₦airaland Forum

Fundamental Analysis of USD/CAD for October 17, 2018

USD/CAD has been quite impulsive, making bearish swings since it bounced off the 1.3050 area with a daily close. CAD has been the dominant currency in the pair. Despite higher volatility in the trend structure, CAD managed to sustain the bearish pressure in the pair against USD. USD has been struggling in light of recently published disappointing economic reports which pushed USD down against CAD. Recently, US CPI and Retail Sales report were published worse than expected which enabled CAD to gain impulsive momentum despite other positive economic reports from the US published later. Today the US is due to post Building Permits report which is expected to increase to 1.27M from the previous figure of 1.25M, Housing Starts are assumed to decrease to 1.22M from the previous figure of 1.28M, and Crude Oil Inventories are also expected to decrease to 1.6M from the previous figure of 6.0M. Additionally, FOMC Member Brainard is going to speak today about FED intentions on interest rates and monetary policy. The speech is expected to make a neutral impact on the current market scenario. On the CAD side, a significant decrease in Foreign Securities Purchases to 2.82B from the previous figure of 15.29B which was expected to be at 10.05B provided USD certain room to be impulsive and win back some earlier losses. Today Canada's Manufacturing Sales report is going to be published which is expected to decrease to -0.6% from the previous value of 0.9%. Ahead of the CPI and Core Retail Sales report to be published on Friday this week, the pair is set to trade with higher volatility. Meanwhile, both Canada and the US are expected to present mixed economic reports. Any positive reading from Canada is expected to trigger impulsive momentum against USD. As the market sentiment has been favoring CAD against USD in the current market situation, further bearish pressure is expected in this pair in the coming days. Now let us look at the technical view. The price has recently broken below 1.2950 area which is being retested currently by the daily candle as a retracement. The price is expected to move lower towards 1.2750 support area in the coming days. As the price remains below 1.3050 area with a daily close, further bearish pressure is expected in this pair.

SUPPORT: 1.2750

RESISTANCE: 1.2950, 1.3050

BIAS: BEARISH

MOMENTUM: IMPULSIVE and NON-VOLATILE

https://forex-images.ifxdb.com/userfiles/20181017/analytics5bc6cbf051b31.png

Read more: https://www.instaforex.com/forex_analysis/125728

Scores of four interim InstaForex contests summed up

We have assessed scores and can unveil the winners of regular InstaForex tournaments. Today we are ready to announce the names of winners in the following contests: InstaForex Sniper, Lucky Trader, FX-1 Rally, and One Million Option. The company congratulates the heroes on the well-deserved victory and wishes good luck to all other participants on next contests.

InstaForex Sniper

InstaForex Sniper is tailor-made for the most accurate, fastest, and quick-witted traders. The latest stage of the competition revealed that Sergey Borisovitch Evseyev outperformed everyone and was declared the winner. This time, the fortune has been on his side. The next step of the InstaForex Sniper contest will be held from October 22, 2018 to October 26, 2018.

One Million Option

The One Million Option contest, beloved by our clients, assembles a large number of participants at every round. They dare to face a fierce battle, fighting for the title of the best option traders. This time, Denis Leonidovitch Afanasyev notched up a victory. Let's cheer our hero! The nearest step is just around the corner. It will start on October 22, 2018 and finish on October 26, 2018.

FX-1 Rally

Andrey Nikolaevitch Klimovets from Ukraine showed the best results at the latest stage of FX-1 Rally. We congratulate the winner and wish him to keep the status of the best trader at further stages. If you are longing for a tough competition, challenge yourself in the race for leadership. Welcome to the start of the next FX-1 Rally stage! Feel free to register and participate in the nearest tournament which will take place from 00:00 October 19, 2018 to 23:59 October 19, 2018.

Lucky Trader

A firm hand and focus on success are the keys to the victory in a two-week marathon Lucky Trader. If you manage to carry out flawless trading for two weeks in a row, you will be able to win this competition, just like Elena Petrovna Odnovalova did it. Let's cheer our winner! The nearest stage of the Lucky Trader contest will run from October 29, 2018 until November 9, 2018.

