The gold price remains inside its sideways trading range in what it seems a triangle pattern. The short-term trend is neutral. Gold is very close to important long-term support. A bounce is expected. There has been no reversal confirmation yet.Blue lin…
Wave summary:The rally from 1.4654 likely completed the first impulsive rally in wave [i] at 1.5176 and we should now look for a minor correction towards at least 1.4976 and possibly a slightly deeper correction towards 1.4853 in wave [ii] before an ex…
Wave summary:The break above minor resistance at 123.01 has weakened the case for a decline to 119.70, but it has not invalidated the possibility entirely. The failure to follow through on the break above 123.01 indicates a more complex correction is u…
EUR/USD went down on Monday and Tuesday, and then began to move upwards slowly
from Wednesday. All these happened in the context of a downtrend. The major
bias remains bearish, and so the current shallow bullish movement would turn
out to be opportunities to go short.
USD/CHF: The USD/CHF pair is still in
a bullish mode, despite the current consolidation to the downside. The price is
supposed to continue going upwards this week, reaching the resistance levels at
1.0300 and 1.0350. There is a Bullish Confirmation Pattern on the 4-hour chart.
The bullish outlook would be valid as long as the price does not go below the
support levels at 1.0050 and 1.0000.
GBP/USD: This pair has come down
200 pips this week. Now it is below the distribution territory at 1.2300. There is a
Bearish Confirmation Pattern on the chart and the accumulation territories at
1.2250, 1.2200, and 1.1150 before the end of this month. Long trades are not
recommended in this market at this period.
USD/JPY: This is a flat market
and no directional movement has been carried out so far this week. Right now,
it is OK to stay away from the market because there are mixed signals –
the EMAs 11 and 56 are giving bullish signs, while the RSI period 14 is
giving bearish signs.
EUR/JPY cross is a trendless market in the near time. The price has consolidated so
far this week, but a rise in momentum will happen before the end of the year,
which would be a surprise. A closer look at the market reveals some bullish
attempts. The expected direction in the market is bullish when momentum does
arise. Bearish corrections in this market should be taken as opportunities to
The material has been provided by InstaForex Company – www.instaforex.com
When the European market opens, some economic data will be released such as French Consumer Spending m/m and GfK German Consumer Climate. The United States will release some macroeconomic statistics as well: such as Revised UoM Inflation Expectations, …
Today Japan will not release any significant economic data, but the United States will release some macroeconomic reports such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, and New Home Sales. So there is a probability that the…
The price has finally dropped strongly and reached our profit target yesterday. We now turn bullish above 1.0436 support (Fibonacci retracement, horizontal swing low support, Fibonacci projection) for a bounce to at least 1.0500 resistance (swing high …
The price continues to drop towards our profit target. We remain bearish below 1.0268 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to 1.0200 resistance (Fibonacci projection, Fibonacci retracement, horizonta…
Price has surpassed our descending resistance-turn-support line triggering a bullish move from here. EUR/USD made a push up to our profit target before reversing back to our buying level. We remain bullish above 1.0418 support (Fibonacci retracement, h…
Price has dropped perfectly to our profit target. We now turn bullish above major support at 84.64 (Fibonacci retracement, horizontal support, Fibonacci projection) for a push up to 85.70 resistance (Fibonacci retracement, horizontal swing high resista…