Wave Analysis from InstaForex

[InstaForex Gertrude]

Forecast for EUR/USD for April, 21, 2020

EUR/USD

Oil and US stock indices fell on Monday. Investors again felt fear and continued to buy up the dollar as a safe haven currency. And although the euro fell by only nine points yesterday, fears and uncertainty will continue to dominate the markets for several more days.

The picture remained unchanged on the daily chart - the price is under the indicator lines of balance and MACD, the Marlin oscillator moves horizontally in the negative trend zone. The 1.0610 target for supporting the embedded price channel line of a higher timeframe is maintained.

The situation is also unchanged on the four-hour chart, with the only difference being that the indicator lines have started to go down, which strengthened the potential for decline. The final condition for the price to move to 1.0610 will be for the price to overcome Friday's low at 1.0812. Accordingly, short positions can be opened from this level.

An alternative short-term scenario suggests another branch of price growth to the MACD line on the H4 towards the area of 1.0930.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Forecast for EUR/USD on April 22, 2020

EUR/USD
There were no changes on the daily euro chart over the past day - the daily fluctuation was 60 points, but the day nearly closed at the opening level. The signal line of the Marlin oscillator moves strictly horizontally in the negative trend zone. The general trend is decreasing, we expect the euro to decline to support the embedded line of the price channel in the region of 1.0610.

The signal line of the Marlin oscillator rose to the border of the growth territory on the four-hour chart over the past day, but the price stopped by the balance indicator line. Therefore, in the current situation, the growth of Marlin is considered as the indicator continuing to discharge before a further decrease.

Nevertheless, the probability of the oscillator moving into a zone of positive values creates a risk of a price increase, possibly even to the MACD line, to the 1.0928 area. A signal of the euro's decisive decline is when the price drops below the low of the 17th (1.0812).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Forecast for AUD/USD on April 23, 2020

AUD/USD The Australian dollar did not consolidate below the MACD indicator line on the daily chart on Wednesday, which delayed the start of the medium-term decline by another 1-2 days. The aussie grew by 42 points. Currently, the price lies on the MACD line, accumulating forces to break through, but growth is possible during this time of consolidation, even to the price channel line in the region of 0.6525, since the price is still above both indicator lines and the Marlin oscillator, albeit falling, remains in the growth zone. Formally, the trend is rising.

When the price overcomes the signal level of 0.6255, this will be a reliable condition for the medium-term decline while aiming for 0.5798 and below. The setup is falling on the H4 chart - the price is below the adaptive balance line (red). The Marlin oscillator could reverse from the boundary of the growth territory. A convergence on Marlin that is not that strong can be worked out.

It is advised to skip the possible price increase, since the reversal can occur from any nearest resistance (0.6380, 0.6446), open sales when the price goes below the signal level of 0.6255.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Hot forecast and trading signals for GBP/USD pair on April 24

GBP/USD H1.

On the hourly chart, the pound/dollar pair is trading downward on April 24. The downward movement of quotes is supported by a strong downward trend line, which has at least 6 pivot points. The last time the pair's quotes rebound from it was yesterday. At the same time, there is a second trend line – an ascending one, which also has 6 pivot points at once and, accordingly, is also quite strong. Thus, the pound is currently fixed in a kind of triangle, leaving which will determine the further short-term trend of the pair. On the other hand, the statistics from the UK this week were generally as disastrous as those in other countries. The only report that could provoke the strengthening of the pound was the applications for unemployment benefits in March, which caused its fall. But all the other reports, including yesterday's business activity, most likely stop the bulls from buying pounds or close short positions on the US dollar. And if this is true, then the bears are activated either today or at the beginning of next week. As for the EUR/USD pair, we recommend that you pay attention to the report on long-term use orders in the States at the American trading session. If traders suddenly stop ignoring important statistics, then the bulls will be able to take advantage of the opportunities provided and continue to buy the pair with renewed strength. In any case, we have an ideal picture of the pound / dollar pair in terms of beauty and accuracy, which we assume two trading ideas for April 24:

1) Bears need to consolidate below the upward trend line in order to continue the downward movement. This will break the short-term bullish trend and keep the longer-term bearish current. In this case, we recommend selling the pound in order to support the 4-hour timeframe 1.2276. Thus, Take Profit can be around 72 points.

