Technical analysis of USD/CHF for April 09, 2015

USDCHFM30.png


Fundamental overview:
USD/CHF is expected to trade in a higher range. It is supported by the positive dollar sentiment, the negative Swiss interest rates and the threat of the Swiss National Bank to carry out CHF-selling intervention. But Swissie sentiment is soothed by the higher-than-expected Switzerland March CPI of +0.3% on-month and of -0.9% on-year (versus forecast +0.2% on-month, -1.0% on-year).


Technical comment:
The daily chart is mixed as the MACD bearish, but stochastics is 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 0.9755 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 0.9595. A break of this target would push the pair further downwards, and one may expect the second target at 0.9550. The pivot point is at 0.9620.


Resistance levels:

0.9755

0.9810

0.9865


Support levels:

0.9595

0.9550

0.95


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Technical analysis of NZD/USD for April 09, 2015

NZDUSDM30.png


Fundamental overview:
NZD/USD is going to range trade. It is supported by the improved investor risk tolerance and the NZD-USD interest differential. But the upside of NZD/USD is limited by the positive dollar sentiment (ICE spot dollar index last 98.06 versus 97.91 early Wednesday) after hawkish minutes of the March FOMC meeting that showed "several" participants thought a June interest rate hike could be possible, while "a couple" preferred to wait until 2016. Although the minutes were deemed out of date given the last week's extremely weak U.S. March non-farm payrolls data and weak dairy prices.


Technical comment:

The daily chart is mixed as stochastics is bearish, but the MACD is in bullish mode.


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 0.7510. A break of this target would push the pair further downwards, and one may expect the second target at 0.7485. The pivot point is at 0.7545.


Resistance levels:

0.7620

0.7665

0.7695

Support levels:

0.7510

0.7485

0.7435


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Technical analysis of GBP/JPY for April 09, 2015

GBPJPYM30.png


Fundamental overview:
GBP/JPY is expected to trade in a lower range. It is undermined by the weak EUR/USD undertone and Japan exporter sales. But GBP/JPY losses are tempered by improved investor risk appetite and demand from Japan importers. GBP/JPY is supported by M&A news (Petroleum giant Royal Dutch Shell PLC agreed to buy BG Group PLC for GBP47 billion), improved investor risk sentiment, and sterling demand on soft EUR/GBP cross .


Technical comment:

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


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 177.05. A break of that target will move the pair further downwards to 176.75. The pivot point stands at 178.45. 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 179.05 and the second target at 179.30.


Resistance levels:

179.05

179.30

179.75

Support levels:
177.05

176.75

176


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GBP/USD intraday technical levels and trading recommendations for April 9, 2015

gbppDAILY.png


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 been already 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 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 achieve H4 closure above 1.5000 looking for an Intraday 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 9, 2015

cadweekly.pngcaddaily.png


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 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:


For conservative traders, the level at 1.2550 is likely to offer a valid sell entry with T/P at 1.2350. S/L should be set as daily closure above 1.2560 again.


Risky traders can wait for a confirmed bullish breakout above 1.2550 for a continuation buy entry. T/P at the levels of 1.2740, 1.2800, and finally 1.3000.


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Intraday technical levels and trading recommendations for EUR/USD for April 9, 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 in the long term.


Bearish breakdown of the monthly demand level at 1.0550 should be anticipated as theoretical long-term targets are projected around 0.9450.


miceur2.png


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 1.0850-1.0800 (recent uptrend line and previous demand level) supports the bullish corrective movement towards 1.1100 where long-term sell positions can be offered. However, EUR/USD bulls have failed to establish a higher top above 1.1000 (DOUBLE-TOP pattern).


In case of daily persistence below 1.0850 (already achieved Yesterday), the EUR/USD pair is likely to move back towards the origin of the current bullish swing located around 1.0650-1.0600 (weekly low).


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Intraday technical levels and trading recommendations for GBP/USD for April 9, 2015

1428582071_gbpdaily.png


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 has been providing evident supply for a few weeks now. 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. Contradictory candlesticks are being expressed, reflecting indecision around the current price levels.