Global macro overview for 16/10/2018

According to the deputy director of the International Monetary Fund, Tao Zhang, if global supply chains are forced to adapt as a result of continuous trade tensions between the US and China, next year it may cost the global economy around 1% of GDP. According to Zhang, there are no beneficiaries in the trade war. Even if it seems that a country would be at the top, it would potentially be at the expense of production capacity and a reduction in final demand. The US and China are now embroiled in trade, in which Washington and Beijing apply duties on some of the goods they import: "There is no winner in this game, so we call on both countries or any of our trading partners as soon as they find themselves in commercial disputes, let them talk to each other and reduce this tension" said Zhang.

It is also worth reminding that the IMF has recently lowered the forecast of global economic growth from 3.9% to 3.7% for 2018 and 2019. The reason given was the slowdown related to trade tension and turmoil in developing economies. The Fund also reduced the forecasts for the size of world trade: the total flow of goods and services is expected to increase by 4.2% this year, and next year by 4% - by 0.6 and 0.5 percentage point respectively compared to earlier estimates.

Let's now take a look at the Gold technical picture at the daily time frame chart. The marke has broken out from the horizontal consolidation and made a new local high at the level of $1,233, just below the 38% Fibonacci retracement of the previous swing down. The technical support is seen at the level of $1,214 and the next technical resistnace is seen at the level of $1,235. Please notice, the momentum is strong and positive, so the up move might last a while as the short-term bias remains bullish.

https://forex-images.ifxdb.com/userfiles/20181016/analytics5bc57f21454a8.jpg

Read more: https://www.instaforex.com/forex_analysis/125591

Technical analysis of Gold for October 15, 2018

Gold price remains in a short-term bullish trend. After the break out above the trading range its been in for the last couple of months, Gold price consolidated above $1,215 and is now trying to break to new short-term highs.

https://forex-images.ifxdb.com/userfiles/20181015/analytics5bc4399958dfc.png

Green lines - long-term bearish channel

Red lines - trading range

Blue lines - projected target of equal legs

Gold price should at least reach $1,240. This is our minimum target in order for this second leg higher to be equal to the first one. Support remains at $1,211-12 the break out level. Bulls do not want to see prices fall below that level. Resistance is at $1,226.30 last weeks highs and a break above it is expected this week.

Read more: https://www.instaforex.com/forex_analysis/125557

Technical analysis of Gold for October 12, 2018

Gold price finally broke out above the trading range its been in for at least a month. This breakout is a bullish sign and we could see prices move higher towards $1,240-60 over the coming weeks.

https://forex-images.instaforex.com/userfiles/20181012/analytics5bc04109ef512.png

Red lines - trading range (broken)

Green lines - long-term bearish channel

Gold price has broken above the trading range. Support is now at previous resistance at $1,211. Next support is at $1,184. We could see a pull back towards $1,215-13 but the upside should continue next week. Our first target of $1,220 has been reached. Holding above $1,210 could ope the way for our next target at $1,240-50. Resistance is at yesterday's highs. Breaking this resistance level will increase the chances of reaching our second target area.

Read more: https://www.mt5.com/forex_analysis/quickview/125521

Miss Insta Asia 2018 concluded

All of us are inspired by watching female beauty. This season, the unique online beauty contest among female traders united the most charming and smart ladies from 19 countries. We are reluctant to name the best. We want just to admire all our participants. However, the time is ripe to unveil the results of the public voting and declare the winners. The grand award ceremony will follow soon.

1st place Victoriya Ponomarenko, USD 20,000

2nd place – Irina Nazarova, USD 10,000

3d place – Svetlana Lazepnikova, USD 5,000 Besides

Mariya Solovey won the nomination of Insta Choice and USD 5,000

Natalya Limorenko is awarded USD 5,000 as the best in the Forex Lady nomination.

