GBP/USD intraday technical levels and trading recommendations for April 1, 2015

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Overview:


On February 5, temporary bullish breakout above 1.5220 (previous consolidation range) took place. Shortly after, an ascending channel was established at the levels of 1.5170-1.5200. This indicates bullish sentiment on the market.


A projected target for this bullish breakout has already been reached around 1.5550 where the previous daily bottoms were located (solid resistance).


Two weeks ago, the bearish breakdown of lower limit of the depicted channel occurred enhancing the bearish side of the market and confirming the Flag pattern as bearish.


Significant bearish pressure was applied at the price of 1.5200 (R2), then 1.4950 (R1 = broken weekly bottom).


Bearish persistence below 1.4950-1.5000 indicated a further bearish decline. Initial projection target for this bearish breakout was located at 1.4700.


Recently, GBP/USD bulls managed to defend the recent bottom at 1.4700. Evident bullish rejection was expressed around 1.4630 resulting in the formation of a bullish head and shoulders reversal pattern.


Fixation above 1.4980-1.5000 (neck-line) is likely to extend the pattern's projection target towards 1.5200.


Otherwise, the GBP/USD pair remains in the long-term downtrend as depicted on both the daily and weekly charts. If so, bearish breakdown of 1.4700 is needed to resume this bearish scenario.


Trading recommendations:


Conservative traders should wait for bullish momentum to emerge and the H4 closure above 1.5000 to occur for a short-term buy entry.


TP levels should be set at 1.5080, 1.5120, and finally at 1.5200.


SL should be set as daily closure below 1.4900.


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USD/CAD intraday technical levels and trading recommendations for April 1, 2015

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Overview:


Since bulls have pushed further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level the market looks quite overbought.


However, bullish pressure is still expressed as the previous weekly closure came above 1.2550 (consolidation zone mid-line).


Successive lower highs were established within the wedge pattern. However, the market expressed a bullish breakout above 1.2550-1.2600 shortly after.


The market failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a double-top pattern that calls for confirmation (daily closure below 1.2350).


On the other hand, the support level around 1.2350 (lower limit of the wedge pattern) and 1.2300 (79.6% Fibonacci level) have been providing support for successive weeks on the daily chart.


In the long term, a projected target for USD/CAD wedge pattern would be located near the level of 1.3050 (the origin of the last bearish swing initiated on March 2009).


Last week, the resulting weekly candlestick came strongly positive (bullish hammer) closing above the price level of 1.2550 (mid-zone of the consolidation range) that failed to provide enough resistance for the pair.


This enhances the bullish side of the market. The next resistance level, hence the next target to meet the pair, is located at 1.2790 (almost reached today).


A weekly closure above 1.2780 (upper limit of the current consolidation range) is mandatory to pursue towards price levels of 1.2930 and 1.3000.


Trading recommendations:


As anticipated for risky traders, bearish pullback towards 1.2350 was considered for buy entry that is running in profits now. S/L can be advanced to the price level of 1.2400.


Target levels to be visited at 1.2850 and 1.3050.


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Intraday technical levels and trading recommendations for GBP/USD for April 1, 2015

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The market has previously established a consolidation zone around 1.5000, which extended up to 1.5280. This was followed by a transient uptrend maintained within the depicted channel.


Bulls managed to push towards higher levels, including 1.5550 (just below the weekly supply level).


Significant bearish pressure was applied around 1.5550 resulting in the formation of multiple bearish engulfing daily candlesticks.


Demand levels located around 1.5200 and 1.5000 failed to provide enough support for the GBP/USD pair. This was followed by bearish decline towards 1.4700.


Last week, strong bullish rejection was expressed around 1.4700 (weekly low). A significant bullish weekly candlestick was expressed by the end of the week.


The price zone around 1.4960-1.5000 was expected to provide supply at retesting as it corresponds to the upper limit of the long-term depicted channel, 38.2% Fibonacci level and a broken weekly demand, which goes back to January 2015.


