AUD/USD earnings target reached for the Fifth time, prepare to buy once again

By | May 17, 2017

Price has actually dropped and reached our revenue target from yesterday for the 5 th time in a row. We prepare to purchase above 0.7379 assistance (Fibonacci retracement, Fibonacci extension, horizontal overlap assistance)for a push up to 0.7466 resistance (Fibonacci extension, Fibonacci retracement, Elliott wave theory). Stochastic (55,5,3)is seeing strong rising assistance holding price up.Correlation analysis: AUD/USD has a strong favorable correlation with NZD/USD which indicates they generally move together. We are expecting a rise on AUD/USD and a rise on NZD/USD which goes in line with this correlation.Buy above 0.7397. Stop loss at 0.7368. Take earnings at 0.7466. The product has actually been supplied by InstaForex Business-www.instaforex.com

Jonathon Alexander

GBP/USD above strong assistance, prepare to buy on dips

By | May 17, 2017

Cost is above major support at 1.2861(Fibonacci retracement, horizontal overlap assistance, Fibonacci extension) and we expect price to make a bounce above this level to 1.2988 resistance (Fibonacci extension, horizontal swing high resistance).

Stochastic (34,5,3) is also seeing strong support above the 13% area where we anticipate more bullish action from.Buy above

1.2861. Stop loss at 1.2798. Take profit at 1.2988.

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The material has actually been supplied by InstaForex Company – www.instaforex.com

Jonathon Alexander

Trading Plan for EUR/USD and GBP/USD for Might 17, 2017 888011000 110888 Technical outlook: The EUR/USD pair pipped us out the other day and printed new highs 100 pips higher at 1.1122 levels. The set may have finished wave(2) at a bigger degree now and it is also seen to be testing a pattern line resistance(not shown here)at the minute. We will take a mindful technique to start short positions but please watch out for any bearish signal around the current levels which could trigger a sell-off. Possible wave counts now might be waves 1 and 2 on the disadvantage as labelled here and that wave 3 could perhaps resume till costs remain listed below 1.1122 levels. Resistance is seen at 1.1122/ 30 levels while support is at 1.1063 levels respectively. Just if bearishverification is gotten around these levels, we wish to initiate brief positions.Trading plan: Please remain flat for now however prepare to offer again onbearish signal verification, with risk above 1.1125 levels.GBPUSD chart setups: Technical outlook: The GBP/USD pair looks to be ready with waves(1)and(2)as labelled on the per hour chart above. Please note that the drop from 1.2988 through 1.2838 levels looked impulsive while the rally ended up being restorative in nature A-B-C. If costs remain below 1.2988 levels going forward, GBP/USD will remain in for a drop much lower and deeper in the short-term. At the moment, the structure looks to be quite persuading as wave(1)and (2)with bears expected to take control back from here on. Prices are stalling at the fibonacci 0.786 resistance levels and a verified bearish signal here would warrant brief positions or at least add to it. As an alternative though, a break above 1.2988 levels would suggest that bulls have actually refrained from doing yet with their counter pattern termination.Trading plan:Please stay brief with stop around 1.3010 levels. A target is open.Fundamental outlook: No major threat from basic events is lined up for the day.Good luck!The product has actually been provided by InstaForexCompany-www.instaforex.com

By | May 17, 2017

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Technical outlook:

The EUR/USD pair pipped us out yesterday and printed new highs 100 pips higher at 1.1122 levels. The pair might have completed wave (2) at a larger degree now and it is also seen to be testing a trend line resistance (not shown here) at the moment. We shall take a cautious approach to initiate short positions but please watch out for any bearish signal around the current levels which could trigger a sell-off. Potential wave counts now could be waves 1 and 2 on the down side as labelled here and that wave 3 could possibly resume till prices stay below 1.1122 levels. Resistance is seen at 1.1122/30 levels while support is at 1.1063 levels respectively. Only if bearish confirmation is received around these levels, we would like to initiate short positions.

