Forex analysis review
Forex analysis review |
- Ethereum Another Breakout Attempt!
- GBP/USD Further Drop Still Possible!
- Bitcoin bulls' optimism fades: crypto winter has already arrived
- EUR/USD. U.S. June Nonfarm Payrolls: a fly in the ointment
- GBP/USD Technical Analysis for July 2021
- Short-term analysis on Gold
- Short-term technical view on EURUSD.
- USDJPY shows topping signs.
- Ichimoku cloud indicator analysis of Bitcoin for July 2, 2021
- July 2, 2021 : A High probability SELL-Trade on Ethereum to be watched.
- July 2, 2021 : EUR/USD daily technical review and trade recommendations.
- July 2, 2021 : EUR/USD Intraday technical analysis and trade recommendations.
- July 2, 2021 : GBP/USD Intraday technical analysis and trade recommendations.
- Trading Signal for ETH/USD (Ethereum) for July 02 - 05, 2021: Sell Below $ 2,129
- EUR/USD: Dollar changes trend
- RIPPLE Price Analysis, 2nd July
- GOLD Price Analysis for 2nd July
- USD/JPY Aims At 112.00 Psychological Level!
- EUR/USD Hot Forecast for 2nd July
- Trading Signal for XAU/USD (Gold) for July 02 - 05, 2021: Buy above $1,770
- Overview of the US market (07/02/2021)
- BTC analysis for July 02,.2021 - Potential for the drop towards $30.000
- EUR/USD analysis for July 02 2021 - Downside continuation towards 1.1710 in the play
- EUR/USD Technical Analysis for July 2021
- Analysis of Gold for July 02,.2021 - Strong resistance cluster on the test at $1.790
| Ethereum Another Breakout Attempt! Posted: 02 Jul 2021 10:52 AM PDT Ethereum dropped a little in the short term but it could still resume its rebound. It has decreased to retest 2,040.62 support and now it could challenge the downtrend line again. ETH/USD has decreased as the BTC/USD slipped lower as well. Bitcoin's potential growth after the current drop could help Ethereum to increase. Techncially, we need confirmation before considering going long on this crypto. ETH/USD Bulls Are Still In The Game!
ETH/USD has registered only a false breakout through the downtrend line and now it has decreased to retest 2,040.62. It has rebounded from this level and now it could reach the downtrend line again. Registering a valid breakout, jumping, and stabilizing above this dynamic resistance could signal a potential growth ahead. The ascending pitchfork's lower median line (lml) is seen as a strong dynamic support. It could still increase as long as it stays above this line. Outlook!Ethereum is still under pressure after failing to stabilize above the downtrend line. Jumping above this dynamic resistance could really bring us a good long opportunity with a potential upside target at the median line (ml). The material has been provided by InstaForex Company - www.instaforex.com |
| GBP/USD Further Drop Still Possible! Posted: 02 Jul 2021 10:10 AM PDT
GBP/USD increased in the last hours and now it has reached 1.3798 previous low. I've told you in my previous analyses that the pair could drop further after failing to reach and retest the downtrend line. The pair has ignored the 1.3798 former low which represented a support level. Stabilizing under this level and staying below the downtrend line could signal a deeper drop. Trading Conclusion!GBP/USD could drop deeper as long as it stays under the downtrend line and below the 1.3798 level. Actually, we'll have a new selling opportunity if the pair drops below 1.3752 today's low with a potential downside target at 1.3700. The downside scenario could be invalidated by a potential breakout above the downtrend line. The material has been provided by InstaForex Company - www.instaforex.com |
| Bitcoin bulls' optimism fades: crypto winter has already arrived Posted: 02 Jul 2021 09:49 AM PDT If we consider the Bitcoin chart locally, then the previous forecast and recommendations remain unchanged. The sideways at 31,082.82 - 41,980.24 is relevant, it is recommended to buy or sell from its borders. But the outlook for long-term investors began to shift towards a bearish scenario. Even convinced Bitcoin bulls have started talking about crypto winter. In an interview, ADVFN CEO Clem Chambers said his optimism about Bitcoin had subsided. Now he has taken a bearish position, claiming that the price of the main cryptocurrency will fall to $10,000 within the current cycle. Chambers was interviewed by Stansberry Research Chambers, who predicted in 2018 that the cryptocurrency would return to $20,000, and if "the asset's market mechanism remains viral," it could grow to $200,000 or even $2 million. Now the CEO of ADVFN believes that the price of Bitcoin will drop to $20,000 soon. And the bear market will end when Bitcoin hits the bottom at $10,000. Moreover, the lower limit of the range, noted by Chambers, may turn out to be slightly higher, in the range between $12,000 and $13,000. He draws such conclusions based on the fact that Bitcoin "repeats the same old patterns over and over again." According to him, in 2011, 2015, 2017, and 2021, the same situation occurred on the chart of the main cryptocurrency after the halving. "It takes off like a rocket and falls