GBP/USD intraday technical levels and trading recommendations for April 15, 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 to 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 1.4775-1.4800 (recent resistance zone) will probably offer a valid sell entry. S/L should be located slightly above 1.4825.


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USD/CAD intraday technical levels and trading recommendations for April 15, 2015

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Overview:


Since 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, a 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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Intraday technical levels and trading recommendations for EUR/USD for April 15, 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 towards 1.0700 (reversal pattern's neckline)takes place. It should be watched for another low-risk sell entry.


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Intraday technical levels and trading recommendations for GBP/USD for April 15, 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.


A 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.


A projection target for this consolidation breakout would be located around the price level of 1.4440 as long as the EUR/USD bears keep defending their daily supply level around 1.4800.


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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 1.4780-1.4800 (the nearest supply level to meet the pair). Estimated bearish targets would be projected towards 1.4600,1.4500, and then 1.4440.


On the other hand, the H4 fixation above 1.4800 will ease the bearish pressure attempting to rally towards the price zone around 1.4950-1.4970 (consolidation zone's upper limit).


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Technical analysis of USD/JPY for April 15, 2015

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Fundamental outlook:
USD/JPY is expected to consolidate after hitting a six-day low of 119.07 on Tuesday. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 98.78 versus 99.50 early Tuesday) after weaker-than-expected 0.9% on-month increase in the US March retail sales (versus forecast +1.1%) and a surprising drop in the US NFIB index of small business optimism to 95.2 in March from 98.0 in February (versus forecast 98.1). USD/JPY is also weighed by the lower US Treasury yields (10-year at 1.898% versus 1.939% late Monday) and Japan exporter sales. But USD sentiment is soothed by the stronger-than-expected 0.3% on-month increase in US February business inventories (versus forecast +0.2%). USD/JPY downside is also limited by the demand from Japan importers and ultra-loose Bank of Japan's monetary policy, buying of the yen crosses amid an improved risk appetite (VIX fear gauge eased 1.94% to 13.67; S&P 500 closed up 0.16% at 2,095.84 overnight) as oil prices rallied (Nymex crude settled up $1.38 at $53.29/bbl Tuesday).


Technical comment:
The daily chart is tilting negative as stochastics is in bearish mode, the MACD is turning 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 119.20. A break of that target will move the pair further downwards to 118.90. The pivot point stands at 119.75. 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 120.05 and the second target at 120.40.


Resistance levels:

120.05

120.40

120.80



Support levels:

119.20

118.90

118.65


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Daily analysis of USDX for April 15, 2015

The daily chart is still calling for upside moves towards the resistance zone of 100.51. Currently, the USDX is trying to finish a bullish pattern formation, which is looking for a rally until the resistance mentioned above. For now, we recommend to follow the bullish bias, which is very strong, because the corrective moves are weak at the time.


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During the Tuesday session, the USDX found dynamic support at 200 SMA and now it's trying to consolidate above the support level of 99.14. We're still with the bullish idea until the resistance level of 99.55. Also, a bullish pattern is currently forming on the H1 chart and we should be cautious when adding short 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 15, 2015

GBP/USD continues to perform corrective moves on the bullish side, but remember that we are currently inside of an overall bearish trend on the daily chart. The pair could fall eventually until the support level of 1.4649 and make a breakout there for a bearish continuation.


On the other hand, a breakout at the level of 1.4820 is likely to open the way for a rise up to the level of 1.4976.

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At the H1 chart, GBP/USD found dynamic resistance on the 200 moving average and the pair is still looking for the downside road. But we could expect another move up until the resistance zone of 1.4800, which is a key psychological level at the intraday outlook. Anyway, our general outlook remains in favor of the bearish bias.


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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: 1.4800 / 1.4838


H1 chart's support levels: 1.4728 / 1.4684






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 1.4728, take profit is at 1.4684, and stop loss is at 1.4770.


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EUR/NZD : analysis for April 15, 2015

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Overview:


Recently, EUR/NZD has been trading sideways around 1.4130. We face low volatility. Our Fibonacci expansion 100% at the level of 1.4035 was held successfully and the price entered a corrective phase. I have placed Fibonacci retracement to find potential resistance levels and have got Fibonacci retracement 38.2% at 1.4230 (successfully tested) 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.


