Intraday technical levels and trading recommendations for EUR/USD for April 16, 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 uptrendline. Hence, a double-top reversal pattern was established around 1.1030.


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


Today, bullish pullback towards 1.0700 (reversal pattern's neckline) is taking place. Hence, a valid SELL position can be taken around the current prices with a tight Stop Loss (located above 1.0730).


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USD/CAD intraday technical levels and trading recommendations for April 16, 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 looked quite overbought.


The market failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a double-top pattern that waited for confirmation (a daily closure below 1.2350).


Recently, successive lower highs were established within the depicted consolidation zone enhancing the bearish side of the market.


Moreover, support levels around 1.2350 and 1.2300 (79.6% Fibonacci level) were finally broken yesterday after providing significant SUPPORT for several weeks on the daily and weekly charts.


As anticipated, DAILY closure below 1.2300 clears the way for the USD/CAD pair towards the price zone of 1.2050-1.2000 (where the projection target of the recent range breakout is located).


Trading recommendations:


Conservative traders should be waiting for a bullish pullback towards 1.2300-1.2350 for a low-risk SELL entry.


S/L should be set as daily closure above 1.2370 while T/P levels should be placed at 1.2220, 1.2150 and 1.2050, respectively.


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GBP/USD intraday technical levels and trading recommendations for April 16, 2015

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Overview:


On February 5, a bullish channel was established around the levels of 1.5170-1.5200.


Projected target for this bullish channel was reached around 1.5550 where the previous daily bottoms were located (solid resistance level).


Then a bearish breakdown of the lower limit of this channel occurred enhancing the bearish side of the market and confirming the Flag pattern as a bearish one.


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 indicated further bearish decline. The initial projection target for this bearish breakout was located at 1.4700.


Bearish breakdown of 1.4700 enabled the pair to resume its bearish trend towards 1.4550 where a lower DAILY bottom was achieved (below 1.4700 which is the most recent bottom).


This week, evident bullish recovery originated around these levels pushing the GBP/USD pair again above 1.4700 looking for higher prices to SELL the pair off.


Currently, bullish pullback is taking place towards 1.4950 (significant resistance zone) probably offering a low-risk SHORT entry with S/L located slightly above 1.5015.


T/P levels should be placed at 1.4860, 1.4800 and 1.4720.


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Daily analysis of USDX for April 16, 2015

Currently, we can see a bearish move dominating in the short cycle on the USDX daily chart because the index is trying to break the support level of 97.83. Now, given that option, we could expect another lower move to the support zone of 96.30. On the other hand, a rebound at the current levels will make the USDX test the resistance level of 100.51.


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According to the intraday outlook, the USDX is trying to fall to the support level of 97.70. We could expect a breakout of that zone if the index forms a lower low pattern. The bearish bias is still alive in the intraday view, but the USDX could consolidate again above the 200 SMA on the H1 chart eventually. The MACD indicator is on the negative territory.


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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 sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 97.70, take profit is at 97.32, and stop loss is at 98.06.


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Daily analysis of GBP/USD for April 16, 2015

The bullish momentum is taking place again within GBP/USD, as the pair is trying to reach the resistance level of 1.4976. Now, we are waiting for testing of that level in the coming hours. Anyway, GBP/USD is still alive in the overall bearish trend, but the corrective moves could go to the resistance zone of 1.5125 in the medium term.


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The pair seems to be very strong in the bullish structure formed on the April 13 lows, as GBP/USD is now consolidating above the 200 SMA on the H1 chart and now it is heading towards the resistance level of 1.4954. By the way, we should wait for bullish patterns formation in order to continue following the current bias.


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Daily chart's resistance levels: 1.4976 / 1.5125


Dailychart's support levels: 1.4820 / 1.4649


H1 chart's resistance levels: 1.4954 / 1.4979


H1 chart's support levels: 1.4911 / 1.4872






Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4954, take profit is at 1.4979, and stop loss is at 1.4930.


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EUR/NZD analysis for April 16, 2015

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Overview:


Recently, EUR/NZD has been trading downwards. The price tested the level of 1.3974 in a high volume. Since our Fibonacci retracement 38.2% (resistance) at the price of 1.4230 was held successfully, we saw a downward movement. Our Fibonacci expansion 100% at the price of 1.4025 is on the test. The short-term trend is bearish. Be careful when buying and watch for potential selling opportunities after corrections. If the price breaks the level of 1.4025 in a high volume, we may see possible testing of the level of 1.3715 (Fibonacci expansion 161.8%). I have placed Fibonacci retracement to find potential resistance levels and have got Fibonacci retracement 38.2% at the price of 1.4070 (on the test) and Fibonacci retracement 61.8% at the price of 1.4135.


