Forex analysis review
Forex analysis review |
- EURUSD tests cloud resistance
- Gold remains in short-term bullish trend
- Ichimoku cloud continues to support Bitcoin
- CAD/JPY and the sell signal from 86.70.
- Analytics and trading signals for beginners. How to trade GBP/USD on April 21. Analysis of Tuesday trades. Getting ready
- April 20, 2021 : EUR/USD daily technical review and trade recommendations.
- April 20, 2021 : EUR/USD Intraday technical analysis and trade recommendations.
- April 20, 2021 : GBP/USD Intraday technical analysis and trade recommendations.
- Trading Signal for Ripple XRP, for April 20 - 21, 2021: Buy above $1.1720
- Trading Signal for Dow Jones #INDU for April 20 - 21, 2021: Sell Below 33,950
- Trading Signal for GBP/USD for April 20 - 21, 2021: Sell Below 1.3985
- Biggest monthly fall: global stock markets drop, offsetting recent records
- USD edges lower while oil rises
- Trading plan for Ethereum for April 20, 2021
- Trading plan for Bitcoin for April 20, 2021
- Analysis and outlook for EUR/USD on April 20, 2021
- BTC analysis for April 20,.2021 - Upside movement is expected towards the $57.800 and $60.150
- EUR/USD analysis for April 20 2021 - Bullish flag pattern in the play and potetnial for test of 1..2078
- Trading plan for Gold for April 20, 2021
- Analysis of Gold for April 20,.2021 - Bull flag pattern and potential for re-test of $1.789 and $1.815
- Trading plan for US Dollar Index for April 20, 2021
- Trading plan for EURUSD for April 20, 2021
- Daily Video Analysis: CADJPY facing bearish pressure, potential for further drop!
- CADJPY reacting below descending trendline resistance! Drop incoming!
- EURCHF facing bullish pressure, potential for further upside!
| Posted: 20 Apr 2021 02:20 PM PDT In ichimoku cloud terms, short-term trend is neutral as price entered the ichimoku cloud. Price continues making higher highs and higher lows but a rejection around 1.20-1.2050 would be a bearish signal.
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| Gold remains in short-term bullish trend Posted: 20 Apr 2021 02:12 PM PDT Gold price continues to trade above $1,770 and inside a bullish channel. Short-term trend remains bullish and our next target is at $1,806. Gold price might make another pull back towards $1,760 before resuming the uptrend.
Price is making higher highs and higher lows. The lower channel boundary at $1,756-60 is key short-term support. Breaking it might push price even lower towards $1,720-$1,700. Bulls need to respect the lower channel boundary in order to hope for a move towards $1,800. The material has been provided by InstaForex Company - www.instaforex.com |
| Ichimoku cloud continues to support Bitcoin Posted: 20 Apr 2021 02:08 PM PDT Bitcoin touched the upper cloud boundary for the third straight day and did not break down. Price today reached $53,370 but is now once again above $56k. The Ichimoku cloud provides confirmed support and as long as we trade above it, we remain bullish.
Bitcoin is bouncing off the cloud support. This is a bullish sign. Resistance by the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator) is at $57,720. Recapturing this level and staying above it is crucial for the short-term trend.The Chikou span (black line indicator) is still above the candlestick pattern, confirming that trend remains bullish. As we explained yesterday, a break inside the cloud would turn daily trend to neutral. The material has been provided by InstaForex Company - www.instaforex.com |
| CAD/JPY and the sell signal from 86.70. Posted: 20 Apr 2021 02:03 PM PDT In a previous analysis on CAD/JPY we noted that price was inside a bullish channel. A break out of the bullish channel would be a bearish signal with a pull back target towards 84.20. Price has broken out of the bullish channel and after a back test rejection, has now reached 85.70.