like a rock," Chambers said. According to him, when BTC/USD falls like a rock, it reaches the bottom "about twice as high" compared to the previous market low. And since the last time, the market reached the bottom on average at the level of $5,000, which means that now it will reach the lower limit at the level of $10,000. Chambers believes that this time the market would have peaked at $40,000 if institutions hadn't started investing in Bitcoin and brought it to the $60,000 mark. The CEO noted that he expects a crypto winter in the near future, where Bitcoin could drop below five-digit levels before traders capitulate. In fact, the crypto winter is "already here," and if traders remain long, "it will only get worse." Chambers said the fall looks exciting to him because investors can build up positions by averaging dollar value over a long period, waiting for the next spike, which may occur after the next halving. He said that he plans to use this strategy to buy for three years until he has a "huge position" before the next bullish move. Ultimately, he intends to sell his Bitcoins for $90,000 or more when the cycle repeats.
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| EUR/USD. U.S. June Nonfarm Payrolls: a fly in the ointment Posted: 02 Jul 2021 09:26 AM PDT At the start of the American session on Friday, key data on the growth of the labor market in the United States were published. It was a long-awaited release: throughout the week, the greenback gradually increased the pressure, reflecting increased demand. In particular, the EUR/USD pair has shown a downward trend over the past few days, although with impressive price pullbacks. But if we look at the daily chart, we will see that the pair started the trading week at 1.1935, and today (before the release of Nonfarm) it updated the three-month low at 1.1805. Traders followed the principle of "buy the rumors" amid fairly strong forecast values, as well as amid "hawkish" speeches by some representatives of the Fed (in particular, Thomas Barkin). But, to the disappointment of dollar bulls, immediately after the release, the market also followed the trading principle – "sell the news". Immediately after the publication of the data, the US currency fell under a wave of sales – in just an hour, the dollar index collapsed from 92.65 to 92.41 points. Given the fact that many components of today's release came out in the "green zone", a natural question arises – can we trust the current weakening of the greenback? Especially on Friday, on the eve of a long weekend (Monday will be a day off in the United States in connection with the celebration of Independence Day)?
In my opinion, the current reaction is of an emotional nature. Therefore, it is impractical to make trading decisions at the moment – many traders take profits without risking leaving open positions on the eve of a three-day "mini-vacation". While the release itself cannot be called disappointing, except for some moments. Therefore, the June Nonfarm report will still make a statement, but not today, given the notorious "Friday factor". Apparently, traders were scared off by the "capital" indicator: the unemployment rate in the United States last month rose slightly relative to the May value, reaching 5.9%. According to preliminary forecasts, this indicator was supposed to decrease to 5.6% from the previous value of 5.8%. But it should be noted that it is a lagging economic indicator, so by and large, today's figures reflected rather the May dynamics. The increase in the number of people employed in the manufacturing sector of the economy was also disappointing – instead of the expected growth to 28,000, the indicator increased by only 15,000. But in general, the U.S. labor market, let's say, has developed a cruising speed. In particular, the number of people employed in the non-agricultural sector increased by 850,000, although the average forecast was at the level of 700,000. The June result is the best result since August last year when the American economy produced one and a half million jobs. And here it is also necessary to pay attention to the trend: the indicator has been consistently growing for the past two months: if 278,000 jobs were created in April, then in May – 580,000, and in June, I repeat, – 850,000. The positive dynamics, as they say, is "visible to the naked eye". A similar situation has developed in the private sector of the economy: in May and June, the indicator consistently increased, reflecting the recovery processes. Today, the indicator came out at the level of 662,000 with a forecast of growth to 600,000. This suggests that the June report was definitely strong, however, according to some experts, "not strong enough" in the context of a possible Fed reaction. In other words, today's figures are unlikely to prompt members of the Federal Reserve to adjust incentives at the July meeting. But at the same time, they will allow the members of the American regulator to maintain a "hawkish" position, thereby indicating the recovery of the American economy.
