EUR/NZD : analysis for April 21, 2015

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Overview:

Recently, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.3877 in a high volume. 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 1.3715 (Fibonacci expansion 161.8%). According to the H4 time frame, we can observe a supply in an average volume. Selling positions are preferable. Resistance levels are at 1.3945-1.3980 (recent swing lows).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.4045

R2: 1.4070

R3: 1.4113

Support levels:

S1: 1.3961

S2: 1.3935

S3: 1.3893

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


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Technical analysis of USD/JPY for April 21, 2015

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Fundamental outlook:

USD/JPY is expected to trade with a bullish bias. It is underpinned by the broadly firmer dollar undertone (ICE spot dollar index last 97.90 versus 97.40 early Monday) and positive risk appetite (VIX fear gauge eased 4.25% to 13.3, S&P 500 closed 0.92% up at 2,100.4 overnight) as the European and US stocks reacted positively to the People's Bank of China's one percentage point cut in the reserve requirement ratio for banks. USD/JPY is also supported by higher US Treasury yields (10-year at 1.886% versus 1.850% late Friday), demand from Japan importers, and ultra-loose Bank of Japan's monetary policy. But USD sentiment is dented by a drop in Chicago Fed National Activity Index to -0.42 in March from February's -0.18. USD/JPY gains are also tempered by the Japan export sales.

Technical comment:
The daily chart is mixed as the MACD is bearish, five-day moving average is below 15-day moving average and is declining; but bullish outside-day-range pattern was completed on Monday and stochastic is turning bullish at the oversold levels.

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 119.80 and the second target at 120.10. In the alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 118.85. A break of this target is likely to push the pair further downwards, and one may expect the second target at 118.50. The pivot point is at 119.10.

Resistance levels:

119.80
120.10
120.50

Support levels:
118.85
118.50
118.30

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Intraday technical levels and trading recommendations for GBP/USD for April 21, 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 previous weekly demand, which was broken back in January 2015.

A sideways movement with slight bearish tendency had been expressed on the daily chart until the bearish breakdown of daily demand level at 1.4700 took place last week.

A projection target for this consolidating breakout was located around the level of 1.4440. However, GBP/USD bears failed to keep trading below their recent 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 to 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 took place below 1.4700 then GBP/USD bulls came back to trade above 1.4700.

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

A valid sell entry could be offered at retesting 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 21, 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 lost almost 1600 pips since the beginning of 2015. Moreover, EUR/USD bears have already pushed the market slightly below the monthly demand level of 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.

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.

Daily persistence 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 (neckline of the double-top pattern) took place. Hence, a valid sell position was offered around this price zone. Stop Loss should be set as DAILY closure above 1.0850.

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GBP/USD intraday technical levels and trading recommendations for April 21, 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 1.5170 (R2), and 1.4990 (R1 = broken weekly bottom) leading to a quick breakdown.

Persistence below 1.4950 indicated a further bearish decline. Initial projection target for this bearish breakout was located at 1.4700.

Moreover, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was established (below 1.4700 which is the most recent bottom).

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

As anticipated, the bullish pullback towards 1.4950-1.5000 should be used to sell the pair off (significant resistance zone = R1).

It is already running in profits with signs of bearish rejection depicted on the chart (bearish reversal daily candlesticks at retesting of R1, 1.4990).

T/P levels remain projected at 1.4850, 1.4800, and 1.4720. S/L should be set as a daily closure above 1.5025.

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Technical analysis of USD/CHF for April 21, 2015

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Fundamental overview:
USD/CHF is expected to trade with bullish bias. It is supported by the broadly firmer dollar undertone (ICE spot dollar index last 97.90 versus 97.40 early Monday) and positive risk appetite (VIX fear gauge eased 4.25% to 13.3; S&P 500 closed up 0.92% at 2,100.4 overnight) as the European and U.S. stocks reacted positively to the People's Bank of China's cut 100 basis points in the reserve requirement ratio for all banks. The pair is also boosted by the negative Swiss interest rates and the threat of the Swiss National Bank to carry out CHF-selling intervention. But USD/CHF gains are tempered by the franc demand on the soft EUR/CHF cross.

Technical comment:
The daily chart is still negative-biased as the MACD and stochastics are bearish, although the latter one is at oversold levels. Five-day moving average is below 15-day moving average and is declining.