The winners deserve our admiration, our applause, and sincere congratulations. Their smiles, spell, and vigor brighten up our routine. We want everyone to join our campaign. We invite all pretty ladies to take part in the contest. Alternatively, anyone may become an active fan. In other words, feel free to manifest your beauty or vote for your favorite. It is always a great pleasure for InstaForex to arrange this wonderful beauty marathon, Miss Insta Asia.

https://forex-images.ifxdb.com/company_news/userfiles/miss_insta_2018_510x350_1.jpg

Global macro overview for 11/10/2018

The Wednesday session was quite calm in terms of significant macroeconomic events. One of the most important publications was undoubtedly the revised data on the dynamics of the British Gross Domestic Product in September 2018. The latest Office for National Statistics data (UK statistics office) indicate that British GDP was 0.0% in September, compared to an average forecast by economists at 0.1% and 0.4% in August. This means that the market value of all manufactured goods and services remained at its current level. Still, out of the main currency basket, the pound sterling gained the most anyway.

The latest news related to the Brexit agreement may be responsible for strengthening the pound. British and EU diplomats said that intense negotiations over the next five days could lead to a temporary agreement on this matter. However, although this is a positive change, many issues remain unresolved.

Let's now take a look at the GBP/USD technical picture at the H4 time frame chart after the data were published. The pair is still in the uptrend as it approaches the level of 1.3292, which is the next target for bulls. In the meantime, the price has managed to break through the technical resistance zone between the levels of 1.3191 - 1.3217 with a local high at the level of 1.3244. This zone will now act as a support for the price. Please notice, there is no divergence between the price and momentum just yet, but the market conditions are overbought at the time frame.

https://forex-images.instaforex.com/userfiles/20181011/analytics5bbee6bad6995.jpg

Elliott wave analysis of EUR/JPY for October 10, 2018

https://forex-images.instaforex.com/userfiles/20181010/analytics5bbd6c3a8f865.png

EUR/JPY spiked slightly lower than the ideal target at 129.49 and dipped to 129.31 before tuning higher. We think the possibility of blue wave (2) has completed is high, but we need a break above minor resistance at 130.23 as a first strong indication that this indeed is the case. While a break above resistance at 131.42 will confirm blue wave (2) has completed and blue wave (3) towards 138.10 is developing.

Short-term support is seen at 129.53 and then at 129.31.

R3: 131.45

R2: 130.88

R1: 130.58

Pivot: 130.23

S1: 129.88

S2: 129.53

S3: 129.31

Trading recommendation:

We are long EUR from 130.70 with our stop placed at 129.25. If you are not long EUR yet, then buy near 129.53 or upon a break above 130.23 and use the same stop at 125.25

Read more: https://www.mt5.com/forex_analysis/quickview/125311

Technical analysis of Gold for October 9, 2018

Gold was weaker on Monday and fell towards $1,180 support. Price remains inside the bearish channel and the short-term trading range. Key resistance at $1,205-11 remains intact and as long as we remain below it, things for bulls will not be good.

https://forex-images.ifxdb.com/userfiles/20181008/analytics5bbbc2ce60875.png

Red lines- bearish channel

Blue lines - short-term trading range

Gold price has been inside this bearish channel for quite some time. Breaking above $1,205-11 resistance area would be a huge break out event. Price then would be expected to move at least towards $1,220-40 area if not higher. On the other hand, if prices fall below $1,180 and stay below it, my bullish scenario would be canceled.

Read more: https://www.instaforex.com/forex_analysis/125214

Hurry up to take part in Hyundai Sonata for Nigeria from InstaForex campaign!

For a chance to become a participant you have to fulfill two simple requirements:

1. Deposit your trading account at least $500; https://secure.instaforex.com/en/deposits
2. Register;https://www.instaforex.com/sonata2019-reg
Campaign open between October 08, 2018 and October 25, 2019.

Thus, in the autumn 2019 the lucky one will take the keys from stylish and city roomy sedan Hyundai Sonata.

Take part in campaign and win the main prize!

XAU/USD Bounced Off Support, Prepare For A Further Rise

XAU/USD bounced nicely off its support at 1,193(100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1,204 (61.8% Fibonacci retracement).

Stochastic (55, 5, 3) is bounced off its support at 5.6% where a corresponding rise could occur. XAU/USD bounced nicely off its support where we expect to see a further rise.

Buy above 1,193. Stop loss at 1186. Take profit at 1,204.

https://forex-images.ifxdb.com/userfiles/20180917/analytics5b9f157a4c1d4.png

Read more: https://www.instaforex.com/forex_analysis/123810

InstaForex wins Le Fonti Award for innovative achievements

InstaForex has been acknowledged as Forex Broker of the Year for Innovation Europe 2017 according to Le Fonti Awards.