By and large, the greenback today became a victim of inflated expectations of traders: over the past few days, the dollar strengthened its positions, fueling hopes for "unconditionally strong" Nonfarm Payrolls. At the same time, the difference between almost 70 expert estimates was very large – the forecast range was from 400,000 to 1.1 million jobs created. The ADP report, which was in the "green zone" the day before yesterday, also did a "disservice". It is obvious that traders were counting on exceeding the forecast values, given the dynamics of unofficial data. Therefore, the initial market reaction was not in favor of the greenback. Nevertheless, today's Nonfarm allows dollar bulls to hold their positions and even gain momentum - especially in pair with the euro, which is under the background pressure of the ECB's dovish position. At the moment, we see a somewhat distorted picture ahead of the weekend, so today it is most advisable to be outside the market. From a technical point of view, the EUR/USD pair on the daily chart is still located between the middle and lower lines of the Bollinger Bands indicator and under all the lines of the Ichimoku indicator (including under the Kumo cloud). Ichimoku has formed a bearish signal "Parade of lines", warning of a further decline in the price. It is noteworthy that the main support level (the intermediate barrier is 1.1800) in the medium term is located at 1.1750 - this is the lower line of the Bollinger Bands indicator on the daily and weekly charts. If buyers finally lose the level of 1.1850, then a 100-point decline to the support level at 1.1750 will only be a matter of time. In fact, the pair will change the price level again, dropping "by one step". Taking into account the "Friday factor", it is most expedient to make trading decisions on the pair on Tuesday (that is, on the first full working day). The material has been provided by InstaForex Company - www.instaforex.com |
| GBP/USD Technical Analysis for July 2021 Posted: 02 Jul 2021 08:44 AM PDT Trend analysis. In July, the price will move upward from the level of 1.3829 (closing of the June monthly candlestick) with the target at the resistance level at 1.3917 (red bold line). In case of testing this level, the upward movement will continue with the next target at the historical resistance level at 1.4227 (blue dotted line).
Fig. 1 (monthly chart). Indicator analysis: - Indicator analysis - up; - Fibonacci levels - up; - Volumes - up; - Candlestick analysis - up; - Trend analysis - up; - Bollinger lines - up; The complex analysis concludes that an upward trend is possible. The overall result of calculating the candlestick of the GBP/USD currency pair according to the monthly chart suggests that the price will most likely have an upward trend with the absence of the first lower shadow (the first week of the month is white) in the monthly white candlestick and the presence of the second upper shadow (the last week is black). The most likely scenario: from the level of 1.3829 (closing of the June monthly candle), it will move upwards with the target at the resistance level at 1.3917 (red bold line). In case of testing this level, the upward movement will continue with the next target at the historical resistance level at 1.4227 (blue dotted line). Alternative scenario: downward movement is possible from the level of 1.3829 (closing of the June monthly candlestick) with the first target at the 23.6% retracement level at 1.3561 (blue dashed line). From here, an upward movement is possible with the target at the 85.4% retracement level at 1.3940 (red dotted line). Further upward movement is possible upon testing this level. The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 02 Jul 2021 08:42 AM PDT Gold price is back above $1,780 but still below $1,800. Although technically trend remains bearish, on June 29th we got a bullish divergence by the RSI as price did not make a new low as the value of Gold was making new lows.
Blue line- Resistance Gold price is in a bearish trend as long as price remains below $1,800. This bounce towards $1,800 could be seen as a short-term selling opportunity where the risk is very low ($1,800) and the downside potential for a new lower low ($1,750-40) is much bigger. The bullish divergence is just a warning and not a reversal signal. For a reversal signal we also need signs of strength. In this case a sign of strength would be for Gold price to move above $1,800 and recapture $1,815. Until then any upward move towards $1,800 is considered a selling opportunity. The material has been provided by InstaForex Company - www.instaforex.com |
| Short-term technical view on EURUSD. Posted: 02 Jul 2021 08:37 AM PDT EURUSD made a new lower low earlier today at 1.1808. Trend remains bearish. The RSI is making a bullish divergence. Bears need to be cautious as this divergence could lead to a bigger reversal to the upside. Bulls continue to have hopes for a reversal as long as price is above 1.1750.