2) As long as the bulls are located above the upward trend line,the bullish trend persists in terms of intraday. Thus, the GBP/USD pair has even a growth potential to the level of 1.2395. However, no one knows how many more times the pair will push off from the upward trend line, so it is quite dangerous to trade for an increase right now. We believe that it is better to wait for the downward trend line to be broken, which will definitely be a strong signal to buy with the goal of the Senkou span B line of the 4-hour timeframe, which runs approximately at the level of 1.2467. Thus, the possible Take Profit for long positions is 68 points.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Forecast for GBP/USD on May 4, 2020

GBP/USD
The British pound lost 100 points on Friday, which strengthened the reversal potential and the convergence power of the Marlin oscillator on the daily chart.

To completely form conditions for the price to go down, it is necessary to gain a foothold under the MACD line (1.2365), while the Marlin signal line must go into the zone of negative values.

Marlin is already in the decreasing trend zone on the four-hour chart, the price should overcome the support of the MACD line (1.2405). The support of the MACD line of the daily scope runs a little lower, in the region of 1.2365, therefore, the 1.2365-1.2405 range is transitional, it is possible to consolidate in this range.

An attempt to move the price under technical support may occur after a preliminary increase to 1.2540 or slightly lower without breaking convergence on a daily basis. The current situation is not defined under any scenario, the price can freely wander in the range of 1.2365-1.2540.

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Technical Analysis of GBP/USD for 05/05/2020:

Technical Market Outlook:
The GBP/USD pair has made a local low at the level of 1.2406, just above the 61% Fibonacci retracement located at 1.2397. Any violation of this level will open the road towards the next target for bears seen at 1.2310. There is a short-term ascending trend line close to this level, so it might get tough for bears to violate it in one go. Please notice, the market is coming off the overbought levels and the momentum indicator is neutral, but when it turn south, then the sell-off might accelerate towards 1.2246 level.

Weekly Pivot Points:
WR3 - 1.2909
WR2 - 1.2757
WR1 - 1.2605
Weekly Pivot - 1.2476
WS1 - 1.2324
WS2 - 1.2200
WS3 - 1.2054

Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. On the GBP/USD pair the main trend is down, but the reversal is possible when the corona virus pandemic will be tamed. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of this levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move lower in the longer-term.

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Technical Analysis of EUR/USD for 06/05/2020:

Technical Market Outlook:
The EUR/USD bears have manage to push the prices through the short-term support located at the level of 1.0893 and through the trend line support as well. The momentum is now negative, so the odds for another dynamic wave up are decreasing. If the 61% Fibonacci retracement gets clearly violated, then the next technical support is seen at the level of 1.0779 and if broken, the sell-off might accelerate towards 1.0727.

Weekly Pivot Points:
WR3 - 1.1279
WR2 - 1.1141
WR1 - 1.1073
Weekly Pivot - 1.0940
WS1 - 1.0861
WS2 - 1.0728
WS3 - 1.0662

Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and this fear still rules on the financial markets. On the EUR/USD pair the main long term trend is down, but the reversal is possible when the coronavirus pandemic will be tamed. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Technical Analysis of GBP/USD for 07/05/2020:

Technical Market Outlook:
The GBP/USD pair has broken below the short-term trend line support and below the technical support from the level of 1.2406. Please notice, the momentum indicator is now negative, so the sell-off might accelerate towards 1.2246 level. It looks like bulls are not strong enough to push the price above the level of 1.2485 again and the price is consolidating in a narrow zone before the plunge.

Weekly Pivot Points:
WR3 - 1.2909
WR2 - 1.2757
WR1 - 1.2605
Weekly Pivot - 1.2476
WS1 - 1.2324
WS2 - 1.2200
WS3 - 1.2054

Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. On the GBP/USD pair the main trend is down, but the reversal is possible when the corona virus pandemic will be tamed. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of this levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move lower in the longer-term.

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Technical Analysis of ETH/USD for 08/05/2020:

Crypto Industry News:
The Commodity and Futures Commission (CFTC) has charged US and Israeli companies with alleged fraud of $ 15 million, including cryptocurrencies and binary options. Court documents mention two major frauds, the first of which occurred between October 2013 and November 2016 and concerns binary options. The second concerns digital resources such as Bitcoin and Ethereum, which took place from November 2013 to August 2018.