Blue lines - Fibonacci retracement levels CAD/JPY is approaching the first important short-term support level at the 38% Fibonacci level. This level is at 85.20. The next support level of 50% retracement is at our bearish signal target of 84.20. Resistance is at 86.70-86.90 area. As long as price is below this level then it is vulnerable to a deeper pull back. The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 20 Apr 2021 10:43 AM PDT Analysis of Tuesday trades: GBP/USD on 30M chart
On Tuesday, the trajectory of the GBP/USD pair on the 30-minute time frame was quite different from the two previous sessions. On Friday and Monday, we had strong signals for the pair that brought good profit. On Tuesday, however, most of the signals were not used. Since an ascending channel remained in place for novice traders, they needed to trade upwards following a rise of the MACD indicator. However, during the day, not a single buy signal was generated. At first, the indicator was declining to the zero level and was not correlating with the price at all. Then, a correction began which continued for the rest of the day. Formally, there was a rebound from the level of 1.3999. However, let's take a closer look at the price action around this level. Is it possible to say for sure that a clear signal for a rebound or a breakout of this level has been formed? This is exactly what we are constantly paying your attention to. The signal should be as clear and accurate as possible, it shouldn't be ambiguous. This was not clearly the case for the pair that spent about 5 hours in total near the level of 1.3999. The same is true for the next level of 1.3958 which was tested by the pound/dollar pair. The price declined to this level, and then for about two hours candlesticks opened and closed exactly at 1.3958. Later, the pair had finally settled below this mark, which could be regarded as a sell signal. In this case, a buy deal should have been opened a little earlier as the price was rebounding from the level of 1.3958. A buy trade could have been closed with a loss of 23 pips, and a sell trade should have been immediately opened afterwards. At present, this deal remains open on this time frame with a current profit of about 10 pips. GBP/USD on 5M chart
On the 5-minute time frame, the pair's trajectory was not that smooth. Thus, near the previous key level of 1.3999, the pair made an attempt to break through it and then had bounced back from it for about 10 times. Of course, it was a flat movement that began at night. However, it was very difficult for beginners to define it. The next obstacle for the price was found at the level of 1.3957. The price was also hovering near this level for about an hour, not being able to either consolidate below it or rebound from there. Therefore, we believe that there were only two signals on the 5-minute time frame that should have been followed. Both buy and sell signals are circled on the chart. The first one turned out to be false and brought a loss of 17 pips. The second one completely repeated a similar signal on a 30-minute time frame and could allow novice traders to win back at least some of their losses during the day. Also at the very beginning of the European session, unemployment data was published in the UK as well as claims for unemployment benefits and wages. Although the data supported the British currency, GBP did not continue to rise. Hence, the publications were ignored by the market. How to trade on Wednesday: On Wednesday, we recommend trading upwards on the 30-minute time frame although the price went above the ascending channel. Thus, tomorrow you should wait for the formation of new buy signals after an upward reversal of the MACD indicator. This indicator has already moved lower, so a buy signal may be generated in the near future. However, we recommend waiting for the morning session to assess the situation from a new angle. No important events are planned on April 21 in the US, while the UK will publish inflation report for March. On the 5-minute time frame, the key levels are 1.3865, 1.3913, and 1.4008. The price can either pull back from them or make a breakout. As usual, we set Take Profit at a distance of 40-50 pips on a 30-minute time frame. On a 5-minute time frame, the nearest level will serve as a target. If the nearest level is located too far, then it is recommended to maintain the manual mode of the trade, tracking changes in the market. As soon as the price passes 20 pips in the right direction, we recommend setting Stop Loss to breakeven. On the chart Support and Resistance Levels are the levels that serve as targets when buying or selling the pair. You can place Take Profit near these levels. Red lines are channels or trendlines that display the current trend and show in which direction it is better to trade now. The MACD indicator (14, 22, and 3) consists of a histogram and a signal line. When they cross, this is a signal to enter the market. It is recommended to use this indicator in combination with trend patterns (channels and trendlines). Important announcements and economic reports that you can always find on the economic calendar can seriously influence the trajectory of a currency pair. Therefore, at the time of their release, we recommend trading as carefully as possible or exit the market in order to avoid sharp price fluctuations. Beginners on Forex should remember that not every single trade has to be profitable. The development of a clear strategy and money management are the key to success in trading over a long period of time. The material has been provided by InstaForex Company - www.instaforex.com |
