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Technical analysis of USD/CAD for August 23, 2016

General overview for 23/08/2016:

Another sub-wave up has been made that almost hit the 50% Fibo at the level of 1.2982. The clear, intraday bearish divergence has made then the price to move lower towards the weekly pivot at the level of 1.2976, but bulls managed to defend this level. Currently the pair is trading just above the weekly pivot in the middle of the range. Nevertheless, if the intraday support at the level of 1.2890 is violated, then the corrective wave b purple might get more complicated and time-consuming.

Support/Resistance:

1.2655 - Count Invalidation Level

1.2664 - WS2

1.2890 - Intraday Support

1.2778 - WS1

1.2976 - Weekly Pivot

1.2963 - Intraday Resistance

1.2930 - 38%Fibo

1.2982 - 50% Fibo

1.2988 - WR1

1.3088 - WR2

Trading recommendations:

Day traders should consider opening buy orders on the dips during the corrective cycle, ideally around the weekly pivot zone. The SL should be placed below the level of 1.2764 and TP should be placed at the level of 1.2982.

Read more: https://www.instaforex.com/forex_analysis/80503

[b]Nintendo shares now available for trading


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Victors of six InstaForex contests revealed


The results of six yet another InstaForex contests are summed up. This time we will name the winners of the following contests: One Million Option, InstaForex Sniper, Lucky Trader, FX-1 Rally, Real Scalping, and Trade Wise, Win Device. InstaForex congratulates the victors and wishes other contestants to find their names on the winning list next time. Sooner or later, fortune will smile on you too!



One Million Option

One Million Option being one of the most favorite, beloved contests gathers multiple participants who fight hard for the title of the best option trader. By the results of the latest step, the most outstanding result was shown by Shehu Abdullahi. The next stage of the One Million Option contest will start on August 22, 2016 (GMT+3) and end on August 26, 2016 (GMT+3).



InstaForex Sniper

The most accurate and fastest traders take part in the InstaForex Sniper contest. Many contestants fiercely compete to get the main prize. Kadri Yassine proved to be the best in the recent step. The next competition will kick off on August 22, 2016 (GMT+3) and finish on August 26, 2016 (GMT+3). Test your accuracy in the InstaForex Sniper contest right now!



Trade Wise, Win Device

Dmitriy Yonass became the victor of the Trade Wise, Win Device campaign and the owner of a new iPhone. The coming step of the Trade Wise, Win Device campaign will show whether you are lucky enough to win a branded gadget too. The new stage will take place from August 29, 2016 (GMT+3) to September 9, 2016 (GMT +3). You can register for the campaign on its web page right now.



FX-1 Rally

The best performance in the FX-1 Rally contest was demonstrated by Mikhail Evsikov, who managed to use all of his trading and racing skills efficiently. We congratulate the winner on the amazing victory and wish him luck in next competitions. If you want to feel the thrilling spirit of this fight, welcome to the start of another stage of the FX-1 Rally contest. You can register for the nearest rally that will take place from 00:00 August 26, 2016 (GMT+3) to 23:59 August 26, 2016 (GMT+3).



Lucky Trader

Trade perfectly for two weeks and you will secure a victory in the Lucky Trader contest just like Vladimir Ikonnikov did it. He showed a superb trading form and achieved the best results among hundreds of other participants. We sincerely congratulate the winner and wish him to keep his leading positions. The next step of the Lucky Trader contest will be held from August 22, 2016 (GMT+3) to September 2, 2016 (GMT+3).



Real Scalping

Short-term trading is quite a complicated type of trading that requires a lot of concentration. Not everyone is attentive and focused enough to make quick and correct decisions to succeed in it. This time, Vladimir Trafimov showed all these skills and took the first place in the recent step of the Real Scalping contest. InstaForex congratulates the victor and invites everyone who failed to try once again and participate in the coming step. All willing to test their trading abilities can register for the next stage that will run from September 5, 2016 (GMT+3) to September 30, 2016 (GMT+3).