CFTC charged Tal Valariola and Itayea Baraka of Digital Platinum Limited for helping the American company All In Publishing (AIP) to create and promote numerous misleading investment programs among US and foreign investors.

During the allegedly misleading marketing campaign, as many as 51.917 users opened a binary options account and deposited a total of almost $ 13 million. In addition, 8,043 users opened a digital asset trading account, depositing a total of over $ 2 million.

Technical Market Outlook:
The ETH/USD pair has again bounced from 38% Fibonacci retracement located at the level of $195.94 and violated the short-term trend line resistance around the level of $205.23. The bulls are continuing the rally towards the level of $214.67, but so far were rejected from this level. There is a Bearish Engulfing pattern made around this level, so the rally might be temporary postponed. The nearest technical support is now seen at the level of $209.89.

Weekly Pivot Points:
WR3 - $296.61
WR2 - $243.36
WR1 - $224.05
Weekly Pivot - $205.69
WS1 - $188.49
WS2 - $168.64
WS3 - $150.80

Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Technical Analysis of ETH/USD for 11/05/2020:

Crypto Industry News:
Vitalik Buterin believes that Ethereum can play a role in the future global crisis as a glue that helps unite nations.

Ethereum co-founder was interviewed at Ethereal Summit 2020. Describing the current global crisis as more than financial, Buterin said that levels of political discord and distrust between countries highlighted the need for a network like Ethereum.

"I strongly believe that the role of Blockchain chains - in particular Ethereum - is to play the role of a neutral global player for systems, currencies and applications for interaction. I think that anything created and maintained by nation states cannot play this role" - he said

Describing the current situation as financial only "one-third", co-founder Ethereum also discussed the current situation compared to the global financial crisis in 2008 and whether the event could help fuel a new wave of cryptocurrency. Buterin said that cryptocurrencies like Ethereum could grow this time, solving "non-financial problems" in the world.

Technical Market Outlook:

The ETH/USD pair has dropped significantly towards the level of $177.50, which is a 61% Fibonacci retracement for the price and is currently hovering around this level. The momentum remains weak and negative, so the next target for bears is seen at the level of $164.45. The immediate technical resistance is seen at the level of $188.86 and $193.78. Please bear in mind, that there is only 13 hours left to the halving, which is highly anticipated event for all cryptoenthusiasts.

Weekly Pivot Points:
WR3 - $241.59
WR2 - $228.78
WR1 - $204.66
Weekly Pivot - $191.03
WS1 - $168.45
WS2 - $154.83
WS3 - $130.49

Trading Recommendations:
The fear of the coronavirus consequences has decreased among the global investors on the financial markets, nevertheless the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Technical Analysis of BTC/USD for 12/05/2020:

Crypto Industry News:
The South Korean government plans to create a blockchain-based platform for storing and verifying the identity of digital independent vehicles in the city of Sejong, which is a testing ground for the introduction of new technologies.

Asian media has announced that South Korea's Ministry of Science and ICT, along with the national internet technology supervisory body, Korea Internet & Security Agency, will guide the development of an identity management and verification platform. Although autonomous vehicles are still far from the mainstream, Sejong has already started preparing to fight the crimes associated with these advances.

The LG Group technology wing, LG CNS and the Korean independent vehicle manufacturer will work with the authorities of the city of Sejong to develop a blockchain-based encrypted identifier, called a decentralized identifier or DID. This can help prevent illegal identity copying or hacking into independent vehicles. The report explains that the identity verification system will implement multiple layers of data encryption shared between cars and road objects using vehicle-to-everything or V2X communication.

Although previously the government was uncertain about crypto, it did show consistent efforts to legitimize cryptocurrencies and develop favorable regulations. It is worth recalling that the Bank of Korea has launched a pilot program for assessing the logistics of the digital currency of the central bank or CBDC

Technical Market Outlook:
The BTC/USD pair has dipped 15% just before the halving and now, after the halving is done, there is no sign of the shopping frenzy behavior. Still the key level of support is still seen at $7,943, but the nearest technical support is currently seen at the level of $8,464. Any violation of this level will deepen the correction towards the level of $7,934 which is a key short-term technical support for bulls. Weak and negative momentum supports the short-term bearish outlook about 13 hours before halving.