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 0.9650 and the second target at 0.9710. In the alternative scenario, in case the price moves below its pivot points, short positions are recommended with the first target at 0.7445. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7370. The pivot point is at 0.9490.

Resistance levels:
0.9650
0.9710
0.9765

Support levels:
0.9445
0.9370
0.9335

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Gold analysis for April 21, 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 supply in a volume above the average. 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. According to the H4 time frame, we can observe demand in a volume below the average.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,205.00

R2: 1,209.06

R3: 1,216.15

Support levels:

S1: 1,190.26

S2: 1,186.60

S3: 1,179.53

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


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Technical analysis of NZD/USD for April 21, 2015

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Fundamental overview:
NZD/USD is expcted to trade in a higher range. It is undermined by contagion of the weak Aussie, broadly firmer dollar undertone, and soft dairy prices. But NZD/USD losses are tempered by kiwi demand on the soft AUD/NZD cross, positive risk sentiment, and the NZD-USD interest differential.

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. Stochastics is turning bearish at overbought levels.

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 21, 2015

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Fundamental overview:
GBP/JPY is expecetd to trade with bearish bias. It is undermined by the increased risks of the Greek default, Japan's exports, broadly firmer dollar undertone, and by worries that no clear winner would emerge in the UK general election on May 7. But GBP/JPY losses are tempered by the demand from the Japanese importers.

Technical comment:
The daily chart is still positive-biased as the MACD and stochastics are in bullish mode.

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 177. A break of that target will move the pair further downwards to 176.50. The pivot point stands at 178.20. 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:
178.75
179.10
179.65
Support levels:
177
176.50
176

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USD/CAD intraday technical levels and trading recommendations for April 21, 2015

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Overview:

Since bulls 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 fixation 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) and 1.1800 where the depicted weekly uptrend is roughly 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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Daily analysis of the USDX for April 21, 2015

The USDX is currently having a bullish momentum above the support level at 97.83, heading towards the resistance zone of 99.12 in the medium term. This move was expected to take place, as the index formed an important downside fractal within the previous week.

Now, we should remain cautious as the USDX could start to form a bullish pattern in shorter time frames.

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We could see a solid bullish structure in the H1 chart. The USDX is consolidating above the 200 SMA on this time frame. Also, it's forming a higher high pattern and is likely to try a breakout at the resistance level of 98.45, in order to reach the 98.69 level. By the way, our bearish outlook remains alive in the short term as long as the USDX stays very close to the 200 SMA.

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Daily chart's resistance levels: 99.12 / 99.94

Dailychart's support levels: 97.83 / 96.30

H1 chart's resistance levels: 98.45 / 98.69

H1 chart's support levels: 98.24 / 97.98



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 98.24, take profit is at 97.98, and stop loss is at 98.50.

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Daily analysis of GBP/USD for April 21, 2015

At the daily chart, GBP/USD continues to stay alive after a pullback from the resistance level of 1.4976. Remember that it could find support at 1.4820 because of the current strength that the level is currently showing. But the overall trend, which is bearish, could start to dominate the current bias at GBP/USD again.

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The pair has found dynamic support at the 200 SMA. We could expect a rebound at that level because of the current strength of bullish bias in the very short term. Anyway, our short-term outlook could get invalidated if GBP/USD breaks the support zone at 1.4814, because the pair could start consolidating below that moving average mentioned above.

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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: 1.4892 / 1.4979

H1 chart's support levels: 1.4853 / 1.4814



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 1.4892, take profit is at 1.4979, and stop loss is at 1.4804.

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Technical analysis of USD/CHF for April 21, 2015

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Overview:

  • The USD/CHF pair has still traded above the minor support at 0.9556. The pair is trapping between 0.9560 and 0.9643. Also, it should be noted that the psychological level was set at 0.9623 which represents a pivot point today. As it is shown in the H1 chart, supports were found at the levels of 0.9556 and double bottom at 0.9480. Therefore, buy deals are recommended above this spot with a target at 0.9633. Moreover, USD/CHF pair is going to try to break the daily pivot point at 0.9633 to call for the bullish market above 0.9633. Consequently, the price will continue moving towards the level of 0.9727 in order to test the ratio of 38.2% Fibonacci retracement levels at this level in the H1 chart. On the other hand, the stop loss should always be in account, so it will be good to set your stop loss at the level of 0.9470 (below the double bottom).
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Technical analysis of NZD/USD for April 21, 2015

