Daily analysis of USDX for April 08, 2015

The index continues to develop a corrective structure on the daily chart, as price action is currently showing us a consolidation above the key level of 96.60. It's expected to rise to the resistance level of 98.01, where the USDX could try another breakout in order to follow the bullish bias. Be cautious, as the index could do a pullback on the way.


USDXDaily.png




During the yesterday session, the USDX had a strong bullish momentum until the resistance zone of 98.00, but the index faced a strong selling pressure there and did a pullback. For now, it's trading below the 200 SMAagain. This could be an indication of a bearish consolidation in the short term, as the USDX is likely to find dynamic resistance on that moving average.




USDXH1.png




Daily chart's resistance levels: 98.01 / 99.12


Dailychart's support levels: 96.60 / 95.19


H1 chart's resistance levels: 97.75 / 98.00


H1 chart's support levels: 97.30 / 97.08






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 97.75, take profit is at 98.00, and stop loss is at 97.50.


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Elliott wave analysis of EUR/NZD for March 8, 2015

2015-04-08-EURNZD-4H.png


Technical summary:


The break below support at 1.4368 was unexpected; and it changes at least the short-term outlook for this cross. The rally of the low of 1.4128 could be described as a leading diagonal and if this is the case, support should soon be found for a break above minor resistance at 1.4461 and, more importantly, a break above resistance at 1.4547 confirming renewed upside pressure. However, the risk is a break below the 1.4128 bottom, that will call for a recount of the decline from 1.5821 and a move closer to 1.4048 before the bottom will be, most likely, in place.


Trading recommendation:


Our stop at 1.4355 was hit for a little but nice profit. We will only buy EUR at a break above 1.4461 (say at 1.4470).


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Elliott wave analysis of EUR/JPY for April 8, 2015

2015-04-08-EURJPY-D.png


Technical summary:


The decline in wave C of the wave 2 is well advanced and it will be a matter of time when wave 2 terminates and a new impulsive rally can be expected. The only question is whether the bottom of wave 2 already has been found at 126.87 or whether we still need one final decline closer to the ideal 38.2% corrective target at 125.98 before wave 2 terminates. It all comes down to resistance at 131.74 as long as this resistance is able to protect the upside. One final decline closer to 125.98 can not be excluded, while a break above 131.74 will confirm that a bottom was found prematurely at 126.87 and wave 3 to above 149.55 is developing.


Trading recommendation:


We will stay neutral for now and place a EUR buy-order at 126.25 or at 131.85 (a closed order cancels the other one).


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Daily analysis of GBP/USD for April 08, 2015

The GBP/USD pair is still trapped on the bearish range established between the levels of 1.4948 and 1.4820. Also, the pair is forming a lower low pattern, so we could expect more downside moves in the medium and long terms. By the way, a correction move above the resistance zone at 1.4948 is still expected. The MACD indicator is at positive territory.


GBPUSDDaily.png




In the intraday view, GBP/USD moved above the 200 SMA. Now, it's consolidaing above the support level at 1.4921 and looking to reach the resistance zone of 1.4968. That level is very strong and there could be a pullback on the road, as the pair is trying to ride the overall bearish trend.


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: 1.4921 / 1.4842






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 1.4921, take profit is at 1.4842, and stop loss is at 1.4999.


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Technical analysis of GBP/USD for April 8, 2015

gbpusdh1.png

Overview :



  • Today, the GBP/USD pair is going to turn to bullish sentiment from the level of 1.4867. You have to note that the level of 1.4867 represents strong support because this level was resistance and turned to support. Additionally, the price of 1.4867 is coinciding with the 50% of Fibonacci retracement levels. It is likely to be a good sign to buy above 1.4867 with the first target at 1.1964 to test minor resistance. Also, it will call for uptrend in order to continue its bullish movement towards 1.4994 (it should be noticed that the price of 1.4994 is representing the double top). Resistance will be set at the level of 1.4990. So, it is going to be very useful to take profit at this spot. At the same time, the stop loss should be placed below the double bottom at 1.4841. Furthermore, we expect that the range to get about 162 pips. The stop loss has been set in 54 pips. Consequently, the risk of 54 pips should make a profit of 162 pips.


Obseravtions :



  • The double top will set at the level of 1.4994.

  • The minor support is going to set at 1.4897. And this level is going to represent the daily pivot point on April 08, 2015.

  • The major support had been already set at 1.4867. Moreover, the double bottom is also coinciding with the major support.

  • The price hit the weekly pivot point and the support 1 last week, because of the series of relatively equal highs and equal lows.

