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Thread: Forex Analysis by LiteForex

  1. #171

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    XAG/USD: Technical analysis

    XAG/USD, D1

    On the daily chart the pair is traded near the upper band of the Bollinger indicator. The indicator is moving up and the price range is expanding. The price is above the moving average line of EMA50, EMA100 and EMA144. MACD histogram is in the positive area, its volumes are slightly decreasing. Stochastic is in the central area, at the border with the oversold area, and its lines are directed downwards.

    XAG/USD, H4

    On 4-hour chart the pair is traded in the lower band of the Bollinger indicator; the indicator is moving sideways, price range has narrowed. Moving average line EMA50 is above the price level, while EMA100 and EMA144 are below the price level. MACD histogram is entered to the negative zone and volumes are decreasing. Stochastic is in the neutral zone, its lines are directed upwards.

    Key levels

    Support levels: 16.35 (two-week lows), 16.92 ( EMA50), 17.09 (local lows).
    Resistance levels: 17.60 (local highs), 17.84 (last month highs), 18.02 (upper limit of the Bollinger bands).

    Trading tips

    It is advisable to open short positions from the level of 17.09 with the targets of 16.69, 16.48 and stop-loss at 17.25. Long positions can be opened from the level of 17.52 with the targets of 17.84, 18.16 and stop-loss at 17.09. Forecast is valid for 3-5 days.

  2. #172

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    GBP/USD: general analysis

    Current trend

    Yesterday almost 52% of British people voted to leave the European Union, and the Pound crashed to its 30-year low. Moreover, the GBP/USD pair was under pressure from strong data on the number of initial jobless claims in the US. The indicator dropped more than expected from 277 to 259 thousands against the forecast of 270 thousands.
    Today attention should be paid to statistics on durable goods orders in the US.

    Support and resistance

    On the 4-hour chart, the price did not managed to consolidate above the strong resistance level of 1.3902. The pair is trading below the lower MA of Bollinger Bands, but the price range is widening suggesting the current trend is likely to continue. MACD histogram is in the negative zone, and its volumes are growing; a strong sell signal has been formed. Stochastic has turned horizontally near the border of the oversold zone.

    The indicators recommend short positions.

    Support levels: 1.3655, 1.3356, 1.3229.
    Resistance levels: 1.3778, 1.3902, 1.4013, 1.4169, 1.4287, 1.4424, 1.4561.

    Trading tips

    Short positions can be opened from the current level with targets at 1.3356, 1.3229 and stop-loss at 1.3902. Validity – 1-2 days.
    Long positions can be opened from the level of 1.4013 with the target at 1.4424 and stop-loss at 1.3778. Validity – 1-2 days.

  3. #173

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    GBP/USD: review and forecast

    Current trend
    Yesterday the GBP/USD pair was growing and gained 250 points but then started correcting down and lost 150 points. There is a strong chance that descending movement will continue. Today the pair might be influenced by UK’s Q1 GDP data, due at 10:30 am (GMT+2).

    Support and resistance

    The price is moving down from the middle MA of Bollinger Bands to the lower one. The price range is narrowing. The price is likely to reach the lower MA and then turn up.
    Support levels: 1.3364, 1.3300, 1.3260, 1.3150.
    Resistance levels: 1.3470, 1.3585.

    Trading tips
    Short positions can be opened from the current level with the target at 1.3364 and stop-loss at 1.3470.
    Pending buy orders can be placed at the level of 1.3364 with the target at 1.3470 and stop-loss at 1.3300.

  4. #174

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    GBP/USD: review and forecast

    Current trend

    Since last Friday, the GDP/USD pair has been trading within a narrow range of 1.3250-1.3300. Today market participants will be following a press conference given by the Bank of England Governor Mark Carney. The Head of the Regulator will give commentaries regarding current economic conditions in the country which are likely to influence short-term dynamics in the pair.

    Support and resistance

    The price is in the region of the lower MA of Bollinger Bands, and its growth towards the middle and upper MAs seems a likelier scenario. The price range is slightly widening.
    Support levels: 1.3225, 1.3220, 1.3150.
    Resistance levels: 1.3260, 1.3310, 1.3380, 1.3400.