Fibonacci Pivot Points :


Resistance levels:


R1: 1.4159


R2: 1.4200


R3: 1.4262


Support levels:


S1: 1.4030


S2: 1.4000


S3: 1.3930


Trading recommendations: If the price breaks the level of 1.4025 in a high volume, we may see potential testing of the level of 1.3715. Selling opportunities are preferable below the price of 1.4025.




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Gold analysis for April 16, 2015

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Overview :


Since our last analysis, gold has been trading upwards. As we had expected, the price tested the level of $1,208.82 in a high volume. According to the daily time frame, we can observe a demand in a volume below the average. I have placed Fibonacci retracement to find potential resistance levels and have got Fibonacci retracement 61.8% at the price of $1,208.00 (on the test). I have also placed Fibonacci expansion to find potential bullish objective points and have got Fibonacci expansion 61.8% at the price of $1,232.00 and Fibonacci expansion 100% at the price of $1,263.00. Major resistance is around the price of $1,220.00. Only if the price breaks that level, we may see stronger bullish movement. The short-term trend is bullish.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,204.15


R2: 1,207.95


R3: 1,214.00


Support levels :


S1: 1,192.00


S2: 1,188.00


S3: 1,181.90


Trading recommendations: Be careful when selling gold since we have demand in a high volume according to the 4H time frame. Buying positions above the level of $1,220.00 are preferable.


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Technical analysis of USD/JPY for April 16, 2015

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Fundamental outlook:
USD/JPY is expected to consolidate with bearish bias after hitting an eight-day low of 118.79 on Wednesday. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 98.39 versus 98.78 early Wednesday) after a bigger-than-expected on-month drop of 0.6% in the U.S. March industrial production (versus forecast -0.4%), lower-than-expected capacity utilization of 78.4% (versus forecast 78.6%), and a surprise drop in the Empire State's business conditions index to -1.19 in April from 6.90 in March (versus forecast for rise to 8.0). USD/JPY is also weighed by the lower U.S. Treasury yields (2-year at 0.500% versus 0.516% late Tuesday), and Japan's exports. But the USD/JPY losses are tempered by the demand from the Japanese importers, the ultra-loose Bank of Japan's monetary policy and buying of yen crosses amid positive risk sentiment (VIX fear gauge eased 6.07% to 12.84; S&P 500 closed up 0.51% at 2,106.63 overnight) as oil prices advanced strongly (Nymex crude settled up $3.10 at $56.39/bbl Wednesday).


Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish. Five-day moving average is falling below 15-day moving average. Bearish parabolic stop-and-reverse signal was hit on Wednesday.


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 118.65. A break of that target will move the pair further downwards to 118.30. 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:

118.65

118.30

118


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Technical analysis of USD/CHF for April 16, 2015

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Fundamental overview:


USD/CHF is expected to trade in a lower range. It is undermined by weaker dollar sentiment (ICE spot dollar index last 98.39 versus 98.78 early Wednesday) after a bigger-than-expected on-month drop of 0.6% in the US March industrial production (versus forecast -0.4%) and a lower-than-expected capacity utilization of 78.4% (versus forecast 78.6%). The pair is also weakened by a surprise drop in the Empire State's business conditions index to -1.19 in April from 6.90 in March (versus forecast for rise to 8.0), franc demand on the soft EUR/CHF cross and on the buoyant CHF/JPY cross. But the USD/CHF losses are tempered by the negative Swiss interest rates and the threat of the Swiss National Bank to carry out CHF-selling intervention.


Technical comment:
The daily chart is negative-biased as stochastics is falling from overbought levels, the MACD histogram bars are turning negative.


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 0.9550. A break of that target will move the pair further downwards to 0.9480. The pivot point stands at 0.9720. 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 0.9770 and the second target at 0.9820.


Resistance levels:

0.9770

0.9820

0.9875


Support levels:

0.9550

0.9480

0.9450


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Technical analysis of NZD/USD for April 16, 2015

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Fundamental overview:
NZD/USD is expected to trade in a higher range. It is underpinned by weaker dollar sentiment, kiwi demand on buoyant NZD/JPY cross amid positive risk sentiment, Kiwi demand on soft AUD/NZD cross and NZD-USD interest differential. But kiwi sentiment are dented by the 3.6% drop in Fonterra's GDT price Index and 4.3% decline in average price for whole milk powder to $2,446/mt at the latest Global Dairy Trade auction.


