Intraday technical levels and trading recommendations for GBP/USD for April 14, 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 a price range at 1.4700 where extensive bearish pressure was applied.


The pair has been trapped between the levels of 1.4700 and 1.4970 until a bearish breakout took place below 1.4700 by the end of last week.


A valid sell entry can be offered at retesting of the backside of the level of 1.4760 (the nearest supply level to meet the pair).


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


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Intraday technical levels and trading recommendations for EUR/USD for April 14, 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).


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.


Today, bullish pullback is taking place towards 1.0700 (reversal pattern's neckline). It should be watched for a low-risk sell entry.


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USD/CAD intraday technical levels and trading recommendations for April 14, 2015

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Overview:


SSince bulls have pushed the price further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level, the market looks quite overbought.


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 (a 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 several weeks on the daily and weekly charts.


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, 100% Fibonacci level).


On the other hand, daily closure below 1.2550 brings the USD/CAD pair to 1.2300-1.2350 again (where the lower limit of the wedge pattern as well as 79.6% Fibonacci level is located).


Trading recommendations:


As anticipated, risky traders should wait for bullish breakout above 1.2550 for a valid long entry.


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


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GBP/USD intraday technical levels and trading recommendations for April 14, 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).


One month ago, the bearish breakdown of the 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.


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


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


Bullish pullback towards 1.4750 (recent resistance) will probably offer a valid sell entry. S/L should be located slightly above 1.4800.


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Weekly technical levels for EUR/USD for April 14-17, 2015

The weekly pivot point: 1.0736


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Overview :


The resistance has already been set at the level of 1.0736. Additionally, the double top is also coinciding with the same price at the level of 1.0736. Moreover, the EUR/USD pair broke the weekly pivot point last week and the price is still below it this week. Also, it should be noted that the market has opened below the 1.0620 level today. Consequently, the trend was downward and the range seemed extensive up to 90 pips. According to the previous events, the price of the EUR/USD pair has still been moving between 1.0677 and 1.0440. Therefore, it will be advantageous to sell at 1.0736 (the weekly pivot point) with the first target at 1.0570. If the price is able to break a double bottom at 1.0567, it may resume to 1.0438 in order to test the weekly support 1 and create a new double bottom. In spite of this, stop loss should always be in account; accordingly, it will be of beneficial to set the stop loss above weekly pivot point at the price of 1.0750.


The weekly technical levels for EUR/USD pair:


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EUR/NZD : analysis for April 14, 2015

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Overview:


Recently, EUR/NZD has been trading sideways around 1.4180. We are facing low volatility. Our Fibonacci expansion 100% at the level of 1.4035 was held successfully and the price went into a corrective phase. I have placed Fibonacci retracement to find potential resistance levels and have got Fibonacci retracement 38.2% at 1.4230 (currently on the test) and Fibonacci retracement 61.8% at 1.4350. The short-term trend is neutral. We are waiting for 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 it testing the level of 1.4350. Anyway, if we see larger supply on the market, we may see possible re-testing of 1.4030.

Resistance levels:


R1: 1.4224


R2: 1.4265


R3: 1.4333


Support levels:


S1: 1.4090


S2: 1.4050


S3: 1.3980


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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Weekly technical levels for GBP/USD for April 14-17, 2015

The weekly technical levels for GBP/USD pair:


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Review :



  • GBP/USD:It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3. According to the previous events, the GBP/USD pair is going to move between 1.4720 and 1.4482.

  • The resistance will be set at the level of 1.4732 and the support has already been placed at 1.4485.

  • We expect a new range about 280 pips this week.

  • The key level is likely to be set at 1.4732.

  • The level of 1.4732 will represent the double top and the weekly pivot point at the same time.



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Pivot point formula:



  • Pivot point = (high (previous) + low (previous) + close (previous)) / 3


General idea about the pivot point.



  • Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as prices are most likely to be located between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If trend breaks resistance or support through is likely to result in a significant price movement, it is also referred to as a breakout.


Notes :



  • In case of upward trend, the strength of the currency will be defined as following: GBP is in the uptrend and USD is in the downtrend.


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Gold : analysis for April 14, 2015

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Overview :


Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,187.51 in a high volume. According to the daily time frame, we can observe a supply in a volume above the average. The price broke our Fibonacci retracement 38.2% ($1,194.00). We may see potential testing at $1,177.00-$1,174.00. The short-term trend is bearish. Be careful when buying and watch for potential selling opportunities after retracement (correction).