| April 20, 2021 : EUR/USD daily technical review and trade recommendations. Posted: 20 Apr 2021 10:19 AM PDT
By the end of February, Near the price level of 1.2250, Significant SELLING Pressure was found, leading to the current downside movement. The price zone around (1.1990) corresponds provided some temporary buying pressure. However, this recent short-term upside movement was terminated due to lack of sufficient buying momentum. Another downside movement was expressed towards 1.1840. Breakdown below it triggered another downside movement towards 1.1780-1.1750 which failed to hold for a while. Further bearish decline extended towards 1.1710 which provided BUYING Pressure while being tested. Hence, an upside pullback was expected to pursue towards 1.1840 & 1.1990. Both levels failed to provide sufficient bearish pressure. Currently, as long as the ongoing breakout above 1.1990 is maintained, more upside movement is expected to pursue towards 1.2100 where price action should be watched cautiously. The material has been provided by InstaForex Company - www.instaforex.com |
| April 20, 2021 : EUR/USD Intraday technical analysis and trade recommendations. Posted: 20 Apr 2021 10:17 AM PDT
In late February, a recent bullish spike has pursued towards 1.2150 - 1.2200 (backside of the broken channel limit) where bearish rejection was previously anticipated. Further bearish decline was expected to pursue towards 1.1960 and 1.1850. Both levels got broken to the downside, soon enough to enable further bearish decline afterwards. Initially, a Short-term sideway movement was demonstrated above 1.1850 enabling a bullish movement to take place towards 1.1970-1.2000 which constituted a prominent Supply Zone. Shortly after, the EURUSD pair has launched the current bearish decline below 1.1820. Further bearish continuation was expected to pursue towards 1.1690. Around 1.1690, a high probability bullish trade could be taken, a bullish pullback has been initiated since then. This recent bullish pullback towards the price zone of 1880 failed to find sufficient SELLERS. That's why, more bullish advancement was demonstrated towards 1.050. Currently, failing to apply sufficient bearish pressure around 1.2000 will favour more bullish movement towards 1.2100 unless the EURUSD returns back below 1.2000 soon enough. The material has been provided by InstaForex Company - www.instaforex.com |
| April 20, 2021 : GBP/USD Intraday technical analysis and trade recommendations. Posted: 20 Apr 2021 10:12 AM PDT
Obvious Bearish rejection and a SELL Entry was suggested around the price zone of (1.4150-1.4200) which corresponds to the upper limit of the movement channel. Since then, the GBPUSD pair has been moving sideways with some bearish tendency. Short-term outlook has turned into bearish after the GBP/USD pair could maintain movement below the price zone of 1.3820-1.3900 which corresponded to (61.8%-50%) Fibonacci zone. However, the pair has recently failed to drop below the price level of 1.3670. Previous bullish trials for retesting of 1.3900 should have given many valid SELL Entries as suggested in previous article. Bearish Persistence below 1.3820 favoured bearish decline towards 1.3600 where the lower limit of the depicted movement channel could be tested. Bearish breakout below 1.3600 was needed to enhance further bearish decline towards 1.3500 and probably 1.3400. However, the GBPUSD pair was trapped above the ascending trend (1.3670) and below the key-level around 1.3850 until a bullish breakout above 1.3945 took place Yesterday. The current bullish breakout above 1.3900 will probably liberate further bullish movement towards 1.4100 then 1.4200 unless the pair returns to consolidate below 1.3880 once more. The material has been provided by InstaForex Company - www.instaforex.com |
| Trading Signal for Ripple XRP, for April 20 - 21, 2021: Buy above $1.1720 Posted: 20 Apr 2021 08:03 AM PDT
