Forecast for USD / JPY as of August 20, 2018

USD / JPY

The Japanese yen strongly opposes external pressure from the stock market and a new factor of the risk of the Fed's shrinking balance felt by peripheral markets. The price is kept in the accumulation range of June positions, this range is marked by a gray rectangle.

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On the day and four-hour time frames, the situation is clearly decreasing. Both there and there the price is below the Krusenstern indicator lines and the balance line, on both graphs the signal line of the Marlin oscillator in the negative territory, there are no convergences with the price. With the subsequent jerk of the price downwards, support of the trend line near 109.86 can be achieved, breaking this line will open the way to downstream support at 108.98.

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Nevertheless, such a scenario may not be realized. If the price is fixed above the indicator lines at H4 (above 110.68), the main scenario of price growth with a balanced line attack on the daily chart (111.02) and further with an attempt to exit the trend line at 111.55 can earn.

So, the situation as a whole is uncertain, it remains to wait for its development.

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Fractal analysis of GOLD on August 20

Forecast for August 20:

Analytical review on the scale of H1:analytics5b7a203884306.png

For Gold, the key levels on the scale of H1 are: 1203.67, 1198.34, 1190.05, 1186.90, 1179.99, 1175.65, 1170.12 and 1159.49. Here, we follow the formation of the potential for the top of August 16. The development of this structure is expected after the passage at the price of the noise range of 1186.90 - 1190.05. In this case, the target is 1198.34 and in the corridor of 1198.34 - 1203.67 is the consolidation and hence, the probability of a rollback to correction is high.

The short-term downward movement is possible in the corridor of 1179.99 - 1175.65 and the breakdown of the last value will lead to an in-depth correction. Here, the target is 1170.12 and this level is the key resistance for the downward movement.

The main trend is the local downward cycle from August 10, the formation of the potential for the top of August 16.

Trading recommendations:

Buy: 1190.05 Take profit: 1198.00

Buy: 1198.50 Take profit: 1203.00

Sell: 1175.00 Take profit: 1170.00

Sell: 1169.00 Take profit: 1160.00

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Bitcoin analysis for August 20, 2018

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Trading recommendations:

According to the 30M time - frame, I found that Bitcoin is trading in a consolidation phase, which is a sign of indecision. Anyway, I found a potential downard movement within the consolidation. The potential C wave is in progress. My advice is to watch for selling opportunities. The downard targets are set at the price of $6.176 and at the price of $5.850.

Support/Resistance

$6.440 – Intraday resistance

$6.345– Intraday support

$6.176 – Objective target 1

$5.850 – Objective target 2

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

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Trading plan for the European session of GBP / USD pair on August 20

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

A breakdown and consolidation above the resistance of 1.2773 signal for the opening of long positions in the pound, which will lead to a larger upward wave with a test of new highs of 1.2823 and 1.2893, where fixing profits are recommended. In case of a pound drop, purchases can be considered for a rebound from 1.2697 and 1.2663.

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

The formation of a false breakout at the resistance of 1.2773 will be another signal to sell the pound with an exit to the lower border of the channel at 1.2697 and an update of 1.2663, where fixing profits are recommended. If the pound is above 1.2773 in the morning, it is best to look for short positions after the resistance test of 1.2823.

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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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Fractal analysis for major currency pairs as of August 20

Dear colleagues.

For the EUR / USD pair, the development of the upward structure of August 15 is expected after the breakdown of 1.1455. For the GBP / USD pair, the price is still in the correction zone. The level of 1.2825 is the key support for the bottom. For the USD / CHF pair, the continuation of the movement upward is expected after the breakdown of 0.9985. The level of 0.9932 is the key support. For the USD / JPY pair, we follow the formation of the downward structure from August 15. The level of 110.92 is the key support. For the EUR / JPY pair, the price forms a local downward structure from August 14. The development of this level is expected after the breakdown of 124.82. For the GBP / JPY pair, the price also forms a local structure for the bottom of August 14. The downward movement is expected after the breakdown of 139.86.

Forecast for August 20:

Analytical review of currency pairs in the scale of H1:

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For the EUR / USD pair, the key levels on the scale of H1 are: 1.1539, 1.1455, 1.1399, 1.1365, 1.1328, 1.1282, 1.1245, 1.1172, 1.1133 and 1.1043. Here, the price forms an upward structure from August 15 in correction from the downward cycle. The level of 1.1455 is the key resistance for the top. Passing the price will lead to the movement to the first potential target of 1.1539. Short-term downward movement is possible in the area of 1.1399 - 1.1365. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.1328. The breakdown of which, in turn, will continue the development of the downward trend on the scale of H1. In this case, the first target is 1.1282. In the area of 1.1282 - 1.1245 is the consolidation of the price. The breakdown at the level of 1.1245 should be accompanied by a pronounced downward movement towards the level of 1.1172. In the area of 1.1172 - 1.1133 is the consolidation of the price. The potential value for the bottom is the level of 1.1043. The movement towards this level is expected after the breakdown of 1.1131.

