Intraday technical levels and trading recommendations for GBP/USD for April 20, 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 was located around the price level of 1.4440. However, the GBP/USD bears failed to defend their DAILY SUPPLY at 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 the price range at 1.4700 where extensive bearish pressure was applied.

The GBP/USD pair has been trapped between the levels of 1.4700 and 1.4970. A false bearish breakout was taking place below 1.4700 until the GBP/USD bulls came back to trade above 1.4700.

As anticipated, H4 fixation above 1.4800 would ease the bearish pressure attempting to rally towards the price zone around 1.4950-1.4970 (consolidation zone's upper limit).

A valid SELL entry could have been offered at retesting of the price zone of 1.4940 - 4970 (upper limit of the wedge pattern as well as 38.2% Fibonacci level).

Estimated bearish targets would be projected towards 1.4850, 1.4800 and 1.4730.

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Intraday technical levels and trading recommendations for EUR/USD for April 20, 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 at 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 executed around 1.1030.

The daily fixation below the level of 1.0750 (neck-line) confirmed the reversal pattern, thus extending the projection target for the EUR/USD pair towards the level of 1.0330.

On Friday, a bullish pullback towards 1.0750-1.0770 (reversal pattern's neckline) took place. Hence, a valid sell position was offered around these price levels.

Stop Loss should be set as DAILY closure above 1.0850.

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USD/CAD intraday technical levels and trading recommendations for April 20, 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.

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).

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 on Wednesday after providing significant support for several weeks on the daily and weekly charts.

A daily closure below 1.2300 clears the way for the USD/CAD pair towards the zone between 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 a 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 20, 2015

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Overview:

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

Estimated target for this bullish channel was reached at 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.

A significant bearish pressure was applied at 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.

A 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).

Last week, evident bullish recovery originated off 1.4560 pushing the GBP/USD pair above 1.4700 again looking for better prices to sell the pair off.

As anticipated, the bullish pullback towards 1.4950-1.5000 should be considered to be a selling one the pair off (significant resistance zone).

S/L should be set as a daily closure above 1.5025 while T/P levels should be placed at 1.4860, 1.4800 and 1.4720.

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EUR/NZD : analysis for April 20, 2015

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Overview:

Recently, EUR/NZD has been trading downwards. The price tested the level of 1.3944. Our Fibonacci expansion 100% at the level of 1.4025 is broken.The short-term trend is bearish. Be careful when buying and watch for potential selling opportunities after corrections. We may see possible testing of the level at 1.3715 (Fibonacci expansion 161.8%). According to the H4 time frame, we can observe a supply in a average volume. Selling positions are preferable.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.4080

R2: 1.4100

R3: 1.4140

Support levels:

S1: 1.4007

S2: 1.3985

S3: 1.3950

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


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Gold: analysis for April 20, 2015

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Overview:

Since our last analysis, gold has been trading sideways around the price of $1,200.00. According to the daily time frame, we can observe demand in a volume above the average, but the price action was weak (weak demand). I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 61.8% at $1,208.00 (held few times). I placed Fibonacci expansion to find potential bearish objective points and got Fibonacci expansion 61.8% at $1,185.00 and Fibonacci expansion 100% at $1,170.00. Major resistance is around the level of $1,220.00. Only if the price breaks that level, we may see a strong bullish movement. The short-term trend is neutral.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,206.40

R2: 1,207.06

R3: 1,208.15

Support levels:

S1: 1,204.26

S2: 1,203.60

S3: 1,202.53

Trading recommendations: Be careful when buying gold at this stage since our Fibonacci retracement 61.8% was successfully held.


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Weekly technical levels for EUR/USD for April 20-24, 2015

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Overview:

  • The price of EUR/USD pair has still moved between 1.0725 and 1.0848. A psychological level was set at 1.0725 because the weekly pivot point was placed at the same level of 1.0725. Moreover, the weekly resistance is set at 1.0929 and the support was found at 1.0601. Therefore, buy deals are recommended above the level of 0. 1.0700, with a target at 1.0848 in order to test the weekly double top at this level in the H1 chart. Consequently, the price of the EUR/USD pair is going to try to break the double top at 1.0848 to call for the bullish market above 1.0848. Thus, the price will go further towards the level of 1.0900. The major resistance has been placed at 1.0929. The stop loss should always be taken into account, so it will be of the foresight to set your stop loss at 1.0680.