Learn more about contests

Photos and comments of the finalists

Technical analysis of EUR/USD for August 22, 2016

Overview:

The EUR/USD pair:

The price spot of 1.1326 - 1.1362 remains a significant resistance zone. Therefore, a possibility that the EUR/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below the level of 1.1326 - 1.1362. So, the resistance levels are seen at 1.1326 and 1.1362. Amid the previous events, the pair is still in a downtrend. From this point, the EUR/USD pair is continuing in a bearish trend from the new resistance of 1.1362 (first resistance). Therefore, sell below 1.1326 with the first target at the 1.1250 level. ALso, it should be noted that the daily pivot point is seen at the price of 1.1250. Additionally, if the EUR/USD pair is able to break out the pivot at 1.1250, the market will decline further to 1.1182 in order to test the weekly support 2. However, the stop loss should be located above the level of 1.1362.

Read more: https://www.instaforex.com/forex_analysis/80453

Silver Technical Analysis for August 19, 2016.


Technical outlook and chart setups:

Silver is seen to be trading at $19.63 levels at this moment, looking to continue pushing higher towards $20.50/80 levels at least. The wave structure reveals that Silver has been consolidating in an expended triangle structure, as seen on chart view here. Furthermore, please also note that the metal looks to have completed 5 waves within the triangle, indicating that it is complete. If this holds true, the metal should resume its last leg rally (wave 5) towards $20.80/21.00 levels going forward. The metal is expected to remain in control of bulls, till prices stay above $19.20/30 levels. It is hence recommended to remain long now, with stop below $19.25. Immediate resistance is seen at $20.50/80 levels, while support is at $19.25 levels respectively.

Trading recommendations:

Remain short for now, stop below $19.25; target is $20.50/80.

Good luck!

Read more: https://www.instaforex.com/forex_analysis/80375

Intraday technical levels and trading recommendations for GBP/USD for August 18, 2016

Since January 2016, bullish persistence above 1.4500 was mandatory to maintain enough bullish strength in the market.

However, the previous weekly candlesticks maintained their bearish persistence below the depicted weekly supply zone (below 1.4470), which allowed further bearish decline to occur.

The prominent demand level located at 1.3845 (historical bottom that goes back to March 2009) provided a significant bullish rejection and a bullish engulfing weekly candlestick on February 26.

Bullish fixation above 1.4670 allowed further bullish advancement initially towards 1.4950 (Weekly Supply) where significant bearish rejection was expressed.

The price zone between 1.3845 and 1.3550 (Historical bottoms in January 2009) was considered a significant demand zone to be watched for bullish recovery.

However, by the end of June, a significant bearish breakdown below 1.3550 was expressed as seen on the depicted charts.

Bearish persistence below the demand level at 1.3550 enhances the bearish scenario towards 1.2700 (the nearest bearish projection target) where price action should be watched for a possible short-term BUY entry.

On the other hand, the price zone of 1.3845-1.4040 now constitutes the recent supply zone to be watched for new SELL entries if any bullish pullback extends above 1.3550.

Read more: https://www.instaforex.com/forex_analysis/80337

Technical analysis of USD/CHF for August 17, 2016

Overview:

As expected the USD/CHF pair continues to move downwards from the level of 0.9684. Yesterday, the pair dropped from the level of 0.9684 (this level of 0.9684 is coincides with the ratio of 38.2% Fibonacci retracement) to the support around 0.9621. Today, the first resistance level is seen at 0.9684 followed by 0.9735, while daily support 1 is seen at 0.9621. Hence, if the pair fails to pass through the level of 0.9621, the market will indicate a bearish opportunity below the new support level of 0.9621 (23.6% Fibonacci). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength below the moving average (100). Thus, the market is indicating a bearish opportunity below 0.9621, so it will be good to sell at 0.9621 with the first target of 0.9571. It will also call for a downtrend in order to continue towards 0.9520. The daily strong support is seen at 0.9520. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9735. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9680 and 0.9520; for that we expect a range of 160 pips.