The main trend is a local downward structure from August 8, the formation of an upward structure from August 15.

Trading recommendations:

Buy Take profit:

Buy 1.1457 Take profit: 1.1537

Sell: 1.1398 Take profit: 1.1365

Sell: 1.1363 Take profit: 1.1328

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For the GBP / USD pair, the key levels on the scale of H1 are 1.2907, 1.2825, 1.2763, 1.2727, 1.2684, 1.2655, 1.2601 and 1.2561. Here, we continue to follow the local top-down cycle from August 7. Currently, the price is in the correction area. The continuation of the downward movement is expected after passing the price of the noise range of 1.2684 - 1.2655. In this case, the target is 1.2601. The potential value for the bottom is the level of 1.2561. After reaching this level, we expect consolidation in the area of 1.2601 - 1.2561.

Consolidated movement is possible in the area of 1.2727-1.2763. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.2825. This level is the key support for the bottom. Passing the price will lead to the formation of the initial conditions for the top. In this case, the potential target is 1.2907.

The main trend is a local downward structure from August 7, the correction stage.

Trading recommendations:

Buy: 1.2727 Take profit: 1.2760

Buy: 1.2765 Take profit: 1.2822

Sell: 1.2655 Take profit: 1.2604

Sell: 1.2658 Take profit: 1.2562

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For the USD / CHF pair, the key levels on the scale of H1 are: 1.0043, 1.0012, 1.0001, 0.9985, 0.9962, 0.9949, 0.9932 and 0.9900. Here, we clarified the subsequent goals from the upward structure on August 14. The continuation of the upward movement is expected after the breakdown of 0.9985. In this case, the target is 1.0001. In the area of 1.0001 - 1.0012 is the consolidation of the price. The breakdown of the level of 1.0012 will allow us to count on the movement towards the potential target of 1.0043. From this level, we expect a pullback downwards.

Short-term downward movement is possible in the area of 0.9949 - 0.9932. Hence, there is a high probability of a turn up. The breakdown of 0.9930 will lead to the development of a downward movement. In this case, the target is 0.9900.

The main trend is the formation of the upward structure of August 14.

Trading recommendations:

Buy: 0.9985 Take profit: 1.0000

Buy: 1.0014 Take profit: 1.0040

Sell: 0.9946 Take profit: 0.9934

Sell: 0.9928 Take profit: 0.9900

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For the USD / JPY pair, the key levels on a scale are: 111.37, 110.92, 110.68, 110.34, 110.11, 109.78 and 109.56. Here, the price lifted the development of the upward structure from August 13 and for the moment, we are following the downward movement of August 15. Short-term downward movement is possible in the area of 110.34 - 110.11. The breakdown of the last value should be accompanied by a pronounced movement towards the level of 109.78. The potential value for the bottom is the level of 109.56. Upon the reaching this level, we expect the consolidation of the price.

Short-term upward movement is possible in the area of 110.68 - 110.92. The breakdown of the latter value will lead to the formation of initial conditions for the top. Here, the target is 111.37. We consider the level of 111.73 as the potential value for the design of a pronounced initial structure for the upward cycle.

The main trend is the formation of a downward structure from August 15.

Trading recommendations:

Buy: 110.68 Take profit: 110.90

Buy: 110.94 Take profit: 111.33

Sell: 110.32 Take profit: 110.13

Sell: 110.08 Take profit: 109.80

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For the CAD / USD pair, the key levels on the H1 scale are: 1.3127, 1.3099, 1.3080, 1.3039, 1.3005, 1.2956 and 1.2924. Here, we follow the formation of the downward potential of August 16. Short-term downward movement is expected in the range of 1.3039 - 1.3005. The breakdown of the last value should be accompanied by a pronounced movement towards the level of 1.2956. The potential value for the bottom is the level of 1.2924. Upon reaching this level, we expect a rollback upward.

Short-term uptrend is possible in the area of 1.3080 - 1.3099. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.3127. This level is the key support for the downward structure from August 16.

The main trend is the formation of a downward potential from August 16.

Trading recommendations:

Buy: 1.3100 Take profit: 1.3125

Buy: 1.3127 Take profit: 1.3174

Sell: 1.3037 Take profit: 1.3007

Sell: 1.3002 Take profit: 1.2958

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For the AUD / USD pair, the key levels on the scale of H1 are: 0.7408, 0.7363, 0.7340, 0.7313, 0.7285, 0.7260, 0.7232 and 0.7199. Here, we follow the formation of the initial conditions for the upward cycle of August 15. The continuation of the upward movement is expected after the breakdown of 0.7313. In this case, the target is 0.7340. In the area of 0.7340 - 0.7363 is the consolidation of the price. The potential value for the top is the level of 0.7408.