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


gbph4.png


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


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


As mentioned before, fixation above 1.4700-1.4720 enhanced 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 initial visit of price level of 1.5000.


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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Daily analysis of major pairs for April 9, 2015

EUR/USD: The weakness in the EUR/USD pair is clear now. The price has gone below the resistance line at 1.0800, going towards the support line at 1.0700. This is the first target for sellers. The second target for sellers is at the support line at 1.0650, which may be attained today or tomorrow.


1428578070_1.png


USD/CHF:There is a bullish signal for USD/CHF now, which is likely to make the price go towards the resistance levels at 0.9750 and 0.9800. There are also support levels at 0.9650 and 0.9600, which would pose some challenge to any attempted pullbacks along the way. Some fundamental figures are still expected and they will have some impact on the markets.


1428578156_2.png


GBP/USD: the cable 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. It should be noted that the price must close above the distribution territory or below the accumulation territory before the bias can be confirmed.


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USD/JPY: we can observe a struggle between bull and bear – just in the context of the uptrend. It can be said that the present bias is bullish; the only thing that can make it turn bearish is an event in which the price closes below the demand level at 119.00, which is a huge barrier to the bear's interest.


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EUR/JPY: This market became bearish. The EMA 11 is already below the EMA 56, while the price is below both of the EMAs. The RSI period 14 is below the level of 50. This is Bearish Confirmation Pattern (owing to the weakness in the Euro itself). The price is likely to reach the demand zones at 129.00 and 128.50.


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Technical analysis of Gold for April 09, 2015


Technical outlook and chart setups:


Gold dropped lower and is looking to form bottom ahead of the level at $1,178.00. As seen here, the metal is trading around Fibonacci 0.618 support of the rally from$1,180.00 to $1,223.00 and could be bounced back higher. Bulls are poised to regain control untill prices stay above the level of $1,178.00 at least. Immediate support is seen at $1,178.00 followed by $1,160.00, $1,143.00, and lower, while resistance is seen at $1,250.00 followed by $1,285.00 and higher respectively.


Trading recommendations:


Remain long, stop below $1,170.00, target is open.


Good luck!




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Technical analysis of USD/CAD for April 9, 2015

General overview for 09/04/2015 08:50 CET


The impulsive wave progression had been invalidated yesterday when wave 2 overlapped wave 1. This is the most important reason to change the overall count to the alternative one. In the current count, there is a possibility of a wave 4 green completions, but the wave development still indicates that a more complex and time-consuming corrective cycle might still be in progress. The key level to sustain the impulsive wave progression scenario is intraday support at the level of 1.2505 where bounce in wave -iv- blue is expected. A breakout above the zone located between the levels of 1.2632 - 1.2653 is likely to be the first confirmation of a possible impulsive wave 5 green to the upside


Support/Resistance:


1.2390 - Swing Low


1.2505 - Intraday Support


1.2632 - 1.2653 - Demand Breakthrough Zone


1.2699 - 78%Fibo


Trading recommendations:


Daytraders should consider opening buy positions from the level of 1.2505 with SL below the level of 1.2480 and TP at the level of 1.2632.


2015-04-09_usdcad.jpg




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#USDX technical analysis for April 9, 2015

The Dollar index has managed to close the gap from Monday and is testing important short-term resistance levels at 98.20-98.50 now. A weekly close above this resistance area will enable the US dollar to strengthen to follow over the coming weeks with possible target at 100 and higher.


usdx.jpg


Green line = resistance


Red line = support


The Dollar index has moved above the Ichimoku cloud and above the green trend-line resistance. This is a good sign for bulls. Support at 96 was early held this week after the gap down and bears are in a difficult position now. Short-term support is found at 97.20. Short-term resistance is at 98.20 and 98.50.


usdxd.jpg


Orange lines= upward sloping channel


The Dollar index remains inside the upward sloping channel. The price got above the tenkan-sen. The trend remains bullish. As long as the price holds above 97 on the weekly chart, things will remain bullish for the longer-term. The weekly candle is bullish for now.


