Technical analysis of EUR/USD for September 23, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as French Flash Manufacturing PMI, French Flash Services PMI, German Flash Manufacturing PMI, German Flash Services PMI, Flash Manufacturing PMI, Flash Services PMI. The US will release the economic data too such as the HPI m/m, Flash Manufacturing PMI, Richmond Manufacturing Index, so amid the reports, EUR/USD will move with low volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2911.

Strong Resistance:1.2904.

Original Resistance: 1.2891.

Inner Sell Area: 1.2878.

Target Inner Area: 1.2848.

Inner Buy Area: 1.2818.

Original Support: 1.2805.

Strong Support: 1.2792.

Breakout SELL Level: 1.2785.

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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Technical analysis of USD/JPY for September 23, 2014 Market Analysis Review

In Asia, Japan will not release any economic data, but the US will release some economic data such as HPI m/m, Flash Manufacturing PMI, Richmond Manufacturing Index. So there is a big probability the USD/JPY will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 109.73.

Resistance. 2: 109.51.

Resistance. 1: 109.30.

Support. 1: 109.03.

Support. 2: 108.82.

Support. 3: 108.60.

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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Medium-term forecast and an intraday recommendation on GBP/JPY for September 23, 2014 Market Analysis Review

The pair managed to breach the 200MSma for the first time in the monthly chart after the 2008 fall. A monthly close above 177.65 (200MSma) leads to further bullish move in the short term. The Scottish referendum adds bullish view for the pound and the yen. If the USD index breaches the $85 mark, the yen will weaken further in the future, which adds bullish view in this pair in the short term towards 183 and 185-186. This view adds fuel once the pair is able to close above 200MSma on a monthly basis, still 6 trading days are left. The pair has strong support at 170 for the short- and medium-term basis.

For an intraday view, the prices are closed below 35DEMA. The prices have been holding 12ema at 177.90, below this, 177.50 and 176.50 are the major support levels. The pair will face some selling pressure below 176.50 towards the breakout level. On the other hand pair has resistance at 178.35, above this, it can fly up to 178.70 and 179.90 levels. We can see strong up move above 179.90 levels.

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Technical analysis of EUR/JPY for September 23, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has corrected itself into 139.60 levels after printing highs at 141.30 last week. A minimum correction required, to initiate fresh long positions would be around 139.15 levels. Please note that 139.10/15 is also the fibonacci 0.382 support of the rally between 135.85 and 141.20/30. The upside potential still remains intact at 142.50 levels. Immediate support is seen at 139.00 levels, followed by 138.50, 138.00 and lower, while immediate resistance is seen at 141.50, followed by 142.30 levels. Furthermore, please keep in mind the larger structure which indicates a possibility of a higher top above 145.00 levels in coming weeks.

Trading recommendations:

Look to again buy around 139.00 levels at least.

Good luck!

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Technical analysis of GBP/CHF for September 23, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair might be ready to pullback further into the 1.5200's as depicted here. An aggressive trade setup could be to initiate short positions at current levels (1.5480/85), risk remains just above 1.5450 for now. Immediate support is seen at 1.5250, followed by 1.5100, 1.4975 and lower, while resistance is at 1.5450 respectively. Please note that this fall is just an expected correction and that the pair should resume uptrend around the 1.5200 support. Potential upside targets for GBP/CHF still remains at 1.5500 and 1.5800 respectively. A conservative trade setup would be to wait for a dip into the 1.5200, to initiate long positions again. The 1.4975 level is a critical support for bulls to remain in control.

Trading recommendations:

Aggressive setup would be to go short now, stop above 1.5450, target is at 1.5200

Conservative trade setup would be to remain flat for now and turn long at 1.5200.

Good luck!

