Intraday technical levels and trading recommendations for GBP/USD for April 23, 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, transient bearish pressure was applied around 1.4960-1.5000 (38.2% Fibonacci level as well as previous weekly demand level).

A sideways movement with slight bearish tendency had been expressed on the daily chart until yesterday when bullish breakout took place above 1.4970-1.5000 (via a Full-body bullish daily candlestick)took place.

GBP/USD bulls should keep trading above their recently-established denabd level at 1.4970-1.5000 in order to achieve the targets of the previous bullish breakout scenario.

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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 the level of 1.4800 invalidated the bearish pressure attempting to rally towards the zone around 1.4970-1.5000 (Wedge-pattern's upper limit), which was breached as well.

Projection target for this Wedge-pattern should be located at 1.5100, 1.5190, and 1.5270, proving that bulls keep trading above their recently-established demand level at 1.4970-1.5000.

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Intraday technical levels and trading recommendations for EUR/USD for April 23, 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 is still negativity 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 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) enhances the reversal pattern extending the projection target for the EUR/USD pair towards the level of 1.0330.

By the end of the last week, a bullish pullback towards 1.0750-1.0770 (neckline of the double-top pattern) took place.

Hence, a valid sell position can be offered around this zone, as long as the EUR/USD pair keeps trading below the level of 1.0800 (Our Stop/Loss).

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USD/CAD intraday technical levels and trading recommendations for April 23, 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 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 between 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.

The price zone of 1.2320-1.2350 remains a significant Intraday resistance zone. This is exactly where price actions should be watched for a low-risk sell entry at retesting.

Trading recommendations:

Conservative traders should be waiting for a bullish pullback towards 1.2320-1.2350 for a low-risk sell entry.

T/P levels should be placed at 1.2220, 1.2150 and 1.2050, respectively. On the other hand, daily closure above 1.2370 invalidates this scenario.

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GBP/USD intraday technical levels and trading recommendations for April 23, 2015

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Overview:

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

The estimated target for this bullish channel was approached at 1.5550 where the previous daily bottoms were located (solid resistance level).

Then, a bearish breakdown of the lower limit of the channel occurred enhancing the bearish side of the market 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 the zone between 1.4950-1.5000 indicated a further bearish decline. The initial projection target for this bearish breakout was located at 1.4700 then the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was established.

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 1.5000-1.5050 should be used to sell the pair off (the price zone between R1 and 50% Fibonacci level). T/P levels remain projected at 1.4850, 1.4800, and 1.4720.

On the other hand, a daily candlestick closure above 1.5060 (Intraday Resistance = R2) invalidates this scenario.

Also note that a daily closure above 1.5060 (50% Fibonacci level) is likely to the newly-established uptrend on the H4 channel. Thus, exposing the next resistance level at 1.5170 (R2) for retesting.

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Technical analysis of EUR/USD for April 23, 2015

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Overview:

  • The first key level will be set at 1.0603 and the second key level is seen at 1.0725 on April 23, 2015. Also, it should be noticed that the levels are coinciding with support one and the weekly pivot point respectively. Equally important, the price of EUR/USD pair has still been moving between the levels of 1.0687 and 1.0827. Additionally, it should be noted that the range will be about 140 pips from today until tomorrow. Furthermore, the trend has been very clear indicating upward direction since last week. Sellers are asking for a high price. Accordingly, we expect that the trend is going to call for bullish market from the levels of 1.0687/1.0700 in the H4 chart. As a result, buy at the this area with the first target at 1.0760 and it might resume to 1.0827 in order to test the ratio of 61.8% Fibonacci retracement levels at the same time frame. On the other hand, your stop loss should be placed below the support line and it will be helpful to set it at the level of 1.0642.