Weekly Pivot Points:
WR3 - $11,485
WR2 - $10,709
WR1 - $9,512
Weekly Pivot - $8,760
WS1 - $7,652
WS2 - $6,835
WS3 - $5,708

Trading Recommendations:
The recent rally in Bitcoin was made in anticipation of Bitcoin halving and it is a classic pump and dump scheme. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated.

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Technical Analysis of EUR/USD for May 13, 2020:

Technical Market Outlook:
The EUR/USD was rejected for the second time at the level of 38% Fibonacci located at 1.0862 after a Shooting Star candlestick pattern was mad around the level of 1.0878. The bears are pushing the price towards the level of 1.0767 again. The bulls hasn't made a new local high yet, so the next target for them is still seen at the level of 38% Fibonacci retracement at 1.0862 and 1.0878. This level must be clearly violated in order to rally towards higher levels. The momentum remains neutral, but might turn negative any time now.

Weekly Pivot Points:
WR3 - 1.1136
WR2 - 1.1058
WR1 - 1.0936
Weekly Pivot - 1.0853
WS1 - 1.0718
WS2 - 1.0627
WS3 - 1.0520

Trading Recommendations:
The fear of the coronavirus consequences has decreased among the global investors on the financial markets. On the EUR/USD pair the main long term trend is down, but the reversal is possible when the coronavirus pandemic will be tamed. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Technical Analysis of EUR/USD for May 14, 2020:

Technical Market Outlook:
The EUR/USD was rejected at the level of 50% Fibonacci located at 1.0892 after a Bearish Engulfing candlestick pattern was made at the end of the wave up. The bears are pushing the price towards the level of 1.0767 again. The bulls hasn't made a new local high yet, so the next target for them is still seen at the level of 61% Fibonacci retracement at 1.0921. This level must be clearly violated in order to rally towards the swing high at 1.1017. The momentum remains neutral, but might turn negative any time now.

Weekly Pivot Points:
WR3 - 1.1136
WR2 - 1.1058
WR1 - 1.0936
Weekly Pivot - 1.0853
WS1 - 1.0718
WS2 - 1.0627
WS3 - 1.0520

Trading Recommendations:
The fear of the coronavirus consequences has decreased among the global investors on the financial markets. On the EUR/USD pair the main long term trend is down, but the reversal is possible when the coronavirus pandemic will be tamed. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Technical Analysis of GBP/USD for May 15, 2020:

Technical Market Outlook:
The GBP/USD pair has broken below another technical support located at the level of 1.2246 and made a new local low at the level of 1.2165. Despite the oversold market conditions the momentum remains negative well and the odds for another wave down might be higher. The nearest technical resistance is seen at the level of 1.2246 and 1.2297 and the nearest technical support is located at the level of 1.2165. If the level of 1.2165 is clearly violated, then the next target for bears is seen at the level of 1.2012.

Weekly Pivot Points:
WR3 - 1.2730
WR2 - 1.2608
WR1 - 1.2508
Weekly Pivot - 1.2380
WS1 - 1.2283
WS2 - 1.2157
WS3 - 1.2054

Trading Recommendations:
The fear of the coronavirus consequences has decreased among the global investors on the financial markets. On the GBP/USD pair the main trend is down, but the reversal will be possible when the coronavirus pandemic is tamed. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move lower in the longer-term.

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Technical Analysis of ETH/USD for May 18, 2020:

Crypto Industry News:
Visa has applied for the creation of a digital currency on Blockchain at the United States Patent and Trademark Office.

According to the published application, inventors Simon Hurry and Alexander Pierre of the Visa International Service Association in San Francisco applied for a patent for the digital currency registered on Blockchain and controlled by the computer of the central unit. The application cites Ethereum as a possible network, and the cryptocurrency itself would be a stablecoin. The application lists two points, one of which would indicate that "a digital currency was created for the amount associated with the denomination for the public key associated with the digital wallet." The second entry is about "removing physical currency from circulation in the currency system."

While the US dollar is specifically mentioned as one of the fiat functional currencies to be used, the application said that the patent could apply to other central bank digital currencies such as pounds, yen and euros: "The physical currency of the central bank anywhere in the world can be digitized. "

Technical Market Outlook:
The ETH/USD pair has broken through the short-term trend line resistance around the level of $205 and made a new local high during the rally at the level of $216 (at the time of writing the article). The momentum behind the move up is strong, but the market conditions are extremely overbought on the daily time frame chart, so the rally might be short-lived. Nevertheless, the next target for bulls is seen at the level of $217.65 and $225.84.