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,207.04


R2: 1,214.77


R3: 1,220.00


Support levels :


S1: 1,193.85


S2: 1,188.56


S3: 1,180.80


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


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Daily analysis of USDX for April 14, 2015

In the recent days, the USDX was trying to consolidate above the support level at 99.12 after being rejected at 96.00. Now, the index is looking to reach the resistance level of 100.51 that is seen to be a key zone. Anyway, the USDX will start to form a higher high pattern on the daily chart in the coming days.


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The sideway moves continue on the H1 chart, as the USDX is trying to hold above the resistance level at 99.55 again in order to rally towards the resistance level at 100.12, which is an important high. The 200 SMA still favors bulls in this time frame and we don't like the idea to look for counter-trend trades.




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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: 99.55 / 100.12


H1 chart's support levels: 99.14 / 98.83






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 99.55, take profit is at 100.12, and stop loss is at 98.97.


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Daily analysis of GBP/USD for April 14, 2015

We can observe a lower low pattern formation at the daily chart, which could be forecasting future new lows to be reached in the medium term. The 200 SMA is still on the bearish degree and GBP/USD has been developing a bearish structure, which could be very strong if achieves another pattern in favor of the overall trend. The MACD indicator is at negative territory.


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The GBP/USD pair is currently looking for strong support around the level of 1.4612, after a nosedive from a high posted on April 8. Currently, on the H1 chart, the resistance level at 1.4684 is rejecting the price action of the pair and we could see it testing the level of 1.4546 during this week, as GBP/USD is getting weak in the short term.


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Daily chart's resistance levels: 1.4820 / 1.4976


Dailychart's support levels: 1.4649 / 1.4540


H1 chart's resistance levels: 1.4684 / 1.4728


H1 chart's support levels: 1.4612 / 1.4546






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 1.4612, take profit is at 1.4546, and stop loss is at 1.4674.


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Technical analysis of EUR/USD for April 14, 2015


Technical outlook and chart setups:


The EUR/USD pair is looking to form a higher low ahead of 1.0462. The pair is currently trading around 1.0560/70 and could be preparing to rally as seen on the 4-hour chart. A run up from the current levels would be extremely encouraging for bulls. It is likely to indicate that an intermediary bottom has been formed at the level of 1.0460. Now, it is recommended to initiate long positions with risk at 1.0400. Immediate support is seen at 1.0460 while resistance is found at 1.1050 respectively. Bulls should regain control until prices are above the level of 1.0460.


Trading recommendations:


Initiate ling positions, stop at 1.0400, target is open.


Good luck!




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Technical analysis of GBP/CHF for April 14, 2015


Technical outlook and chart setups:


The GBP/CHF pair failed to break above 1.4400 twice at last sessions. The pair is seen to be trading at the level of 1.4300 now and is preparing to drop lower towards 1.4000 until prices remain below 1.4450. It is recommended to remain short for now with risk above the level of 1.4490. Immediate support is seen at 1.4000 followed by 1.3850 and lower, while resistance is seen at 1.4630 followed by 1.4950, 1.5150, and higher respectively. Bears are likely to remain in control for now.


Trading recommendations:


Remain short, stop at 1.4490, target is open.


Good luck!




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Technical analysis of Silver for April 13, 2015


Technical outlook and chart setups:


Silver has dropped again to test interim support around $16.00 as seen in the 4-hour chart. The metal is right at the Fibonacci 0.618 support level now and a bullish bounce should be expected. It is hence recommended to remain long and look an opportunity to add further positions with risk around $15.50. Immediate support is seen at the level of $16.00 (interim) followed by $15.80, $15.30, and lower while resistance is seen at $17.40 (interim) followed by $18.40/50 and higher respectively.


Trading recommendations:


Remain long, add further positions, stop at $15.30, target is open.


Good luck!