The weekly technical levels for EUR/USD pair:

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Observations:

  • It should be noted that the level of 1.0684 represents the double bottom and the weekly pivot point is placed at 1.0725.
  • The resistance will be set at the level of 1.0929 this week.
  • The support has already been placed at 1.0601.
  • We expect a new range about 320 pips this week.
  • The key level will be set at the level of 1.07000.
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Weekly technical levels for GBP/USD for April 20-24, 2015

The weekly technical levels for GBP/USD pair:

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Trading recommendations:

  • The market will turn to bullish sentiment from the level of 1.4860. Moreover, the weekly pivot point of the GBP/USD pair is set at the level of 1.4860. Therefore, it will be a good sign to buy above the weekly pivot point with the first target at 1.4995 in the short term. It will call for an uptrend in order to continue its bullish movement towards 1.5053 to form a double top in the H1 chart. The stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed below the weekly pivot point at 1.4806. The market was in uptrend. Moreover, the trend was so clear because the price moved lower to 1.4680; but the price of GBP/USD pair has been rebounding higher towards the level of 1.4860.


Observations:

  • The market was in uptrend. Moreover, the trend was so clear because the price moved lower to 1.4680; but the price of GBP/USD pair has been rebounding higher towards the level of 1.4860.
  • The double top is set at 1.5053.
  • We expect a range of 280 pips this week. The previous range was 488 pips.
  • The level of .4850 is the key level to confirm the bullish market.
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Technical analysis of USD/JPY for April 20, 2015

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Fundamental outlook:
USD/JPY is expected to trade with risks skewed lower. It is undermined by the flows to haven JPY amid increased risk aversion (VIX fear gauge rose 10.24% to 13.89, S&P 500 closed 1.13% lower at 2,081.18 Friday) as worries over Greece potentially defaulting mounted and exiting the eurozone, Late Friday, Chinese regulators announced that the fund managers would be allowed to lend shares for short selling and some margin trading would be banned. On Saturday, the China House Price Index fell 0.61% on-year in March for the seventh straight month, although the People's Bank of China soothed sentiment, as it announced on Sunday, a full percentage point cut in the reserve-requirement ratio to 18.5%. USD/JPY is also weighed by lower longer-dated US Treasury yields (10-year at 1.850% versus 1.878% late Thursday) and Japan export sales. But USD sentiment is soothed by the stronger-than-expected preliminary University of Michigan April consumer sentiment index of 95.9 (versus forecast 94.0). USD/JPY losses are also tempered by demand from Japan importers and ultra-loose Bank of Japan's monetary policy.

Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish. Aalthough, 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 far as it remains below the pivot point. Short positions are recommended with the first target at 118.30. A break of that target will move the pair further downwards to 117.95. The pivot point stands at 119.30. 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 119.50 and the second target at 120.05.

Resistance levels:
119.50
119.75
120.05

Support levels:
118.30
117.95
117.35

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Technical analysis of USD/CHF for April 20, 2015

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Fundamental overview:
USD/CHF is expected to consolidate with risks skewed higher after hitting a two-week low of 0.9490 on Friday. It is supported by the negative Swiss interest rates and threat of the Swiss National Bank CHF-selling intervention. But USD/CHF gains are tempered by franc demand on soft EUR/CHF cross.

Technical comment:
The daily chart is still negative-biased as the MACD and stochastics are bearish, 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 0.9440. A break of that target will move the pair further downwards to 0.9370. The pivot point stands at 0.9595. 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 0.9650 and the second target at 0.9710.

Resistance levels:
0.9650
0.9710
0.9765

Support levels:
0.9440
0.9370
0.9335

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Daily analysis of the USDX for April 20, 2015

GBP/USD is already doing a pullback at the resistance level of 1.4976 and it's expected to starts forming a bullish pattern. We shouldn't forget the fact about the current overall trend, which is bearish.