Weekly Pivot Points:
WR3 - $259.01
WR2 - $231.70
WR1 - $222.59
Weekly Pivot - $197.56
WS1 - $188.48
WS2 - $163.94
WS3 - $154.56

Trading Recommendations:
The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Forecast for EUR/USD on May 19, 2020

EUR/USD
The euro grew by 94 points on several controversial factors yesterday - on the one hand, oil rose by 10.5% to 32.83 dollars and overall risk appetites increased, on the other hand, the EU summit considered a package of assistance to the affected sectors and regions, which is half as much, than expected - 500 billion against the expected 1 trillion. Moreover, it will be a fund, and not direct help, which creates additional bureaucratic difficulties. As often happens, the expected but not realized optimism worked on the market, that is, the euro's growth as a result occurred on speculation. The growth occurred on volumes equal to Friday, which indirectly confirms the speculative nature of yesterday's growth in the thin market.

The price reached the price channel line just above the MACD line on the daily chart. The Marlin Oscillator is growing in the zone of positive values, so there is still a growth potential. Overcoming yesterday's high may send the euro to the upper border of the 1.5-month trading range of 1.0767-1.0995.

It is possible to turn down prices directly from current levels, indicators will quickly return to the downward trend, the euro will go to the lower border of the range of 1.0767.

The situation is not clarified on the four-hour chart. The price is above the indicator lines, Marlin is in the growth zone. All that remains is to wait for speculation to cool and then it will become clear what the market really intended.

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Technical Analysis of BTC/USD for May 20, 2020:

Crypto Industry News:
Robert Kiyosaki, businessman and author of the book Rich Dad, Poor Dad, again visited Twitter to announce his bullish position to Bitcoin. In a published tweet, Kiyosaki states that fear of a dying economy led him to buy more three assets, which he considers valuable outside of the traditional financial system: gold, silver and Bitcoin. The author's tweet describes how valuable he thinks every resource will be in the coming years.

"I bought more silver and Bitcoin gold. GOLD [currently] at $ 1,700. I forecast $ 3,000 in 1 year. Silver [currently] at $ 17. I predict $ 40 for 5 years. Bitcoin [currently] at $ 9,800. I anticipate $ 75,000 in three years. "

In numerical terms, this forecast reflects the expected annual increase of around 76%, 19% and 97% for gold, silver and Bitcoin, respectively. This indicates, at least according to Kiyosaki's calculations, that Bitcoin has the most favorable profit potential out of three.

This is not the first time Robert Kiyosaki has used his platform to explain the benefits of Bitcoin and Blockchain. In recent months, the businessman has repeatedly talked about his faith in the future of these technologies.

Technical Market Outlook:
The BTC/USD pair has been seen hovering around the level of $10,000, which is the key short-term technical resistance for the bulls. The recent local high was made at the level of $9,884, so any violation of this level will lead to the local up trend extension towards the level of $10,227 - $10,430. The nearest technical support is seen at the level of $9,381. The nearest technical support is seen at the level of $9,382. Please notice, the market conditions on daily time frame chart are extremely overbought.

Weekly Pivot Points:
WR3 - $12,194
WR2 - $10,994
WR1 - $10,553
Weekly Pivot - $9,337
WS1 - $8,765
WS2 - $7,555
WS3 - 7,013

Trading Recommendations:
The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated.

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Forecast for AUD/USD on May 21, 2020

AUD/USD
The Australian dollar grew by 60 points on Wednesday, and it almost returned to yesterday's opening today in the Asian session. This is a sign that the price will not reach the target level of 0.6677, the aussie aimed to overcome the price channel line in the region of 0.6492, which will be a good reason for continuing the fall to 0.6338. A slightly veiled double divergence is formed on the Marlin oscillator.