Fibonacci Pivot Points :


Resistance levels:


R1: 1.4196


R2: 1.4216


R3: 1.4250


Support levels:


S1: 1.4130


S2: 1.4110


S3: 1.4080


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 of 1.4235.




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Gold: analysis for April 15, 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 $1,183.79 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). Anyway, according tothe 4H time frame we can observe a weak supply (high volume supply and weak price action). Just if the price breaks the level of $1,183.00, we may see potential testing of the level of $1,177.00-$1,174.00.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,199.25


R2: 1,203.47


R3: 1,210.27


Support levels :


S1: 1,185.67


S2: 1,181.00


S3: 1,174.80


Trading recommendations: Be careful when selling gold at this stage since we got weak supply according to the 4H time frame.




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Technical analysis of USD/CHF for April 15, 2015

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Fundamental overview:
USD/CHF is expected to trade with bearish bias. It is undermined by weaker dollar sentiment (ICE spot dollar index last 98.78 versus 99.50 early Tuesday) after weaker-than-expected 0.9% on-month increase in U.S. March retail sales (versus forecast +1.1%) and a surprising drop in the US NFIB index of small business optimism to 95.2 in March from 98.0 in February (versus forecast 98.1). But USD/CHF losses are tempered by negative Swiss interest rates and the threat of Swiss National Bank CHF-selling intervention.


Technical comment:
The daily chart is mixed as the MACD is bullish, five-day moving average is above 15-day moving average and is advancing but stochastics 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 long as it remains below the pivot point. Short positions are recommended with the first target at 0.9665. A break of that target will move the pair further downwards to 0.960. 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:

0.9665

0.96

0.9565


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Technical analysis of NZD/USD for April 15, 2015

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Fundamental overview:
NZD/USD is expected to trade in a higher range. It is underpinned by weaker dollar sentiment (ICE spot dollar index last 98.78 versus 99.50 early Tuesday) after a weaker-than-expected 0.9% on-month increase in US retail sales in March (versus forecast +1.1%) and a surprising drop in the US NFIB index of small business optimism to 95.2 in March from 98.0 in February (versus forecast 98.1), Kiwi demand on buoyant NZD/JPY cross amid reduced risk aversion, and Kiwi demand on soft AUD/NZD cross and NZD-USD interest differential.


Technical comment:

The daily chart is mixed as the MACD and stochastic are bearish, but five-day moving average is meandering sideways.


Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long 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 0.7560 and the second target at 0.7605. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7440. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7420. The pivot point is at 0.74700.


Resistance levels:

0.7560

0.7605

0.7645


Support levels:

0.7440

0.7420

0.7390


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Technical analysis of GBP/JPY for April 15, 2015

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Fundamental overview:
GBP/JPY is expected to consolidate in a higher range. It is underpinned by reduced allure of haven yen amid improved investor risk appetite and firmer GBP/USD undertone and demand from Japan importers. But GBP/JPY gains are tempered by Japan exporter sales.


Technical comment:

The daily chart is mixed as the MACD is bearish, 5 and 15-day moving averages are falling but stochastics is turning bullish at oversold levels.


Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as far as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 176.65 and the second target at 177.05. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 174.80. A break of this target is likely to push the pair further downwards, and one may expect the second target at 173.90. The pivot point is at 175.50.


Resistance levels:

176.65

177.05

177.50

Support levels:
174.80

173.90

173.15


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Technical analysis of USD/CHF for April 15, 2015

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Overview :



  • Support and resistance have been set at the level of 0.9716 and 0.9817 respectively. Hence, the price of USD/CHF pair is still trading between 0.9720 and 0.9815 but it should be noticed that the price has been set above strong support at 0.9725 (0.9716: 61.8% of Fibonacci retracement levels at the same time frame). Moreover, these levels are coinciding between 61.8% and 88.2% of Fibonacci retracement levels and the pair has already formed strong resistance at the level of 0.9817 (note that the double top is set at the point of 0.9862). Now, it is approaching it in order to test it. Therefore, the USD/CHF pair is likely to see an upside momentum rather convincing and the structure of the fall does not look corrective. In order to indicate bullish opportunities above 0.9716, it will be a good sign to buy above 0.9720 with the first target at 0.97800. It will call for the uptrend to continu rising towards 0.9817 to try to break weekly resistance. Thus, if the trend is able to break weekly resistance, the market will move towards 0.9862 (the double top).