Green line - resistance EURUSD has resistance by the green trend line at 1.1890. Breaking above this level will be a first sign of a reversal. So far we only have a warning sign by the bullish divergence. For the reversal to be confirmed price will need to break above 1.1975. Until then price could just be making counter trend bounces for new lower lows. At current levels I believe the downside potential is limited to another move lower towards 1.1750. I believe the chances for a bigger bounce or trend reversal are rising. Traders need to be cautious. Bears should not be greedy at current levels. The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 02 Jul 2021 08:32 AM PDT As we explained in our previous posts, USDJPY broke above key resistance and was expected to push above 111.25 as it did. However the new higher high was not followed by a higher RSI price. This bearish divergence was a warning and now price is showing signs of trend reversal.
Blue line - support Technically trend remains bullish as long as price is above the blue trend line support and above the latest low around 110.50. The bearish divergence is only an early warning signal. Price is pulling back after making a new high at 111.67. If price moves below the 110.50 level then we will most probably have a reversal confirmation. The lower high by the RSI implies weakening up trend. Traders need to be cautious and not overoptimistic. The material has been provided by InstaForex Company - www.instaforex.com |
| Ichimoku cloud indicator analysis of Bitcoin for July 2, 2021 Posted: 02 Jul 2021 08:28 AM PDT Today we use the Bitcoin indicator in order to identify key support and resistance levels for Bitcoin in the short-term. In our previous analysis we noted the importance of the resistance area around $36,600 and $38,600 and for bulls to regain control of the trend, these two levels must be broken first.
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| July 2, 2021 : A High probability SELL-Trade on Ethereum to be watched. Posted: 02 Jul 2021 07:50 AM PDT
Ethereum/USD has established an extensive bullish movement since the beginning of 2021 during the periods of COVID epidemic. Since then, Crypto market has been quite bullish on Ethereum with new DAIlY highs being hit every day. Around 4400, a new Monthly high was achieved. This has turned the market into bearish since then. Earlier this month, For two successive trials, Ethereum has failed to push below the price level of 1700. This indicates lack of bearish persistence rendering the short-term outlook as bullish. On the other hand, Ethereum was recently approaching the price level of 2250 which corresponds to the depicted downtrend line established since June 7th. Any signs of bearish rejection around 2210 should be considered for SELLING Ethereum against USDt. However, a bullish breakout is also highly probable to occur. Trade Recommendation: Currently, bullish breakout above 2250 (downtrend ) should be considered for BUYING Ethereum against USD. Initial T/p levels to be located around 2330 and 2600. The material has been provided by InstaForex Company - www.instaforex.com |
| July 2, 2021 : EUR/USD daily technical review and trade recommendations. Posted: 02 Jul 2021 07:30 AM PDT
During April, the ongoing downside movement ( on the left side of the chart ) came to an end. The price levels around 1.1700 provided Significant BUYING Pressure. This initiated the recent uptrend towards 1.2150. Another downside movement was expressed towards 1.1990. Breakdown below it was needed to allow one more downside visit towards 1.1840. However, an upside movement was demonstrated towards 1.2175 (backside of the broken trendline) which provided sufficient bearish pressure resulting in a quick downside movement towards 1.2070. Earlier last week, another upside movement was demonstrated towards 1.2175 which failed to offer sufficient bearish pressure. Breakout above 1.2175 enhanced further bullish advancement towards 1.2250 as an initial target. Further upside movement was expected to pursue towards the backside of the broken trend line. However, the pair has failed to do so. On the other hand, re-closure below 1.2175 was needed to turn the short-term outlook into bearish again. Recently, Persistence below the depicted price zone of 1.1990 indicated further downside movement towards 1.1840 where some bullish recovery has originated. On the other hand, upside pullback towards 1.1990 should be watched for SELLING Pressure with special attention if the price level of 1.1990 is bypassed as this indicates further upside movement towards 1.2100. The material has been provided by InstaForex Company - www.instaforex.com |
| July 2, 2021 : EUR/USD Intraday technical analysis and trade recommendations. Posted: 02 Jul 2021 07:29 AM PDT