The Ripple XRP in the morning of the American session is trading at $ 1.2980, below the 21 SMA and below a downtrend channel, and above strong support at $1.1719. Ripple (XRP), has a strong support in the 3/8 of Murray around $1.1720, at this level we note that it has left a double bottom, this could be a good point to buy with medium-term objectives at the resistance of $1.9531 . The eagle indicator is in positive territory, showing an oversold signal, which also supports our outlook for a new bullish momentum in the short term. This week Bitcoin is making a technical correction and consolidating after having registered a new high at the levels of $64,000, in turn the altcoins are also taking a breather, like Ripple. However, this will give us an opportunity to buy low and take a good position for the new wave that could take Ripple to the $ 2.50 level in the coming months. Therefore, we recommend buying the XRP, above Murray's 3/8 around 1.1720 with short-term targets at $1.5625 (4/8) and $1.9531 (5/8). Support And Resistance Levels For April 20 - 21, 2021 Resistance (1) 1.3852 Resistance (2) 1.4773 Resistance (3) 1.5176 Support (1) 1.2440 Support (2) 1.1116 Support (3) 0.9929 The material has been provided by InstaForex Company - www.instaforex.com |
| Trading Signal for Dow Jones #INDU for April 20 - 21, 2021: Sell Below 33,950 Posted: 20 Apr 2021 07:30 AM PDT
The Dow Jones #INDU in the morning of the American session is trading, - 0.81%, falling close to 180 points after having completely closed the gap that it left at the opening of the session this week, now it is taking a breather after closing last week at record highs thanks to the good quarterly results of major financial institutions. The Dow Jones is trading cautiously and investors are poised to take profits after last week's rally. A recent pullback in US 10-year bond yields from 14-month highs has supported the Nasdaq and Dow Jones bullish movements at record levels. On the technical level we note that the Dow Jones, in 1-hour charts is trading below the SMA of 21 and below the strong resistance of 34.137, at this level the #INDU has left a double top formation, since that point is now falling. Given that the Dow Jones faces the 200 EMA and Murray's 7/8 around 33,600 this will be a good point to buy the Dow Jones, given that in the medium term the upward trend continues to prevail. Our recommendation is to sell below the 21 SMA around 33,950, and buy at the bounce of the 200 EMA around 33,680. The Eagle indicator is showing an oversold signal. Support And Resistance Levels For April 20 - 21, 2021 Resistance (1) 34,015 Resistance (2) 34,079 Resistance (3) 34,182 Support (1) 33,899 Support (2) 33,823 Support (3) 33,727 The material has been provided by InstaForex Company - www.instaforex.com |
| Trading Signal for GBP/USD for April 20 - 21, 2021: Sell Below 1.3985 Posted: 20 Apr 2021 06:57 AM PDT
The GBP / USD pair before the opening of the American session, in 1-hour charts, is trading below the SMA of 21, and below Murray's 5/8, after having reached the psychological level of 1.4007 the level highest since early March and has been supported by the prevailing bearish sentiment around the US dollar. However, since 1.40 is a very strong resistance level, the bulls have struggled to overcome this barrier or consolidate above the key psychological level of 1.4000. The US dollar, USDX, has fallen to six-week lows amid speculation that the Fed will keep interest rates near zero for a longer period. This data, together with the monthly employment results in the UK, has provided an additional boost to the GBP / USD pair, and has continued to be supportive. According to the eagle indicator on the 1-hour chart, we can see the overbought signal and there is likely to be a technical correction towards the support level of 1.3916. According to the Fibonacci indicator, we note that the GBP / USD pair could make a correction to 61.8% located at 1.3830, which coincides with the 200 EMA in 4-hour charts. We trace the Fibonacci sequence from its low of 1.3720 to the high of 1.4007. Our recommendation is to sell below 1.3985, since there are two resistances, the SMA of 21 and 5/8 of Murray, with short-term targets to 1.3840, this is the zone of 61.8% Fibonacci retracement. Support And Resistance Levels For April 20 - 21, 2021 Resistance (1) 1.4047 Resistance (2) 1.4071 Resistance (3) 1.4111 Support (1) 1.3927 Support (2) 1.3897 Support (3) 1.3863 *********************************************************** Trading tip for GBP/USD for April 20 - 21, 2021 Sell below 1.3985 (SMA 21), with take profit at 1.3916 and 1.3850, stop loss above 1.4020. The material has been provided by InstaForex Company - www.instaforex.com |
| Biggest monthly fall: global stock markets drop, offsetting recent records Posted: 20 Apr 2021 05:59 AM PDT On Monday, the leading shares of the global equity markets closed down, marking the biggest daily drop in nearly four weeks after hitting impressive all-time highs.
The US stock markets showed the steepest decline. Thus, the Dow Jones Industrial Average lost 0.4% to close at 34,077.63. The S&P 500 sank by 0.5% to 4163.26, while the Nasdaq Composite fell by 1% to 13914.77.