Intraday technical levels:

Date: 23/04/2015

Pair: EUR/USD

  • R3: 1.0871
  • R2: 1.0836
  • R1: 1.0779
  • PP: 1.0744
  • S1: 1.0687
  • S2: 1.0652
  • S3: 1.0595
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Technical analysis of USD/JPY for April 23, 2015

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Fundamental outlook:
USD/JPY is expected to trade in a higher range. It is underpinned by the improved dollar sentiment (ICE spot dollar index last 98.04 versus 97.95 early Wednesday) after stronger-than-expected 6.1% increase in the US existing home sales to 5.19 million in March, the highest level in 18 months (versus forecast +3.1%). USD/JPY is also supported by the higher US Treasury yields (10-year at 1.982% versus 1.914% late Tuesday), demand from Japan importers and ultra-loose Bank of Japan's monetary policy and yen-funded carry trades amid positive investor risk appetite (VIX fear gauge eased 4.08% to 12.71) as U.S. stocks rose overnight (S&P 500 closed up 0.51% at 2,107.96). But USD/JPY gains are tempered by the Japan exporter sales.

Technical comment:
The daily chart is tilting bullish as stochastic is rising from oversold levels, the MACD histogram bars are turning positive.

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 120.45 and the second target at 120.85. In the alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 119.35. A break of this target is likely to push the pair further downwards, and one may expect the second target at 119.10. The pivot point is at 119.60.

Resistance levels:
120.45
120.85
121.35

Support levels:
119.30
119.10
118.85

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Technical analysis of USD/CHF for April 23, 2015

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Fundamental overview:

USD/CHF is expected to trade in a higher range. Swissie sentiment is hurt after the Swiss National Bank announced that it had expanded the number of groups subject to negative rates on money deposited with the SNB adding the federal and central bank pension funds, which would be charged by 0.75% fee on deposits exceeding 10 million Swiss francs. USD/CHF is also supported by the swissie sales on cross trades versus major currencies and threat of the Swiss National Bank CHF-selling intervention and improved dollar sentiment. But swissie sentiment is soothed by a rise in Switzerland ZEW - Credit Suisse indicator of economic sentiment to - 23.2 in April from - 37.9 in March.

Technical comment:
The daily chart is mixed as the MACD is bearish, but stochastic is rising from 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 0.9720 and the second target at 0.9770. In the alternative scenario, in case the price moves below its pivot points, short positions are recommended with the first target at 0.9550. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.95. The pivot point is at 0.9590.

Resistance levels:
0.9720
0.9770
0.9825

Support levels:
0.9550
0.950
0.9445

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Technical analysis of GBP/USD for April 23, 2015

The weekly pivot point: 1.4860

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Overview:

  • The market of GBP/USD pair showed bullish signs from the weekly pivot point (1.4860). The trend movement was controversial as it took place in the narrow sideways channel around the weekly pivot point for a while. Due to the previous events, the price is still between the levels of 1.4860 and 1.5160, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait until the uptrend channel gets passed through. Then, the market will probably show the signs of a bullish trend at the same price. In other words, buy deals are recommended above 1.4860 with the first target at 1.5085. From this point, the pair is likely to begin an ascending movement to the point of 1.5115 and further to the level of 1.5164 in order to test double top on the chart. The level of 1.5164 is likely to act as a strong resistance for this week. However, if the pair fails to pass through the level of 1.5164, the market will indicate a bearish opportunity below the strong resistance level of 1.5164. Sell deals are recommended lower than the 1.5164 level with the first target at 1.4943. There is a possibility that the pair will turn downwards continuing the development of the bearish trend to the level 1.4860 to test the weekly pivot point again (history will repeat itself again at the same point).
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Technical analysis of NZD/USD for April 23, 2015

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Fundamental overview:
NZD/USD is expected to trade in a lower range. It is undermined by the kiwi sales on buoyant AUD/NZD cross, improved dollar sentiment, and soft dairy prices. But NZD/USD losses are tempered by the kiwi demand on buoyant NZD/JPY cross amid positive risk sentiment and NZD-USD interest differential. The kiwi is vulnerable to 01:45 GMT HSBC China flash manufacturing PMI in April.

Technical comment:
The daily chart is mixed as the MACD is bullish, but stochastics is bearish at overbought levels.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7530. A break of that target will move the pair further downwards to 0.7490. The pivot point stands at 0.7640. 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 0.7685 and the second target at 0.7740.