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Technical analysis of Silver for September 23, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver produced a doji(hammer) yesterday after printing lows at $17.30 levels. This could be an indication of a potential reversal or a pullback due, into the $18.60 and $19.00 levels. Also note that past support turned resistance zone is around the same levels, as depicted here. The metal needs to clear at least $20.00 (break out of the immediate line of resistance) levels to confirm a further push towards $21.20/30. It the metal reverses fro around $18.60/$19.00 levels, potential remains of yet another low below $17.00 levels before reversal. It is recommended to wait for a bullish reversal confirmation on the daily chart view, to turn long.

Trading recommendations:

Remain flat for now. Look to initiate longs again on confirmation.

Good luck!

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Weekly forecast and an intraday analysis of GBP/USD for September 23-26, 2014 Market Analysis Review

The cable tried to come out of the descending 2-month trend line the previous week. It succeeded to come out of that, but was unable to close above that. The cable held the strong support at 1.60 50MSma, as we recommended in our earlier articles fresh selling is only below 1.60. This view hasn't activated till now. The pair started moving to 20Dsma and closed above that. It represents some bullishness in the near term. In yesterday's session the pair gave a handful of 70 pips on the upside, closed at the highest level of the day. Today the pair opened above the previous closing level representing a strong opening, testing its fortune at 20Dsma. The pair has support at 1.6350, as of now, a low made at 1.6358. If the pair holds the 20Dsma and closes above the triangle, further bullishness will add to the pair. The cable has initial resistance at 1.64, above this, it can fly up to 1.6466, 1.65, 1.6524 and 1.6590. The pair has strong short-term resistance at 1.66 50Wsma. On the down side, it has support at 1.6350, 1.6284 and 1.6246 levels. The weekly momentum indicators are indicating a bullish sign.

Support 1.6350 1.6284 1.6246

Resistance 1.64 1.6465 1.65

For an intraday view, the prices are trading above the 12ema and 34hrsma. The pair has hourly support at 1.6350 and 1.6315, below this, 1.6280, 1.6246 and 1.6160 levels. Risky traders can buy with sl 1.6350 and safe traders, buy with sl 1.6315. Weakness will emerge below 1.6315 and panic will be triggered below 1.6280 levels. Buyers will mint the money in hourly trade.

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Short-term trend levels and an intraday recommendation for USD/CAD for September 23, 2014 Market Analysis Review

The US dollar is facing strong resistance at $85, if this takes off, huge potential upside will be expected. The pair made a double top at 1.11 levels after that the pair went through a healthy correction up to 50Dsma and closed above the near- and short-term moving averages. In yesterday's session, the pair made a strong close at higher levels. But, today, as of now, the pair opened higher representing a bearish view. We recommend fresh buying above 1.1044 for targets at 1.1072 and 1.1 levels. Above 1.1 we can see an immediate target at 1.1150, later at 1.12 and 1.1220 levels. The pair has a strong support zone between 1.0865 and 1.08464. A weekly closing basis below 50WSma, the NT and ST view looks bearish - use a dip to buy.

Support 1.0880, 1.0846, 1.0811

Resistance 1.1072, 1.1, 1.1150

For an intraday view, we recommend buying above 1.1044. The pair has support at 1.1015, below this, at 1.09950 and 1.0975. Use a dip to buy or fresh safe selling only below 1.0975, risky traders can sell below 1.1015. Safe buyers can buy above 1.1044, risky traders can buy at cmp 1.1040.

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Daily analysis of USDX for September 23, 2014 Market Analysis Review

Daily chart: The USDX has had a bullish momentum on the support level of 84.29, due to that this instrument is trying to form a bullish pattern. If the USDX manages to make a breakout at the level of 85.18, the next goal would be the level of 86.20 in the medium term. However, the USDX could begin to perform corrective movements. This MACD indicator is entering overbought zone.

H4 chart: The USDX has formed a fractal at the support level of 84.52, so the USDX is trying to make a breakout at the resistance level of 85.06 to climb up to the level of 86.15. However, if the USDX consolidates below the level of 84.52, it's expected to fall to the level of 84.15, where the bullish trend line is. The MACD indicator is entering neutral territory.