Transient sideway movement with slight bearish tendency is being expressed on the daily chart. Note that daily persistence above the price level of 1.5090 (50% Fibo level) confirms the bullish flag pattern. Estimated targets are projected towards 1.5150 then 1.5380.


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Recently, GBP/USD bulls failed to defend their demand zone around 1.4960-1.5000, which was breached two weeks ago.


Evident bullish recovery was manifested on the H4 chart near the price levels at 1.4700 (weekly low).


Fixation above 1.4700-1.4720 enhanced a bullish side of the market allowing another bullish swing towards 1.4990 to take place.


Recently, the GBP/USD pair failed to trade above the price level of 1.4970 as a flag pattern has been expressed since the price levels of 1.4970-1.5000 were visited.


Conservative traders should note that the GBP/USD pair remains trapped between 1.4700 and 1.4970 until a breakout occurs in either direction (the current consolidation range was anticipated in the previous articles).


However, a quick bearish pullback towards the price level of 1.4720 (daily demand level) may be considered for a counter-trend buy entry. Stop loss should be located below 1.4625.


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Intraday technical levels and trading recommendations for EUR/USD for April 1, 2015

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The market was aggressively pushed lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.


The EUR/USD pair has lost almost 1600 pips since the beginning of 2015. Moreover, EUR/USD bear have already pushed slightly below the monthly demand level around 1.0550 (established on January 1997) where some bullish recovery was applied at retesting.


The recent monthly closure came remains negative for the EUR/USD pair. Bearish breakdown below the monthly demand level at 1.0550 should be anticipated as theoretical long-term targets are projected around 0.9450.


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Obvious bearish breakdown of the weekly demand level at 1.1100 enhanced the bearish side of the market exposing lower targets.


Full projection targets for the Flag pattern were successfully reached around 1.0800 and 1.0500.


As anticipated, after such a long bearish rally (which started off 1.1300) bullish rejection was around 1.0570 (monthly demand level).


Daily persistence above the price zone of 1.0850-1.0860 (recent demand zone) must maintain the bullish corrective movement towards 1.1100 where a long-term sell position can be offered.


However, a daily closure below 1.0850 (took place on Monday) invalidates the bullish correction, bringing the EUR/USD pair back towards 1.0650-1.0600 (weekly low).


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Technical analysis of USD/JPY for April 01, 2015

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Fundamental Outlook:
USD/JPY is expected to consolidate after hitting a seven-day high of 120.37 on Tuesday. It is underpinned by the broadly firmer dollar undertone (ICE spot dollar index last 98.43 versus 97.94 early Tuesday) on the back of Fed's Lacker's comment that there is a "strong case" for the US central bank to begin raising short-term interest rates at its policy meeting in July and stronger-than-expected US Conference Board March consumer confidence index of 101.3 (versus forecast 96.8). USD/JPY is also supported by the demand from Japan importers and ultra-loose Bank of Japan's monetary policy. But USD sentiment are dented by the weaker-than-expected US March ISM-Chicago PMI of 46.3 (versus forecast 51.0); smaller-than-expected 4.6% on-year rise in US January S&P / Case-Shiller 20-city home price index (versus forecast +4.8%). Upside, USD/JPY is also limited by the Japan exporter sales, lower US Treasury yields (10-year at 1.926% versus 1.961% late Monday), and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge rose 5.38% to 15.29, S&P 500 closed 0.88% lower at 2,067.89 overnight) as caution prevails ahead of Friday's critical US March non-farm payrolls report, while concerns about Greece persist and oil prices fall.


Technical comment:
The daily chart is mixed as the MACD is bearish, a five-day moving average is below a 15-day moving average and is declining. Stochastics is turned bullish at oversold levels.


Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price holds above its pivot point, a long position is recommended with the first target at 120.30 and the second target at 120.55. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 119.25. A break of this target would push the pair further downwards, and one may expect the second target at 118.85. The pivot point is at 119.60.


