Technical analysis of USD/JPY for April 21, 2015

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Fundamental outlook:

USD/JPY is expected to trade with 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 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 of 100 basis points in the reserve requirement ratio for all banks. USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 1.886% versus 1.850% late Friday), demand from Japan's importers and the ultra-loose Bank of Japan's monetary policy. But USD sentiment is dented by a drop in the Chicago Fed National Activity Index to -0.42 in March from February's print of -0.18. USD/JPY gains are also tempered by the Japanese exports.

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. The bullish outside-day-range pattern was completed on Monday. Stochastics is turning bullish at oversold levels.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as 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 119.85 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:

119.85
120.10
120.50

Support levels:
118.85
118.50
118.30

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Technical analysis of USD/CHF for April 22, 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 PBOC's cut of 100 basis points in the reserve requirement ratio for all banks. The pair is also underpinned 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 0.9675 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 0.9520. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9445. The pivot point is at 0.9565.

Resistance levels:
0.9675
0.9710
0.9765

Support levels:
0.9520
0.9445
0.9370

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Technical analysis of NZD/USD for April 22, 2015

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Fundamental overview:
NZD/USD is expected to trade in a higher range. It is undermined by the weak Aussie, broadly firmer dollar undertone, and soft dairy prices. But NZD/USD losses are tempered by the 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 0.7620. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7575. The pivot point is at 0.7655.

Resistance levels:
0.7740
0.7790
0.7845

Support levels:
0.7620
0.7575
0.7545

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Technical analysis of GBP/JPY for April 22, 2015

GBPJPYM30.png

Fundamental overview:
GBP/JPY is expected to trade with bearish bias. It is undermined by the increased risks of the Greek default, Japan's exports, and the 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 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 180.70 and the second target at 181.20. In the alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 178.5. 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 178.45.

Resistance levels:
180.70
181.20
181.65
Support levels:
178.05
177.55
177

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Daily analysis of USDX for April 22, 2015

There is no significative changes in the structure of the USDX on the daily time frame as the index is still alive in the overall bullish trend, but it could fall again to the support zone of 96.30. Anyway, the USDX could ride again the bullish bias in the coming days, because the current price action is still supported by the upside momentum in the medium term.

USDXDaily.png


The H1 chart outlook seems to be favored by the sellers force as the USDX found a dynamic resistance at the 200 SMA and now it's trying to break the support level of 97.52. If successful, the USDX could fall until the level of 97.18 in the coming hours but be aware of possible rebounds at the current levels. The MACD indicator is still at the negative territory.


USDXH1.png

Daily chart's resistance levels: 99.12 / 99.94

Dailychart's support levels: 97.83 / 96.30

H1 chart's resistance levels: 97.98 / 98.24

H1 chart's support levels: 97.52 / 97.18



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 97.52, take profit is at 97.18, and stop loss is at 97.84.

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Daily analysis of GBP/USD for April 22, 2015

The bulls are now leading the current bias of GBP/USD, as it is trying to reach the resistance zone of 1.5125, after a breakout at the level of 1.4976. All these moves are part of the corrective structure developing in favor of the overall trend, which is bearish. Still, the 200 SMA is pointing to the downside, but the MACD indicator is at the positive territory.

GBPUSDDaily.png


On the H1 chart, GBP/USD did a successful rebound at the 200 SMA and now it is heading towards the resistance level of 1.5096. If the pair does a breakout at that zone, it will be expected to reach the resistance level at 1.5161, which could extend the bullish momentum of this pair for several days.

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Daily chart's resistance levels: 1.5125 / 1.5238

Dailychart's support levels: 1.4976 / 1.4820

H1 chart's resistance levels: 1.5096 / 1.5161

H1 chart's support levels: 1.5047 / 1.4979



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 1.5096, take profit is at 1.5161, and stop loss is at 1.5035.