Technical comment:

The daily chart is tilting positive as the MACD and stochastics are turning bullish.


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 0.7675 and the second target at 0.7715. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7515. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7485. The pivot point is at 0.7540.


Resistance levels:

0.7675

0.7715

0.7750


Support levels:

0.7515

0.7485

0.7440


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Technical analysis of GBP/JPY for April 16, 2015

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Fundamental overview:
GBP/JPY is expected to trade in a higher range underpinned by positive risk sentiment, firmer GBP/USD undertone, demand from Japan importers, and sterling demand on soft EUR/GBP cross amid positive risk sentiment. But GBP/JPY gains are tempered by the 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 turned bullish at oversold levels. Inside-day-range pattern was completed on Wednesday.


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 178 and the second target at 178.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 176.05. A break of this target is likely to push the pair further downwards, and one may expect the second target at 175.50. The pivot point is at 176.50.


Resistance levels:

178

178.40

178.95

Support levels:
176.05

175.50

175


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Technical analysis of CAD/USD for April 16, 2015

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Overview :



  • The market is going to continue showing signs of strength at the level of 1.2200. Therefore resistance has been broken and turned to support (since the 22nd of January, 2015), so the pair has already formed strong support at the level of 1.2200 (look at the daily chart).


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  • Additionally, according to the previous events, the USD/CAD pair has still been moving between 1.2200 and 1.2390. Thus, the market indicates the bullish opportunity at the level of 1.2200 with the first target at 1.2335 and continues towards 1.2387. On the contrary, stop loss is to be placed below the level of 1.2200. This level is representing a new double bottom in the H4 chart and daily charts. However, If the trend can break and close below the level of 1.2200, it will be a downside momentum rather convincing and the structure of the fall is unlikely to be corrective. For that, the market will indicate a bearish opportunity at the level of 1.2200. Consequently, strong resistance will be formed at the level of 1.2200 providing a clear signal for sell deals with the target seen at 1.2137.


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Technical analysis of AUD/USD for April 16, 2015

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Overview :



  • The support of the AUD/USD pair is likely to be formed at the level of 0.7680 because this level has also formed a double bottom at the ratio of 38.2% Fibonacci retracament. The AUD/USD pair has left the strong level at 0.7680 and is going to climb further to as high as 0.7770 this morning. Additionally, it should be noticed that a range for the AUD/USD pair is seen to be around 95 pips because the turbulent market was indicating higher volatility. Moreover, the price has been set above 38.2% of Fibonacci retracement levels since yesterday at the above-mentioned level. Consequently, we expect a saturation around the level of 0.7680. Hence, the market is likely to start showing the signs of the bullish market again in order to indicate a bullish opportunity from the levels of 0.7680 (38.2% of Fibonacci retracement levels in the H4 chart). Therefore, buy above 0.7680 with the first target at 0.7773. Besides, it will call for upward move in order to continue bullish development towards 0.7783 in order to test the golden ratio at the same time frame. On the other hand, if the bulls force to pull back at the level of 0.9250 and sellers can break this level, the best solution is to set the stop loss at the price of 0.7654.


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#USDX technical analysis for April 16, 2015

The Dollar index has pulled back towards cloud support and towards our short-term pullback targets at 98-97.50. The Dollar index has reached the Ichimoku cloud support. The uptrend can resume from the current levels.


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Red line = support


Green line = trend line resistance


Blue lines= target projection


The Dollar index has broken green trend-line resistance and is pulling back to test it. The price has reached the Ichimoku cloud support in the 4-hour chart and I believe that the uptrend could resume from the current levels.


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Orange lines= bullish channel


The Dollar index remains inside the bullish channel. The weekly candle is showing some signs of a pause in the uptrend. Weekly support is at 97 and weekly resistance is at 102. The longer-term trend remains bullish. As long as we trade above 96, I would remain optimistic.


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Gold technical analysis for April 16, 2015

Gold price held support at $1,180 and managed to break short-term resistance to move back towards the Ichimoku cloud resistance. Gold price remains inside the bigger trading range and this confirms that the trend is neutral. This can also be seen in the weekly chart where the price is trapped between the kijun- and tenkan-sen.

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Blue line = horizontal resistance


Red line = trend line resistance


Green line = horizontal resistance


Gold price broken the downward sloping trend-line resistance. The price is trying to move above the cloud resistance. However, the price remains inside the trading range of $1,222 and $1,180. This implies that the trend remains neutral for the medium-term.


