Vertex Conqueror: Bitcoin is growing steadily, exceeding the annual maximum

On Monday, May 27, cryptocurrency number 1 demonstrates steady growth, coming close to the mark of $9000. The Bitcoin rate has reached $ 8755.10 and analysts say that it is ready to continue moving.

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According to the observations of experts, the leading digital currency has risen by almost 140%since the beginning of 2019 and reached a maximum level since May 2018. Experts believed that the current breakthrough is the latest news confirming the growing interest of a number of large companies in virtual assets. According to the estimates of cryptocurrency experts, the global digital currency market has good potential both in the short and long term.

However, many investors were slow to remember the recent collapse of the virtual asset market. Recalling that the volume of transactions on it lags behind the pace of price increases, they considered this market "overheated". Some analysts believe that the current rise will soon be followed by a recession. At the same time, about 15% of experts declared a decline in the cryptocurrency market, while supporters of its growth are about 45%. Optimistic analysts predicted a rise in the price of Bitcoin to the $9,550 mark. In analyzing the value of cryptocurrency number 1 in the medium term, the number of positive experts rose to 70%.

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Trading recommendations for the EUR/USD currency pair - placement of trading orders on May 27

By the end of the last trading week, the Euro / Dollar currency pair showed low volatility of 36 points. Yet, the correction phase was retained even with this small amplitude. From the point of view of technical analysis, we see that the long-awaited correction against the background of the overbought dollar has come to our edges, discarding us more than 100 points from the pivot point 1.1112. Considering the general plan, we see that the global downtrend remains on the market and there are no hints of its change so far. The only thing that holds is the pivot level of 1.1112, which is the local minimum of the current year. The key event of the past week can rightly be called the resignation of British Prime Minister Theresa May, who said she would leave the post of leader of the Conservative Party on June 7. Frankly, the news is twofold. On the one hand, waiting for changes in current policy and on the other hand, perhaps even worse. In turn, the market reacted quite positively. The pound was rising in price, followed by the euro. I would call all this as premature fantasies. The Brexit topic will continue to hold the interest of speculators and with the new face of the party leader, Nigel Farage, it may even get worse if it comes to the disappointing withdrawal of a country from the EU without a deal. The news background on Friday had statistics on durable goods in the United States, where they waited for a reduction of 2.0%, which in principle was 2.1%. if it comes to a disappointing withdrawal of a country from the EU without a deal.

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Today, in terms of the economic calendar, we have a day off in the United States called "Memorial Day". Thus, trading volumes can be reduced.

Further development

Analyzing the current trading schedule, we see that the corrective move led us to the value of 1.1215, after which the upward driver began to decline. It is likely to assume that the quote is temporarily nailed to the value of 1.1180, where previously it felt pressure in the form of a mirror level. If the bearish background will gradually return and the quote will be fixed lower than 1.1175, then it makes sense to talk about the restoration of short positions and as a fact of the main move. Otherwise, you can see a temporary bump of 1.1180/1.1220 because of the confusion over Brexit.

Based on the available information, it is possible to expand the number of variations, let's consider them:

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- The positions for the purchase were considered in case of price fixing higher than 1.1225.

- Positions for sale are considered in the case of price fixing below 1.1175, with a primary perspective of 1.1135-1.11112.

Indicator Analysis

Analyzing a different sector of timeframes (TF), we can see that indicators in the short term show us a downward interest against the background of a recovery attempt. Intraday and mid-term perspectives are set for an upward interest against the background of a corrective move.

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Weekly volatility / Measurement of volatility: Month; Quarter; Year

Measurement of volatility reflects the average daily fluctuation, based on monthly/quarterly/year.

(May 27 was based on the time of publication of the article)

The current time volatility is 25 points. It is likely that volatility can be reduced due to less trading volumes because of the holiday in the US.

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Key levels

Zones of resistance: 1.1300 **; 1.1440; 1.1550; 1.1650 *; 1.1720 **; 1.1850 **; 1.2100

Support areas: 1.1180; 1.1112; 1.1080 *; 1.1000 ***; 1,0850 **

* Periodic level

** Range Level

*** Psychological level

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Technical analysis of USD/CAD for May 27, 2019

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Overview:

The USD/CAD pair continues to move upwards from the level of 1.3457. The pair rose from the level of 1.3457 (the level of 1.3457 coincides with a ratio of 61.8% Fibonacci retracement) to a top around 1.3505. But it rebounded from the top pf 1.3505 to 1.3477. Today, the first support level is seen at 1.3457 followed by 1.3425, while daily resistance 1 is seen at 1.3457. According to the previous events, the USD/CAD pair is still moving between the levels of 1.3505 and 1.3457; for that we expect a range of 48 pips (1.3505 - 1.3457). On the one-hour chart, immediate resistance is seen at 1.3505. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100), Therefore, if the trend is able to break out through the first resistance level of 1.3505, we should see the pair climbing towards the daily resistance at the levels of 1.3532 and 1.3560. It would also be wise to consider where to place stop loss; this should be set below the second support of 1.3425.

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Technical analysis of EURUSD for May 27, 2019

EURUSD bounced towards 1.12 but now we see the usual rejection signs once price reaches the upper channel boundaries. Medium-term trend remains bearish as price continues to make lower lows and lower highs.

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Red lines - bearish channel

EURUSD has been inside this bearish channel since the start of the year. The recent bullish reversal candle that we noted in a previous posts has pushed price from 1.11 to a bit higher than 1.12. However the important resistance area of 1.1230-1.1260 has remained untouched and unchallenged. Trend remains bearish as long as price is below the upper channel boundary. Price is showing rejection signs once again however with the US markets closed, we should be a bit more patient until tomorrow to have a clearer view of the market.

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Bitcoin analysis for May, 27.2019

BTC has been trading strongly upside. There was the breakout of the ascending triangle, which is good sign for further upside movement.

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White lines – Ascending triangle (broken)

Yellow rectangle – Resistance level

Red horizontal line– Projected target for the Ascending triangle

The breakout of the Ascending triangle did confirm the strong bullish bias. You should watch for buying opportunities on the pullbacks. We might expect potential re-test of the broken resistance at $8.291 before new wave up. The projected target is set at the price of $9.563.

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Technical analysis of USD/CHF for May 27, 2019

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Overview:

The USD/CHF pair continues moving in a bullish trend from the support levels of 1.0123 and 1.0177. Currently, the price is in an upward channel. This is confirmed by the RSI indicator signaling that the pair is still in a bullish trend. As the price is still above the moving average (100), immediate support is seen at 1.0177. Consequently, the first support is set at the level of 1.0177. So, the market is likely to show signs of a bullish trend around 1.0177. In other words, buy orders are recommended above the level of 1.0177 with the first target at the level of 1.0265. Furthermore, if the trend is able to breakout through the first resistance level of 1.0265, we should see the pair climbing towards the point of 1.0314. However, it would also be wise to consider where to place a stop loss; this should be set below the second support of 1.0123.

