Technical analysis of EUR/USD for November 20, 2015

2015-11-20 0/5 Show full picture When the European market opens, economic news on the Consumer Confidence, German PPI m/m, and ECB President Draghi Speaks is due to be published. The US will not release any economic data today. So amid the reports, the EUR/USD pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0769.

Strong Resistance:1.0763.

Original Resistance: 1.0752.

Inner Sell Area: 1.0741.

Target Inner Area: 1.0716.

Inner Buy Area: 1.0691.

Original Support: 1.0680.

Strong Support: 1.0669.

Breakout sell level: 1.0663.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Read more: https://www.instaforex.com/forex_analysis/68755/

Elliott wave analysis of EUR/JPY for November 23, 2015

Wave summary: We continue to watch for a bottom for a rally towards 137.07. If a diagonal count is correct, then support at 130.13 should be able to protect the downside for a rally above 132.27 and more importantly a break above the resistance at 132.76 confirming the rally towards 137.07.

Should the support at 130.13 be broken the diagonal/wedge count is invalidated and downside acceleration towards 126.05 should be expected.

Trading recommendation:

We are long EUR from 131.25 with stop placed at 130.50. If you are not long EUR yet, then buy on a break above 132.27 and use the same stop, but expected to be raised quickly.

Read more: https://www.instaforex.com/forex_analysis/68811/

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Technical analysis of EUR/USD for November 24, 2015

When the European market opens, some economic news on the Belgian NBB Business Climate, German Ifo Business Climate, German Final GDP q/q is due to be released. The US will publish data on the Richmond Manufacturing Index, CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, Prelim GDP Price Index q/q, Goods Trade Balance, Prelim GDP q/q. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0685.

Strong Resistance:1.0678.

Original Resistance: 1.0668.

Inner Sell Area: 1.0633.

Target Inner Area: 1.0635.

Inner Buy Area: 1.0600.

Original Support: 1.0598.

Strong Support: 1.0588.

Breakout sell level: 1.0581.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Read more: https://www.instaforex.com/forex_analysis/68867/

Technical analysis of EUR/USD for November 25, 2015

When the European market opens, economic news on the German 10-y Bond Auction, Italian Retail Sales m/m is due to be released. The US will unveil the economic data on the Natural Gas Storage, Crude Oil Inventories, Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, New Home Sales, Flash Services PMI, HPI m/m, Personal Income m/m, Personal Spending m/m, Durable Goods Orders m/m, Core PCE Price Index m/m, Unemployment Claims, and Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout buy level: 1.0701.

Strong Resistance:1.0694.

Original Resistance: 1.0684.

Inner Sell Area: 1.0674.

Target Inner Area: 1.0648.

Inner Buy Area: 1.0623.

Original Support: 1.0613.

Strong Support: 1.0603.

Breakout sell level: 1.0596.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Read more: https://www.instaforex.com/forex_analysis/68930/

Technical analysis of GBP/JPY for November 26, 2015

GBP/JPY is expected to trade in a higher range as a bias remains bullish. The pair is posting a rebound after testing the key support at 184.90 overnight. It is currently trading around both the 20- and 50-period moving averages. And the relative strength index is staying above the neutrality level at 50. The intraday outlook continues to be bullish with the first upside target being set at 186 and the second one at 186.55.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 186 and the second target at 186.55. In the alternative scenario, short positions are recommended with the first target at 184.30 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 183.85. The pivot point is at 184.90.

Resistance levels: 186 186.55 187

Support levels: 184.30 183.85 183

Read more: https://www.instaforex.com/forex_analysis/69006/

Technical analysis of USD/JPY for November 27, 2015

In Asia, Japan will release data on the Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, and Household Spending y/y today. The US will not unveil any economic data. So, there is a strong probability that the USD/JPY pair will move with low volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.28.

Resistance. 2: 123.04.

Resistance. 1: 122.80.

Support. 1: 122.51.

Support. 2: 122.27.

Support. 3: 122.03.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Read more: https://www.instaforex.com/forex_analysis/69052/

Technical analysis of EUR/USD for November 30, 2015

When the European market opens, economic newsom the Italian Prelim CPI m/m, German Prelim CPI m/m, and German Retail Sales m/m is due to be released .The US will publish economic data on the Pending Home Sales m/m and Chicago PMI. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0629.

Strong Resistance:1.0622.

Original Resistance: 1.0612.

Inner Sell Area: 1.0602.

Target Inner Area: 1.0577.

Inner Buy Area: 1.0552.

Original Support: 1.0542.

Strong Support: 1.0532.