Pivot point: 0.7672

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Overview:

In the long term, the NZD/USD pair called for a bullish market from the level of 0.7635 and closed at 0.7672 (pivot point) yesterday. So, the NZD/USDF pair is going to continue moving in the bullish trend from the level of 0.7635 or 0.7672. It also should be noted that the pivot point is set at the same level of 0.7672 on April 21, 2015. Accordingly, it will be a good sign to buy above the level of 0.7635 with the first target at 0.7702 to test minor resistance at this level. Moreover, the double top will be set at 0.7740. Also, it will call for an uptrend in order to continue its bullish movement towards the second target at 0.7740 in order to test the double top. At the same time, the stop loss should be placed below the support at 0.7600. Equally important, strong support will be set at 0.7618 (61.8% of Fibonacci retracement levels). Additionally, it should be noted that the range is likely to move between 0.7635 and 0.7740 today.

Intraday technical levels:

Date: 21/04/2015

  • R3: 0.7789
  • R2: 0.7756
  • R1: 0.7707
  • PP: 0.7674
  • S1: 0.7625
  • S2: 0.7592
  • S3: 0.7543
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Technical analysis of Silver for April 21, 2015

Technical outlook and chart setups:

Silver is seen to be trading around the sub-level of $16.00 at the moment and is still holding within the fibonacci 0.618 support region. The metal has produced tweezer bottoms earlier and is preparing to rally further towards a fresh high. It is recommended to initiate long positions now with risk around $15.30. Immediate support is seen around the level of $15.80 followed by $15.30 and lower, while resistance is seen at $16.50/60 (interim) followed by $17.40/50, $18.40/50, and higher respectively. Bulls are poised to push prices higher until they remain above the level of $15.30.

Trading recommendations:

Initiate long positions. Stop $15.30, a target is open.

Good luck!


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Technical analysis of USD/CAD for April 21, 2015

General overview for 21/04/2015 10:00 CET

The wave b green might have been completed sooner than anticipated as the market is trying to break out above the intraday resistance at the level of 1.2273. In case of any successful breakout, the next target would be at the level of 1.2318 with a possible extension up to the level of 1.2387. At this point, the price might reverse as the wave (b) blue might develop another wave to the downside before the uptrend on higher time frames will be continued.

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:

Yesterday's TP for sell orders hasn't been hit but sell orders should be closed now because daytraders should consider opening buy orders from the current levels with SL below the level of 1.2245 and TP at the level of 1.2318.

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Technical analysis of Gold for April 21, 2015

Technical outlook and chart setups:

Gold is seen to be trading at $1,194.00/95.00 and is preparing to resume its rally towards fresh swing highs. The metal is producing a bullish tweezer bottom candlestick pattern on the 4-hour chart view indicating a potential reversal. Immediate support is seen at $1,180.00 followed by $1,160.00, $1,140.00, and lower, while resistance is seen at $1,230.00/40.00 followed by $1,280.00/85.00 and higher respectively.

Trading recommendation:

Initiate long positions now, stop at $1,170.00, a target is open.

Good luck!


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Technical analysis of EUR/JPY for April 21, 2015

General overview for 21/04/2015 09:30 CET

As we anticipated yesterday, the market made wave b green and reversed sharply to make the last corrective wave down - wave c green. Currently, this wave might extend the downward move to the level of 125.72 or bounce/reverse at the current zone. The most important level for bulls is the intraday support at the level of 125.72 because any breakout lower will directly expose to the test of a swing low at the level of 126.08. On the other hand, only a clear, impulsive breakout above the supply zone, that is the key level for bears, will be regarded as bullish. The breakout might even extend its move up to the level of 129.94. Please notice that the wave b green might be evolved into the triangle formation.

One more last thing worth mention is a classical bearish flag pattern on the H1 time frame that has a projected min. target at the level of 123.63.

