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  #3931 (permalink)  
Old 12-01-2017, 03:44 PM
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Default Technical analysis of EUR/JPY for January 12, 2017

General overview for 12/01/2017:
The triangle pattern in the blue wave (4) has been invalidated as the market is now evolving into more complex correction. The current corrective structure looks more like a double three pattern and the market is in the last stages of this cycle. The projected target for the green wave c of this correction is at the level of 120.88 (technical support). The alternative count suggests the top for the purple wave 3 is in place already at the level of 124.08, so the current correction is just like the purple wave 4, but one degree higher. Anyway, regardless of the wave degree, there is still on more wave to the upside missing.
Support/Resistance:
124.08 - Swing High
121.97 - Intraday Resistance
120.88 - Intraday Support
Trading recommendations:
Day traders and swing traders should refrain from trading as the market is evolving into more complex corrective cycle which is full of whipsaws and false breakouts. Please wait for the next trading setup to occur shortly.

Read more: https://www.instaforex.com/forex_analysis/86726

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  #3932 (permalink)  
Old 12-01-2017, 03:45 PM
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Default Technical analysis of USD/CAD for January 12, 2017

General overview for 12/01/2017:
The blue impulsive count of 1/(a) had been invalidated when the level of 1.3080 was violated. Currently, the next best fit of the Elliott wave progression would indicate, that the top for the wave C (blue) of the wave Y (brown) would have terminated at the level of 1.3600. This level would be the top for the larger time frame wave B (purple), as per daily time frame chart. All of this suggest more decline towards the lows of the wave A (purple) around the level of 1.2460 and an eventual breakout lower. Nevertheless, please notice, this recent leg down might be still just a part of some larger corrective cycle.
Support/Resistance:
1.3600 - Wave B Top
1.3230 - Dashed Purple Channel Support
1.3080 - Technical Support
Trading recommendations:
Day traders and swing traders should refrain from trading as the market is evolving into more complex corrective cycle, which is full of whipsaws and false breakouts. Please wait for the next trading setup to occur shortly.

Read more: https://www.instaforex.com/forex_analysis/86728

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  #3933 (permalink)  
Old 12-01-2017, 03:45 PM
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Global macro overview for 12/01/2017: Donald Trump's first press conference was quite disappointing after the U.S. President-elect failed to make any comments on the new administration's plans for the economic stimulus, trade, and tax. Although speaking on a number of issues, Trump failed to specifically talk about the economy. Nevertheless, he mentioned, that he would make Mexico pay for the border wall and also warned that companies that were thinking of moving jobs out of the US would have to pay a new "border tax." No reassurance regarding the fiscal spending plan was mentioned as well. In conclusion, yesterday's press conference from Mr. Trump was different than his election campaign speeches, which were more pro-growth focused, but the overall impression was rather solid. Let's now take a look at the US Dollar Index technical picture after Mr. Trump's first speech. The index is still trading above the technical support at the level of 100.53 after yesterday's decline.There is still no evidence of any trend reversal and if the bargain hunters come to this market to buy the dips, we can see new highs pretty soon.

Read more: https://www.instaforex.com/forex_analysis/86738

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  #3934 (permalink)  
Old 12-01-2017, 03:58 PM
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Global macro overview for 12/01/2017: The fresh report from the US credit agency Moody's has been published recently and there is an interesting review of current and a future political scene in the Eurozone. The Moody's agency sees the political risk to rise as Germany and France are about to hold the elections. Regarding the economic outlook, Moody's sees stable credit outlook for Eurozone sovereigns in 2017 and stable, but subdued GDP growth in the EU by 1.3% in 2017 and 2018. Nevertheless, the economic growth dynamics in 2017/18 will be broadly seen neutral and the growth rates will vary from country to country. And last, but not least, Moody's view on the likelihood of further capital outflow from the Eurozone is very low. In conclusion, Moody's presented a rather optimistic and stable review of the Eurozone with the exception of political tensions before the elections. It seems not much to worry about but no reason to get excited either. Let's now taka a look at the EUR/USD technical picture in the 4H time frame. After a recent low at the level of 1.3040, the market bounced higher and now is trading just below the technical resistance at the level of 1.0669. Nevertheless, it is still hard to say what side of the market, bulls, or bears, is currently in control as the price keeps trading in the well-defined trading range. Only a sustained breakout above the level of 1.0669 would temporarily move the control to the bullish camp and the next important technical resistance at the level of 1.0875 would have been be tested.

Read more: https://www.instaforex.com/forex_analysis/86742

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  #3935 (permalink)  
Old 13-01-2017, 02:41 PM
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Default Technical analysis of EUR/JPY for January 13, 2017

General overview for 13/01/2017:
The double three pattern in wave c (green) is either completed or is about to complete as the market is in the last stages of this cycle. The projected target for the green wave c of this correction is at the level of 120.88 (technical support). The alternative count suggests the top for the purple wave 3 is in place already at the level of 124.08, so the current correction is just like the purple wave 4, but one degree higher. Anyway, regardless of the wave degree, there is still on more wave to the upside missing.
Support/Resistance:
124.08 - Swing High
122.15 - Intraday Resistance
121.19 - Intraday Support
120.88 - Intraday Support
Trading recommendations:
Day traders and swing traders should refrain from trading as the market is evolving into more complex corrective cycle which is full of whipsaws and false breakouts. Please wait for the next trading setup to occur shortly.