Resistance levels:
0.7685
0.7740
0.7790

Support levels:
0.7530
0.7490
0.7450

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Technical analysis of NZD/USD for April 23, 2015

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Fundamental overview:
NZD/USD is expected to trade in a lower range. It is undermined by the kiwi sales on buoyant AUD/NZD cross, improved dollar sentiment, and soft dairy prices. But NZD/USD losses are tempered by the kiwi demand on buoyant NZD/JPY cross amid positive risk sentiment and NZD-USD interest differential. The kiwi is vulnerable to 01:45 GMT HSBC China flash manufacturing PMI in April.

Technical comment:
The daily chart is mixed as the MACD is bullish but stochastics is bearish at overbought levels.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7530. A break of that target will move the pair further downwards to 0.7490. The pivot point stands at 0.7640. 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 0.7685 and the second target at 0.7740.

Resistance levels:
0.7685
0.7740
0.7790

Support levels:
0.7530
0.7490
0.7450

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Technical analysis of GBP/JPY for April 23, 2015

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Fundamental overview:

GBP/JPY is expected to consolidate with bullish bias. Sterling sentiment is boosted after the less-dovish minutes of the UK Bank of England MPC meeting were released. It is also supported by positive risk sentiment, buoyant USD/JPY undertone, and demand from Japan importers. But the EUR/JPY pair's gains tempered by Japan export sales.

Technical comment:
The daily chart is positive-biased as the MACD and stochastic are bullish.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 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 178.45. A break of this target is likely to push the pair further downwards, and one may expect the second target at 178.05. The pivot point is at 178.90.

Resistance levels:
180.70
181.20
181.65
Support levels:
178.45
178.05
177.55

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Gold : analysis for April 23, 2015

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Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,184.14 in a high volume. According to the daily time frame, we can observe a supply in a volume above the average. I had placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 61.8% at $1,208.00 (held few times). I had 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. I found trading range between the price of $1,209.00 and $1,188.00. We are waiting for a clear direction for a better entry.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,200.00

R2: 1,204.06

R3: 1,211.20

Support levels:

S1: 1,185.25

S2: 1,180.90

S3: 1,173.60

Trading recommendations: Gold is in a trading range. If the price breaks up or down in a high volume, the direction will be confirmed. Selling positions below $1,184.00 are preferable.


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EUR/NZD : analysis for April 23, 2015

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Overview:

Recently, EUR/NZD has been trading upwards. The price tested the level of 1.4170 in a high volume. The short-term trend changed from bearish to bullish. Be careful when selling at this stage and watch for potential buying opportunities after correction. According to the H4 time frame, we can observe demand in a high volume. I had placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 61.8% at the level of 1.4290. According to the daily time frame, we got a upply in an average volume but the price action was very weak. This reaction caused the price to start start moving upwards. Major support is around the level of 1.3950 (cluster).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.4010

R2: 1.4038

R3: 1.4081

Support levels:

S1: 1.3925

S2: 1.3900

S3: 1.3857

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


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Daily analysis of major pairs for April 23, 2015

EUR/USD: This pair has not made any significant movement this week and therefore this is a true sideways movement (neither the bulls nor the bears win). It is expected that the price will go out of balance soon and a serious directional movement will be witnessed after that, in favor of bulls mostly.

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USD/CHF: The major driver of the current strength in USD/CHF is weakness in CHF itself. In fact, most CHF pairs are either weak or strong, depending on whether CHF is a base currency or a counter-currency in the pair cross. Now, the current bullish run has resulted in a Bullish Confirmation Pattern in the market, especially as the resistance level at 0.9750 is likely to be breached to the upside. Otherwise, the bears' hegemony may return.

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GBP/USD: The cable moved upwards by 100 pips yesterday testing the distribution territory at 1.5050. It is expected that the distribution territory would be broken to the upside soon as the price moves further upwards. Some fundamental figures are due for release today and they would have an impact on this market.

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USD/JPY: USD/JPY rose by 100 pips from the demand level of 119.00 crossing the demand level of 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. Meanwhile, any bearish retracement should be short-term in nature, and they could be seen as opportunities to go long.