Resistance levels:

120.30

120.55

120.85


Support levels:

119.25

118.85

118.30


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Technical analysis of USD/CHF for April 01, 2015

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Fundamental overview:


USD/CHF is expected to consolidate with bullish bias after hitting a six-day high of 0.9760 on Tuesday. It is underpinned by the broadly firmer dollar undertone (ICE spot dollar index 98.43 versus 97.94 early Tuesday) on the back of Lacker's comment that there is a "strong case" for the US central bank to begin raising short-term interest rates at its policy meeting in June and stronger-than-expected US Conference Board March consumer confidence index of 101.3 (versus forecast 96.8), the franc sales on soft CHF/JPY cross, negative Swiss interest rates, and threat of the Swiss National Bank CHF-selling intervention.


Technical comment:
The daily chart is mixed as the MACD is bearish but stochastics is rising from oversold levels.


Trading recommendations:

The pair is trading above its pivot point. It is likely to be trading in a higher range as far as it remains above its pivot point. As long as the price holds above its pivot point, a long position is recommended with the first target at 0.9765 and the second target at 0.9810. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9590. A break of this target would push the pair further downwards, and one may expect the second target at 0.9525. The pivot point is at 0.9635.


Resistance levels:

0.9765

0.9810

0.9865


Support levels:

0.9590

0.9525

0.9485


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Technical analysis of NZD/USD for April 01, 2015

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Fundamental overview:
NZD/USD is expected to consolidate with bearish bias after hitting a seven-day low of 0.7454 on Tuesday. It is undermined by the broadly firmer dollar undertone and weak commodity prices (CRB spot index closed 1.12% down at 211.85 on Tuesday) and the kiwi sales on soft NZD/JPY amid subdued investor risk appetite. But NZD/USD losses are tempered by the kiwi demand on soft AUD/NZD cross.


Technical comment:

The daily chart is tilting negative as stochastics is falling from overbought levels, positive MACD histogram bars are contracting.


Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.7370. A break of that target will move the pair further downwards to 0.7310. The pivot point stands at 0.7500. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 0.7545 and the second target at 0.76.


Resistance levels:

0.7545

0.76

0.7645

Support levels:

0.7370

0.7310

0.7245


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Technical analysis of GBP/JPY for April 01, 2015



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Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias. It is undermined by weak GBP/USD undertone, increased investor risk aversion, and Japan exporter sales. But GBP/JPY losses are tempered by the demand from Japan importers. Sterling sentiment is boosted by the stronger-than-expected UK Final Q4 GDP revised higher to +0.6 q/q, +3.0% y/y (versus forecast +0.5 q/qr, +2.7% y/y).


Technical comment:

The daily chart is mixed as the MACD is bullish but stochastics is in a bearish mode. A bearish outside-day-range pattern was completed on Tuesday. A five-day moving average is falling below a 15-day moving average.


Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 177.75 and the second target at 178.30. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 176.45. A break of this target would push the pair further downwards, and one may expect the second target at 176. The pivot point is at 176.80.


Resistance levels:

177.75

178.40

179.30

Support levels:
176.45

176

175.45


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Daily analysis of USDX for April 01, 2015

The USDX continues to be favored by the current bullish momentum, as the instrument tries to reach the resistance level at 99.12, in order to make a breakout and later to consolidate again above the key resistance zone around 100.00. We still prefer the bullish outlook, as the fractal structure in the daily chart continues tells us that the bullish road is the real one at the moment.


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In the H1 chart, the USDX is trying to stay above the 200 SMA, as the instrument could probably resume the bullish bias in the medium term. The short-term outlook is still bullish and we should wait for bullish patterns formation in order to ride this bias.


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Daily chart's resistance levels: 99.12 / 100.35


Dailychart's support levels: 98.01 / 96.60


H1 chart's resistance levels: 98.77 / 99.16


H1 chart's support levels: 98.36 / 97.90






Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 98.77, take profit is at 99.16, and stop loss is at 98.37.