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Technical analysis of NZD/USD for April 15, 2015

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Overview :


The price of the NZD/USD pair moved sideways because neither the market nor trend was stable. Furthermore, the price is still moving between 0.7550 and 0.7578; thus, it is of the intelligence to be neutral at this spot. Support was found at the level of 0.7447. As it is known, buyers are bidding at a lower price. Accordingly, the price of the NZD/USD pair will give a good sign to buy above 0.7450 with a first target at 0.7538 in order to test the ratio of 61.8% Fibonacci retracement levels if the trend is able to break the level of 0.7538. So, it might resume to 0.7574 in order to form a double bottom. However, if the trend fails to close above resistance at 0.7580, the market will indicate a bearish opportunity below 0.7580. Shortly after that, the level of 0.7580 is going to act as strong resistance in the H1 chart. It is going to be a good sign to sell below this level. Therefore, it is recommended to sell during the correction at the level of 0.7580 with targets at 0.7485. But the stop loss should be placed above 0.7580 at 0.7617.


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Technical analysis of EUR/JPY for April 15, 2015

General overview for 15/04/2015 11:30 CET


The key level for all bulls is not at intraday support at 126.11 as any breakout lower is likely to invalidate the impulsive wave progression in wave -i- blue and another leg low will be made with a projected target at the level of 125.40. On the other hand, to continue with the upside, the price must break out above the corrective channel and the level of 127.05 and then head right into supply zone between the levels of 127.69 - 127.81. Lack of wave progression would mean the market might be heading a little lower before any meaningful bounce.


Support/Resistance:


125.40 - WS1


126.11 - Intraday Support|Invalidation Level| Key Level|


127.05 - Intraday Resistance


127.69 - 127.81 - Supply Zone


Trading recommendations:


Daytraders should consider opening buy orders from the current levels with SL below the level of 126.11 and TP at the level of 127.05 with a possible extension higher to the level of 127.69.


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Technical analysis of USD/CAD for April 15, 2015

General overview for 15/04/2015 11:10 CET


The extended wave c green to the downside developed just as anticipated. Now, the impulsive wave progression to the upside is expected to start. The first two impulsive waves are done, but the whole sub cycle had not been finished yet as the key level is intraday resistance at 1.2562. Only an impulsive breakout above this level would indicate the first clue that a new impulsive wave is in progress. On the other hand, any failure at the level indicates more complex and time consuming corrective cycle in wave 2 black.


Support/Resistance:


1.2387 - Wave 4 Low


1.2440 - WS1


1.2496 - Intraday Support


1.2553 - Weekly Pivot


1.2562 - Intraday Resistance


Trading recommendations:


Daytraders should consider opening buy orders from the current levels with SL below the level of 1.2495 and TP at the level of 1.2562 with a possible extension higher to the level of 1.2636


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Technical analysis and trading recommendation forEUR/USD for April 15, 2015

EUR/USD


Seasonally adjusted industrial production rose by 1.1% in the euro area and by 0.9% in the EU in February 2015 compared to January 2015, according to Eurostat, the statistical office of the European Union. In January 2015, industrial production fell by 0.3% in both zones. In February 2015, industrial production increased by 1.6% in the euro area and by 1.4% in the EU compared to February 2014. As reported by the Federal Statistical Office, the selling prices in wholesale trade decreased by 1.1% in March 2015 against the corresponding month of the preceding year. In January 2015 and in February 2015 the annual rates of change were –2.6% and –2.1%, respectively. The index rose by 1.0% from February 2015 to March 2015.


Today, traders eye on the ECB press conference. This is the biggest event in this week. Economists are looking for couple of things at today's press conference. I would focus on Greece. On April 09, the ECB increased financial assistance to Greece banks under an emergency lending program. The ceiling was at 73.2 billion euros against the previous reading of 72.00 billion euros. The recent economic data readings were published on a positive bias. Final quantitative easing is the main thing to focus on. As we know, the ECB has plan to buy 60 billion euros per month up to 2016 September.