Breakout SELL Level: 1.0525.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Read more: https://www.instaforex.com/forex_analysis/69123/

Technical analysis of NZD/USD for December 01, 2015

NZD/USD is expected to trade with a bullish bias. Currently trading at 0.6622, the pair is still in an uptrend, but is approaching its key resistance at 0.6645 (around the high of November 26). A test should take place before any further advance. The 20-period and 50-period moving averages are still heading upwards without showing any reversal signal. Besides, the relative strength index is positive calling for a new rise. Hence, above 0.6565 look for 0.6645 and 0.6670 as our targets.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6645 and the second target at 0.6670. In the alternative scenario, short positions are recommended with the first target at 0.6540 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6510. The pivot point is at 0.6565.

Resistance levels: 0.6645 0.6670 0.6715

Support levels: 0.6540 0.6510 0.6490

Read more: https://www.instaforex.com/forex_analysis/69194/

Technical analysis of USD/JPY for December 02, 2015

The USD/JPY pair is expected to trade with a bullish bias. The bias remains bullish.Overnight, the US stock indices closed higher with an end-of-session rally. Rising shares were noted in the health care equipment, software and pharmaceutical sectors. The Dow Jones Industrial Average rose 1.0% to 17888, the S&P 500 gained 1.1% to 2102, while the Nasdaq Composite was up by 0.9% to 5156. Nymex crude oil settled up 0.5% at $41.85 a barrel, gold was up another 0.5% to $1,069 an ounce, and the benchmark 10-year Treasury yield edged down to 2.155% from 2.220% at the previous session.

Meanwhile, the US dollar declined further as the November ISM Manufacturing Index came in at 48.6 (vs 50.5 expected, 50.1 in October). The Wall Street Journal Dollar Index dropped 0.5% to 90.45. EUR/USD rose 0.6% to 1.0631 and NZD/USD surged 1.4% to 0.6670.

The AUD/USD pair gained 1.3% to 0.7321 overnight, while this morning the Australian government reported that the country's 3Q GDP rose 2.5% year-on-year (vs rise of 2.4% expected) and 0.9% seasonally-adjusted on-quarter (0.8% gain expected). The pair underwent a choppy session yesterday and finally located at the key support of 122.75. It is currently trading above the 20-period intraday (30-minute chart) moving average, while the relative strength index is around the neutrality level of 50 lacking downward momentum. The intraday outlook remains bullish, and the first upside target is set at 123.20 (around yesterday's high) and the second one at 123.35 (around the high of November 30).

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 123.35 and the second target at 123.60. In the alternative scenario, short positions are recommended with the first target at 122.50 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 122.25. The pivot point is at 122.75.

Resistance levels: 123.35 123.60 124

Support levels: 122.50 122.25 122

Read more: https://www.instaforex.com/forex_analysis/69271/

Elliott wave analysis of EUR/NZD for December 3 - 2015

Wave summary:

Ideally, we have seen a bottom at 1.5838 for a break above minor resistance at 1.6009 and more importantly a breakout above resistance at 1.6243 confirming that a bottom for the correction from 1.9114 is in place and a new impulsive rally to 1.8020 and above can develop. We have to acknowledge the risk is more downside pressure towards 1.5688 and possibly even 1.5479 if minor resistance at 1.6009 is able to protect the upside.

Trading recommendation:

Our stop at 1.5850 was taken out.We will only buy on a break above 1.6009 and place our stop just below the lowest price seen.

Read more: https://www.instaforex.com/forex_analysis/69328/

Technical analysis of EUR/USD for December 04, 2015

When the European market opens, economic news on the Retail PMI and German Factory Orders m/m is due to be published. The US will release economic data on the Trade Balance, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0973.

Strong Resistance:1.0967.

Original Resistance: 1.0956.

Inner Sell Area: 1.0945.

Target Inner Area: 1.0920.

Inner Buy Area: 1.0895.

Original Support: 1.0884.

Strong Support: 1.0873.

Breakout SELL Level: 1.0867.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Read more: https://www.instaforex.com/forex_analysis/69392/

Technical analysis of EUR/USD for December 07, 2015

When the European market opens, economic news on the Eurogroup Meeting, Sentix Investor Confidence, and German Industrial Production m/m is due to be released. The US will publish the economic data on the Consumer Credit m/m and Labor Market Conditions Index m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0921.

Strong Resistance:1.0915.

Original Resistance: 1.0904.

Inner Sell Area: 1.0893.

Target Inner Area: 1.0868.

Inner Buy Area: 1.0843.

Original Support: 1.0832.

Strong Support: 1.0821.