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The Index recovered from losses on the H1 chart and now it's trading above the support level at 97.70. At this point, we could expect a rise to the 200 SMA, but the USDX could find strong resistance at 97.98. In the shorter time frames, we remain bearish with the USDX, as all the structures and fractal formations are advising us about it.


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Daily chart's resistance levels: 97.83 / 99.12

Dailychart's support levels: 96.30 / 94.87

H1 chart's resistance levels: 97.98 / 98.24

H1 chart's support levels: 97.70 / 97.32



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 20, 2015

GBP/USD is already doing a pullback at the resistance level of 1.4976 and it's expected to starts forming a bullish pattern. We shouldn't forget the fact about the current overall trend, which is bearish. Now, the pair could fall until the support zone around 1.4820 and look for a testing of 1.4678 in the medium term. The MACD indicator is in positive territory.

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On the H1 chart, GBP/USD is looking falling to the support level of 1.4892 where it should find a strong floor in the short term. Anyway, we could expect more strength at 1.4853, because there is the 200 SMA in this time frame. A breakout of that level is likely to invalidate our short-term bullish outlook and GBP/USD could start to ride a strong bearish trend in the medium and long terms.

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Daily chart's resistance levels: 1.4976 / 1.5125

Dailychart's support levels: 1.4820 / 1.4678

H1 chart's resistance levels: 1.4979 / 1.5047

H1 chart's support levels: 1.4892 / 1.4853



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 1.4979, take profit is at 1.5047, and stop loss is at 1.4916.

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#USDX technical analysis for April 20, 2015

The Dollar index is in a bearish short-term trend since April 13. But, it is still above a low set on April 6. The longer-term trend remains bullish as long as the price is above 96.20. The short-term price action remains bearish as the price continues to trade inside the short-term downward sloping channel as shown below.

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Orange lines= bearish channel

The Dollar index is below the Ichimoku cloud resistance in the 4-hour chart. The price is inside the orange bearish channel. Resistance is found at 97.70 and at 98.20. Support is at 96.95 and the next one is at 96.20.

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Red lines= support

Green line = resistance

The green trend-line resistance was broken and is being back tested now. The price is below the Ichimoku cloud and as long as we hold above the recent low from the beginning of April at 96.40, bulls will have more chances of success. Broken important resistance at 99.15 is likely to give me a signal that we should expect new highs.

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Gold technical analysis for April 20, 2015

Gold price remains trapped inside the trading range of $1,222 and $1,180. I remain neutral as long as the price is inside this range. Gold price has been moving sideways over the last few sessions and there is no clear medium-term direction.

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Blue line = resistance

Red line = support

Gold price remains inside the trading range since mid-March as shown in the 4-hour chart above. The price is also trading around the Ichimoku cloud.There is no clear direction. The price is trapped in a sideways range. I prefer to stay neutral.

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Gold price in the weekly chart remains trapped between the kijun- and tenkan-sen. The price is below the cloud resistance. The longer-term trend remains bearish. The price is also below the 50% retracement of the decline where it topped 2 weeks ago. Breaking below $1,180 is likely to be a sell signal that will put $1,130 to the test.






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Technical analysis of EUR/JPY for April 20, 2015

General overview for 20/04/2015 09:45 CET

The corrective cycle in wave (b) blue doesn't look completed yet as the market is in conciliation mode now. The key level is the supply zone between 128.56 - 128.79 and any break out higher is bullish with a target at the level of 129.94. On the other hand, any break out lower is going to be indicating more complex wave (b) blue and might even reach the level of 126.74 before any meaningful rebound happens. Please notice the market is moving inside of the channel and break out might happen any time soon.

