Intraday technical levels and trading recommendations for EUR/USD for April 13, 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 at 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 towards 0.9450.


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The 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 expressed at 1.0570 (monthly demand level).


Shortly after, the EUR/USD pair failed to keep pushing above the depicted uptrend line.Hence, a double-top reversal pattern was established around 1.1030.


The daily fixation below the level of 1.0700 (neck-line) confirms the reversal pattern, thus extending the projection target for the pair towards the level of 1.0330.


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Intraday technical levels and trading recommendations for GBP/USD for April 13, 2015

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Strong bullish rejection was expressed around 1.4700 (previous weekly low). A significant bullish weekly candlestick was expressed by the end of the week.


Shortly after, an evident bearish pressure was applied around 1.4960-1.5000.


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 has been expressed on the daily chart until bearish breakdown of the daily demand level at 1.4700 took place last week.


Projection target for this consolidation breakout would be located around the price level 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. This brought the pair back towards the lower limit of the price range at 1.4700 where extensive bearish pressure was applied.


The pair was trapped between 1.4700 and 1.4970 until bearish breakout took place. A valid sell entry can be offered at retesting of the backside of 1.4700 (now considered as a supply level).


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


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EUR/NZD analysis for April 13, 2015

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Overview:


Recently, EUR/NZD has been trading upwards. The price tested the level of 1.4219 in a high volume. Our Fibonacci expansion 100% at the level of 1.4035 was held successfully and the price went into corrective phase. I have placed Fibonacci retracement to find potential resistance levels and have got Fibonacci retracement 38.2% at the price of 1.4230 and Fibonacci retracement 61.8% at the price of 1.4350. The short-term trend is neutral. We are waiting a clear direction so we can take better opportunity. If the price breaks the level of 1.4235 in a high volume, we may see testing of the level of 1.4350. Anyway, if we see larger supply on the market, we may see possible re-testing of 1.4030.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.4100


R2: 1.4116


R3: 1.4142


Support levels:


S1: 1.4046


S2: 1.4029


S3: 1.4002


Trading recommendations: If the price breaks the level of 1.4235 in a high volume, we may see potential testing of the level of 1.4350. Buying opportunities are preferable above the price 1.4235.




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Technical analysis of EUR/USD for April 13, 2015

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Overview :



  • EUR/USD faced major resistance at the level of 1.0683. Before that, the level of 1.0597 represented minor support but the support was broken and turned to resistance. Therefore, the pair has already formed minor resistance at 1.0597. Equally important, after it could not close above 1.0597 and the pair started signing bearish market at this level. Also, this level is coinciding the ratio of 23.6% Fibonacci retracement levels in the H4 chart. Moreover, it should be noted that the RSI is calling for downtrend and the price is going to move between 1.0597 and 1.0462. Then we expect a range of 135 pips in coming days. So, the levels of 1.0597 and 1.0462 are representing resistance and the double bottom respectively. Consequently, the EUR/USD pair will have a downside momentum rather convincing and the structure of the fall does not look corrective. Then, the market will indicate a bearish opportunity below the level of 1.0597. It will be a good sign to sell below 1.0597 with the first target at 1.0520. It will call for downtrend in order to continue bearish movement towards 1.0462 (the double bottom).



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Gold : analysis for April 13, 2015

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Overview :


Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,197.46 in a high volume. According to the daily time frame, we can observe a demand in an volume below the average (weak demand). Our Fibonacci retracement 61.8% at the level of $1,211.00 held successful, which made the price to start moving downwards. The short-term trend is bearish. We may see potential re-testing of our Fibonacci retracement 38.2% at the level of $1,190.00.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,208.46


R2: 1,208.90


R3: 1,209.63


Support levels :


S1: 1,207.00


S2: 1,206.56


S3: 1,208.80


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




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Technical analysis of USD/CAD for April 13, 2015

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Overview :