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Technical analysis of Gold for April 14, 2015


Technical outlook and chart setups:


Gold dropped lower towards intermediary support at the level of $1,190.00. The metal is expected to produce a bullish bounce from the current levels. Please note also that Fibonacci support is around $1,190.00. It is recommended to hold long positions with risk at $1,170.00 now. A break below $1,190.00 is likely to test $1,180.00 and lower levels before turning bullish again. Immediate support is seen at $1,178.00 followed by $1,162.00 and lower while resistance is seen at $1,1225.00 (interim), followed by $1,240.00, $1,285.00, and higher respectively.


Trading recommendations:


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


Good luck!




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Technical analysis of USD/JPY for April 14, 2015

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Fundamental outlook:
USD/JPY is expected to trade in lower range. It is undermined by the positive yen sentiment after Koichi Hamada, the adviser to Japanese PM Abe, said the dollar's current level at Y120 is too weak for the yen considering purchasing parity. USD/JPY is also weighed by the flows to haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge rose 10.81% to 13.94, S&P 500 closed 0.46% lower at 2,092.43 overnight) as weak China's trade data for March raised concerns over the global growth, lower US Treasury yields (2-year at 0.536% versus 0.564% late Friday), and Japan export sales. But USD/JPY losses are tempered by the demand from Japan importers, ultra-loose Bank of Japan's monetary policy, and broadly firm dollar undertone (ICE spot dollar index last 99.50 versus 99.28 early Monday) amid expectations that the Federal Reserve would stay on track to raise interest rates this year despite the recent disappointing data on the US economy.


Technical comment:
The daily chart is mixed as the MACD is bullish, 5 and 15-day moving averages are advancing, but bearish outside-day-range pattern was completed on Monday, stochastic is turning bearish at overbought levels.


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 119.40. A break of that target will move the pair further downwards to 119.20. The pivot point stands at 120.40. 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 120.80 and the second target at 121.20.


Resistance levels:

120.80

121.20

121.65


Support levels:

119.40

119.20

119


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Technical analysis of USD/CHF for April 14, 2015

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Fundamental overview:
USD/CHF is expected to consolidate with risks skewed lower after hitting a three-week high of 0.9863 on Monday. It is undermined by the franc demand on cross trades versus major currencies. But USD/CHF losses are tempered by the broadly firm dollar undertone, negative Swiss interest rates, and threat of the Swiss National Bank CHF-selling intervention.


Technical comment:
The daily chart is still positive-biased as the MACD and stochastics are bullish, although the latter is at overbought levels, five-day moving average above is 15-day moving average and is advancing.


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 0.9720. A break of that target will move the pair further downwards to 0.9665. The pivot point stands at 0.9810. 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 0.9870 and the second target at 0.9940.


Resistance levels:

0.9870

0.9940

0.9985


Support levels:

0.9720

0.9665

0.9595


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Technical analysis of NZD/USD for April 14, 2015

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Fundamental overview:
NZD/USD is expected to consolidate with bearish bias after hitting an eight-day low of 0.7420 on Monday. It is undermined by the broadly firmer dollar undertone, weak China March trade data, kiwi sales on soft NZD/JPY cross amid subdued investor risk appetite, weak dairy prices, and NZIER quarterly survey of business opinion showing business confidence in New Zealand came off slightly in the first quarter with net 20% of firms expecting business conditions to improve over the next six months and down from 22% in the fourth quarter. But NZD/USD losses are tempered by the NZD-USD interest differential and 9.5% rise in Reinz New Zealand House Price Index on a yeat basis in March.


Technical comment:

The daily chart is negative-biased as the MACD and stochastics 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 0.7420. A break of that target will move the pair further downwards to 0.7390. The pivot point stands at 0.7485. 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 0.7525 and the second target at 0.7560.


Resistance levels:

0.7525

0.7560

0.7605


Support levels:

0.7420

0.7390

0.7355


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Technical analysis of GBP/JPY for April 14, 2015

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Fundamental overview:
GGBP/JPY is expected to consolidate with bearish bias. It is undermined by weak euro sentiment, flows to haven the yen amid increased investor risk aversion, and Japan exporter sales. But GBP/JPY losses are tempered by the demand from Japan importers. Sterling sentiment is boosted by ICM opinion poll for The Guardian newspaper showing ruling Conservative Party ahead of Labour party.


Technical comment:

The daily chart is negative-biased as the MACD and stochastics are bearish, although the latter is at oversold levels, five-day moving average is below 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 174.80. A break of that target is likely to underpin the pair further downwards to 173.90.The pivot point is at 176.55. 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 177.05 and the second target at 177.50.