Recently, finding significant demand around 1.2000, has allowed another bullish movement to pursue towards higher price levels ( 1.2100 - 1.2130 ) which failed to apply sufficient bearish pressure on the pair. Transient bullish breakout above this zone was temporarily expressed. However, the pair has failed to maintain intermediate-term bullish movement above 1.2130. On the other hand, Bearish persistence below the price zone of 1.2050-1.2000 was needed to establish a short-term downtrend. That's why, Bearish re-closure below 1.2100 then 1.2050 allowed more bearish domination. Initial bearish targets were located around 1.1940 then 1.1850 which offered some bullish rejection few days ago. Currently, any upcoming bullish pullback towards 1.1985 should be considered for bearish rejection and a valid SELL Entry. On the other hand, any bearish breakout below 1.1850 will probably enable further bearish decline towards 1.1810 then 1.1750 if sufficient bearish pressure is applied. The material has been provided by InstaForex Company - www.instaforex.com |
| July 2, 2021 : GBP/USD Intraday technical analysis and trade recommendations. Posted: 02 Jul 2021 07:27 AM PDT
Since March, the GBPUSD pair has been moving sideways within a wide consolidation range extending between 1.3670 up to 1.4250 which acted as a prominent SUPPLY that prevented further bullish advancement. On the other hand, Bearish breakout below 1.3600 was needed to enhance further bearish decline. However, the GBPUSD pair has been contained above the demand level of (1.3660) a few times until now. Recently, Failure to maintain bearish pressure below 1.4000 (61.8% Fibonacci Level) has enhanced another bullish movement for retesting of the price level of 1.4250 where Conservative traders expected much selling pressure and valid SELL Entries. Quick bearish decline was executed towards 1.3880 then 1.3800 where the GBPU/USD pair found considerable bullish support earlier this month. Currently, the price level of 1.3800 is being re-visited. This visit should be watched for price action for better trading decisions. Bearish breakout below which will enable more bearish decline towards 1.3670. On the other hand, the price zone of 1.4060-1.4100 now stands as a prominent supply zone to be watched upon any upcoming bullish pullback for bearish rejection and a valid sell entry The material has been provided by InstaForex Company - www.instaforex.com |
| Trading Signal for ETH/USD (Ethereum) for July 02 - 05, 2021: Sell Below $ 2,129 Posted: 02 Jul 2021 06:31 AM PDT
Ethereum, ETH / USD, is trading below the 21 SMA and below the 200 EMA, with a bearish bias, having bounced from the $1,700 zone. It could face this level again. ETH / USD could not break the EMA of 200 which is located at $ 2,325. It stayed just below this level. Now the price is turning lower again, consolidating below the SMA of 21. As long as it is located below 2,129, there will be downward pressure, thus suggesting a good selling opportunity. The cryptocurrency market remains nervous and is braced for a stronger decline in the coming days. When everything seemed to be going well, the market makes a downward turn. Retail investors are getting into a panic which does not encourage a sustainable bullish momentum. Some investors believe that the price of Ethereum should cost between $1,000 to $1,500. This is a reasonable price according to market demand. However, the bulls still believe that ETH can return to the price of $4,000. Technically, our outlook is bearish for now. A fall to 1,500 could occur in the short term if the 200 EMA continues to push down and ETH trades below this level. Our recommendation is to sell in any attempt to break the 21 SMA with targets in $1,875 and $1,700. Support and Resistance Levels for July 02 - 05, 2021 Resistance (3) 2,370 Resistance (2) 2,243 Resistance (1) 2,155 ---------------------------- Support (1) 1,930 Support (2) 1,807 Support (3) 1,663 The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 02 Jul 2021 06:25 AM PDT Since the beginning of the year, Forex has been fixated on three exchange rate drivers. First, on reflation, which implied a large-scale monetary stimulus and the Fed's willingness to allow the economy to overheat. Secondly, on the double deficit of the US - the current account and the budget, which required an influx of capital into the country in order to finance it, and this, in turn, implied a weakening of the national currency, that is, a fall in the USD index. Third, on the acceleration of global economic growth, which is bad news for safe-haven assets, including the US dollar. It is not surprising that investors bought EUR/USD, but in the market, as in life, nothing is constant. Global economic growth can hardly be called synchronous. At the beginning of 2021, the eurozone slowed down, where the start of the vaccination campaign against COVID-19 left much to be desired. Then problems arose in India, Japan, Australia, and even in China due to large-scale or local outbreaks of the pandemic. As a result, the US economy with its potential 7% growth this year looks like a kind of bright spot on a dark background. It is strong, which means that the dollar should also be strong. If for most of 2021 the Federal Reserve did not get tired of repeating its mantra about the temporary nature of the acceleration of inflation, then with each new report on CPI and PCE, its mood changed. Should we remain unperturbed and continue to sit on the