Read more: https://www.instaforex.com/forex_analysis/80291

[b]EUR/USD at major resistance, reversal expected.



Price is seeing major resistance at 1.1235 (Fibonacci Retracement, Fibonacci Projection, graphical overlap resistance) where we expect a drop from to at least 1.1125.

The strategy would be to take one short position now and if price rises up to 1.1235, we look to add to our short position again.

Sell below 1.1235. Stop loss is at 1.1310. Take profit is at 1.1125

Read more: https://www.instaforex.com/forex_analysis/80229

Technical analysis of USD/CHF for August 15, 2016

USD/CHF is expected to trade with bearish bias as key resistance at 0.9785. The pair is posting some rebound and just broke above its 20-period and 50-period moving averages. Nevertheless, 0.9785 represents a significant key resistance level, which should limit the upside potential. Even though a continuation of technical rebound cannot be ruled out, its extent should be limited.On the economic front, the U.S. Commerce Department reported that July retail sales were little changed in July as compared to June (vs. +0.4% expected). Excluding cars, sales declined 0.3% (vs. +0.1% expected). Another report showed that U.S. producer-price index (PPI) dropped 0.4% on month in July (vs. +0.1% expected), the biggest decline in almost a year.

As long as 0.9785 is not broken, the pair is likely to return to 0.9725. A break below this level would open the way to further weakness toward the next support at 0.9705.

Resistance levels: 0.9805, 0.9845, 0.9905

Support levels: 0.9725, 0.9705, 0.9690

Read more: https://www.instaforex.com/forex_analysis/80187

Million over night before Brexit

Most stories of making a killing in the currency market are about the same old stuff: hard work, attention, analysis, calculations, and above all, time. But there is an exception to every rule. This time, we will tell you a story of striking gold that actually is not that unique. Many traders around the globe managed to rake it in on the outcome of Britain's referendum on the country's membership in the European Union. Our protagonist, Aleksandr, is a holder of InstaForex account No 2204114 who earned one million rubles in a single night. Such a success was linked neither to long waiting nor to detailed analysis of a forex guru. It was about trading the right pair at the right time. Aleksandr is not a professional financier or analyst. “I am neither a professional trader nor financial analyst. I started trading on Forex in 2012. I studied mainly by myself: read a lot of materials, explored the market. I trade only EUR/USD and GBP/USD. I have not succeeded much, but gained something that is more valuable than money – experience. The point of my activity in this sphere is the result, not money," our humble hero tells us.

He is not the first InstaForex client to strike it rich during Britain's referendum. However, it is difficult to ignore the story of gaining a million overnight. “I won't hide how happy I was about my trading results for June 24, 2016. On the back of Brexit, I managed to increase my funds by million rubles overnight. It's a great feeling to wake up and find out you're a millionaire. I wish everyone to reach such a goal at least," Aleksandr shared his impressions about his success.

To enjoy such a success, some trading experience and basic knowledge are required. Aleksandr advises beginners not to be lazy and study the market in detail instead, taking technical and fundamental analyses into account. He also recommends developing and testing own strategies and learning how to both enlarge and keep capital.

[font=Lucida Sans Unicode][/font]Silver Technical Analysis for August 12, 2016.


Technical outlook and chart setups:

Silver is seen to be trading at $19.95/20.00 levels for now, after having tested $19.80 levels yesterday. The metal also looks to be consolidating (triangle) and seems to be in its last leg drop as shown here. If the above wave count holds true and silver breaks above the resistance line of consolidation at $20.40/50 levels, the metal would push further towards $21.13 levels going forward. It is recommended to book profits on short positions taken earlier and turn bullish with risk below $19.40 levels. Immediate interim support is seen at $19.45 levels, while resistance is at $20.50 levels respectively. Bulls should be poised to remain in control, till prices stay above $19.45 levels going forward.

Trading recommendations: Book profits on short positions taken earlier. Turn bullish now, stop at $19.40, target is open.