H1 chart: The USDX has made a rebound on the support level of 84.60 and now, the USDX has formed a fractal at the resistance level of 84.81. If the USDX manages to make a breakout at that level, the next target would be the level of 85.03. The MACD indicator is moving into negative territory.

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 84.81, take profit is at 85.03, and stop loss is at 84.59.

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Daily analysis of GBP/USD for September 23, 2014 Market Analysis Review

Daily chart: GBP/USD has made a pullback at the resistance level of 1.6447, so now this pair is trying to consolidate above the support level of 1.6326 to the 1.6447 level. If the GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.6540 in the short term. However, this pair remains strong in the current bullish bias. The MACD indicator is in positive territory.

H4 chart: The GBP/USD has made a rebound on the bearish trend line above 1.6255. If the GBP/USD manages to make a breakout at the 1.6370 level, the following target would be the level of 1.6435, in which it is close to the 200-day moving average. This pair could meet resistance at the 200-day moving average. The MACD indicator is entering neutral territory.

H1 chart: The GBP/USD has done has made a successful breakout at the level of 1.6338, and now this pair is trying to of makes a breakout at the 1.6375 level. If it succeeds, it would be expected to rise to the level of 1.6419. The MACD indicator stays in positive territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance is at 1.6375, take profit is at 1.6419, and stop loss is at 1.6329.

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USDCAD Daily Analysis - September 23, 2014 Forex Analysis

USDCAD broke above 1.1025 resistance, and reached as high as 1.1049, indicating that the downtrend from 1.1098 had completed at 1.0886 already. Further rise could be expected over the next several days, and next target would be at 1.1200 area. Support is at 1.0970, as long as this level holds, the uptrend will continue.

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USDCHF Daily Analysis - September 23, 2014 Forex Analysis

USDCHF remains in uptrend from 0.8997, the fall from 0.9432 could be treated as consolidation of the uptrend. Near term support is at the upward trend line on 4-hour chart. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 0.9600 area. Key support is at 0.9300, only break below this level could signal completion of the uptrend.

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USDJPY Daily Analysis - September 23, 2014 Forex Analysis

USDJPY is facing the support of the upward trend line on 4-hour chart. As long as the trend line support holds, the uptrend from 101.50 could be expected continue, and next target would be at 1.1100 area. On the downside, a clear break below the trend line support will indicate that the uptrend had completed at 109.45 already, then deeper decline to 106.50 area could be seen.

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AUDUSD Daily Analysis - September 23, 2014 Forex Analysis

AUDUSD continued its downward movement from 0.9401, and the fall extended to as low as 0.8852. Resistance is located at the downward trend line on 4-hour chart. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.8700 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

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GBPUSD Daily Analysis - September 23, 2014 Forex Analysis

GBPUSD stays above the upward trend line on 4-hour chart, and remains in uptrend from 1.6051, the fall from 1.6524 would possibly be consolidation of the uptrend. As long as the trend line support holds, the uptrend could be expected to continue, and the target would be at 1.6700 area. Only a clear break below the trend line support could signal completion of the uptrend.

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EURUSD Daily Analysis - September 23, 2014 Forex Analysis

EURUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.3411. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.2600 area. Key resistance is at 1.2994, only break above this level will signal completion of the downtrend.

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Daily analysis of GBP/JPY for September 22, 2014 Market Analysis Review

Overview

In H4 chart, the pair failed to break the support level of 177.30 more than once to continue its bearish move and it has been trading above since yesterday. Today, the H4 chart shows that the pair bounced from the support area again and started to take a slightly upward move approaching the resistance level of 178.00. Currently, it is better to wait for closing above this resistance level, before making the decision and in this case we will get more bullish signals with the first target few pips below the next resistance level of 179.80 then 180.50 as the second target. But closing below the resistance level of 178.00 cancels the bullish move scenario.