Resistance levels:

177.05

177.50

178.05

Support levels:
174.80

173.90

173.15


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#USDX technical analysis for April 14, 2015

The Dollar index remains in the short-term bullish trend that started at 96.30 last week after the gap down. The price has a short-term target at the previous high of 100.50. The longer-term trend remains bullish targeting 102-103.


usdx.jpg


Green line = resistance


Red line = support


The Dollar index has broken the green trend-line resistance continues to trade above the Ichimoku cloud. The cloud provides support at 97.50. The kijun-sen provides short-term support at 98.50. Now, the index is trading closer to the previous highs and current target at 100.50.



The weekly chart remains fully bullish as the price remains inside the upward sloping orange channel and above the tenkan-sen. The lLong-term trend remains bullish with 102-103 as 1st target area. Bulls aim to hold above 96.20 on a weekly close.




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Gold technical analysis for April 14, 2015

Gold price started the day in negative mode and we observe that short-term support and the recent low at $1,193 was broken as the price reached $1,190. This is the general support area but the overall picture is not good for bulls. The price has the potential to reach $1,150-$1,130, which will be an important test for the longer-term trend.


goldh4.jpg


Red line = support


Blue line = resistance


Yellow line = trend line support


Gold price has broken below the yellow trend-line support and then tested it at $1,210 but did not manage to move back above it. Now, the price is below the yellow trend-line again and below the Ichimoku cloud. The price has made a lower high and lower low. The short-term trend is bearish.


goldd.jpg


The weekly chart remains bearish. The price is below the kijun-sen (yellow line). Now, it is testing the tenkan-sen ( red line). Few weeks ago, we had a bearish cross between the tenkan- and kijun-sen. The price is below the Ichimoku cloud. The longer-term view remains bearish with target at $1,000.


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Technical analysis of USD/CAD for April 14, 2015

General overview for 14/04/2015 09:05 CET


As anticipated yesterday, the top for wave b green had been established. Now, the market is in the last stage of a possible abc corrective cycle. The first target for wave c green of this cycle is at the level of 1.2564 and the next support is at the level of 1.2508. Please notice that although the corrective cycle should end rather soon, the correction might get more complex and time consuming. As long as the level of 1.2387 is not violated, the overall outlook remains bullish.


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:


Yesterday's sell orders should now be either closed at current price level or the trailing stop should be set. Please notice that the buying opportunity is likely to open up as soon as the corrective cycle is done.


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Technical analysis of EUR/JPY for April 14, 2015

General overview for 14/04/2015 09:20 CET


Just a small adjustment, as there is now, detailed the count of the wave (iii) green. Moreover, the whole structure looks like an almost completed impulsive cycle trading inside the channel that might make another upside breakout soon. The bullish divergence between the price and momentum oscillator supports the bullish view, but please notice that any breakout below a new low would make the level of 125.40 to turn the next support level for the market.


Support/Resistance:


125.40 - WS1


126.11 - Intraday Support


126.54 - Intraday Resistance


127.70 - 127.80 - Supply Zone


Trading recommendations:


Yesterday's buy orders could be closed with only a marginal profit, but please notice buying is likely to open uo as soon as the impulsive cycle is done.


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Technical analysis and trading recommendation for GBP/USD for April 14, 2015

GBP/USD
UK retail sales increased by 3.2% on a like-for-like basis compared to March 2014, when they had decreased 1.7% against the preceding year. On a total basis, sales were 4.7% up against a 0.3% fall in March 2014. Adjusted for the BRC-Nielsen Shop Price Index deflation total growth was 6.8%. The figures are flattered by the inclusion of Easter in March this year against April last year.


