We present to you the daily updated section of market analysis prepared by professional analysts of InstaForex Company. Each of the specialists represented in this section, carries out analytical reviews in accordance with his/her vision of the current situation on foreign exchange and other markets. However, the outlooks below are only recommendations and not instructions to any actions; they contain analysis of the current situation on the currency market. In some cases the analysts' opinions to changes in the current market situation can differ, in this way, we recommend you to follow the publications of only one analyst, who in your view most clearly and correctly evaluates the situation on the international Forex market.
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For the last few days the AUD/USD pair has been trading downwards, impulsive wave 3 (coloured blue) of the bigger wave (3) (coloured red) has been developing....
Since our last analysis the USD/CAD has continued trading higher just like we expected, impulsive wave 3 (coloured blue) of the bigger wave [1] (coloured red) has finished developing....
The JPY pairs are now characterized by noteworthy reversals, which give some low-risk selling opportunities. Other majors are either consolidating or retracing. In general, the major outlook is still valid.
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Today EUR/USD has support and resistance at 1.3348 and 1.3438. The rate is accompanied by strong support at 1.3335 and by 1.3451 as strong resistance....
H4 chart: In this chart, USD/JPY is within a range between the levels of 95.81 and 94.08. If this pair manages to break the resistance level of 95.81, it would be expected to rise to the level of 96.70. On the other hand, if USD/JPY breaks the support at the 94.08 level, it would be expected to drop to the level of 92.56. It is very likely that this pair manages to break this resistance and go up to the level of 96.70, however, it would be very difficult for this pair to break the resistance at the 96.70 level due to the proximity it has with the 200 day moving average. MACD is still in a positive territory, so a bullish outlook for this pair today would be very likely....
When strong short-term resistance at 126.91 was broken, we knew that we need a rally towards 128.28 before the next attempt to break below strong support at 124.96 will be seen. We have seen a test of 128.11 till now, and as long as support at 127.23 protects the downside we expect that we will see one last rally higher to 128.28 before the next decline sets in. However, a break below 127.23 and, more importantly, a break below 126.91 will confirm, that we already have terminated the correction from 124.96 and a new test of this important support should be seen. In the longer term, we are still looking for a break below 124.96 for a decline towards our ideal target near 118.73, where wave 2 will have corrected 38.2% of wave 1....
Today; this currency pair is in the uptrend. This is indicated by the moving average already making a Golden Cross pattern, but please remain careful because this night the US FOMC Statement is expected, please be prepared for the reversal movement during the news release....
The Australian dollar dropped again today and heads to 2010 lows against the dollar after the minutes of the Reserve Bank of Australia were released....