Short-term downward movement is possible in the area of 0.7285 - 0.7260. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.7232. This level is the key support for the upward structure.

The main trend is the formation of the upward structure of August 15.

Trading recommendations:

Buy: 0.7313 Take profit: 0.7340

Buy: 0.7342 Take profit: 0.7362

Sell: 0.7285 Take profit: 0.7262

Sell: 0.7258 Take profit: 0.7234

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For the of EUR / JPY pair, the key levels on the scale of H1 are: 128.04, 127.02, 126.28, 125.72, 124.82, 124.12, 123.33 and 122.77. Here, the price forms a local structure for the bottom of August 14. The continuation of the movement downwards is expected after the breakdown of 124.82. In this case, the target is 124.12. Near this level is the consolidation of the price. The breakdown of the level of 124.10 must be accompanied by a pronounced downward movement. In this case, the target is 122.77. Upon reaching this level, we expect consolidation and also a rollback to the top.

Short-term upward movement is possible in the area of 126.28 - 127.02. The breakdown of the last value will lead to the development of initial conditions for the upward cycle. In this case, the potential target is 128.04.

The main trend is the local structure for the bottom of August 14.

Trading recommendations:

Buy: 126.30 Take profit: 127.00

Buy: 127.05 Take profit: 128.00

Sell: 124.80 Take profit: 124.20

Sell: 124.10 Take profit: 123.35

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For the GBP / JPY pair, the key levels on the scale of H1 are: 142.35, 141.49, 140.90, 139.86, 139.17, 138.26 and 137.68. Here, the price forms a local downward structure from August 14. Short-term downtrend is possible in the area of 139.86 - 139.17. The breakdown of the last value will lead to the development of a pronounced movement. Here, the target is 138.26. The potential value for the bottom is the level of 137.68. Near this level, we expect consolidation and also a rollback upward.

Short-term upward movement is possible in the area of 140.90 - 141.49. The breakdown of the latter value will lead to the development of an upward structure. Here, the target is 142.35. The potential value for the top is the level of 143.33. After reaching this level, we expect the initial conditions to be formalized.

The main trend is the local structure for the bottom of August 14.

Trading recommendations:

Buy: 140.95 Take profit: 141.40

Buy: 141.55 Take profit: 142.35

Sell: 139.80 Take profit: 139.20

Sell: 139.15 Take profit: 138.30

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USD/CAD analysis for August 20, 2018

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Recently, the USD/CAD pair has been trading downwards. The price tested the level of $1.3053. According to the H1 time – frame, I found head and shoulders pattern in the background and a broken neckline, which is a sign that buying looks risky. I also found a downward regression channel, which is another sign that sellers are in control. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3020 and at the price of 1.2975.

Resistance levels:

R1: 1.3135

R2: 1.3210

R3: 1.3252

Support levels:

S1: 1.3020

S2: 1.2975

S3: 1.2900

Trading recommendations for today: watch for potential selling opportunities.

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Control zones of GBP / USD pair 20.08.18

Last week, the pair tested the monthly control zone, like most major pairs, which led to the emergence of demand and the formation of a local accumulation zone, where the main resistance becomes the 1/2 control zone at 1.2793-1.2781.

The upward movement, in the second half of the month, becomes a priority, as the pair tested the monthly control zone of August. The probability of finding a price above this zone until the end of the current contract is 70%. This leaves an imprint on the trading plans that will be built in the next two weeks. On Friday, the US session was closed above the 1/4 control zone at 1.2727-1.2721, which allows you to look for patterns to buy with a depreciation rate in today's sessions. The main purpose of growth is the 1/2 control zone of 1.2793-1.2781. The same zone will act as a determining resistance.

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To continue the upward movement, it is necessary to close today's US session above the level of 1.2793. This will open the way for further growth to the higher control zone.

An alternative option will be a fall in the exchange rate, which will lead to the absorption of Friday's growth and the closing of trading below the opening. This will indicate a high probability of renewing the August low, which will in the future give more favorable prices for the purchase. This model has a sufficient probability for realization, however, it is better not to open sales, as the pair has already overcome the average monthly range and the probability of occurrence of large demand is increasing every day.

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The daytime CP is the daytime control zone. The zone formed by important data from the futures market that change several times a year.

The weekly CP is the weekly control zone. The zone formed by marks from important futures market which change several times a year.

The monthly CP is the monthly control zone. The zone is a reflection of the average volatility over the past year.