The shares of US exercise equipment maker Peloton slumped by 7.3% after the US regulator issued a safety notice over the company's new development. Thus, the federal safety agency told people with young children or pets to stop using Peloton treadmills. US electric-car maker Tesla's stock lost 3.4%. This fall in shares was caused by a tragic crash involving a Tesla vehicle outside of Houston. According to experts, there was no one sitting in the driver's seat. The car crashed into a tree. As a result, two men were killed. The shares of video game retailer GameStop Corp rose by 6.3% after the company announced its CEO succession plan. According to Wall Street analysts, the negative dynamics in the US markets can be explained as follows: "The market has had a huge jump to the upside so it needs to take a little bit of rest." In addition, experts argue that everything that is going on is just a process of locking profits amid the fact that investors are waiting for results from large technology companies. As for other global indicators, the MSCI World Index declined by 0.37%. The pan-European STOXX 600 sank by 0.07%, while emerging market equities remained positive, gaining 0.03%. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.14%, while Nikkei futures fell by 1.63%. Today, market participants' attention is focused on the US dollar's dynamics. Thus, the US dollar index slumped to a six-week low, losing 0.57%, while the euro advanced by 0.43% to $1.2035. The weak greenback's performance was triggered by the apparent divergence in the outlook between the slumping UST yields and the rather perky bond yields elsewhere. Meanwhile, the Japanese yen rose by 0.59% to 108.13 against the US dollar, while the pound sterling gained 1.13% to 1.3986. Benchmark 10-year US Treasury yields dropped by 1.6011% on Monday from 1.573% on Friday. Spot gold dipped by 0.3% to $1,770.69 an ounce. Silver fell by 0.60% to $25.80. The price of bitcoin slipped by 0.92% to $55,764.99. Despite the fact that global oil prices edged up, rising COVID-19 infections in India prompted concerns among market participants. Thus, tougher measures to combat the pandemic in the world's third largest oil importing and consuming country affect investor optimism about a rapid recovery in global demand.
As for oil prices in the United States, they closed Monday's session with gains. US crude added 0.46% to $63.42 per barrel of WTI, while Brent was up 0.45% to close at $67.07. The material has been provided by InstaForex Company - www.instaforex.com |
| USD edges lower while oil rises Posted: 20 Apr 2021 05:10 AM PDT
Oil prices rose on Tuesday amid a depreciating US dollar and expectations for a drop in US crude inventories. Analysts expect that oil and distillate stocks declined last week, while gasoline stocks rose. At the same time, oil gains are capped by negative news about a spike in COVID-19 cases in India, the third largest importer and consumer of oil. At the time of writing, Brent oil futures crude rose by 0.95% to $67.69 per barrel, while WTI futures went up by 0.87% to $63.52 per barrel.
Today and yesterday, the US dollar has been trading at its lowest level in six weeks against other major currencies. The greenback sell-off was triggered by last week's decline in US Treasury yields. The Fed's statement that any surge in inflation will not be long-term drove the yields of the US government bonds to a five-week low. A significant depreciation of the US currency favors the rise in commodity prices. The fact is that buyers who use other currencies pay much less for oil that is denominated in US dollars when the latter falls in value. Even the existing concerns about fuel demand in some regions cannot affect this rule. In addition, oil exports from Libya are expected to reduce by 280,000 barrels per day, that is, to a level below 1 million barrels per day for the first time since October. This situation evolved due to force majeure with deliveries from the port of Hariga on Monday. Libyan Oil Company National Oil Corp. said it could extend these measures to other facilities due to the disagreement with the country's central bank. Oil quotes are also supported by reports that OPEC and allies are discussing the possibility of holding just a meeting of its monitoring committee on April 28 instead of a general meeting of the organization. Moreover, representatives of the committee told Bloomberg that no changes are expected to the planned increase in oil output. Actually, the oil market has already priced in a slight uptick in the OPEC+ production. On Wednesday, April 21, the US will release weekly data on oil inventories. Experts predict that oil stockpiles may well decline for the fourth week in a row, this time by 2.8 million barrels. On Tuesday night, the American Petroleum Institute (API) will publish its estimates of crude inventories, while the report from the US Department of Energy will be released on Wednesday. The material has been provided by InstaForex Company - www.instaforex.com |
| Trading plan for Ethereum for April 20, 2021 Posted: 20 Apr 2021 04:48 AM PDT