  • We expect a range of 310 pips this week.


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Technical analysis of EUR/USD for April 8, 2015

eurusdh1.png

Overview :



  • The market of the EUR/USD pair has opened above daily support at 1.0842 today. The support has been already set at the level of 1.0840, which represents astrong level. Additionally, the double bottom is also coinciding with the same price in the H1 chart. Moreover, the EUR/USD pair reached the weekly pivot point yesterday and today the price is still around it. Hence, the trend was sideways and the range widened up to 82 pips. According to the previous events, the price of the EUR/USD pair has still been moving between the level of 1.0835 and 1.0922. Also, it should be noted that the level of 1.0922 (61.8% of Fibonacci retracement levels) represents stong resistance in the same time frame. Therefore, it will be advantageous to sell at the price of 1.0922 with the first target at 1.0866 (the level of 1.0866 is going to represent minor support). It may resume to 1.0840. Moreover, if the price is able to break 1.0840, the market is likely to call for a strong bearish pressure below 1.0840. Stop loss should always be in account. It seems to be wise to set the stop loss above the weekly resistance 1 at the level of 1.0938.


Technical levels for April 08, 2014 .



  • Projected high: 1.1003

  • Breakout (buy stop): 1.0938

  • Strong resistance (sell limit): 1.0922

  • Current pivot: 1.0866

  • Strong support (buy limit): 1.0840

  • Breakout (sell stop): 1.0830


Projected low: 1.0792


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Technical analysis of USD/CAD for April 8, 2015

General overview for 08/04/2015 11:10 CET


The impulsive wave progression to the upside looks rather muted so far, but the first impulsive structure in shape of a leading diagonal might be labeled on this H1 chart in line with the corrective cycle for wave (ii) green. Currently the most important level is the invalidation line at the level of 1.2432 (intraday support) and another invalidation line at the level of 1.2411.Any break out lower would invalidate and bullish scenarios and make the corrective cycle more complex and time-consuming.


Support/Resistance:


1.2411 - Invalidation Level


1.2432 - Intraday Support


1.2523 - Intraday Resistance


1.2556 - Technical Resistance


Trading recommendations:


Daytraders should still consider to open buy orders or add to the long positions with the SL below the level of 1.2410 and TP open for now. This trade might evolve into a swing trade later on.


2015-04-08_usdcad.jpg


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Technical analysis of EUR/JPY for April 8, 2015

General overview for 08/04/2015 11:00 CET


The corrective cycle in wave (b) blue does not looks completed yet as the impulsive wave progression to the upside looks rather muted now. This is why the supply zone between the levels of 130.79 - 130.61 should be watched, because breakout higher is the first clue that a low for wave y black is in place at the level of 129.90. In case of failure in this zone, the next possible scenario is a deeper retracement in form of a triple three pattern that might reach the 61% Fibo at the level of 129.51 and bounce/reverse from there. There is still one more uncompleted wave to the upside - wave (c) blue and the near-term bias is bullish.


Support/Resistance:


129.51 - 61%Fibo


129.90 - Wave y Low


130.61 - 130.79 - Supply Zone


131.30 - Swing High


Trading recommendations:


Daytraders should still consider openning buy orders or adding to long positions if the level of 130.79 is violated with h1 candle close above it. SL should be placed at the level of 129.89 and TP at the level of 131.30.


2015-04-08_eurjpy.jpg


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Technical analysis of USD/JPY for April 08, 2015

USDJPYM30.png


Fundamental Outlook:
USD/JPY is expected to consolidate with bullish bias after hitting a two-week high of 120.45 on Tuesday. USD/JPY is underpinned by positive dollar sentiment (ICE spot dollar index last 97.91 versus 97.07 early Tuesday) as more-than-expected 5.133 million US February job openings (versus forecast 5.01 million), a rise in US IBD/TIPP economic optimism index to 51.3 in April from 49.1 in March, and larger-than-expected $15.52 billion increase in US February consumer credit (versus forecast +$12.0 billion) bolster belief that last Friday's weak US March non-farm payrolls report was an aberration and that the US economy will regain momentum after the first quarter. USD/JPY is also supported by the demand from Japan importers and ultra-loose Bank of Japan's monetary policy. But USD/JPY gains are tempered by the Japan exporter sales and selling of the yen crosses amid diminished risk appetite (VIX fear gauge rose 0.27% to 14.78, S&P 500 closed 0.21% lower at 2,076.33 overnight).