Breakout SELL Level: 1.0815.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Read more: https://www.instaforex.com/forex_analysis/69446/

Elliott wave analysis of EUR/NZD for December 9, 2015

Wave summary:

The price-action for EUR/NZD continues to unfold as expected. We are currently testing the top of wave i at 1.6490 and a breakout above here will call for an extended rally higher towards 1.7191 as the next upside target.

In the short-term, only a breakout below minor support at 1.6390 will indicate that a correction towards at least 1.6311 and 1.6221 is needed before the next impulsive rally higher.

Trading recommendation:

We are long EUR from 1.6045 and will move our stop higher to 1.6390. If you are not long EUR yet, then buy on a breakout above 1.6490 and use the same stop at 1.6390.

Read more: https://www.instaforex.com/forex_analysis/69573/

Elliott wave analysis of EUR/NZD for December 10, 2015

Wave summary: We did see an anticipated breakout above resistance at 1.6490 for a rally higher to 1.6749. This morning, RBNZ cut its rates by 25 basis points, which should help this cross move even higher. However, a rather hawkish statement from RBNZ after the rate cut caused a deep retracement of the rally from 1.6049 to 1.6748. We do regard a decline from 1.6748 as a corrective decline, which have ideally terminated at 1.6242 for the next impulsive rally higher towards 1.7191.

That said we have to accept a possibility of an even deeper corrective decline closer to 1.6049, but at no point is this low allowed to be broken as that will invalidate the above count.

Trading recommendation:

Our stop at 1.6390 was hit for a nice 345 pip profit. We will only buy on a break above 1.6348 and place a stop just below the most recent low.

Read more: https://www.instaforex.com/forex_analysis/69648/

Technical analysis of EUR/USD for December 14, 2015

When the European market opens, economic news on the ECB President Draghi Speaks and Industrial Production m/m is due to be released today.The US will not publish any economic data. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1034.

Strong Resistance:1.1028.

Original Resistance: 1.1017.

Inner Sell Area: 1.1006.

Target Inner Area: 1.0981.

Inner Buy Area: 1.0956.

Original Support: 1.0945.

Strong Support: 1.0934.

Breakout SELL Level: 1.0928.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Read more: https://www.instaforex.com/forex_analysis/69763/

Technical analysis of EUR/JPY for December 15, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around the level of 133.20/30 after bouncing from 132.50 yesterday. The pair tested its immediate resistance trend line as seen here dropping lower. Bearish reversal is taking place now, prices are expected to drop below the level 132.50. It is hence recommended to initiate 50% short positions now with risk around 134.80. Immediate support is seen at the level of 132.50 followed by 131.00 and lower, while resistance is seen at 134.50. Bears should remain in control until prices stay broadly below the level of 134.50.

Trading recommendations:

Initiate 50% short positions with stop at 134.80, a target is open.

Good luck!

Read more: https://www.instaforex.com/forex_analysis/69838/

Technical analysis of EUR/USD for December 16, 2015

When the European market opens, economic news on the Trade Balance, Final Core CPI y/y, Final CPI y/y, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI is due to be released. The US will unveil economic data on the Federal Funds Rate, FOMC Statement, FOMC Economic Projections, Crude Oil Inventories, Flash Manufacturing PMI, Industrial Production m/m, Capacity Utilization Rate, Housing Starts, Building Permits. So amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0980.

Strong Resistance:1.0980.

Original Resistance: 1.0969.

Inner Sell Area: 1.0958.

Target Inner Area: 1.0933.

Inner Buy Area: 1.0908.

Original Support: 1.0897.

Strong Support: 1.0886.

Breakout SELL Level: 1.0880.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Read more: https://www.instaforex.com/forex_analysis/69895/

Technical analysis of USD/JPY for December 17, 2015

In Asia, Japan will release data on the Trade Balance, and the US will publish news on the Natural Gas Storage, CB Leading Index m/m, Current Account, Unemployment Claims, and Philly Fed Manufacturing Index. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.04.

Resistance. 2: 122.80.

Resistance. 1: 122.56.

Support. 1: 122.26.

Support. 2: 122.02.

Support. 3: 121.78.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Read more: https://www.instaforex.com/forex_analysis/69958/

Technical analysis of EUR/USD for December 18, 2015

Overview:

The EUR/USD pair is trading between the levels of 1.0866 and 1.0722 (these levels coincide with the Fibonacci retracement levels 78.6% and 38.2% respectively). It should be noted that the level at 1.0866 will act as a strong resistance because it represents a ratio of 78.6% Fibonacci retracement levels in the H1 chart. Moreover, the daily pivot point has always set below the resistance and it will act as a minor resistance in the area of 1.0849. Therefore, it will be rather gainful to sell below the levels of 1.0866 or 1.0849 and move further downside with targets at 1.0722 and 1.0694. The double bottom will set at the point of 1.0642; but the weekly support 1 has already been found at 1.0694. On the other hand, stop loss should always be taken in account, consequently, it will be of beneficial to set the stop loss above the resistance 1 at the level of 1.0866.