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Gold technical analysis for April 9, 2015

Gold price has broken short-term support and looks weak again. As I mentioned on Monday, a fake breakout and rejection of the resistance at $1,222 was not a good sign. There is a strong probability that a reversal will bring the price towards $1,200-$1,190. Gold price has also broken below other technical support indicators, and bears are likely to be back in control in the short-term trend.


goldh4.jpg


Red line = horizontal support


Blue line = horizontal resistance


Yellow line = trend line support


Gold price was rejected at the blue resistance level and has broken the yellow trend-line. It came closer to break below the Ichimoku cloud. The double top rejection is a reversal sign. Gold is making lower lows and lower highs in the short-term. If we see a daily close below $1,190, the upside bounce is confirmed over.


goldd.jpg


The weekly chart is getting every day even more bearish than before. We started on Monday with a gap up but on top of the kijun-sen yellow indicator. The rejection and fake breakout that followed made the weekly candle turn lower and turn red. Things do not look good for bulls.


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Technical analysis of EUR/JPY for April 9, 2015

General overview for 09/04/2015 08:30 CET


The corrective cycle in wave (b) is deepening its retracement below the 61%Fibo level. The next key support is likely to be found at the level of 78% Fibonacci at 129.42. Nevertheless, any breakout below this level might result in a recent local low test again at the level of 128.40 followed with eventual bounce/reversal. Please notice that the market is moving in clear corrective channel now. It must break out of the channel to continue impulsive wave progression for wave (c) blue.


Support/Resistance:


128.40 - Swing Low


129.03 - 78%Fibo


129.74 - Intraday Resistance


Trading recommendations:


Daytraders should consider opening buy positions from the level of 129.03 with SL below the level of 128.40 and TP open for now.


2015-04-09_eurjpy.jpg




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Technical analysis and trading recommendation for GBP/USD for April 09, 2015

The cable gave a strong momentum after 2-day fall. The pair edged lower after testing 1.4981 and time frames look negative for the pair, with a possible double top pattern forming on the H4 chart, with tops at 1.4995. The 1.5000 mark looks hard for bulls to breach that. At yesterday's session, the cable erased half of its intraday gains managed to closed above 2Dsma. The price has been consolidating at lower levels for 5-weeks. In November 2014, the cable had been consolidating for six weeks and gave a downside breakout. We are just one week far to see a change in the trend. In case the price closes above 1.5000 bulls can challenge 1.5100, 1.5165, and 1.5235. Intraday and intra-week pattern favors bears. The intra-week key level is found at 1.4740. In case the price closes below this level, it can conclude at 1.5000 in the near term and gates are open for 1.4635 and 1.4500. Eventually, the pound looks weak against USD. The UK is slowly approaching its general election scheduled for May. Market participants expect the pound to get under a downward pressure. For an intraday session, the support is found at 1.4850 and 1.4800. Today, traders eye on the US unemployment claims and UK interest rate decision. If case of positive readings, we recommend selling below 1.4850 with targets at 1.4800 and 1.4740. Panic will be triggered below 1.4740 towards new lows. In case of negative readings, we recommend buying above 1.4900 with targets at 1.4930, 1.4965, and 1.4995. Big move is likely to take place above 1.5000.


Trade: Selling below 1.4840


GBPUSDH4.png


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Technical analysis and trading recommendation of EUR/USD for April 09, 2015

EUR/USD


Germany factory orders-Price-adjusted new orders in manufacturing in February 2015 decreased seasonally and working day adjusted 0.9% on January 2015 (following a corrected –2.6% in January 2015 on December 2014).


Retail sales – down by 0.2% in the euro area.


In the euro area, the seasonally adjusted volume of retail sales fell by 0.2% in February compared to January and remained stable in the EU, according to estimates from the statistical office of the European Union.


Upcoming data:US unemployment claims and German Industrial production data are due for release today.