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Technical analysis of Gold for May 27, 2019

Quiet day today as there is trading holiday in the US. Gold market is showing no clear direction today although price is a bit higher than Friday's trading session. Nothing is clear yet for the medium- or long-term trend for Gold.

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Green line -long-term support trend line

Blue neck line - horizontal support

Black line - short-term resistance trend line

Blue downward sloping line - long-term resistance trend line

Gold price has bounced once again off the upward sloping green trend line support. Now we find key support at $1,270 as long as price is above this level bulls still hope for a bigger move higher. Bears on the other hand as long as they see price below $1,300 they have hopes for another sell off. Gold price has resistance at $1,290-92 area and if this level is broken then we would give many chances of a continued move higher. Failure to hold price above $1,270 will open the way for $1,250-30.

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GBP / USD plan for the American session on May 27. Enthusiasm of pound buyers is diminishing

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

Buyers failed to keep the pair above the level of 1.2696, to which I paid attention in my morning forecast that they would maintain a downward impulse. In the afternoon, a return and consolidation above the resistance of 1.2969 are required, which will allow us to count on a quick return to a maximum of 1.2744, where I recommend taking profits. With a further decrease in the pound, you can open long positions today to rebound from a low of 1.2648.

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

As long as trading is below the resistance of 1.2696, pressure on the pound will continue. The main task of the bears is to test the support of 1.2648, which may lead to an update of the minimum of 1.2607, where I recommend taking profits. When the growth scenario is above 1.2696 in the second half of the day, you can return to sales of the pound immediately to rebound from a maximum of 1.2744.

Indicator signals:

Moving averages

Trade is conducted in the region of 30 and 50 moving averages, which indicates the lateral nature of the market.

Bollinger bands

In the case of pound growth, the upper limit of the indicator in the area of 1.2750 will act as resistance.

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Description of indicators

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

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GBP/USD analysis for May, 27.05.2019

GBP has been trading downwards as we expected. The price tested the level of 1.2665. We are expecting more downside on GBP due to breakout of the upward channel.

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White line – broken upward channel

Yellow rectangle - Support 1

Red rectangle– Support 2

The breakout of the upward channel did set the tone for the day and potentially marked more downside. I also found the 3hour balance after the breakout, which was consolidation after the breakout. Support levels are seen at the price of 1.2650 and 1.2605. Stochastic made new momentum down, which is another confirmation of the underlying weakness on GBP. Key resistance is seen at the price of 1.2745.

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EUR/USD plan for the US session on May 27. Buyers are preparing the lower level of the new rising channel

To open long positions on EUR / USD pair, you need:

The lack of important fundamental data led to a slight downward correction of the euro. However, buyers are trying to build the lower boundary of the rising channel in the support area of 1.1192. False breakdown at this level will be a signal to open long positions in the pair with a test of maximum at 1.1222, where I recommend today to take profits. With a further decrease in EUR/USD pair, you can immediately look at the rebound from the 1.1171 low.

To open short positions on EUR / USD pair, you need:

It is unlikely that the bears in the afternoon will actively try to break through the support of 1.1192 but for them, this is the primary task. Fixing below this level will lead to a further decline of EUR/USD in the area of minimum 1.1171 and 1.1149, where I recommend taking profits. When trying to grow the euro, short positions can return immediately to the rebound from a maximum of 1.1222.

Indicator signals:

Moving averages

Trade is conducted in the region of 30 and 50 moving averages, which indicates the lateral nature of the market, which continues until tomorrow.

Bollinger bands

In case of euro growth, the upper limit of the indicator in the area of 1.1220 will act as resistance.

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Description of indicators

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

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Analysis of Gold for May, 27.2019

Gold has been trading sideways at the price of $1.285.35. We found that Gold lost momentum on the last up swing, which is potential sign of the downward movement.

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White line – bearish divergence

Red horizontal line- Support 1

Red horizontal line– Support 2

We found bearish divergence on the Stochastic oscillator, which is sign of the losing momentum on the upside. We also found fial breakout of the Friday's high at $1.286, which is another sign of the wekaness. Support is seen at the price of $1.280 and $1.270. Resistance level is set at the price of $1.287. Watch for potential selling opportunities with the first target at $1.280.

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Wave analysis of EUR / USD and GBP / USD for May 27. We are waiting for the new fall of the euro and pound sterling

EUR / USD pair

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On Friday, May 24, the EUR/USD pair trading ended with an increase of 25 basis points. Nevertheless, the current wave is counting despite the two-day growth of the Euro-currency. It suggests the construction of a downward set of waves, which remain in force. The only thing that should be noted is that the wave pattern takes a rather complicated form and the entire downward portion of the trend can turn out to be very long. Recent US releases have disappointed the market. The bears missed the opportunity to break through the minimum of April 26 and the instrument turned to the construction of the next correction wave. it became known on Friday that orders for durable goods declined in April. Moreover, the results of the elections to the European Parliament became known this morning, and according to which, the presence of European skeptics in the EU government is growing. It is impossible to state unequivocally that this is bad for the euro. This should simply be taken as a fact. A downward signal down from MACD will be a good reason for new sales of Eurocurrency.

Sales targets:

1.1097 - 161.8% Fibonacci

1.1045 - 200.0% Fibonacci

Purchase targets:

1.1324 - 0.0% Fibonacci

General conclusions and trading recommendations:

The euro/dollar is still in the process of building a downtrend trend. However, after the quotes move away from the lows reached, I recommend waiting for the signal down from the MACD and again selling the euro with targets at 1.1097 and 1.1045, which corresponds to 161.8% and 200.0% Fibonacci. I recommend placing a restrictive order above the Fibonacci level of 76.4%.

GBP / USD pair

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On May 24, the GBP/USD pair gained 55 basis points. The political and economic situation remains difficult in the UK as the country waits for the election of a new prime minister. The conservatives have suffered a deafening defeat in the elections to the European Parliament, while the laborists also did not get the desired number of votes. Thus, Brexit remains unresolved. The sterling pound has been growing in the last few days but only because of weak statistics from America, which made experts speak again about recession in the United States. However, it does not matter much for the pounds/dollars pair because the situation in the UK is much worse. The country continues to lose a lot of money because of Brexit, but the exit as such has not even taken place. The investment attractiveness of the UK is very low and some companies want to leave the country due to incomprehensible future relations with the EU.

Sales targets:

1.2554 - 200.0% Fibonacci

1.2360 - 261.8% Fibonacci

Purchase targets:

1.3175 - 0.0% Fibonacci

General conclusions and trading recommendations:

The wave pattern of the pound/dollar instrument suggests a resumption of the instrument decline within the estimated wave c. Thus, I still recommend selling the pound now with targets located near the calculated levels of 1.2554 and 1.2360, which corresponds to 200.0% and 261.8% Fibonacci, but with one clarification. I recommend waiting for the signal down from MACD for new sales.

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Review for the "Regression Channels" system for GBP/USD pair on May 27: rexit party won the European Parliament election

4 hour timeframe

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Technical details:

Senior linear regression channel: direction - down.