Good luck!

Read more: https://www.instaforex.com/forex_analysis/80131

Daily analysis of GBP/USD for August 11, 2016

Cable is in a bearish mode and looking to consolidate again below the 1.3000 psychological level, following a false breakout around the 1.3085 level. We would like to see another decline to the 1.2894 level, where the bulls are waiting in an attempt to resume the bullish momentum. However, the targets are still bearish on a short-term basis.

H1 chart's resistance levels: 1.3085 / 1.3148

H1 chart's support levels: 1.3000 / 1.2894

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3000, take profit is at 1.2894 and stop loss is at 1.3106.

Read more: https://www.instaforex.com/forex_analysis/80057

Technical analysis of EUR/JPY for August 10, 2016

General overview for 10/08/2016:

After the bullish camp did not manage to break out above the intraday resistance at the level of 113.92, the price has moved back to the weekly pivot at the level of 113.26 and continues to trade in rather narrow trading range. The bottom for wave b might be in place at the level of 112.31, but to confirm this scenario the price must impulsively break out above the 113.92 level and head higher. And violation of the intraday support at the level of 112.31 will invalidate this scenario.

Support/Resistance:

112.31 - Intraday Support

113.26 - Weekly Pivot

113.92 - Intraday Resistance

114.22 - WR1

115.76 - WR2

116.72 - WR3

Trading recommendations:

Day traders should consider opening buy orders from current price levels and place the SL just below the level of 112.30. TP is open for now.

Read more: https://www.instaforex.com/forex_analysis/80028

Technical analysis of silver for August 09, 2016

Technical outlook and chart setups:

Silver hit fresh lows at $19.50 levels last Friday as expected. The metal is trading at $19.60 at the moment and looks to be setting up for a retracement/counter trend rally towards $20.40/50 levels before reversing again. Besides, the metal is likely to consolidate (triangle) and seems to be in its last leg rally as shown here. If the above wave count proves to be valid, and silver fails to break above $21.13 levels, it will drop lower towards $19.00 levels at least going forward. It is recommended to remain short now, with risk above $21.13 levels. Immediate interim support is seen at $19.45 levels, while resistance lies at $20.50 levels. Bears should be poised to remain in control till prices stay below $21.13 levels.

Trading recommendations:

Remain short from $20.50 levels, and plan to book partial profits. Stop is above $21.13, target is lower.

Good luck!

Read more: https://www.instaforex.com/forex_analysis/79960

Daily analysis of USDX for August 08, 2016

At H1 chart, USDX is consolidating higher and the resistance zone of 96.32 is being challenged. Above that zone, we can expect another advance towards the 96.75 level, where the sellers could be waiting for. However, a pullback can drive the Index to re-test the support zone of 95.51. MACD indicator is showing overbought conditions.

H1 chart's resistance levels: 96.32 / 96.75

H1 chart's support levels: 95.93 / 95.51

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 96.32, take profit is at 96.75 and stop loss is at 95.90.

Read more: https://www.instaforex.com/forex_analysis/79872/

InstaForex Olympic Bonus

In the context of the Olympic Games in Rio, we are launching a new campaign, the Olympic Bonus. Referring to the campaign's rules, holders of live trading accounts can apply for the Olympic Bonus which equals 15% of a deposit. The campaign is in effect as long as the Summer Olympic Games are taking place in Rio de Janeiro from August 5 to 21, 2016.

The weighty argument for the Olympic Bonus is that a client can receive it as a supplement to 30% Bonus. In other words, a trader receives a nice amount of 45% instead of 30% on a trading account.

The Olympic Bonus is provided only once for the accounts which passed at least the first level of verification. The bonus is not cancelled after the Olympic Games are over. So the bonus money still remains in a client's account.

Owners of all types of accounts are invited to take part in the campaign, though the bonus is not available to MT5 accounts.

Hurry up to receive the bonus as the campaign term coincides with the 2016 Summer Olympic Games!