This trophy recognizes high efficiency of our inventions. So, we are proud to gain the international recognition from Le Fonti Awards, a professional community of companies, dealing with commerce, banking, and brokerage services. Award ceremonies are held at global business hubs in Milan, Hong Kong, New York, London, Dubai, and Singapore. Companies are awarded and judged by different criteria such as business efficiency, leadership in a sector, strategic progress, quality of service, innovative solutions, and training of employees.

https://forex-images.ifxdb.com/company_news/userfiles/instaforex_award_imgs_510x350_1_en.jpg

Winners of 5 InstaForex contests are named

We present you the interim results of five contests by InstaForex. Find out the names of the step winners in the following contests: InstaForex Sniper, FX-1 Rally, Lucky Trader, One Million Option, and Great Race. InstaForex sends its best wishes to the winners and to all other participants, may you find your names in the digests of the competitions in the nearest future!

InstaForex Sniper

You are really good at hitting targets, you have a fast reaction, as well as patience and persistency. So, this contest is destined for you. InstaForex Sniper unites the fastest and the most accurate traders in one place. According to the results of the last step of InstaForex Sniper, the lucky winner is Iacob Dumitru Frunza from Moldova. Congratulations! Today he has the best eye and the strongest arm! Do not forget to get enrolled in the next stage of InstaForex Sniper, which is happening since September 17, 2018 until September 21, 2018.

FX-1 Rally

Congratulations to the victorious trader! Keep on showing good results, and confirm the title of the fastest pilot in other stages of FX-1 Rally. If you are keen on a square competition and want to feel the overwhelming spirit of a race for leadership, welcome to the next step of FX-1 Rally! Register now and take part in the nearest race, which starts at 00:00 on September 14, 2018 and finishes at 23:59 on September 14, 2018.

Lucky Trader

A firm hand, cool mind, and focus on success are the basis for the victory in a two-week marathon Lucky Trader. If you dare have an ideal two weeks of trading in Lucky Trader, like Mikhail Gennadievich Filippov from Belarus, you will have a chance to become the winner in the next step. We would like to remind you that it will last since September 17,2018 until September 28, 2018.

One Million Option

An extremely popular InstaForex contest One Million Option gathers lots of participants within every step. All of them are competing to be named the best option trader. According to the results of the last step, Yury Anatolievich Seredenko has shown us the most prominent performance. Do not forget to be a part of the next contest step, as One Million Option by InstaForex is very close, starting on September 17, 2018 with its finish line on September 21, 2018.

Great Race

And the winner is…. DEJANKOSTOVSKI from Macedonia! Congratulations to the champion of the last step of InstaForex Great Race 2018. Also, our best wishes go to other prize-gainers of the yearly marathon Great Race.

Find out more about the contests

Photos and reviews of the finalists

ifechiluru282:
I never heard about Instaforex, is it worth checking? I just learn trading and feel like real passion towards this activity. I am learning at online academy at the moment ( here, to be more precise https://es.insider.pro/academy/options/que-son-opciones/ ), but still planning to go on my education.[color=#F6F6F6]d[/color]

Yes, Instaforex is worth checking.


InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 7,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support.

Our trading conditions are rightfully considered to be among the best ones in the world. Traders have access to a great variety of financial tools numbered more than 300. Advanced information technologies and software products from the leading companies such as MetaQuotes Software, Reuters, Dow Jones, and e-Signal are available to InstaForex clients. By the way, we were the first among local and international brokers to give our clients an opportunity to open trading accounts on the MetaTrader 5 platform.

Traders can set leverage within the range from 1:1 to 1:1000, trade with swaps or swap-free, with spreads or commissions. Moreover, InstaForex clients have access to one-click trading, special offers and bonuses.


You can also familiarize yourself with the section “For Beginners” at our website - http://instaforex.com/for_beginners . Also a great many of helpful information was placed at our special educational website http://education.instaforex.com. After getting acquainted with the trading basics, the best decision will be to open a Demo-account (just download the trading terminal by this link: https://www.instaforex.com/trading_platform.php and after the program startup fill in the proper field in the emerged window). Having obtained necessary skills of trading on Demo-accounts you can start registration of a real trading account at our website: http://instaforex.com/open_live_account.php .