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Technical analysis of USD/CAD for April 22, 2015

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Overview:

The market of the USD/CAD pair continues to show the signs of strength following the break at 1.2087 (the double bottom on the H1 chart). Therefore, the resistance of the USD/CAD pair was broken and it turned to a support since weeks. Additionally, the pair has already formed a strong support at the level of 1.2087. So the market indicates a bullish opportunity at level of 1.2090 with the first target of 1.2230 and continues towards 1.2315. On the other hand, If the trend can break this level and closure below 1.2087, it will be a downside momentum, which is rather convincing. The structure of the fall is not corrective as that the market will indicate a bearish opportunity at 1.2087. Hence it will be a good sign to sell at this level with the targets of 1.2054 and 1.2010.

Trading Recommendations:

  • According to previous events, the price has been still moving between 1.2087 and 1.2230.
  • Buy above the price of 1.2087 with the target at 1.2230 then 1.2310.
  • In the long term, look for further downside with a target of 1.2010 below the resistance of 1.2310.
  • Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.
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Technical analysis of AUD/USD for April 22, 2015

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Overview:

The resistance of the AUD/USD pair has been set at the price of 0.7851; and the support, at the 0.7686. So, according to the previous events, the AUD/USD pair is going to move between the resistance and support. As a rule, history will probably repeat itself at this level again. Therefore, we expect a range about 165 pips for April 22-24, 2015. Consequently, if the trend fails to close below the level of 0.7736 (minor support), it will be a good opportunity to buy above 0.7740 with the first target at 0.7812. It will then continue straight towards 0.7851 in order to test a strong resistance on the H4 chart. Also, it should be pointed out that the level of 0.7851 is coinciding with the ratio of 78.6% of Fibonacci retracement levels. The stop loss should be always taken into account as it should never exceed your maximum exposure amounts. Hence, the best location to set your stop loss should be placed below the level of 0.7680.

Observations:

  • The double top will be set at the level of 0.7842.
  • The major support is going to be set at 0.7687.
  • The minor support has been set at the price of 0.7736.
  • The price had hit the weekly pivot point and the support 1 this week.
  • The risk of 110 pips must make a profit of 1654 pips.
  • The value of 50% Fibonacci retracement levels is 0.7735 (weekly pivot).
  • The volatility is 275.19. As a rule, the market is highly volatile if the previous day had a huge volatility.
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Gold analysis for April 22, 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 below 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. Objective points for bullish movement are $1,232.00, $1,263.00 and $1,312.00. The short-term trend is neutral. I found trading range between the price of $1,209.00 - $1,188.00. We are waiting for a clear direction for a better entry.

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: Gold is in a trading range. If the price breaks up or down in a high volume, it will confirm direction. Buying positions are preferable.


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EUR/NZD analysis for April 22, 2015

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Overview:

Recently, EUR/NZD has been trading sideways around the price of 1.3960. 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). According to the daily time frame, we can observe supply in an average volume, but the price action is very weak.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.4045

R2: 1.4090

R3: 1.4150

Support levels:

S1: 1.3912

S2: 1.3870

S3: 1.3805

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


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Technical analysis of EUR/JPY for April 22, 2015

General overview for 22/04/2015 09:00 CET

The supply zone between the levels of 128.57 - 128.77 is being tested for the fourth time (orange circles) as the impulsive wave progression in wave a purple is done. Currently, the market might pull back a little to make the wave b purple and then try to rally to the upside in the last wave c purple of the wave (c) blue. Please notice that any breakout higher above the level of 1288.78 is bullish for the short term and the next projected target is at the level of 129.94.

Support/Resistance:

129.94 - WR1

128.57 - 128.77 - Supply Zone

128.20 - Intraday Support

128.01 - Weekly Pivot

127.27 - WS1

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 122.78 is clearly violated, with SL below the level of 122.57 and TP at the level of 129.94.

