Company News – FreshForex: Change in Trading Hours for MOEX on February 23rd

FreshForex: Change in Trading Hours for MOEX on February 23rdDear clients,

Due to Defender of the Fatherland Day celebrations in Russia on February 23th, 2018, CFD trading on Russian shares MOEX will be closed.

Please consider this information when planning trading on financial markets.

Company reserves the right to suspend the trades if the instrument liquidity decreases.

Starting from February 26th, 2018 trading returns to regular trading hours.

FreshForex: Change in Trading Hours for MOEX on February 23rd

Elliott waves analysis – Bulls in control

USDJPY – Down

Bulls in control

Wave Analysis:

The US dollar continues to rally to the upper side despite the previous forecast that it could decline towards 104.43. We expect the level 105.90 to have marked the end of the corrective wave (b) that the current bullish price movements is the unfolding of the impulsive wave (c) to the upper side and should break above 108.40 towards 114.65 or even higher to 118.45. On the daily chart above, its good to remain long, but check for a possible rebound from 108.40 to pick a short position. If you are not long already with your target being 108.40, you could wait for a break above 108.40 then pick a long position towards 114.65.

Trade Recommendations:

We’re long with the first target at 108.40 and the next target at 114.65

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Elliott waves analysis – Look for a potential buy around 1.39102

GBPUSD – Flat

Look for a potential buy around 1.39102

Wave Analysis:

No significant was seen yesterday on this pair, we expected an extension of the previous bearish correction to the lower side but the pair closed pretty much a where it opened. The previous day’s candle is a perfect indecision candle, with a long bullish tail, this is a possible indication that buyers are taking control of this market. Thus, we expect a momentum to the upper side with an ultimate target at 1.5035. The anticipated bullish price rally is the continuation of the impulsive wave (v) to the upper side and may extend beyond 1.5035 towards 1.60. This pair should be traded alongside GBPHKD, EURUSD, NZDUSD and AUDUSD. These pairs will have a similar price action today.

Trade Recommendations:

Look for a potential long position with an ultimate target at 1.5035

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Elliott waves analysis – rebuy euro around 1.2184

EURUSD – Up

rebuy euro around 1.2184

Wave Analysis:

The corrective wave (4) continues to correct itself to the lower side but should not go beyond the support level at 1.2184. Ideally today and in the next few days, we expect this correction to extend to the lower side and should end around 1.2184 where we’ll be looking to buy the impulsive wave (5) with an ultimate target at 1.27 or even higher. If you went short yesterday, remain short but upon up to 1.2184, if this support is broken, then we expect further decline, but as it looks on the daily chart, a rebound from 1.2184 will call for a long position with an ultimate target at 1.27. This pair should be traded alongside GBPUSD, EURHKD and EURAUD.

Trade Recommendations:

Remain long with an ultimate target at 1.27. If you’re not long already, you could wait and rebuy euro around 1.2184 towards 1.27

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FX Market Analysis – 20 February 2018 (Video)

Senior Market Analyst Craig Erlam discusses this week’s key event risks, with the most notable being the UK jobs report and BoE inflation report hearing.

Craig also gives his live analysis on EURUSD (11:04), GBPUSD (15:13), EURGBP (17:04), AUDUSD (18:36), USDCAD (20:02), GBPCAD (22:01), NZDUSD (24:47), USDJPY (25:44), GBPJPY (26:47) and EURJPY (28:24).

USD/JPY – Dollar Punches Above 107 Yen, Fed Minutes Ahead

Higher Yields Pushing Dollar Up

Intermezzo

EUR/USD – Is the Rally Running Out of Steam?

Are We Looking at an Overcrowded Market?

It’s difficult to find anyone at the moment that isn’t bullish on this pair in the long term and under the current circumstances, they may have a point. However, these markets don’t move in a straight line (even bitcoin as the last couple of months has shown us) and corrections along the way are both normal and healthy.

So when I ask if the rally is running out of steam, I’m not necessarily calling a top in the pair and in this case, I’m certainly not. What I’m suggesting is that the recent run higher – and once again it’s been a good one – may be looking a little overstretched and a pull-back could be on the cards.

The pair first started to look a little overbought earlier this month when it failed to make a new high and even appeared to have formed a small double top, but as we saw, the dollar bashing wasn’t quite over yet and despite breaking the neckline, we didn’t see much of a pull-back before it was once again tearing higher.

EURUSD Daily Chart

OANDA fxTrade Advanced Charting Platform

Once again though, we find ourselves testing the 1.25 region and we appear to be finding a lot of resistance. The two notable differences on this occasion though is that we did make a new high and we did not have the momentum indicators – MACD and stochastic – confirming the moves. This has left us with a negative divergence between price and momentum that is red flag for the bulls.