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Daily analysis of GBP/USD for April 01, 2015

At the daily chart, bears remain in the control of the GBP/USD overall trend, thanks to the current price action. That is forming bearish patterns. The downside target is still located at the support zone of 1.4649. We expect the GBP/USD pair to test that zone in order to make a possible bearish breakout. The MACD indicator is at a neutral territory.


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At yesterday's session, we saw a pullback at the 200 SMA in the H1 chart, as the pair was trying to fall to the support level of 1.4721 again, which has not been visited from the March 20 session. Now, one would expect a lower low pattern formation at the current levels, in order to reach new lows in the short and medium terms.


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Daily chart's resistance levels: 1.4820 / 1.4948


Dailychart's support levels: 1.4649 / 1.4505


H1 chart's resistance levels: 1.4842 / 1.4921


H1 chart's support levels: 1.4774 / 1.4721






Trading recommendations for today: Based on the H1 chart, place short (sell) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4774, take profit is at 1.4721, and stop loss is at 1.4825.


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Technical analysis of USD/CAD for April 1, 2015

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Overview :



  • As expected, resistance got broken and turned to support at the same key level of 1.2649, which represents the 61.8% Fibonacci retracement levels in the H4 chart. So, support of the USD/CAD pair has been already set at the level of 1.1150. Equally important, the price set above the support line since yesterday. Furthermore, the price has still been moving between 1.2650 and 1.2770. Therefore, the USD/CAD pair started showing signs of bullish market, hence the market indicates the bullish opportunity at the level of 1.2650 with the first target at 1.2731, and continues towards the level of 1.2777 again. Also, it should be noted that the double top is likely to be set at 1.2777. On the other hand, the stop loss should always be taken into account. Thus, to set your stop loss at the 1.2614 price is going to be wise decision. Moreover, the level of 1.2777 represents strong resistance because the same level is coinciding with the 88.2% Fibonacci retracement levels. Consequently, the pair is going to form strong resistance at the spot of 1.2777/1.2770.


Observations :



  • The weekly pivot point will set at the price of 1.2649.

  • We expect a range of 129 pips. So, the risk of 86 pips must make a profit of 129 pips.

  • Volatility: 385.92.


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Technical analysis of NZD/USD for April 1, 2015

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Overview :



  • The history will probably repeat itself at this level again. So, according to the previous events, the NZD/USD pair will move between 0.7355 and 0.7495. Additionally, it should be noted that minor support is going to be set at the level of 0.7375. Moreover, the level of 1.2649 represents the pivot point on April 1, 2015. Equally important resistance is likely to be set at 0.9495 and the double top is set at the same level too. Therefore, sell at the price of 0.9495 with the first target at 0.9412, then it will move towards 0.7375 in order to test the first support which coincides with the ratio of 38.2% Fibonacci retracement. On the other hand, if the trend fails to close below weekly support 1 at the level of 0.7375, hence buy above 0.7370 with target at 0.7490 in days to come.


Trading recommendations :



  • Resistance will be formed at the level of 0.7495 providing a clear signal for sell deals with the target seen at 0.7380.

  • Support will be formed at the level of 0.7375 providing a clear signal for buy deals with the target seen at the 0.7490 level.

  • Stop-loss is to be placed below 0.7342.

  • Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.


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Technical analysis and trading recommendation of GBP against USD,YEN for April 01, 2015

GBP/USD


The United Kingdom current account deficit hit 25.3 billion pounds in Q4 2014, down from a revised deficit of 27.7 billion pounds in Q3 2014. The deficit in Q4 2014 equated to 5.6% down from 6.1% in Q3 2014. The current account deficit narrowed due to a decrease in the trade account deficit, partially offset by a widening in the secondary income account deficit.