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Analysis of Gold for August 20, 2018

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Recently, Gold has been trading upwards. The price tested the level of $1,189.20. According to the M15 time – frame, I found a rising regression channel and rising ADX, which is a sign that buyers are in control. Buying on the dips looks like a good plan. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,193.15 and at the price of $1,200.00.

Resistance levels:

R1: $1,188.75

R2: $1.193.25

R3: $1,200.00

Support levels:

S1: $1,175.60

S2: $1,166.98

S3: $1,162.50

Trading recommendations for today: watch for potential buying opportunities.

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Forecast for EUR / USD pair as of August 20, 2018

EUR / USD pair

The EUR/USD pair rushed to a rising correction after reaching the target price of 1.1300 on August 15, which became a strong support and the growth of which can be any. The nearest resistance is 1.1462 on the daily scale. The penetration of the line may be followed by an increase in resistance to the trend line of the descending channel to the area of 1.1538. But even this resistance can be overcome, after which the prospect of growth becomes even more uncertain.

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On a new week, there is little economic statistics but there will be a conference in Jackson Hole (August 23-25), from which, as usual, investors are waiting for a (pleasant) surprise. In this case, Powell's assurances of independence from the White House in the context of continuing to raise rates before the inflation target level of 2.5%, because the theme of his Friday speech is called "Monetary policy in a changing economy."

In emerging markets, after the strengthening of national currencies, there was a lull this week, which creates a reason for correction of EUR / USD and other major world currencies. The main scenario remains the same as the price will try to overcome support 1.1300 for the second time, then to go down to the lower trend line at 1.1198. The situation on the 4-hour chart shows that the option with further price growth is gaining momentum. The price was fixed on the MACD indicator lines (blue) and the balance line (red) with the oscillator indicator Marlin points to a strong bullish trend. We are waiting for the development of the situation.

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GBP/USD. August 20. Trading system "Regression channels". Theresa May will lose support under any Brexit scenario

4-hour timeframe

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Technical data:

Higher channel of linear regression: direction - down.

The lower channel of linear regression: direction - down.

Moving average (20; flattened) - sideways.

CCI: -21.2447

On August 17, the GBP/USD currency pair continued its weakest upward correction and failed to work out the moving average line. In the meantime, a member of the ruling Conservative Party, Jacob Rees-Mogg gave an interview about Theresa May's prospect to implement her exit plan at the legislative level. According to Rees-Mogg, if the prime minister realizes the so-called "Chequers" plan, then they will vote against her in the House of Commons. The politician believes that Theresa May should remember the promises she made in the elections and how much they correspond to the "soft" scenario Brexit, which the British prime minister wants to realize. According to Rees-Mogg, the correspondences are small and he noted that it is better to leave the EU without a deal than according to the "Chequers" plan, which will leave the UK without the right to vote in the European Union. Based on opinions, the "hard" Brexit scenario without an agreement will also not satisfy many politicians and experts. This option implies a more serious financial pressure on the UK economy, which is the concern of BOE's head, Mark Carney. Given the fact that the number of votes in the referendum was distributed almost 50% to 50%, then there will be many who are unsatisfied. Also, the idea of holding a new referendum sounded more than once.

Nearest support levels:

S1 - 1.2695

S2 - 1,2573

S3 - 1.2451

Nearest resistance levels:

R1 = 1.2817

R2 = 1.2939

R3 = 1.3062

Trading recommendations:

The GBP/USD pair continued its weak correction. It is not recommended to work out this movement since it is very weak. You can only consider long positions after fixing the price above the removals with targets of 1.2817 and 1.2939 and only small lots.

Sell-positions are recommended to be opened after completion of correction with the targets of 1.2695 and 1.253. The signal for opening short position will be the indicator Heiken Ashi 1-2 bars in blue color or the rebound prices from the moving middle line.

In addition to the technical picture, one should also consider 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.

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

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

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Intraday technical levels and trading recommendations for EUR/USD for August 20, 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 lower limit of the depicted consolidation range (1.2200).

The price level of 1.1500 offered temporary bullish recovery towards 1.1830. The EUR/USD bulls failed to pursue towards higher bullish targets.

Instead, a descending high was established around 1.1800.

Currently, the EUR/USD pair is testing the price zone of 1.1450-1.1370 (demand zone) where the depicted trend lines are located on the depicted weekly chart.

As anticipated, bearish closure below 1.1400 was achieved. This allowed further bearish decline towards 1.1300.

For further bearish decline to occur, the EUR/USD pair needs obvious bearish breakdown below 1.1375. Initial bearish target would be located around 1.1275 then 1.1120 if enough bearish pressure is applied.

Hence, The EUR/USD short-term outlook remains bearish towards the mentioned levels unless bullish persistence above 1.1420 is achieved.

