manifested around 1.1750. That's why a bearish movement was expected to occur towards 1.1650.

Lack of enough bearish momentum allowed another bullish pullback to occur again towards 1.1750 (the depicted supply zone) where another episode of bearish movement was initiated towards 1.1520.

On the other hand, recent signs of bullish rejection were expressed around the lower limit of the mentioned consolidation range (1.1520). Hence, another bullish movement towards 1.1750 should be expected.

The EUR/USD pair remains trapped within the consolidation range of 1.1750-1.1520 until breakout occurs in either direction.

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Fundamental Analysis of GBP/USD for August 8, 2018

GBP/USD has been quite bearish recently which lead the price to fall below 1.2950 area with a daily close. Ahead of the UK GDP and US CPI report this week, certain volatility is expected this pair whereas GBP is expected to take a certain lead in the process.

This week on Friday, UK GDP report is going to be published which is expected to decrease to 0.2% from the previous value of 0.3%, Manufacturing Production is also expected to decrease to 0.3% from the previous value of 0.4% but Prelim GDP is expected to increase to 0.4% from the previous value of 0.2%. Today there is no news or event on the GBP side to impact its momentum which is expected to keep a low profile throughout the day.

On the USD side, ahead of PPI and CPI report this week, today FOMC Member Barkin is going to speak about interest rate and monetary policy decision which is expected to have a neutral impact on the market and Crude Oil Inventories is expected to decrease to -2.8M from the previous figure of 3.8M.

As of the current scenario, both currencies in the pair is expecting high impact economic reports this week which may lead to definite trend momentum in the coming days. Though the expectations are quite mixed till now, an actual result of the economic reports is expected to push the price to a certain direction in the process where there are chances that GBP may struggle with the BREXIT effect and Trade War tensions in the coming days.

Now let us look at the technical view. The price is currently struggling below 1.2960 area which is expected to push higher as of Bullish Divergence emerging in the intraday charts of the pair. After the impulsive bearish pressure off the 1.32 area, the price is currently expected to push higher towards the dynamic level of 20 EMA which is resting at 1.3050 area from where the bearish trend is expected to continue to push further again in the coming days. As the price remains below 1.32, the bearish bias is expected to continue further.

RESISTANCE: 1.2960, 1.3200

SUPPORT: 1.2850

BIAS: BEARISH

MOMENTUM: CORRECTIVE and VOLATILE

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EUR / USD. August 7. Results of the day. There is not a single factor for a serious strengthening of the European currency

4-hour timeframe

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Amplitude of the last 5 days (high-low): 63p - 43p - 86p - 51p - 41p.

The average amplitude for the last 5 days: 57p (63p).

On Tuesday, August 7, the EUR / USD currency pair began an upward correction, as indicated by the MACD indicator. No important macroeconomic reports were made available to traders today, however, the correction was brewing since Friday, so its beginning was expected. A number of secondary news could have little impact, but the most important were the trade balance and industrial production reports for June in Germany. And the trade balance remained with a serious deficit, and the growth rate of industrial production fell to 2.5%. Thus, the foundation was not just on the side of the euro. Proceeding from this, the conclusion suggests that the correction is purely technical. At the moment, the pair has almost completed the critical Kijun-sen line. The price rebound from this line may trigger a resumption of the downtrend with a target of 1.1534, which is calculated taking into account the average volatility of the instrument. In general, the probability of resuming the downtrend is very high, as the US seems to be seriously intent on imposing duties on all exports from China, and China has decided not to buy oil in the US and is preparing its list of goods from America that fall under duties. Thus, this can continue to support the US currency, as it has already been more than once when information is received about the escalation of the trade conflict between the states and the EU or China. Also played by the "ultra-soft" policy of the ECB, which can not in any way announce a tightening of monetary policy. In the best case, if the trade conflict with Washington does not develop, a quantitative incentive program will be completely abandoned by the end of the year. While in the US, two more key rate increases are planned this year. In general, on all fronts the US dollar is leading, and the euro remains to rely only on correction ...

Trading recommendations:

For the pair EUR / USD correction began. The price rebound from the Kijun-sen line will indicate its completion, as well as the MACD indicator downward turn, and will serve as a signal for the opening of new shorts with a target of 1,1534, which has already been worked out.

Orders for purchase can be considered as still small lots, if the bulls manage to overcome the Kijun-sen line. In this case, the targets for long positions will be the levels of 1,1646 and 1,1689.

In addition to the technical picture, one should also take into account the fundamental data and the time of their release.

Explanations to the illustration:

Ichimoku Indicator:

Tenkan-sen is a red line.

Kijun-sen is a blue line.

Senkou Span A is a light brown dotted line.

Senkou Span B - a light purple dotted line.

Chinkou Span is a green line.

Bollinger Bands Indicator:

3 yellow lines.

MACD indicator:

Red line and histogram with white bars in the indicator window.