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The weekly gold price chart confirms that the price is trapped between a trading range. Gold is trading between the kijun-sen (yellow line) and the tenkan-sen (red line). The price was rejected at the kijun-sen and buyers came in and pushed it higher once it reached the tenkan-sen. The longer-term trend remains bearish as the price is below the cloud.


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Technical analysis of EUR/JPY for April 16, 2015


Technical outlook and chart setups:


The EUR/JPY rally should continue until prices remain above 126.00. Please note that the pair has formed a bullish tweezer bottom candlestick signal yesterday indicating higher probability for a rally. It is recommended to remain long, with stop below the level of 126.00. Immediate support is seen at 126.00 (interim) followed by 125.00 and lower while resistance is seen at 131.00/50 followed by 136.00/50 and higher respectively. Bulls are poised to target at least 136.50 before producing a meaningful retracement.


Trading recommendations:


Remain long stop below 126.0,0, a target is open.


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Technical analysis of GBP/CHF for April 16, 2015


Technical outlook and chart setups:


The GBP/CHF pair is seen to be bouncing off its immediate support zone around 1.4250/80 levels. As depicted on the hourly chart view, a short term rally could be expected if prices remain above the level of 1.4250 . Immediate resistance is seen at 1.4400/50. It is hence recommended to book profits on short positions taken earlier and initiate long positions now with risk at 1.4200. The pair could raise through the level of 1.4400/50 from here and a break above 1.4450 could be a bullish breakout confirmation.


Trading recommendations:


Book profits on short positions and initiate long positions with stop at 1.4200. A target is open.


Good luck!




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Technical analysis of Silver for April 16, 2015


Technical outlook and chart setups:


Silver is expected to remain above the level of $16.00 from here on. The metal is seen to be trading at $16.40/50 at the moment after bouncing off from $16.00 yesterday. The fibonacci 0.618 support should hold for now and Silver is expected to rally towards $18.40/50 at least. It is strongly recommended to remain long and also look to add further positions. Immediate support is seen at $16.00 (interim) followed by $15.80, $15.30, and lower, while resistance is seen at the levels of $17.40/50 followed by $18.40/50 and higher respectively.


Trading recommendations:


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


Good luck!




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Technical analysis of Gold for April 16, 2015


Technical outlook and chart setups:


Gold seems to have formed a base around $1,182.00/83.00 for now. The metal is preparing to rally beyond $1,240.00/50.00. It is recommended to remain long for now, with risk at the level of $1,170.00 . Immediate support is seen at $1,180.00 followed by $1,170.00, $1,162.00, $1,140.00, and lower, while resistance is seen at $1,240.00/50.00 followed by $1,280.00/85.00 and higher respectively. Bulls remain poised to push prices higher until it remains above the level of $1,170.00.


Trading recommendations:


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


Good luck!




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Technical analysis of EUR/JPY for April 16, 2015

General overview for 16/04/2015 08:10 CET


The impulsive channel breakout turned out to be the last sub-cycle of wave a green labeled as wave a purple. Currently, this sub-cycle looks completed and now some corrective wave b green should start to develop with the key level at 127.11, wich is intraday support. Please notice that the supply zone between 127.68 - 127.86 must be violated again to ensure a further bullish move to the upside. Otherwis, the wave b green might extend the decline lower, specially if the level of 127.11 gets broken.


Support/Resistance:


126.08 - Swing Low


127.11 - Intraday Support


127.68 - 127.86 - Supply Zone


128.23 - Intraday Resistance


128.35 - Weekly Pivot


128.56 - 128.76 - Supply Zone


Trading recommendations:


The corrective wave b green cycle is providing the opportunity to open buy orders with initial SL below the level of 127.11 with TP at the level of 127.86.


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Technical analysis of USD/CAD for April 16, 2015

General overview for 16/04/2015 07:50 CET


The impulsive wave progression to the upside had been invalidated due to wave 2 and wave 1 overlaps and now the alternative count is in play. That suggests more decline coming soon. The key level is the old demand zone between the levels of 1.2351 - 1.2386 and any breakout higher will be considered as the first bullish sign. Please notice that the market is currently in wave 4 green corrective cycle that is getting more complex and time consuming as previously thought, but there is still one more wave to the upside to be made in the near future. Mid-term outlook is still bullish.