The younger linear regression channel: direction - down.

Moving average (20; smoothed) - sideways.

CCI: 99.6865

Well, Theresa May resigns and 7 politicians, including Boris Johnson, are immediately marked in her place. Then, elections to the European Parliament are over. In general, Eurosceptics gained more than 100 places out of 751, and Nigel Faraj's Brexit won the game from the UK. As we already wrote in the review about the euro, there was no particular reaction of the market to the election results. Traders are not ready to make long-term plans and try to guess what this political situation will lead to. Also, market participants do not want to guess who will be the next prime minister and how Brexit will end. Thus, sales of the pound against the background of complete uncertainty for Brexit ended and the pound rebounded slightly against the background of weak US macroeconomic statistics in the past two days. From a technical point of view, euro sellers still hold the initiative in their hands until it was possible as the above movement of the pound/dollar pair to gain a foothold. Thus, bears can again go on the attack on the bulls at any time, which still have nothing to repel. On the first trading day of the week, there is not a single planned important publication. Thus, there is every reason to assume that volatility will be low today. However, given the resignation of Theresa May, new messages from the UK regarding the new prime minister and the prospects for Brexit may cause a surge in activity among traders with a low volatility today.

Nearest support levels:

S1 - 1.2695

S2 - 1.2634

S3 - 1.2573

Nearest resistance levels:

R1 - 1.2756

R2 - 1.2817

R3 - 1.2878

Trading recommendations:

The GBP/USD pair continues the upward correction. Thus, it is now recommended to wait for its completion and then resume sales of the pound sterling with targets of 1.2634 and 1.2573.

Longs are recommended to be considered only after the pair fixed above the movement with targets at 1.2817 and 1.2878. However, the bulls remain fairly weak at the moment.

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

Explanations for illustrations:

The senior linear regression channel is the blue lines of unidirectional movement.

The junior linear channel is the purple lines of unidirectional movement.

CCI is the blue line in the indicator regression window.

The moving average (20; smoothed) is the blue line on the price chart.

Murray levels - multi-colored horizontal stripes.

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

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Results of the elections to the European Parliament only slightly differed with the forecasts

Let me remind you that the elections to the European Parliament were held in 28 EU countries from Thursday to Sunday. As for the preliminary results, the European Democratic Bloc "European People's Party" received 23.8% or 179 votes. The party "Progressive Alliance of Socialists and Democrats" gained a little less than 20% and 150 parliamentary seats. However, these two friendly blocs of parties do not gain an absolute majority of votes in sum, which will force them to seek allies for the formation of the ruling coalition. Many were surprised by the rather high voter turnout of about 50.5%, whereas last year, less than 43% of the citizens came to the polls.

As for the nationalist party Europe for Freedom and Direct Democracy, as well as the European skeptic party Europe of Nations and Freedoms, their support by the electorate has also increased significantly. According to the results of the games will take 56 and 58 places respectively.

As expected, the majority received the pro-European forces. Yet, this does not simplify the task of resolving issues with the release of the UK from the EU as the decision-making processes in the block have become even more complicated. Of the representatives of the deputies, many are not focused on business support, as well as environmentalists.

Returning to the fundamental data, we should note the report on the American economy. A pressure formed in the US dollar on Friday and as a result of which, it was possible to observe the strengthening of risky assets. According to the report, orders for durable goods in April 2019 declined slightly more than economists had predicted. Reduced orders are directly related to weak demand for civil aircraft due to problems with Boeing Co.

According to a report by the US Department of Commerce, orders for durable goods in April decreased by 2.1% compared with the previous month amounting to $ 248.4 billion. Economists had expected orders to fall by 2% in April. Data for March were revised downwards. Initially, an increase of 2.6% was reported against an actual increase of 1.7%. In the first four months of 2019, orders for durable goods increased by 2% compared with the same period of the previous year.

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As for the technical picture of the EUR/USD pair, a further upward correction will be problematic without the formation of a new lower boundary of the ascending channel, which can be observed in the area of the minima at 1.1190 and 1.1170. The target buyers of risky assets will be highs in the area of 1.1230 and 1.1260.

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Review for the "Regression Channels" system for EUR/USD pair on May 27: Eurocurrency prospects are still vague

4-hour timeframe

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Technical details:

Senior linear regression channel: direction - down.

The younger linear regression channel: direction - down.

Moving average (20; smoothed) - up.

CCI: 150.4770

The last trading day of last week was the scenario of eurobucks. The only but very important macroeconomic report of the day showed that the number of orders for durable goods in the United States decreased by 2.1% y/y in April (excluding defense by 2.5% and defense and aviation by 0.9%). Thus, traders continued to reduce the dollar positions, which led to a slight strengthening of the euro. It was "slightly" because the total for the day the pair rose by only 30 points. Even taking into account the fact that the growth of the euro currency has been going on for two full days already, this is not enough to suggest the beginning of an uptrend. Although prices overcame a moving average line, which changed the current trend for the instrument to ascending. The foreign exchange market is now in serious thought, as there are no reasons for buying euros, except for the failed macroeconomic statistics from the USA. Thus, it is possible that euro sellers will become more active again in the near future. Meanwhile, elections to the European Parliament are over in Europe. There is a high voter turnout, more than 50%. Of Eurosceptics received more than 100 seats in parliament, which is not very good for the prospects of the European Union in the distant future. However, this does not affect the euro rate so far.

Nearest support levels:

S1 - 1.1200

S2 - 1.1169

S3 - 1.1139

Nearest resistance levels:

R1 - 1.1230

R2 - 1.1261

R3 - 1.1292

Trading recommendations:

The EUR/USD currency pair continues its slight upward movement. Thus, it is now recommended to consider buying orders with targets at 1.1230 and 1.1261, but in small lots since both linear regression channels are still downward.

It is recommended to consider selling orders for the euro/dollar pair only after the price is fixed back below the moving with targets 1.1139 and 1.1108.

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

Explanations for illustrations:

The senior linear regression channel is the blue lines of unidirectional movement.

The younger linear regression channel is the violet lines of unidirectional movement.

CCI - blue line in the indicator window.

The moving average (20; smoothed) is the blue line on the price chart.

Murray levels - multi-colored horizontal stripes.

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

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Bitcoin: When will it reach 9,000?

Bitcoin has already reached the level of 8,900 and it is close to a breakthrough of 9,000 USD. The main growth is associated with an increase in trading volume by $10.3 billion this weekend, according to CoinMarketCap.

Bitcoin (BTC) buy signal:

Buyers reached the target of 8.900 USD. Now, the new challenge is to break through this range, which will lead to the area of new highs of 9.100 and 9.300, where I recommend taking profits. Those who still believe in Bitcoin correction and decline can wait for the renewal of 8.480 minimums or buy for a rebound from 8,120.