Support/Resistance:

126.07 - Swing Low

126.74 - Projected Target Level

127.27 - WS1

127.67 - 127.83 - Demand Zone

128.81 - Weekly Pivot

128.56 - 128.79 - Supply Zone|Key Level|

129.94 - WR1

Trading recommendations:

Daytraders should consider opening orders in the direction of the break out:

- sell orders from the level of 127.67 with SL above the level of 128.01 and TP at the level of 126.74

- buy orders from the level of 128.80 with SL below the level of 128.56 and TP at the level of 129.94

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Technical analysis of USD/CAD for April 20, 2015

General overview for 20/04/2015 09:15 CET

The corrective cycle in this pair continues lower as the bottom for wave (a) blue had been made. Now, it is time to make wave (b) blue to the upside before continuing lower. The overall corrective structure is still labeled as wave 4 green and that means that there is one more wave of a bigger degree to the upside missed. Currently, on the lower time frames the sub-wave b green to the downside had not been made yet and there is still a good chance that wave b green should be made if the price does not break out of the black dashed channel,. The intraday support at the level of 1.2088 should act as a good rebound level and the market should shoot up in wave c green. To the upside the key level if the technical resistance at the level of 1.2387, but only a break out above the level of 1.2570 might be considered as truly bullish.

Support/Resistance:

1.2088 - Intraday Support

1.2272 - Intraday Resistance

1.2297 - Weekly Pivot

1.2318 - Supply Zone

1.2387 - Technical Resistance| Key Level|

1.2503 - WR1

Trading recommendations:

Daytraders should consider opening sell orders from the current market levels with SL above the level of 1.2272 and TP at the level of 1.2088. Impulsive rebound from this level is anticipated.

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Technical analysis of NZD/USD for April 20, 2015

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Fundamental overview:
NZD/USD is expected to consolidate with risks skewed lower after hitting a three-month high of 0.7740 on Friday. NZD/USD is undermined by the softer-than-expected New Zealand Q1 CPI of -0.3% on-quarter (versus forecast -0.2%), increased aversion to investor risk and soft dairy prices. But NZD/USD losses are tempered by the NZD/USD interest differential.

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

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as 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 0.7740 and the second target at 0.7790. In the alternative scenario, in case the price moves below its pivot points, short positions are recommended with the first target at 0.7575. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7540. The pivot point is at 0.7620.

Resistance levels:
0.7740
0.7790
0.7845

Support levels:
0.7575
0.7540
0.75

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Technical analysis of GBP/JPY for April 20, 2015

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Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias. It is undermined by the increased aversion to investor risks ahead of the next month's UK general election and sterling sales on buoyant EUR/GBP cross. But sterling sentiment is soothed after the UK unemployment rate came in at 5.6% in the three months to February, the lowest since mid-2008. Although, UK jobless claimants fell fewer-than-expected 20,000 in March (versus forecast -30,000) and average weekly earnings rose less-than-expected to +1.7% on-year (versus forecast +1.8% on-year) in the three months to February. But GBP/JPY downside is limited by demand from Japan importers.

Technical comment:
The daily chart is tilting positive as stochastics is in bullish mode, the MACD is turning bullish.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 176.50. A break of that target will move the pair further downwards to 176.05. The pivot point stands at 177.80. 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 178.40 and the second target at 179.10.

Resistance levels:
178.40
179.10
179.65
Support levels:
176.50
176.05
175.45

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Technical analysis of EUR/JPY for April 20, 2015

Technical outlook and chart setups:

The EUR/JPY pair turned lower after hitting the level of 128.75, which is the fibonacci 50% resistance of the downswing from 131.00 to 126.00 respectively. The pair is trading around the levels of 127.90/128.00 now and should continue dropping lower from here on. It is recommended to initiate short positions at the current levels with risk above 129.00. Immediate resistance is seen at 129.00 (interim) followed by 130.00/131.00, and higher, while support is seen at 127.00 followed by 126.00 and lower respectively.

Trading recommendations:

Initiate short positions stop at 129.10, a target is open.

Good luck!


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Technical analysis of GBP/CHF for April 20, 2015

Technical outlook and chart setups:

The GBP/CHF pair made lows below 1.4300 earlier before pulling back higher again. At the moment, it is trading at 1.4227 and is expected to push higher until prices remain above the level of 1.4100. It is recommended to initiate fresh long positions at the current levels with risk at 1.4100. Immediate resistance is seen at 1.4450 followed by 1.4630, 1.4800, and higher up, while support is seen through 1.4100 (interim) followed by 1.4000, 1.3850, and lower respectively. The pair should remain bullish above the level of 1.4100.

Trading recommendations:

Initiate long positions, stop at 1.4000, a target is open.

Good luck!