This would pause the ongoing bearish momentum allowing bullish pullback to take place towards 1.1520 initially.

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NZD/USD Intraday technical levels and trading recommendations for August 20, 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).

Quick bearish decline took place towards 0.6700-0.6800 where narrow ranged consolidation range was established.

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

However, lack of bullish momentum made the bulls fail to maintain enough bullish momentum above 0.6700.

On August 9, bearish breakout below the depicted consolidation range (0.6700-0.6840) was executed. This allowed the current bearish decline to occur towards 0.6600-0.6570.

The NZD/USD pair outlook turned to be bearish. Bearish targets are projected towards the price levels of 0.6520 and 0.6480.

Recently, early signs of bullish recovery are being manifested around the recent low around 0.6550. This indicates a possible bullish pullback.

Conservative traders should wait for a deeper bullish pullback towards 0.6700-0.6720 for a low-risk SELL entry. S/L should be placed above 0.6770.

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Technical analysis of USD/CAD for August 20, 2018

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Overview:

The USD/CAD pair continues to trade downwards from the levels of 1.3094. This week, the pair dropped from the level of 1.3169 to the bottom around 1.2974 then set around the spot of 1.3080. Today, the first resistance level is seen at 1.3094 followed by 1.3132, while daily support 1 is seen at 1.2974. According to the previous events, the USD/CAD pair is still moving between the levels of 1.3094 and 1.2974; for that, we expect a range of 120 pips (1.3094 - 1.2974). If the USD/CAD pair fails to break through the minor resistance level of 1.3094 , the market will decline further to 1.3048. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.2974 with a view to testing the daily major support. However, if a breakout takes place at the resistance level of 1.3132, then this scenario may become invalidated.

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Forecast for GBP/USD as of August 20, 2018

GBP / USD

On Thursday and Friday last week, the British pound showed a moderate correction against the background of a general dollar weakening. Before the current price, a significant resistance of the downward trend developed, with about 20 points left. The breakthrough of the significant resistance may trigger a deeper growth to the resistance of the trendline (blue) to the 1.2902 area. Of course, this resistance can be overcome as it happened in the second half of July - this time is indicated in the graph with a gray oval. In this case, the upper trend red line can be worked out.

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On the 4-hour chart, the criticality of the moment looks more pronounced. The price has been maintained for a long time by the balance line indicator, the price has been turned down from it three times, but now the price of the asset and both indicator lines have converged at one point. Now, further growth and a downward reversal of the price have the same probability. "Bears" are targeting the range of 1.2548 / 88, formed by the lows of June 21, 2017 and the lows of December 8, 2016.

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

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Technical analysis of GBP/USD for August 20, 2018

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Overview:

Last week, the GBP/USD pair hit the weekly support levels of 0.2780 and 0.2722. Thus, it dropped down in order to bottom at the point of 1.2780. The daily pivot point is seen at the price of 0.2780. Today, the pair is trading below its pivot point (1.2780). It is likely to trade in a higher range as long as it remains below the level of 1.2780. Hence, the minor resistance was already set at the level of 1.2780. Moreover, the weekly resistance is also coinciding around the major support around the area of 1.2837. Additionally, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100. Therefore, it will be advantageous to sell below the current level of 1.2780 with the first target at 1.2700. From this point, if the pair closes below the dily support of 1.2700 on the H1 chart, the GBP/USD pair may resume its movement to 1.2670 in order to retest the weekly support 2. On contrary, stop loss should always be taken into account, accordingly, it will be beneficial to set the stop loss below the last bullish wave at 1.2843.

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Technical analysis of #USD/IDR For Aug 20, 2018

On the daily chart of this currency pair, we can see clearly that the USD$ is still trading with the

bullish bias. The US currency has found support from Turkey's crisis. As for the Indonesian national currency, the country has already entered the Presidential Cycles. In this context, the Indonesian Rupiah is likely to get weaker against the USD$. We can see how long the support level will act as the barrier for the Indonesian Rupiah to get back strength again. Please take notice of such levels as such 14.303 and 14.133. In my opinion, at least 3-6 months are needed after the presidential election is over for the Indonesian Rupiah to recover again, provided no other external/internal factor influences this currency. At present, the USD/IDR pair will re-test the resistance become support (RBS) zone at 14.515 - 14.561 before the price weakens again. As long as 14.303 cannot be breached, usually 60% of the time the USD will extend its strength at least to test the 14.784 level. The overall bias of USD/IDR is still following the bullish trajectory (Rupiah Weaken). (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/USD for August 20, 2018

As we expected, according to our previous analysis, EUR/USD has bounced towards 1.1450 on Friday. EUR/USD is back testing the previous support area at 1.15 which is now resistance. A rejection at current levels will increase the chances of a move to new 2018 lows towards 1.11-1.12.

