Technical analysis of EUR/USD for December 31, 2019

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Overview:

Pivot point: 1.1162.

The EUR/USD pair was continuing to trade upwards from the level of 1.1162.

Yesterday, the pair rose from the level of 1.1162 (daily pivot point) to the top around 1.1223.

Today, the first resistance level is seen at 1.1265 followed by 1.1303, while daily support is seen at 1.1162. According to the previous events, the EUR/USD pair is still moving between the levels of 1.1162 and 1.1303.

Consequently, we expect a range of 141 pips in coming hours. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs.

Subsequently, if the trend is able to break out through the first resistance level of 1.1265, we should see the pair climbing towards the new double top (1.1303) to test it.

On the contrary, if a breakout takes place at the support level of 1.1162, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 1.1126.

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Elliott wave analysis of GBP/JPY for December 31 -2019

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We have already seen the expected corrective decline to 142.39. GBP/JPY should be ready to challenge the upside again. We expect a rally above 143.43 that will confirm a continuation of the upside movement to 145.36 in order to complete wave b on the ongoing a-b-c correction. The correction is expected to be completed near 139.82.

In a short-term perspective, a break above minor resistance at 142.89 will indicate that the minor correction is completed and the final leg of wave b towards 145.36 is unfolding.

R3. 143.64

R2: 143.39

R1: 143.19

Pivot: 142.89

S1: 142.58

S2: 142.39

S3: 142.09

Trading recommendation:

We are long 50% GBP from 141.50 with our stop set at break-even. We will place take profit while opening a sell position on GBP at 145.20.

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Elliott wave analysis of EUR/JPY for December 31st - 2019

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After a minor correction EUR/JPY should be ready to challenge the upside again. There will be a rally towards 123.55. This rally will complete red wave iii and set the stage for a more prolonged correction in red wave iv.

In a short-term perspective, a break above minor resistance at 122.02 will indicate next upside attempt to start a rally to 122.50 on the way to a higher level of 123.55.

Only an unexpected break below the support level at 121.52 will indicate a development of a more complex correction in blue wave (iv). This will also call for another dip below 121.03.

R3: 122.50

R2: 122.20

R1: 122.00

Pivot: 121.85

S1: 121.69

S2: 121.52

S3: 121.29

Trading recommendation:

We are long EUR from 120.25 with our stop placed at 121.40.

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Technical analysis: Important intraday level for USD/JPY, December 31st, 2019

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In Asia, Japan will not release any economic data reports today. However, the US will publish such some economic data as CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, HPI m/m. So there is a strong probability that the USD/JPY will move with low to medium volatility during this day.TODAY'S TECHNICAL LEVELS:Resistance. 1: 108.77.Resistance. 2: 109.01.Resistance.3 : 109.23.Support. 1: 108.57. Support. 2: 108.33. Support. 3: 108.11.(Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

December 31, 2019 : GBP/USD showing negative divergence while approaching the current Supply Levels.

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In the period between October 17 to December 4, the GBP/USD pair has been trapped between the price levels of 1.2780 and 1.3000 until December 4 when bullish breakout above 1.3000 was achieved.

Moreover, a newly-established short-term bullish channel was initiated on the chart.

The GBPUSD has recently exceeded the upper limit of the depicted bullish channel on its way towards 1.3500 where the pair looked quite overpriced.

This was followed by successive bearish-engulfing H4 candlesticks which brought the pair back towards 1.3170 quickly.

Further bearish decline was pursued towards 1.3000 which got broken to the downside as well.

Technical short-term outlook turned into bearish since bearish persistence below 1.3000 was established on the H4 chart.

Hence, further bearish decline was expected towards 1.2840 - 1.2800.

However, earlier signs of bullish recovery manifested around 1.2900 denoted high probability of bullish breakout to be expected.

Intraday technical outlook turned into bullish after the GBP/USD has failed to maintain bearish persistence below the newly-established downtrend line.