Find inspiration from the Olympic Games and boost your profit with InstaForex bonus!

Technical analysis of USD.CAD for August 5, 2016

With the Canadian Dollar strengthening against the US Dollar as Oil prices rise above 41$, I expect some more weakness for the USDCAD pair over the coming days and a possible pull back even towards 1.29. However, my longer-term view for a push towards 1.33-1.36 is still in play.

Blue lines - long-term triangle pattern

With a possible fake breakout above 1.3150 USDCAD is making lower lows and lower highs. Price is most probably heading towards daily cloud support at 1.29 where I will look to open long positions. I continue to believe that the correction of the entire decline is still not over and that this pair should at least make a strong bounce towards 1.33 if not 1.36.

Green line - short-term support


USDCAD has broken below the 4 hour Kumo (cloud) support and the short-term triangle pattern targeting the green trend line support at 1.2970. With NFP announcement today we should expect some wild movements in all dollar pairs. My longer-term view remains bullish so I continue to expect a large scale reversal, either from current levels or from 1.29.

Read more: https://www.instaforex.com/forex_analysis/79840/

Technical analysis of USD/CHF for August 04, 2016

Overview:


Yesterday, the USD/CHF pair moved from its bottom at 0.9630 and continued to rise to the top of 0.9745. Today, on the one-hour chart, the current rise will remain within a framework of correction. In the H4 time frame, if the pair fails to pass through the level of 0.9786, the market will indicate a bearish opportunity below the strong resistance level of 0.9786 (level of 0.9786 coincides with the 61.8% of Fibonacci), which is expected to act as a major support today. Additionally, the RSI is still signaling that the trend is downward as it is still strong below the moving average (100). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.9786 with the first target at 0.9684. If the trend breaks the support level of 0.9684, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.9622 in order to test the daily support 2 (horizontal green line). On the other hand, if a breakout happens at the resistance level of 0.9786, then this scenario may become invalidated. But in overall, we still prefer the bearish scenario today.

Read more: https://www.instaforex.com/forex_analysis/79788/

Elliott wave analysis of EUR/NZD for August 3, 2016


Wave summary:

We are still looking for a break above the minor resistance line near 1.5610 as the first strong indication that the corrective decline from 1.5839 finally has completed and a new impulsive rally higher towards 1.6652 should be expected.The corrective decline from 1.5839 is a strong bullish set-up, but we need the break above the resistance line to really trigger this set-up for the next large rally higher to 1.5839 and above.

Trading recommendation:

We are long EUR from 1.5540 with stop placed at 1.5400. If you are not long EUR yet, then buy a break above the resistance line near 1.5610 and place your stop at 1.5510.

Silver Technical Analysis for August 02, 2016.


Technical outlook and chart setups:

Silver has finally inched higher today as expected and hit fresh intraday highs at $20.80 level. The metal is trading a bit lower at $20.65 level at this moment and looks to have completed its counter trend rally that began from sub $19.00 level earlier. If the above wave count holds true and Silver fails to break above $21.13 level, it should drop lower towards $18.00 level going forward. The wave structure also indicates that a flat is now complete and the metal is expected to turn lower from current price action. It is recommended to remain short now, with risk above $21.13 levels. Immediate interim support is seen at $19.20 level, while resistance is at $21.13 level respectively.


Trading recommendations:

Remain short from $20.50 levels, stop above $21.13, a target is lower

Good luck!

Read more: https://www.instaforex.com/forex_analysis/79658/

[/b]EUR/NZD analysis for August 01, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.5447. According to the 15M time frame, I found successful test of supply in a low volume at the price of 1.5450 and I found fake breakout of swing low. Be careful when selling and watch for buying opportunities. The price respects the 21SMA, which is a good sign of strength. The intraday trend is upward and the first upward target is set at the price of 1.5650. Point of control from Friday is set at the price of 1.5620.

[b]Fibonacci Pivot Points:

Resistance levels:

R1: 1.5610

R2: 1.5655

R3: 1.5730

Support levels:

S1: 1.5460

S2: 1.5415

S3: 1.5340

Trading recommendations for today: Watch for buying opportunities on the dips.