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The daily review of GBP / USD as of August 7, 2018. Ichimoku Indicator

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GBP / USD

The players on the decline continue to decline. At the moment, on the way of the bears is the support of the monthly Fibo Kijun (1.2900). The breakdown of support will eliminate the monthly gold cross and will allow you to consider the landmarks of the weekly goal for the breakdown of the cloud. In the event of a change in sentiment and the formation of rebound from the support encountered, the first resistance will be the day cross 1.3066 - 1.3140, then the key zone of resistance is located, which is able to change a lot, it is formed by many important levels of the high seasons and is now within 1.3184 - 1.3226.

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On minor dimes, bears, despite the correction, retain the main support for the indicator Ichimoku. The downward support is still the breakdown of support at 1.2900. In the case of development of correction, the primary task for players to raise will be the breakdown of the H1 cloud and the elimination of the H4 cross, with the subsequent acquisition of a daily short-term advantage. To do this, the bulls will need to take hold of the resistance located now in the area of 1.3030-70 (cloud H1 + the final borders of the cross N4 + day Tenkan).

Indicator parameters:

All time intervals 9 - 26 - 52

The color of indicator lines:

Tenkan (short-term trend) - red,

Kijun (medium-term trend) - green,

Fibo Kijun is a green dotted line,

Chinkou is gray,

Clouds: Senkou Span B (SSB, long-term trend) - blue,

Senkou Span A (SSA) - pink.

The color of additional lines:

Support and resistance MN - blue, W1 - green, D1 - red, H4 - pink, H1 - gray,

Horizontal levels (not Ichimoku) - brown,

Trend lines - purple.

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

Technical analysis: Intraday Level For EUR/USD, Aug 08, 2018

When the European market opens, there will be no Economic Data released from the Euro zone, but the US will release the Economic Data such as 10-y Bond Auction and Crude Oil Inventories, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1661.

Strong Resistance:1.1654.

Original Resistance: 1.1643.

Inner Sell Area: 1.1632.

Target Inner Area: 1.1604.

Inner Buy Area: 1.1576.

Original Support: 1.1565.

Strong Support: 1.1554.

Breakout SELL Level: 1.1547.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or 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.

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

Technical analysis: Intraday level for USD/JPY, Aug 08, 2018

In Asia, Japan will release the Economy Watchers Sentiment, Current Account, Bank Lending y/y, and BOJ Summary of Opinions. The US will also release some Economic Data such as 10-y Bond Auction, and Crude Oil Inventories. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 111.88.

Resistance. 2: 111.66.

Resistance. 1: 111.44.

Support. 1: 111.16.

Support. 2: 110.93.

Support. 3: 110.73.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or 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.

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

Tesla analysis for 08/08/2018:

Tesla shares gained 10.99% after information appeared in the media that a large stake in the company is held by the Saudi fund, and Elon Musk wrote on Twitter that he is considering withdrawing Tesla from the stock exchange and has already secured funds for this purpose.

The state-owned Saudi equity fund acquired from 3 to 5 percent shares in Tesla this year only. This puts the Saudis among the eight largest shareholders of the company. The value of the shares ranges from 1.8 to 3.1 billion dollars. Information is unofficial, the obligation to disclose ownership occurs when the threshold of 5% is exceeded. Current shareholders could either sell shares for $420 or have shares in a non-public company that Tesla would become.

At 20:08, the company's quotes were suspended. For one Tesla share, $ 367.25 was then paid, of 7.39% more than at yesterday's close. Former chairman of the US Securities and Exchange Commission (SEC) Harvey Pitt told CNBC that Musk, by publishing a tweet that had won the stock price, could break the law.

After 20:00, the entry of Musk appeared on Tesla's blog, in which the billionaire referred in more detail to the issue of withdrawing the company from the stock exchange. He stressed that the aim of such a move is to create an appropriate environment for the company's operations, while the status of a public company exerts great pressure on making good decisions in the short term, but not necessarily in a longer time, and stock price fluctuations affect the mood of employees who are also shareholders of Tesla. Musk noted that Tesla is the shortest company in the history of the stock market, and being a public company means "there are a large number of people who are motivated to attack the company."

Musk again recalled the promises mentioned in the above posts on Twitter and his expectations about the future of his and Tesla as a private company and stressed that his goal is not to combine Tesla with SpaceX. The billionaire did not mention who would invest in Tesla. Price 420 dollars for the share gives a company valuation at the level of $72 billion.

Let's now take a look at TESLA stock technical picture at the H4 time frame. The first target for bulls at the way to $420 is the technical resistance at the level of $389. The price is trading very close to this level, but it all depends on how the price will behave after today's open and where it will close this week. The momentum is strong and points to the north. The immediate support is seen at the level of $373.

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

Wave analysis of EUR / USD for August 7. The pair is ready to proceed to construct a corrective wave

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Analysis of wave counting:

During the trades on Monday, the currency pair EUR / USD lost another 10 percentage points. Thus, the construction of the supposed first wave as part of the future wave 5 downward trend section continues. The wave 4 took a rather complex view, but still completed its construction near the mark of 1.1750. In the near future, the pair can proceed to construct an internal correctional wave in the composition of wave 1, 5, 5. The approximate targets of this wave can be located near the mark of 1.1650. After that, it is expected to resume the decline in quotations.