sidelines if consumer prices have accelerated to 5%, and the index of personal consumption expenditures has increased to 3.9%? It should not be surprising that in such a situation, five Fed officials have already started talking about raising the rate in 2022, many are talking about the need to start tapering QE this year. In fact, the sellers of the dollar have only one trump card left – a double deficit, but, as history shows, its influence can restrain the strengthening of the exchange rate, but it will not become an insurmountable obstacle to divergences in monetary policy or in economic growth. In the end, if the differentials of the real rates of the debt and futures markets indicate a further decline in EUR/USD quotes, so be it! Dynamics of EUR/USD and the spread on interest rate swaps
Along with real rates, factors such as the dynamics of central bank balance sheets and different inflation rates in the United States and the eurozone speak in favor of the weakening of the euro against the US dollar. If the ECB does not intend to terminate the emergency asset purchase program at least until March 2022, and the Fed may surprise the markets at the end of July with its decision to taper QE, especially in terms of mortgage bonds, then it can be assumed that the further dynamics of their balance sheets will play into the hands of EUR/USD bears. The higher inflation is, the faster the process of monetary restriction will go. And here the dollar wins. Technically, the EUR/USD quotes continue to move in the direction of the 88.6% target according to the Shark pattern. Their presence below the moving averages suggests that the market is dominated by bears. Therefore, either we simply sell the pair with the targets at 1.177 and 1.171, or wait for the rebound from the resistance at 1.1885 and 1.193 to form shorts. EUR/USD, Daily chart
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| RIPPLE Price Analysis, 2nd July Posted: 02 Jul 2021 05:56 AM PDT
Ripple price analysis is bullish for the upcoming days as the market retraced from a $0.74 high over the past days and retraced to the $0.65 mark. Therefore, we can assume XRP/USD has set a higher low, from which to start pushing higher over the following days. XRP/USD traded in a range of $0.6351 – $0.6712, indicating a strong amount of volatility. Trading volume has dropped by 16.65 percent and totals $2.36 billion. The total market capitalization measures around $29.6 billion, ranking the cryptocurrency in 7th place overall. The overall market still trades with a strong bearish momentum since further highs were not set at the beginning of June. After a retracement to the $0.80 previous support, XRP/USD did not reverse higher and eventually pushed lower again. On the 22nd of June, support around $0.50 was eventually reached, and a slight spike higher was made over the following hours to the $0.70 mark. Earlier this week, XRP/USD started moving higher again and set a slightly higher high at $0.73. Currently, we can assume that XRP/USD attempts to set a higher low, from which to push higher over the following days. However, a clear signal that a higher low is set is yet to be seen, meaning that some more downside can be expected over the rest of today. Ultimately, once XRP established a higher low, we can expect another push higher over the weekend, with next resistance target at $0.80. Once the $0.80 resistance is reached, the overall XRP/USD market structure will start to look a lot more bullish. The material has been provided by InstaForex Company - www.instaforex.com |
| GOLD Price Analysis for 2nd July Posted: 02 Jul 2021 05:50 AM PDT
Gold price is advancing for the third straight day on the final trading day of this week, with all eyes on the much-awaited US NFP data release to confirm the bullish reversal from two-month troughs of $1,751. The recovery in gold price is gaining traction despite the persistent strength in the US dollar against its main peers. There are a number of important updates to note in regards to the price of Gold. First of all, the price has pierced the resistance line of the recent June high levels. Secondly, the price has revealed that it is surging in a channel up pattern. In addition, the simple moving averages are left below the bullion. If the metal continues its surge, it is highly likely that the bullion would reach the resistance of the 1,800.00 marks. However, take into account that the price is bound to encounter resistance in the 1,790.00 and 1,795.00 levels. The price bounced off these levels throughout the previous week. The material has been provided by InstaForex Company - www.instaforex.com |
| USD/JPY Aims At 112.00 Psychological Level! Posted: 02 Jul 2021 05:47 AM PDT USD/JPY is trading at 111.61 and it could resume its growth if the US data comes in as expected or better. The US Non-Farm Employment Change, Unemployment Rate, and the Average Hourly Earning could shake the price today. The pair has decreased a little in the last hours, but the USD could take the lead again if the US economic figures will come in line with expectations or better. USD/JPY Upside Continuation!
