GBP/USD intraday technical levels and trading recommendations for April 10, 2015

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Overview:


On February 5, a 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) leading to a quick breakdown.


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


Fixation above 1.5000 (R1) was needed to extend the pattern's projection target towards 1.5200. However, GBP/USD bulls failed, bringing the pair back to the long-term downtrend as depicted on the daily and weekly charts.


Bearish breakdown of the level at 1.4700 enables the pair to resume its bearish scenario towards 1.4500 and 1.4450.


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USD/CAD intraday technical levels and trading recommendations for April 10, 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 placed above 1.2550 (consolidation zone mid-line) compared to the previous week.


Successive lower highs were established within the wedge pattern. However, the market experienced 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.


The recent weekly candlestick indicated bearish rejection 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 above 1.2550 (Intraday support level), an initial bullish swing towards 1.2800 should be expected (upper limit of the current consolidation range).


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).


Trading recommendations:


As anticipated, risky traders should wait for bullish breakout above 1.2550 for a continuation buy entry (was triggered Yesterday).


T/P to be placed at price levels of 1.2740, 1.2800, and finally 1.3040.


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Intraday technical levels and trading recommendations for GBP/USD for April 10, 2015

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Earlier, the market has 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.


Shortly after, the price zone around 1.4960-1.5000 has provided evident supply for a few successive weeks. This price zone corresponds to 38.2% Fibonacci level as well as the previous weekly demand, which was broken back in January 2015.


Transient sideways movement with slight bearish tendency was being expressed on the daily chart. Contradictory candlesticks reflected indecision around the current price levels.


Yesterday, bearish breakdown of DAILY DEMAND LEVEL of 1.4700 took place. Projection target for this consolidation breakout would be located around the price levels of 1.4440.


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The 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 the price level of 1.5000.


Conservative traders should have noted that the GBP/USD pair remained trapped between 1.4700 and 1.4970 until bearish breakout took place yesterday.


Estimated bearish targets would be projected towards 1.4600,1.4500 then 1.4440.


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Daily analysis of the USDX for April 10, 2015

There is a huge bullish momentum in place on the daily chart, because the USDX is back above the support level of 99.12 now, prepearing for a rally towards the resistance level at 100.51, which is an important one in this time frame. Bulls are strong and we recomment to find bullish patterns at lower time frames to ride this trend.


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At the H1 chart, the USDX did an interesting bullish move after two higher high patterns formed on the way. Now, the Index is looking to consolidate above the resistance level of 99.55, in order to reach the psycological level of 100.00 in the nearest term. Also, this view is supported by the current position of the 200 SMA, which is bullish.




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Daily chart's resistance levels: 100.51 / 101.95


Dailychart's support levels: 99.12 / 97.83


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 100.51, take profit is at 101.95, and stop loss is at 99.00.


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Daily analysis of GBP/USD for April 10, 2015

Bears are back in control on he GBP/USD chart as the pair is doing a consolidation below the level of 1.4649. Now, it is likely to reach the support zone around 1.4540, where the pair could perform a breakout and fall to the next important downside target at the 1.4424 in the medium term.


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The H1 chart is very bearish for GBP/USD, after the pair achieved forming a lower low pattern below the resistance zone of 1.4684. Currently, GBP/USD is falling and there is a possibility that is can reach the support level at 1.4546 in the very short term. Also, the 200 SMA and MACD indicator are favoring to this downside outlook in the intraday charts.


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Daily chart's resistance levels: 1.4649 / 1.4820


Dailychart's support levels: 1.4540 / 1.4424


H1 chart's resistance levels: 1.4633 / 1.4684


H1 chart's support levels: 1.4546 / 1.4442






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 1.4546, take profit is at 1.4442, and stop loss is at 1.4651.


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Intraday technical levels and trading recommendations for EUR/USD for April 10, 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 to 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.


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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 of 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) supported the bullish corrective movement towards 1.1030 where the EUR/USD bulls failed to establish a higher high (resulting in a DOUBLE-TOP pattern).