The objectives for the option with sales:

1.1507 - 100.0% of Fibonacci

1.1444 - 127.2% of Fibonacci

The objectives for the option with purchases:

1.1834 - 200.0% of Fibonacci

1.1957 - 161.8% of Fibonacci

General conclusions and trading recommendations:

The correction wave 4 supposedly completed its construction. If this is the case, then on August 7, I recommend continuing selling the pair with targets located near the estimated levels of 1.1507 and 1.1444, which equates to 100.0% and 127.2% of Fibonacci, within wave 1, 5. The correction wave, the construction of which is possible in the near future, can be used to increase sales at more attractive price levels.

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

GBP / USD. August 7. The trading system "Regression channels". London believes that the EU is dragging out the negotiation

4-hour timeframe

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Technical data:

The senior channel of linear regression: direction - down.

The younger channel of linear regression: direction - down.

Moving average (20, smoothed) - down.

CCI: -89.1029

The GBP / USD currency pair worked on Murray's target level of 0/8 - 1.2939 on August 6, and jumped from it, indicating the intention to begin the long-awaited upward correction. It should be noted immediately that the correction may be very shallow, as the demand for the US currency is now extremely high and correction can be triggered by fixing profits on a part of short positions. In the meantime, British experts believe that the EU is dragging out the Brexit negotiations process with all its might. The people of the British government, referring to the Lisbon Treaty, believe that the EU should do everything possible to "maintain" relations with London after Britain leaves the European Union. That is, London continues to insist on a "deal" with Brussels, accusing Brussels of deliberately delaying the process, which may result in Britain leaving the EU without any arrangements. The former British minister for Brexit David Davis believes that the EU is making a big mistake, believing that London will not be able to withdraw from the EU without a deal. In general, we are getting a new round of development of the situation with Brexit, which again is clearly not in favor of the pound sterling. This is another reason why correction may be minimal.

Nearest support levels:

S1 = 1.2939

S2 = 1.2878

S3 - 1.2817

Nearest resistance levels:

R1 1.3000

R2 = 1.3062

R3 = 1.3123

Trading recommendations:

The pair GBP / USD has fulfilled the level of 1.2939 and can start to be corrected. If Heikin Ashi turns up, the correction can be worked out with small lots for the purpose of moving. For more strength, the bulls are clearly not enough now.

It is recommended to open short positions in case of overcoming the level of 1.2939 with the target of 1.2878. Or after the completion of the correction, which has not yet begun, but is possible. Positions of bears remain strong, and demand for US dollar - high.

In addition to the technical picture, one should also take into account the fundamental data and the time of their release.

Explanations for illustrations:

The upper channel of linear regression is the blue lines of unidirectional motion.

The junior channel is linear-violet lines of unidirectional motion.

CCI - the blue line in the regression window of the indicator.

Moving average (20; smoothed) - the blue line on the price chart.

Levels of Murray - multi-colored horizontal stripes.

Heikin Ashi is an indicator that color bars in blue or purple.

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

Forecast for USD / JPY as of August 7, 2018

USD / JPY

To keep the yen from falling, neither the trend line (red) nor the trend indicator Kruzenshtern (area 111.64) could either. But the fall was held by the red indicator balance line. Now the price has to be a difficult task to overcome the initially strengthened resistance at 111.64, then the resistance of the graphic green line - this is embedded trend line of the broad price channel with the beginning of June 2016, and all this will not be the beginning of a new trend, after the resistance of the descending line at 113.02, for her a number of levels. Oscillator Marlin in the negative zone. In fact, the whole growth depends only on the support of the balance line on the chart. If it is pressed, it is possible to decrease to 110.58 and further to 109.92

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The yen is also weakly reacting to the growth of the stock market. Yesterday S & P500 added 0.35% and today Nikkei225 0.64%, but the yen in the Asian session is down. Household spending for June, according to the morning release, only slowed the decline from -3.9% y / y to -1.2% y / y, although wages rose from 2.1% y / y to 3.6% y / y. / g. Tomorrow the forecast for the balance of payments for June is expected to decrease from 1.85 trillion yen to 1.84 trillion. On Thursday, the forecast for new orders for engineering products is expected to contract by 0.8% in June.

As a result, we expect lateral trade in the range of 110.85-111.64 in the short term.

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

Forecast for GBP / USD as of August 7, 2018

GBP / USD

For the fall of the British pound on Monday by 60 points were very good reasons. More precisely, the reason was and remains one, a high risk (60% according to the Ministry of Trade) of the exclusion of a trade deal with the EU. Even Theresa May said that it's better to leave the EU without an agreement than to go out with a bad agreement. But the current situation is that the absence of a deal is also a bad deal, as the UK's obligations to the EU for "divorce" are not canceled. The pound was fixed at an important technical level of 1.30 and now it may decrease medium-term until the EU deigns to conclude a "good deal". In the near future, the pound may receive support from good GDP data and other indicators that appear on Friday. Well, while we are waiting for the pound sterling at the nearest target of 1.2790, the support of the downward price channel.