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Blue line - medium-term resistance

Red line - short-term resistance

EUR/USD is trading below both the tenkan- and kijun-sen indicators. Trend remains bearish in the Daily chart. Resistance is at 1.1470 and next at 1.15. Support is at 1.1380-1.1390. As long as the price is below 1.15-1.16, I will remain bearish.

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Technical analysis of #USDX for Aug 20, 2018

If we look at the daily chart, the USD Index has already escaped from its trading range. Now, the #USDX will try to retest the RBS (Resistance Become Support) Zone at 93.19-95.68 before the price goes up again to test the 97.87 level as a prime target. As long as the #USDX does not breakout and closes below the 93.19 level, the USD Index is set to trade with the bullish bias. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Gold for August 20, 2018

Gold price has broken short-term resistance and could give us a short-term bounce towards $1,190-$1,200 as long as the price is above $1,170. Trend remains bearish as long as the price is below $1,210.

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Black lines - wedge pattern

Gold price remains below the Ichimoku cloud and inside the wedge pattern. As long as both of these conditions hold, trend will remain bearish. Important trend resistance is at the upper wedge boundary and at the cloud resistance of the $1,195-$1,210 area. Gold price has started making higher highs and higher lows since last week's sell off and reversal we noted. Gold price is expected to continue its bounce towards $1,200. It is too early to tell if an important low is in, but we will have to keep a close eye on USD/CNY for more clues as the correlation between this pair and gold is very close the last few months.

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Control zones EUR/USD 20.08.18

On Friday, the formation of a reversal pattern occurred, indicating an upward priority that determines the trade direction for today. The growth target is the weekly KZ 1.1503-1.1484.

Last week, there was a test of the monthly KZ in August which determined the emergence of large demand. At the end of the week, a reversal pattern was formed after the close of the American session above the NKZ 1/2 1.1402-1.1393. This makes it possible to search for purchases with any reduction in the pair, which is corrective. The first support will be the NKZ 1/4 1.1399-1.1395. Testing this zone will enable traders to gain favorable prices for purchases and set a small stop on the possible take-profit, which will be located within the weekly KZ 1.1503-1.1484.

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It should be considered that the upward movement is still corrective from the mid-term point of view, therefore, purchases are required to be fixed during the weekly short-term test, which will act as the determining resistance.

The torus will remain unchanged from current marks. This will prevent players to gain favorable prices for buying, but for those who already hold a long position will quickly close the deal for take profit. Another option for purchases will be the decrease to the maximum possible correction zone for NKZ 1/2 1.1353-1.1344. If this happens, then the pair will test again the monthly control zone, which will make it possible to buy at the most favorable prices. The ratio of risk to profit of these transactions will exceed from 1 to 4, which will make them profitable.

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Daytime CP is the daytime control zone. The zone formed by important data from the futures market, which change several times a year.

Weekly CP is the weekly control zone. The zone formed by important futures market marks, which change several times a year.

Monthly CP is the monthly control zone. The zone is a reflection of the average volatility over the past year.

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

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Trading plan for 20/08/2018

Today's session should be rather calm because apart from the publication of the PPI index in Germany, the global investors will not get any important macroeconomic data. In the calendar, however, we will find scheduled speeches by several central bankers, but no president, so markets will hardly attach much importance to them. Nevertheless, speeches will come from BOC Senior Deputy Governor Carolyn Wilkins, FOMC Member Raphael W. Bostic, and ECB's Jens Weidmann. The latter gave an interview at the weekend for the German newspaper Frankfurter Allgemeine Sonntagszeitung. In his opinion, the time of normalization of monetary policy is slowly coming. This process will be gradual and will probably last several years. He also spoke about Turkey. In his opinion, the current crisis has little impact on German banks. This is an example that the resilience of financial systems to local shocks has increased. Turkey is only in 16th place among German trading partners, and this country is responsible only for 1% of the global economy.

USD/TRY analysis for 20/08/2018:

Last week was marked by consolidation on currency markets. Both the yen and the dollar lost their growth momentum. Also, the Turkish lira is no longer important for investors. After declines from last Monday, the USDTRY price fell slightly and stabilized at around 6.00. The fear of additional sanctions on the part of the US still exists, which can be seen after the downgrade of ratings by major agencies.

The question of a trade war between the United States and China came to the fore. The parties agreed to resume negotiations. Deputy Minister of Commerce Wang Shouwen will meet with Secretary of International Relations David Malpas in Washington. Markets do not expect too much after these talks. First of all, both politicians do not have enough power to make any binding decisions. What's more, Malpass is on the side of Treasury Secretary Steven Mnuchin, who has recently been isolated from the issue of trade with China.