In case of daily persistence below 1.0700 (already achieved yesterday), the EUR/USD pair is likely to move towards its projection target for the recent bearish breakout located around 1.0330.


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EUR/NZD : analysis for April 10, 2015

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Overview:


Recently, EUR/NZD was trading downwards. The price tested the level of 1.4042 in a high volume. Our Fibonacci expansion 100% at the level of 1.4035 is on the test. Be careful when selling at this stage. The short-term trend is bearish. If the price breaks the level of 1.4030 in a high volume, we may see possible testing of 1.3720 (Fibonacci expansion 161.8%). Watch for potential selling opportunities after retracement. According to the 4H time frame, we can observe a weak price action around our Fibonacci expansion 100%.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.4238


R2: 1.4289


R3: 1.4371


Support levels:


S1: 1.4074


S2: 1.4023


S3: 1.3941


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




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Technical analysis of EUR/JPY for April 10, 2015

General overview for 10/04/2015 12:45 CET


The Elliott wave development for this pair might suggest another possible pattern labeled here as waves ABC black that represents completed form of a corrective cycle in wave 2 black (or A blue). The next sub-wave development looks like an impulsive wave progression to the downside that had started with a leading diagonal and hasn't finished yet. Currently, the market is in the last stage of this wave progression and the projected target is at the level of 126.89.


Support/Resistance:


126.89 - First Target Projection


127.62 - WS2


128.24 - Intraday Resistance


129.39 - WS1


Trading recommendations:


Now, all sellers should keep eye on the level of 126.89 as a target for all sell orders because a market bounce/reversal is expected from there.


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Gold : analysis for April 10, 2015

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Overview :


Since our last analysis, gold has been trading upwards. The price tested the level of $1,205.37 in a high volume. According to the daily time frame, we can observe a supply in an average volume. Our Fibonacci retracement 38.2% at the level of $1,194.00 held successfully and that is the reason behind an upward movement. I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the level of $1,204.00 (on the test) and Fibonacci retracement 61.8% at the level of $1,212.00. The short-term trend is neutral. Be careful when buying gold at this stage.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,200.59


R2: 1,203.17


R3: 1,207.33


Support levels :


S1: 1,192.27


S2: 1,189.69


S3: 1,185.53


Trading recommendations: Be careful when buying gold at this stage. Sell after retracmeents.




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Technical analysis of USD/CAD for April 10, 2015

General overview for 10/04/2015 12:22 CET


The Elliott wave development on the H4 time frame indicates a completed (a)(b)(c) corrective structure in wave 4 green and a beginning of an impulsive progression to the upside. On lower time frames (like H1), the first impulsive wave might look completed and a corrective sub-cycle should start soon as the price would hit the 61% Fibonacci at the level of 1.2631. Please notice that the grey rectangle is bullish.


Support/Resistance:


1.2535 - Weekly Pivot


1.2568 - Intraday Support


1.2631 - 61%Fibo


1.2636 - 1.2655 - Demand Breakthrough Zone


1.2643 - WR1


1.2698 - 78%Fibo


Trading recommendations:


Buy orders advised over this week should still be kept open as the price is just under the key level. Any breakout higher might lead to the first TP level at 1.2782 and above.


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Technical analysis of GBP/USD for April 10, 2015

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Overview :



  • The GBP/USD pair has still moved between 1.4760 and 1.4630. It should be noted that the range is likely to be about 130 pips today. Furthermore, the trend was very clear and indicated downtrend. We expect that the trend is going to call for the bearish market at the level of 1.4760 (the daily pivot point). As a result, sell at the price of 1.4760 with the first target at 1.4640 in order to test weekly support around the area of 1.4640/1.4630. Additionally, it might notice that support will be set at the level of 1.4635 and the double bottom is going to be created at the same level. On the other hand, your stop loss should be placed above the 1.4760 level, hence it will helpful to set it at the level of 1.4783 this week.