At yesterday's session, the pair paused 6-day falling and gained 100 pips. Weak US data supported the pair. The pair favors bears in all intervals. Hourly support is found at 1.0600. Intraday resistance is seen at 1.0680 and 1.0715. So, use every rise to sell with targets at 1.0485 and 1.0375 until the pair closes below 1.0715 in the near term. Eventually, the pair falls below 1.0000 and 0.9000. For an intraday session, we recommend selling below 1.0600 with targets at 1.0550, 1.0520, and 1.0485. The euro has been depressed by negative yields and the ECB's QE.


EURUSDH4_(2).png


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Technical analysis and trading recommendation for GBP/USD for April 15, 2015

GBP/USD


The Consumer Prices Index (CPI) was unchanged in the year to March 2015, that is, a 12-month rate of 0.0%, the same rate as in the year to February 2015. Falls in clothing and gas prices produced the largest downward contributions to changes in the inflation rate. CPI data stagnant at zero mark ahead of the UK elections. Total PPI input prices rose 0.3% between February and March 2015, compared with a rise of 0.1% between January and February 2015. Today it's a quiet day for the UK and today's trade depends on the US industrial production, housing market index, and empire state manufacturing index. These US macroeconomic data has been printing negative readings for several months. In case the same repeats at today's session, the British pound can go further towards 1.4800 and 1.4840.


At yesterday's session, the cable gained more than 100 pips. It gained 180 pips in 2 days. The US retail sales changed the direction of the cable towards 1.4800.00.The cable moved lower after it made a double top formation at 1.4802 in the four-hour chart. The cable has intraday support found between 1.4750 and 1.4740. The hourly moving averages favor buyers. Today's US data will decide the trend. We recommend selling below 1.4730 with targets at 1.4700, 1.4680, 1.4660, and 1.4610 for an intraday session. In case US data produce negative readings again, the cable can extend its bounce towards 1.4820 and 1.4880. On the higher side, we recommend buying above 1.4825 with targets at 1.4880 and 1.4900.


Trade: Selling below 1.4730 buying above 1.4825


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Technical analysis of Silver for April 15, 2015


Technical outlook and chart setups:


Silver has bounced off exactly from the level of $16.00 yesterday as we had forecasted earlier. The metal has produced an engulfing bullish candlestick pattern as seen here. Furthermore, it has received support from the fibonacci 0.618 level around $16.09. It is strongly recommended to remain long and look to add fresh positions at the current levels with risk at $15.50 for now. Bulls are poised to push prices higher towards at least $18.40/50 or further. Immediate support is seen at $15.80 followed by $15.30 and lower while resistance is seen at $16.70 levels (interim) followed by $17.30/40, $18.40/50, and higher respectively.


Trading recommendations:


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


Good luck!




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Technical analysis of Gold for April 15, 2015


Technical outlook and chart setups:


Gold is seen to be trading around $1,193.00 at the moment after printing lows around $1,183.50 yesterday. The metal bounced back sharply from the lows and regained the $1,190.00 region soon enough. It is hence recommended to hold long positions with risk below $1,170.00. Bulls seem to be poised to push higher from the current levels until prices remain above $1,178.00 at least. Immediate support is seen at $1,178.00 (interim), followed by $1,162.00, $1,140.00, and lower while resistance is seen at $1,240.00/50, followed by $1,280.00 and higher respectively.


Trading recommendations:


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


Good luck!




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Technical analysis of GBP/CHF for April 15, 2015


Technical outlook and chart setups:


The GBP/CHF pair is stalling between 1.4350 and 1.4400 after having the level at 1.4400 tested twice earlier. At the moment, the pair is seen to be producing an engulfing bearish candlestick pattern on the 4H chart view and is likely to drop lower. It is hence recommended to hold short positions with risk above 1.4450. Immediate support is seen at 1.4270 followed by 1.4110, 1.4000, 1.3850, and lower while resistance is seen at 1.4630 followed by 1.4800, 1.4950, and higher respectively. Bears should be poised to remain in control util prices stay below the level of 1.4450.


Trading recommendations:


Remain short for now, stop at 1.4490, target is open.


Good luck!




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Technical analysis of EUR/JPY for April 15, 2015


Technical outlook and chart setups:


The EUR/JPY pair is trading above the level of 127.00 at the moment, after it made fresh lows at 126.00 yesterday. The pair had pulled back producing a hammer candlestick pattern yesterday, indicating a potential reversal. Now, it is hence recommended to initiate long positions with risk at 126.00. Immediate support is seen at 126.00 followed by 125.00 and lower while resistance is seen at 131.00/50 followed by 136.50 and higher respectively. Bulls are setting up for at least a meaningful counter trend rally from her on.


