GBP/USD intraday technical levels and trading recommendations for April 7, 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).


Three 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 over the price levels of 1.5200 (R2), and 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 double-bottom reversal pattern.


Fixation above 1.4980-1.5000 (neck-line = R1) 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 enough bullish momentum to express H4 closure above 1.5000 looking 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 7, 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 and weekly charts.


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


The recent weekly candlestick indicates bearish rejection at retesting of the weekly resistance at 1.3000 (a Shooting-Star weekly candlestick around the upper limit of the consolidation zone).


On a daily basis, as long as the USD/CAD pair keeps trading below 1.2550 (Intraday support level), a quick bearish decline towards 1.2350 should be expected (significant Fibonacci level and the lower limit of the wedge pattern).


Trading recommendations:


The price level of 1.2550 is likely to offer a valid sell entry with T/P at 1.2350.


S/L should be set as DAILY closure again above 1.2560 again.


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Intraday technical levels and trading recommendations for EUR/USD for April 7, 2015

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The market was aggressively pushed lower after breaking below the 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 bears have already pushed the market slightly below the monthly demand level around 1.0550 (established on January 1997) where bullish rejection was applied for retesting.


The recent monthly closure remains negative for the EUR/USD pair on the long-term perspective.


Bearish breakdown of 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 breakout 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 we anticipated, after such a long bearish rally (which started off 1.1300) bullish rejection was around 1.0570 (monthly demand level).


The daily persistence above 1.0850-1.0860 (recent uptrend line and previous demand level) is mandatory to maintain the bullish corrective movement towards 1.1100 where a long-term sell position can be offered.


On the other hand, in case of a re-closure below the level of 1.0850 (currently being tested), the EUR/USD pair is likely to move back towards 1.0650-1.0600 (weekly low).


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EUR/NZD : analysis for April 07, 2015

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Overview:


In our last analysis, EUR/NZD was trading downwards. The price has tested the level of 1.4375 in an ultra high volume. I have placed Fibonacci retracement to find support levels and I got Fibonacci retracement 38.2% at the level of 1.4380 (successful tested). So, be careful when selling EUR/NZD at this stage. The price has broke the lower diagonal of our channel but we saw strong support around the level of 1.4380. According to the 4H time frame, we can observe selling climax (potential hidden buying). If the price moves back into the channel range, we may expect higher prices. Anyway, if the price breaks the level of 1.4380 in a high volume, we may see it testing the level of 1.4285 (Fibonacci retracement 61.8%). The intraday trend is bearish. Watch for buying opportunities just if the price changes trend dynamic from bearish to bullish.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.4509


R2: 1.4533


R3: 1.4572


Support levels:


S1: 1.4432


S2: 1.4408


S3: 1.4370


Trading recommendations: Be careful when selling EUR/NZD at this stage since our Fibonacci retracement 38.2% held successful.




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Intraday technical levels and trading recommendations for GBP/USD for April 7, 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 the price towards higher levels including 1.5550 (just below the weekly supply level) where significant bearish pressure was applied, resulting in the formation of multiple bearish engulfing daily candlesticks.


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


As expected, the price zone around 1.4960-1.5000 provided evident supply at retesting that took place yesterday. This price zone corresponds to 38.2% Fibonacci level as well as a previous broken weekly demand, which goes back to January 2015.


Transient sideways movement with slight bearish tendency is still being expressed on the daily chart. This was quickly followed by yesterday's daily Shooting-Star candlestick at the levels of 1.5000.


Note that daily persistence above the price level of 1.5090 (50% Fibonacci level) is needed to confirm the 123 bullish reversal pattern ( as well as the recent ascending bottom).


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Previous demand zone around 1.4960-1.5000 was breached three weeks ago resulting in quick bearish decline towards 1.4700.


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


As mentioned before, fixation above 1.4700-1.4720 enhances further bullish visits towards 1.5000.


Recently, the GBP/USD pair failed to trade above the level of 1.4970 as a flag pattern has been expressed since the levels of 1.4970-1.5000 were initially 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 (bullish breakout would be less risky).