Gold analysis for July 29 , 2016


Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,345.39 in a high volume. According to the 4H time frame, I have found solid support at the price of $1,333.00. I found sign of strength from the support level, which is an indicator that selling looks risky. Watch for buying opportunities. Take profit level is set at the price of $1,348.90.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,341.00

R2: 1,344.35

R3: 1,349.80

Support levels:

S1: 1,330.15

S2: 1,326.80

S3: 1,321.40

Trading recommendations for today: selling looks risky, watch for buying opportunities.

Read more: https://www.instaforex.com/forex_analysis/79535/

New winners of regular InstaForex contests defined

Another series of InstaForex contests has come to an end. Today, we are ready to announce winners of the One Million Option, InstaForex Sniper, Lucky Trader, Real Scalping, and FX-1 Rally contests, as well as the Trade Wise, Win Device campaign. Our company warmly congratulates the victors and wishes the rest contestants to win the upcoming competitions.

One Million Option

One Million Option is one of the most popular InstaForex contests. Every step gathers hundreds of participants who vie with each other for the best options trader title. The best result was shown by Oleg Visochanskiy. The next contest will start pretty soon, August 1, 2016 (GMT+3) and will run till August 5, 2016 (GMT+3).

InstaForex Sniper

The InstaForex Sniper contest tests skills of the most accurate and fastest traders. This time Yuriy Truntsov turned out to be the winner of the recent step. The next stage of the InstaForex Sniper contest will be carried out from August 1, 2016 (GMT+3) to August 5, 2016 (GMT+3).

Lucky Trader

Confidence, prudence, and concentration on success are the key to an excellent result in the Lucky Trader two-week marathon. If you manage to trade perfectly for two weeks, just like Vladimir Ikonnikov did it, you will also have a chance to become the victor. The next stage will start on August 8, 2016 (GMT+3) and end on August 19, 2016 (GMT+3).

FX-1 Rally

Stanislav Mashkovskiy showed the best result in the FX-1 Rally InstaForex contest. He showed outstanding trading and racing skills. We congratulate the victor and wish him more triumphs. If you want to try your hand at this breathtaking contest and are ready to feel its thrill, welcome to the start of FX-1 Rally! Hurry up to register in the next competition that will kick off at 00:00, August 5, 2016 (GMT+3) and will finish at 23:59, August 5, 2016 (GMT+3).

Trade Wise, Win Device

Pavel Kuznetsov became the victor of the Trade Wise, Win Device campaign and the owner of a new Galaxy Tab. The upcoming step of the campaign will show whether you are lucky enough to win a branded gadget too. The new stage will take place from August 1, 2015 (GMT+3) to August 12, 2016 (GMT+3). You can register for the campaign on its web page right now.

Real Scalping

Short-term trading is a rather difficult, painstaking type of trading requiring a lot of attention. Not everyone is focused enough and able to make correct decisions quickly. But these particular qualities give you the edge over other scalpers. Saiful Amri was the one with all these skills and became the winner of the Real Scalping InstaForex contest. The company congratulates Saiful Amri and invites those who failed to try again. Everyone can challenge their skills in another contest step that will take place from August 1, 2016 (GMT+3) to August 26, 2016 (GMT+3).

Technical analysis of EUR/USD for July 28, 2016

When the European market opens, some Economic Data will be released such as Italian 10-y Bond Auction, German Unemployment Change, Spanish Unemployment Rate, German Prelim CPI m/m.The US will release the economic data too such as Natural Gas Storage, Unemployment Claims, so amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1119.

Strong Resistance:1.1113.

Original Resistance: 1.1102.

Inner Sell Area: 1.1091.

Target Inner Area: 1.1065.

Inner Buy Area: 1.1039.

Original Support: 1.1028.

Strong Support: 1.1017.

Breakout SELL Level: 1.1011.