Today, traders eye on the UK inflation rate. In February, the index fell to 0.0% from 0.3%. This time, we expect it to remain unchanged. The BOE left its near-term inflation outlook on a muted bias in March. Positive readings can ignite mild sharp rally of the pound against crosses like EUR/GBP & GBP/JPY. Against USD the pound does not promise safe buy. The greenback enjoys its rally consolidating at 100.00 mark. The level at 103.00 is likely to be a target above it in the near term. In case the annual CPI readings fell into deflation, we can expect the pound to lose another 200 pips against USD in the near term.
Technical view:


At yesterday's session, the cable managed to close with gains. Today at Asia's session the cable trading on a positive bias. Traders eye ball waiting for the major data on UK and US. The cable has intraday support is found at 1.0460, a 10-hour low. The intraday resistance is seen at 1.4740. Until the price closes below 1.4775, bears will have the upper hand. The cable edged lower after facing strong resistance at 1.4980 likely near term capped. In the hourly chart, prices are consolidating above 23.60 Fibonacci level for 9 hours. For an intraday view, we recommend selling below 1.4660 with targets at 1.4630, 1.4600, 1.4585, 1.4500, and 1.4485. Positional traders can sell with sl 1.4775 targets at 1.4500 and 1.4485 in the near term. The medium-term view is likely to extend more downside targets at 1.4350 and 1.4275. The 1.5000 mark looks hard for bulls to breach. The UK is slowly approaching its general election scheduled for May. Market participants expect the pound to get under a downward pressure.


Trade: Selling below 1.4660, safe selling below 1.4630


Buying above 1.4725 with target at 1.4740 and 1.4775.Sharp upswing likely above 1.4775


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Technical analysis and trading recommendation for GBP/YEN for April 14, 2015

Short-term view – the cross favors bears in all time frames. We used to be bullish with sl 181.65. We recommended 175.75 and 174.00. We still are waiting for 174.00. In the previous week, the cross closed below 50Wsma, which added more bearish views in the medium term as well. In last 8 months, the 50Wsma pushed the price to higher levels in 4 occasions. Whenever the price corrected towards 50Wsma, moving average helped the price to print new fresh high. But this time it was failed to push the price higher. This factor tempts me to look at 170.00 in the medium term. As we know, UK is slowly moving towards election in May. Market participants expect the pound to get under a downward pressure. In case the price closes below 175.45, new bearish wave is likely to be generated towards lower levels.


Intraday view – the cross edged lower rejected 35DEMA in the four-hour chart, probably double top at 176.52. The cross has found immediate support at 175.66 and 175.30. We recommend selling below 175.60 with targets at 175.30, 175.00, and 174.00. In case the pound turned to be supported by UK CPI data, we can expect a mild pullback to take place. In this case, we recommend buying above 176.20 with targets at 176.45 and 176.75. Weekly resistance is seen at 177.40. Until the price closes below 177.40, bears can challenge new lower levels in the near term.


Trade: Selling below 175.60


Buying above 176.20


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Technical analysis and trading recommendation for EUR/USD for April 14, 2015

In February 2015, the seasonally adjusted Italian industrial production index increased by 0.6% compared to the previous month. The percentage change in an average for the last three months was +0.4% against the reading for the previous three months.


Today, traders eye on the German WPI and the European industrial production. US data will dominate today's trade. From the past performance, the US core retails sales, PPI, and retails sales are not in positive bias. In case of negative reading, the euro is likely to move towards 1.0680 and 1.0700 against USD. The euro is preparing for tomorrow's ECB press conference.


Intraday view: The pair has been extending its downward journey for sixth consecutive day as well. Hourly support is found at 1.0550. Intraday resistance is seen at 1.0620. At yesterday's session, we recommended selling below 1.0580 with targets at 1.0550, 1.0500, and 1.0485. The pair made a low at 1.0521. All time interval charts favor bears. Until the pair closes below 1.0730, use every rise to sell with targets at 1.0485 and 1.0375 in the near term. Eventually, the pair falls below 1.0000 and 0.9000. For an intraday session, we recommend selling below 1.0550 with targets at 1.0520, 1.0500, and 1.0485. The World Bank cuts outlook for East Asia led by China. The stronger US dollar and interest rates hike will add more pressure on the economies. The euro has been depressed by negative yields and the ECB's QE. The recent Chinese economic data are disappointing that encourages USD strengthening. Today, in case the US printed negative readings, this pair is recommended for buying above 1.0620 with targets at 1.0680 and 1.0700. This view is only for intraday speculative trading. Overall the trend favors bears.


Support: 1.0500,1.0500, 1.0485


Resistance: 1.0610, 1.0640, 1.0685


Trade: Forget about buying. Sell, nothing else.