Technical outlook: Ethereum had managed to hit both fibonacci targets projected around $2,000 and $2,436 over the past few week (see the red color projections). The sharp decline that came through thereafter was not a surprise as we expect prices to drop towards $1,500 mark in the next few weeks. Also note that it is close to fibonacci 0.382 retracement of the rally between $89.50 and $2,550 levels respectively. Ethereum might rally towards $2,350 zone before resuming its next leg lower towards $1,500/1,600 mark. The crypto is seen to be trading close to $2,185 levels at this point in writing and is expected to produce a short pullback rally either today or tomorrow. Also note that immediate support is just below $2,000, followed by $1,540/50 levels respectively. Looking at the overall structure, the uptrend still remains intact, but we might see a corrective drop towards $1,500 mark, before the rally could resume. Traders are advised to exit short positions if still holding for the immediate short term and sell again around $2,300 mark. Trading plan: Remain short, stop @ 2,600, target @ 1,500. Good luck! The material has been provided by InstaForex Company - www.instaforex.com |
| Trading plan for Bitcoin for April 20, 2021 Posted: 20 Apr 2021 04:32 AM PDT
Technical outlook: Bitcoin almost hit the projected targets at $63,000 and $65,000 respectively over the last 02 weeks as discussed here. The sharp decline towards $51,300 levels last week was also in line with expectations. Short term traders might book profits now, while medium term traders might want to hold until $41,000/42,000 levels respectively. Bitcoin is seen to be trading around $55,800/900 levels at this point in writing and might produce a short term rally towards $60,000/61,000 levels in the near term. Thereafter, we can expect another round of selloff towards $41,000/43,000 levels, which is fibonacci 0.382 retracement of the entire rally between $3,850 and $65,000 levels respectively. Also note that immediate price support is at $50,500, followed by $43,000; while resistance now stands around $65,000 levels respectively. Bitcoin is expected to remain in control of bears for a short term (few weeks), before the final leg rally resumes towards $75,000 and further. Trading plan: Remain short, stop @ 65,000, target $43,000. Good luck! The material has been provided by InstaForex Company - www.instaforex.com |
| Analysis and outlook for EUR/USD on April 20, 2021 Posted: 20 Apr 2021 04:26 AM PDT Hi dear colleagues! In this article about the most popular currency pair, let me shift focus towards the US dollar. The thing is that lately the US currency has been trading erratically. It is common knowledge for savvy traders that the US dollar is the most significant currency on a global scale. First, it is traditionally considered the world's key reserve currency as well as a safe-haven asset. Second, the US dollar is the national currency of the top global economy. Even though China's economy has been booming like mad, the American economy still remains number one, at least nowadays. Third, prices of gold, crude oil, and stock indices are denominated in the US currency. Importantly, national central banks in many countries are scaling down the greenback in their foreign currency reserves. They are poised to convert the US dollar into the euro. Nevertheless, neither the euro nor the pound sterling nor the yuan can compete with the US dollar in terms of demand among global investors and the greenback's share in international transactions. I guess the reason is not the US dollar itself which is being printed actively by the Federal Reserve. It is the economic constituent that accounts for the dollar's reign. For comparison, China's economy heavily depends on imported commodities and exported consumer goods. When it comes to the EU economy, the EU consisting of 27 member countries has to deal with a challenge when they should come to the common denominator about legislation or make a serious decision. All countries inside the euro block differ greatly in terms of economic development. In fact, Germany is fairly termed the powerhouse of the EU economy. Indeed, the most advanced country bears the brunt of financial burden. Unless its contribution to the EU welfare, the euro zone would have collapsed long ago as the region with the single European currency in circulation. In other words, if the euro had been cancelled, European countries would have retrieved their national currencies such as Deutsch Mark, Italian lira, or Belgian franc. Why is the US dollar extending weakness across the board under the current economic conditions? It is difficult to explain in a couple of words. Obviously, the US economy is outpacing others in its economic recovery from the COVID-19 fallout. At the same time, the US dollar served as the main safe-haven asset at the peak of the pandemic. Unfortunately, new coronavirus strains have popped up now and then. So, there is a long way until the battle with COVID-19 is won for sure. Daily chart