Observations :



  • The GBP/USD pair called for the bearish market from the level of 1.4760 last week.

  • So, the level of 1.4760 represents strong resistance.

  • If the trend is able to break the support at 1.4635; then we will see a breakout below this level.

  • Stop loss should never exceed your maximum exposure amounts.

  • As a rule, the market is highly volatile if the last day had a huge volatility.


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Technical analysis of AUD/USD for April 10, 2015

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Overview :



  • The resistance of AUD/USD pair is set at the level of 0.7735 and the support is set at 0.7628 . So, according to the previous events, the AUD/USD pair is going to move between the resistance and support. History is likely to probably repeat itself at this level again. Therefore, we expect a range about 100 pips on April 10, 2015. If the trend fails to close above the level of 0.7730, it is going ti be a good opportunity to sell below 0.7730 with the first target at 0.7650, then it is likely to continue straight towards 0.7630. Nevertheless, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. Thus, the best location to set your stop loss should be placed above the level of 0.7750.


Notes :



  • The value of 50% Fibonacci retracement levels is: 0.7735.

  • The major support will set at the level of 0.7740.

  • The major resistance will set at the level of 0.7625.

  • The Risk of 70 pips must make a profit of 105 pips.

  • If the trend is of an upside character, then the strength of the currency will be defined as following: AUDis in uptrend and USD is in downtrend.


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Technical analysis of NZD/USD for April 10, 2015

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Fundamental overview:
NZD/USD is expected to trade in a lower range. It is supported by positive investor risk sentiment and NZD-USD interest differential. But NZD/USD upside is limited by bullish dollar sentiment (ICE spot dollar index last 98.99 versus 98.06 early Thursday) as a four-week moving average for US jobless claims fell by 3,000 to 282,250 in week ended April 4 (the lowest level since June 2000); stronger-than-expected 0.3% on-month increase in US February wholesale inventories (versus forecast +0.2%), weak dairy prices, and positions adjustment ahead of the weekend.


Technical comment:

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


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 0.7510. A break of that target will move the pair further downwards to 0.7485. The pivot point stands at 0.7605. 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 0.7625179.05 and the second target at 0.7665.


Resistance levels:

0.7625

0.7665

0.7695

Support levels:

0.7510

0.7485

0.7435


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Technical analysis of GBP/JPY for April 10, 2015

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Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias. It is undermined by a weak GBP/USD undertone and Japan exporter sales. But GBP/JPY losses are tempered by a positive investor risk appetite, demand from Japan importers, and positions adjustment ahead of the weekend.


Technical comment:

The daily chart is negative-biased as stochastics is bearish. A five-day moving average staged bearish crossover against a 15-day moving average, bearish parabolic stop-and-reverse signal hit on Thursday.


Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 176.45. A break of that target underpin the pair further downwards to 176.05. The pivot point is at 178.05. 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:
176.45

176.05

175.65


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#USDX technical analysis for April 10, 2015

The Dollar index has broken the resistance area around 98.20-98.50 and is at 99 now. The price managed to push above the Ichimoku cloud and the downward sloping trend-line. The trend is bullish and we should expect the Dollar index to reach 100-101 again with a double bottom pattern at 96.


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Green line= trend line resistance


Red line = Support


Blue line = projection if 96 was broken


The Dollar index is making short-term higher highs and higher lows. The higher low from Monday is now followed by a higher high made yesterday and this is an intermediate-term trend bullish signal. I expect the index to move to new highs as this scenario has even more possibilities now. Stop for bulls is at 96.20.


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Orange lines = bullish channel


As I mentioned in my analysis on Monday, it was important for bulls to see a bounce from the level at 96.20 as the early gap down was testing the lower boundary of the upward sloping channel this week. The weekly candle is an impressive bullish candle that has broken above the tenkan-sen once again and confirmed the bullish channel support. Long- and medium-term trend remains fully bullish. Long-term important resistance is at 100.40. If broken we should see a breakout towards 101.50-102.