The price returned to the signal level of 0.6562 on the four-hour chart - yesterday's exit above it turned out to be false. The MACD indicator line is located at the 0.6492 level taken from the daily time, which strengthens this level. Accordingly, overcoming it will become a significant condition for opening short positions with a target above 0.6338.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Forecast for EUR/USD on May 22, 2020

EUR/USD
The euro grew during the first half of Thursday due to optimistic rates of European business activity for the current month: Manufacturing PMI of the euro area grew from 33.4 to 39.5, Services PMI showed even greater dynamics - an increase from 12.0 to 28.7. The euro has decisively reversed since the US session opened. US PMIs came out better than expected, but not as much as we expected: Manufacturing PMI grew from 36.1 to 39.8 against 39.3, Services PMI grew from 26.7 to 36.9 with 32.6 expected. Nevertheless, the trading volumes were comparable to those observed on May 18, which indicates a massive closure of purchases and even the opening of sales. A more interesting story awaits us next week, when sales of new housing, orders for durable goods, incomes and expenses of consumers will be published in the US.

The price was re-marked at the upper border of the price range and with the turn of the oscillator, Marlin headed down on the chart. The closest support for the price is the price channel line at 1.0918, below it is the MACD indicator line at 1.0888, overcoming it will confirm the euro's intention to go much deeper down to 1.0767 and 1.0578.

The signal line of the Marlin oscillator penetrated into the downward trend zone after forming a double divergence on the four-hour chart. The closest target is the 1.0888 level, at which the MACD lines coincide on both scopes. Consolidation under the level opens the way to the lower border of the range 1.0767.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided byInstaForex.

 

[InstaForex Gertrude]

Technical Analysis of BTC/USD for May 26, 2020:

Crypto Industry News:
New strict rules, in which many ways of using digital resources are punishable by a fine or imprisonment, may soon become law in Russia.

New bills specifying how Russia should regulate cryptocurrencies were sent to the parliament of the country, the State Duma, earlier this week. Although the official site for the planned regulations has not yet been updated, both documents were published in the OrderCom telegram channel and were confirmed as authentic by the sources of the Russian news channel RBK.

Legislative proposals were reportedly written by employees of the Digital Economy think tank and the Skolkovo business accelerator. They are looking for a new version of the Digital Resources Act that has been stuck in the Duma for over two years, as well as cryptocurrency-oriented additions to the national criminal code.

The first bill would regulate digital currencies in Russia, or more precisely, prohibit the issuance and operation of digital currencies. It would even be forbidden to disseminate information on such activities.

Individuals and companies will not be able to accept digital currencies as payments, unless they are inherited, transferred to the debtors of a bankrupt company or confiscated as a result of a court decision. People with cryptocurrency should declare it at the tax office, as well as provide information on how to buy.

A second draft would introduce a new article in the Criminal Code imposing sanctions for illegal operations using digital resources. If the regulations are adopted, the issue of digital assets in Russia without permission to enter in the register, which is yet to be created in the central bank of this country, will result in a fine of up to two million rubles (almost $ 28,000). The same level of penalty is suggested for organizing operations with digital resources and cryptocurrencies without permission, while people would face fines of up to $ 2,800.

Buying a cryptocurrency for cash or a bank transfer from a Russian bank would be subject to a fine of up to one million Russian rubles ($ 14,000) or up to seven years in prison, depending on the scale of the contract. A similar penalty would apply to those who accept crypto for goods and services.

If such a business brings "particularly large" profits or particularly large damage to citizens and the state, the proposal would cause the person (s) involved to be imprisoned for up to seven years, or even forced labor.

Mention of the central bank register suggests that legislators are free to some officially sanctioned entities to issue and use digital assets, while most general operations would be banned.

According to the RBK report, Anatoly Aksakov, head of the Duma of the Financial Markets Commission, confirmed the authenticity of the documents, but stated that they had not been finalized.

Technical Market Outlook:
The BTC/USD pair has bounced from the level of $8,576 after breaking through the key trend line support located around the level of $8,800. The bounce is so far very shallow and the next the nearest resistance is located at the level of $8,919 and $9,013. On the other hand, the next technical support is seen at the level of $8,464 and $8,357.The momentum remains weak and negative, so the odds for another wave down are high.

Weekly Pivot Points:
WR3 - $10,568
WR2 - $10,245
WR1 - $9,478
Weekly Pivot - $9,098
WS1 - $8,333
WS2 - $7,968
WS3 - 7,231

Trading Recommendations:
The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided byInstaForex.