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Technical analysis of USD/CAD for April 22, 2015

General overview for 22/04/2015 08:50 CET

Although the top for the corrective wave (b) blue might have been made after the market had made an ending diagonal triangle formation, the confirmation will come with the support levels breakout to the downside. The intraday support is found at the levels of 1.2214 and 1.2180. On the other hand, the upward move is possible only after an impulsive breakout above the level of 1.2318, otherwise the price will keep trading inside the trading range between 1.2180 and 1.2318.

Support/Resistance:

1.2318 - Intraday Resistance

1.2297 - Weekly Pivot

1.2214 - Intraday Support

1.2180 - Intraday Support

1.2088 - Swing Low

Trading recommendations:

Daytraders should consider opening sell orders only if the level of 1.2280 is clearly violated, with SL above the level of 1.2214 and TP at the level of 1.2088.

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Technical analysis of EUR/JPY for April 22, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around 128.50 for now and is attempting to get higher. The pair reversed from the fibonacci 50% levels and short positions were initiated. It is still recommended to remain short with risk at 129.10/20. A push above 129.10 would favor bulls and could reach the levels at 129.40/50 which are also the fibonacci 0.618 resistance. Immediate resistance is seen at 129.30/50 followed by 131.50 and higher, while support is seen at 127.40 levels followed by 126.00 and lower respectively.

Trading recommendations:

Remain short for now, stop at 129.50, a target is open.

Good luck!


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Technical analysis of GBP/CHF for April 22, 2015

Technical outlook and chart setups:

The GBP/CHF pair is stalling and drifting sideways around 1.4350/60 as seen on the 4-hour chart view. The pair is expected to break higher through the level of 1.4630 and higher. Bulls should remain in control util prices stay above at least 1.4100. It is hence recommended to remain long with risk at 1.4100. Immediate support is seen at 1.4100 (interim) followed by 1.3850 and lower, while resistance is seen at 1,4400/50 followed by 1.4600/30 and higher respectively. Only a drop below 1.4100 could delay matters further.

Trading recommendations:

Remain long, stop at 1.4100, a target is 1.4630

Good luck!


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#USDX technical analysis for April 22, 2015

The Dollar index escaped from its short-term bearish channel but was not able to break above the short-term resistance levels.That signals that a new upward move towards new highs has started . Therefore, bulls need to be very cautious, especially if short-term support at 97 fails to hold.

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Green line = support

The Dollar index is trying to move away from its recent lows at 97. The price is around 98 now and we are above the short-term green trend-line support. We have serious cloud resistance ahead. If the Dollar index manages to break above 98.80, the short-term bullish trend will get a boost.

usdxd.jpg

Orange lines= bullish channel

The weekly chart above remains bullish. The price is above the tenkan-sen (red line) and still inside the upward sloping channel. We are most probably inside a sideways consolidation. The longer-term trend remains bullish as long as the price is above 96. A push above 99.30 on a weekly basis will be a very bullish signal.


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Gold technical analysis for April 22, 2015

Gold price continues to trade within the larger trading range since late March. The price continues to move back and forth around the Ichimoku cloud. This confirms that the current trend is neutral and it is preferred to stay neutral as there is no clear direction in this market.

goldh4.jpg

Red line = support

Green line= trend line support

Blue line = resistance

Gold price is trading sideways. As it can be seen in the 4-hour chart above, the price holds above the green trend line and continues to trade between $1,222 and $1,180. Bulls could take shot at the current levels with stops placed at $1,190. On the other hand, bears could try to stop that with a short-term stop at $1,210 where we saw three short-term highs.

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In a longer time-frame chart, we continue to observe that the Ichimoku indicators point lower. The trend remains bearish as the price is below the cloud, it is below the kijun-sen (yellow line) and the tenkan-sen is negatively sloped. The price remains trapper between the kijun- and the tenkan-sen and has also made a high at the 50% retracement. All indications from this weekly chart imply a break below $1,180 to be a new sell signal that will put $1,130 to the test. If bulls fail to support the price at $1,130, we should expect $1,000 to be tested soon.