The UK GDP increased by 0.6% between Q3 (July to Sept) 2014 and Q4 (Oct to Dec) 2014, revised up to 0.1 percentage points from the previous estimate of GDP published in February, 2015. In the term between Q4 2013 and Q4 2014, GDP increased by 3.0%, revised up to 0.3 percentage points from the previous estimate.


Upcoming events:


Traders eye on the UK manufacturing PMI. US data will dominate in today's session.


Technical view:


The trading pattern has been framed between 1.5000 and 1.4745. The pair was rejected at 20Dsma after the FED's meeting, making lower lows in the daily chart. In the last quarter, the cable lost almost 700 pips. Today, the British pound is trading higher against USD ahead of the data releases from the US and UK. We recommend fresh selling below 1.4815. Today, the cable opened bullish started lower strategy. Parallel resistance is seen at 1.4875 and 1.4900. In case the price moves towards 1.4875, use this opportunity to sell with sl 1.4920 on a daily closing basis with targets at 1.4750, 1.4720, and 1.4690. In the H4 chart, prices are forming lower lows and lower highs. Until the price closes below 1.5000, gates are open for 1.4660 on the down side. Intraday support is seen at 1.4817 that is an 8-hour low and resistance is seen at 1.4875 and 1.4920. We can expect strong upswing only above 1.5000 in case the price closes above on a daily basis. Eventually, the pound looks weak against USD ahead of political drama. UK is slowly approaching its general election scheduled for May. Market participants expect the pound to get under a downward pressure.


Trade: Selling with sl 1.4920, below 1.4815 more selling pressure will be added


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GBP/JPY


The cross has been testing its fate at key moving averages. In the monthly chart, the price has been testing its fate at 200Msma. The cross managed to close above 200Msma for consecutive 3 months. In the weekly chart, 50Wsma helped the price move back to highs. In the last 8 months, the 50Wsma pushed the price to higher levels in 4 occasions. Whenever the price corrects towards 50Wsma, the moving average helped the price print new fresh high. Last week, the pair managed to close above that. This week's closing will give a clear picture either big move or fall. I expect higher levels. Strong support zone is based between 176.00 and 175.50. In the daily chart, 200Dsma and 200Dsma are acting as strong resistance zones. These factors show how moving averages behave and take leadership to change the trend. In the H4 chart, lower lows and lower highs formation is seen. In the H1 chart, higher lows and higher highs formation are made. Intraday support is found at 117.00 and resistance is seen at 177.75. I do not advise buying/selling under the current. We need more clarity on a daily basis.


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#USDX technical analysis for April 1, 2015

The Dollar index remains in a short-term uptrend. It is trying to break above short-term resistance at 98.50 by the Ichimoku cloud. The low of 96 are huge support for the short- and medium-term trends. As long as we trade above these levels, we should expect new highs.


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The Dollar index is inside the Ichimoku cloud. The trend is neutral in the Ichimoku terms. The price is making higher highs and higher lows after the low of 96.15 was made. The index is trying to complete a full reversal in order to resume the longer-term bullish trend. Resistance is found at 98.50 and support at 97.


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Orange lines= upward sloping channel


The Dollar index remains inside the upward sloping channel as shown in the weekly chart above. The Chikou span is turning into a positive slope although the kijun- and tenkan-sen are flat. The price held above the tenkan-sen during the previous week. This week's candle looks that the bullish trend will resume right away. As long as we trade above 97, the chances favor to bulls. The 61.8% retracement at 102 has yet to be reached.


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Technical analysis of USD/CAD for April 1, 2015

General overview for 01/04/2015 10:05 CET


The wave progression is developing as anticipated with the first impulsive wave to the upside already in place and ongoing corrective cycle. The main count indicates one more wave down in order to complete a simple abc purple correction and then uptrend resumption. The first projected target for correction completion is at the level of 1.2561. This count is invalidated only when the level of 1.2387 is violated. The mid-term outlook for swingtraders is still bullish as there are uncompleted impulsive waves to the upside.