Bitcoin Sales Signal (BTC)

An unsuccessful breakthrough to the resistance of 8,900 with a repeated test, which may take place in the near future with confirmation of divergence on the MACD indicator, will be the first signal to open short positions. However, more acceptable levels for selling Bitcoin are seen in the region of 9,100 and a little higher in the region of 9,300. The purpose of the bears will be to return the cryptocurrency rate to the support area of 8,480.

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Simplified wave analysis for GBP / USD and AUD / USD pairs and forecast on May 27

GBP / USD pair

The unfinished wave model of the British pound has a bearish sentiment on May 3. The first 2 parts are completely formed in the wave structure. While ascending since May 23, the plot of the schedule corrects the beginning of the final part (C). The price is within the wide potential reversal zone of the monthly timeframe of the chart.

Forecast:

Today, it is expected that the pair will continue its current ascending course up to its full completion. The nature of price fluctuations is likely to be flat. By the end of the day, the chance of a change in the rate and the price move down is increasing. With a reversal, a short-term price breakthrough of the upper resistance line is possible. The support zone will limit the range of the pair's daily movement.

Recommendations:

For trading on long-term parts of the chart, the best solution is to stay out of the market. Supporters of transactions within the sessions can make short-term sales. When the price approaches the support zone, it is wiser to complete the transaction due to the high probability of a pullback.

Resistance zones:

- 1.2740 / 1.2770

Support areas:

- 1.2670 / 1.2640

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AUD / USD pair

The direction of short-term trends is given by the bear wave algorithm of April 17. As part of the last trend section of May 20, an upward pullback began at the end of last week. The price is located at the lower boundary of the settlement zone.

Forecast:

Today, a flat mood of movement is expected in the first half of the day with a general upward vector. The likelihood of a reversal and a change in the direction of the intersessional trend increases by the end of the day. Further breakthrough to the support zone in the next few days is unlikely to happen.

Recommendations:

The upcoming flat price of "Aussie" is better to miss. The style inside the session allows short-term purchases, followed by a reversal of the vector of transactions. Contracts for sale from the zone of resistance may be promising for the international trade style.

Resistance zones:

- 0.6940 / 0.6970

Support areas:

- 0.6890 / 0.6860

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The simplified wave analysis uses waves consisting of 3 parts (A – B – C). Each of these analyzes the last incomplete wave. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure and the dotted exhibits the expected movement.

Note: The wave algorithm doesn't take into account the duration of tool movements over time.

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Trading Plan for EUR/USD pair on 05/27/2019

In the calendar for the new week, an important news is expected, particularly the report on US GDP on Thursday and inflation on Friday.

Elections to the European Parliament is in favor of the euro.

The question of Brexit leaves the market's agenda until a new prime minister appears in Britain, not earlier than mid-June.

EUR/USD: There is a growth signal.

The key issue for the upward trend is breaking higher to the level of 1.1270.

We can keep buying from 1.1190 and then see what happens.

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Weekly technical review for the EUR/USD and GBP/USD currency pairs from 26th to 31st of May 2019

Last week, the pair moved in different directions due to various factors. Once again, the EUR/USD pair tested the support line of 1.1142 (blue bold line) and rushed upward.

The GBP/USD pair tested the target level of 161.8% at1.2673 (yellow dotted line) but did not go further down under the pressure of fundamental analysis.

EUR / USD pair

Trend analysis (Fig. 1).

For this week, the price will move up with the first goal of 1.1234 at the resistance line (red bold line), and then work up with the goal 1.1278 - 21 average EMA (black thin line). The probability of this happening will likely be 60%.

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Fig. 2 (weekly schedule).

Indicator analysis according to weekly schedule (Fig. 2).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - up;

- trend analysis - down;

- Bollinger lines - up;

- monthly schedule - down.

Conclusion of the complex analysis - upward movement.

The total sum of the calculation of the GBP/USD currency pair candle on a weekly schedule: the price of the week is likely to have an upward trend with the absence of the first lower shadow for the weekly white candle (Monday is up) and the absence of the second upper shadow (Friday is up).

For this week, the price will move up with the first goal of 1.2821 at the rolling level of 38.2% (blue dashed line).

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Burning forecast EURUSD 27/05/2019

At the end of last week, the announcement of the resignation of the Prime Minister of Britain, Theresa May, stopped the decline of the pound. This supported the euro.

Over the weekend, the elections to the European Parliament were held - despite the fears, the majority were gathered by the supporters of the preservation of EU.

The euro, at the end of last week, gave a signal to move upwards, breaking through the level of 1.1190 and fixing higher.

We are waiting for the trend to continue upwards.

We keep buying euro from 1.1190.

The key level for growth is 1.1270.

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GBP / USD: plan for the European session on May 27. Upward correction will depend on the level of 1.2744

To open long positions on GBP / USD you need:

The news about Theresa May's departure has been discussed all week and therefore has not made a significant impact on the markets. The upward correction on the pound, which had been asking for a long time, now depends on the resistance of 1.2744. Its breakthrough will lead GBP / USD to the new highs of 1.2800 and 1.2858, where I recommend taking profits. With a downward correction in the first half of the day, support will be provided in the area of 1.2696, from where long positions can be opened under the condition of a false breakdown, or by a rebound from the minimum of 1.2648.

To open short positions on GBP / USD you need:

Today, in the UK, marks the Spring Break, so volatility can be quite low. The formation of a false breakdown and a return under resistance 1.2744 will be the first signal to sell the British pound for the purpose of the 1.2696 minimum test, where I recommend taking profits. Only a fixation below this range will increase the pressure on the pair and will lead to the support of 1.2648, from where large buyers will return to the market. If the growth scenario is higher than 1.2744, you can take a closer look at short positions on the rebound from the maximum of 1.2800.

Indicator signals:

Moving averages

Trade is conducted above 30 and 50 moving averages, which indicates a likely continuation of the upward correction.

Bollinger bands

In the scenario of a pound decline in the first half of the day, the support may be provided by the average border of the channel in the area of 1.2705. However, it is possible to open long positions for a rebound from the lower border to the area of 1.2670.

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Description of indicators:

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

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GOLD to surge higher towards $1300? May 27, 2019

Gold managed to sustain bullish momentum after bouncing off the $1270 area with a daily close which leads the price to currently reside above $1285 price area.

Gold entered a new phase of uncertainty on its role as the leading safe-haven asset, as markets seemed to prefer the US dollar as a hedge against the China-US trade war. Gold's direction in the coming week would be decided by May's replacement, and whether the candidate will continue pushing for Brexit. Markets are also paying close attention to the US Federal Reserve's next move, as a string of weak data from the US late last week promoted bets for a much-expected rate cut by the central bank.

The impetus for additional gains in gold prices depends mostly on how far Federal Reserve rate cut expectations can go. As a reminder, the central bank has reiterated its data-dependent stance. To that end, there are plenty of opportunities such as US consumer confidence and GDP data to impact the Fed's outlook on US economic growth prospects. While in the short-run this may support gold, gains in the highly-liquid US Dollar during times of aggressive risk aversion can counter this and should not be discounted. The reason why this is prominent is because of the increase in US-China trade war fears seen as of late.