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

Global macro overview for 08/08/2018

The holiday handle continues, and the macro calendar does not suggest that it should change quickly. A week after the US labor market report is always the slower period in the month, but if we take the amendment for the August slump, it is only worse. Episodes, when the EUR/USD loses or gains 30 pips, must be treated as a noise unrelated to any trend or new information. If there are trade wars at the top of the list of topics for discussion, good US data or encouraging comments from the Fed - investors have an excuse to buy USD. But if such a move does not find additional fuel in the next hours, the position is regrouped and reduced.

The highlight of the day was the decision of the Australian Reserve Bank, which is already behind us and practically passed unnoticed. RBA, in line with expectations, maintained the cash rate at 1.50%, and the announcement lacked surprises, though there were several changes. The bank has ceased to define China's economic growth as "solid", and noted the slowdown and activity of the authorities in the field of fiscal and monetary expansion. Although the RBA is still awaiting a slow inflation increase, it has revised downwards the forecast for this year's inflation from "just over 2.0%" to 1.75%. This only confirms the low expectations for a rate hike, although it does not raise the risk of a possible reduction, which would be a severe blow to AUD. Although the message did not cause any excitement, the alarm raised around AUD is not canceled. President Lowe had a public speech today about the state of the economy. He said, that there is no strong case for the next interest rate hike as he is not looking to review the inflation target any time soon as he is confident the inflation will return to the level of 2.5%. Moreover, he added, that the trade war could be damaging for the global economy and RBA does not target house prices, but a period of moderation is needed.

On Friday, the publication of the Monetary Policy Report is also planned. The global investors remain skeptical about the attitude of AUD in the following weeks, although a more decisive USD rally would be useful in order to give momentum.

Let's now take a look at the AUD/USD technical picture at the H4 time frame. The market is trading just under the technical resistance at the level of 0.7440. The bulls are trying to push the prices higher and if this level is violated, then the next target for bulls is seen at the level of 0.7564. The strong momentum favors this move up, but the market conditions are now overbought, so in a case of a pull-back, the immediate support is seen at the level of 0.7411.

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

Bitcoin analysis for 08/08/2018

Bitmain, one of the largest companies involved in the production of equipment for extracting and mining Bitcoins, officially opens a point in Texas and expects to start mining early next year.

The company confirmed that it will invest USD 500 million over the next seven years in the new Blockchain data center in the United States as part of strategic investment plans and expansion in North America. The plant will employ 400 inhabitants, and Bitmain will also carry out educational and training programs for potential employees.

According to the financial press rumors, Bitmain will open the plant for the first time appeared last month when the local newspaper reported that the company took over the former aluminum smelting plant. Public officials then said they could not talk about this project. The newspaper described a new Bitcoin mining operation as "the worst kept secret in the Rockdale area."

The Chinese mining company, valued at around 12 billion dollars, has already published preliminary job offers on the indeed.com website.

Bitmain's activity at Texas joins the planned facility in Washington state. In April last year, Bitmain received permission to lease the land to start a mining operation in this state, although it met with a sharp reaction from some local residents, skeptical about extracting cryptocurrencies.

In addition to expanding its operations in the US, Bitmain also plans to open offices in Brazil. It already has the creation of many international bases in which it will carry out Bitcoin extraction operations, including in Switzerland and Israel.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The main impulsive scenario was invalidated as the wave 4 has entered the territory of the potential wave 1 at the level of $6,768. This level was broken and now the price is trading around the level of $6,433 and the next target for bears is seen at the level of $6,317 which is the weekly pivot support. The strong momentum indicates that the overall downside target is at the level of $5,755.

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

Day review of EUR / USD pair on 07.08.18. Ichimoku Indicator

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EUR / USD pair

Players to fall are attempting to go beyond the zone of uncertainty, restraining the development of events in the past few months. In this direction, the most important is the breakdown of the lower boundary of the weekly cloud (1.1515) and the recovery of the weekly downtrend (1.1508). The weakness of bears when interacting with supports can return the pair to an uncertainty of 1.1648 (monthly Senkou Span A + day Senkou Span A + day Tenkan) - 1.1680 (week Tenkan) - 1.1708 (monthly Fibo Kijun + daytime Fibo Kijun) while the initiative and the chance to leave the zone will be transferred to the rival.

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At the moment, the pair is in the correction zone, which has already shifted the alignment of forces on H1 in favor of players to rise, allowing to develop a corrective lift. The nearest significant upward direction is now the area of 1.1615 (Kijun N4 + cloud H1). The fastening above liquidates the H4 dead cross and forms the first upward target. Furthermore, the values will be 1.1648 - 1.1680 - 1.1708. The completion of the correction and the restoration of the downward trend will return the bears to the interaction with 1.1508-15.

