April 23 2019 : EUR/USD Intraday technical analysis and trade recommendations.

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On January 10th, the market initiated the depicted bearish channel around 1.1570.

Since then, the EURUSD pair has been moving within the depicted channel with slight bearish tendency.

On March 7th, recent bearish movement was demonstrated towards 1.1175 (channel's lower limit) where significant bullish recovery was demonstrated.

On March 18, a significant bullish attempt was executed above 1.1380 (the upper limit of the Highlighted-channel) demonstrating a false/temporary bullish breakout.

On March 22, significant bearish pressure was demonstrated towards 1.1280 then 1.1220.

Few weeks ago, a bullish Head and Shoulders reversal pattern was demonstrated around 1.1200. This enhanced further bullish advancement towards 1.1300-1.1315 (supply zone) where recent bearish rejection was being demonstrated.

Short-term outlook turned to become bearish towards 1.1280 (61.8% Fibonacci) followed by further bearish decline towards 1.1235 (78.6% Fibonacci).

For Intraday traders, the price zone around 1.1235 (78.6% Fibonacci) stood as a temporary demand area which paused the ongoing bearish momentum for a while before bearish breakdown could be executed today.

Conservative traders should be waiting for a bullish pullback towards the newly-established supply zone around 1.1235 for a valid SELL entry.

Moreover, bearish persistence below 1.1235 enhances further bearish decline towards 1.1170 then 1.1115.

Trade recommendations :

A valid SELL entry can be taken around 1.1235 when a bullish pullback occurs.

TP levels to be located around 1.1170 and 1.1115. SL should be placed above 1.1260.

The material has been provided by InstaForex Company - www.instaforex.com

April 23, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

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On January 2nd, the market initiated the depicted uptrend line around 1.2380.

A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted recent bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line came to meet the pair.

Bearish rejection was anticipated around the mentioned price levels (1.3150-1.3180). However, the GBPUSD bullish pullback failed to pursue towards the mentioned zone.

Instead, significant bearish rejection was demonstrated earlier around the price level of 1.3120.

Since then, Short-term outlook has turned into bearish towards 1.2900, 1.2850 then 1.2800 where the lower limit of the depicted channel comes to meet the GBPUSD pair.

The material has been provided by InstaForex Company - www.instaforex.com

Bitcoin analysis for April 23, 2019

From America to the United Kingdom and from Russia to Australia, cryptocurrency taxation in major bitcoin strongholds is complicated. Contradictory or non-existent laws, excessive red tape, and maddeningly vague guidelines have conspired to make the tax-paying process more arduous than it need be. Now, a number of advocates are pushing for simplified crypto tax guidelines. Fixing the taxation will be main focus in the next period for cryptos.

Technical picture:

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According to the H4 time-frame, as we mentioned yesterday, the potential for bull move and re-test of upper channel diagonal was in the play and that exactly happened. Since the BTC is trading near the critical resistance at $5.700, our advice is to watch for potential reversal and confirmation of reversal. To confirm reversal, you want to see series of lower lows and lower highs. For now, buyers are in control and the next upward station is set at $5.700. In case of reversal, watch for supports at $5.327, $5.191 and $4.650.

The material has been provided by InstaForex Company - www.instaforex.com

What is the dollar waiting for this week? The market is betting on growth

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On Tuesday, the dollar returned to growth against a basket of major currencies, the Canadian dollar continues to receive support from rising oil prices after the US decision to tighten restrictions on exports of Iranian oil from next month. The data showed that home sales in the secondary housing market in the US declined in March more than expected due to limited supply, and data on new home sales will be published later. Of course, they can give some guidance on the state of the US economy, but a clearer picture should appear on Friday after the publication of the GDP report.

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Investors should expect an increase in volatility in the coming days, when traders will return to work after the holidays and if US GDP will grow. This week may be convincing evidence that a reversal towards the "dovish policy" from leading central banks, and in particular from the Fed, was enough to change the dynamics of global growth. As for the dollar, there is currently no reason for a serious fall. The recent strengthening of the yen against the dollar will be temporary, and as long as central banks around the world refrain from normalizing politics by raising interest rates, the dollar will feel more than confident. The current "dovish" tone of the regulators supports risky assets, and this support will continue until major Central banks take action to normalize monetary policy.

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The material has been provided by InstaForex Company - www.instaforex.com

EUR./USD analysis for April 23, 2019

EUR/USD has been trading downwards as we expected. The price tested the level of 1.1210. Our short position on EUR/USD from yesterday is progressing good and we expect more downside.

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According to the H4 time-frame, we found the successful breakout of the bearish flag pattern, which is sign of the professional re-selling. Key support is seen at the price of 1.1183 and you should watch to at least scale half of the position there. In case the EUR/USD breaks the level of 1.1183, watch for potential test of 1.1065 (Fibonacci expansion 100%).

Our recommendation: We are bearish from 1.1230 with targets at 1.1183 and 1.1065. Protective stop is palced at 1.1280.

The material has been provided by InstaForex Company - www.instaforex.com