  • The USD/CAD pair has rebounded from minor support at 1.2558 (38.2% of Fibonacci retracement levels) and is approaching its support now. It will probably start moving upside movement at this area and recover again. Moreover, it should be noted that the price formed strong support at the level of 1.2560. Furthermore, this strong level has still been moving between 38.2% of Fibonacci retracement levels and 61.8% in the H4 chart since May 7, 2014. Consequently, there is a probability that the market will start showing the signs of bullish market again in order to indicate a bullish opportunity from the level of 1.2560 with the first target at 1.2663 (the first resistance). If the trend manages to break the first resistance, the USD/CAD pair will continue to move straightly towards the major resistance at 1.2738. The level of 1.2738 is going to represent the daily resistance for that it will very gainful to take profit around this area. On the other hand, you should always choose a location for placing stop, thus it should set the stop loss at the 1.2532 level today.


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Daily analysis of USDX for April 13, 2015

The USDX is looking for gain positions towards the resistance zone around 100.51. The daily-chart structure tells us that the Index is likely to find strong resistance at that level because it has been very bullish in recent days. Anyway, we recommend to continue adding long positions in favor of the overall trend.


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After a bullish consolidation between the 99.55 and 99.14 levels, the USDX is making a rally, which probably could move it to the resistance level at 100.12. The Index has to make a breakout there in order to reach the next upside target, which is located at 100.85. The 200 SMA is also pointing to the upwards.


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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 100.12, take profit is at 100.85, and stop loss is at 99.42.


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Daily analysis of GBP/USD for April 13, 2015

The GBP/USD is still falling and trying to find a solid near-term floor, which could be represented by the support zone around 1.4540 on the daily chart. It should be noted that pair is entering negative territory of the MACD indicator, so the bearish momentum is still alive. Also, we recommend to wait for another bearish formation in order to see new lows.


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The bearish structure has been observing over the last hours, as GBP/USD is trying to form another lower low pattern below the resistance level at 1.4612. We could expect some kind of consolidation in the short term, before the pair looks forward to fall to the support area at 1.4462. The MACD indicator neutral.


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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: 1.4612 / 1.4684


H1 chart's support levels: 1.4546 / 1.4462






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 1.4462, and stop loss is at 1.4630.


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Technical analysis of USD/CAD for April 13, 2015

General overview for 13/04/2015 10:10 CET


The impulsive wave progression to the upside had been finished. Now, the market is in a corrective cycle that needs two more waves (labeled as b, c green) to be completed before resuming the uptrend. Please notice that any breakout higher above the level of 1.2666 will be considered bullish, but as the market might not be entirely in the impulsive cycle just yet, this bullish move might be as well a part of a bigger zig-zag wave. That would mean the corrective cycle wave 4 green from the level of 1.2387 has not been finished just yet and more time is needed to complete this cycle. Only an impulsive vertical breakout above the level of 1.2832 with a minimum H1 candle close above might be the first clue of the upcoming last impulsive wave to the upside.


Support/Resistance:


1.2387 - Wave 4 Green Low


1.2440 - WS1


1.2553 - Weekly Pivot


1.2564 - Intraday Support


1.2636 - 1.2666 - Supply Zone


1.2718 - WR1


Trading recommendations:


Day traders should consider opening sell orders from the level of 1.2666 with SL above the level of 1.281 and TP1 at the level of 1.2564 and TP2 at the level of 1.2508.


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Technical analysis of USD/CHF for April 13, 2015

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Fundamental overview:
USD/CHF is expected to consolidate with bullish bias after hitting a three-week high of 0.9838 on Friday. It is supported by the positive dollar sentiment (ICE spot dollar index last 99.28 versus 98.97 early Friday) amid investors' confidence over the US economy recovery and expectations of interest-rate hike in the second half of 2015 (Fed's Lacker reiterated Friday that he sees a strong case for the US central bank to begin raising short-term rates this summer), negative Swiss interest rates, and threat of the Swiss National Bank CHF-selling intervention. But USD/CHF gains are tempered by the franc demand on soft EUR/CHF cross.