Indicator parameters:

all time intervals 9 - 26 - 52

Color of indicator lines:

Tenkan (short-term trend) - red,

Kijun (medium-term trend) - green,

Fibo Kijun is a green dotted line,

Chikou is gray,

clouds: Senkou Span B (SSB, long-term trend) - blue,

Senkou Span A (SSA) - pink.

Color of additional lines:

support and resistance MN - blue, W1 - green, D1 - red, H4 - pink, H1 - gray,

horizontal levels (not Ichimoku) - brown,

trend lines - purple.

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

EUR/USD: do not trust the growth of the European currency, while the pair is below 1.1650

On Tuesday, the European currency is in a great mood. The euro dominates not only in the pair with the dollar, but also in cross-pairs, especially with the pound. And although the foreign exchange market is forced to settle for a half-empty economic calendar for the day, the single currency has found a reason for corrective growth.

We are talking about Germany's foreign trade performance, which was surprisingly better than expected. The positive report on the German trade balance somewhat reduced nervousness about the risks of a trade war. This figure was better than expected and reached almost 22 billion euros. Experts predicted a more modest result, at the level of 21 billion euros. The current balance of payments also did not disappoint traders. The indicator came out at 26 billion euros against the forecast of 20 billion euros. Exports were at the zero level, although analysts predicted a decline in the negative area. But the indicator of imports increased to 1.2% with a growth forecast of only 0.3%. Foreign trade surplus for the first half of the year was at the level of 121.5 billion euros, which corresponds to a six-month level last year.

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In other words, German indicators show positive changes, but it is impossible to call it a "sensational breakthrough". Therefore, the upward dynamics of the EUR/USD looks rather unreliable, especially since disappointing data from Germany was published – the volume of industrial production, contrary to optimistic forecasts, remained in the negative area, falling to -0.9% on a monthly basis – this is the worst result since April. In annual terms, there was also a decline of up to 2.5%.

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But traders needed an excuse for the upward correction of the EUR/USD pair, so the negative factors were simply ignored. Moreover, the dollar index also slowed down the growth, dropping from the annual high back to the area of the 94th figure. The Chinese yuan played a role here. The USD/CNY pair has suspended its rampant growth, which almost recoillessly continued since April. Almost at 6.9, the yuan slowed and gradually began to roll back - now the pair is trading at 6,821.

According to the American press, on Tuesday, the People's Bank of China held a meeting with representatives of the 15 largest banks in the country. The central bank assured the bankers that the regulator has enough leverage and forces to stabilize the market, as well as to maintain the flexibility of the national currency. In addition, it became known that China's foreign exchange reserves in July unexpectedly increased by 5.82 billion dollars (the total amount corresponds to 3,118 trillion dollars). Experts did not expect such a result – moreover, according to general forecasts, the foreign exchange reserves of China should, on the contrary, decrease by more than $12 billion.

These facts offset the demand for the greenback, after which the dynamics of dollar pairs changed slightly. It is not only the euro that is being adjusted-the Japanese currency has also shown character for the day, as well as the Swiss franc. Even the pound, which is under the powerful pressure of the negative fundamental background, has moved away from the local lows.

Of course, we can not talk about any substantial changes here - the dollar remains a favorite in almost all currency pairs, at least in the near future. Although a half-empty economic calendar allows traders to get distracted from the "fluidity" and think over bigger issues. Among them is the inversion of the yield curve. Recently, this issue is increasingly raised among experts and among the Fed members. Concerns about the narrowing of the spread between short-term and long-term US government bonds are quite reasonable, because the yield curve was inverted on the eve of each of the last seven American recessions.

And given the fact that over the past month the yield curve has become more flat, this issue has regained its relevance. At its last meeting, the Fed ignored such trends, so the market did not focus on this either. Although some members of the Fed (mainly from the "dovish" camp), as well as the former chairman of the Federal Reserve, Ben Bernanke, sounded alarming signals. In particular, Bernanke acknowledged that in modern conditions, the inversion of the yield curve is "not the only one, but one of the harbingers of the economic downturn." Here it is worth recalling that more than a decade ago, he ignored the approach of the curve to the inversion, but in the following year, 2007, the US economy entered a recessionary zone.

However, the market so far is calm about such signals, especially against the backdrop of a strong enough US GDP growth in the second quarter. Therefore, hypothetical threats are remembered only sporadically or during periods of news lull. On Tuesday, this topic again "surfaced" in the press, exerting additional (albeit insignificant) pressure on the dollar.

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But such fundamental factors have no long-term impact. Therefore, the long positions on the EUR/USD pair should be treated with extreme caution, especially as long as the price did not overcome the strong resistance level of 1.1650 (the lower limit of the Kumo cloud coinciding with the average line of the Bollinger Bands indicator on the daily chart). As long as the pair has not fixed above this level, there is a serious risk of a price rollback to the levels of the local low, that is, to the middle of the 15th figure. The day's fundamental factors are not able to provide the bulls of the pair with impulse and full-scale growth, so long positions on the EUR/USD pair look unreliable.