Intraday technical levels:

Pair:EUR/USD

1.0993

1.0954

1.0879

1.0840

1.0765

1.0726

1.0651

Read more: https://www.instaforex.com/forex_analysis/70015/

Elliott wave analysis of EUR/NZD for December 21, 2015

Wave Summary: The odds do favor that an expanded flat wave ii ended at 1.5990 and wave iii higher will now develop to do a rally towards at least 1.7116, which is the first extension target for wave iii. Whenever wave two becomes an expanded flat correction, we should expect wave three to extend and in the case EUR/NZD the first extension target at 161.8% the length of wave i will be seen at 1.7116, which by the way also marked a 38.2% corrective target of a rally of wave 1.

So, an expected bottom has been found at 1.5990 for a breakout above 1.6246 as the first indication that the bottom is in place and wave iii higher is developing.

Trading recommendation:

We will buy on a breakout above 1.6246 and place our stop at 1.6010.

Read more: https://www.instaforex.com/forex_analysis/70080/

Technical analysis of EUR/USD for December 22, 2015

When the European market opens, some economic news will be released such as Belgian NBB Business Climate, GfK German Consumer Climate, and German Import Prices m/m. The US will release the economic reports too such as the Richmond Manufacturing Index, Existing Home Sales, HPI m/m, Final GDP Price Index q/q, and Final GDP q/q. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0958.

Strong Resistance:1.0952.

Original Resistance: 1.0941.

Inner Sell Area: 1.0930.

Target Inner Area: 1.0905.

Inner Buy Area: 1.0880.

Original Support: 1.0869.

Strong Support: 1.0858.

Breakout SELL Level: 1.0852.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Performed by Arief Makmur, Analytical expert InstaForex Group © 2007-2015 Share Author's blog Ask the author Back to the list More articles by this author

Read more: https://www.instaforex.com/forex_analysis/70147/

Technical analysis of USD/JPY for December 23, 2015

In Asia, Japan will not release any economic data, but the US will publish news on the Crude Oil Inventories, Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, New Home Sales, Personal Income m/m, Personal Spending m/m, Durable Goods Orders m/m, Core PCE Price Index m/m, and Core Durable Goods Orders m/m. So, there is a strong probability that the USD/JPY pair will move with low volatility during the Asian session and with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.63.

Resistance. 2: 121.39.

Resistance. 1: 121.16.

Support. 1: 120.87.

Support. 2: 120.63.

Support. 3: 120.39.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Read more: https://www.instaforex.com/forex_analysis/70192/

Technical analysis of GBP/USD for January 04, 2016

Overview:

The market continues showing signs of weakness following the break at 1.4799 (support has become resistance). Therefore, the GBP/USD pair's support has been broken and it was turned into resistance last week. Moreover, the pair has already formed a strong resistance at the level of 1.4799 (the weekly pivot point). So, the market indicates a bearish opportunity at the level of 1.4799 with the first target of 1.4700 and continues towards 1.4665. On the other hand, if the trend fails to break this level and close below 1.4665, then upside momentum is rather convincing and the structure of the rise does not look corrective. Additionally, the market will indicate a bullish opportunity at 1.4665, thus it will be a good sign to buy at this level (1.4665) with targets at 1.4733 and 1.4790.

Weekly technical analysis of GBP/USD:

Read more: https://www.instaforex.com/forex_analysis/70529/

Technical analysis of USD/JPY for January 05, 2016

In Asia, Japan will release its data on 10-y Bond Auction and Monetary Base (y/y). The United States will report on Total Vehicle Sales. So there is a big probability that the USD/JPY pair will move with low to medium volatility today.

TECHNICAL LEVELS FOR TODAY:

Resistance. 3: 120.11.

Resistance. 2: 119.87.

Resistance. 1: 119.64.

Support. 1: 119.35.

Support. 2: 119.12.

Support. 3: 118.88.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial adviser if you have any doubts.

Read more: https://www.instaforex.com/forex_analysis/70597/

Technical analysis of USD/JPY for January 06, 2016

In Asia, Japan will not release any economic data but the US will release some economic data such as FOMC Meeting Minutes, Crude Oil Inventories, Factory Orders m/m, ISM Non-Manufacturing PMI, Final Services PMI, Trade Balance, ADP Non-Farm Employment Change. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.15.

Resistance. 2: 118.92.

Resistance. 1: 118.69.

Support. 1: 118.41.

Support. 2: 118.17.

Support. 3: 117.94.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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