Technical view: At yesterday's session, eurozone and Germany data did not support the euro. After the FOMC minutes, USD rebounds against the major pairs and take back the leadership. The pair continued its downward journey for the third day as well. The pair edged lower, broke the support at 1.0800 20Dsma and closed below that. The pair edged lower after testing 1.1036. Time frames look negative for the pair, with a possible double top pattern forming on the four-hour charts, with tops around 1.1055. The support stands at 1.0800, which was broken. The pair is going to target at 1.0750 and 1.0700. 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 cut 150 pips immediately. Until the pair closes above 1.0700, bulls hope to print 1.1300 lives but chances are remote. Intraday resistance is seen at 1.0810 and 1.0825. Support is found at 10750 and 1.0700. In case the price closes below 1.0700, fresh new lows are likely to be made. Yesterday, we recommended selling below 1.0800 with targets at 1.0750 and 1.0715. The pair made a low at 1.0760 waiting for the rest. Panic will be created below 1.0700 towards a new fresh low. In all time interval charts favors to bears.


Trade: Selling below 1.0750, panic below 1.0700.


EURUSDH4.png


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Technical analysis of EUR/USD for April 09, 2015

!EURUSD.jpg




When the European market opens, some economic data on the Spanish 10-y Bond Auction, German Trade Balance, and German Industrial Production m/m are due for release.The US will publish economic data about the 30-y Bond Auction, Natural Gas Inventories, Wholesale Inventories m/m, and Unemployment Claims. So, amid the reports, EUR/USD will move low to medium volatility during this day.




TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.0836.




Strong Resistance:1.0830.




Original Resistance: 1.0819.




Inner Sell Area: 1.0808.




Target Inner Area: 1.0783.




Inner Buy Area: 1.0758.




Original Support: 1.0747.




Strong Support: 1.0736.




Breakout SELL Level: 1.0730.








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 09, 2015

!USDJPY.jpg






In Asia, Japan is going to release the Prelim Machine Tool Orders y/y, BOJ Monthly Report, and 30-y Bond Auction. The US is likely to pudlish economic data on 30-y Bond Auction, Natural Gas Storage, Wholesale Inventories m/m, and Unemployment Claims . So, there is a strong probability that USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.




TODAY TECHNICAL LEVELS:




Resistance. 3: 120.89.




Resistance. 2: 120.66.




Resistance. 1: 120.42.




Support. 1: 120.13.




Support. 2: 119.90.




Support. 3: 119.66.








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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Elliott wave analysis of EUR/NZD for April 9 - 2015

1428550784_2015-04-09-EURNZD-4H.png


Technical summary:


If a new impulsive rally begins, the potential downside progress should be very limited from here. In the short term, a break above 1.4320 will be the first indication that red wave ii could be over, but a break above resistance at 1.4461 will be needed to confirm that red wave iii is developing and the bottom should be set at 1.4128.


Trading recommendation:


We will buy EUR upon a break above 1.4320 (say at 1.4330).


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Elliott wave analysis of EUR/JPY for April 9 - 2015

2015-04-09-EURJPY-4H.png


Technical summary:


As we have said before, wave (v) 2 is well advanced and could create bottom at 126.87, which is a bit prematurely as the ideal target was the 38.2% corrective target of the rally from 94.10 to 145.69. As long as resistance at 131.74 protects the upside, we could see one more decline closer to 125.98. A break above 131.74 is likely to indicate that the bottom for wave 2 is in place and wave 3 to above 149.55 is developing.


Trading recommendation:


We are going to stay neutral for now, awaiting the picture to clear.


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Technical analysis of NZD/USD for April 9, 2015

nzdusdh1.png

Overview :



  • According to previous events, the price of NZD/USD pair is still moving between 50% of Fibonacci retracement and 100% in the H1 chart. So, these ratios will coincide with the levels of 0.7510 and 0.7629 respectively. You should note that the double top is at 0.7629. The support has been already placed at 0.7510. Therefore, buy above the level of 0.7510 with the first target at 0.7577 in order to test the weekly pivot point, it might resume to 0.7601 today. In case the market is able to break the second target at 0.7601, the NZD/USD pair will continue to move toward the double top at 0.7629. It is going to be quite safe to set the stop loss at the level of 0.7470. Also, it should be noted that support 1 is set at 0.7582.