The price is showing bullish sustainability with upward pressure while residing inside a Bullish Flag pattern which is expected to lead the price higher towards $1300 and later it might push further upward and take on the $1500 area in the future. As the price remains above $1265 area with a daily close, the bullish bias is expected to continue.

SUPPORT: 1265, 1276

RESISTANCE: 1290, 1300-10, 1500

BIAS: BULLISH

MOMENTUM: VOLATILE

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The euro is consolidating, while the pound is trying to resume growth

The trade war between the United States and China is moving into the phase of using heavy weapons. The pressure on Huawei has increased many times; suppliers of Intel Corp. chips, Qualcomm Inc., are connecting to blocking cooperation with the Chinese digital giant and Broadcom Inc., Google has imposed a ban on the use of software products, and moreover, there are threats to expand the list of technological giants of China, which will be denied access to the markets of the United States and its allies.

There is no doubt that a large-scale and mutually beneficial trade deal between the United States and China is impossible. Any decision will be temporary, since the US insists on nothing less than changing China's economic policy and rejecting the role of technology leader, which is completely unacceptable for China. Violations of the WTO rules, which are used by the United States, may induce the Chinese government to reduce purchases of US government bonds or to limit the supply of rare earth metals to US companies, which will put them at risk of stopping production.

So far, Trump's aggressive policy does not bring any visible dividends to the US economy. Business activity in the manufacturing and services sectors declined markedly in May, and the volume of new orders completely updated the 9-year minimum.

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The trend is confirmed by other sources. Orders for durable goods, reflecting the level of industrial enterprises and consumer pressure, declined in April by 2.1%, which turned out to be worse than expected. There is also a slowdown in sales of new homes. The forecast for GDP growth from the Atlanta Fed for the 2nd quarter is still at the level of 1.3%, while the forecast from the Philadelphia Fed is lowered.

Panic has not yet covered the markets, but it is precisely this. Markets in Europe opened on Monday with growth, partly because of Trump's easing rhetoric, but panic will inevitably increase in the coming weeks, leading to a reversal of stock indices to the south and increased demand for defensive assets.

EURUSD

The euro has few chances to resume growth on Monday. PMI indices in May both in Germany and in the eurozone were generally worse than expected. Ifo's optimism indexes, which showed a decline in most indicators, correlate with them, and the first results of the European Parliament elections show an increase in the popularity of the right, which will increase the centrifugal sentiment in the eurozone.

The possible growth of EURUSD is limited by the 1.1220 / 25 zone and may trigger a new wave of sales, more likely a slow decline towards the support of 1.1110 / 20 and consolidation for a break down.

GBPUSD

Theresa May made an official statement in which she confirmed her intention to resign as the leader of the Conservative Party from June 7, 2019. Already on June 10, the conservatives launch the process of choosing a new leader, the name of the successor to May will be known before the summer holidays of parliament, July 20.

This resignation is a consequence of the inner-party struggle. May remains in the post of prime minister and will fulfill her duties for some time, at least until the end of the procedure for electing a new leader.

The pound responded with a slight increase. Apparently, the markets do not know how to react to the resignation of May. Nevertheless, they assume that the new leader will be able to reduce the uncertainty, which is generally regarded as a positive factor.

However, the pound received support earlier than May announced its resignation. The volume of retail sales in April did not change relative to March, while a decline was predicted, a year-on-year growth of 5.2%, which is also higher than forecast, and this figure is one of the highest in Europe.

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Growth rates are on maximum since the summer of 2018. Against the background of reduced investment, retail remains one of the main factors of still high inflation, which gives the pound a chance for a quick recovery if Brexit uncertainty decreases.

It is a bank holiday in the UK this Monday. Thus, increased volatility is possible in the thin market, but in general, strong movements are not expected. The lack of macroeconomic news shifts the focus to political factors which are now expected to be in favor of the pound. GBPUSD has formed a temporary base in the 1.26 area. Thus, on Monday, growth is possible to resistance at 1.2770 / 90. After which, a consolidation is expected in anticipation of new data.

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EUR / USD: plan for the European session on May 27. A correction in the area of 1.1195 and 1.1175 will be required to continue

To open long positions on EURUSD you need:

The news last Friday gave the euro a rising momentum. However, there are no important fundamental statistics today, and, most likely, the day will be quite calm. It is best to take a closer look at long positions in the euro when the support for 1.1195 is updated, with the formation of a false breakdown there, or a rebound from the larger level 1.1178, to which the moving averages will be pulled up to this point. The main task will be to breakthrough and consolidate above the resistance level of 1.1224, which will maintain an upward impulse to the area of highs 1.1243 and 1.1261, where I recommend taking profits.

To open short positions on EURUSD you need:

A false breakdown and a return under a large resistance level of 1.1224 which will be a signal to open short positions in the euro. The main task will be to return and consolidate below the support level of 1.1195, which will push the euro to a larger minimum of 1.1178, where I recommend to take profits. With a growth scenario of 1.1224, you can sell after updating the resistance level of 1.1243 or to rebound from a maximum of 1.1261.

Indicator signals:

Moving averages

Trade is conducted slightly above 30 and 50 moving averages, which indicates a preserving upward correction in euros with the option of building a new trend.

Bollinger bands

In the case of euro growth in the first half of the day, the upward trend may be limited by the upper limit of the indicator in the region of 1.1218, while the lower boundary in the area of 1.1195 will support the euro while decreasing.

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Description of indicators

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

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Trading recommendations for the GBPUSD currency pair - placement of trading orders (May 27)

By the end of the last trading week, the pound / dollar currency pair showed volatility close to the average daily one, having as a result the structure of a long-awaited correction. From the point of view of technical analysis, we see that the support level of 1.2620, where the quotation had previously arrived, held out, and the long-awaited correction came to the market. Considering the general plan, we see that the quotation for a long time had a tireless downward interest in itself, flying more than 550 points, whether short positions overheated, of course, within three weeks of a downward course, there was not a single correction and significant pullback. The key event of the past week in terms of the information background is the resignation of Prime Minister Theresa May, who said she would leave the post of leader of the Conservative Party on June 7. The market reacted to this news - thoughtlessly positive, and the pound was growing in price. What is good and bad, in principle, is nothing. The new leader, who will be elected soon (and there are five such candidates - Boris Johnson, Dominic Raab, Michael Gove, Sajid Javid, Jeremy Hunt), falls into Brexit's intricate grid, and if there is no way out without a deal - that is, of course, the question. For this reason, I called the past movement in the direction of the pound rash, because desires, fantasies about the best, can lead to even worse consequences. Returning to the date of Theresa May's resignation, the suggestion is that she was chosen for a reason and she may be associated with the upcoming visit (June 5-6) of the US President Donald Trump. However, that will change nothing.

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Today, in terms of the economic calendar, we have a day off in the United States (Memorial Day) and the UK (Spring Bank Holiday). Thus, trading volumes can be reduced.