Trading plan:

Please remain flat for now but prepare to sell again on bearish signal confirmation, with risk above 1.1125 levels.

GBPUSD chart setups:

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Technical outlook:

The GBP/USD pair looks to be ready with waves (1) and (2) as labelled on the hourly chart above. Please note that the drop from 1.2988 through 1.2838 levels looked impulsive while the rally turned out to be corrective in nature A-B-C. If prices remain below 1.2988 levels going forward, GBP/USD will be in for a drop much lower and deeper in the short term. At the moment, the structure looks to be quite convincing as wave (1) and (2) with bears expected to take control back from here on. Besides, prices are stalling at the fibonacci 0.786 resistance levels and a confirmed bearish signal here would warrant short positions or at least add to it. As an alternative though, a break above 1.2988 levels would indicate that bulls have not done yet with their counter trend termination.

Trading plan:

Please remain short with stop around 1.3010 levels. A target is open.

Fundamental outlook:

No major risk from fundamental events is lined up for the day.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

Jonathon Alexander

Analysis of Gold for May 17, 2017 888011000 110888 Just recently, Gold has actually been trading upwards. As I anticipated, the price checked the level of$1,248.84. The rate is heading greater since the breakout of a flat base in the background. My suggestions is to watch for purchasing chances. The upward target is set atthe rate of$1,264.50(Fibonacci retracement 61.8%). Resistance levels: R1:$1,238.65 R2:$1,240.80 R3:$1,244.00 Support levels: S1:$1,231.70 S2: $1,229.50 S3:$1,226.00Trading recommendations for today: expect possible purchasing opportunities.The material has actually been offered by InstaForex Company-www.instaforex.com

By | May 17, 2017

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Recently, Gold has been trading upwards. As I expected, the price tested the level of $1,248.84. The price is heading higher since the breakout of a flat base in the background. My advice is to watch for buying opportunities. The upward target is set at the price of $1,264.50 (Fibonacci retracement 61.8%).

Resistance levels:

R1: $1,238.65

R2: $1,240.80

R3: $1,244.00

Support levels:

S1: $1,231.70

S2: $1,229.50

S3: $1,226.00

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company – www.instaforex.com

Jonathon Alexander

EUR/JPY analysis for May 17, 2017 888011000 110888 Just recently, the EUR/JPY pair has been trading downwards. The rate evaluated the level of 124.54. Anyhow, according to the 4H amount of time, I found that the other day’s low held successfully and that EUR/JPY is in a short-term uptrend. I added Bolinger Bands and cost was turned down from the middle line, which is another indication of strength. Look for purchasing chances. The upward target isset at the rateof 125.75 Resistance levels: R1: 125.75 R2: 126.00 R3: 126.50 Support levels: S1: 124.75 S2: 124.45 S3: 123.90 Trading recommendations for today: look for possible purchasing opportunities.The product has actually been supplied by InstaForex Business-www.instaforex.com

By | May 17, 2017

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Recently, the EUR/JPY pair has been trading downwards. The price tested the level of 124.54. Anyway, according to the 4H time frame, I found that yesterday’s low held successfully and that EUR/JPY is in a short-term uptrend. I added Bolinger Bands and price was rejected from the middle line, which is another sign of strength. Watch for buying opportunities. The upward target is set at the price of 125.75

Resistance levels:

R1: 125.75

R2: 126.00

R3: 126.50

Support levels:

S1: 124.75

S2: 124.45

S3: 123.90

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company – www.instaforex.com

Jonathon Alexander

Analysis of EUR/JPY for May 17, 2017 888011000 110888 Recently, the EUR/JPY has actually been trading downwards. The cost evaluated the level of 124.54. Anyhow, according to the 4H time frame, I found that yesterday’s low held effectively and that EUR/JPY remains in short-term uptrend. I applied Bolinger Bands, and the rate turning downfrom the middle line, which is anotherindication of strength. Watch for buying opportunities. The upward target is set at the rate of 125.75 Resistance levels: R1: 125.75 R2: 126.00 R3: 126.50 Assistance levels: S1: 124.75 S2: 124.45 S3: 123.90 Trading suggestions for today: look for prospective buying opportunities.The material has been supplied by InstaForex Business-www.instaforex.com