A daily breakout above the level of 1.5090 (50% Fibonacci level) is needed to confirm the 123 bullish reversal pattern as well as the depicted Flag pattern.


Estimated bullish targets would be projected towards 1.5150 then 1.5350.


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Gold : analysis for April 07, 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 $1,207.32 in a high volume. According to the daily time frame, we can observe weak demand in a volume below average. According to the lower time frames, we can observe selling climax (hidden this stage). Our Fibonacci expansion 100% at $1,225.00 got tested. The pirce is testing support at $1,207.00. If the price breaks the level of $1,207.00 in a high volume, we may expect it to test the level of $1,194.00.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,223.12


R2: 1,225.92


R3: 1,230.47


Support levels :


S1: 1,214.02


S2: 1,211.22


S3: 1,206.67


Trading recommendations: Be careful when buying gold at this stage since our Fibonacci expansion 100% is almost tested.




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Technical analysis of USD/CAD for April 7, 2015

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Overview :



  • The resistance of the USD/CAD pair was broken and turned to support at the same key level (1.2405). So, the support of the USD/CAD pair has been already set at the level of 1.2405 and the double bottom is seen at 1.2351 in the H4 chart. Equally important, the price set above the support since weeks. Furthermore, the price is still trading between the levels of 1.2351 and 1.2535 in the long term. Therefore, the USD/CAD pair started showing the signs of bullish market, hence the market indicates the bullish opportunity at the level of 1.2405 with the first target at 1.2450, and continues towards the level of 1.2523 again. On the other hand, the stop loss should always be taken into account, hence it will be profitable to set your stop loss below the double bottom at the 1.2330 price. Also, it should be noted that the level of 1.2351 is representing strong support on April 7, 2015. Moreover, the same level is coinciding with the 00% Fibonacci retracement levels at the same time frame. Consequently, the pair is going to form strong support in the area around 1.2350.


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Technical analysis of NZD/USD for April 7, 2015

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Trading recommendations :



  • According to the previous events, the NZD/USD pair has still been moving between 0.7508 and 0.7579. Also, it should be noted that the market was not stable since last week.

  • In the H4 chart, minor resistance will be formed at the level of 0.7579 (61.8% of Fibonacci retracement levels) providing a clear signal for sell deals with the target at 0.7510.

  • Stop-loss is to be placed above 0.7630.

  • On the other hand, minor support will be formed at the level of 0.7500 providing a clear signal for buy deals with the targets at 0.7543 and 0.7572 levels.

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


Observations :



  • The level of 0.7543 is representing the weekly pivot point.

  • The double top will be set at the level of 0.7630.

  • We expect a range of 62 pips today (note that the risk of 42 pips must make a profit of 63 pips).

  • Volatility: 274.81. Therefore, the market indicates the higher volatility.

  • The value of 38.2% Fibonacci retracement levels is 0.7508 (this levels is confirming for the bullish market).


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Technical analysis of USD/JPY for April 07, 2015

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Fundamental Outlook:
USD/JPY is to trade in higher range. It is underpinned by the improved dollar sentiment (ICE spot dollar index last 97.07 versus 96.63 early Monday) after the US ISM non-manufacturing March report pointed to a brighter growth outlook. The non-manufacturing PMI unexpectedly slipped to 56.5 from 56.9 in February (versus forecast 56.9), but the ISM's non-manufacturing employment index rose to 56.6 in March from 56.4 in February, the new orders index increased to 57.8 in March from 56.7 in February, while the export index jumped to 59.0 from 53.0. Also, Fed's Dudley said the soft patch in the US economy was likely caused in large part by temporary factors such as the harsh winter. USD/JPY is also supported by the higher US Treasury yields (10-year at 1.898% versus 1.841% late Friday); reduced safe-haven appeal of the yen as risk sentiment improves (S&P 500 closed up 0.66% at 2,080.62 overnight), demand from Japan importers and ultra-loose Bank of Japan's monetary policy. But USD/JPY gains are tempered by the Japan exporter sales.


Technical comment:
The daily chart is mixed as the MACD and stochastics are in bearish mode, but five-day moving average is meandering sideways below declining 15-day moving average, the inside-day-range pattern was completed on Monday.


Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as far as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 120.35 and the second target at 120.80. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 118.35. A break of this target is likely to push the pair further downwards, and one may expect the second target at 117.60. The pivot point is at 119.05.


Resistance levels:

120.35

120.80

121.35


Support levels:

118.35

117.60

117.25



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Technical analysis of USD/CHF for April 07, 2015

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Fundamental overview:
USD/CHF is expected to trade in lower range. USD/CHF losses are tempered by the improved dollar sentiment (ICE spot dollar index last 97.07 versus 96.63 early Monday) after the US ISM non-manufacturing March report pointed to a brighter growth outlook, negative Swiss interest rates, threat of the Swiss National Bank CHF-selling intervention, and franc sales on buoyant EUR/CHF cross.


Technical comment:
the daily chart is still negative-biased as five and 15-day moving averages are declining. The MACD and stochastics are bearish. Although, the latter is at oversold levels, while the inside-day-range pattern was completed on Monday.


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 0.9525. A break of that target will move the pair further downwards to 0.9470. The pivot point stands at 0.9610. 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, long positions are recommended with the first target at 0.9675 and the second target at 0.9750.


Resistance levels:

0.9675

0.9750

0.9835


Support levels:

0.9525

0.9470

0.9420


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Technical analysis of NZD/USD for April 07, 2015

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Fundamental overview:
NZD/USD is going to to trade in a higher range. It is undermined by the improved dollar sentiment (ICE spot dollar index last 97.07 versus 96.63 early Monday) after the US ISM non-manufacturing March report pointed to a brighter growth outlook. The non-manufacturing PMI slipped unexpectedly to 56.5 from 56.9 in February (versus forecast 56.9). The ISM's non-manufacturing employment index rose to 56.6 in March from 56.4 in February. New orders increased to 57.8 in March from 56.7 in February, while the export index jumped to 59.0 from 53.0. Also, Fed's Dudley said the soft patch in the US economy was likely to be caused by temporary factors such as the harsh winter, weak dairy prices, and the kiwi sales on rebounding AUD/NZD cross. But NZD/USD losses are tempered by the improved investor risk appetite and NZD-USD interest differential.


Technical comment:

The daily chart is still positive-biased as the MACD and stochastics are in bullish mode. Although, the inside-day-range pattern was completed on Monday.


Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as far as it remains above its pivot point. As long as the price keeps above its pivot point, long positions are recommended with the first target at 0.7620 and the second target at 0.7665. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7460. A break of this target would push the pair further downwards, and one may expect the second target at 0.7420. The pivot point is at 0.7510.


Resistance levels:

0.7620

0.7665

0.7695

Support levels:

0.7460

0.7420

0.7375


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Technical analysis of GBP/JPY for April 07, 2015

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Fundamental overview:
GBP/JPY is expected to consolidate with bullish bias. It is undermined by the weak GBP/USD undertone and Japan exporter sales. But GBP/JPY losses are tempered by demand from Japan importers, improved investor risk appetite, and sterling demand on soft EUR/GBP cross.


Technical comment:

The daily chart is mixed as the MACD and stochastics are in bullish mode, five and 15-day moving averages are advancing; but bearish doji shooting-star candlestick pattern was completed on Monday.


Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as far as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 178.45 and the second target at 178.90. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 177.15. A break of this target is likely to push the pair further downwards, and one may expect the second target at 176.85. The pivot point is at 177.45.


Resistance levels:

178.45

178.90

179.55

Support levels:
176.75

176

175.25


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Technical analysis of EUR/JPY for April 7, 2015

General overview for 07/04/2015 07:20 CET


After testing the longer time frame trend-line the market reversed and is continuing to complete the wave (b) blue to the downside now. The first target for this wave might be intraday support at the level of 130.03 but in case of a breakout the next support is at the level of 61% Fiobo at 129.51. The bounce/reversal is still expected in this pair as there is uncompleted wave structure to the upside (wave (c) blue).