Further development

Analyzing the current trading chart, we see that the quote is in the active correction phase, currently already having a rebound of more than 120 points from the pivot point. It is likely to assume that the quotation is aimed at the level of 1.2770, where the price has repeatedly interacted with the level. In the case of a rapprochement with the set coordinates, there may be a slowdown and subsequent understanding, which will lead to the restoration of short positions in the market.

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Based on the available data, it is possible to decompose a number of variations, let's consider them:

- Buy positions are considered from the value of 1.2700. Thus, deals are already in place with the prospect of 1.2770

- Sell positions are considered in the case of a slowdown in the range of 1.2770, where, in the case of level testing, the stench can return to the current support level of 1.2620.

Indicator Analysis

Analyzing a different sector of timeframes (TF), we see that the indicators in the short term are set in a neutral plan. Meanwhile, intraday perspective due to the correctional phase was replaced by an upward interest. The medium-term perspective, on the other hand, maintains a downward interest on the general background of the market.

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Weekly volatility / Measurement of volatility: Month; Quarter; Year

Measurement of volatility reflects the average daily fluctuation, based on monthly / quarterly / year.

(May 27 was based on the time of publication of the article)

The current time volatility is 36 points. It is likely to assume that due to reduced trading volumes, due to holidays in the United States and Britain, volatility can also be reduced.

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Key levels

Zones of resistance: 1.2770 **; 1.2880 (1.2865-1.2880) *; 1.2920 * 1.3000 **; 1.3180 *; 1,3300 **; 1.3440; 1.3580 *; 1.3700

Support areas: 1.2620; 1,2500 *; 1.2350 **.

* Periodic level

** Range Level

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Indicator analysis. Daily review for May 27, 2019 for EUR / USD and GBP / USD currency pairs

On Friday, the market in both currencies was moving up.

After a strong trend, the GBP / USD pair has smoothly moved down to the side channel, the first sign of pullback, and as a result, the price went up after retesting the pullback level of 76.4% - 1.2662 on Friday.

The EUR / USD pair continued its upward movement, breaking through the pullback level of 61.8% - 1.1204 (blue dotted line), and closed higher. On Monday, the market will be narrow in the UK and the USA.

Trend analysis (Fig. 1).

Today, the price will continue to move up with the first goal 1.1230 - the resistance line (white thin line).

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Fig. 2 (daily schedule).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - up;

- trend analysis - down;

- Bollinger lines - up;

- weekly schedule - up.

General conclusion:

On Monday, we are waiting for the continuation of the upward movement. The first upper target of 1.2740 is the pullback level of 23.6% (yellow dotted line). The second upper target 1.2823 is the pullback level of 38.2% (yellow dotted line).

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EUR / USD. The balance of power is changing, but the euro remains calm in the European Parliament

The euro-dollar pair started the trading week quite vigorously: during the Asian session, the price continued the trend of Friday, retaining its position within the 12th figure. This trend is primarily due to the weakness of the US currency, since the single currency is still subject to pressure from political and macroeconomic factors. The preliminary results of the elections to the European Parliament allows us to talk about the strengthening of anti-European sentiment in the EU countries, against the background of a slowdown in the main economic indicators of the eurozone. Therefore, the further dynamics of the correctional growth of EUR / USD depends only on the behavior of the dollar, in conditions of the day off in the United States and Britain (Americans celebrate Memorial Day, and the British celebrate the Spring Holiday).

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Today, the economic calendar is almost empty: traders can only be interested in a speech by ECB board member Benoit Coeure. But over the past two weeks, he has repeatedly voiced his position on the prospects for monetary policy. Coeure avoids specific wording about the definition of the approximate timing of the rate increase by the regulator and opposes the creation of a multi-level deposit rate, which frees banks from the ECB part of their free cash flow. In other words, he does not see the need to mitigate the effect of negative rates, but at the same time, he is in no hurry to reassure the markets with a "hawkish" attitude. With a high degree of probability, Coeure will repeat this rhetoric today.

Given today's information vacuum, all traders' attention will be focused on the results of the four-day elections to the European Parliament. And although there are no final (official) results yet, it is already possible to talk about certain trends and prospects. The main news is that the two main political forces of the European Parliament lost the majority for the first time, while maintaining leadership in the plebiscite. Representatives of the European People's Party and the Progressive Alliance of Socialists suffered the greatest losses, while Eurosceptics significantly increased their presence in the EU legislature.

In the last convocation, the conservatives and socialists, in alliance with each other, could form a majority, adding on their votes (217 + 187 with the necessary 376). But in the current convocation of the European Parliament, the balance of forces has changed, and now the political forces need to look for a new format of cooperation. Thus, the European People's Party has missed 39 mandates and will now be represented in parliament by only 178 deputies, while the number of socialists will decrease from 187 to 152. Simple mathematical calculations suggest that the alliance of these political forces is gaining 330 votes, while the majority threshold is 376 (until the British left the European Parliament for obvious reasons).

All this testifies to the fact that the "traditional" pro-European forces, which determined the policy of the European Union over the past five years, now need to look for support "on the side", namely among other political forces that passed to the parliament. In particular, we are talking about centrists - the Alliance of Liberals and Democrats for Europe (ALDE), which, in alliance with the Republic on the March party (French President Emmanuel Macron), form a faction of 108 members. Taking into account the fact that ALDEs can become owners of a "golden share" (i.e. thanks to them, the two main political forces will form a majority in the European Parliament). They will qualify for key posts in the EU leadership. For example, Margrethe Vestager is now a candidate for the post of head of the European Commission. Generally, During their election campaign, the centrists promised to intensify the fight against climate change, ensure "fairer" taxation, complete the creation of a single internal market, and contribute to the resolution of the migration crisis. In other words, a standard set of slogans for centrist political power.

Some experts suggest that the EPP and the socialists will create a coalition alliance with the Greens, which also increased their presence in the European Parliament to 67 people. However, this scenario is not yet basic and is considered by most analysts as a "plan B".

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As for the anti-European political forces, they really strengthened their positions: in the current parliament, they will receive more than a hundred mandates. The conditional "Euro-sceptics union" will consist mainly of representatives from Italy, France and Britain (in particular, we are talking about representatives of the Italian 5-star movement and the Brexit Party, Nigel Farage). Eurosceptics have achieved high results in Italy and France, but in Europe as a whole, the outcome of the vote for them turned out to be lower than expected. In total, right-wing parties will receive about 150 mandates, but they will be divided into three different factions. In other words, anti-European political forces will not be able to determine the agenda in the European Parliament - firstly because of an insufficient number of votes, and secondly, because of the fragmentation of interests (for example, "The Brexit Party" has few points of contact with the Italian "5 stars"). The results of elections in some European countries suggest that right and Eurosceptics may come to power in the next national elections in these countries (in the case of Italy, this has already happened), but in the context of the foreign exchange market, this circumstance is unlikely to worry traders, given the remoteness these perspectives.