Support/Resistance:

126.08 - Swing Low

126.72 - Intraday Support

127.27 - WS1

127.58 - Intraday Resistance

128.10 - Weekly Pivot

128.56 - 128.79 - Supply Zone

129.94 - WR1

Trading recommendations:

Daytraders and swingtraders should refrain from trading until the price hits the key level for bulls or bears.

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Technical analysis of GBP/CHF for April 21, 2015

Technical outlook and chart analysis:

The GBP/CHF pair is ready to rally through 1.4625, after having bottomed out around 1.4184 earlier. The pair is producing a bullish morning star candlestick pattern on the H4 chart view. It is still recommended to remain long with risk below the level of 1.4100 . Immediate support is seen at 1.4000 followed by 1.3850 and lower, while resistance is seen at 1.4400/50 followed by 1.4630, 1.4830, and higher respectively. Bulls are expected to remain in control for now.

Trading recommendations:

Remain long stop at 1.4000, a target is open.

Good luck!


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#USDX technical analysis for April 21, 2015

The Dollar index broke the short-term downward sloping channel yesterday and gave a short-term buy signal. The price is moving higher and a new higher low has confirmed that trend remains bullish despite the big price swings. Important resistance at 99.20 with targets ta new highs will give a buy signal if gets broken

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Orange lines= bearish channel

The Dollar index has broken the bearish channel and is back inside the Ichimoku cloud in the 4-hour chart. If it manages to break above 99.20 where the top of the cloud resistance is found, we should expect more buying pressures on the upside towards 101.

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Green line= broken resistance

The Dollar index is trying to break above the Ichimoku cloud resistance. It has broken the green trend-line resistance and has also tested it back successfully. The Dollar index made a new higher low and if we see a new higher high I would expect explosive upside move towards 103.

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Gold technical analysis for April 21, 2015

Gold price remains inside the trading channel. The price could not break above $1,210 and there are signs that we are going to test $1,180 again. Breaking this support will push towards $1,130.

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Red lines= resistance at $1,210 and $1,222

Green line = support at $1,180

Gold price has moved back below the Ichimoku cloud. It has short-term resistance at $1,210 where it has made three short-term tops. The trend remains neutral but with a slight bearish note. Gold price is still inside a bigger range. I prefer either to stay neutral and sell on signs of weakness or go short with $1,210 stop.

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The weekly chart remains bearish as the price cannot move above the kijun-sen (yellow line) and remains below the Ichimoku cloud. The red line tenkan-sen is going to be tested this week. The tenkan-sen has a negative slope and this is not a good sign for bulls. I believe that breaking below $1,180 will be a sell signal with $1,130 1st target.

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Daily analysis of major pairs for April 21, 2015

EUR/USD: There is still a Bullish Confirmation Pattern in this market, as the market made commendable effort to go bullish last week (and with a measure of success). However, the price has been making some shallow southward correction, which cannot jeopardize the existing bias unless the support line at 1.0650 is breached to the downside.

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USD/CHF: There is still a Bearish Confirmation Pattern in this market, as the market was forced to go bearish last week, and with visible results. However, the price has been making some shallow northwards movement, which cannot jeopardize the existing bias unless the resistance level at 0.9700 is breached to the upside.

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GBP/USD: The cable has been continuing its bearish correction since the beginning of this week, going from the distribution territory at 1.5050, and reaching the accumulation territory at 1.4900. The bearish retracement, in the context of an uptrend, has panned out by 150 pips. It is assumed that the cable can still go upwards, providing that the accumulation territories at 1.4800 and 1.4750 are not violated.

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USD/JPY: The existing bearish outlook is in a clear jeopardy, for the price is trying to make some bullish attempt having gone above the demand level at 119.00. A movement above that demand level would continue to threaten the bearish outlook; whereas a movement below it would confirm the bearish outlook.

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EUR/JPY: The movement in this market has not been significant so far this week. What is here is simply a rally attempt in the context of downtrend, and movement below the demand zones at 127.50 and 127.00 would reinforce the downtrend.

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Elliott wave analysis of EUR/NZD for April 21 - 2015

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Technical summary:

we will be looking for a decline closer to 1.3867 and maybe even lower to 1.3687 as long as minor resistance at 1.4082 keeps protecting the upside. But a decline from 1.5821 is observed in five waves now and is well advanced, so a bottom could be found anytime soon.