NZD/JPY Approaching Resistance, Prepare For A Reversal

NZDJPY is approaching its resistance at 74.11 (61.8% Fibonacci extensionx2, 61.8%, 38.2% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 73.19 (50% Fibonacci retracement, horizontal overlap support).

Stochastic (89, 5, 3) is approaching its resistance at 98% where a corresponding reversal is expected.

NZDJPY is approaching its resistance where we expect to see a reversal.

Sell below 74.11. Stop loss 74.50. Take profit at 73.19.

https://forex-images.ifxdb.com/userfiles/20180914/analytics5b9b22dd716a6.png

Read more: https://www.instaforex.com/forex_analysis/123742

EUR/USD Approaching Resistance, Prepare For A Reversal

EUR/USD is approaching its resistance at 1.1656 (100% & 61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support).

Stochastic (89, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.

EUR/USD is approaching its resistance where we expect to see a reversal.

Sell below 1.1656. Stop loss 1.1694. Take profit at 1.1567.

https://forex-images.ifxdb.com/userfiles/20180913/analytics5b99d20e6c76e.png
Read more: https://www.instaforex.com/forex_analysis/123660

CAD/JPY Reversed Off Resistance, Prepare For Further Drop

CAD/JPY reversed off its resistance at 85.45 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at (50% Fibonacci retracement).

Stochastic (55, 5, 3) reversed off its resistance at 98% where a corresponding drop is expected. A bearish divergence has also been identified that contributes to our bearish bias.

CAD/JPY reversed off its resistance where we expect to see a further drop.

Sell below 85.45. Stop loss at 85.97. Take profit at 84.70.

https://forex-images.ifxdb.com/userfiles/20180912/analytics5b98815411019.png

Read more: https://www.instaforex.com/forex_analysis/123560

GBP/USD Testing Resistance, Prepare For Reversal

GBP/USD is testing its resistance at 1.3033 (100% & 61.8% Fibonacci extension, 50% & 23.6% Fibonacci retracement, horizontal swing high resistance) where a reversal to its support at 1.2924 (50% Fibonacci retracement, horizontal swing low support) is expected.

Stochastic (89, 5, 3) has reversed off near its resistance at 98% where a corresponding drop is expected.

GBP/USD is testing its resistance where we expect to see a reversal.

Sell below 1.3033. Stop loss at 1.3097. Take profit at 0.8891 1.2924.

https://forex-images.ifxdb.com/userfiles/20180911/analytics5b972c0db72e6.png

Read more: https://www.instaforex.com/forex_analysis/123480

Elliott wave analysis of EUR/NZD for September 10, 2018

https://forex-images.instaforex.com/userfiles/20180910/analytics5b95dd10a9fac.png

We continue to look for more upside pressure towards the next sub-target at 1.7820. Longer term resistance at 1.7820 only should prove to be a temporary cap as more upside towards strong resistance at 1.8369 remains expected. Support is now seen at 1.7683 and again at 1.7638 only a break below the later, we confirm more sideways consolidation, and a dip to 1.7605 before the next strong push higher.

R3: 1.7820

R2: 1.7750

R1: 1.7734

Pivot: 1,7701

S1: 1.7683

S2: 1.7638

S3: 1.7605

Trading recommendation: We are long EUR from 1.7330 with our stop placed at 1.7565, Upon a break above 1.7734 we will move our stop higher to 1.7595.

Read more: https://www.mt5.com/forex_analysis/quickview/123400

Three more interim stages of InstaForex contests summed up

It's always a great pleasure for us to summarize scores and unveil the winners of the latest three steps of InstaForex contests. Following nice vacation, our clients rush to sign up for our contests and promo campaigns with renewed vigor. Today we are ready to introduce three traders who grabbed the first prizes in InstaForex Sniper, One Million Option, and FX-1 Rally. InstaForex warmly congratulates our heroes! We are always eager to share the joy of victory with our contestants. We hope that a new series of our competitions will reveal more successful traders. Let's start!