Support/Resistance:


1.2561 - Weekly Pivot


1.2642 - Intraday Support


1.2704 - Intraday Resistance


1.2712 - WR1


1.2771 - WR2


1.2783 - Intraday Resistance


Trading recommendations:


Daytraders should consider opening sell orders for intraday scalp from current market levels with SL above the level of 1.2705 and TP at the level of 1.2561.


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Gold technical analysis for April 1, 2015

Gold price has bounced off support at $1,180 but the bounce is not as strong as bulls would like. The price remains inside the Ichimoku cloud implying the short-term trend has changed from bearish to neutral but not to bullish. Gold price remains in a longer-term bearish trend.


goldh4.jpg


Red line = support broken


When the red trend line was broken, we received the last signal. We expected gold price to move towards the cloud support between $1,180-75. The price is inside the cloud. A low of $1,178 is short-term support and the 61.8% retracement to $1,172 is also seen as support. Bulls can feel comfortable as long as we trade above $1,170. However, they will also need to show signs of strength


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Blue line = support


The weekly chart remains bearish. Support is found at $1,130. Resistance is seen at $1,200. The bearish cross of the kijun-sen and tenkan-sen is not a good sign as I pointed out yesterday. A break above resistance at $1,200 is going to push gold price towards $1,250 to test the cloud resistance. Longer-term view remains bearish. Breaking $1,130 will give us target at $1,000 or even $900.








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Technical analysis of EUR/JPY for April 1, 2015

General overview for 01/04/2015 09:50 CET


The count had been slightly changed to indicate another possible labeling in the overall unfinished corrective structure. In this count, wave X brown hasn't been finished yet and the market is in the last stage of completing correction of wave c green. Please notice that three zones (bullish, neutral, and bearish) are moving as well and as long as the price is staying inside the yellow range zone. The corrective cycle in wave X brown might get more complex and time consuming. Only an impulsive breakout above the level of 130.37 would change the mid-term outlook for more bullish.


Support/Resistance:


126.89 - Swing Low


127.55 - WS2


128.44 - WS1


128.60 - Intraday Support


129.43 - Intraday Resistance


130.02 - Weekly Pivot


Trading recommendations:


Daytraders should consider opening sell orders for intraday scalp from current market levels with SL above the level of 129.43 and TP at the level of 127.55.


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Elliott wave analysis of EUR/NZD for April 1 - 2015

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Technical summary:


The correction from 1.4457 moved lower than expected and terminated at 1.4310, but the quick return into the base-channel indicates underlying strength. In the near term, we will be looking for a break above resistance at 1.4457 for a continuation higher to 1.4595. Now, a break above the base-channel resistance line near 1.4662 is likely to cause acceleration upwards. At this point only a break below 1.4310 will call for the expected upside pressure.


Trading recommendation:


We are long EUR from 1.4335 and will move our stop higher to 1.4300. If you are not long EUR yet, then buy a break above 1.4457 with the same stop at 1.4300.


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Elliott wave analysis of EUR/JPY for April 1 - 2015

2015-04-01-EURJPY-4H.png


Technical summary:


EUR/JPY continues to move lower, but we still need a break below important short-term support at 128.33 to confirm a new test of 126.87 and more importantly new lows near 125.98. In the short term, only a break above 130.41 will call for the expected downside pressure. A break above resistance at 131.41 is going to signal that a premature bottom is found at 126.87 and a new impulsive rally to above 149.55 is developing.


Trading recommendation:


We are short EUR from 129.85 and will keep our stop+reverse at 130.40


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Technical analysis of Silver for April 01, 2015


Technical outlook and chart setups:


Silver is trading at the level of $16.68 after bouncing off Fibonacci 0.382 support earlier. The metal could resume rally from the current levels or after a drop lower towards the level of $16.00. It is recommended to initiate long positions between $16.40/$16.00 with risk at $15.00 respectively. There is a high probability of a drop into $16.00 before the rally resumes. Immediate support is seen at $15.80 followed by $15.30 and lower, while resistance is seen at $17.40/50 followed by $18.40/50 and higher respectively. Bulls are expected to remain in control untill prices stay above the level of $15.00.