That's why, bullish breakout above 1.3000 was anticipated. Thus allowing the current Intraday bullish pullback to pursue towards 1.3190-1.3200 where bearish rejection and another bearish swing can be watched by conservative traders.

Bearish reversal scenario around 1.3200 is supported by the recent negative divergence as depicted on the chart. If so, Intraday bearish target would be projected towards 1.3000.

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Technical analysis: Important intraday level for EUR/USD, December 31st, 2019

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When the European market opens no economic data reports will be released in the eurozone. However, the US will provide such economic data such as CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, HPI m/m. Amid the reports, EUR/USD can see from low to medium volatility during this day.TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1244.

Strong Resistance: 1.1237.

Original Resistance: 1.1226.

Inner Sell Area: 1.1215.

Target Inner Area: 1.1187.

Inner Buy Area: 1.1159.

Original Support: 1.1148.

Strong Support: 1.1137.

Breakout SELL Level: 1.1130.(Disclaimer)

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December 31, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

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Since November 14, the price levels around 1.1000 has been standing as a significant DEMAND-Level which has been offering adequate bullish SUPPORT for the pair on two successive occasions.

Shortly-after, the EUR/USD pair has been trapped within a narrower consolidation range between the price levels of 1.1000 and 1.1085-1.1100 (where a cluster of supply levels and a Triple-Top pattern were located) until December 11.

On December 11, another bullish swing was initiated around 1.1040 allowing recent bullish breakout above 1.1110 to pursue towards 1.1175 within the depicted newly-established bullish channel.

Initial Intraday bearish rejection was expected around the price levels of (1.1175).

Quick bearish decline was demonstrated towards 1.1115 (Intraday Key-level) which got broken to the downside as well.

On December 20, bearish breakout of the depicted short-term channel was executed. Thus, further bearish decline was demonstrated towards 1.1065 where significant bullish recovery has originated.

The current bullish pullback towards 1.1235 (Previous Key-zone) should be watched for bearish rejection and another valid SELL entry.

On the other hand, bullish persistence above the price zone of 1.1175 favors the bullish side of the market. That's why, bearish breakout below 1.1175 is mandatory to allow next bearish target to be reached around 1.1120.

Trade recommendations :

Conservative traders should wait for evident bearish rejection signs around the price levels of (1.1235) as a valid SELL signal. Bearish projection target to be located around 1.1175 and 1.1120.

Any Bullish breakout above 1.1250 invalidates the mentioned bearish scenario

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Technical analysis of ETH/USD for 31/12/2019:

Crypto Industry News:

Leading cryptocurrency exchange Binance will suspend ETH deposits and withdrawals to support the recently announced Ethereum Muir Glacier update, according to information published on the exchange's official blog. Deposits and withdrawals on the platform will be suspended before the block amount of 9,200,000.

While the upgrade will not affect Ethereum trading, deposits and withdrawals will be reopened when Binance decides that the improved network is stable. The Exchange emphasizes that it will not issue a separate message about the resumption of deposits and withdrawals, and recommends making deposits in full before upgrading.

"Leave sufficient time for full processing of deposits before the above ETH network block height. We will deal with all technical requirements for all users who have ETH on their Binance accounts," reads the announcement.

Described in the November 22 proposal by Ethereum developer James Hancock, the Muir Glacier update will be launched on the main network on January 1, 2020, at block 9 200,000. The exact date may change due to variable times and time zones of blocks, and block statistics in real-time are available on the website.

Technical Market Overview:

The ETH/USD pair has made the local high at the level of $136.64 and the candle that was used to make this high looks like a Pin Bar candlestick pattern. The bulls have temporary control of the market, but it might not last for long as the price is getting closer to the key technical resistance area. Nevertheless, it is worth to keep an eye on the current developments of the Ethereum market, despite the fact, that the market is currently trading aimlessly inside of a range. A breakout higher or lower can happen anytime now.