Let me remind you that the technical picture is the factor of prime importance to make a crucial impact on a dynamic of any currency pair. As you remember, many analysts predicted that EUR/USD could face serious resistance of the sellers at 1.1994 - 1.2030 and would hardly overcome this zone. However, the market actually behaved in a different way. In the daily chart, we can clearly see a retracement to 1.1950. In fact, EUR/USD found strong support at that level as well as at 50-MA, 89-EMA, and the red Tenkan line. As a result, the pair climbed from lows of 1.1942 and 1.2036 and closed with gains on Monday. Interestingly, at the moment of writing this article, EUR/USD was trading at near 1.2065, heading upwards. The currency pair entered the Ishimoku cloud with confidence that means a further move towards the upper border at 1.2092, exactly below another key level of 1.2100. This the distant upward target for EUR/USD in case the price fixes above 1.2030. It is still uncertain how the pair will close today and whether it will be able to fix above 1.2030 and 61.8 fibo correction from a decline to 1.2042 - 1.1703.1-hour chart
It would be better to search for market entry points on the 1-hour chart. As you see, I applied Fibonacci grid to the area of 1.1942 – 1.2079. In the Asian session today, the pair pulled back to resistance of 1.2047 broken yesterday and 23.6 fibo. Afterwards, the pair seemed to be poised to resume the upward move. However, EUR/USD faced strong resistance at near 1.2080 and came under selling pressure. Now a lot will depend whether the level of 1.2050 will be able to withstand the second attack of the bears. Judging by the current price action, this support will be tested for the second time. If reversal candlestick signals appear above 1.1950 in this or a 1-hour chart, it would be a good idea to plan long positions with targets at 1.2075 – 1.2100. I also admit a fake breakout or a breach of 1.2050. If this prediction comes true, EUR/USD could find solid support at about 1.2030 and reverse upwards from this level. All in all, the preferable trading idea now is buying the pair. Technically, it makes sense to open long positions from the strong area of 1.2050 – 1.2030. Trade at a profit! The material has been provided by InstaForex Company - www.instaforex.com |
| BTC analysis for April 20,.2021 - Upside movement is expected towards the $57.800 and $60.150 Posted: 20 Apr 2021 04:20 AM PDT Further Development
Analyzing the current trading chart of BTC, I found that BTC is in the upside correction and that there is still space for further rally. My advice is to watch for buying opportunities with the potential upside targets at $57.800 and $60.160. Additionally, Stochastic got the fresh bull cross, which is another sign for the further upside movement. Key support level is set at $53.500 The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 20 Apr 2021 04:14 AM PDT Japan February tertiary industry index +0.3% vs +0.5% m/m expected Further Development
Analyzing the current trading chart of EUR, I found that there is the potential for the upside continuation and test of 1.2048 and 1.2100. My advice is to watch for buying opportunities on the dips with the upside targets set at 1.2048 and 1.2100. Additionally, there is the test of the middle BOllinger band, which is another sign for potential buying. Key support level is set at 1.2040 The material has been provided by InstaForex Company - www.instaforex.com |
| Trading plan for Gold for April 20, 2021 Posted: 20 Apr 2021 04:13 AM PDT
Technical outlook: Gold might have completed its corrective rally that had begun since $1,676 lows around March 08, 2021. The yellow metal has produced a complex corrective rally consisting of 3 waves. The first wave carried prices through $1,755, followed by a drop towards $1,678 levels respectively. The final leg has reached up to $1,790 before turning lower again. Also the fibonacci 0.50 retracement between $1,875 and $1,676 has been tested. Gold is seen to be trading around $1,770 levels at this point in writing and might test $1,780 zone before reversing lower again. Immediate resistance is seen around $1,820 mark, while support is at $1,723 levels respectively. A break below $1,723 will confirm that a meaningful top is in place around $1,790 levels and bears are back in control. On the flip side, it is also possible for Gold to rally towards $1,800 to test fibonacci 0.618 retracement before reversing lower again. Either way, prepare for a drop towards $1,650 and $1,550 levels, going further. Also note that resistance trend line which broke earlier is now providing the necessary angle for prices to print lower lows below $1,676. Trading plan: Remain short, stop @ 1,875, target @ 1,650 and 1,550. Good luck! The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 20 Apr 2021 04:07 AM PDT Germany March PPI +0.9% vs +0.6% m/m expectePrior +0.7%PPI +3.7% vs +3.3% y/y expectedPrior +1.9% Base effect adjustments and higher input costs from supply constraints are the likeliest contributors here, helping to reaffirm higher price pressures in general. Further Development