Resistance and Support levels: R3 (181.00), R2(180.50), R1(179.80), S1 (178.00), S2 (177.30), S3(176.50).

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Technical analysis of EUR/JPY for September 22, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has pulled back from the 141.20/30 levels and is trading around 140.00 at the moment. The entire structure indicates that EUR/JPY might have formed a major low at 135.80 levels and it could be towards printing a fresh high above 145.00 in medium term. A pullback into the 138.20/139.00 levels should be considered as opportunity to initiate long positions again. Immediate upside potential remains at 142.30/50 levels. Also please note that the pair has broken resistance line of its counter trend from 145.00 to 135.80 and hence buying on dips should remain a preferable trading strategy for now.

Trading recommendations:

Remain flat for now. Look to enter long between 138.20 and 139.00 again.

Good luck!

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Technical analysis of GBP/CHF for September 22, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF is retracing for now, after printing highs at 1.5450 levels last week. The entire structure indicates that the GBP/CHF pair is potentially moving towards 1.5800 levels, and hence buying on dips remain a recommended trading strategy for now. Immediate support is at the 1.4975 levels, followed by 1.4750 and lower, while resistance is at 1.55 and 1.58 (fibonacci), respectively. A dip towards 1.5200 again could be considered as potential long entry again. Only a break below 1.4975, and subsequently, 1.4800 (support trend line), should be a concern to the bullish setup.

Trading recommendations:

Remain flat for now and look to buy on dips towards 1.5200 levels.

Good luck!

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Technical analysis of Silver for September 22, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver prints fresh lows today around $17.30/35 before bouncing back sharply towards $17.80 levels as seen here. The metal is forming a hammer on the daily chart at the moment, indicating a potential pullback or reversal ahead. Immediate support is seen at the $17.05 level followed by $16.50 while resistance is seen at $18.60/70 (previous support turned into resistance), followed by $19.50, $20.00 and higher respectively. It is recommended to wait for a bottom and reversal signal on the daily chart view for now. On a larger time frame, (not shown here), the metal is at a fibonacci 0.786 support level of the entire rally from $08.00 to sub $50.00. A reversal here would be constructive for bulls to resume the larger upswing. Aggressive short positions could be avoided at the moment.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Gold for September 22, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold is nearing its major support region around the $1,180.00/$1,200.00 levels. The metal has made fresh intraday lows at $1,208.00 today before bouncing back to $1,215.00 at the moment. The overall structure still reveals that bulls could regain control ahead of $1,200.00 levels. Furthermore, please note that $1,180.00 is major consolidation support area where bulls are expected to bounce back. Immediate resistance is seen at $1,240.00 levels, followed by $1,273.00/75.00, $1,296.00 and higher up while immediate support is around $1,200.00 followed by $1,180.00 levels respectively. It is recommended to wait for a reversal confirmation before, going aggressively long here.

Trading recommendations:

Remain flat for now. Looking to go long again.

Good luck!

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EUR/NZD analysis for September 22, 2014 Market Analysis Review

Overview:

Since our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5852. Our Fibonacci expansion 100% at the price of 1.5760 held successful, which caused price to start bullish continuation. We may expect testing the level of 1.5930 (swing high like resistance). Anyway, if the price breaks the level of 1.5900 (swing high like resistance), we may see potential testing the level of 1.6000 (Fibonacci expansion 100%). Be careful when selling and watch for potential buying opportunities.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5873

R2: 1.5909

R3: 1.5967

Support levels:

S1: 1.5758

S2: 1.5722

S3: 1.5665

Trading recommendations: Be careful when selling the EUR/NZD pair since we may see further upward movement.