USD/JPY has decreased a little and now is almost to retest the weekly R1 (111.36). Staying above this downside obstacle could signal a new upside momentum. The up-channel is still intact, so USD/JPY could resume its growth and it could approach and reach the R2 (111.94) and the upside line. The bias is bullish, so we could still search for long opportunities. Trading Conclusion!The current retreat could help us to catch a new upside movement. Personally, I would like to see a decline towards 110.96 before going long again. Also, jumping and closing above 111.65 today's high could really signal an upside continuation. The material has been provided by InstaForex Company - www.instaforex.com |
| EUR/USD Hot Forecast for 2nd July Posted: 02 Jul 2021 05:43 AM PDT
EUR/USD is trading below 1.1850, but off the lowest since April. The dollar is gaining ground. Covid concerns are weighing on the euro. A better-than-forecast results of US NFP could lend extra support to the dollar and therefore accelerate losses in EUR/USD. Against this, there is an interim support in the 1.1800 neighbourhood ahead of the Fibo level at 1.1762. The currency pair continues suffering from downside momentum on the four-hour chart, trading below the 50, 100 and 200 simple moving averages. However, the Relative Strength Index (RSI) is nearing the 30 level once again – thus being close to oversold conditions. Some support is at the daily bottom of 1.1835, which is also the lowest since June. It is followed by 1.1820, a resistance line from April. Further down, 1.1780 and 1.1740 await the pair. Resistance is at 1.1880, followed by 1.1910, and then by 1.1950 and 1.1950 – all capped EUR/USD on its way down in the past week. The material has been provided by InstaForex Company - www.instaforex.com |
| Trading Signal for XAU/USD (Gold) for July 02 - 05, 2021: Buy above $1,770 Posted: 02 Jul 2021 05:13 AM PDT The yellow metal, XAU / USD, is trading above the 21 SMA on 4-hour charts, after having broken the descending wedge pattern as you can see on the chart. Gold now has strong support in the 1,770 area, the bias may turn bullish and continue to rise until the 1,812 area. Last week, gold had formed a symmetrical triangle, its target was at the 0/8 murray support in the $ 1,750 zone. From this level, the price is now bouncing and it has managed to break the 21 moving average, the details of this strategy you can review in this article.
Gold maintains a bullish momentum, now consolidating above the technical pattern, and also awaiting the US labor market figures. As long as it remains above 1,770, gold is expected to continue rising in the short term. Non-farm payrolls and the unemployment rate could have a high impact on the market and gold can be exposed to high volatility. If the data is negative for the US dollar, XAU / USD could rise to the strong resistance of 1,812, the zone of 2/8 of murray. On the contrary, better data that analysts expect could put pressure on gold and drag it down to the support of 0/8 of murray at 1,750. This area is a psychological level that we hope can give us a chance to buy. Our recommendation is to buy if gold makes a pullback towards the 21 SMA around 1,770. Waiting for this point will be a good opportunity to buy at a low price and be able to take profit at 1,812, the zone of strong resistance of 2/8. Below 1,770, you can sell very prudently with targets at about 1,750, 0/8 murray zone. The eagle indicator is overbought, so there is a possibility of a technical correction. Support and Resistance Levels for July 02 - 05, 2021 Resistance (3) 1,801 Resistance (2) 1,792 Resistance (1) 1,784 ---------------------------- Support (1) 1,774 Support (2) 1,767 Support (3) 1,757 *********************************************************** Trading tip for XAU/USD (Gold) for July 02 - 05, 2021 Buy if rebound SMA of 21 at 1,770, with take profit at 1,812 (2/8), stop loss below 1,762 Sell if breaks 1,765 (SMA 21), with take profit at 1,750 (0/8), stop loss above 1,772. The material has been provided by InstaForex Company - www.instaforex.com |
| Overview of the US market (07/02/2021) Posted: 02 Jul 2021 05:02 AM PDT
US indices posted another gain on Thursday, thanks to the sharp decrease in jobless claims. Dow Jones rose 0.4%, while S&P 500 and Nasdaq increased by 0.5% and 0.1%, respectively. Data released yesterday said US jobless claims declined from 415,000 to 364,000. But in terms of economic activity, a decline to 60.2 points was observed in the manufacturing sector. Fortunately, it was offset by the strong growth in the manufacturing sector, which rose to 60 points. Today, a more detailed report on US employment will be published, wherein analysts forecast to see approximately 650,000 new jobs. The unemployment rate is also expected to decrease from 5.8% to 5.7%. With regards to the Asian markets, opposite movements were again observed in the indices. Japan showed a 0.2% increase, while China posted a strong 2.7% decline. Meanwhile, the oil market continued to rally, pushing Brent to $75.70 and WTI to $ 75. One of the main drivers is the announcement of OPEC that they will increase oil production by 400,000 bpd starting August to December. In terms of the world's epidemiological