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Technical analysis and trading recommendation for Gold for April 20, 2015

Precious yellow metal prices have been consolidating at the crucial resistance level at $1,210.40. In case bulls take out $1,210.50, they can challenge towards $1,219.00 and $1,223.00 immediately and $1,235.00 later. The major forex currencies benefit from weak USD, but not the precious metal. The metal has been making a multiple top at the previous swing high of $1,210.00 in the four-hour chart. The metal was rejected at 100Dema again. The metal managed to close above 20 & 50Dsma. In the daily chart, bullish crossover took place. Today, at the Asian session, the metal faced resistance at 100Dema $1,209.60 and $1,212.00 100Dsma respectively. In the four-hour chart, the metal price has been making lower lows and lower highs formation. In case the price closes above $1,212.00, bulls can extend their rally towards $1,215.00, $1,223.00, and $1,229.00 in the near term. We have been recommending big moves ahead with sl $1,178.00. But the metal did not close above $1,223.00 yet. In case the price closes below $1,178.00, it can extend its fall towards a 52-week low. But, the softening USD minimizes the bearish view. It is likely to make the multiple tops between $1,208.70 and 1210.00 in the four- hour chart. We expect another upswing only above $1,212.00. The metal is trading in the multi-resistance zone between $1,208.70, a previous swing high of $1,210.00, and $1,212.00 100Dema. Intraday support is found at $1,196.00 50Dsma. We are not aggressive on buying and selling as well because the price has been consolidating in the multi- resistance zone. Strong buying momentum looms at $1,212.00 with an immediate spike towards $1,220.00 and $1,223.00. On the downside, the level of $1,196.00 acts as a support level on the closing basis. For an intraday volatility support is found at $1,194.00, $1,192.00, and $1,188.00. The selling pressure might be built below $1,196.00 and strengthen below $1,188.00. In case the price breaks below $1,188.00, bears can challenge $1,183.70 and $1,180.00. As we knew, $1,178.00 is the game-change level below $1,180.00. The hourly resistance is found between $1,206.30 double top, 1207.40 triple top and 1208.80 previous hourly top. Big spikes loom above $1,212.00. Traders can double their buying positions in case the price sustains above $1,212.00.

Buyers use sl $1,199.00 hold for $1,208.00, $1,210.00, $1,212.00, and $1,223.00 cmp $1,204.00

Selling below $1,197.00 with targets at $1,194.00, $1,190.00, and $1,188.00

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Technical analysis and trading recommendation for EUR/JPY for April 20, 2015


The cross managed to close with 100 pips up at the previous week. The cross managed to gain every alternative week over the last 7 weeks. This week, we expect lower levels on a weekly basis. All the intervals favor to bears. The cross fell and closed below 200Wema. The cross has been forming a base between 127.37 and 127.40. We can expect this is going to be a strong base in the coming weeks. This view will be erased in case the price closes below 127.40 on a weekly closing basis. The weekly resistance is seen at 129.60 200Wema and 131.86 multi-week high. The cross has strong support at 122.75 200Wsma and 122.5050Wsma. A weekly closure below 127.40 enabled bears to challenge towards 125.00 and 122.75. Today, the cross opened on a bearish note. The Japanese tertiary industry activity index gave positive readings in February, stood at 0.3% from the previous 0.7%. Readings were above expectations. The intraday support is found at 128.30 and 128.15. Below, 127.75 are going to act as the trend-decided levels. On the higher side, resistance is seen at 128.80, 129.10 20Dsma, and 129.35 61.8the fib level. We recommend selling below 128.30 with the targets at 128.15, 127.90, and 127.75. In case the price zapped to previous day's high, we recommend buying above 128.80 with small targets at 129.00, 129.10, and 129.35.

