Instaforex Analysis

[IFX 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.

[IFX 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.

[IFX 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.

[IFX 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.

[IFX 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.

[IFX 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.

[IFX 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.

[IFX 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.

[IFX 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.

[IFX 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.