Weekly Pivot Points:

WR3 - $156.40

WR2 - $145.89

WR1 - $141.32

Weekly Pivot Point - $130.81

WS1 - $125.47

WS2 - $114.97

WS3 - $109.88

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.

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Technical analysis of BTC/USD for 31/12/2019:

Crypto Industry News:

An application for an ETF investment fund linked to Blockchain technology has been submitted to the Chinese national legislature, according to information disclosed by the Chinese Securities Commission.

The proposal submitted on December 24 by the Shenzhen Penghua Fund relates to an ETF that would track the results of a basket of listed shares from companies in the Blockchain sector.

If approved, the fund would be the first Blockchain ETF in China, according to information published by financial media.

On the same day the Penghua Fund was submitted, the Shenzhen stock exchange announced the "Blockchain 50 Index". The index consists of the top 50 Blockchain companies listed on the Shenzhen Stock Exchange in terms of market capitalization. Apparently, the list includes Ping An Bank, Midea Group and Zixin Pharmaceutical, among others. Companies from the new index reflect a wide cross-section of the industry, with specializations covering hardware development, technology and services as well as Blockchain applications.

If the Penghua Fund proposal is successful, many other asset managers will probably follow suit with their own fund proposals. Even now, when the Blockchain sector is still in its infancy, deepening political guidelines and the growing number of established companies in the industry may increase the popularity of national ETFs related to Blockchain.

Technical Market Overview:

The BTC/USD pair has been trading inside of a tight range located between the levels of $7,461 - $7,195. At the top of this range, another Pin Bar candlestick pattern has been made, which might indicate a possibility of a wave down. The key technical resistance is still located at the level of $7,601, so any rally higher must break through this level. On the other hand, the key technical support is seen at the level of $6,938.

Weekly Pivot Points:

WR3 - $8,243

WR2 - $7,942

WR1 - $7,641

Weekly Pivot Point - $7,288

WS1 - $6,995

WS2 - $6,660

WS3 - $6,345

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

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Technical analysis of GBP/USD for 31/12/2019:

Technical Market Overview:

The GBP/USD pair has broken out form the short-term channel around the level of 1.3025 and is rallied towards the 38% of the Fibonacci retracement located at the level of 1.3137 where it was capped. Currently, the market is trading inside of a narrow resistance zone located between the levels of 1.3101 - 1.3131, so any breakout higher will directly expose the Fibonacci retracement. Please notice, the strong and positive momentum which is behind the move up, but please notice as well the overbought market conditions that may lead to the corrective cycle. The nearest technical support is located at the level of 1.3012.

Weekly Pivot Points:

WR3 - 1.3395

WR2 - 1.3256

WR1 - 1.3182

Weekly Pivot Point - 1.3041

WS1 - 1.2971

WS2 - 1.2819

WS3 - 1.2756

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is up. All downward moves will be treated as local corrections in the uptrend. In order to reverse the trend from up to down, the key level for bulls is seen at 1.2756 and it must be clearly violated. The key long-term technical support is seen at the level of 1.2231 - 1.2224 and the key long-term technical resistance is located at the level of 1.3509.

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Technical analysis of EUR/USD for 31/12/2019:

The market is consolidating the recent gains

Technical Market Overview:

The EUR/USD pair has been rallying towards the swing high located at the level of 1.1199. This high has been violated and a new local high was made at the level of 1.1220. Since then, the market is consolidating the recent gains in a narrow range. Please notice, the bulls are now testing the short-term trendline resistance from below as well as the level of 1.1210 is very close to this line. Moreover, the rally might be terminated soon, despite the strong and positive momentum, the market is in the overbought conditions. The nearest technical support is seen at the level of 1.1174 and the next technical resistance is located at the level of 1.1232. Although the higher timeframes trend remains bearish, the global investors must take into account, that the EUR/USD might be finally breaking up from the multi-month Ending Diagonal pattern.