Read more: https://www.instaforex.com/forex_analysis/86770

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  #3936 (permalink)  
Old 13-01-2017, 02:42 PM
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Default Technical analysis of USD/CAD for January 13, 2017

General overview for 13/01/2017:
The market bounced from intraday support at the level of 1.3119, but is still trading inside of the last wave range and below the golden trend line. This corrective rebound might hit the upper arm of the golden trend line but only a sustained breakout above the level of 1.2393 would secure the bottom for wave alt.(v) (green) and extend the correction higher. All of this suggests a deeper decline towards the lows of the wave A (purple) around the level of 1.2460 and an eventual breakout lower. Nevertheless, please notice, this recent leg down might be still just a part of some larger corrective cycle.
Support/Resistance:
1.3600 - Wave B Top
1.3280 - Weekly Pivot
1.3230 - Dashed Purple Channel Support
1.3119 - Intraday Support
1.3026 - Technical Support
Trading recommendations:
Day traders and swing traders should refrain from trading as the market is evolving into a more complex corrective cycle, which is full of whipsaws and false breakouts. Please wait for the next trading setup to occur shortly.

Read more: https://www.instaforex.com/forex_analysis/86774

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  #3937 (permalink)  
Old 13-01-2017, 02:43 PM
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Global macro overview for 13/01/2017: The number of unemployed people in the US advanced less than expected last week. According to the Labor Department, initial claims rose 10,000 to 247,000 during the week ending January 7. This marked the 97th consecutive week that claims remained below the 300,000 level, the longest streak since 1973. Moreover, the report also showed that continuous claims dropped 29,000 to 2.09 million in the last week of 2016. In conclusion, the US jobs market is still performing very well and stable and if President Elect Donald Trump will keep his campaign promises regarding more construction spending and employment increase, the job figures might get even better. Let's now take a look at EUR/USD technical picture in 4H time frame. The technical resistance at the level of 1.0669 has been breached, but now follow through so far. Moreover, the bearish divergence between the price and momentum oscillator suggests the up moves might be limited and a reversal is expected any time now.

Read more: https://www.instaforex.com/forex_analysis/86776

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  #3938 (permalink)  
Old 13-01-2017, 03:46 PM
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Global macro overview for 13/01/2017: The US Retail Sales data for all-important December Christmas sales are scheduled for release at 01:30 pm GMT today. Retail sales are expected to have increased by 0.7% from the previous month (0.5% increase excluding autos) – a big jump from November's 0.1% increase. The wage growth, low unemployment, positive customer sentiment, record high credit card spending, higher income is all contributing to high retail sales. The yearly uptrend in retail sales is clear and it climbed 6% since 2012. In conclusion, another set of good data from the US is being expected today, which might boost the US Dollar again. Let's now take a look at the US Dollar Index technical picture in the daily time frame. Since the top at the level of 103.83 the market is in the corrective cycle that possibly targets the level of 100.53. When this level is hit, a larger rebound or trend resumption is expected.

Read more: https://www.instaforex.com/forex_analysis/86778

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  #3939 (permalink)  
Old 16-01-2017, 06:59 PM
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Default Technical analysis of EUR/JPY for January 16, 2017

General overview for 16/01/2017:
The low of the wave c (green) of the wave 4 (blue) seems to be in place now at the level of 120.75. The confirmation of the bottom will come with the intraday resistance at the level of a 121.18 breakout. Please notice, that according to the Elliott wave count, there is still one more big wave to the upside missing - wave (5) blue.
Support/Resistance:
120.75 - Intraday Support
120.89 - Technical Support
121.18 - Intraday Resistance
122.01 - Weekly Pivot
122.82 - WR1
123.85 - Swing High
Trading recommendations:
Day traders should consider opening buy orders only if the level of 121.18 is clearly violated. TP should be set at the level of 122.01.

Read more: https://www.instaforex.com/forex_analysis/86848

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  #3940 (permalink)  
Old 16-01-2017, 07:00 PM
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Default Technical analysis of USD/CAD for January 16, 2017

General overview for 16/01/2017:
The bottom of the wave a (purple) seems to be in place and now the market is trading around the weekly pivot at the level of 1.3143. It looks like the wave b (purple) is currently unfolding. Any violation of the intraday resistance at the level of 1.3293 will immediately invalidate the main count and the alternative scenario will replace it.
Support/Resistance:
1.2994 - WS1
1.3026 - Intraday Support
1.3143 - Weekly Pivot
1.3259 - WR1
1.3293 - Intraday Resistance
1.3408 - WR2
Trading recommendations:
Day traders should consider opening buy orders only if the level of 1.3293 is clearly violated. TP should be left open for now, while the first logical level is the weekly pivot resistance at the level of 1.3408.

Read more: https://www.instaforex.com/forex_analysis/86850

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