Intraday technical levels :


Date: 09/04/2015


Pair: NZD/USD



  • R3: 0.7721

  • R2: 0.7663

  • R1: 0.7606

  • PP: 0.7548

  • S1: 0.7491

  • S2: 0.7433

  • S3: 0.7376


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Technical analysis of USD/CHF for April 9, 2015

usdchfh4.png

Overview :


The major support of the USD/CHF pair has been already set at the level of 0.9480 (double bottom) and minor support is seen at 0.9558. Equally important, the price of 0.9558 coincides with the ratio of 11.8% Fibonacci retracement levels in the H4 chart. On the other hand, the double top has been placed at 0.9755; and the first resistance is seen at 0.9727 (38.2% of Fibonacci retracement levels). Additionally, according to the previous events, the price is likely to move between 0.9558 and 0.9727. In addition, we expect a range of 169 pips this week. It should be noted that the trend is ascending from the support level of 0.9558. Therefore, strong support will be formed at the level of 0.9558, providing a clear signal for buy deals with targets at 0.9666. It might resume to 0.9727 if the trend is able to break the first target. Anywise, stop loss should never exceed your maximum exposure amounts, for that the stop loss should be placed above the double top at the 0.8460 level.


Observations :



  • Supports: 0.9480 and 0.9558.

  • Resistance: 0.9730.

  • If the trend is buoyant, then the currency strengthing will be defined as following: USD is in the uptrend and CHF is in the downtrend.


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EUR/NZD : analysis for April 08, 2015

EURNZDDaily08.png


EURNZDH408.png


Overview:


In our last analysis, EUR/NZD was trading downwards. The price tested the level of 1.4253 in a high volume. Since the price has broken our Fibonacci retracement 38.2% (1.4380), we saw downward movement. Fibonacci retracement 61.8% at 1.4285 is tested now. If the price breaks the level of 1.4285 in a high volume, we may it testing the level of 1.4130 (swing low like support). Be careful when buying since we are in short-term bearish trend. Watch for selling opportunities after retracements.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.4514ed


R2: 1.4554


R3: 1.4618


Support levels:


S1: 1.4386


S2: 1.4346


S3: 1.4282


Trading recommendations: Be careful when buying EUR/NZD and watch for potential selling opportunities after retracement.


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Gold : analysis for April 08, 2015

GOLDDaily08.png


GOLDH408.png


Overview :


Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,197.32 in a high volume. According to the daily time frame, we can observe a supply in a volume above the average. Our support level at $1,207.00 got broken, so be careful when buying gold. Major Fibonacci retracement 38.2% (support) is around $1,194.00. Fibonacci retramcent 61.8% (support) is around $1,174.00. The short-term trend is bearish.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,214.54


R2: 1,216.52


R3: 1,219.47


Support levels :


S1: 1,208.12


S2: 1,206.15


S3: 1,202.93


Trading recommendations: Be careful when buying gold at this stage since we got support broken. Sell after retracmeents.




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

Intraday technical levels and trading recommendations for GBP/USD for April 8, 2015

1428507500_gbppppdaily.png


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 Monday'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).


gbpph44.png


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


Evident bullish recovery was manifested on the H4 chart near the price level of 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.


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

Intraday technical levels and trading recommendations for EUR/USD for April 8, 2015

eurmonth.png


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 in the long term.


Bearish breakdown of the monthly demand level at 1.0550 should be anticipated as theoretical long-term targets are projected around 0.9450.


1428506901_eurdaily.png


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 fixation 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).


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

GBP/USD intraday technical levels and trading recommendations for April 8, 2015

1428506291_gbpdaily.png


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.


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

GBP/USD intraday technical levels and trading recommendations for April 8, 2015

1428506291_gbpdaily.png


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.


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

USD/CAD intraday technical levels and trading recommendations for April 8, 2015

cadweekly.pngcaddaily.png


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 above 1.2560 again.


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