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Technical analysis and trading recommendation of GBP/USD for April 20, 2015

The UK macro calendar offered a data-light week. Today is a quiet day on the markets due to lack of macroeconomic data. Things should be picked up rapidly from Thursday. Data on Retail sales are due for release on Thursday. At Friday's session, the cable rejected at 50Dsma and erased most of its losses. We advised strong resistance existed between 1.5010, 1.5035, and 1.5055 in Friday's article . The cable made a high at 1.5054 and changed its direction from there. Until the cable closes below 1.5055 50Dsma, use every rise to sell. Today, the pair is trading on a negative bias at the Asian session. Safe buying will trigger above 1.5055 with targets at 1.5130 and 1.5160 the 61.8 fib level. Intraday support is found at 1.4916 and resistance is seen at 1.5020 and 1.5055. Traders can sell below 1.4900 with targets at 1.4850, 1.4800, and 1.4750. Below 1.4800, selling pressure might double towards 1.4750 and 1.4700.

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Technical analysis and trading recommendation for EUR/USD for April 20, 2015

Euro area annual inflation was -0.1% in March 2015, up from -0.3% in February. In March 2014, the rate was 0.5%. European Union annual inflation was also -0.1% in March 2015, up from -0.3% in February. In March 2015, negative annual rates were observed in twelve Member States. The lowest annual rates were registered in Greece (-1.9%), Cyprus (-1.4%), Poland (-1.2%), Bulgaria, and Lithuania (both -1.1%). The highest annual rates were recorded in Austria (0.9%), Romania (0.8%), and Sweden (0.7%). Compared to February 2015, the annual inflation rate fell in three Member States, remained stable in three, and rose in twenty-two.

Upcoming events:

Today is a quiet day on the markets due to lack of macroeconomic data. Things should be picked up by tomorrow. We have a number of high-impact data releases to look forward to, starting with the German ZEW economic sentiment on Tuesday, French flash manufacturing PMI, German flash manufacturing PMI on Thursday, and the weekend will be closed with German Ifo business climate and euro group meetings. Today, the euro macro calendar offered a data-light day. German PPI and German Buda monthly are due for release.

Weekly technical view:

Last week, the euro managed to close above 2.0% against USD. The parallel support was found at 1.0463, the lowest in March. The parallel resistance is seen at the multi- resistance level of. The same trading range has been maintaining for six-weeks. 50dsma is found at 1.0955. At Friday's session, the pair managed to close above 20Dsma. This event took place after 7 straight sessions. Weekly resistance is found between 1.0955 and 1.1055. In case the pair closes above 1.1055, bulls can extend their rally towards 1.1300+. The chances are remote. Weekly support is found at 1.0700. Bears are likely to regain the control in case the price closes below 1.0700. Eventually, the euro favors bears below 0.9000. The big distribution pattern has been formed at 1.1055. We will re-analyze the trend in case the price closes above 1.1055. The double bottom is likely to be placed at 1.0520 and 1.0532.

Intraday technical view:

The one-hour and four-hour time frames shifted to buying. Higher lows and higher highs are developing in the one-hour chart. The pair managed to close above the previous swing low at 1.0713. These are the factors that supported bulls. The intraday resistance is seen at the fib level of 1.0850 and 1.0890 (multi-hour high). The pair can stretch up to 1.0930 and 1.0950 in case the price manages to breach above 1.0850. Higher highs and higher lows are forming in the H1 chart. Eventually, the positional view still favors bears. The intraday support is found at 1.0780 34hrsma and swing low at 1.0713 rounded to 1.0700. We expect mild downticks from here on. The hourly resistance zone is seen between 1.0850 and 1.0890. We recommend buying above 1.0850 with targets at 1.0880, 1.0900, and 1.0930. On the down side, we recommend selling below 1.0780 with targets at 1.0730 and 1.0710. The panic will be trigger below 1.0700 and bears grip will be tighter in case of a closure above 1.0660 34hrsma in the four-hour chart.

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Technical analysis of Silver for April 20, 2015

Technical outlook and chart setups:

Silver is trading around $16.20/30 for now and it is expected to move higher towards fresh swing highs in the coming sessions. The metal might be unfolding an inverted head and shoulder structure with the right shoulder having formed around the level of $16.00. It is therefore strongly recommended to remain long and also look to add dips further with risk at $15.30/50. Immediate interim support remains fixed at $16.00 followed by $15.80, $15.30, and lower while resistance is seen at $17.40/50 followed by $18.40/50 and higher respectively.

Trading recommendations:

Remain long, stop at $15.30/50, a target is open.

Good luck!