Support/Resistance:


131.67 - Swing High


131.29 - Intraday Resistance


130.03 - Intraday Support


129.51 - 61%Fibo


Trading recommendations:


Still daytraders should consider to open buy orders from the level of 130.03 with SL below the level of 129.80 and TP at the level of 131.67.


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Technical analysis of USD/CAD for April 7, 2015

General overview for 07/04/2015 07:10 CET


The impulsive wave progression to the upside is developing rather slowly as the market made a false upside break out yesterday. The key thing to gain in this pair is a more bullish price actions above the golden trend line and the test of the level of 1.2556 from the downside. A lack of this kind wave development is likely to result in impulsive progression invalidation and more complex and time consuming corrective cycle.


Support/Resistance:


1.2411 - Invalidation Level


1.2431 - Intraday Support


1.2506 - Intraday Resistance


1.2556 - Technical Resistance


Trading recommendations:


Daytraders should consider opening buy orders from the current market levels with SL below the level of 1.2411 and TP at the level of 1.2555.


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Technical analysis and trading recommendation for crosses EUR/YEN for April 07, 2015

The cross has been behaving like EUR/USD. We can observe the same patter. Today and tomorrow are the big days for JPY, as the BoJ monetary policy statement and press conference are due for release. Ahead of the major events, JPY is trading lower against the euro. The cross has been moving higher for 3 consecutive days. Weekly resistance is seen at 131.67 and 132.30 50Dsma. Today, we are not expecting QQE expansion in the BoJ monetary policy. In case the news was hits, the wires inline the cross can touch 130.00 and 129.85. In case QQE was expanded more, JPY is likely to weaken further towards 131.50 and 131.85.


Intraday support is found at 130.40 and weekly – at 129.85. Intraday resistance is seen at 131.10 and weekly – at 131.85. In case the price manages to close above 131.70, bulls can challenge towards 132.30 and 133.00. The intraday trend favors bears and the weekly trend favors bulls. Until the pair closes above 128.40, bulls can try to breach the resistance zone towards 133.00. Weekly trading is framed between 131.85 and 128.40. We recommend buying above 131.10, safe buying above 131.30 with targets at 132.00, 132.25, and 132.95. On the down side, we recommend selling below 129.80 with targets at 129.10, 128.85, 128.60, 128.40, and 127.85. The real panic will be triggered below 128.40 only. In case the price closes below 128.40 fresh new lows are likely to be made at 125.20. The medium and longer picture still favors bears.


Trade: Buying above 131.10, safe buying above 131.30


Selling below 129.80


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Technical analysis and trading recommendation for EUR/USD for April 07, 2015

EUR/USD


The pair rejected at the resistance zone again. The multi-resistance zone is seen at 1.1042 and 1.1053. The strongest resistance is at the 1.1075 50Dsma. USD rebounded against the euro after the US PMI data. The number of Spanish unemployed registered at the offices of the Public Employment Services dropped to 60,214 people in March. The total number hit 4,451,939 people. This is the largest decline in unemployment in the month since 2002.


Upcoming events:


Traders eye on Spanish and Italy services PMI, investors' confidence and PPI data. The major event falls on Wednesday FOMC meeting minutes. Ahead of the big event, the euro is trading above USD at the Asian session.


Technical view:


The pair changes its direction from 1.0463, made high at 1.1053. The near-term outlook favors bulls. The intraday support is found at 1.0900 and weekly – at 1.0850. Intraday resistance is seen at 1.1055 and weekly – at 1.1075. In case the price manages to close above 1.1075, bulls can challenge towards 1.1300. Until the pair closes above 1.0700, bulls are going to try breaching the resistance zone around 1.1300. Weekly trading is framed with 1.0700 and 1.1055. We recommend buying above 1.1055, safe buying above 1.1075 with target at 1.1300. On the downside, we recommend selling below 1.0850 with targets at 1.0700, 1.0614, 1.0580, 1.0460, and 1.0375. The real panic will be triggered below 1.0700 only. In case the price closes below 1.0700, fresh new lows are likely to be made.


Trade:


Buying above 1.1055, safe buying above 1.1075


Selling below 1.0850


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Daily analysis of major pairs for April 7, 2015

EUR/USD: In spite of the current pullback in the market, the bullish outlook is still intact. The only thing that can render the bullish outlook useless is occasion in which the price goes below the support lines at 1.0850 and 1.0800.