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Gold technical analysis for April 10, 2015

Gold price is trading in the middle of the range between important resistance at $1,222 and important support at $1,180. Trend-line support is broken and Ichimoku cloud is being tested. A longer-term outlook remains bearish as the weekly chart does not look good for bulls.


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Red line = support


Blue line = resistance


Yellow line = trend line support


Gold price is testing the Ichimoku cloud support. The yellow trend-line is broken. The price is below this trend line and this is not a good sign for bulls. Support at $1,195-90 is critical for the short term. If is gets broken, we will go to $1,180. If $1,180 is broken, we are likely to move to $1,130.


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The weekly chart remains bearish after the rejection at the kijun-sen yellow indicator line early this week. Now, gold price is closer to breaking below the weekly tenkan-sen red line indicator. This bearish weekly candle could be the start of a new downtrend to new lows below $1,130.


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Technical analysis of EUR/JPY for April 10, 2015


Technical outlook and chart setups:


The EUR/JPY pair dropped to the support zone around 128.00/129.00 and could be preparing to rally towards 131.00/50 at least. It is hence recommended to initiate fresh long positions with risk below 128.00 for now. Bulls seem to be poised to push higher untill prices stay above the level of 128.00. Immediate support is seen at 128.00 followed by 127.00 and lower, while resistance is seen at 131.00/50, followed by 133.50 and higher respectively. A push through 131.50 would be extremely encouraging to bulls and target at 133.00-136.50 levels.


Trading recommendations:


Initiate long positions, stop below 128.00, target is open.


Good luck!




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Technical analysis of GBP/CHF for April 10 2015


Technical outlook and chart setups:


The GBP/CHF pair has been stalling ahead of 1.4460 levels for now. Immediate resistance is fixed around 1.4450/60, followed by 1.4630, 1.4800, and higher, while support is seen at 1.4200 (interim), followed by 1.4000, 1,3800, and lower respectively. Bears might be looking to regain control back and push the pair lower towards 1.4000 at least. It is hence recommended to initiate short positions with risk at 1.4490 for now. A drop is favored untill prices remain below the level of 1.4460.


Trading recommendations:


Initiate short positions now, stop at 1.4490 target 1.4000 at least.


Good luck!




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Technical analysis of Silver for April 10, 2015


Technical outlook and chart setups:


Silver seemed to form a bottom just ahead of the level of $16.00 yesterday and is bouncing off higher at the moment. The metal has confirmed a bullish morning star candlestick pattern on the 4 hour chart view, indicating a reversal from the current levels. It is still recommended to initiate long positions, with risk at $15.50. Immediate support is seen at $15.80 , followed by $15.30 and lower, while resistance is seen at $17.40/50, followed by $18.40/50 and higher respectively. Bulls are poised to push prices higher towards the levels of $18.20/30 from here.


Trading recommendations:


Initiate fresh long positions, stop at $15.30, target is open.


Good luck!




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Technical analysis of Gold for April 10, 2015


Technical outlook and chart setups:


Gold is looking to resume rally towards $1,267.00 , after having made higher lows at $1,192.00 yesterday. The metal has formed a bullish morning star candlestick pattern on the 4 hour chart setups and is likely to teste yesterdays lows as well. It is hence to remain long with risk at $1,170.00. Immediate support is seen at $1,178.00 followed by $1,162.00, $1,143.00, and lower, while resistance is seen at $1,223.00 (interim), followed by $1,250.00, $1,285.00, and higher respectively.


Trading recommendations:


Remain long for now, stop at $1,170.00, target is open.


Good luck!




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Elliott wave analysis of EUR/NZD for April 10 - 2015

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Technical summary:


TThe break below 1.4128 invalidated the possibility of a new impulsive rally being in motion. We changed our short-term count, which calls for a final decline closer to 1.3867 now and even 1.3687 before a firm bottom could be in place. In the short term, we will look for resistance at 1.4130 and again at 1.4193, which we expect to protect the upside for the next part of the decline closer to 1.3867 and likely even lower to 1.3687.