In the short term, we will focus on the downside as long as minor resistance at 1.4082 keeps protecting the upside. Any break above 1.4082 will shift our attention towards the upside for a strong rally towards 1.4569 as the first upside target.

Trading recommendation:

We are short EUR from 1.4145 and will move our stop+reverse lower to 1.4090.

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Elliott wave analysis of EUR/JPY for April 21 - 2015

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Technical summary:

Red wave ii is currently unfolding towards 126.73. Once red wave ii is over near 126.73, a strong acceleration towards 131.30 and likely slightly above iis expected n red wave iii.

In the short term, I am looking for minor resistance at 128.47 protecting the upside for a break below support at 127.86 and below support at 127.57. That is likely to confirm red wave c lower towards 126.73 from where we should look for a move higher again.

Trading recommendation:

Our stop at 127.70 was hit for a nice little profit. We will buy EUR again at 126.80 or upon a break above 128.48 (one order done cancels the other). Stop will be placed at 126.00

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Technical analysis and trading recommendation for Gold for April 21, 2015

The precious metal edges lower, rejected at a multi-resistance zone around $1,210.00 and $1,212.00. Growing concerns about Greece puts the US dollar in the limelight. The USDX changed its direction rebounded from 50Dsma. The equity markets rallied with the steady USD and strong earnings. We guess, asset class shifting led to lower metal prices at yesterday's session. The smart money moved back to equities, crude and USD related pairs. The euro group of finance ministers will meet this Friday on April 24. As of now no agreement was taken place between Greece and its creditors. The Greek exit from the eurozone is the most likely scenario. The metal closed below $1,200.00 and 20Dsma. At today's Asian session, the metal started trading below 50Dsma. The 100Dsma and 100Dema acted as strong resistance. We expect the metal to drive back towards the support zone between $1,183.00 and $1,180.00. The key support 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. An increase in the US Federal rate, stronger USD, Indian imports, and crude oil prices are major factors that put pressure on metal prices. Intraday resistance is seen at $1,197.00 and $1,200.00. Support is found at $1,191.00 and $1,188.00. Prices are still trading above the ascending trend line on the four-hour chart. For an intraday view, we recommend selling below $1,1800.00 with targets at $1,183.00 and $1,181.00. Panic will be triggered below $1,178.00. Bulls should buy above $1,200.00 with targets at $1,2040.0, $1,208.00, and $1,210.00. Big moves are expected above $1,212.00. For the next 3 days, we expect the price to trade between $1,180.00 and $1,210.00.


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Technical analysis and trading recommendation for EUR/AUD for April 21, 2015

Stevens's dovish speech at a conference in New York puts pressure on AUD. The aussie edge lower against USD and EUR but muted against JPY at the Asian session. The cross found support between 1.3680 50Msma and 1.3660 200Wsma. Stevens said further rate cuts need to be on the table. Official rate interest cuts as early as next month. Technically, the cross favors bears on all time frames. The last hope for bulls finds at 1.3660. On euro, the Greece issues are worsening the currency. The euro group of finance ministers will meet this Friday on April 24. Parallel resistance is seen at 1.4023 (double top in the daily chart) and at 1.4036 20Dsma. In the hourly chart, the cross gave an upside breakout from the bullish inverse head and shoulder pattern. The cross can stretch maximum 1.3985 and 1.4020. Use rises to sell with sl 1.4036 20Dsma on a daily closing basis with targets at 1.3900, 1.3825, and 1.3785. Intraday support is found at 1.3900. Below 1.3890, panic will be triggered. Weekly resistance is seen at 1.4070. Minor bullish momentum is expected above 1.4075.

Trade: Use sell to sell between 1.3980 and 1.4020 sl 1.4036.

In case the level of 1.3980 is not reached, sell below 1.3880.

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Technical analysis and trading recommendation for USD against CAD & YEN for April 21, 2015

It's another soft economic day in the US as well. Concerns over Greek issue added the new factor into the bearish view. The euro is likely to remain under pressure on the back of growing concerns about Greece as no agreements between Greece and its creditors had been reached. The Greek exit from the eurozone is the most likely scenario. The euro group of finance ministers meets this Friday on April 24. The 50Dsma lies at 97.00 and 20Dsma is seen at 98.00. Probably, the double bottom was placed at 96.17 and 96.33. At today's Asian session, the index faced strong resistance at 98.10 multi-resistance level at the four-hour chart. Bulls can extend their paw towards 98.25, 98.35, 98.55, and 98.70.