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USD/CHF: Despite the current near-term rally on this pair, the bearish outlook is still intact. The only thing that can render the bearish outlook ineffectual is an occasion in which the price goes above the resistance levels at 0.9700 and 0.9750.


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GBP/USD: The cable is making some bullish effort, which is being frustrated by bears now and then. The price is currently below the distribution territory at 1.4900. Though the price may reach the accumulation territory at 1.4800, it is expected to go up in order to corroborate the bullish effort, which may lead to a confirmed bullish outlook.


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USD/JPY: The present weakness in the yen has caused this currency trading instrument to go up on Monday. The price level at 119.50 is seriously being challenged, and a close above the supply level at 120.00 would pose a threat to the existing southward bias. As long as the price does not cross the supply level at 120.00 to the upside, there is no threat to the southward bias.


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EUR/JPY: This cross looks strong right now, and the price may continue going upwards slowly and gradually, especially as long as EUR is strong. Any weakness in EUR would cause the cross to plummet, because the outlook for some JPY pairs is bearish this month.


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Technical analysis and trading recommendation for GBP/USD for April 07, 2015

Today, traders eye on the UK services PMI. Last month, it was printed in negative bias. At yesterday's session, the cable hold the 20Dsma and closed above that. Today, the cable holds the 2Dsma trading on a positive bias at the Asia session. The cable gave an inverse head and shoulder breakout in the hourly chart.


The trading pattern has been framed between 1.5000 and 1.4740. Today, the British pound is trading higher against USD ahead of the data releases from the US and UK. Until the price closes below 1.5000, gates are open for 1.4660 on the down side. Intraday support is seen at 1.4840 and resistance is seen at 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. We recommend selling below 1.4840 with targets at 1.4800, 1.4770, 1.4750, 1.4720, and 1.4690. On the higher side we recommend buying above 1.4920 with targets art 1.4990, strong upswing looms above 1.5000.


Trade: Selling below 1.4840


Buying above 1.4920.


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Elliott wave analysis of EUR/NZD for April 7 - 2015

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Technical summary:


We are constantly gaining a little more upside, and it should just be a matter of time before short-term important resistance at 1.4631 takes out for a rally towards 1.4869 and higher. In the short term, we expect support at 1.4447 to protect the downside for the challenge of resistance at 1.4631. However, even if support at 1.4447 gets broken, the downside should be limited to 1.4368 before moving higher again.


Trading recommendation:


We are long EUR from 1.4335 and will move our stop higher to 1.4355. If you are not long EUR yet, the buy near 1.4447 with the same stop at 1.4355.


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Elliott wave analysis of EUR/JPY for April 7 - 2015

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Technical summary:


We are still looking for resistance at 131.74 to protect the upside for the final decline towards the 38.2% corrective target at 125.98 to end wave C of the expanded flat correction, that has been dominating the picture since late December 2013. If however resistance at 131.74 is broken the odds swings in favor of a long term bottom being in place already at 126.87 and a new impulsive rally unfolding already.


Trading recommendation:


Our stop at 129.50 was taken out for a small profit. As wave (v) of C is well advanced we will stay neutral for now.


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Technical analysis of EUR/USD for April 07, 2015

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When the European market opens, economic data on the PPI m/m, Sentix Investor Confidence, Final Services PMI, Italian Services PMI, and Spanish Services PMI are due for release.The US is expected to publish figires for the Consumer Credit m/m, IBD/TIPP Economic Optimism, and JOLTS Job Openings. So, EUR/USD is likely to move low to medium volatility during this day.


TODAY TECHNICAL LEVELS:


Breakout BUY Level: 1.0987.


Strong Resistance:1.0981.


Original Resistance: 1.0970.


Inner Sell Area: 1.0959.


Target Inner Area: 1.0934.


Inner Buy Area: 1.0909.


Original Support: 1.0898.


Strong Support: 1.0887.


Breakout SELL Level: 1.0881.


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.