Trading recommendations:


Remain flat for now and look to buy at lower levels.


Good luck!




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Technical analysis of Gold for April 01, 2015


Technical outlook and chart setups:


Gold is seen to be trading at $1,187.00 after bouncing off $1,180.00. Please note that the metal has bounced off the Fibonacci 0.50 support level as well. It is recommended to initiate 50% long positions at the current price and to remain at $1,170.00 respectively, with risk at $1,150.00. Bulls could resume rally and push through the current levels as well. Immediate support is seen at $1,160.00 followed by $1,140.00 and lower, while resistance is seen at $1,223.00 followed by $1,240.00/50.00, $1,280.00, and higher respectively.


Trading recommendations:


Initiate 50% long positions now, remaining at $1,270.00, stop at $1,250.00.


Good luck!




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Technical analysis of EUR/JPY for April 01, 2015


Technical outlook and chart setups:


The EUR/JPY pair has tested the back side of resistance turned support line and bounced off to the level of 129.10. A bullish morning star candlestick pattern is under formation at the moment and it is recommended to initiate long positions again with risk at 128.00. Immediate support is seen at 128.00 followed by 127.00 and lower, while resistance is seen at 130.50 (interim) followed by 131.50, 133.00, and higher respectively. Bulls are expected to be back in control and push prices higher towards 133.00 at least.


Trading recommendations:


Initiate long positions again, stop at 128.00 and target at 133.00


Good luck!




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Technical analysis of GBP/CHF for April 01, 2015


Technical outlook and chart setups:


The GBP/CHF pair is seen to be stalled just above the level of 1.4400 as depicted on the 4H chart view. The pair could resume its downswing and target 1.4000 in the sessions to come. It is therefore recommended to take profits on long positions initiated earlier and remain flat for now. Immediate support is seen at 1.4200 (interim) followed by 1.4000, 1.3850, and lower, while resistance is seen at 1.4630 followed by 1.4800, 1.4950, and higher respectively. A bearish signal at the current levels would confirm that bears would resume the down swing.


Trading recommendations:


Book profits on long positions taken earlier.


Good luck!




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

Technical analysis and trading recommendation for Gold for April 01, 2015

Gold extended its losses for 3 consecutive days. At yesterday's session, the metal found support at 20Dsma, $1,175.50. Parallel resistance is seen at $1,190.40. At the Asian session, the metal made a high of $1,188.20. Intraday support is seen at $1,181.00 and weekly support is likely to be found at $1,175.00. At yesterday's session, the USD index rebounded on the back of strong US data. The Conference Board Consumer Confidence Index, which improved in March compared to its decline in February. Now, the Index stands at 101.3 up from 98.8 in February. Today, traders eye on the ADP non-farm employment change, ISM manufacturing PMI, and FOMC member WilliamDudley's speech. ADP data and ISM manufacturing data were weak in February and March. Ahead of big events coming up today and tomorrow, the metal is trading on the support levels. Bulls must close above $1,194.00 to regain the strength. This is a short-trading week. For an intraday session, we recommend selling below $1,175.00 with targets at $1,172.00, $1,170.00, $1,168.00, $1,164.00, and $1,160.00. In case of disappointing ADP data, we request traders to buy above $1,194.00 with targets at $1,199.00 and $1,202.00. In the hourly chart, lower lows and lower highs formation is expanding.


Trade:


Selling below $1,175.00


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Technical analysis of EUR/USD for April 01, 2015

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When the European market opens, some economic data on Final Manufacturing PMI, Italian Manufacturing PMI, and Spanish Manufacturing PMI are due for release.The US will publish data on Total Vehicle Sales, Crude Oil Inventories, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, and ADP Non-Farm Employment Change. So, EUR/USD will move low to medium volatility during this day.




TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.0793.




Strong Resistance:1.0874.




Original Resistance: 1.0787.




Inner Sell Area: 1.0765.




Target Inner Area: 1.0740.




Inner Buy Area: 1.0715.




Original Support: 1.0704.




Strong Support: 1.0693.




Breakout SELL Level: 1.0687.








Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.


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

Technical analysis of USD/JPY for April 01, 2015

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In Asia, Japan is expected to release data on the Final Manufacturing PMI, Tankan Non-Manufacturing Index, and Tankan Manufacturing Index. The US is going to publish economic data about Total Vehicle Sales, Crude Oil Inventories, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, and ADP Non-Farm Employment Change. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during the day.




TODAY TECHNICAL LEVELS:




Resistance. 3: 120.18.




Resistance. 2: 119.95.




Resistance. 1: 119.71.




Support. 1: 119.42.




Support. 2: 119.19.




Support. 3: 118.95.








Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.


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

Daily analysis of major pairs for April 1, 2015

EUR/USD: This pair has already formed a bearish outlook (which would continue to be a boon to the USD/CHF pair as long as the bearish outlook holds). There are support lines at 1.0700 and 1.0650. They are likelu to be possible targets for bears.


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USD/CHF: This currency trading instrument continued to make its effort to go upwards with some visible results. A movement above the resistance levels at 0.9800 and 0.9850 would mean the end of the current bearish bias and the beginning of a good bullish bias.


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GBP/USD: It is better to go short on this market instead of going long. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. This is a sell signal in spite of the visible bullish effort on the market. A movement below the accumulation territory at 1.4750 is likely to strengthen the 'sell' signal, while a movement above the distribution territory at 1.4950 is going to render the signal useless.


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USD/JPY: This trading instrument was moving sideways on Tuesday, but the overall bias remains bullish (especially in the near term). It can be said that the market has moved sideways in the context of a near-term uptrend. The price may trade further north when a breakout does happen in the market, save the movement below the demand level at 119.00.


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EUR/JPY: The yen became stronger. As a result, some JPY pairs are currently showing weakness. For example, the EUR/JPY pair was trading south on Tuesday, forming a Bearish Confirmation Pattern in the chart. Unless the supply zone around 131.00 is overcome, a long trade may look illogical here.


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EUR/NZD analysis for March 31, 2015

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Overview:


In our last analysis, EUR/NZD was trading downwards. The price has tested the level of 1.4307 in an average volume. The price found support around the level of 1.4330 (our Fibonacci expansion 61.8%). The short-term trend is still neutral. So, be careful when trading EUR/NZD. According to price action on 4H time frame, we can see a pin bar and rejection from our Fibonacci expansion 61.8%. My advice is to watch for potential buying opportunities. The first resistance level is around the price of 1.4440.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.4447


R2: 1.4462


R3: 1.4486


Support levels:


S1: 1.4400


S2: 1.4384


S3: 1.4360


Trading recommendations: We are in neutral trend. So we need to a clear direction in the next period for better trading opportunities. Anyway, buying positions are preferable.




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Gold analysis for March 31, 2015

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Overview :


Since our last analysis, gold has been trading downwards. As we expected, the price has tested the level of $1,178.30 in a high volume. Accoridng to the daily time frame, we can observe supply in a volume below the average (weak supply). I have placed Fiobonacci retracement to find potential support levels. I have got Fibonacci retracement 38.2% at the price of $1,190.00 (already broken) and Fibonacci retracement 61.8% at the price of $1,172.00. Anyway, be careful when selling gold at this stage since we have a weak supply in the background.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,195.68


R2: 1,199.78


R3: 1,206.43


Support levels :


S1: 1,182.38


S2: 1,178.28


S3: 1,171.60


Trading recommendations: Be careful when selling gold at this stage since we have a weak supply in the background.




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