Support/Resistance:


1.2250 - Intraday Support


1.2276 - WS2


1.2387 - Technical Resistance|Key Level|


1.2440 - WS1


Trading recommendations:


The corrective wave (b) blue cycle is providing the opportunity to open buy orders with initial SL below the level of 1.2249 with TP at the level of 1.2387.


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Daily analysis of major pairs for April 16, 2015

EUR/USD: The EUR/USD is making visible attempts to go north, putting the extant bearish outlook in jeopardy. A movement above the resistance line at 1.0750 would mean the end of the extant bearish outlook and the beginning of a new bullish outlook. But before that happens, long trades are not totally sensible to the market.


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USD/CHF: The USD/CHF pair has been moving south since yesterday, going below the resistance level at 0.9700. The support level at 0.9650 is currently being battered and there is a high possibility that it could be breached to the downside. Moreover, some fundamental figures, which would affect the USD, are expected today and they may have an impact on this market.


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GBP/USD: In this week so far, the cable has moved upwards by at least 240 pips. Isn't that significant? Yes, it is significant enough to threaten the recent bearish bias. The recent bearish bias would be invalidated completely when the price breaches the distribution territory at 1.4900 to the upside. Though, the ultimate target for bulls might be the distribution territory at 1.5000.


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USD/JPY: The weakness in this currency trading instrument is clear. The price is below the EMA 56 and the RSI period 14 is below the level of 50. There is a clear Bearish Confirmation Pattern in the market now, which would become particularly strong when the demand level at 119.00 is breached to the downside.


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EUR/JPY: There is a serious battle between bulls and bears, but it cannot be said that bulls are likely to win, unless the supply level at 129.00 is breached to the upside. This is not something that would happen quickly.


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Technical analysis and trading recommendation for EUR/CAD for April 16, 2015

Yesterday was the loonie day. Everything favors CAD resulted in a big spikes against USD, EUR, AND, and GBP. At yesterday's session, we recommended buying crude oil with a target at 57.00, the same day it made a high at 56.60. The rise in oil prices are the one of the best factor for the spikes. The Bank of Canada kept its interest rates at 0.75% remains unchanged. The Bank expects global growth to strengthen and average 3 1/2 per cent per year over 2015-17, in line with the projection in the January Monetary Policy Report. Total CPI inflation is at 1 per cent, reflecting a drop in consumer energy prices. Core inflation remained close to 2 percent in recent months, as the temporary effects of sector-specific factors and pass-through of the lower Canadian dollar have offset the disinflationary forces from a slack in the economy.


The cross has been falling for 8 consecutive days, except one lid-positive day. Support is found at 1.3070 the 61.8 fib extension. The cross made a low at 1.3111 at yesterday's session, consolidating the lower level for 12 hours. The pair has parallel monthly support found at 1.0360. We recommend fresh selling below 1.3060 with targets at 1.2990, 1.2960, and 1.2850 the 80.00 fib level. The pair edged lower after it reached 1.3375. Until the price closes below 1.3385, use every rise to sell.


Trade: Selling below 1.3100 with targets 1.3070, 1.3000 and 1.2960.


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Technical analysis and trading recommendation of EUR/USD for April 16, 2015

The euro rebounded from the weak US data. The ECB helped the euro to rebound against USD. At yesterday's meeting, the Governing Council of the ECB decided that the interest rate on the main refinancing operations and interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.05%, 0.30%, and -0.20% respectively. The euro edges higher 1.0747 at today's Asian session and faced parallel resistance at 1.0751 and 1.0800 20Dsma. The ECB continues the buying assets under QE until September 2016.


The one-hour and four-hour time frames shifted to buying. The euro rebounded to 1.0747 after a low made at 1.0520. The double bottom was placed at 1.0520 and 1.0532. Higher highs and higher lows are forming. Intraday support is found at 1.0659 and 1.0640. Intraday resistance is seen at 1.0751. We expect a pullback rally to stop between 1.0760 and 1.0790. We recommend safe buying above 1.0805 with a target at 1.0880. Today, traders eye on the US data. The US major data include figures for building permits, unemployment claims, Philly Fed Manufacturing index and housing starts. We do not expect positive readings today except for unemployment data. The euro seems to be unable to close above 20Dsma. The 61.8 fib extension at 1.0700 is likely to act as trend-change level. We recommend selling below 1.0700 with targets at 1.0670, 1.0660, and 1.0620. Spikes will add selling opportunities. Eventually, the positional view still favors bears.


Trade: Buy above 1.0805, sell below 1.0700.


Risky traders can buy above 1.0760 with targets at 1.0790 and 1.0850.