    Trading tips

    Pending buy orders can be placed at the level of 1.3225 with the target at 1.3310 and stop-loss at 1.3200.
    Pending sell orders can be placed at the level of 1.3310 with the target at 1.3235 and stop-loss at 1.3330.

  5. #175

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    USD/CAD: general analysis

    Current trend

    On Tuesday the US Dollar strengthened against the Canadian currency. Concerns about Brexit’s impact on the global economy result in higher demand for the US currency. Moreover, the USD/CAD pair gained support from a decline in oil prices.

    Today dynamics in the pair might be influenced by statistics on trade balance, due both in the US and in Canada. Attention also needs to be paid to US ISM Non-Manufacturing PMI, as an expected index growth from 52.9 to 53.3 points might provide moderate support for the American currency.

    Support and resistance

    On the 4-hour chart, the price is trying to consolidate above the upper MA of Bollinger Bands. The indicator is directed horizontally while the price range is widening that suggests the current trend is likely to continue. MACD histogram is in the positive zone, and its volumes are growing. Stochastic is about to leave the overbought zone.
    Long positions seem preferable, but it is recommended to wait for clearer trading signals before placing new orders.
    Support levels: 1.2978, 1.2950, 1.2920, 1.2899, 1.2874, 1.2857, 1.2820.
    Resistance levels: 1.3016, 1.3046, 1.3077, 1.3095.

    Trading tips

    Long positions can be opened from the current level with targets at 1.3046, 1.3077 and stop-loss at 1.2978. Validity – 1-2 days.
    Short positions can be opened after the level of 1.2978 is broken down with the target at 1.2950 and stop-loss at 1.3046. Validity – 1-2 days.

  6. #176

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    GBP/USD: general analysis

    Current trend

    Yesterday the GBP/USD pair reached its new lows, having fallen to the level of 1.2796. The fall in the pair slowed down only amid the publication of data on US trade balance as trade deficit widened more than forecast.
    Macroeconomic statistics, released today in the UK, were generally favorable for the national currency. Industrial production fell 0.5 percent in May compared to April that was, nevertheless, better than a projected drop of 0.9 percent. On the year, the indicator was 1.4 percent up against the forecast of 0.5 percent. The Halifax House Price Index grew 1.3 percent in May after a 0.9 percent growth in the previous month.

    Data on the Employment Change is due today in the US. The indicator is expected to decline from 173 to 159 thousands that might negatively influence the US Dollar. Attention also needs to be paid to data on the Initial Jobless Claims. If the indicator exceeds the forecast of 270 thousands, the American currency is likely to come under pressure.

    Support and resistance

    On the daily chart, the pair is declining along the lower MA of Bollinger Bands. MACD histogram is in the negative zone, and its volumes are showing a sharp growth. Stochastic is in the oversold zone and moving along its border.
    Support levels: 1.2900, 1.2800.
    Resistance levels: 1.3010, 1.3120, 1.3290, 1.3440, 1.3675, 1.3880, 1.4220, 1.4609, 1.4770.

    Trading tips

    Long positions can be opened from the level of 1.3020 with the target at 1.3120 and stop-loss at 1.2990.
    Short positions can be opened from the level of 1.2900 with the target at 1.2800 and stop-loss at 1.2930.
    Validity – 1-3 days.

  7. #177

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    EUR/USD: general analysis

    Current trend

    Yesterday data on Germany’s industrial production and US initial jobless claims had almost no influence on the EUR/USD pair. Today market participants are waiting for data on US nonfarm payrolls and unemployment rate statistics for June. Friday’s employment report is expected to show nonfarm payrolls increased by 175,000 jobs from low May reading of 38,000. Unemployment rate is likely to be up to 4.8% from 4.7%.

    Support and resistance

    The pair is trading within a narrow range of 1.1050-1.1105. The market remains relatively calm ahead of US jobs report. Bollinger Bands is directed horizontally. MACD histogram is moving along the signal line in the negative zone.
    Support levels: 1.1035, 1.0971, 1.0911.
    Resistance levels: 1.1105, 1.1143, 1.1185.