Let's now take a look at the USD/TRY technical picture at the H4 time frame. The price dropped towards the level of 5.43, but so far did not reach it and made a local low at the level of 5.68. The technical resistance at the level of 6.41 will now cap all the rallies to the upside, so it is an important level to keep the eyes on. The market conditions are now oversold, but the momentum remains neutral. As long as the price remains below the blue internal trend line, the bias is continuing to be bearish as the pull-back continues.

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Bitcoin analysis for 20/08/2018

Nvidia, a graphics chip manufacturer, recorded huge increases at the end of 2017 and for most of 2018, when the demand for advanced graphics processors used to extract cryptocurrencies increased sharply. The recent drops in the market caused a drop in demand, which forced Nvidia to change its strategy.

Nvidia's largest rival, Advanced Micro Devices (AMD), also reached record levels, gaining more than 100% in the last quarter. Nvidia was particularly good with the waves of the huge cryptocurrency boom in November and December, when it reached an impressive 42% from November 2017 to a record level of $ 267 per share in June 2018.

Demand for top-class GeForce graphics processors grew sharply when Bitcoin's price rose from $ 5,800 to almost $ 20,000 in one month - creating a shopping spree for miners wanting to earn crypt-madness.

However, the recent slowdown in the market has left Nvidia a large amount of unsold equipment due to weakening interest rates and market sentiment. The company expected around $ 100 million in the second fiscal quarter from the sale of chips used for miners. Instead, sales in this period amounted to 18 million dollars, and in the future revenues will probably disappear completely. Nvidia's CEO, Jensen Huang, plans to exclude from the budget production directed at mining cryptocurrencies. Yesterday during a conference call Huang talked about entering new roads and focusing on the strengths of Nvidia: "Our basic platforms have exceeded our expectations, even when the crypto has largely disappeared. We do not plan to develop cryptographic mining " - he said.

Although the extraction of cryptocurrencies enabled Nvidia to increase revenue and market value in the short term, the company can no longer compete with gaming miners such as the Chinese company Bitmain. The company manufactures and uses ASIC excavators that are able to extract cryptocurrencies much more efficiently than the best Nvidia cards. Instead, Nvidia will focus on its strengths, especially in the computer games industry, artificial intelligence and data processing.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market remains inside of the horizontal consolidation between the levels of $5,846 - $6,597. Currently, the price is just above the weekly pivot at the level of $6,359 and just above the internal trend line support marked in blue. The key level to the upside is seen at $6,597 and in a case of a breakout higher, the next target for bulls is seen at $6,752. On the other hand, the intraday supports are seen at the levels of $6,179, $6,134, $6,083 and $6,034.

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Fundamental Analysis of GBP/USD for August 20, 2018

GBP/USD has been quite volatile below 1.2850 which is expected to retest before pushing lower again with the trend in the coming days. Due to BREXIT impact and worse economic reports, GBP has been struggling with the gains against USD which is expected to extend further lower in the coming days.

Today GBP Rightmove HPI report was published with a decrease to -2.3% from the previous value of -0.1% which did not impact the GBP gains in the process and expected to lead to certain bullish momentum for a certain period in the process. Ahead of the GBP Inflation Report Hearings next week, GBP is expected to be quite volatile with the upcoming gains in the pair.

On the USD side, this week USD FOMC Meeting Minutes and FED Chair Powell is going to speak which is expected to inject volatility in the pair. Though there are certain assumptions that due to US Tariff, the economy is going to suffer a lot in the future, USD is still going strong in the market. Today FOMC Member Bostic is going to speak about the upcoming interest rate decisions and monetary policies which are expected to add to the USD gains in the coming days ahead of high impact economic events this week.

As of the current scenario, USD is still quite strong fundamentally and technically whereas certain gains on the GBP might be observed in the market leading to a short-term retrace along the way. Though the market may act quite volatile ahead of the high impact USD report this week and GBP report next week, whereas USD is expected to have an upper hand in the long-term.

Now let us look at the technical view. After the price has breached below 1.2850 with a daily close, the price has pushed a bit higher recently which is expected to lead to a retrace towards 1.2850 before pushing lower with the trend with a target towards 1.2550 area in the coming days. As the price remains below 1.2850 with a daily close, the bearish bias is expected to continue.

SUPPORT: 1.2550

RESISTANCE: 1.2850

BIAS: BEARISH

MOMENTUM: VOLATILE

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Fundamental Analysis of EUR/USD for August 20, 2018

EUR/USD has been quite bullish recently after bouncing off the 1.13 support area which is expected to retrace for a short period of time before pushing lower with the bearish trend in the coming days. EURO has been quite positive with the recent economic reports which helped the currency to gain more momentum against USD recently.