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Elliott wave analysis of EUR/NZD for April 14 - 2015

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Technical summary:


We saw a sharp rally towards 1.4237 yesterday, which is just below the 50% corrective target for red wave iii and therefore it is more than likely that red wave iv ended at 1.4237.Red wave v is likely to move lower towards 1.3867 and possibly even lower to 1.3687 before a firm bottom is found. In the short term, I would be looking for a break below minor support at 1.4130 as a confirmation that red wave v is unfolding a decline to 1.4011 on the way lower to 1.3867. Ideally, minor resistance at 1.4170 will protect the upside for the break below 1.4130 for a strong move lower.


Trading recommendation:


The decline in wave v is well advanced, but we will buy and sell EUR at 141.65 with a stop at 142.10 and take profit at 1.3875, this will be a nice risk/reward trade.


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Elliott wave analysis of EUR/JPY for April 14 - 2015

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Technical summary:


We can observe a correction in red wave iv, which could be some kind of triangle consolidation before the final decline closer to 125.98 to terminate wave C of the expanded flat correction, which has dominated the picture since late December 2013. After this decline in wave C is over, we should see a new impulsive rally to above 149.55.


Trading recommendation:


Now, wave (v) C is advanced so well that a bottom could be found at anytime. So, we will be looking for EUR buying opportunity around 125.98.


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Technical analysis of EUR/USD for April 14, 2015

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When the European market opens, some economic data on Industrial Production m/m and German WPI m/m are dou for release. The US is expected to publish data on the Business Inventories m/m, NFIB Small Business Index, Core PPI m/m, Retail Sales m/m, PPI m/m, and Core Retail Sales m/m. So, EUR/USD will move low to medium volatility during this day amid the reports.




TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.0622.




Strong Resistance:1.0615.




Original Resistance: 1.0605.




Inner Sell Area: 1.0595.




Target Inner Area: 1.0570.




Inner Buy Area: 1.0545.




Original Support: 1.0535.




Strong Support: 1.0525.




Breakout SELL Level: 1.0518.








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 14, 2015

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In Asia, Japan is not expected to release any economic data. But the US will publish data on Business Inventories m/m, NFIB Small Business Index, Core PPI m/m, Retail Sales m/m, PPI m/m, and Core Retail Sales m/m. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during the day.




TODAY TECHNICAL LEVELS:




Resistance. 3: 120.51.




Resistance. 2: 120.28.




Resistance. 1: 120.04.




Support. 1: 119.76.




Support. 2: 119.52.




Support. 3: 119.28.








Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.


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Daily analysis of major pairs for April 14, 2015

EUR/USD: This market was simply volatile yesterday, without going upwards or downwards. The general outlook remains bearish and it is expected that the market would continue trading downwards, reaching the support lines at 1.0500 and 1.0450.


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USD/CHF: The USD/CHF was indecisive for most part of Monday. Today or tomorrow, there ought to be a continuation of a bullish journey, taking the price towards the resistance levels at 0.9850 and 0.9900. The resistance level at 0.09850 has been tested this week, and it could be retested again.


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GBP/USD: The cable made some attempt to rally on Monday, all in the context of downtrend. The dominant bias is bearish and it assumes that the present rally proffers a wonderful opportunity to go short at a better price. The only thing that can render this assumption invalid is an event that causes the cable to go above the distribution territory at 1.4850.


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USD/JPY: The price action on this currency trading instrument testifies to the desperate struggle between bulls and bears. Until the price closes below the demand level at 119.00, it cannot be said that bears gain the upper hand. The bias remains bullish as long as the price is above the aforementioned demand level.


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EUR/JPY: This cross made further bearish attempts on Monday, almost reaching the demand zone at 126.50. There is a shallow upwards bounce in the market, but there is also a strong possibility that the demand zone at 126.50 would be reached, owing to the deep weakness in the euro.


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GBP/USD intraday technical levels and trading recommendations for April 13, 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).


One month ago, the bearish breakdown of the 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 of 1.4700 enables the pair to resume its bearish scenario towards 1.4500 and 1.4450.


Bullish pullback towards 1.4700 will probably offer a valid SELL entry with S/L as daily closure above 1.4750.


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USD/CAD intraday technical levels and trading recommendations for April 13, 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.


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 = 100% Fibonacci level).


Trading recommendations:


As anticipated, risky traders should wait for bullish breakout above 1.2550 for a continuation of buy entry.


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


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