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Gold : analysis for September 22, 2014 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,208.00 in a volume below average. According to the 4H time frame, we can observe weak demand in a volume below average, which is a sign that buying still looks risky. If the price breaks the level of 1,218.00 in a higher volume, we may see potential testing the level of Fibonacci expansion 100% at the price of 1,194.00. Anyway, if the price starts with upward movement, there is a Fibonacci retracement 38.2% from the most recent downward leg at the price of 1,220.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,216.98

R2: 1,217.36

R3: 1,217.97

Support levels

S1: 1,215.76

S2: 1,215.15

S3: 1,214.77

Trading recommendations: Buying still looks risky since we can't see any larger reaction from buyers.

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Weekly technical levels of GBP/USD for September 22-26, 2014 Market Analysis Review

Overview :

The market continues showing signs of strength following the break at 1.6161 (resistance has become support). Therefore, the GBP/USD pair resistance has been broken and it was turned to support last week. Moreover, the pair has already formed a strong support at the level of 1.6161. So, the market indicates a bullish opportunity at the level of 1.6161 with the first target of 1.6350 and continues towards 1.6485 (but in the long term). However, if the trend fails to break this level and closure above 1.6161, then a downside momentum is rather convincing and the structure of the fall does not look corrective. Additionally, the market will indicate a bearish opportunity at 1.6150, hence it will be a good sign to sell at this level with targets at 1.6120 and 1.6065.

Comment and observations :

• If the trend is buoyant, then the strength of the currency pair will be defined as following: GBP is in uptrend and USD is in downtrend.


• Fibonacci retracement is used for determining accurate psychological levels of support and resistance. The period of time should be taken into account.


• Fibonacci is in a range trade; it looks like the trend is trapped moving up or down. If you sell or buy in the long-term period, you will surely lose your profit.


• About the pivot point: R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as the prices are most likely to be situated between the R1 and S1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.

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Weekly technical levels of EUR/USD for September 22-26, 2014 Market Analysis Review

The weekly technical levels of EUR/USD pair.

Overview :

• In brief, the support will set at the level of 1.2773 but the double bottom is going to set at 1.2827. According to preview of events, the EUR/USD pair has called for the bearish market from the price of 1.2940 because the price of 1.2940 represents strong resistance this week. Moreover, the weekly pivot point at 1.2983 could hit the moving average (50). Preference is to sell below the weekly pivot point at 1.2883 with the first target at 1.2827 in order to test the double bottom. Additionally, if the pair will be able to break the price of 1.2827, then it is going to continue towards 1.2777.


• However, the stop loss has always been in consideration, thus it will be useful to set it above the resistance at the level of 1.2940. Also, it should be noted that stop loss should never exceed your maximum exposure amounts.

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Elliott wave analysis of EUR/NZD for September 22 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.5939

R2: 1.5900

R1: 1.5858

Current spot: 1.5826

S1: 1.5792

S2: 1.5972

S3: 1.5749

Technical summary:

The expected correction became slightly deeper and a little more complex, than first expected. However, it does not change the overall bullsih picture for a rally higher towards 1.62,03 and even higher to 1.6407. In the short term, we expect minor support at 1.5900 will be able to protect the downside for a break above 1.5939 for the next part of the rally higher to 1.6203 and higher towards 1.6407.

Trading recommendation:

Our stop at 1.5750 was hit for a nice profit. We will re-buy EUR here at 1.5826 with stop place at 1.5735.

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Elliott wave analysis of EUR/JPY for September 22 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 140.96

R2: 170.71

R1: 140.33

Current spot:140.10

S1: 139.94

S2: 139.67

S3: 139.51

Technical summary:

The correction from 141.22 became slightly deeper than expected, but it does not change anything in the larger picture as the expected rally higher to 143.79 is well on track. In the short term, we are looking for a rally above minor resistance at 140.33 as the first indication, that the rally higher is unfolding for a move higher to 141.22 on the way towards important resistance at 143.79.

Trading recommendation:

We are long in EUR from 135.95 and we sill move stop higher to 139.05. If you are not long in EUR yet, then buy here or upon a break above 140.33 with the same stop at 139.05

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#USDX Technical analysis for September 22, 2014 Market Analysis Review

The Dollar index remains above short-term support and we identify a bullish setup that could push price towards 85. The trend remains bullish in the longer-term. So, long positions are favored for now as we do not want to go against the trend. The next target is 85.