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Technical analysis of USD/JPY for April 07, 2015

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In Asia, Japan is not expected to release any economic data. However, the US will publish data about Consumer Credit m/m, IBD/TIPP Economic Optimism, and JOLTS Job Openings. So, there is a strong probability that the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.


TODAY TECHNICAL LEVELS:


Resistance. 3: 120.18.


Resistance. 2: 119.94.


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.




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Daily analysis of USDX for April 07, 2015

The USDX found solid floor at the support level of 96.60. Now, it is expected to rise to the next target at 98.01 level because the Index needs to fulfill the bearish gap. By the way, we could expect another pusher lower, as the the USDX is trying to make a correction in favor of a general bullish bias.


USDXDaily.png




On the H1 chart, we can see the USDX working well. It is trying to reach the resistance level of 97.30, which is very close to the 200 SMA. Of course, we expect that bearish gap to be filled in the coming days or hours. Also, be cautious, because the MACD indicator is reaching extreme overbought territory and the 200 SMA is turning flat.




USDXH1.png




Daily chart's resistance levels: 98.01 / 99.12


Dailychart's support levels: 96.60 / 95.19


H1 chart's resistance levels: 97.08 / 97.30


H1 chart's support levels: 96.54 / 96.25






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 97.08, take profit is at 97.30, and stop loss is at 96.85.


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Daily analysis of GBP/USD for April 07, 2015

During the Monday session, the pair did a pullback around the resistance level of 1.4948. Now, it is expected to fall to the support zone around 1.4820. The bearish structure is still on the daily chart, as 200 SMA is still pointing downwards, and the MACD indicator is starting to show some divergences in favor of the overall trend.


GBPUSDDaily.png




The intraday view is showing us a bullish trend that has not enough duration for progress above the 200 SMA on the H1 chart. The GBP/USD pair is trying to recover from losses after the pullback made at the resistance level of 1.4698. It is doing a rebound at the dynamic support offered by the moving average.


GBPUSDH1.png




Daily chart's resistance levels: 1.4948 / 1.5086


Dailychart's support levels: 1.4820 / 1.4649


H1 chart's resistance levels: 1.4921 / 1.4968


H1 chart's support levels: 1.4842 / 1.4774






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 1.4842, take profit is at 1.4774, and stop loss is at 1.4912.


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Technical analysis and trading recommendation for Gold for April 07, 2015

As we expected and advised in the previous article, the metal touched $1,223.80. However, it was unable to provide a fresh upside breakout. Soft US jobs data supported bulls. Weak data gave bulls enough mileage to trade at a 1-month high. Weekly resistance is seen at $1,244.00. Traders are preparing for tomorrow's mega event FOMC meeting minutes. Today, the metal was trading on a bearish bias at the Asian session. The metal has strong resistance between $1,232.00 and $1,234.60 above these; parallel resistance at $1,239.00 comes to existence. In the daily chart, we can observe the formation of head and shoulder pattern. The right hand shoulder is in progress. As we recommended on April 2, 2015, if the metal managed to close above $1,212.00, we can expect $1,221.00, $1,230.00, $1,235.00, and $1,244.00. In the extreme case, we can expect 1300.00 as well. The metal made a high of $1,223.80. This is too early to recommend $1,300.00; breakout is not given yet on the upside. We will re-analyze the chart in case a breakout takes place. The weekly pattern is framed between $1,244.00 and $1,178.00. The metal price movement is likely to favor bulls in the near term. The price has slightly corrected, and another sharp run takes place again. Intraday support is found at $1,208.00. Below this, we recommend selling with targets at $1,201.00, $1,198.00, and $1,195.00. The weekly uptrend is likely to erase in case price breaks below $1,194.00.


Trade:


Selling only below $1,208.00


1428372265_GOLDH4.png


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Technical analysis of EUR/JPY for April 07, 2015


Technical outlook and chart setups:


The EUR/JPY pair has hit 131.30/50 again and pulled back sharply. The pair is currently trading around the level of 130.83. As it failed to get through 131.50, there is a probability that it will move back towards its lower range around the level of 128.50. It is recommended to book profits on long positions taken last week and remain flat for now. Immediate support is seen at 128.50 followed by 128.00 and lower, while resistance is seen at 131.30/50 and higher respectively. Levels of interest are 129.00 and 128.50 respectively.


