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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As shown from the today's H4 chart, the metal is stabilizing between the Support level 22.00 and the Resistance level 23.00 after its failure to break the Support level again yesterday....
Supply zone located around 1.5550-1.5600 (the upper limit of the depicted bullish channel and 50% Fibonacci level) provided considerable resistance for the cable last week....
We talked about consolidation of the pair within the price range 1.2950 -1.3240 and the importance of breakout off this zone for the liberation of the pair....
Support level around 1.0016-0.9995 provided evident bullish steam for the pair to step above 1.0300. Hence, there might be further bullish pressure to test 1.0430 level. ...
Since our last analyses the USD/CAD pair has been trading downwards, just like we expected, corrective wave A (coloured green) of the bigger wave (B) (coloured blue) has finished developing. ...
The UK has released first-quarter GDP numbers. In the second estimate it stayed unchanged, 0.3%. The pound strengthened following weakness of the US dollar, as the result it grew 60 points....