The Dollar index has made a new higher high on Friday and a pull back is underway. Support by the Ichimoku cloud was held and a bounce followed as we wanted. Support at 84.20 is important for the short-term uptrend. As long as price is above 84.20, we should expect a break out towards 85.

Red line = resistance

In the daily chart above, the Dollar index remains in a fully bullish momentum according to the Ichimoku indicators. The ichimoku cloud remains below price. Tenkan-sen and kijun-sen still have a positive slope and the Chikou Span remains bullish above the current candles rising along.

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Gold Wave analysis for September 22, 2014 Market Analysis Review

Gold price remains in a downtrend as it has given a new lower low earlier this morning. The wave structure suggests we are at the final stages of the longer-term downward move that started from around $1,900. Our target remains near $1,000.

Green lines = price channel

Red line = resistance

Blue line = support.

Gold price remains below the Ichimoku cloud and inside the downward sloping green channel. Support is found at $1,208 and resistance at $1,220-25. A bounce towards the resistance could be justified and we should take this opportunity to sell as the trend remains bearish. Our short-term target if we reach $1,220 is at $1,200-$1,180 as long as our short-term stop at $1,230 is not broken.

In the weekly chart above, I show my elliott wave count. Price is below the Ichimoku cloud and has broken out of the sideways triangle wave 4. Wave 5 is under way towards $1,100 and $900. We remain bearish.

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



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Technical analysis of EUR/JPY for September 22, 2014 Market Analysis Review

General overview for 22/09/2014 09:45 CET

The corrective cycle that had started after the swing high at the level of 141.22 was could belong to one of two possible wave progressions: the first one is an impulsive purple count with the invalidation line at the level of139.16 and the second one is larger degree blue impulsive count with the invalidation line at the level of 138.25. Although the bias remains bullish, traders need to wait for a trading range to be broken to draw more important conclusions about further wave developments.

Support/Resistance:

141.22- Swing High|WR1|

140.20 - Intraday Resistance

139.84 - Weekly Pivot

139.67 - Intraday Support

139.16 - Purple Impulsive Count Invalidation Level

138.46 - WS1

138.25 - Blue Impulsive Count Invalidation Level

137.12 - WS2

Trading recommendations:

It looks like there is one wave to the downside missing. So, day traders should consider opening sell orders from the current price levels with SL above the level of 140.21 and TP below the level of 139.16.

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



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Technical analysis of USD/CAD for September 22, 2014 Market Analysis Review

General overview for 22/09/2014 09:20 CET

There are two Elliott Wave counts, main and alternative, presented here on two charts with different time frames. The first one is the main count on the hourly chart, it indicates a bullish wave progression to the upside after successful completion of a double zigzag pattern in green wave (ii). The first clue that would support this point of view is present when the golden trend line is broken, a weekly pivot at the level of 1.0971 is broken as well and the price is moving in impulsive fashion. The key level here has been labeled as demand breakthrough zone and it is between the levels of 1.1028 - 1.1038. The alternative count has been presented in the H4 chart, where traders can see two possible forms of a corrective cycle: running and irregular flat. It looks like the running flat might be completed already. Now, the market is expected to make impulsive five-wave progression. Otherwise this corrective cycle might fail and become more complex and time-consuming.

Support/Resistance:

1.0809 - 1.0838 - Demand Zone

1.0885 - Intraday Support

1.0979 - Weekly Pivot

1.1028 - 1.1038 - Demand Breakthrough Zone

1.1065 - WR1

1.1097 - Swing High

Trading recommendations:

Day traders and swing traders should consider opening buy positions here with SL below the level of 1.0884 and TP at the level of 1.1028. However, breakout above 1.1038 allows to add to the long position.

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



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