Thus, the elections to the European Parliament did not knock down the position of the single currency, and also did not strengthen it. The result was largely predictable and therefore did not become a "revelation" for the market. Over the next week, politicians will divide portfolios, distributing key positions. Thus, the name of the most likely candidate for the post of ECB will soon be known (Mario Draghi will leave office at the end of autumn). And at this stage, a more volatile EUR / USD reaction to political battles is possible. In the meantime, the euro will continue to follow the dollar, whose positions depend on the prospects for the US-China trade conflict.

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Today, we expect weak dynamics in the markets due to the weekend in the USA and Britain (we expect local movement in the

Today is a weekend in the USA and the UK, which means that the two largest trading floors in the world will be closed, which will undoubtedly have a strong influence on the situation on global trading floors. Therefore, we do not expect any major movements in the financial markets.

But let's look at the events of last week, where the main one was the escalation of the trade war with China by the States, or, as it was called, the "digital" war, and, on the one hand, the expected, and, on the other, unexpected departure from the post of British Prime Minister T. May, which occurred earlier than the promised date of June 7.

The global financial markets initially reacted to the situation around the Chinese company Huawei by nervously selling the high-tech sector of the American stock market, but then calmed down on Friday, as D. Trump said that the promised radical measures against the Chinese IT giant will be held. But despite this, the overall picture of the market remains sad. In the center of events is the trade conflict between Washington and Beijing, which has not yet seen any end or edge.

The farewell speech of the former head of the British Cabinet of Ministers, T. May, did not have a noticeable effect on the British currency, which practically did not react to the news of her departure. The markets were expecting this event and have already responded to it earlier by the fall of the sterling rate. Now, perhaps, a period of uncertainty and high volatility is rising before the British currency, since it is not clear who will replace the failed soft exit of the UK from the EU (Brexit).

We expect that the strengthening of the political struggle, as well as the restoration of the dollar on world trading floors due to demand. On the one hand, for it as an asset safe haven, especially in pairs with currencies of developing countries, and on the other, due to a decrease in liquidity from The Fed and its vague position regarding the outlook for monetary policy will probably support the US currency, which will continue to grow smoothly, if, of course, the Fed does not think again and signals a possible decrease in interest rates this year.

Forecast of the day:

The AUDUSD pair is recovering on a wave of profit taking and weekend in the US. We expect that its growth will be limited. Perhaps, it will grow to 0.6965, if it overcomes the level of 0.6935.

The GBPUSD on the wave of the government crisis in Britain and the weekend, is likely to remain today in the range of 1.2620-1.2755, if the upper limit of this range stands on the wave of profit taking.

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Trading plan for EURUSD for May 27, 2019

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Technical outlook:

The EURUSD is expected to face resistance off the fibonacci 0.618 of the resent downswing between 1.1260 through 1.1107 levels as presented here. Furthermore, the trend line resistance is also seen to be passing through 1.1210/15 zone at this moment, which should act as a potential bearish reversal. Immediate price resistance is strong at 1.1260 levels and till the time it remains intact, bears are expected to take control back, push prices lower below 1.1107 levels. Please note that potential target lower should be towards 1.0900 levels at least, before bulls take over. Hence it is favored to remain short as discussed last week with a risk/stop just above 1.1260 levels. On the other side, if bulls manage to break above trend line resistance and subsequently take off 1.1260 levels, it would be a confirmation that a meaningful bottom is in place and that the trend is reversing. We shall take note of the situation as it unfolds.

Trading plan:

Remain short @ 1.1200 stop at 1.1260 target below 1.1107.

Good luck!

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Fundamental Analysis of EURUSD for May 27, 2019

The euro managed to gain momentum over the US dollar. The price of the single currency bounced off the 1.1100 support area with a daily close. The price is expected to rise amid the US trade war tensions. The US economy struggles with the weak economic reports published recently.

After the European Election voting, traders are awaiting the results which may influence the euro gains. Presently, analysts say that two factors are likely to have an impact on the current economic situation: 1) if the collective eurosceptic share of the vote significantly exceeds 25%, 2) whether these parties can work together as a united group over coming months. EU leaders are to hold talks in Brussels on Tuesday to start the process of appointing the next leaders of the EU institutions, including parliamentary, commission and council presidents.

Recently, the ECB Policymaker Weidmann stated that decreasing spare capacity in the economy, namely the extent to which labor, capital, and other resources are used below their maximum level, would eventually push up prices. This week the euro remains low because there are no signals for its growth.

The US dollar is pressurized by the trade tension which is hammering the economic growth of the US. China is expected to increase tariffs on $60 billion the US imported goods in response to the US decision to hike tariffs on Chinese imports. The escalation of the trade conflict between the US and China threatens to damage the global economy. Moreover, Donald Trump will continue to hold talks with Japan's Prime Minister Shinzo Abe early this week amid tensions over differences on trade. Trump is unhappy with Japan's large trade surplus and is considering slapping tariffs on its auto exports if a bilateral trade agreement is not reached.

The US Prelim GDP report is going to be published on Thursday. The reading is expected to decrease to 3.1% from 3.2%. The US dollar is likely to drop amid weak economic data release. Today, no economic events or reports are going to be published due to the Memorial Day celebration.

The EUR/USD pair is expected to remain corrective and low as not many economic events or reports on either currency are going to be published.

Now let us look at the technical view. The price is currently residing above 1.1200 area after the recent impulsive bullish pressure off the 1.1100 bounce with a daily close. The price is expected to push higher towards 1.1300 area while being held by the dynamic level of support. A rejection off the 1.1300 will lead to the continuation of the preceding bearish trend whereas a daily close above 1.1300 will lead to strong bullish counter in the future.

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Control zones USDCHF 05/27/19

The current growth of the pair will be corrective until the main resistance zone of the WCZ 1/2 1.0112-1.0103 is broken. The current range of the daily average movement coincides with the WCZ 1/4 1.0059-1.0055, which makes them an important resistance. The test of the specified zone will allow to get favorable prices for the sale of the instrument. The entry can be a limit order or you can wait for a pattern to sell.

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Work within the downward impulse implies the formation of a local accumulation zone. False breakdown of this zone will indicate the future direction of trade and will allow to get favorable prices.

The alternative growth model will continue if the current movement exceeds the average daily movement and the close of the trading occurs above the WCZ 1/4. In this case, the continuation of growth will be the basis for trading until the WCZ 1/2 is tested, which was discussed above.

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Technical analysis of BTC/USD for 27.05.2019

Crypto Industry News:

The Russian state holding conglomerate, Rostec, has proposed an action plan on the use of Blockchain in all government data systems, as reported by the local financial newspaper Kommersant.

According to reports, the institution subject to Rostec has developed a Blockchain action plan worth up to $ 1.3 billion, which will allegedly provide an economic impact of up to $ 25.4 billion over five years. The project was presented by the structural body of Rostec, the Novosibirsk Institute of Programming Systems (NIPS), during the Blockchain conference, which took place in the Republic of Tatarstan.

