Forex news and Analysis form InstaForex (Page 2)

Technical analysis of Gold for December 18, 2014

Technical outlook and chart setups:

Gold dropped into the sub $1,280.00 levels yesterday before bouncing back again. The metal has produced a morning star bullish candlestick chart pattern as seen here on the 4H chart. It is recommended to initiate long positions at current market at $1,198.00/99.00 with risk just below $1,180.00 for now. The upside extensions remain at $1,255.00 at least. Immediate support is seen at $1,170.00 (fibonacci 0.618), followed by $1,140.00, $1,130.00 and lower while resistance is seen at $1,220.00, followed by $1,235.00, $1,255.00 and higher up respectively. Bulls could remain in control till prices stay above $1,140.00 levels.

Trading recommendations:

Initiate long positions now, stop below $1,180.00, the target is open.

Good luck!

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Posted: at 18-12-2014 10:47 AM (10 years ago) | Newbie

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Posted: at 19-12-2014 03:13 PM (10 years ago) | Newbie

Technical analysis of USD/JPY for December 23, 2014

Fundamental overview:
USD/JPY is expected to consolidate with a bullish bias after hitting a two-week high 120.19 this morning. Liquidity is thin as financial markets in Japan are shut Tuesday for a public holiday and global trading volumes have shrunk ahead of the Christmas holiday period. USD/JPY is supported by a smaller safe-haven appeal of the yen and yen-funded carry trades as positive risk sentiment prevails (VIX fear gauge eased 7.52% to 15.25, S&P 500 closed up 0.38% at 2,078.54 overnight) following last week's Federal Reserve message expressing confidence in the U.S. economy but pledging to be "patient" on raising interest rates. USD/JPY is also supported by the positive dollar sentiment (ICE spot dollar index hit eight-and-a-half year high 89.794 overnight; last 89.742 versus 89.650 early Monday) as expectations that the Fed would raise interest rates sooner than other central banks and rise in Chicago Fed National Activity Index to +0.73 in November from +0.31 in October overshadowed a bigger-than-expected 6.1% drop in U.S. November existing-home sales (versus forecast -1.1%); sell-yen orders from Japan's importers as well as Bank of Japan's large-scale monetary easing policy. But USD/JPY gains are tempered by the buy-yen orders from Japan's exporters. Slew of U.S.

Technical comment:
Daily chart mixed as MACD bearish but stochastics bullish, five-day moving average rising above 15-day moving average, bullish parabolic stop-and-reverse signal hit Monday.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 120.80 and the second target at 121.20. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 119.10. A break of this target would push the pair further downward and one may expect the second target at 118.40. The pivot point is at 119.65.

Resistance levels:
120.80
121.20
121.50

Support levels:
119.10
118.40
117.75

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Posted: at 23-12-2014 10:47 AM (10 years ago) | Newbie

Technical analysis of EUR/JPY for January 05, 2015

Technical outlook and chart setups:

The EUR/JPY pair has dropped into 143.00 levels before bouncing back sharply. This was discussed and expected last week. �Please note that the pair has bounced off the fibonacci 0.382 levels at the moment. A bullish recovery here could see prices rallying into 147.00 levels easily, if not further. It is recommended to initiate long positions now (143.90/95), with very tight risk just below 143.00 levels. Immediate support is seen at 143.00 (interim), followed by 142.00 and lower while resistance is seen at 145.50, followed by 147.00, 148.00 and 149.50 respectively. The pair might have finished correction for at least short term and a bullish bounce should be expected here.

Trading recommendations:

Initiate long positions, stop at 142.70, target is open.

Good luck!

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Posted: at 5-01-2015 10:42 AM (10 years ago) | Newbie