Analyzing the current trading chart of Gold, I found that there is the potential completion of the downside correction and new upside wave to begin. My advice is to watch for buying opportunities with the upside targets at $1.789 and $1.815. Stochastic oscillator is showing bull cross mode.... Key Levels:Resistance: $1.789 and $1.815.Support level: $1.765 The material has been provided by InstaForex Company - www.instaforex.com |
| Trading plan for US Dollar Index for April 20, 2021 Posted: 20 Apr 2021 03:52 AM PDT
Technical outlook: The US Dollar Index has dropped through 90.85 levels today before finding support again. It is not shown here, but today's intraday low was close to the fibonacci 0.618 retracement of its recent rally between 89.70 and 93.43 levels respectively. The index has taken about 20 days time to produce the corrective drop and seems to be ready for the next leg higher. The US Dollar Index is off its day's lows and is seen to be trading around 91.06 levels at this point in writing, as bulls prepare for the next rally. Also note that it is producing a Doji or Pinbar candlestick pattern on the daily chart indicating a potential trend reversal. Strong price support is seen at 89.70, followed by 89.20; while resistance is around 94.50/95.00 levels respectively. Looking at the wave structure, the US Dollar Index might be preparing for the next largest rally extending towards 95.70 and up to 98.00 levels, going forward. For the above bullish structure to hold well, prices must ideally stay above 89.70 and subsequently 89.20 levels. A push above 91.80 would be considered constructive for bulls. Trading plan: Remain long, stop @ 89.20, target 95.00 and 98.00 Good luck! The material has been provided by InstaForex Company - www.instaforex.com |
| Trading plan for EURUSD for April 20, 2021 Posted: 20 Apr 2021 03:30 AM PDT
Technical outlook: EURUSD has pulled back from intraday highs and is trading close to 1.2050 levels at this point in writing as bears remain poised to take control back. Immediate price support is seen towards 1.1940/50 mark, while resistance stays at 1.2242 levels respectively. Also note that prices have almost tested the backside of the previous support turned resistance trend line. Looking at the above convergences of fibonacci 0.618 retracement, back side of the trend line test around 1.2080 mark, high probability remains for a bearish reversal from here towards 1.1300 levels at least. Only a break above 1.2250 and subsequently 1.2350 would change the existing bearish scenario, going forward. Trading plan: Remain short, stop @ 1.2250, target is 1.1300 Good luck! The material has been provided by InstaForex Company - www.instaforex.com |
| Daily Video Analysis: CADJPY facing bearish pressure, potential for further drop! Posted: 20 Apr 2021 03:27 AM PDT Today we take a look at CADJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is facing bearish pressure as it continues to hold below the descending trendline and moving average resistances. We could potentially see a reversal at sell entry level, in line with 50% Fibonacci retracement and descending trendline resistance, and further drop towards take profit level, in line with horizontal swing low support. The material has been provided by InstaForex Company - www.instaforex.com |
| CADJPY reacting below descending trendline resistance! Drop incoming! Posted: 20 Apr 2021 03:20 AM PDT
CADJPY reacting below descending trendline resistance. A short term drop below our 1st resistance at 86.606 towards 1st support at 86.351 could be possible. Technical indicators are showing room for further bearish momentum as well. Trading Recommendation Entry: 86.606 Reason for Entry: 61.8% Fibonacci retracement, Descending trendline resistance Take Profit: 86.351 Reason for Take Profit: 61.8% Fibonacci retracement Stop Loss: 86.748 Reason for Stop Loss: 78.6% Fibonacci retracement The material has been provided by InstaForex Company - www.instaforex.com |
| EURCHF facing bullish pressure, potential for further upside! Posted: 20 Apr 2021 03:19 AM PDT
Prices are facing bullish pressure from horizontal pullback support, which coincides with 50% Fibonacci extension and 38.2% Fibonacci retracement. Prices might push up to 1st resistance which is in line with horizontal swing high resistance, 50% Fibonacci extension and 61.8% Fibonacci retracement. If prices push down further, prices might take support from horizontal swing low support in line with 100% Fibonacci extension and 61.8% Fibonacci retracement. EMA is also below prices, showing bullish pressure for prices. Trading Recommendation Entry: 1.10196 Reason for Entry: Horizontal swing low support, 50% Fibonacci extension, 61.8% Fibonacci retracement Take Profit: 1.10395 Reason for Take Profit: Horizontal swing high resistance, 50% Fibonacci extension, 61.8% Fibonacci retracement Stop Loss: 1.10070 Reason for Stop Loss: Horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension The material has been provided by InstaForex Company - www.instaforex.com |
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