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Technical analysis of Silver for April 22, 2015

Technical outlook and chart setups:

Silver is trading above the level of $16.09 again and it is expected to resume its rally soon. The metal had bounced off $15.80 on Monday and formed a bullish reversal. The follow through has been good until now and a push above the level of $16.20 is likely to be encouraging for bulls. It is recommended to remain long and look to add further on dips. Immediate support is seen at $15.80 followed by $15.30 and lower, while resistance is seen at $16.50 followed by $17.50, $18.40/50, and higher respectively.

Trading recommendations:

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

Good luck!


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Technical analysis of Gold for April 22, 2015

Technical outlook and chart setups:

Gold is seen to be trading around $1,200.00 now and it is expected to resume its rally towards higher highs soon. The metal trades within the cone formation at the moment and a push above $1,210.00 would be extremely encouraging for bulls. It is recommended to remain long with stop at $1,170.00 . Immediate support is seen at $1,180.00/83.00 followed by $1,162.00, $1,143.00, and higher, while resistance is seen at $1,240.00 followed by $1,280.00 and higher respectively. A drop below $1,183.00 could delay matters further.

Trading recommendations:

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

Good luck!


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Technical analysis and trading recommendation for EUR/USD for April 22, 2015

In April 2015, ZEW Indicator of Economic Sentiment for Germany fell for the first time since October 2014. The indicator declined by 1.5 points to 53.3 points compared to the previous month. The economic development of the eurozone is improving. ZEW Economic Sentiment Index for the eurozone increased by 2.4 points to 64.8 points.

Today, USD leads the trading direction. The US Existing home sales are due for release. For the past five consecutive months, the readings gave negative readings. ZEW president Professor Clemens expressed his optimistic view on the German economy. He said: "The German economy is in good shape. A stable labor market and increasing wages are strengthening confidence and boosting consumption. However, the current weakness of the world economy is dampening export prospects and reducing the scope for further improvements of the economic situation in Germany".

Technical view:

The pair edged lower again rejected of 20Dsma. The pair made a low at 1.0660 but managed to close above the previous swing low of 1.0700. The pair found support at 1.0660 34hrsma and changed its direction. Concerns over the Greek issue added a 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 ECB is considering tightening bank lending to Greece. European Central Bank President says confident Greece will not leave the eurozone. The Greek Finance Minister said that Greece is likely to reach an agreement with the EU and IMF. The euro group of finance ministers meeting in scheduled for April 24. 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, shifted to lower lows formation. But the price holds the ascending trend line in the four-hour chart. The hourly resistance is seen at 1.0756 and 1.0780. Intraday resistance is seen at 1.0770 20Dsma. In the four-hour chart, the double bottom was formed at 1.0660. We recommend fresh selling below 1.0660 for 1.0625, 1.0600, 1.0570, and 1.0550. In case US data printed on the negative bias, we recommend buying above 1.0785 with targets at 1.0810 and 1.0820. Aggressive buying is not available at the current levels. Fundamental and technical aspects favor bears. Each spike leads to new sell trades.

Support: 1.0710,1.0660, 1.0575

Resistance: 1.0750, 1.0770, 1.0850

EURUSDH4.png

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Technical analysis and trading recommendation for USD against CAD & YEN for April 22, 2015

Ahead of the next week's FOMC meeting on April 29, the greenback found mild support at 50Dsma. The USDX 50Dsma lies at 97.00 and 20Dsma is seen at 98.00. Probably, the double bottom was placed at 96.17 and 96.33. Concerns over the Greek issue added a new factor into the bullish view on USD. 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 euro group of finance ministers meeting is scheduled for April 24. At today's Asian session, the index faced strong resistance at 98.15 34hrsma and 98.70 on the four-hour chart. Today, traders eye on home sales. Readings were not in line with expectations for five consecutive months. The USDX is likely to remain under selling pressure, until the price closes below 98.70. On a positional basis, the USDX favors buying on dips with the sl 97.00.