Trading recommendations:


Initiate long positions, stop at 125.70, target is open.


Good luck!




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Daily analysis of major pairs for April 15, 2015

EUR/USD: Bulls keep on making serious effort to push the price northwards (something that has started since the beginning of this week). However, the overall bearish bias is still valid, and it would not be over until the resistance line at 1.0800 is breached to the upside.


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USD/CHF: As the EUR/USD pair is making attempt to go north, the USD/CHF is making attempt to go south. But it is noted that the bullish outlook is not over until the support levels at 0.9600 is breached to the downside. In this case, there would been a strong bearish bias in the market.


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GBP/USD: this pair rose by over 180 pips from the accumulation territory around 1.4600 closing above the accumulation territory at 1.4750. Further upwards movement can put the extant bearish bias in jeopardy.


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USD/JPY: The USD/JPY plunged yesterday going below the supply level at 119.50. Now, the outlook for the market is bearish. It is likely to become especially strong when the demand level at 119.00 is breached to the downside.


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EUR/JPY: This cross is making visible efforts to rally in the context of a downtrend. We cannot say that the Bearish Confirmation Pattern in the chart has been rendered invalid, for the EMA11 is still below the EMA 56 and the RSI period 14 remains below the level 50. To change this outlook, the price must move upwards by another 200 pips, which is an event that would result in a clean bullish confirmation.


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Elliott wave analysis of EUR/NZD for April 15 - 2015

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Technical summary:


Red wave iv is likely to be terminated at 1.4237 as we pointed out yesterday. However, the following minor correction was a bit more complex than we had expected. No matter what, we are currently looking for red wave v lower towards at least 1.3905 and even lower to 1.3700, if red wave v extends too. In the short term, we will ideally see resistance at 1.4154 protecting the upside for the next strong decline towards 1.4009 and even lower to 1.3967 before the next possible consolidation.


Trading recommendation:


Our stop at 142.00 was hit, but we will re-sell EUR at 1.4145 with a stop at 1.4210 and take profit at 1.3920


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Elliott wave analysis of EUR/JPY for April 15 - 2015

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Technical summary:


With a low at 126.02, we missed the ideal long-term target by just 4 small pips. Even though, we think the rally following the low looks impulsive but we would still like to see minor support at 126.96 protecting the downside for a rally to just above 127.83 to indicate the bottom being in place. Once the first minor five wave rally from the 126.02 low is in place, we need to look for a deep correction in minor wave ii, which should be used to buy EUR with a stop just below 126.02 for a strong rally in wave iii higher.


Trading recommendation:


If you are not long EUR already, then buy EUR here or wait for a correction into the 126.75 - 126.96 area and place stop at 125.95.


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Technical analysis of Gold for April 15, 2015

GOLD


The yellow metal is supported by the weak US data. The retail sales reading printed positive bias but below the expectations that made USD weaker. The metal changed its direction from $1,183.70 but rejected at $1,200.00 and 50 Dsma $1,199.50 again. At yesterday's session, the metal fell below the 20dsma, but at the end of the day managed to close slightly above that. Today, at the Asian session, the metal has faced resistance at 20dsma $1,195.00 again. Strong resistance is found at $1,199.00. In the four-hour chart, the metal price has been making lower lows and lower high's formation. Until the price closes below $1,200.00, bears will try to move below $1,180.00 and $1,178.00. The trend-change level is found at $1,178.00. In case the price closes below $1,178.00, it can extend its fall towards a 52-week low. But, softening USD is minimizing the bearish view on the metal. For an intraday session, we recommend buying above $1,196.00 with targets at $1,199.00, $1,201.00, $1,206.00, and $1,210.00. On the downside, we recommend selling below $1,188.00 with targets at $1,183.00 and $1,180.00. The panic will be triggered below $1,178.00. At Monday's session, we recommended selling below $1,198.00 with targets $1,195.00, $1,192.00, $1,190.00. The metal has finally made a low at $1,183.00. We still have 3 trading sessions in this week. Traders can keep eye on $1,178.00 on the downside and $1,200.00 on the upside. Today, bulls must close above $1,200.00 and $1,210.00 on a weekly basis.