Weekly Pivot Points:

WR3 - 1.1349

WR2 - 1.1265

WR1 - 1.1228

Weekly Pivot - 1.1151

WS1 - 1.1114

WS2 - 1.1029

WS3 - 1.0994

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.1040 and the technical resistance at the level of 1.1267.

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EUR/JPY approaching resistance, potential drop!

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Trading Recommendation

Entry: 123.153

Reason for Entry:

Horizontal swing high resistance, 61.8% Fibonacci retracement, 78.6% Fibonacci extension

Take Profit : 121.060

Reason for Take Profit: horizontal overlap support, 61.8% Fibonacci retracement

Stop Loss: 125.131

Reason for Stop loss:

Horizontal swing high resistance, 78.6% Fibonacci retracement, 1.272% fibonacci extension

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GBP/USD approaching resistance, potential drop!

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Trading Recommendation

Entry: 1.31262

Reason for Entry: breakout level, 38.2% Fibonacci retracement

Take Profit : 1.27253

Reason for Take Profit:

50% Fibonacci retracement

Stop Loss: 1.35194

Reason for Stop loss:

Horizontal swing high resistance

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EUR/USD approaching resistance, potential drop!

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Trading Recommendation

Entry: 1.12465

Reason for Entry: horizontal swing high resistance, 78.6% fibonacci extension

Take Profit : 1.11109

Reason for Take Profit: 50% Fibonacci retracement, horizontal overlap support

Stop Loss: 1.13081

Reason for Stop loss:

78.6% Fibonacci Retracement, horizontal swing high resistance

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December 30, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

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Since November 14, the price levels around 1.1000 has been standing as a significant DEMAND-Level which has been offering adequate bullish SUPPORT for the pair on two successive occasions.

Shortly-after, the EUR/USD pair has been trapped within a narrower consolidation range between the price levels of 1.1000 and 1.1085-1.1100 (where a cluster of supply levels and a Triple-Top pattern were located) until December 11.

On December 11, another bullish swing was initiated around 1.1040 allowing recent bullish breakout above 1.1110 to pursue towards 1.1175 within the depicted newly-established bullish channel.

Initial Intraday bearish rejection was expected around the price levels of (1.1175).

Quick bearish decline was demonstrated towards 1.1115 (Intraday Key-level) which got broken to the downside as well.

On December 20, bearish breakout of the depicted short-term channel was executed. Thus, further bearish decline was demonstrated towards 1.1065 where significant bullish recovery has originated.

The current bullish pullback towards 1.1235 (Previous Key-zone) should be watched for bearish rejection and another valid SELL entry.

On the other hand, bearish breakout below 1.1175 is mandatory to allow next bearish target to be reached around 1.1120.

Trade recommendations :

Conservative traders should wait for bearish rejection signs around the price levels of (1.1235) as a valid SELL signal.

Bearish projection target to be located around 1.1175 and 1.1120.

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

BTC 12.30.2019 - Is this end of the upward correction ? Watch for selling opportunities

Industry news:

After the DApp browser MetaMask got removed from the Google Play Store, Apple followed suit and is forcing crypto exchange Coinbase to remove the DApp browser feature from its iOS app. While many saw this as blatant censorship and a danger to the crypto industry, it goes to show that the DApp market has gotten so big, it's putting both Google and Apple at risk.

Technical analysis:

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Bitcoin has been trading inside of the consolidation at the price of $7.217 and potential for the further downside movement. I do see potential completion of the upward correction ABC (running flat), which is a sign that selling is in play... Watch for selling opportunities and target at the price of $6.455.

MACD oscillator is showing neutral stance and contraction, which is sign that there is the big move that is coming and potential expansion period.

Yellow rectangles – Current trading range

Resistance levels are seen at the price of $7.400 and $7.700

Support levels are set at the price of $7.030 and at the price of $6.455

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December 30, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

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In the period between October 17 to December 4, the GBP/USD pair has been trapped between the price levels of 1.2780 and 1.3000 until December 4 when bullish breakout above 1.3000 was achieved.