EURO has been struggling with the recent Trade War and BREXIT tensions which lead to consistent bearish pressure in the pair. Today EURO German PPI report is going to be published which is expected to increase to 0.4% from the previous value of 0.3% and German Buba Monthly Report is also going to be published which is expected to have a neutral impact on the market today. Ahead of series of economic reports to be published this week, EURO is expected to have volatile momentum in the market.

On the other hand, this week USD FOMC Meeting Minutes and FED Chair Powell is going to speak which is expected to inject volatility in the pair. Though there are certain assumptions that due to US Tariff, the economy is going to suffer a lot in the future, USD is still going strong in the market. Today FOMC Member Bostic is going to speak about the upcoming interest rate decisions and monetary policies which are expected to add to the USD gains in the coming days ahead of high impact economic events this week.

As of the current scenario, EUR having no strong economic report or event to be held this week is expected to continue its struggle to gain momentum against USD whereas any positive outcome of the USD events is expected to help regain momentum in the coming days.

Now let us look at the technical view. The price has been quite strong with the bullish gains recently which is expected to push towards 1.15 price area where the dynamic levels like 20 EMA, Tenkan and Kijun line rests. The trend is still bearish for which the price is expected to reject off the 1.15 area with a daily close before pushing lower with the trend in the coming days. As the price remains below 1.17 with a daily close, the bearish bias is expected to continue further.

SUPPORT: 1.1300, 1.1150

RESISTANCE: 1.15, 1.17

BIAS: BEARISH

MOMENTUM: VOLATILE

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CAD/CHF Reversed Off Resistance, Prepare For Further Drop!

CAD/CHF reversed off its resistance at 0.7625 (61.8%, 100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it is expected to drop further to its support at 0.7583 (61.8% Fibonacci extension, 50% Fibonacci retracement).

Stochastic (55, 5, 3) reversed off its resistance at 95% where a corresponding drop is expected.

CAD/CHF reversed off its resistance where we expect to see a further drop.

Sell below 0.7625. Stop loss at 0.7647. Take profit at 0.7583.

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AUD/USD Reversed Off Resistance, Prepare For Further Drop!

AUD/USD reversed off its resistance at 0.7320 (100% & 61.8% Fibonacci extension, 38.2% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 0.7245 (61.8% Fibonacci retracement).

Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.

AUD/USD reversed off its resistance where we expect to see a further drop.

Sell below 0.7320. Stop loss at 0.7245. Take profit at 0.7364.

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Elliott wave analysis of EUR/NZD for August 20, 2018

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Nothing happening here. The range-trading between 1.7220 and 1.7310 continues to dominate the picture. We continue to look for a break above resistance at 1.7310 and more importantly a break above resistance at 1.7355 that confirms red wave ii has completed and red wave iii has taken over for the next impulsive rally towards 1.7924 and 1.8369 as the next larger upside targets.

R3: 1.7484

R2: 1.7417

R1: 1.7355

Pivot: 1.7310

S1: 1.7270

S2: 1.7243

S3: 1.7220

Trading recommendation:

We are long EUR from 1.7245 with our stop placed at 1.7215.

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Elliott wave analysis of EUR/JPY for August 20, 2018

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The complex correction in wave iv/ continues to dominate the picture here. We continue to look for c/ of iv stretching a bit higher towards 127.94 before completing wave iv/ and turning lower to just below 124.89 to complete wave v/ of C of ii. Once this very complex correction in wave ii is complete a new impulsive rally is expected in wave iii. The impulsive rally in wave iii should ultimately break above 131.99.

At no point can a break below 124.59 be accepted under this count.

R3: 127.52

R2: 127.06

R1: 126.61

Pivot: 126.39

S1: 125.76

S2: 125.26

S3: 124.89

Trading recommendation:

We are long EUR from 126.25. We will raise our stop to 125.50. We will take half profit at 127.40 and wait for a new buying opportunity at 125.15.

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Technical analysis: Intraday Level For EUR/USD, Aug 20, 2018

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When the European market opens, some Economic Data will be released such as German Buba Monthly Report and German PPI m/m. The US will not release any Economic Data'such, so amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1493.

Strong Resistance:1.1486.

Original Resistance: 1.1475.

Inner Sell Area: 1.1464.

Target Inner Area: 1.1437.

Inner Buy Area: 1.1410.

Original Support: 1.1399.

Strong Support: 1.1388.

Breakout SELL Level: 1.1381.

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.

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Technical analysis: Intraday level for USD/JPY, Aug 20, 2018

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Today, Japan and the US will not release any Economic Data. So there is a probability the USD/JPY will move with low volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 111.08.

Resistance. 2: 110.86.

Resistance. 1: 110.65.

Support. 1: 110.38.

Support. 2: 110.17.

Support. 3: 109.95.

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