Trading recommendations:


Book profits on long positions taken earlier and remain flat for now.


Good luck!




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Technical analysis of GBP/CHF for April 07, 2015


Technical outlook an chart setups:


The GBP/CHF pair had earlier dropped to 1.4117 and remained shy of 1.4100 before pulling back into the area around 1.4250. The pair seems to be poised to rally through 1.4800 from here in a corrective manner. It is hence recommended to remain long with risk at the level of 1.4100. Immediate support is seen at 1.4000 followed by 1.3850 and lower, while resistance is seen at 1.4460 followed by 1.4630, 1.4800, and higher respectively. A break above 1.4450/60 would confirm that GBP/CHF has resumed corrective rally.


Trading recommendations:


Remain long, stop at 1.4100, target 1.4800.


Good luck!




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Technical analysis of Silver for April 07, 2015


Technical outlook and chart setups:


Silver has dropped below the level of $17.00 as we discussed and expected earlier. The metal could still be unfolding its counter trend correction and push lower towards $16.00 before resuming rally. It is recommended to remain short with risk at the levels $17.50/60. A drop below $16.60 from here is likely to confirm the same. Immediate support is seen at $16.50/60 followed by $15.80 and lower, while resistance is seen at $17.40/50 followed by $17.80/85 and higher respectively. Bears are expected to remain in control untill prices stay below $17.40/50.


Trading recommendations:


Remain short, stop at $17.50/60, target $16.00.


Good luck!




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Technical analysis of Gold for April 07, 2015


Technical outlook and chart setups:


Gold has dropped lower to the levels of $1,210.00/13.00 as expected earlier. The metal needs to correct further before resuming rally and a break below $1,278.00 could confirm the same. On the flip side, a push above the level of $1,225.00 would trigger further run up through $1,250.00 and higher. It is recommended to remain short now and wait for further correction lower before reversing. Immediate support is seen around $1,194.00/95.00, followed by $1,178.00 and lower while resistance is seen at $1,240.00/50.00 followed by $1,285.00 and higher respectively.


Trading recommendations:


Remain short for now, stop at $1,231.00, target at $1,270.00


Good luck!




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#USDX technical analysis for April 7, 2015

The Dollar index hold support at 96.20 and bounced strongly. After the index slipped on the back of the Friday holiday, analysts expected the price to collapse. But as I mentioned in my previous analysis, support and low at 96.20 is very important and as long as the price holds above it, bulls are likely to have the upper hand.


1428352883_usdx.jpg


Red line = support


Green line = resistance


The Dollar index held the red line support but is still below the Ichimoku cloud. This means that the short-term trend is bearish. The trend will remain bearish as long as the price is below the green trend-line resistance.


1428353141_usdxd.jpg


The Dollar index is inside the upward sloping channel. It is recovering after the gap down and is trying to move above the tenka-sen indicator (red line). As long as the Dollar index holds inside this bullish channel, the longer-term trend will remain bullish. The next target is seen at 101-102 as long as we hold above 96.


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Gold technical analysis for April 7, 2015

Gold price made a fake break out and short-term reversal today from $1,224. Gold did not close above $1,222 as bulls wanted and reversed despite a breakout to new short-term highs. This bearish signal could result into a deeper pullback. This week closes are going to play a significant role.


1428352542_goldh4.jpg


Blue line = resistance


Red line= support


Gold price made a new higher high today but did not manage to get higher or close above the previous high. Gold price is pulling back in what seems to be a fake breakout. Short-term support is at $1,206-$1,200. In case of brakout, I would believe we are going to test the red support line . Ichimoku cloud support is at $1,195-$1,200.


1428352645_goldd.jpg


The start of the week has not been good for bulls despite the gap up. The price got rejected at the yellow line kijun-sen indicator and this is bearish. However, it is still too early for conclusions for the weekly chart. For now, bulls need to push and close above $1,222 in order to reach the level of $1,250.


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