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EUR/JPY: This cross has also been moving sideways – just as EUR/USD has been doing. As normal, a breakout to the upside or to the downside is expected today or tomorrow.

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Technical analysis of Gold for April 23, 2015

Technical outlook and chart setups:

Gold gold dropped back to its support zone around $1,180.00/83.00 yesterday. The metal is seen to be trading at $1,186.00 for now and is looking for an opportunity to rally towards $1,205.00/08.00, which are the resistance zone for now. It is recommended to remain long with risk at $1,170.00. In case of failure to break above $1,208.00, the pair should be sold from here as the metal might be consolidating in a sideways range. Immediate support is found at $1,178.00/80 followed by $1,162.00 and lower, while resistance is seen at $1,205.00/08.00 and higher respectively.

Trading recommendations:

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

Good luck!


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Technical analysis of Silver for April 23, 2015

Technical outlook and chart setups:

Silver is trading lower around the level of $15.80 after printing a shallow low at $15.70 yesterday. The pair is trading at a past resistance turned support region around $15.60/80 but a bullish reversal candlestick patter should appear here to confirm that the bottom is in place. It is still recommended to remain long with risk at $15.30. Immediate support is seen at $15.30 while resistance is seen at $16.20 and higher respectively. Bulls are expected to regain control until prices remain above $15.30.

Trading recommendations:

Remain long for now, stop at $15.10, a target is open.

Good luck!


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Technical analysis of GBP/CHF for April 23, 2015

Technical outlook and chart setups:

The GBP/CHF pair hit the level of 1.4600 yesterday as it had been expected. The pair could retrace lower towards 1.4400 again before resuming a rally higher. It is recommended to book profits on long positions taken earlier and wait for a retracement. Immediate support is seen at the levels of 1.4400/50, which were the past resistance followed by 1.4200, 1.4100, and lower, while resistance is seen at 1.4630 followed by 1.4800, 1.4950, and higher respectively. Bulls are expected to regain control around 1.4400/50.

Trading recommendations:

Book profits on long positions taken earlier and remain flat.

Good luck!


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Technical analysis and trading recommendation for USDX, USD related pairs against CAD,JPY, and CHF for April 23, 2015

Existing home sales jumped in March to their highest annual rate in 18 months, while unsold inventory showed needed improvement, according to the National Association of Realtors. Led by the Midwest, all major regions experienced strong sales gains in March and are above their year-over-year growth rate.

Today, traders eye on unemployment claims. For the last 2 weeks, data was disappointed. In case today's readings printed above 289k, the greenback will extend its rally. Data on new homes and flash manufacturing are expected to be on positive bias.

Ahead of today's heavy data, the USDX trading higher at 98.15, yesterday's closing price was 98.03. The 50Dsma is found at 97.13. The double bottom was place between 96.33 and 96.14. Intraday resistance is found at 98.35. In case the price breached above 96.35, it can move towards 98.45, 98.70, and 98.75.

USD/JPY

Flash Japan Manufacturing PMI hit 49.7 (50.3 in March). Operating conditions deteriorate in April, albeit at a marginal rate. Flash Japan Manufacturing Output Index is at 49.7 (52.0 in March). Production declines slightly for the first time since July 2014.

The US dollar is trading at 120.00 at Thursday's Asian session, compared to 119.90 at the end of the day. The pair extends consecutive 3-day gains and closed above 50dsma. 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 119.80 50Dsma and 119.60 20Dsma. We still recommend buying on dips. Those who followed my buying recommendation can move their trailing sl at 119.30 from 119.20. If we stop out, we will buy on a minor dip again. For an intraday view, we recommend buying above 120.20 with targets at 120.40 and 120.70. In four hour chart 200Dsma 120.10 has been acting as strong resistance. Hourly support is found at 119.90 and strong support is seen at 119.30.