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

Fractal analysis for major currency pairs as of August 7

Dear colleagues.

For the EUR / USD pair, the continuation of the movement downwards is possible after the breakdown of 1.1528. The development of correction is possible after the breakdown of 1.1575. For the GBP / USD pair, we follow the development of the downward cycle from July 26. The continuation of the movement downwards is possible after passing through the price range of the noise range of 1.2904 - 1.2875. For the USD / CHF pair, we follow the upward structure of July 31. The level of 0.9917 is the key support. For the USD / JPY pair, we follow the development of the downward structure from August 1. For the EUR / JPY, we follow the downward structure from July 31. The continuation of the downward movement is expected after the breakdown of 128.36. For the GBP / JPY pair, we are currently waiting for movement towards the level of 143.33. The level of 144.88 is the key support.

Forecast for August 7:

Analytical review of currency pairs in the scale of H1:

For the EUR / USD pair, the key levels on the scale of H1 are: 1.1622, 1.1602, 1.1575, 1.1560, 1.1528 and 1.1502. Here, we follow the downward cycle of July 31. The continuation of the downward movement is expected after the breakdown of the level of 1.1528. In this case, the target is 1.1502. From this level, we expect a rollback to the correction zone.

We expect the correction to go through after passing through the noise range of 1.1560 - 1.1575. In this case, the target is 1.1602. The potential value for the top is the level of 1.1622, to which we expect the initial conditions for the upward cycle to be formalized.

The main trend is the downward cycle from July 31.

Trading recommendations:

Buy: 1.1575 Take profit: 1.1600

Buy 1.1603 Take profit: 1.1620

Sell: 1.1526 Take profit: 1.1505

Sell: Take profit:

For the GBP / USD pair, the key H1 scale levels are 1.3034, 1.2987, 1.2962, 1.2904, 1.2875, 1.2817 and 1.2772. Here, we follow the downward structure of July 26. Short-term downward movement is expected in the area of 1.2904 - 1.2875. The breakdown of the last value will lead to a pronounced movement. Here, the target is 1.2817. The potential value for the bottom is the level of 1.2772. Upon reaching this level, we expect a rollback to the top.

Short-term upward movement is possible in the area of 1.2962 - 1.2987. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.3034.

The main trend is the downward cycle of July 26.

Trading recommendations:

Buy: 1.2962 Take profit: 1.2986

Buy: 1.2988 Take profit: 1.3032

Sell: 1.2902 Take profit: 1.2877

Sell: 1.2873 Take profit: 1.2774

For the of USD / CHF pair, the key levels in the scale of H1 are: 1.0043, 1.0027, 1.0003, 0.9985, 0.9975, 0.9947, 0.9935 and 0.9917. Here, we follow the upward movement of July 31. The continuation of the upward movement is expected after passing through the noise range of 0.9975 - 0.9985. In this case, the target is 1.0003. Near this level is the consolidation of the price. The breakdown of 1.0005 will allow us to count on the movement towards the potential target of 1.0043. Upon reaching this level, we expect consolidation in the area of 1.0027 - 1.0043, as well as a pullback downwards.

Consolidated traffic is possible in the area of 0.9947 - 0.9935. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.9917. This level is the key support for the top.

The main trend is the upward structure of July 31.

Trading recommendations:

Buy: 0.9985 Take profit: 1.0000

Buy: 1.0005 Take profit: 1.0026

Sell: Take profit:

Sell: 0.9933 Take profit: 0.9920

For the USD / JPY pair, the key levels on a scale are: 112.14, 111.76, 111.54, 111.09, 110.79, 110.58 and 110.14. Here, we follow the downward structure of August 1. The continuation of the downward movement is expected after the breakdown of 111.09. In this case, the target is 110.79. In the area of 110.79 - 110.58 is the consolidation of the price. The potential value for the bottom is the level of 110.14. The movement towards this level is expected after the breakdown of 110.55.

Short-term upward movement is possible in the range of 111.54 - 111.76. The breakdown of the last value will lead to an upward structure. In this case, the first potential target is 112.14.

The main trend is a downward cycle from August 1.

Trading recommendations:

Buy: 111.55 Take profit: 111.74

Buy: 111.78 Take profit: 112.12

Sell: 111.07 Take profit: 111.80

Sell: 110.56 Take profit: 110.20

For the CAD / USD pair, the key levels on the H1 scale are: 1.3158, 1.3131, 1.3080, 1.3052, 1.2988, 1.2945, 1.2881 and 1.2845. Here, the price is in an equilibrium state. Short-term downward movement is possible in the range of 1.2988 - 1.2945. We consider the level of 1.2881 to be a potential value for the downward trend, after which consolidation is possible and also a rollback to the top. At the moment, the price is in the final stage in the 8th time zone for the downward structure from July 20.

Short-term upward movement is possible in the area of 1.3052 - 1.3080. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.3131. The range of 1.3131 - 1.3158 is the key support for the top.

The main trend is an equilibrium state, we expect a withdrawal to the top.