Trading recommendation:


Sell EUR near 1.4193 with stop placed at 143.00 and place take profit at 1.3875.


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Elliott wave analysis of EUR/JPY for April 10 - 2015

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Technical summary:


We where split between a continuation lower towards 125.98 or whether a bottom had been already found. However, after having reviewed the short-term count, we changed ours slightly. We think the new count fits better and explains price actions over the last couple of weeks. This count shows that a triangle wave iv has been developing and the break below the triangle support-line at 129.05 was the first good indication that the triangle consolidation had been over and renewed downside pressure on wave v of (v). In the short term, we will look for resistance around 129.10 - 129.30 for the next part of the decline closer to the ideal downside target at 125.98.


Trading Recommendation:


Sell EUR around 129.10 - 129.30 with a stop at 129.80 and place take profit at 126.25


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Technical analysis and trading recommendation for GBP/USD for April 10, 2015

The Bank of England's Monetary Policy Committee at its yesterday's meeting voted to maintain the Bank Rate at 0.5%. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at 375 billion pounds.


Upcoming event:


Today, traders eye on manufacturing production. The readings for it were negative for 2 months.


Technical view:


The five-week consolidation came to an end with negative bias. Both the central banks are getting ready to tighten the interest rates. 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, we recommended selling below 1.4850 with targets at 1.4800 and 1.4740. Panic will be triggered below 1.4740 towards new lows. Eventually, the cable fell towards 1.4685. The UK is slowly approaching its general election scheduled for May. Market participants expect the pound to get under a downward pressure in the near term, and gates are open for 1.4635 and 1.4500. Eventually, the pound looks weak against USD. The support is found at 1.4635 for the intraday session. Intraday resistance is seen at 1.4740 and 1.4810. Until the price closes below 1.4860, trades can use every rise to sell. After the UK election, we expect the pound to add 5%.


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Technical analysis of EUR/USD for April 10, 2015

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When the European market opens, economic data on French Industrial Production m/m and French Gov Budget Balance are due for release. The US will publish economic data about the Federal Budget Balance and Import Prices m/m. So, EUR/USD will move low to medium volatility amid the reports during this day.




TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.0719.




Strong Resistance:1.0712.




Original Resistance: 1.0702.




Inner Sell Area: 1.0692.




Target Inner Area: 1.0667.




Inner Buy Area: 1.0642.




Original Support: 1.0632.




Strong Support: 1.0622.




Breakout SELL Level: 1.0615.








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 10, 2015

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In Asia, Japan is expected to release data on the Bank Lending y/y. The US will release some economic data about Federal Budget Balance and Import Prices m/m. 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: 121.14.




Resistance. 2: 120.90.




Resistance. 1: 120.67.




Support. 1: 120.38.




Support. 2: 120.14.




Support. 3: 119.90.








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 and trading recommendation for Gold for April 10, 2015

The yellow metal has been extending its losses for three consecutive days. The US dollar rebounded from the lower levels, which dampened the momentum of the metal. After the FOMC minutes, the metal broke the 50Dsma and closed below that. At the FOMC meeting, several participants judged that economic data and outlook were likely to warrant normalization. However, others anticipated that the effects of lower energy prices and the depressed dollar would continue to weigh on inflation in the near term, suggesting that conditions are unlikely to be appropriate for rates hike until later in the year. A couple of participants suggested that the economic outlook would not call for any increase until 2016. Eventually, the interest rate hike is imminent, but the matter is when it comes true. The interest rate hike has a negative influence on the metal. Today, the metal successfully held the previous day's low at the Asian session. Prices are consolidating at $1,192.00 for a day. Below this, 20Dsma is likely to appear at $1,187.00. The trend-change decider level is found at $1,178.00. In case of a daily close below $1,178.00, the current upswing will be cancelled. Intraday support is found at $1,192.00. We recommend selling below $1,192.00 with immediate target at $1,188.00, below $1,187.00 we can expect $1,180.00 and $1,178.00. The panic is going to be triggered below $1,178.00. In the H4 chart, the price fell below the ascending trend line and closed below that. In the hourly chart, we can observe lower highs and lower lows formation. Until the price closes below $1,206.00, the near term favors bears.