Technical comment:
The daily chart is mixed as the MACD is in bearish mode but stochastics is neutral, a five-day moving average is meandering sideways below a declining 15-day moving average.


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:

120.45

120.90

121.35


Support levels:

118.50

118

117.50


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Technical analysis of USD/CHF for April 08, 2015

USDCHFM30.png


Fundamental overview:
USD/CHF is expected to trade in a higher range. It is supported by positive dollar sentiment (ICE spot dollar index last 97.91 versus 97.07 early Tuesday) as more-than-expected 5.133 million US February job openings (versus forecast 5.01 million), a rise in the US IBD/TIPP economic optimism index to 51.3 in April from 49.1 in March, and larger-than-expected $15.52 billion increase in US February consumer credit (versus forecast +$12.0 billion) bolster belief that last Friday's weak US March non-farm payrolls report was an aberration and that the US economy will regain momentum after the first quarter, negative Swiss interest rates and threat of Swiss National Bank CHF-selling intervention.


Technical comment:
The daily chart is mixed as the MACD is bearish but stochastics is turned bullish at oversold levels.


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 0.9675 and the second target at 0.9750. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9490. A break of this target would push the pair further downwards, and one may expect the second target at 0.9445. The pivot point is at 0.7550.


Resistance levels:

0.9675

0.9750

0.9835


Support levels:

0.9490

0.9445

0.94


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Technical analysis of NZD/USD for April 08, 2015

NZDUSDM30.png


Fundamental overview:
NZD/USD is expected to trade in a higher range. It is undermined by positive dollar sentiment (ICE spot dollar index last 97.91 versus 97.07 early Tuesday) as more-than-expected 5.133 million US job openings in February (versus forecast of 5.01 million), a rise in the US IBD/TIPP economic optimism index to 51.3 in April from 49.1 in March, and larger-than-expected $15.52 billion increase in the US February consumer credit (versus forecast +$12.0 billion) bolster belief that last Friday's weak US March non-farm payrolls report was an aberration and that the US economy will regain momentum after the first quarter, subdued investor risk appetite, weak dairy prices and kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the NZD-USD interest differential.


Technical comment:

The daily chart is mixed as the MACD is turning bearish, but stochastics is neutral.


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 08, 2015

GBPJPYM30.png


Fundamental overview:
GBP/JPY is expected to trade in a higher range. It is undermined by strong GBP/USD undertone, diminished investor risk appetite, and Japan exporter sales. But GBP/JPY losses are tempered by the demand from Japan importers. Sterling sentiment is soothed by the stronger-than-expected UK March CIPS / Markit services PMI of 58.9 (versus forecast 57.0).


Technical comment:

The daily chart is mixed as the MACD is bullish but stochastics is turning bearish.


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 178.70 and the second target at 179.20. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 177.60. A break of this target is likely to push the pair further downwards, and one may expect the second target at 177.20. The pivot point is at 177.90.


Resistance levels:

178.70

179.20

180.45

Support levels:
177.60

177.20

176.65


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#USDX technical analysis for April 8, 2015

The Dollar index has been continuing its upward move since the Monday gap down that held above support at 96.20. Now, the Dollar index has reached the resistance that bulls need to break in order for the upward move to resume. Important resistance is closed and bulls should be very cautious as we could see a rejection from the current levels.


usdx.jpg


Red line = support


Green line = resistance


The Dollar index has reached the green line resistance and the Ichimoku cloud. It seems that the short-term upward move has finished and the resistance remains firm and not broken. Bulls will need to break above 98.2-98.50 in order for 96 to be considered an intermediate-term low.


usdxd.jpg


Orange line= bullish channel


The Dollar index remains inside the upward sloping orange channel and the price has moved back above the tenkan-sen indicator. Important to see how this week closes as we are still in the middle of it. Bulls continue to control the longer-term trend.


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Gold technical analysis for April 8, 2015

Gold price got rejected at $1,222 and the fake breakout produced a short-term pullback towards the first short-term support kine at $1,200. Bulls still remain confident since support at $1,200 was held. A weekly close above $1,222 will signal that a move towards $1,250-70 is expected.


goldh4.jpg


Blue line = resistance


Red line = support


Gold price remains between two important levels of $1,180 and $1,222. The price tried to advance above $1,222 on Monday but the breakout turned to be fake. Gold price reversed towards short-term support at $1,210-$1,200. The price is above the Ichimoku cloud. Bulls are in control of the short-term trend as long as the price is above $1,190.


goldd.jpg


The weekly chart is still looking bearish if the week closes like this. The price is below the Ichimoku cloud and below the kijun-sen yellow line. This week is crucial for the medium-term trend. My longer-term view remains bearish with $1,000 as target.