According to Kommersant, the NIPS action plan includes the implementation of Blockchain in processes and data systems of industrial enterprises, local government elections, monitoring of budget results and other services.

The report notes that the lack of regulation of cryptocurrencies and Blockchain is a major obstacle to the adoption of the proposed action plan. Yuri Pripachkin, president of the Russian Association of Cryptocut and Blockchain, recognized the lack of regulation as "a disastrous obstacle to the adoption of Blockchain."

The expert claimed that, in order to achieve better results, the necessary provisions should be implemented as late as at the end of 2019, while the action plan is based on the assumption that the regulation will enter into force in 2021.

On the other hand, the Russian prime minister and former president, Dmitry Medvedev, recently stated that cryptographic regulation is not a priority for the Russian state, because cryptocurrencies have "lost their popularity".

On May 22, the central bank of Russia stated that the bill regulating cryptocurrencies was sufficiently prepared to be adopted in spring 2019, in accordance with the order of President Vladimir Putin.

Technical Market Overview:

The BTC/USD pair has made another higher high in an impulsive fashion, so the old corrective cycle scenario has been invalidated. In the new scenario, the waves are getting extended to the upside, like the last wave (5), that has not even been completed yet as the market is still developing wave (3). This indicated the more upside in the Bitcoin market with the next target located at the level of $10,500. On the shorter timeframes, please keep an eye at the level of $8,241 as any violation of this level will invalidate the current impulsive scenario.

Weekly Pivot Points:

WR3 - $10467

WR2 - $9524

WR1 - $9190

Weekly Pivot - $8239

WS1 - $7860

WS2 - $6970

WS3 - $6557

Trading Recommendations:

The best trading strategy in the current market conditions is to buy the local pull-back as wave 4 is in progress in anticipation of the wave 5 to the upside. Please pay attention to the technical support at the level of $8,241 as any breakout below this level invalidated the impulsive scenario.

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Technical analysis of ETH/USD for 27.05.2019

Crypto Industry News:

According to media reports, the social media giant Facebook interviewed major US cryptographic exchanges regarding the issue of its own cryptocurrency.

Referring to two people familiar with the project "Globalcoin" on Facebook, the media write that Facebook discussed the initiative with the leading cryptographic exchange and Coinbase wallet. It was also noted that Facebook reportedly talked with the Gemini exchange, which was founded by the Winklevoss twins, well-known rivals of Facebook's general manager Mark Zuckerberg.

According to anonymous sources, Facebook is negotiating with major cryptographic companies to ensure that its stablecoin is linked to the value of the US dollar and is liquid, transferable and secure. They were supposedly among others leading companies in Chicago with high revolutions, Jump and DRW, we read in the report.

All the aforementioned parties refused to comment on the matter in the media, and the publication adds that the social media giant demanded that they sign confidentiality agreements.

Technical Market Overview:

The ETH/USD pair has broken above the short-term trendline resistance and is currently trading around the level of $267, which is above the old wave b top. The wave (4) might have been completed and now the market is unfolding the wave (5) to the upside, but the momentum behind the move up is still low. The target for this wave is seen at the level of $304.

Weekly Pivot Points:

WR3 - $321.20

WR2 - $292.77

WR1 - $283.99

Weekly Pivot - $254.33

WS1 - $241.65

WS2 - $213.82

WS3 - $203.55

Trading Recommendations:

The best trading strategy in the current market conditions is to buy the local pull-back as wave 4 is in progress in anticipation of the wave 5 to the upside. Please pay attention to the technical resistance at the level of $278.14 as any breakout above this level is bullish. On the other hand, any violation of the level of $226.17 will accelerate the sell-off towards the next technical support at the level of $212.12.

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Technical analysis of GBP/USD for 27.05.2019

Technical Market Overview:

The GBP/USD pair has bounced from the level of 1.2605 due to the extremely oversold market conditions and is now back in the channel. The nearest technical resistance is seen at the level of 1.2755, but the momentum is barely positive so the bounce might extend higher towards the old Pin Bar high located at the level of 1.2810. Only an impulsive breakout above this level will change the short-term bias from bearish to bullish.

Weekly Pivot Points:

WR3 - 1.3009

WR2 - 1.2910

WR1 - 1.2801

Weekly Pivot - 1.2631

WS1 - 1.2607

WS2 - 1.2502

WS3 - 1.2401

Trading Recommendations:

The best strategy for the current market conditions is to sell the up move near the technical resistance around the level of 1.2755. The larger timeframe trend is still down, so the trade at the short term timeframe will be in line with the downtrend.

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Forecast for EUR / USD for May 27, 2019

EUR / USD

Last Friday, the euro increased by 24 points in anticipation of the results of elections to the European Parliament and the decline in the volume of orders for durable goods in the US, which in April estimate showed a decrease of -2.1% against the forecast of -2.0% and growth of 2.6% in March. The results of the European elections were even slightly worse than expected; despite the receipt by the "Alliance of Liberals and Democrats for Europe" with the E. Macron's movement 102nd places in the European Parliament (3rd place after the European Party and the Progressive Alliance of Socialists and Democrats), France's party won the "Marine Le Pen National Association", which further shatters the position of President Macron. In Italy, the League won (M. Salvini), having won 57 seats in the European Parliament against 37 earlier. In general, it is obvious that the Eurosceptic sentiment is growing.

The price stopped at the Fibonacci level of 100.0%. Since today is a holiday in the USA and the UK, the price is unlikely to deviate much from this level. On the four-hour chart, Marlin oscillator is not in a hurry to turn down, respectively, the euro may still continue to grow, say, to the price channel line in the area of 1.1260, which is close to the highs of May 1 and 13.

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The main focus for investors will now be the discussion in the new European Parliament of candidacy for the post of head of the ECB. As you know, the main contender is the head of the Central Bank of Germany, Weidmann. This is a strong positive impulse for the Euro. But, Germany may prefer its leadership in the European Commission. Thus, we are waiting for developments.

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Technical analysis of EUR/USD for 27.05.2019

Technical Market Overview:

Despite the new local low at the level of 1.1108, the EUR/USD pair managed to bounce significantly and the huge Pin Bar candle has been made. This move up has broken above the technical resistance at the level of 1.1167 - 1.1176 and moved higher towards the dynamic trendline resistance. The trendline is now being tested around the level of 1.1210 and so fat the Gravestone Doji candlestick pattern has been made under the trendline, which means the move up might be terminated. If not, then the next target for bulls is seen at the level of 1.2020-1.2027.

Weekly Pivot Points:

WR3 - 1.1355

WR2 - 1.2080

WR1 - 1.1254

Weekly Pivot - 1.1180

WS1 - 1.1146

WS2 - 1.1076

WS3 - 1.1043

Trading Recommendations:

The best strategy for the current market conditions is to sell the up move near the technical resistance around the level of 1.2020. The larger timeframe trend is still down, so the trade at the short term timeframe will be in line with the down trend.

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