Technical comment:


The daily chart is positive-biased as the MACD and stochastic are bullish, a five-day moving average is above a 15-day moving average and is advancing.


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 0.9870 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 0.9665. A break of this target would push the pair further downwards, and one may expect the second target at 0.9595. The pivot point is at 0.9720.


Resistance levels:

0.9870

0.9940

0.9985


Support levels:

0.9665

0.9595

0.9530


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Technical analysis of USD/JPY for April 13, 2015

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Fundamental outlook:
We expect range trade with USD/JPY.I t is underpinned by positive dollar sentiment (ICE spot dollar index last 99.28 versus 98.97 early Friday) amid investors' confidence over the US economy recovery and expectations of interest-rate hike in the second half of 2015 (Fed's Lacker reiterated Friday that he sees a strong case for the US central bank to begin raising short-term rates this summer). USD/JPY is also supported by the reduced safe-haven appeal of the yen amid positive global risk sentiment (VIX fear gauge eased 3.9% to 12.58; S&P 500 closed up 0.52% at 2,102.06 Friday), demand from Japan importers, and ultra-loose Bank of Japan's monetary policy. But USD/JPY upside is limited by the lower longer-dated US Treasury yields (10-year at 1.953% versus 1.958% late Thursday) and Japan exporter sales.


Technical comment:
The daily chart is still positive-biased as the MACD and stochastic are in bullish mode, although inside-day-range pattern was completed on Friday.


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 119.65. A break of this target is likely to push the pair further downwards, and one may expect the second target at 119.40. The pivot point is at 120.


Resistance levels:

120.80

121.20

121.65


Support levels:

119.65

119.40

119.15


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Technical analysis of NZD/USD for April 13, 2015

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Fundamental overview:
NZD/USD is expected to trade in a lower range. It is undermined by the positive dollar sentiment (ICE spot dollar index last 99.28 versus 98.97 early Friday) amid investors' confidence over the US economy recovery and expectations for an interest-rate hike in the second half of 2015 (Fed's Lacker reiterated Friday that he sees a strong probability for the US central bank to begin raising short-term rates this summer), lower dairy prices, and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the positive investor risk sentiment and NZD-USD interest differential.


Technical comment:


The daily chart is mixed as the MACD is in bullish mode, but stochastic 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 0.7420. A break of that target will move the pair further downwards to 0.7390. The pivot point stands at 0.7525. 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 0.7560 and the second target at 0.7605.


Resistance levels:

0.7560

0.7605

0.7645

Support levels:

0.7420

0.7390

0.7355


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Technical analysis of Silver for April 13, 2015


Technical outlook and chart setups:


Silver is seen to be setting up for another rally towards the levels of $18.40/50 at the sessions to come by. The metal is trading comfortably above $16.00/20 at the moment, having formed lows around $16.10 last week. It is recommended to remain long with risk at $15.50 for now. Immediate support is seen at $16.10 followed by $15.80, $15.30, and lower, while resistance is seen at $17.40/50, followed by $18.40/50 and higher respectively. Buy on dips untill prices stay above the level of $15.30 from here on.


Trading recommendations:


Remain long, stop at $15.30, target is open.


Good luck!




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Technical analysis of EUR/JPY for April 13, 2015

General overview for 13/04/2015 09:50 CET


The impulsive wave progression to the downside has almost hit the projected target level in last wave (v) green, and now the market is bouncing up to make another corrective structure. The key level to the upside is the small supply zone between 128.56 - 128.77. However, even breaking above this zone doesn't mean the market is bullish, because the price will be still trading inside a bigger cycle-range zone. Please notice the bullish divergence supports the view for a corrective cycle to the upside.


Support/Resistance:


127.24 - Intraday Support


128.24 - Intraday Resistance


128.36 - Weekly Pivot


128.56 - 128.77 - Supply Zone


129.41 - WR1


Trading recommendations:


Daytraders should consider to open buy orders from the current market levels with SL below the level of 127.24 and TP1 at the level of 128.24 and TP2 at the level of 128.56.