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Technical analysis of Gold for April 20, 2015

Technical outlook and chart setups:

Gold is seen to be trading around the level of $1,204.00 at the moment and could be preparing to break higher. The metal seems to have a higher low around $1,182.00/83.00 already formed and bulls are likely to be poised to remain in control until prices stay above that level. It is recommended to remain long with risk at the level of $1,170.00 . Immediate support is seen at $1,183.00 (interim), followed by $1,178.00, $1,162.00, and lower while resistance is seen through $1,240.00/50.00 followed by $1,180.00 and higher respectively.

Trading recommendations:

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

Good luck!


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Daily analysis of major pairs for April 20, 2015

EUR/USD: There is a Bullish Confirmation Pattern in the market now, as the market made commendable effort to go bullish last week (and with a measure of success). This week, the price is likely to reach the resistance lines at 1.0900 and 1.0950.

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USD/CHF: As EUR/USD went upwards, USD/CHF has gone downwards. From the resistance level at 0.9850, the price plunged by around 300 pips reaching the support level at 0.9500. The support level at 0.9500 would be breached amid further selling pressure on the market as the price reaches another support level at 0.9500.

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GBP/USD: The cable skyrocketed by 450 pips last week, rising from the accumulation territory at 1.4600 and testing the distribution territory at 1.5050. In spite of the shallow southward correction in the market, the outlook for the cable is bright this week. The distribution territory at 1.5050 would be tested again and get breached to the upside, as the price reaches another distribution territory at 1.5100.

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USD/JPY: On Friday, April 17, 2015, this market closed at 118.89 on a bearish note. One achievement has been made by bears – they have succeeded in breaking the supply level at 119.00, which used to be a stubborn impediment to bears, to the downside. Another demand level at 118.00 could be reached.

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EUR/JPY: This cross moved upwards by 200 pips last week; going from the demand zone at 126.50 and reaching the supply zone at 128.50. Nevertheless, the bearish bias still extants, and the only thing that can render it invalid is a situation in which the price goes above supply zone at 129.50.

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Elliott wave analysis of EUR/NZD for April 20 - 2015

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Technical summary:

We are still looking for a decline to 1.3867 and even lower to 1.3686 as long as minor resistance at 1.4105 protects the upside. Now, the decline from 1.5821 is well advanced and it should be just a matter of time before a firm bottom is found. A break above 1.4105 will be the first good indication that a firm bottom could be in place, while a break above 1.4237 is going to confirm the bottom and call for a continuation higher to 1.4547.

Trading recommendation:

We are short EUR from 1.4145 and will move our stop+revers lower to 1.4105.

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Elliott wave analysis of EUR/JPY for April 20 - 2015

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Technical summary:

We still have two possible counts for the rally from a low of 126.02. We still prefer the series of waves one and two slightly over the leading diagonal, then acceleration is likely to be needed soon, while a break below 127.74 shifts the count towards a leading diagonal for a correction to 126.73 before an increase in red wave iii.

So, this game continues to be a waiting one until the market shows us its real hand.

Trading recommendation:

We are long EUR from 126.96 and will move our stop higher to 127.70. If our stop is hit, we will re-buy EUR at 126.80 with a stop at 126.00

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Technical analysis of EUR/USD for April 20, 2015

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When the European market opens, economic data on German Buba Monthly Report and German PPI m/m are due for release.The US will not publish any economic data. So, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:


Breakout BUY Level: 1.0861.


Strong Resistance:1.0855.


Original Resistance: 1.0844.


Inner Sell Area: 1.0833.


Target Inner Area: 1.0808.


Inner Buy Area: 1.0783.


Original Support: 1.0772.


Strong Support: 1.0761.


Breakout SELL Level: 1.0755.




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 20, 2015

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In Asia, Japan is expected to release data on the Tertiary Industry Activity m/m. The US will not release any economic data. So, there is a strong probability that the USD/JPY pair will move with low volatility during the day.


TODAY TECHNICAL LEVELS:


Resistance. 3: 119.54.


Resistance. 2: 119.31.


Resistance. 1: 119.07.


Support. 1: 118.80.


Support. 2: 118.56.


Support. 3: 118.32.




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