USD/JPY

The US dollar is trading at 119.27 on Tuesday's Asian session, gaining from 119.17 at the start of the day. The pair opened on a bullish bias extending its gains. We have been recommending buying on every dip with sl 118.00. The pair changed its direction from 118.54. Probably, the double bottom was formed between 118.33 and 118.54. The nearest resistance is seen at 119.60 20Dsma and 119.85 50Dsma. Bulls need it to close above 119.85 to regain their strength. We are bearish only below 118.00 with targets at 117.15, 115.50, and 114.50. We still recommend buying on dips. The weekly trading pattern framed between 119.75 and 118.00. Breakout is likely to provide further room to trade.

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USD/CAD

We used to recommend buying with sl 1.2350. Out sl was taken out. We change our view to sell with targets at 1.2100 and 1.1875. The pair made a low at 1.2088 and changed its direction. The pair has been forming minor base between 1.2180 and 1.2190 within last three days. The 100Dema was found at 1.2218. Parallel resistance is found at 1.2271 Friday's high, 1.2290 20Wsma and 1.2350 previous support bases. Until the price closes below 1.2350, the bearish view remains in play. In case if the price closes above 1.2290 and 1.2350 we reanalyze the charts.

Intraday

The parallel resistance seems at 1.2271. We recommend buying above 1.2275 with targets at 1.2290, 1.2320, and 1.2340. Strong resistance is seen at 1.2350. Until the price closes above 1.2350, use every rise to sell remains in play.

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Technical analysis and trading recommendation for EUR/USD for April 21, 2015

In March 2015, theGerman Producer Price Index for industrial products fell by 1.7% compared with the corresponding month of the preceding year. In February 2015, the annual rate of changes all over was –2.1%. The euro edged lower against USD at yesterday's session. The pair rejected at 20Dsma and closed below that. The nearest strong support is found at 1.0700 rounded and 1.0680 34hrsma.Concerns over Greek issue added the new factor into the bearish view. The euro is likely to remain under pressure on the back of growing concerns about Greece as no agreements between Greece and its creditors had been reached. The Greek exit from the eurozone is the most likely scenario. The euro group of finance ministers meets this Friday on April 24. Bulls' last hope exists between 1.0690-1.0680. Sustaining below these levels leads to a fresh new low. Eventually, the euro looks weak moving towards 0.9000 against USD.

Intraday:

The pair erased a higher low and higher high strategy in the hourly chart. The hourly resistance is seen at 1.0770. The intraday strategy favors bears with sl 1.0770 and targets at 1.0700, 1.0680 1.0650, and 1.0625. The strong sell will emerge below 1.0680 towards 1.0650 and 1.0625 immediately. Today, traders eye on ZEW German economic sentiment and ZEW economic sentiment. At February and March, the German ZEW readings are in negative mode. We expect the same bias in April as well. But the ZEW economic sentiment has been ticking up for five consecutive months. From November 2014, onwards the readings turned to a positive note. In April, we expect positive readings. In this case, we recommend buying above 1.0780 with targets at 1.0800, 1.0820, and 1.0845.

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Technical analysis of EUR/USD for April 21, 2015

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When the European market opens, economic data on ZEW Economic Sentiment and German ZEW Economic Sentiment are due for release. But the US market is not expected to release any data. So, amid the reports, EUR/USD will move low to medium volatility during this day.


TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0800.

Strong Resistance:1.0794.

Original Resistance: 1.0783.

Inner Sell Area: 1.0772.

Target Inner Area: 1.0747.

Inner Buy Area: 1.0722.

Original Support: 1.0711.

Strong Support: 1.0700.

Breakout SELL Level: 1.0694.




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 21, 2015

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Neither Japan nor the US will release any economic data today. So, there is a strong probability that the USD/JPY will move with low volatility during the day.


TODAY TECHNICAL LEVELS:


Resistance. 3: 120.01.

Resistance. 2: 119.78.

Resistance. 1: 119.54.

Support. 1: 119.26.

Support. 2: 119.03.

Support. 3: 118.79.




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