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Wave Analysis from InstaForex
Dear forum members,
Me and my colleagues are going to provide you with the latest analysis reviews. Please, follow our analysis and you will be informed about Forex. Hope, our reviews will help you to increase the efficiency of your trading.
In Asia, Japan will release the leading indicators. The US will release some economic data such as Federal Budget Balance, 10-y Bond Auction, and Crude Oil Inventories. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 109.52.
Resistance. 2: 109.30.
Resistance. 1: 109.09.
Support. 1: 108.82.
Support. 2: 108.61.
Support. 3: 108.40.
GBP/USD continues trading slow in a sideways range, but still trapped below the 200 SMA and dominated by the bearish bias. If pair does another rebound at the current levels and spikes towards the resistance zone of 1.4549, it could break that level for further advance to the 1.4635 level. The 200 SMA remains flat and the MACD indicator is at the negative territory.
H1 chart's resistance levels: 1.4549 / 1.4635
H1 chart's support levels: 1.4430 / 1.4316
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4430, take profit is at 1.4316, and stop loss is at 1.4542.