InstaForex Sniper

Do you have marksmanship and agile mind? Are you patient and quiet at the same time? If so, this contest is tailor-made for you. The most accurate and quick-witted traders compete in this tournament. Iacob Dumitru Frunza, a trader from Moldova, proved his brilliant trading skills and sharp reaction. He was fairly recognized the best. Congratulations! For your information, the next contest round will start on September 10, 2018 and finish on September 14, 2018.

One Million Option

The One Million Option contest, beloved by our clients, assembles a large number of participants at every round, which is accompanied by fierce competition, fighting spirit, and passion. Everyone longs to feel the sweet taste of victory. This time, Yuriy Anatoliyevitch Seredenko notched up a victory. Let's cheer our victor! We would like to encourage other contestants to keep going. Sooner or later, the luck will be on your side! The nearest step is just around the corner. It will take place from September 10, 2018 until September 14, 2018.

FX-1 Rally

One day only. Every Friday. Only for owners of demo account. Imagine yourself a racer! This captivating tournament suits perfectly determined, focused, adventurous, and romantic traders. Osam Hamed Ibrahim Mousa from Egypt outpaced everyone. He proved his racing spirit and asserted his superiority. Well done! We wish good luck to all our clients and contestants who will venture to participate in the next race. It will be held from 00:00 September 7, 2018 to 23:59 September 7, 2018.

AUD/JPY Testing Support, Prepare For Bounce

AUD/JPY is approaching its support at 79.18 (61.8% Fibonacci extension x2, 61.8% Fibonacci retracement, horizontal overlap support) where the price is expected to bounce up to its resistance at 80.68 (61.8% Fibonacci retracement, horizontal pullback resistance).

Stochastic (55, 5, 3) is approaching its support at 3.7% where a corresponding bounce is expected.

AUD/JPY is testing its support where we expect to see a bounce.

Buy above 79.18. Stop loss at 78.45. Take profit at 80.68.

https://forex-images.ifxdb.com/userfiles/20180907/analytics5b91fa8902239.png

Read more: https://www.instaforex.com/forex_analysis/123331

Germany and the UK refuse the key requirements for Brexit

The British pound and the euro rose sharply against the US dollar after news came that Germany and the United Kingdom abandoned the major requirements for Brexit. The source of the message is Bloomberg. If this information is reliable, rejection of the major requirements will help achieve the EU-UK trade agreement and prevent serious consequences of Brexit.

It should be noted that the UK's withdrawal from the EU is scheduled for March 2019. The data released in the first half of the day did not support the European currency, although they were quite positive. According to the report of the research company IHS Markit, the index of supply managers PMI for the German services sector in August this year was 55 points against the preliminary estimate of 55.2 points. The Compound PMI in August came in at 55.6 points. The index of supply managers PMI for the euro area services sector in August reached 54.4 points against 54.2 points in July this year.

The Compound PMI of the eurozone in August rose to 54.5 points against 54.3 points in July, while economists expected growth to 54.4 points. The data on the US foreign trade deficit in July this year demonstrated again its most significant monthly growth, and exerted pressure on the US dollar.

Evaluating the report, the blockade measures on the part of the White House failed to bring significant change in the deficit. According to experts, the main reason for the growth of the deficit was the slowdown in the growth of other countries' economies, which showed a negative impact on the export of American goods.

The US Commerce Department said that the trade deficit in goods and services in July rose by 9.5% compared to June and amounted to 50.08 billion US dollars. As noted above, the growth was due to exports, which decreased by 1% compared to the previous month. While imports grew by 0.9%. Economists predicted that the deficit would be $ 50.3 billion.

As for the technical picture of the EUR/USD pair, the buyers coped with the task and returned to the 1.1600 resistance level which was lost yesterday, maintaining the upside potential in the risky assets which was mentioned in the morning review. This situation may lead to the trend resumption, a correction on which has been observed since August 28.

The main task for the near future will be the breakthrough of resistance 1.1650, which will lead to the demolition of a number of stop orders and a test of 1.1690 level. The services data released in the first half of the day in Great Britain had supported the British pound.

According to the report, PMI's supply managers index for the UK services sector increased to 54.3 points in August this year, while this index was at the level of 53.5 points in July. Economists had expected PMI for the UK service sector to be 53.9 in August.

https://forex-images.ifxdb.com/userfiles/20180905/analytics5b8fe597e8750.png

* The presented market analysis is informative and does not constitute a guide to the transaction.