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/79421/

Technical analysis of USDX for July 27, 2016

The US dollar index is holding above the triple top and breakout area of 96.70 despite the pullback we saw yesterday. The dollar index is showing divergence signs, which imply that the dollar bulls should be very cautious.

Blue line - triple top break out level

Red lines - long-term trading range

The dollar index is above the 4 hour Kumo and above the breakout level of 96.70. As long as we are above it, bulls are still alive but more strength and a break above 97.60 is needed. If yesterday's lows are broken we should expect more downside for the dollar index as we will have confirmation of the false breakout.

The weekly candle is testing the upper cloud boundary. A breakout above the weekly cloud will be a bullish sign. The weekly stochastic is about to make a bearish cross and bulls should be very cautious as we are in overbought levels and near resistance levels.

Read more: https://www.instaforex.com/forex_analysis/79379/

Bank of Russia provides InstaForex with new information on Russian license

Following Russia's Forex legislation introduced in January 2016, InstaForex submitted a set of documents required by the Bank of Russia to apply for a Forex dealer's license. The application has been considered by the Bank of Russia. Next week, InstaForex is awaiting a list of formal remarks and comments from the regulator. The company will fulfil all requirements and present the amended package of documents to obtain the license.
Thanks to a Forex dealer's license from the Bank of Russia, every client will be able to choose to be served under the Russian jurisdiction.

Intraday technical levels and trading recommendations for EUR/USD for July 26, 2016

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450.

In March 2015, the EUR/USD bears challenged the next monthly demand level around 1.0570, which had been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.

Again in February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the bullish pullback.

That is why, recent bearish rejection was expected around the current price levels (see the monthly candlesticks of May and June).

In the longer term, the level of 0.9450 will remain a projected bearish target if the current monthly candlestick closes below the depicted monthly demand level of 1.0570.

On the other hand, note that a monthly candlestick closure above 1.1400 invalidates this bearish outlook on the medium-term basis (low probability).


Similar to what happened in October 2015, the supply zone of 1.1410-1.1550 constituted a significant resistance zone for the EUR/USD pair.

Later on May 18, daily persistence below the levels of 1.1400 and 1.1200 was needed to ensure enough bearish momentum towards the 1.1100 and 1.1000 levels. However, a lack of bearish pressure was manifested on June 1.

Hence, the recent bullish closure above 1.1200 enhanced further bullish advancement towards 1.1400 where evident signs of bearish rejection and a valid SELL entry were previously suggested. That's why, obvious bearish breakout of 1.1200 level took place on June 16

However, evident bullish rejection around 1.1130 (depicted uptrend line) brought the EUR/USD pair above 1.1200 again.

As anticipated, the recent bullish pullback towards the zone of 1.1400 offered a valid SELL entry. All T/P levels were successfully reached.

The long-term outlook for the EUR/USD pair remains bearish according to the monthly chart. Bearish fixation below 1.1000 is needed to enhance this bearish scenario.

On July 8, recent bullish recovery was manifested around the price zone of 1.1000-1.0950 (previous consolidation range), but on July 15 significant bearish pressure was applied around 1.1150.

This week, bearish fixation below 1.1000 allows a quick decline towards 1.0820 (key level 2) where price action should be watched.

On the other hand, if the EUR/USD pair keeps trading above the price zone of 1.1000-1.0950 (previous consolidation range), further advance towards 1.1100 and 1.1170 should be expected.

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Technical analysis of EUR/JPY for July 25, 2016

General overview for 25/07/2016:

The top for the wave b was established at the level of 118.38 and now another sub-wave down is being developed in order to complete the wave b green correction. Currently, the market trades in congestion zone that looks like a triangle pattern and a break out down towards the intraday support at the level of 115.48 is being anticipated.

Support/Resistance:

119.22 - WR2

118.38 - Wave b Top

117.63 - WR1

116.88 - Weekly Pivot

115.48 - Intraday Support

115.34 - WS1

114.81 - Technical Support

114.57 - WS2

113.01 - WS3

Trading recommendations:

All sell orders from the last week should be still kept open as there is still one more wave to the downside anticipated. The first TP is at the level of 115.48.

