Bitcoin analysis for December 24, 2018

Trading 24 déc 2018 Commentaire »

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Trading recommendations:

According to the H1 time frame, I found that the BTC had broken through the supply trendline in the background, which is a sign that buyers are in control. I also found that the price was trading inside the upward channel, which is another sign of strength. My advice is to watch for buying opportunities. The upward target is set at the price of $4.360.

Support/Resistance

$4.133 – Intraday resistance

$3.730– Intraday support

$4.360 – Objective target

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Analysis of Gold for December 24, 2018

Trading 24 déc 2018 Commentaire »

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Recently, the Gold has been trading upward. The price tested the level of $1,261.00. Anyway, according to the H4 time frame, I found that the price had tested the upper diagonal of the upward channel, which is a sign that the price is probably in the overbought zone. I also found that there was a hidden bearish divergence on the MACD oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,244.75 (median line).

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EUR/USD analysis for December 24, 2018

Trading 24 déc 2018 Commentaire »

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Recently, the EUR/USD pair has been trading sideways at the price of 1.1395. According to the H1 time frame, I found that the price broke through the upward trendline in the background, which is a sign that sellers are in control and that there is a potential change in the trend behavior from bullish to bearish. I also found potential creation of the Head and Shoulders pattern. My advice is to watch for selling opportunities. The downward targets are set at the price of 1.1355 and at the price of 1.1270.

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Intraday technical levels and trading recommendations for EUR/USD for December 24, 2018

Trading 24 déc 2018 Commentaire »

On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern, where the right shoulder is currently in progress.

On the daily chart, the pair has been moving sideways with a slight bearish tendency. Narrow sideway consolidations have been maintained within the depicted daily movement channel since June 2018.

On November 13, the EUR/USD pair demonstrated the recent bullish recovery around 1.1220-1.1250, where the lower limit of the channel as well as the depicted demand zone came to meet the pair.

Bullish fixation above 1.1420 was needed to enhance further bullish movement towards 1.1520. However, the market demonstrated a significant bearish rejection around 1.1420 a few times.

The EUR/USD pair has been trapped between the price levels of 1.1420 and 1.1270 waiting for a breakout since November 5.

This week, based on the recent price action, another bearish engulfing daily candlestick has been demonstrated around the price level of 1.1420. Hence, another bearish pullback towards 1.1270 should be expected soon.

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Technical analysis of GBP/USD for December 24, 2018

Trading 24 déc 2018 Commentaire »

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Overview:

The GBP/USD pair broke resistance at 1.2604 which turned into strong support yesterday. This level coincides with 38.2% of Fibonacci retracement which is expected to act as major support today. Equally important, the RSI is still signaling that the trend is upward, while the moving average (100) is headed to the upside. Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend. This suggests that the pair will probably go above the daily pivot point (1.2644) in the coming hours. The GBP/USD pair will demonstrate strength following a breakout of the high at 1.2682. Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended to be placed above 1.2644 with the first target at 1.2682. Then the pair is likely to begin an ascending movement to the 1.2682 mark and further to the 1.2739 levels. The level of 1.2739 will act as strong resistance, and the double top is already set at 1.2811. On the other hand, the daily strong support is seen at 1.2604. If the GBP/USD pair is able to break through the level of 1.2604, the market will decline further to 1.2557.

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Technical analysis of USD/CHF for December 24, 2018

Trading 24 déc 2018 Commentaire »

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Overview:

Pivot : 0.9951.

The USD/CHF pair continues to trade upwards from the level of 0.9951 on the H4 chart. Today, the first support level is currently seen at 0.9951, and the price is moving in a bullish channel now. There are no changes in our technical outlook. The bias remains bullish in the nearest term, testing 1.0142 or higher. Furthermore, the price has been set above the strong support at the level of 0.9951, which coincides with the daily pivot point. This support has been rejected three times, confirming the veracity of an uptrend. According to the previous events, we expect the USD/CHF pair to trade between 0.9951 and 1.0058. So, the support stands at 0.9951, while daily resistance is found at 1.0058. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0058. In other words, buy orders are recommended to be placed above the spot of 1.0058/0.9951 with the first target at the level of 1.0142; and then towards 1.0216. However, if the USD/CHF pair fails to break through the resistance level of 1.0058 today, the market will decline further to 0.9863.

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Elliott wave analysis of EUR/NZD for December 24, 2018

Trading 24 déc 2018 Commentaire »

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Wave iv does look complete, with the peak at 1.6986. We could see a final spike higher to 1.7015 to complete the wave iv, but all the requirements has been fulfilled and we are looking for a break below support at 1.6850 to confirm the completion of the wave iv, as well as the onset of the wave v towards 1.6185 and maybe even closer to 1.6000 before completing the impulsive decline from 1.7929.

R3: 1.7071

R2: 1.7015

R1: 1.6965

Pivot: 1.6921

S1: 1.6850

S2: 1.6777

S3: 1.6725

Trading recommendation:

We will sell EUR at 1.7010 or after a break below support 1.6850.

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Elliott wave analysis of EUR/JPY for December 24, 2018

Trading 24 déc 2018 Commentaire »

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After breaking below the triangle support line at 127.70, the EUR/JPY pair has declined and now it should continue to move lower towards the long-term target at 123.66. This decline should complete the wave C of (E) and the more than 10 year long triangle consolidation.

Short-term minor resistance is seen at 126.68 and important resistance is now placed at 127.69, which should cap the upside at anytime for further movement lower towards 124.89 and 123.66.

R3: 127.69

R2: 127.15

R1: 126.68

Pivot: 126.27

S1: 125.85

S2: 125.51

S3: 124.89

Trading recommendation:

We are short EUR from 128.05 and we will move our stop lower to 127.85.

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Trading Plan 12/24/2018

Trading 24 déc 2018 Commentaire »

Trading Plan 12/24/2018

The general picture: all questions are postponed until the new year.

The markets failed to organize the trend until the end of the year. The last important event, the unapproved budget of the United States, was barely noticeable against the background of the approaching holidays.

Today, markets trade in a reduced mode, until 18.00 London time and go for Christmas. The beginning of trading on Wednesday, December 26, at 03.00 London time.

Voting on an EU-British agreement will take place around January 13th.

Pound: We are ready to buy from 1.2710.

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GBP / USD: plan for the European session on December 24. The pound remains in the channel

Trading 24 déc 2018 Commentaire »

To open long positions on GBP / USD, you need:

While trading is above the middle of channel of 1.2655, the demand for the British pound will continue, and the main task will be a breakout and consolidation above the resistance of 1.2707, which will resume the uptrend and lead to new highs in the area of 1.2755 and 1.2810, where I recommend fixing the profits. If the scenario of a decline in GBP / USD is below support at 1.2655, long positions can be seen from the lows at 1.2607 and 1.2556.

To open short positions on GBP / USD, you need:

Short positions in the pound are best to look for after an unsuccessful fixing above the resistance of 1.2707, which can lead to re-test and breakdown of support 1.2655, which will increase the pressure on GBP / USD and collapse the pair to a minimum in the area of 1.2607 and 1.2556, where I recommend fixing the profits. In the case of a pound rising above 1.2707, which is unlikely, short positions can be opened immediately to rebound from a new weekly high of 1.2755.

Indicator signals:

Moving Averages

Trade is conducted just above the 30-day and 50-day moving average, with a short-term advantage of buyers of the British pound.

Bollinger bands

Bollinger Bands indicator volatility has decreased, which does not give signals on market entry.

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Description of indicators

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

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