Read more: https://www.instaforex.com/forex_analysis/213473

Elliott wave analysis of EUR/JPY for September 5, 2018

https://forex-images.ifxdb.com/userfiles/20180905/analytics5b8f47294f267.png

There was no time for a bounce back to 129.85 before the final decline towards the 38.2% corrective target at 128.22. EUR/JPY retested short-term important resistance at 129.14 and then dropped off towards the 38.2% corrective target. It did not quite make it to the low of 128.22, but bottomed at 128.30, which is sufficient to complete red wave (2) and set the stage for a new impulsive rally towards 130.87 on the way higher to 131.99 and ultimately above the February peak at 137.50.

Support is now seen at 129.14, which ideally will be able to protect the downside for a break above 129.85 confirming a retest of 130.87 on the way higher.

R3: 130.87

R2: 130.22

R1: 129.85

Pivot: 129.50

S1: 127.14

S2: 128.91

S3: 128.55

Trading recommendation:

We are long EUR from 129.10 and we will move our stop higher to 128.25. If you are not long EUR, buy near support at 129.14 and use the same stop at 128.25.

Read more: https://www.instaforex.eu/forex_analysis/123167

NZD/USD Testing Support, Prepare For Bounce

NZD/USD is approaching its support at 0.6590 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support) where the price is expected to bounce up to its resistance at 0.6637 (38.2% Fibonacci retracement, horizontal pullback resistance).

Stochastic (89, 5, 3) is testing its support at 2.5% where a corresponding bounce is expected.

NZD/USD is testing its support where we expect to see a bounce. Buy above 0.6590. Stop loss at 0.6570. Take profit at 0.6637.

https://forex-images.ifxdb.com/userfiles/20180904/analytics5b8e181744381.png

Read more: https://www.instaforex.eu/forex_analysis/123096

EUR/JPY Approaching Support, Prepare For Bounce


EUR/JPY is approaching its support at 128.56 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 129.81 (50% Fibonacci retracement, horizontal overlap resistance). Stochastic (55, 5, 3) is approaching its support at 1.7% where a corresponding bounce could occur. EUR/JPY is approaching its support where we expect to see a bounce. Buy above 128.56. Stop loss at 127.86. Take profit at 129.81.


https://forex-images.ifxdb.com/userfiles/20180903/analytics5b8cc16b5491b.png


Read more: https://www.instaforex.eu/forex_analysis/123004

AUD/USD Testing Support, Prepare For Bounce

AUD/USD is approaching its support at 0.7243 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support) where the price is expected to bounce up to its resistance at 0.7311 (50% Fibonacci retracement, horizontal pullback resistance).

Stochastic (55, 5, 3) is testing its support at 3.8% where a corresponding bounce is expected.

AUD/USD is testing its support where we expect to see a bounce. Buy above 0.7243. Stop loss at 0.7203. Take profit at 0.7311.

https://forex-images.ifxdb.com/userfiles/20180831/analytics5b88a94261d20.png

Read more: https://www.instaforex.eu/forex_analysis/122920

Fundamental Analysis of AUD/JPY for August 30, 2018

AUD/JPY has been quite volatile and corrective recently after breaking above 80.50 area with a daily close. Despite downbeat economic reports from Australia today, the currency has not yet weakened enough to give in to JPY.

Today Australia's Private Capital Expenditure report was published with a significant decrease to -2.5% from the previous positive value of 1.2% which was expected to be at 0.6% and Building Approvals also showed a significant decrease to -5.2% from the previous positive value of 6.8% which was expected to be at -2.2%.

On the JPY side, the Japanese currency was struggling to gain momentum recently due to indecisive results from the economic reports, but today Japan's Retail Sales report came in beyond expectations, while decreasing from 1.7% to 1.5% but performing better than 1.3% which lead JPY to gain impulsive momentum over AUD in the process.

Meanwhile, AUD performed worse amid high impact economic reports like Private Capital Expenditure and Building Approvals that is expected to hurt upcoming gains for the currency. On the other hand, JPY is likely to regain momentum until Australia presents positive economic reports to justify its further gains in the pair for the future.