    Trading tips

    Short positions can be opened below the level of 1.1035 with targets at 1.0971 and 1.0911.
    Long positions can be opened above the level of 1.1143 with targets at 1.1185 and 1.1220.

  8. #178

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    USD/CAD: pair is growing

    Current trend

    The pair continued growing in the end of last week amid the publications of labour market data in the US and Canada. The American data showed a substantial strengthening of its labour market that supported the US Dollar. The number of Initial Jobless Claims fell to 254 thousands while the Nonfarm Payrolls increased to 287 thousands, against the previous figure of 11 thousands. At the same time, the Canadian Dollar was pressured by data on the Net Change in Employment, which fell by 0.7 thousands while economists predicted a growth of 13.8 thousands. However, the Participation Rate shrank from 65.7% to 65.5% that lead to a decline in the Unemployment Rate from 6.9% to 6.8%.

    Support and resistance

    Bollinger Bands on the daily chart is moving up while the price range is narrowing. MACD is growing and giving a weak buy signal. Stochastic is growing as well and approaching the overbought zone.
    The indicators recommend waiting for clearer trading signals.
    Support levels: 1.3020, 1.3000 (psychologically important level), 1.2962, 1.2930, 1.2876 (7 July low), 1.2831 (4 July low), 1.2800, 1.2762. 1.2700.
    Resistance levels: 1.3064 (local high), 1.3100 (28 June high), 1.3143 (2 June high), 1.3187 (24 May high), 1.3218.

    Trading tips

    Long positions can be opened after the price consolidation above the level of 1.3100 with targets at 1.3218, 1.3250, 1.3300 and stop-loss at 1.3050. Validity – 2-3 days.
    Short positions can be opened after the breakdown of the level of 1.3020 with targets at 1.2900, 1.2876 and stop-loss at 1.3070. Validity – 2-3 days.

  9. #179

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    USD/JPY: pair is growing

    Current trend

    The pair continues growing amid weakening in the Yen. The Japanese currency was pressured by a victory in elections of Prime Minister Shinzo Abe who is an active supporter of an expansion in the economy stimulation program. Experts note that after the victory implementation of stimulus measures will become much easier.
    At the same time, the Dollar was supported by strong data on the US labour market that was released last Friday. The Nonfarm Payrolls came out at 287 thousands, significantly exceeding expectations of 175 thousand jobs and the previous figure of 11 thousands.

    Support and resistance

    Bollinger Bands on the daily chart is moving down while the price range is narrowing. MACD is growing and giving a strong buy signal. Stochastic is growing as well and approaching the overbought zone.
    The indicators recommend waiting for clearer trading signals.

    Support levels: 102.00 (local low), 101.46, 100.57, 100.00 (8 July low), 99.00 (24 June low).
    Resistance levels: 103.00 (local high), 103.39 (1 July high), 104.00, 104.82, 105.54, 106.39, 106.84 (24 June high), 107.25, 107.89 (7 June high).

    Trading tips

    Long positions can be opened after the breakout of the level of 103.39 with targets at 104.82, 105.54 and stop-loss at 102.50. Validity – 2-3 days.
    Short positions can be opened after the price rebound from the level of 103.00 with targets at 100.57, 100.00 and stop-loss at 104.00. Validity – 2-3 days.

  10. #180

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    GBP/USD: review and forecast

    Current trend

    The British currency continues strengthening. Since the beginning of the week, the GBP/USD pair has gained back about 500 points. There is a good chance that the pair has already reached its lows after the results of the British referendum were released, and, therefore, might continue developing its upward trend.

    Support and resistance

    On the daily chart, the price remains between the lower and the middle MAs of Bollinger Bands and might continue moving up towards the middle one and reach the level of 1.3500 which is one of recent local highs.
    Support levels: 1.3225, 1.3150, 1.3060, 1.2860.
    Resistance levels: 1.3400, 1.3470, 1.3500, 1.3585.

    Trading tips

    Long positions can be opened from the current level with the target at 1.3500 and stop-loss at 1.3235.
    Short positions can be opened from the level of 1.3235 with the target at 1.2860 and stop-loss at 1.3310.

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