Trade: Selling below $1,180.00 buying above $1,196.00


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Technical analysis of EUR/USD for April 15, 2015

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When the European market opens, economic data about Minimum Bid Rate, ECB Press Conference, German 10-y Bond Auction, Trade Balance, French CPI m/m, and German Final CPI m/m are due for release.The US will publish economic data on the TIC Long-Term Purchases, Beige Book, Crude Oil Inventories, NAHB Housing Market Index, Industrial Production m/m, Capacity Utilization Rate, and Empire State Manufacturing Index. So, EUR/USD will move low to medium volatility during this day.


TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.0697.




Strong Resistance:1.0690.




Original Resistance: 1.0680.




Inner Sell Area: 1.0670.




Target Inner Area: 1.0645.




Inner Buy Area: 1.0620.




Original Support: 1.0610.




Strong Support: 1.0600.




Breakout SELL Level: 1.0593.








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 15, 2015

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In Asia, Japan will release the Revised Industrial Production m/m. The US is expected to release some economic data on TIC Long-Term Purchases, Beige Book, Crude Oil Inventories, NAHB Housing Market Index, Industrial Production m/m, Capacity Utilization Rate, and the Empire State Manufacturing Index. So, there is a strong probability that the USD/JPY will move with low to medium volatility during the day.




TODAY TECHNICAL LEVELS:




Resistance. 3: 120.23.




Resistance. 2: 120.00.




Resistance. 1: 119.76.




Support. 1: 119.48.




Support. 2: 119.24.




Support. 3: 119.00.








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.


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

Technical analysis of Crude for April 15, 2015

CRUDE:


Iran Oil minister Bijan Namdar wants to cut OPEC production by 5% to 30mn barrels a day. The OPEC meeting is going ahead in June 05, in Vienna. Today, OPEC secretariat is going to release the monthly market report. This can reveal individual data for countries' oil production the March. The overall OPEC oil production stands at 30.72 million barrels per day in March. We didn't expect OPEC to cut production in the coming June meeting. It's going to be a big thump up.


In the context of technical analysis, crude oil gave an upside breakout from the inverse head and shoulder. Parallel resistance is seen at $54.22. A daily close above $54.22 is likely to lead to $57.00, $58.50, and $59.00 in the coming weeks. A break below $47.00 will cancel the view. In the four-hour chart, the higher highs and higher lows formation takes place. Intraday support is found at $53.07 and resistance is seen at $54.22. Weekly resistance is seen at $55.65. In the daily chart, the prices closed above 20, 50 and 100Dsma. It turned me to bullish side. In case of a close above $55.65 100Dema, the price can move towards the given upside targets. On a positional view, we recommend buying between the current market price and $50.00 with sl 47.00 and targets at $55.50, $57.00, $58.00, $59.00, and $62.00.


NUTSHEEL


In case the price closes above $54.22, it is likely to touch $55.50 and $57.00


In case the price closes above $55.65, it is likely to touch $59.00 and $62.00


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#USDX technical analysis for April 15, 2015

Weak retail sales published today pushed the Dollar index lower. The short-term reversal has found support at the 38% retracement and we could see an upward reversal from the current levels. A high is close to the previous highs and bulls need to be extra cautious.


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The Dollar index has retraced as much as the 38% retracement. We could see a short-term bounce but I believe bulls are likely to emerge at the 61,8% retracement. Resistance is at 100 and this double top is a bad signal for bears.


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Gold technical analysis for April 15, 2015

Gold price managed to hold important support at $1,180 and bounced after the weak retail sales announced. Gold price bounced towards $1,200 where short-term resistance is found. Bearish positions and trend are favored as long as we trade below $1,202.


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Red lines= resistance levels


Gold price bounced off $1,180 today but could not break inside the Ichimoku cloud. Resistance is found by the cloud and by the intermediate high at $1,200. The short-term trend is bearish. Price below the cloud is a bearish sign.


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The weekly chart remains fully bearish since the price is below the Ichimoku cloud and below the kijun-sen (yellow line). Gold price is below resistance at $1,222. Gold price has found support at $1,180, so a break lower would give me another selling signal.


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