By | May 17, 2017

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Recently, the EUR/JPY has been trading downwards. The price tested the level of 124.54. Anyway, according to the 4H time frame, I found that yesterday’s low held successfully and that EUR/JPY is in short-term uptrend. I applied Bolinger Bands, and the price rejecting from the middle line, which is another sign of strength. Watch for buying opportunities. The upward target is set at the price of 125.75

Resistance levels:

R1: 125.75

R2: 126.00

R3: 126.50

Support levels:

S1: 124.75

S2: 124.45

S3: 123.90

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company – www.instaforex.com

Jonathon Alexander

International macro overview for 17/05/2017:

By | May 17, 2017

Worldwide macro summary for 17/05/2017: The most recent weekly American Petroleum Institute(API)inventory data were much better than expected. For the week ending May 12th, API reported a develop of 880k barrels, while the marketplace individuals anticipated another draw of 2,000 k barrels, following the considerable draw of 5,790 k barrels reported last week. As we keep in mind from earlier this week, Iran specified a willingness to support the extension of the oil production cuts if the other members of OPEC company will accept extend cuts too. For now, the current joint statement by Russia and Saudi Arabia about a nine-month extension of the OPEC production has helped the crude oil to rally higher, however any build up in stocks might again push the rates listed below the $50 level. The next essential information are scheduled at 04:30 pm GMT today and it will be the EIA Petroleum stockpiles report. If the EIA data also reports a develop for the week, there will be a hidden dip in confidence surrounding falling inventories.Let’s now have a look at the Crude Oil technical photo on the H4 timeframe. The price dipped slightly below the$48.24 support, however rebounded rapidly and now it is trading above this level.

The momentum indication still points to the downside and if the stockpiles will be larger than expected, then the market may check another technical support at the level of $47.31. Only a continual breakout above the 61$Fibo at the level of$ 49.93 will alter to immediate outlook from bearish to bullish. The material has actually been supplied by InstaForex Company -www.instaforex.comanalytics591c08d1df45c.jpg

Jonathon Alexander

Ichimoku indication analysis of USDX for May 17, 2017 888011000 110888 The Dollar index remains in a bearish trend breaking to brand-new lows as each level of assistance we pointed out cannot hold. Rate is now heading to our 2nd target of 97.50-97. A few days back I discussed that the USDX ought to bounce from 99 otherwise we will see 98.50 being checked and most likely broken. The bearish situation came through and support at 98.50 cannot hold. Cost is now making brand-new lows. Pattern is bearish. Bulls did not handle to reverse the pattern and break resistance. Red line- resistance Green line -long-term trend line assistance As pointed out previously this week the weekly candle could handle to get back above the long-term green pattern line support and got rejected. A move towards the weekly Kumo at 97 was anticipated. This is now what we get. Rate is now testing the upper cloud border at 97.50-97. This is strong weekly support.The material has been offered by InstaForex Business – www.instaforex.com

By | May 17, 2017

The Dollar index remains in a bearish trend breaking to new lows as each level of support we mentioned failed to hold. Price is now heading towards our second target of 97.50-97.

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A few days back I mentioned that the USDX should bounce from 99 otherwise we will see 98.50 being tested and most probably broken. The bearish scenario came through and support at 98.50 failed to hold. Price is now making new lows. Trend is bearish. Bulls did not manage to reverse the trend and break resistance.

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Red line – resistance

Green line – long-term trend line support

As mentioned earlier this week the weekly candle could manage to get back above the long-term green trend line support and got rejected. A move towards the weekly Kumo at 97 was expected. This is now what we get. Price is now testing the upper cloud boundary at 97.50-97. This is strong weekly support.

The material has been provided by InstaForex Company – www.instaforex.com

Jonathon Alexander