USD/JPY

Japan recorded trade surplus for the first time in 4 years. The US dollar is trading at 119.60 at Wednesday's Asian session, compared to 119.78 at the start of the day. The pair rejected at 50Dsma 119.80. We recommend fresh buying above 119.80 with targets at 120.00, 120.20, and 120.30 at today's session. 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 support is seen at 119.60 20Dsma and 119.20 100Dsma. 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 119.80 and 118.00. A breakout is likely to provide more room for trading. Those who followed my buying recommendation can move their trailing sl at 119.20 from 118.00. If we stop out, we will buy on a minor dip again.

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USD/CAD

The pair extends gaining for the third consecutive day. After a steep fall in prices, 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 Friday's high of 1.2271, 1.2290 20Wsma, and the previous support base at 1.2350. Until the price closes below 1.2350, the bearish view remains in play. In case the price closes above 1.2290 and 1.2350, we will reanalyze the charts. Parallel resistance is seen at 1.2330. At yesterday's session, we recommend buying above 1.2275 with targets at 1.2290, 1.2320, and 1.2340. The pair made a high at 1.2306 rejected at 34hrsma. Strong resistance is seen at 1.2350. Until the price closes above 1.2350, use every rise to sell. Intraday support is found at 1.2250, 1.2215, and 1.2200. We recommend selling below 1.2260 and strong selling will emerge below 1.2200. Buy above 1.2310 with small targets at 1.2330, 1.2350, and even 1.2380.

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Elliott wave analysis of EUR/NZD for April 22 - 2015

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Technical summary:

We have seen a nice decline to our first downside target at 1.3867. However, as long as resistance at 1.4051 is able to protect the upside, we will be looking for a move closer to our second downside target at 1.3687 before a firm bottom is expected to be in place.

A direct break above 1.4051 is needed to indicate that the bottom is already in place for a rally back to important resistance at 1.4237.

Trading recommendation:

We are short EUR from 1.4145 and will move our stop+reverse lower to 1.4055 and we will place take profit+reverse at 1.3700

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Elliott wave analysis of EUR/JPY for April 22 - 2015

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Technical summary:

The correction from 128.80 has corrected 50% of red wave i. From a pure mathematical point of view, this is enough correction for red wave ii to set the stage for red wave iii moving higher towards 131.30. That said the decline to 127.42 could be just wave a of a flat correction. The current rally back to 128.80 wave b and then we still should see wave c below 127.42 before red wave iii is ready to take off.

Now, we have to wait and see whether resistance at 128.80 gets broken.

Trading recommendation:

We will buy EUR at 127.45 or upon a break above 128.80 (say at 128.85 and 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 22, 2015

The yellow metal closed above 20 & 50Dsma at yesterday's session. The metal price has been consolidating in a tight range between $1,212.00 and $1,188.00. Gold holdings of SPDR gold trust gave an uptick towards 3.29 tons on Tuesday showed an increase by 0.45% to 742.35 tons. In India, Akshaya Tritiya demand for physical gold rose at yesterday's session. People believe that gold purchased on Akshaya Tritiya brings luck and wealth. Ahead of the euro group finance ministers meeting on April 24, the metal is trading at $1,200.00. Concerns over Greek issue added the new factor into the bearish view. The euro is likely to remain depressed on the back of growing concerns about Greece as no agreements between Greece and its creditors had been reached. The ECB is considering tightening bank lending to Greece. Besides, FOMC meeting is scheduled for April 29. The 100Dsma and 100Dema acted as strong resistance lines. We expect the metal to drive back towards the support zone between $1,183.00 and $1,180.00 before further spikes. 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. Intraday resistance is seen at $1,202.00 and $1,204.00. Support is found at $1,197.00 and $1,191.00. Gold is still trading above the ascending trend line on the four-hour chart. For an intraday view, we recommend selling below $1,197.00 with targets at $1,192.50, $1,191.00, and $1,188.00. Panic will be triggered below $1,178.00. Bulls should buy above $1,204.00 with targets at $1,208.0, $1,210.00, and $1,212.00. Big moves are expected above $1,212.00. For the next 2 days, we expect the price to trade between $1,180.00 and $1,210.00.