USD/JPY – Yen Edges Lower in Thin Holiday Trade

It’s worth noting at this point that a divergence in itself is not a sell signal, nor does it indicate that a pair won’t make a new high. It quite easily could, although if it does so with less momentum again, this would be a second red flag and further suggest that a correction may be coming. If a new high is made on rising momentum it would, however, suggest that bulls have found further reason to be bullish and negate the previous red flag warning.

With the pair now showing a divergence though and Friday’s daily candle looking rather bearish, having rallied above Thursday’s high and closed well below its low, I wonder whether the downside is at least going to be tested.

The first interesting level for me is 1.2320, this was a resistance level in mid-January that became support shortly after and then the neckline of the double top that never fully completed it’s corrective projection. While we broke above here quite easily on the way back up, it could prove more tricky this time if indeed the market is still bullish. A break below may be an early correction confirmation signal.

Gold Trading Sideways in Thin Holiday Trade

The more interesting level is 1.22 though, with it being roughly the area where the last two dips found support. A failure to do so on this occasion would be a bearish signal and could create an imperfect double top with the neckline here and the peaks being 25 January and 16 February highs. It would also signal an arguably overdue correction in the dollar with the last having been a little brief considering the move that preceeded it.

Given the size of the double top – roughly 1.25 to 1.22 – this could give us a possible price projection of 300 pips, creating possible support around 1.19. This would bring us back to a prior area of support and resistance and represent a 61.8% retracement from the November lows to the recent highs at which point traders longer term bullish appetite could be tested.

Technical crypto analysis based on breakout – Long from 1.3860

GBPUSD – Flat
Technical Observation:
Gbp is currently trading few pips above it’s daily pivot line seen at 1.3907. While the price is contained above this pivot line, I expect a momentum towards 1.4640. Earlier today, Gbp pulled back upwards from 1.3860. I expect this to be an onset of a bullish rally with my take profit set 1.4640. On the way upwards, the key lines to look for include 1.4160, 1.4370, and 1.4640. As it is, only a long position can be recommended, but if the price breaks below 1.3860, then I may consider a short position towards 1.3315.
Technical Levels
Resistance levels
R1: 1.3966
R2: 1.4053
R3: 1.4199
Pivot
1.3907
Support Levels
S1: 1.3615
S2: 1.3761
S3: 1.382
Trade Signal
Long from 1.3860 towards 1.4640

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Technical crypto analysis based on breakout – Buy Usd around 108.62

USDJPY – Down

Buy Usd around 108.62

Technical Observation:
Even after a tremendous decline in price, USD is still above 108.62. This is a potential weekly buy line and unless it is breached to the lower side with a big red candle, I expect a rise in price. My advise is to wait for a clear buy signal around 108.62, then Buy Usd with your take profit at 114.64. On the way upwards, the key lines to look for include 111.10, 113.00 and 114.64. If the price breaks below 108.62, then I expect a decline towards 104.45 or even lower.
Technical Levels
Resistance levels
R1: 110.97
R2: 111.76
R3: 113.84
Pivot
109.70
Support Levels
S1: 105.54
S2: 107.62
S3: 108.89
Trade Signal
Buy Usd around 108.62 towards 114.64

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Elliott waves crypto analysis – The cable recovering

GBPUSD – Flat

The cable recovering

Wave Analysis:

After a massive decline in almost one week, the cable currently recovering above 1.3855, as long as the level 1.3855 protects the lower side, we expect this level to have marked the end of the three wave correction cycle that the current bullish price rally is a continuation phase of the previous five wave cycles with an ultimate target at 1.4800. This pair should be traded alongside GBPHKD, GBPNZD, GBPAUD, and GBPSGD. These pairs have a strong positive correlation of up to +53% and will move in the same direction today. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Only rebuy the cable around 1.3855.

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Elliott waves crypto analysis – We’re short towards 1.2055

EURUSD – Up

We're short towards 1.2055

Wave Analysis:

During the previous trading day, euro drop massively to the lower side and even broke below the support level 1.2293, following this break, this pair consolidate below this zone and is not giving any signs it could rise above it soon. As long as the price is contained below 1.2293, we expect a possible bearish price movements to the lower side. The anticipated bearish price rally is a mere correction of the previous five wave cycle and should not go beyond 1.2055. According to the 4 hour chart above, look for a short position now towards 1.2055, expect a similar short position in other positively correlated pairs such as EURHKD, EURCHF, and EURAUD. these pairs have a strong positive correlation of up to +71% and will move in the same direction today.

Trade Recommendations:

Sell this pair now with your take profit at 1.2055

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