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Technical analysis of GBP/JPY for April 13, 2015

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Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias. It is –≥ndermined by weak GBP/USD undertone and Japan exporter sales. But GBP/JPY losses are tempered by the positive investor risk appetite and demand from Japan importers.


Technical comment:

The daily chart is negative-biased as the MACD and stochastics are bearish, a five-day moving average is below a 15-day moving average and is declining.


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 175.45. A break of that target is likely to underpin the pair further downwards to 174.80.The pivot point is at 177.05. In case the price moves in the opposite direction and bounces back from the support level, it will get 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 177.50 and the second target at 178.05.


Resistance levels:

177.50

178.05

178.50

Support levels:
175.45

174.80

174.35


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Technical analysis of Gold for April 13, 2015


Technical outlook and chart setups:


Gold is seen to be trading at the levels of $1,204.00/05.00 for now and is likely to be pushed higher towards $1,240.00/50 in the coming sessions. Immediate intermediary support is seen at $1,192.00 followed by $1,178.00, $1,162.00, and lower, while resistance is seen at $1,240.00/50.00 followed by $1,285.00, and higher respectively. It is recommended to remain long for now, with risk below $1,170.00. Bulls should be poised to push at higher levels untill prices stay above $1,170.00 from here on.


Trading recommendations:


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


Good luck!




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Technical analysis and trading recommendation for EUR/JPY for April 13, 2015

At the Asian session, Japanese core machinery orders and monetary policy meeting minutes were released. In February, core machinery orders fell. Total value of machinery orders, received by 280 manufacturers in Japan, decreased by 1.4% on a seasonally adjusted basis in February from the previous month. Private-sector machinery orders, excluding volatile ones for ships and those from electric power companies, decreased by 0.4% on a seasonally adjusted basis in February.


The Bank of Japan Policy Board's Monetary Policy Meeting was held in the head office in Tokyo on Monday, March 16 and 17, 2015. Minutes were just released. Many members said they are ready to continue easing until inflation stables at 2%. Exports were expected to increase moderately, mainly against the background of the recovery in overseas economies. The year-on-year rate of increase in the CPI (all items less fresh food) was in the range of 0.0-0.5 percent. The year-on-year rate of increase in the CPI was likely to be about 0 percent due to the effects of a decline in energy prices.


Technical view:


The cross has been extending its downward journey for 4 consecutive days. In the last week, the cross closed below 200Wema and 20Dsma129.60. The trading pattern of cross is a mirror image to EUR/USD. The cross has parallel minor support at 127.20 and major support at 126.90. In case the price closes below 126.90, bears can challenge 125.00, 122.75, and 122.00 in the near term. We recommended selling with sl 136.68 for a target at 117.00 with intermediate support at 126.90 and 122.50. All time interval charts favor bears. Weekly resistance is seen at 128.40 and 129.50. Until the price closes below 129.50, bears have the upper hand with targets at 126.90, 126.00, 125.50, 125.00, and 124.75. The panic will be triggered below 126.90. Intraday resistance is seen at 128.00 and 128.20. Support is found at 127.20. We recommend fresh intraday selling below 127.15 with targets at 126.90 and 126.00. Safe traders can sell below 126.90.


Trade: Selling below 127.15 buying above 128.40


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Technical analysis of EUR/USD for April 13, 2015

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




TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.0659.




Strong Resistance:1.0652.




Original Resistance: 1.0642.




Inner Sell Area: 1.0632.




Target Inner Area: 1.0607.




Inner Buy Area: 1.0582.




Original Support: 1.0572.




Strong Support: 1.0562.




Breakout SELL Level: 1.0555.








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 13, 2015

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In Asia, Japan will release the PPI y/y, M2 Money Stock y/y, Monetary Policy Meeting Minutes, and Core Machinery Orders m/m. The US isexpected to release economic data on Federal Budget Balance. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.




TODAY TECHNICAL LEVELS:




Resistance. 3: 120.82.




Resistance. 2: 120.59.




Resistance. 1: 120.35.