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Daily analysis of major pairs for April 8, 2015

EUR/USD: This pair trended downwards yesterday. However, it would not be logical to go short right now unless the support lines at 1.0750 and 1.0700 are breached to the downside, while the price closes below them. There is also a possibility that the price may rally.


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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 situation on the cable currently looks dicey. It would be OK to stay away from this market until the price crosses above the distribution territory at 1.4950 leading to a clean Bullish Confirmation Pattern, or until the price crosses below the accumulation territory at 1.4750 leading to a clean Bearish Confirmation Pattern.


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USD/JPY: The USD/JPY pair is making some visible attempt to go north, while bears are trying to frustrate the attempt. There is a buy signal in the market now and the signal would be valid as long as the price stays above the demand levels at 119.50 and 119.00. Any movement below the demand levels would result in invalidation of the buy signal.


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EUR/JPY: There are lots of uncertainties about this cross as well – the EMA 11 is above the EMA 56. However, the RSI period 14 is below the level of 50. These are clearly conflicting signals. We would need to expect a directional movement, which would probably favor bears.


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Technical analysis and trading recommendation of EUR/USD for April 08, 2015

Spanish services PMI –The Spanish services PMI gave traders an optimistic impression about the economy. The end of the first quarter in 2015 saw a further sharp expansion in business activity at Spanish service providers linked to the strongest rise in new business since July 2000. The headline seasonally adjusted Business Activity Index rose to 57.3 in March from 56.2 in the previous month to signal a sharp increase in service sector output. That was the strongest one since last August.


Italy services PMI – It represents a slight upturn in the services sector. There was a positive end to the opening quarter for Italian services firms, with March survey data pointing to a growth of business activity and incoming new work in the tertiary sector. The headline seasonally adjusted Markit/ADACI Business Activity Index climbed to 51.6 in March from 50.0 in February, signaling growth for the second time in three months.


Upcoming events:


Today US FOMC meeting minutes will dominate the trade. German factory orders and Retail sales data are due for release today. Euro retail sales data provided positive readings for consecutive 3 months. This time, we expect positive readings from German factory data and retail sales as well. Eventually, US data will be dominated. Everybody is waiting for that.


Technical view:


At yesterday's session, the pair edged lower and was testing the 1.0800 support 20Dsma, which is likely to be critical to hold if bulls want to retest a high of 1.1050. The pair edged lower after testing the 1.1036 time frames look negative for the pair, with a possible double top pattern forming on four-hour charts, with tops around 1.1055. The support of this pattern stands at 1.0800 and if it gets broken, the pair is going to target 1.0700, which was the trend-change status. New swing highs above 1.1055 should be made to cancel this formation. In case the price fell below 1. 0700, the current short uptrend will be erased. The trading pattern is framed between 1.0700 and 1.1055. Any close is likely to add or lose 150 pips immediately. Until the pair closes above 1.0700, bulls hope to print 1.1300. Intraday resistance is seen at 1.0895 and 1.0910. Support is found at 1.0800 and 1.0700. In case the price closes below 1.0700, fresh new lows are likely to be made. We recommend selling below 1.0800 with targets at 1.0750 and 1.0715. Panic will be created below 1.0700 towards a new fresh low. In case the FOMC meeting minutes released pessimistic view, buy above 1.0920 with targets at 1.1000, 1.1030, and 1.1050. Big upswing looms above 1.1055.


Trade:


Selling below 1.0800, panic below 1.0700


Buying above 1.0920


EURUSDH4.png


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Technical analysis and trading recommendation of Gold for April 08, 2015

The yellow metal lost its momentum at yesterday's trade as a result of USD rebounds from a 2-week low. The metal successfully held the 50Dsma and tested 100Dsma at the Asian session. Everybody is waiting for the FOMC meeting minutes today. The metal is preparing for the mega event. The metal has met 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. 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 $1,206.50. We recommend selling below $1,206.00 with targets at $1,201.00, $1,198.00, and $1,195.00. The weekly uptrend is likely to be erased in case the price breaks below $1,178.00. Bulls must close above $1,212.00 on a weekly basis. The price has been facing strong resistance at 20Wsma for 3 consecutive weeks. The intra-week trend still favors buyers with sl $1,201.00 on closing basis. Intraday resistance is seen at $1,212.00 and $1,215.50. We recommend buying above $1,216.00 with targets at $1,219.00, $1,223.00, $1,225.00, $1,232.00, and $1,235.00 for intraday trade. On the down hand, we recommend selling below $1,206.00 with targets at $1,201.00 and $1,194.00. Strong selling will emerge below $1,200.00 and panic is likely to be triggered below $1,194.00 towards $1,178.00. The current uptrend will cancel in case the price closes below $1,178.00.