Read more: https://www.instaforex.com/forex_analysis/79244/

Technical analysis of USD/CHF for July 22, 2016

Overview:

The USD/CHF pair fell from the level of 0.9906 to bottom at 0.9847 yesterday. Today, the USD/CHF pair has faced strong support at the level of 0.9840. So, the first support has been already faced at the level of 0.9840 and the pair is likely to try to approach it in order to test it again and form a double bottom. Thus, the USD/CHF pair keeps trading in a bullish trend from the support level of 0.9840. According to the previous events, we expect the pair to move between 0.9840 and 0.9906. The major resistance is seen at 0.9906, while immediate resistance is found at 0.9873. Then, we may anticipate potential testing of 0.9873 to take place soon. Moreover, if the pair succeeds in passing through the level of 0.9873, the market will indicate a bullish opportunity above the level of 0.9873. A breakout of that target will move the pair further upwards to 0.9906. The price of 0.9906 represents a double top.

Trading recommendations:

Buy orders are recommended above the area of 0.9840 (support) with the first target at the level of 1.9873; and continue towards 0.9906. On the other hand, if the USD/CHF pair fails to break out through the resistance level of 0.9840; the market will decline further to the level of 0.9788.

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Hedging now available on МТ5


Dear Traders!

You now have an opportunity to choose either a hedging or netting arrangement when opening an account for trading via MetaTrader 5 platform. MT5 accounts were originally created for exchange trading based on the netting system. This implies that a trader can only have one position opened on a given financial instrument at one time, and all subsequent operations on the asset will lead to a change of volume, closure, or reversal of the deal.

The new version of MetaTrader 5 now features the hedging system. It enables traders to open as many orders on a specified trading instrument as they like, including opposite positions. That way you can apply locking strategies, i.e. open an order in the opposite direction if you are already running a losing deal.

Both hedging and netting accounts have certain benefits. Before MetaQuotes Software Corp. added the hedging feature to MT5, traders who preferred hedging could only use the MT4 platform. From now on, hedging has been made available to MetaTrader 5 users as well.

If you are a holder of an MT5 account and would like to switch to hedging, please contact our client support team for assistance.

[b][/b]GBP/CHF Technical Analysis for July 21, 2016.

Technical outlook and chart setups:

The GBP/CHF pair pushed higher and made a fresh intermediary top at 1.3100 levels overnight. The pair is seen to be trading at 1.3025 levels at the moment, after pulling back lower. The wave structure still indicates that the pair is expected to push higher through 1.3250 levels, which is major resistance on higher timeframes (4H, not seen here). Please note that the 1.2875 level was the termination of wave 4 within a 5-wave rally that has begun from 1.2500 levels earlier. Bulls are poised to remain in control till prices stay above 1.2875 levels going forward. It is hence recommended to remain long with risk below 1.2850 levels. Immediate resistance is seen at 1.3200 levels, while support is at 1.2875 levels respectively.

Trading recommendations:

Remain long for now, stop at 1.2850, target 1.3250. Good luck!

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Read more: https://www.instaforex.com/forex_analysis/79100/

Technical analysis of EUR/USD for July 20, 2016


When the European market opens, some economic news will be released such as Consumer Confidence, Current Account, and German PPI m/m. The US will release economic data too such as Crude Oil Inventories. So amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1064.

Strong Resistance: 1.1058.

Original Resistance: 1.1047.

Inner Sell Area: 1.1036.

Target Inner Area: 1.1010.

Inner Buy Area: 1.0984.

Original Support: 1.0973.

Strong Support: 1.0962.

Breakout SELL Level: 1.0956.

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.

InstaForex analytical reviews will make you fully aware of market trends!
Being an InstaForex client, you are provided with a large number of free services for
efficient trading.
Read more: https://www.instaforex.com/forex_analysis/79026/