Trading recommendations:

Buy: Take profit:

Buy: 1.3085 Take profit: 1.3130

Sell: 1.2985 Take profit: 1.2945

Sell: 1.2942 Take profit: 1.2884

For the AUD / USD pair, the key levels on the H1 scale are: 0.7592, 0.7551, 0.7522, 0.7477, 0.7434, 0.7410, 0.7381, 0.7356 and 0.7324. Here, the situation has entered the equilibrium state. The continuation of the upward movement is expected after the breakdown of 0.7434. In this case, the first target is 0.7477. Near this level is the consolidation of the price. The breakdown of 0.7477 will allow us to count on the movement towards 0.7522. In the area of 0.7522 - 0.7551 is short-term upward movement, as well as the consolidation of the price. The potential value for the top is the level of 0.7592. After reaching this level, we expect a pullback downwards.

Consolidated traffic is possible in the area of 0.7381 - 0.7356. The breakdown of the last value will lead to the development of a downward structure. Here, the first target is 0.7324.

The main trend is the equilibrium state.

Trading recommendations:

Buy: 0.7436 Take profit: 0.7475

Buy: 0.7480 Take profit: 0.7520

Sell: 0.7378 Take profit: 0.7358

Sell: 0.7354 Take profit: 0.7326

For the of EUR / JPY pair, the key levels on the scale of H1 are: 129.83, 129.62, 129.26, 128.96, 128.60, 128.38, 127.92 and 127.56. Here, we follow the downward cycle of July 31. The continuation of the downward movement is expected after passing through the noise range of 128.60 - 128.38. In this case, the target is 127.92. The potential value for the bottom is the level of 127.56. Upon reaching this level, we expect a rollback to the top.

Short-term upward movement is possible in the area of 128.96 - 129.26. The breakdown of the last value will lead to in-depth correction. Here, the target is 129.62. The range of 129.62 - 129.83 is the key support for the downward structure.

The main trend is the downward structure of July 31.

Trading recommendations:

Buy: 128.98 Take profit: 129.20

Buy: 129.30 Take profit: 129.60

Sell: 128.36 Take profit: 127.95

Sell: 127.88 Take profit: 127.58

For the GBP / JPY pair, the key levels on the scale of H1 are: 146.07, 145.47, 144.88, 144.48, 143.33, 142.77, 141.98 and 141.49. Here, we follow the development of the downward structure of August 1. At the moment, we expect movement towards the level of 143.33 after reaching a short-term downward movement in the area of 143.33 - 142.77. The breakdown of the level of 142.75 should be accompanied by a pronounced downward movement towards the level of 141.98. The potential value for the bottom is the level of 141.49. From this level, we expect a pullback upward.

Short-term upward movement is possible in the area of 144.48 - 144.88. The breakdown of the last value will lead to in-depth correction. Here, the target is 145.47. This level is the key support for the bottom. Its breakdown will lead to the formation of an upward structure. In this case, the target is 146.07.

The main trend is downward from August 1.

Trading recommendations:

Buy: 144.50 Take profit: 144.85

Buy: 144.90 Take profit: 145.45

Sell: 143.30 Take profit: 142.80

Sell: 142.74 Take profit: 142.00

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

Elliott wave analysis of EUR/NZD for August 8, 2018

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EUR/NZD is once again testing important resistance at 1.7224, but we need a clear break above here to confirm that the next impulsive rally towards 1.7510 is in motion. As long as resistance at 1.7224 is able to cap the upside as long does the possibility for a final drop into the 1.7033 - 1.7066 area exist, before completing wave ii/.

Longer-term, we remain bullish EUR/NZD for a rally towards 1.8310 and ultimately higher towards 1.98 - 1.99 area.

R3: 1.7305

R2: 1.7251

R1: 1.7224

Pivot: 1.7187

S1: 1.7150

S2: 1.7115

S2: 1.7094

Trading recommendation:

We are long EUR from 1.7226 with our stop placed at 1.7110.

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

Elliott wave analysis of EUR/JPY for August 8, 2018

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EUR/JPY has rallied nicely from the 128.48 low and is ready to test the short-term important resistance at 129.62. This resistance might be spiked, but likely only shortly and then cause a corrective decline to 129.00 before trying to push higher again.

To confirm that wave ii/ completed with the 128.48 test, we need a clear break above 129.62 and upside acceleration towards important resistance at 131.15. A break above this resistance confirms our preferred scenario and calls for a rally towards 135.74 - 135.79 next.

R3: 130.61

R2: 130.33

R1: 130.08

Pivot: 129.62

S1: 129.24

S2: 129.00

S3: 128.78

Trading recommendation:

We are long EUR from 128.72. We will take half profit at 129.50 and keep our stop at 128.45 for the rest.

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

Technical analysis of Ethereum for August 8, 2018

In our last analysis regarding Ethereum, I warned traders that a bearish formation of a bearish flag was spotted and a break below $440 would give a new bearish signal. The price got rejected at the Ichimoku cloud resistance and broke the flag downwards.