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

Technical analysis and trading recommendation for USD against CAD and YEN for April 16, 2015



The US printed weak data again. The headline general business conditions index turned slightly negative for the first time since December, falling eight points down to -1.2. The new orders index, which is negative for the second consecutive month, dropped four points down to -6.0. Builder confidence in the market for newly built, single-family homes in April rose four points to the level of 56 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released yesterday. USD softens against most major pairs. USD falls down from the major support base against the loonie.


The USDX edged lower from 99.36. The index made a low at 97.90 that is likely to turn double bottom in the four-hour chart. Intraday resistance is seen at 98.45 and 98.75. In the four-hour chart, moving averages favor bulls with bullish crossover. At the Asian session, gold made double top and the USDX made double bottom in the four-hour chart.


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USD/CAD


The loonie strengthens against USD, EUR & GBP. Rising oil prices are one of the most important factors for the spike. The Bank of Canada kept its interest rates at 0.75%. The Bank expects the global growth and average 3 1/2 per cent per year over 2015-17, in line with the projection in the January Monetary Policy Report. The pair broke below the support zone and closed below that. The pair has immediate support at 1.2245 20Wsma. In case the price fell below this, the next strong support will be found at 1.2220 and 1.2200. The near term turned bearish. We have been recommending this view for 2 days. In case the price closes below 1.2200, the medium-term trend will turn to bearish. We recommended buying of crude oil at yesterday's session. For the next couple of months (April to June) the trading pattern is framed between 1.2200 and 1.3000. A rise in crude oil prices affects bulls and favors bears. In case if oil prices touch $62.00, the pair can drift more towards 1.1875.


Bulls' last hope lies at 1.2200


Trade: We recommend fresh selling only below 1.2200. Risky traders can sue sl 1.2200 and buy. Risk of 50pips.


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

Elliott wave analysis of EUR/NZD for April 16 - 2015

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Technical summary:


We are very close to make new lows for the year. A decline from 1.4206 is not very pretty and can be described as a series of waves one and two. In this case, we should expect a powerful decline soon, as a series of wave three needs to unfold. Only a break above 1.4148 will invalidate this outlook and indicate that the decline from 1.4206 was corrective and we should see a new rally to at least 1.4206 and even to 1.4237.


Trading recommendation:


We sold EUR at 1.4145 and moved our stop lower to 1.4155. If you are not short EUR yet, sell near 1.4105 with the same stop at 1.4155 and place take profit at 1.3920 in both cases.


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

Elliott wave analysis of EUR/JPY for April 16 - 2015

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Technical summary:


With a low at 126.24, the correction in red wave ii held above an important low at 126.02 and the immediately bullish counts continue to dominate the picture. What's more important is that resistance at 127.83 has been broken indicating that a bottom could be in place at 126.02 for a new long-term impulsive rally. We are only in the beginning of this new potential impulsive rally and it still needs to prove itself breaking above minor resistance at 128.78. In the short term, we expect the inverse S/H/S neckline near 127.31 to protect the downside for moving higher to 128.78 and even higher to 130.38.


Trading recommendation:


We are long EUR from 126.96 and will move stop higher to 126.20. If you are not long EUR yet the buy near 127.31 with the same stop at 126.20


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

Technical analysis of EUR/USD for April 16, 2015

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When the European market opens, some economic data on Spanish 10-y Bond Auction and Italian Trade Balance are due for release.The US is expacted to publish economic data about the Natural Gas Storage, Philly Fed Manufacturing Index, Housing Starts, Unemployment Claims, and Building Permits. So amid the reports, EUR/USD will move Low to medium volatility during this day.




TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.0720.




Strong Resistance:1.0722.




Original Resistance: 1.0711.




Inner Sell Area: 1.0700.




Target Inner Area: 1.0675.




Inner Buy Area: 1.0650.




Original Support: 1.0639.




Strong Support: 1.0628.




Breakout SELL Level: 1.0622.








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 USD/JPY for April 16, 2015

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In Asia, Japan is not expected to release any ecnomic data. The US will publish data on Natural Gas Storage, Philly Fed Manufacturing Index, Housing Starts, Unemployment Claims, and Building Permits. So, there is a strong probability that the USD/JPY will move with low volatility during the Asian session but with low to medium volatility during the US session.




TODAY TECHNICAL LEVELS:




Resistance. 3: 119.52.




Resistance. 2: 119.29.




Resistance. 1: 119.05.




Support. 1: 118.78.




Support. 2: 118.54.




Support. 3: 118.30.








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