Trade: Selling only below $1,206.00


Safe traders- buying above $1,216.00


Risk takers- buying above $1,212.00


GOLDH4.png


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Technical analysis of EUR/JPY for April 08, 2015


Technical outlook and chart setups:


The EUR/JPY pair is seen to be supported well around the level of 130.00 for now. The pair is seen to initiate/resume rally higher, and a break above 131.50 is likely to encourage bulls to go forward. It is hence recommended to initiate 50% positions now with risk at 128.50. Immediate support is seen at 128.50 followed by 128.00, 127.00, and lower, while resistance is seen at 131.50 followed by 133.00 and higher respectively. Bulls shall look to remain in control untill prices stay above 128.50.


Trading recommendations:


Initiate 50% long positions, stop at 128.50, target is open.


Good luck!




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Technical analysis of EUR/USD for April 08, 2015

!EURUSD.jpg




When the European market opens, economic news on Retail Sales m/m, Retail PMI, French Trade Balance, and German Factory Orders m/m is due for release.The US will bublish economic data on the FOMC Meeting Minutes, 10-y Bond Auction, and Crude Oil Inventories. So, amid the reports, EUR/USD will move low to medium volatility during this day.




TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.0873.




Strong Resistance:1.0867.




Original Resistance: 1.0856.




Inner Sell Area: 1.0845.




Target Inner Area: 1.0820.




Inner Buy Area: 1.0795.




Original Support: 1.0784.




Strong Support: 1.0773.




Breakout SELL Level: 1.0767.








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 08, 2015

!USDJPY.jpg






In Asia, Japan is expected torelease Economy Watchers Sentiment, Monetary Policy Statement, and Current Account. The US is going to release some economic data on the FOMC Meeting Minutes, 10-y Bond Auction, and Crude Oil Inventories. So, there is a strong probability that the USD/JPY will move with low to medium volatility during the day.




TODAY TECHNICAL LEVELS:




Resistance. 3: 120.81.




Resistance. 2: 120.58.




Resistance. 1: 120.34.




Support. 1: 120.04.




Support. 2: 119.81.




Support. 3: 119.57.








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 GBP/CHF for April 08, 2015


Technical outlook and chart setups:


The GBP/CHF pair is seen to be stalling around the levels of 1.4300/20. It calls for clear initial resistance at the level of 1.4450 to confirm that bulls are back in control. It is recommended to exit long positions taken earlier at the current price and wait for further confirmation. Immediate support is seen at 1.4000 followed by 1.3850 and lower, while resistance is seen at 1.4450 followed by 1.4630, 1.4800, and higher respectively. Bulls would be back in control once 1.4450 is cleared and we shall be looking to buy on dips then.


Trading recommendations:


Exit long positions now. Remain flat.


Good luck!




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Technical analysis of Silver for April 08, 2015


Technical outlook and chart setups:


Silver dropped lowed towards the levels of $16.80/85 as we expected yesterday. The metal is seen to be trading at $16.80 at the moment and is looking to resume rally higher. It is hence recommended to book profits on short positions and initiate long positions with risk around $16.50. Immediate support is seen at $16.50/60 followed by $15.80, $15.30, and lower, while resistance is seen at $17.40/50, followed by $18.40/50 and higher respectively. The metal is poised to rally either from current levels or from $16.00 region.


Trading recommendations:


Book profits on short positions and initiate long positions now, stop at $16.40/50, target is open.


Good luck!




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Technical analysis of Gold for April 08, 2015


Technical outlook and chart setups:


Gold dropped lower towards the level of $1,207.00 yesterday. Now, it is seen to be preparing to resume its rally. It is recommended to book profits on short positions taken earlier and initiate long positions at the current price, with risk around $1,170.00. The upside potentials remain up to at least $1,250/60.00. Immediate support is seen at $1,195.00 followed by $1,178.00 and lower, while resistance is seen at $1,223.00 followed by $1,240.00/50.00 and higher respectively. Bulls should be poised to retain control untill prices remain above the level of $1,278.00.


Trading recommendations:


Book profits in short positions, initiate long positions, stop at $1,17000 target open.


Good luck!




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