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Red lines - bearish flag pattern

The trend remains bearish. The price must break above $425 in order for the short-term trend to change to bullish. A daily trend will change to bullish on a break above $513. Next support is at $365-350 at the April lows. Breaking below the April lows can push Ethereum lower towards $200-180 price level.

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

Technical analysis of Gold for August 8, 2018

The Gold price is at weekly oversold levels. The Gold price could any time start a reversal with $1,265-85 as the target. The price remains in a bearish trend inside a bearish channel. There is no reversal confirmation yet.

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Magenta downward sloping lines - bearish channel

Magenta upward sloping line - long-term support

The Gold price has broken below the long-term support trend line. The price is below the weekly Kumo. The trend is clearly bearish. However, with the Stochastic oscillator at oversold levels, a reversal of the indicator above 20 will signal a bounce has started. This bounce could be just a temporary relief rally towards $1,265-85 or the start of a new up trend. This is not the time to be bearish Gold. This is the time to be patient and wait for the bullish signal.

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

BITCOIN Analysis for August 7, 2018

Bitcoin pushed higher as expected which has to lead the price to reside above $7,000 area which is indeed a good sign for the upcoming bullish momentum. After the recent bearish momentum which leads the price below $8,000 with a daily close did put some indecision in the market sentiment whereas recent volatility did indicate the upcoming bullish momentum in the process. Though the price has still not cleared $8,000 area to indicate the upcoming impulsive bullish momentum but engulfing the previous bearish and indecisive pressure by a single daily candle is a strong proof that the buyers are still alive and kicking. As of the current scenario, the price is expected to push higher towards $8,000 and later towards $10,000 as the price remains above $6,500 with a daily close.

SUPPORT: 6,500

RESISTANCE: 8,000, 10,000

BIAS: BULLISH

MOMENTUM: IMPULSIVE

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NZD/USD Intraday technical levels and trading recommendations for August 7, 2018

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Breakdown of 0.7220-0.7170 (neckline zone) was needed for a bearish breakout of the depicted consolidation range (0.7170 and 0.7350). Target levels have been achieved around 0.7050 and 0.7000.

The price level of 0.7050 was considered a key-level for the NZD/USD bears. That's why bearish persistence below 0.7050 allowed further bearish decline to occur towards the price levels around 0.6800.

As anticipated, the recent bullish pullback towards the price level of 0.7050 (Broken Demand-Level) offered a good opportunity for a valid SELL entry.

The quick bearish decline took place towards 0.6800 where a false bearish breakdown occurred.

This allowed temporary bearish movement to occur towards 0.6680. However, the pair failed to maintain enough bearish momentum.

On July 7, evident bullish rejection pushed the NZD/USD pair above 0.6820 again.

This was followed by a recent bullish reversal pattern (123 pattern) which enhances the bullish side of the market. Recent signs of bullish weakness were manifested on the chart.

The bulls are failing to maintain enough bullish momentum above 0.6820 indicating evident signs of bullish weakness.

Bullish fixation above 0.6820 is needed to allow further bullish advancement towards 0.6900 and 0.6980. Otherwise, further bearish decline should be expected towards 0.6680.

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Traders ignore weak data on Germany

The euro is gradually strengthening its positions against the US dollar, forming an upward correction, which was necessary after the fall that has been observed throughout the past week. Traders ignored weak data on the German economy, which also indicates only a technical correction in the trading instrument, rather than real purchases from institutional players.

According to the report of the Ministry of Economy, industrial production in Germany for the month of June this year fell sharply compared with May. The fall was mainly due to a reduction in the construction sector.

Thus, industrial production in June fell by 0.9% compared with May, while economists expected a reduction of only 0.4%. Compared with June last year, industrial production grew by 2.5%.

Meanwhile, the ministry expects that the growth in production in Germany will continue at a moderate pace.

Germany's exports in June remained unchanged compared to May, which is a negative signal indicating an increase in tensions in trade relations between the EU and the US.

According to the Federal Bureau of Statistics of Germany, exports remained unchanged, while Germany's imports grew by 1.2% in June compared to the previous month. The positive balance of Germany's foreign trade in June fell to 19.3 billion euros from 20.4 billion euros in May.

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Today, it became known that the agreement between the US and South Korea, which was recently concluded, may be blocked. South Korean lawmakers said that the parliament can not ratify the agreement unless the US does not make a number of concessions. First of all, it is about the administration of the White House to exclude from the list of South Korean cars that fall under duties.

It should be noted that the President of South Korea can not ignore the opinion of the parliament and unilaterally ratify the agreement. As for the US response, the Speaker of the State Department Robert Lightheather has not commented on the current situation.

As for the technical picture of the EURUSD pair, the buyers confidently got close to the resistance in the area of 1.1605 and are trying to form on it a new support zone for further growth. If the above scenario is worked out, it is most likely that the trading instrument will return to the highs of 1.1630 and 1.1655. In the event of an unsuccessful breakthrough of resistance at 1.1605, it is likely that a downward correction to the area is now the support level of 1.1565.

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