situation, latest reports say the total number of new infections remain two times lower than record high, but is not decreasing further. UK has approximately 28,000, while US has 16,000. Going back to the markets, S&P 500 closed at 4.320 points yesterday and ranged from 4.280 - 4.360 points. Investors were encouraged by the news that 130 countries agreed with the OECD proposal on minimum corporate tax rate. Now, large companies must pay at least 15% tax in the countries where they earn profit. This is an important change, especially for tech giants such as Apple, Google, Amazon, Facebook and others. Another good news is the approval of the US House of Representatives on the $ 715 billion package that the Biden administration presented. If the Senate also gives their approval, US will have a new program for infrastructure. Included in the package are development plans for roads, bridges and many other things. Unsurprisingly, dollar also rose yesterday, thanks to the evident strong economic growth. The USD index hit 92.60 points and ranged from 92.10 - 93.00 points. Accordingly, USD/CAD also grew, bringing the quote to 1.2440. Its current range is 1.2380-1.2500. Conclusion: S&P 500 hit a new all-time high, thanks to the strong economic growth fueled by successful vaccination programs, which kept COVID-19 infections at low level. But suddenly receiving weak economic data will trigger a deep correction in the market. The material has been provided by InstaForex Company - www.instaforex.com |
| BTC analysis for July 02,.2021 - Potential for the drop towards $30.000 Posted: 02 Jul 2021 04:59 AM PDT Technical analysis:
BTC has been trading downside as I expected. Downside opportunities on the rallies is preferable strategy under bear condition. Trading recommendation: Watch for potential selling opportunities on the rallies with the downside targets at $30.400 and $29.000. Stochastic is showing fresh bear cross, which is another sign for the downside continuation. The material has been provided by InstaForex Company - www.instaforex.com |
| EUR/USD analysis for July 02 2021 - Downside continuation towards 1.1710 in the play Posted: 02 Jul 2021 04:54 AM PDT Technical analysis:
EUR/USD has been trading downside as I expected. The EUR is heading towards second downside target at 1.1710. Trading recommendation: Watch for potential selling opportunities on the rallies with the downside target at 1.1710. The main cause of the downside movement is downside breakout of the flag pattern in the background. Stochastic is showing oversold condition but with bear cross, which is sign that sellers are still in control. The material has been provided by InstaForex Company - www.instaforex.com |
| EUR/USD Technical Analysis for July 2021 Posted: 02 Jul 2021 04:51 AM PDT Trend analysis. In June, an upward movement may begin with the first target at the resistance line at 1.1925 (white thick line). If this line is broken upwards, the next target will be the 76.4% retracement level at 1.2102 (blue dashed line). Upon reaching this level, the upward movement may continue towards the 85.4% retracement level at 1.2273 (blue dashed line).
Fig. 1 (monthly chart). Indicator analysis: - Indicator analysis - up; - Fibonacci levels - up; - Volumes - up; - Candlestick analysis - up; - Trend analysis - up; - Bollinger lines - up; The conclusion on the complex analysis is most likely an upward trend. The overall result of the calculation of the candlestick of the EUR/USD currency pair according to the monthly chart suggest that the price will most likely have an upward trend with the absence of the first lower shadow (the first week of the month is the upper) in the monthly white candlestick and the presence of the second upper shadow (the last week is black). General scenario: from the level of 1.1856 (closing of the June monthly candlestick), the price will move upward with the target at the resistance line at 1.1925 (white thick line). The breakout of this line will lead to the next target at the 76.4% retracement level at 1.2102 (blue dashed line). Upon reaching this level, the upward movement will continue with the next target at the 85.4% retracement level at 1.2273 (blue dashed line). Alternative scenario: downward movement from the level of 1.1856 (closing of the June monthly candlestick) with the target at the 21-day average EMA at 1.1728 (black thin line). If this line is tested, the downward movement will continue with the target at the historical support level at 1.1605 (blue dotted line), and then an upward movement will follow. The material has been provided by InstaForex Company - www.instaforex.com |
| Analysis of Gold for July 02,.2021 - Strong resistance cluster on the test at $1.790 Posted: 02 Jul 2021 04:49 AM PDT Technical analysis:
Gold has been trading upside but there is strong resistance zone at $1.790-$1.796.. Trading recommendation: Watch for potential selling opportunities due to overbought condition and strong resistance. Downside targets are set at $1.770 and $1.754 Stochastic is showing overbought condition and potential for the downside rotation. The material has been provided by InstaForex Company - www.instaforex.com |
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