Support. 1: 120.06.




Support. 2: 119.82.




Support. 3: 119.58.








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 13, 2015

The yellow metal prices manage to close with gains for 4 consecutive weeks. For 3 consecutive weeks, the metal has been struggling to close above 20Esma $1,212.00, though it was breached on a daily basis. Last Friday, the metal managed to close above 50Dsma but rejected at 100Dema $1,212.00. In case the metal closes above $1,212.00 on a daily basis, bulls can challenge towards $1,230.00 and $1,232.00. As we advised, big moves are expected in case of a close above $1,232.00. Weekly resistance is found at $1,232.00, weekly support is found at $1,190.00 20Dsma. In the four-hour chart, the metal has been forming higher lows and higher highs. Intraday resistance is seen at $1,212.00 and support is found at $1,203.00 and $1,200.00. The physical demand has been inching up in India. Indian gold imports were almost double in March totaled 125tonnes. India is the biggest gold consumer in the world. The new Indian government has a plan to launch a new program in May that encourages Hindu temples to deposit their gold with banks in returns of interest. For an intraday view, we recommend buying above $1,212.00 with targets at $1,214.00, $1,217.00, $1,219.00, and $1,222.00. On the down side, we recommend selling below $1,198.00 with targets at $1,195.00, $1,192.00, and $1,190.00. Weekly strong support is found at $1,191.00 and monthly support is found at $1,178.00. Until the metal closes above $1,178.00, bulls are likely to breach $1,223.00 for big moves ahead.


Trade: Buying above $1,212.00 selling below $1,198.00


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Technical analysis and trading recommendation for EUR/USD for April 13, 2015

Everyone eyes on the ECB press conference falls on Wednesday April 15th. We expect the ECB to keep the interest rates on hold. At the end of the week Final CPI data will attract the attention. This week, the ECB meeting is the major event. The eurozone deputy finance gave a 6-working day deadline to Greece. Greece needs to submit the revised reforms list. Italy industrial production data are due for release today. Economists expect a rise by 0.5% compared to January it was negative 0.7%.


Weekly technical analysis:


After 3-week consolidation, the euro cracked against the US dollar again. The pair has almost erased most of its 3-week gains. The pair has the weekly parallel minor support found at 1.0568 below this 1.0463 is likely to act as major support. In case of a close below 1.0463, bears can challenge towards 1.0275, and 1.0000. In this case, we can expect another 500 pips fall in the near term. Weekly resistance is seen at 1.0820. Until the price closes below 1.0820, forget about buying, use every rise to sell. The panic will be triggered below 1.0460. The weekly trading pattern is framed between 1.0460 and 1.0820.


Intraday technical analysis:


The fresh new week starts on a bullish bias. At the Asian session, the euro is trading higher against USD. Hourly support is found at 1.0580 . Intraday resistance is seen at 1.0640. In case if the pair moves towards 1.0635, use this rise to sell with sl 1.0685. This view is good only for intraday basis. Positional trade exists with sl 1.0820 selling between 1.0710 and 1.0750. The intraday panic will be triggered below 1.0580 with targets at 1.0550, 1.0500, and 1.0485. All time interval charts favor bears. Last week, we initiated selling below 1.0800 with target at 1.0600. All targets met made low at 1.0568.


Support: 1.0580,1.0550, 1.0485


Resistance: 1.0640, 1.0740, 1.0820


Trade: Forget about buying. Sell, nothing else.


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Daily analysis of major pairs for April 13, 2015

EUR/USD: This pair is very weak right now, owing to a deep weakness in EUR and a great strength of USD. In fact, EUR is one of the weakest currencies among the majors and so are most EUR pairs. A rally of 400 pips is significant enough to result in a clean Bearish Confirmation Pattern and further plunge is expected this week.


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USD/CHF: This pair rose throughout last week, enabling a clean bullish bias on the market. There are support levels at 0.9700 and 0.9650, which should do a good job in arresting any bearish plunges along the way. There are also resistance levels at 0.9900 and 0.9950, which should serve as next targets for bulls.


