Last week, the index quotes reversed at the central level of the Murrey trading range 25000.00 ([4/8]) and resumed growth, aiming at a reversal level of 26562.5 ([6/8]).
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An uptrend is forming on the H4 chart. The instrument is testing the upper border of Bollinger Bands for a breakout; the indicator cloud is expanding, the preservation of the uptrend is likely in the short term. The MACD histogram is in the positive area, gradually increasing volumes; the signal line moves horizontally crossing the body of the histogram. Stochastic is on the border of the neutral zone with the overbought zone; the oscillator lines are horizontal. The buy signal is preserved.
The price may grow.
On the 4-hour chart, an upward correction of the higher level develops as the wave (B), within which the fifth wave v of C of (B) forms. Now, the fifth wave of the lower level (v) of v is developing, within which a local correction has ended as the wave iv of (v), and the development of the wave v of (v) has started. If the assumption is correct, the price will grow to the levels of 1810.00–1830.00. In this scenario, critical stop loss level is 1756.26.
The pair may grow.
On the 4-hour chart, the upward wave C of the higher level develops, within which the first wave 1 of (1) of C formed, and a correction developed as the wave 2 of (1). Now, the first entry wave of the lower level (i) of i of 3 is developing, within which the wave v of (i) is forming. If the assumption is correct, the pair will grow to the levels of 108.60–109.84. In this scenario, critical stop loss level is 107.30.
On the H4 chart, a lateral trend has formed. The instrument is trading within the narrow channel formed by the lines of Bollinger Bands; the indicator cloud is narrowed, the preservation of the lateral trend is possible in the short term. MACD histogram is near the zero level, its volumes are minimal; the signal line moves horizontally without forming a clear signal to enter the market. Stochastic left the overbought zone, having formed a signal to open sell orders.
The pair may grow.
On the 4-hour chart, the upward wave A of (B) develops, within which the third wave of the lower level iii of A forms. Now, a local correction has ended as the wave (iv) of iii, and the wave (v) of iii is forming, within which the wave iii of (v) is developing. If the assumption is correct, the pair will grow to the levels of 0.6751–0.6972. In this scenario, critical stop loss level is 0.6384.