Trade: Selling below $1,192.00 targets $1,188.00, $1,180.00 and $1,179.00


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Daily analysis of major pairs for April 10, 2015

EUR/USD: This pair plummeted by 350 pips this week. That is one of the strongest plunges during the week. The price is currently below the resistance line at 1.0700, going towards the support line at 1.0650. The ultimate targets for bears are at the support lines of 1.0600 and 1.0550, which may be reached this week or next week.


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USD/CHF: This currency trading instrument rose by 270 pips this week. That is one of the strongest rallies among the majors. The price is currently above the support level at 0.9750, going towards the resistance level at 0.9800. The ultimate targets for bulls are at the resistance levels of 0.9850 and 0.9900, which may be reached this week or next week.


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GBP/USD: The equilibrium phase for the cable has ended, as the price has been broken south. Now, the pair holds below the distribution territory at 1.4750. This is the territory where it was said there would be a confirmed bearish outlook in case it was breached to south. Breaching the distribution territory at 1.4750 to south has shown that the recent tight equilibrium phase is over and bears turned to win.


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USD/JPY: The bullish signal that had been formed in this market for a lomg time sustained. The price is above the EMA 56 and the RSI period 14 is above the level of 50. The supply level at 121.00 is the next point for the price to reach. It could even be breached to the upside.


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EUR/JPY: cross has gone down by over 250 pips this week, reaching the demand zone at 128.50. There is now a strong Bearish Confirmation Pattern in the market. The next demand zones to be tried are set around 128.00 and 127.50.


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EUR/NZD analysis for April 09, 2015

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Overview:


In our last analysis, EUR/NZD was trading downwards. The price tested the level of 1.4119 in a high volume. Since the price has broken our Fibonacci retracement 61.8% (1.4285), we saw a downward movement. Our support level at the price of 1.4125 is on the test. Be careful when buying since we are in the short-term bearish trend. If the price breaks the level of 1.4125 in a high volume, we may see possible testing of the level of 1.4030.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.4389


R2: 1.4431


R3: 1.4499


Support levels:


S1: 1.4253


S2: 1.4211


S3: 1.4143


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




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Gold analysis for April 09, 2015

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Overview :


Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,192.42 in a high volume. According to the daily time frame, we can observe a supply in a volume above the average. Our Fibonacci retracement 38.2% at the price of $1,194.00 is on the test. If the price breaks the level of $1,192.00, we may see possible testing of the level of $1,179.00-$1,173.00. The short-term trend is bearish. Watch for potential selling opportunities after retracements.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,210.10


R2: 1,213.66


R3: 1,219.43


Support levels :


S1: 1,198.56


S2: 1,195.00


S3: 1,189.25


Trading recommendations: Be careful when buying gold at this stage. Sell after retracmeents.




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Technical analysis of USD/JPY for April 09, 2015

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Fundamental outlook:
USD/JPY is expected to consolidate with bullish bias. It is underpinned 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 the 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. USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 1.905% versus 1.893% late Tuesday), purchases of the yen crosses amid improved risk appetite (VIX fear gauge eased 5.41% to 13.98; S&P 500 closed up 0.27% at 2,081.9 overnight), demand from Japan's importers, and Bank of Japan's ultra-loose monetary policy. But the gains of USD/JPY are tempered by the Japanese exports.


Technical comment:
The daily chart mixed as the MACD is in bearish mode, but stochastics is bullish. Five-day moving average is meandering sideways below 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 120.80 and the second target at 121.20. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 119.40. A break of this target is likely to push the pair further downwards, and one may expect the second target at 119.15. The pivot point is at 119.65.


Resistance levels:

120.80

121.20

121.65


Support levels:

119.40

119.15



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