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GBP/USD: Just like its EUR/USD counterpart, the cable journeyed downwards last week. The downward journey has enabled the end of the recent tight consolidation phase in the market, allowing bears to reign. Thus, the price could reach the accumulation territories at 1.4600 and 1.4550 this week; although a possibility of another rally cannot be ruled out.


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USD/JPY: As for this currency trading instrument, bulls have fought to keep the price upbeat. However, the bullish outlook is unstable. It is safe to assume that the bullish outlook will be valid as long as the price is above the demand level of 119.00.


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EUR/JPY: The EUR/JPY plunged by roughly 350 pips last week as forecasted. The price reached a high of 131.29 and a low of 127.20. The outlook for this week is also bearish as long as the EUR is weak. The next targets for bears are located at the demand levels of 127.00 and 126.50.


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#USDX technical analysis for April 13, 2015

The Dollar index has short-term target of 100.50. Short-term trend is bullish. The break out above 98.20-98.50 resistance gave last week a buy signal and combined with the double bottom around 96, bulls continue to have the upper hand.


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Red line = support


Green line = resistance


The blue lines are projecting an equal move after the break out with 100.50 as a target for the Dollar index. The price got broken above the Ichimoku cloud. The trend is bullish now. Support is found at 97.50. Resistance is at 100.50 where the previous highs were set.


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Orange lines= bullish channel


The Dollar index made an impressive weekly candle off the lower channel boundary as expected from last Monday when prices opened with a gap down due to the miss in NFP announcement. The Dollar index closed above the tenkan-sen confirming support at 96.20. The long-term trend remains bullish. The upper boundary channel resistance is at 102.50-103. I remain bullish as long as we trade above last weeks low.


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Gold technical analysis for April 13, 2015

Gold price managed to hold short-term support on Friday and bounced back above $1,200, bringing bulls back into the game. The key levels for the next big move in gold price are at $1,222 and at $1,190.


goldh4.jpg


Red line = horizontal support


Yellow line = upward sloping trend line


Blue line = horizontal resistance


Gold price has managed to push above the yellow trend line support and above the Ichimoku cloud in the 4-hour chart. Gold price held short-term support on Friday and as long as the price is above $1,190, bulls will have more chances to push the price to $1,250-60.


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The weekly chart was not looking good all week but on Friday bulls managed to hold above the tenkan-sen indicator (red line). Support was held but the price remains below the kijun-sen (yellow line) indicator. The longer-term trend remains bearish since the price is below the Ichimoku cloud. Good levels to sell are at the 61.8% retracement and at the Ichimoku cloud. A weekly close below the last week closes is a sell sign. Until then I prefer to stay neutral.


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Elliott wave analysis of EUR/NZD for April 13 - 2015

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Technical summary:


We have seen a downward decline in wave v continue towards the 38.2% target at 1.4048, which calls for an extended wave v lower to 1.3867 and even lower to 1.3687 before a firm bottom is in place. In the short term, we are likely to see minor resistance at 1.4045 protecting the upside for a move closer to 1.3956 as the next downside target and a possible end of red wave iii. Once red wave iii is in place, it will be time for a correction back towards 1.4081 before renewed downside pressure should be expected towards 1.3867 and even lower.


Trading recommendation:


Here, we missed our EUR-selling order by a small margin and here we should not play catch with already well advanced market.


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Elliott wave analysis of EUR/JPY for April 13 - 2015

2015-04-13-EURJPY-4H.png


Technical summary:


The triangle count has worked perfectly and it should just be a matter of time, before the former low at 126.87 is broken and new lows for the year is seen. The ideal downside target is found at 125.98, where wave C of the expanded flat correction from late December will have corrected 38.2% of the rally from 94.10 to 145.69. This this correction is over and new impulsive rally is expected to above 149.55.


Trading recommendation:


We missed our EUR/selling order by a little margin and will not try to play catch with this cross as it's close to a potential turning point.


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