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Technical analysis of EUR/USD for April 22, 2015

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When the European market opens, some economic data on Consumer Confidence and Italian Retail Sales m/m. The US will release economic data on Crude Oil Inventories, Existing Home Sales, and HPI m/m. So, EUR/USD will move low to medium volatility during this day.


TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0790.

Strong Resistance:1.0784.

Original Resistance: 1.0773.

Inner Sell Area: 1.0762.

Target Inner Area: 1.0737.

Inner Buy Area: 1.0712.

Original Support: 1.0701.

Strong Support: 1.0690.

Breakout SELL Level: 1.0684.




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 22, 2015

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In Asia, Japan will release Trade Balance data. The US is expected to release economic data on Crude Oil Inventories, Existing Home Sales, and HPI m/m. 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: 120.29.

Resistance. 2: 120.05.

Resistance. 1: 119.82.

Support. 1: 119.53.

Support. 2: 119.30.

Support. 3: 119.06.




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 and trading recommendation for EUR/GBP for April 22, 2015

The cross edge lower towards 0.7163 has probably made a double top between 0.7384 and 0.7380. The near and medium terms were capped by the double top at a 2-month high of 0.7384. All intervals favor bears. The current scenario has been providing mixed opinions.Concerns over the 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. These factors favor bears. Besides, the UK is slowly approaching its general election scheduled for May. Market participants expect the pound to get under a downward pressure. These factors add bearish views to GBP. We analyze the cross with the help of technical methods. As I said, all time frames favor bears.

We initially covered this cross at 0.7250 gaving buying recommendation above 0.7305 with targets at 0.7350 and 0.7400. The cross made double top at 0.7384 drifted from the capped level. For last 5 sessions, the cross has been consolidating in a very right range between 0.7230 and 0.7163 (just 67 pips). The cross closed below the previous swing level of 0.7222 and faced parallel resistance at 0.7230. That resistance level forced the cross to move lower at every spike. Amid these technical factors, we recommend selling with sl 0.7230. Safe traders can sell below 0.7150 with targets at 0.7118 and 0.7100. In case the cross gave an upside breakout from the tight range, buy above 0.7230 with small targets at 0.7265 and 0.7270. Until the price closes below 0.7275, use every rise to sell.

Supprot:0.7163, 0.7153, 0.7100

Resistance:0.7200, 0.7230, 0.7275

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Daily analysis of major pairs for April 22, 2015

EUR/USD: The bearish run started on Monday nearly rendered the recent bullish outlook useless, but the price was able to shrug off further bearish sentiment, going above the EMA 56. The recent bullish outlook is supported and further northward movement may lead to more support for the bullish outlook.

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USD/CHF: As we can see, the rally that happened on Monday paved the way for further bearish run on Tuesday. The price has dived again, almost testing the support level at 0.9500. That support level can be breached to the downside eventually.

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GBP/USD: The GBP/USD pair was bullish on Tuesday, making attempts to go north in the context of the uptrend. The bullish bias, which was established last week, showed some determination to continue. The distribution territories at 1.5000 and 1.5050 might be attained again.

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USD/JPY: The USD/JPY rose by 100 pips from the level of 119.00 , crossing the demand level at 119.50 to the upside. This led to a bullish signal in the market, and the signal can become even stronger after crossing the supply level at 120.00 to the upside.

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EUR/JPY: This cross is also making some bullish efforts. The RSI period 14 has crossed the level of 50 to the upside, but it remains the EMA 11 to cross the EMA 56 to the upside before Bullish Confirmation Pattern formation in the chart. Then, the price is likely to cross the supply zone at 129.00. Otherwise, there would be a risk of downward movement.

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