Moreover, a newly-established short-term bullish channel was initiated on the chart.

The GBPUSD has recently exceeded the upper limit of the depicted bullish channel on its way towards 1.3500 where the pair looked quite overpriced.

This was followed by successive bearish-engulfing H4 candlesticks which brought the pair back towards 1.3170 quickly.

Further bearish decline was pursued towards 1.3000 which got broken to the downside as well.

Technical short-term outlook turned into bearish since bearish persistence below 1.3000 was established on the H4 chart.

Hence, further bearish decline was expected towards 1.2840 - 1.2800.

However, earlier signs of bullish recovery manifested around 1.2900 denoted high probability of bullish breakout to be expected.

Intraday technical outlook turned into bullish after the GBP/USD has failed to maintain bearish persistence below the newly-established downtrend line.

That's why, bullish breakout above 1.3000 was anticipated. Thus allowing the current Intraday bullish pullback to pursue towards 1.3190-1.3200 where bearish rejection and another bearish swing can be watched by conservative traders.

Bearish reversal scenario around 1.3200 is supported by the recent negative divergence as depicted on the chart.

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

Gold 12.30.2019 - Multi pivot reistance at the price of $1.515 on the test

Gold has been trading upwards in the recent few days. I found that that Gold is at the main multi-pivot resistance at the price of $1.515 and that you should watch for the reaction around this main resistance.

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In case of the further upside breakout, the next upward target would be at $1.534.

In case of the stronger rejection of the main resistance at $1.515, downside target might be set at $1.495.

MACD oscillator is showing decreasing on the last upside movement and potential for the downside correction.

Yellow rectangle – Multi pivot resistance

Resistance level is seen at the price of $1.515

Support levels are set at the price of $1.508 and at the price of $1.495

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GBP/USD 12.30.2019 - Rising wedge pattern in creation, watch for selling opportunities

GBP/USD has been trading upwards most recently but I found the rising wedge pattern in creation and potential for further downside. I do expect downside movement and test of 1.3063 and 1.3016. Watch for selling opportunities.

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MACD oscillator is showing 3 pushes up and bearish divergence, which is another sign of the exhaustion from buyers.

Downward slopping line – Expected path

Rising upward lines – Rising wedge pattern

Resistance level is seen at the price of 1.3150

Support levels and downward targets are set at the price of 1.3063 and 1.3016.

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Elliott wave analysis of GBP/JPY for December 30 - 2019

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GBP/JPY continues following the expected path higher in wave b. When the wave was completed just below our expected target-zone between 141.36 - 141.42 (the low was seen at 141.14), GBP/JPY moved higher. The corrective rally took over wave b. The ideal target for this b wave is seen at 145.36. From this point a new decline towards 139.82 should be seen in wave c of the zig-zag correction.

In a short-term perspective, we expect a minor corrective drop to 142.69 and even closer to 142.39. The next rally to 145.36 can complete wave b and set the stage for a new decline in wave c towards 139.82.

R3: 144.44

R2: 143.81

R1: 143.46

Pivot: 143.35

S1: 142.92

S2: 142.69

S3: 142.39

Trading recommendation:

We are long 50% GBP from 141.50 and we have placed our stop at the break-even level. And we will take profit and sell GBP at 145.20.

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

Elliott wave analysis of EUR/JPY for December 30 - 2019

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EUR/JPY has rallied nicely from the blue wave (iv) low at 121.06 and is headed for our long-term target at 123.55. In a short-term perspective, we will be looking for a minor set-back to 121.99 before the next rally towards 123.00 and the target of 123.55. That is expected to complete red wave iii and set the stage for a more pro-longed correction in red wave iv. But now, keep you attention to the upside movement after a minor corrective decline to 121.99.

R3: 123.00

R2: 122.67

R1: 122.46

Pivot: 122.30

S1: 122.26

S2: 121.99

S3: 121.85

Trading recommendation:

We are long EUR from 120.25 and we have moved our stop higher to 121.40.

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