Now let us look at the technical view. The price is currently quite impulsive with the bearish pressure which led to certain downward momentum in the volatile and corrective phase of the market. The dynamic level is being breached currently whereas a daily close with such bearish pressure is expected to inject further bearish momentum with a target towards 80.50 and lower in the coming days.

On the other hand, a daily close above 82.00 is expected to provide the required momentum for the pair as a counter move against the ongoing bearish trend. As the price remains below 82.00 area, the bearish bias is expected to continue.

SUPPORT: 80.50, 78.50

RESISTANCE: 82.00, 85.00

BIAS: BEARISH MOMENTUM: VOLATILE

https://forex-images.ifxdb.com/userfiles/20180830/analytics5b8792e158f34.png

Read more: https://www.instaforex.eu/forex_analysis/122858

EUR/AUD Reversed Off Resistance, Prepare For Further Drop


EUR/AUD reversed off its resistance at 1.5954(61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where it is expected to drop further to its support at 1.5734 (61.8% Fibonacci retracement, horizontal overlap support).

Stochastic (89, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.

EUR/AUD reversed off its resistance where we expect to see a further drop. Sell below 1.5954. Stop loss at 1.6066. Take profit at 1.5734.

https://forex-images.ifxdb.com/userfiles/20160818/analytics57b55cfa36eb7.png

Read more: https://www.instaforex.eu/forex_analysis/122790

Elliott wave analysis of EUR/JPY for August 28, 2018

https://forex-images.ifxdb.com/userfiles/20180828/analytics5b84be6b58d98.png

The correction turned out much smaller thane expected and was likely only a red sub-wave iv correction and not the start of the correction in black wave ii/ as we where looking for. This means the rally of red wave iv is red wave v and the ideal target for this wave is seen at 130.38, where the red wave v will be equal in length to the red wave i. Once the impulsive rally from 124.89 finds its peak, a correction to at least 127.64 should be expected.

In the short-term, a break below minor support at 129.58 will indicate that the black wave i/ has completed and the black wave ii/ is developing.

R3: 130.60

R2: 130.38

R1: 129.95

Pivot: 129.58

S1: 129.21

S2: 128.78

S3: 128.42

Trading recommendation: Our stop at 129.80 was hit for a 50 pips loss. We will resell EUR at 130.35 or upon a break below 129.58 with a stop placed at 131.35.

Read more: https://www.instaforex.com/forex_analysis/122674

Elliott wave analysis of EUR/JPY for August 23, 2018

https://forex-images.ifxdb.com/userfiles/20180823/analytics5b7e2c2fd0c3f.png

EUR/JPY still has not broken important short-term resistance at 128.48, but then it has not started to move strongly lower as we normally should expect at the completion of an expanded flat. Therefore we are shifting our preferred count in favor of wave C and II having completed with the test of 124.86 and wave III now in its infancy.

Under this count EUR/JPY should make a small downward correction towards 127.23 - 127.33 area in red wave iv and then move higher towards the 128.92 - 129.32 area in red wave v. This will complete black wave i/ and should set the stage for a corrective decline in wave ii/ towards the 125.76 - 126.44 area before the next impulsive rally higher.

That said, the possibility of a final dip closer to 124.62 remains possible, but time is running out fast.

R3: 128.92

R2: 128.48

R1: 128.24

Pivot: 127.93

S1: 127.72

S2: 127.50

S3: 127.33

Trading recommendation:

We are 50% long EUR from 126.26 with our stop placed at 126.84. We will take profit on the final 50% at 128.75.

Read more: https://www.instaforex.com/forex_analysis/122481

AUD/USD Reversed Off Resistance, Prepare For Further Drop!

AUD/USD reversed off its resistance at 0.7320 (100% & 61.8% Fibonacci extension, 38.2% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 0.7245 (61.8% Fibonacci retracement). Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected. AUD/USD reversed off its resistance where we expect to see a further drop. Sell below 0.7320. Stop loss at 0.7245. Take profit at 0.7364.

https://forex-images.ifxdb.com/userfiles/20160818/analytics57b55cfa36eb7.png

Read more: https://www.instaforex.com/forex_analysis/122277