Trade: Buy above 120.20

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USD/CAD
The pair paused its three days winning streak at yesterday's session lose 0.30%. 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 1.2220. Parallel resistance is found at 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. Intraday support is found at 1.2240, 1.2220, and 1.2200. We recommend selling below 1.2200. Buy above 1.2270 with small targets at 1.2290, 1.2300 and 1.2330.

Trade: Sell below 1.2200

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USD/CHF

In April 2015, expectations for the Swiss economy brighten further, marking a continuation of the recovery of the economic outlook after the CHF shock at the start of 2015. ZEW CS indicator rose by 14.7 pointed to a reading of -23.2 points. On Wednesday, the SNB said that it had eliminated the number of institutions exempt from negative rates on public cash deposits held. The franc was traded lower against USD & EUR. For 4 weeks, the pair has been consolidating at the 200Dsma and 200Dema 0.9475. The pair gave a strong close. Strong resistance is found at 0.9720 61.8 fib level and 0.9740 200Hrsma in the four-hour chart. The pair can stretch maximum to 0.9760. We need to wait for a minor correction to buy. Until the pair closes above 0.9580, the weekly trend favors bulls and 0.9475 monthly trend favors bulls. In case the price closes below 0.9475, we can expect 300 pips to fall in the near term.

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Technical analysis of EUR/JPY for April 23, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around the level at 128.00 at the moment after it pulled back to 129.00 yesterday. The pair has been trading between 129.00 and 128.00 for last 2 trading sessions now and might be preparing to move higher towards 129.50, which is also the fibonacci resistance level of 0.618. It is recommended to exit short positions taken earlier and initiate 50% long positions at the current levels with risk at 127.00 for now. Immediate support is seen at 128.00 (interim) followed by 127.00, 126.00, and lower, while resistance is seen at 129.00/50 followed by 131.00/50 and higher respectively.


Trading recommendations:

Exit short positions taken earlier. Initiate 50% long positions, stop at 127.00, a target is open.

Good luck!


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Technical analysis of EUR/JPY for April 23, 2015

General overview for 23/04/2015 08:05 CET

The supply zone had been finally violated, but the market was not able to break out higher and pulled back for now. Currently, the price is consolidating just above the weekly pivot at the level of 128.01. A downward breakout lower would mean more decline in wave b purple down to the level of 127.27. On the other hand, any breakout higher above the level of 128.95 will continue the wave c purple to the upside, which is targeting the level of 128.94 before any meaningful reversal.

Support/Resistance:

129.94 - WR1

128.95 - Intraday Resistance

128.57 - 128.77 - Supply Zone

128.11 - Intraday Support

128.01 - Weekly Pivot

127.27 - WS1

Trading recommendations:

Daytraders should consider to open:

- buy orders from current price levels with SL below the level of 128.11 and TP at the level of 128.95 with a possible upside extension.

- sell orders only if the level of 128.00 is clearly violated, with SL above the level of 128.27 and TP at the level of 127.27

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Technical analysis of USD/CAD for April 23, 2015

General overview for 23/04/2015 07:50 CET

The very limited market moves in the recent days are still in favor of the more complex and time consuming wave (b) blue as the market is still trading inside the trading range between the levels of 1.2212 - 1.2318. However, the lower levels might be tested soon as the market broken below the golden trend line and now it does not have strength to get back above it. It might means, that after the level of 1.2180 gets violated, the price might fall lower to the swing a low at the level of 1.2088.On the other hand, only a sustained break out above the level of 1.2318 might be regarded as bullish with targets at the upper levels.

Support/Resistance:

1.2318 - Intraday Resistance

1.2297 - Weekly Pivot

1.2214 - Intraday Support

1.2180 - Intraday Support

1.2088 - Swing Low

Trading recommendations:

Due to the limited market moves, the recommendations stays the same: daytraders should consider opening sell orders only if the level of 1.2180 is clearly violated, with SL above the level of 1.2214 and TP at the level of 1.2088.

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#USDX technical analysis for April 23, 2015

The Dollar index made a pullback yesterday but held above short-term support and the recent low at 97. Dollar bulls are trying to push the index higher once again however there is strong resistance at the current trading level. If the index manages to push above 99.80, we will get confirmation of a new upward move towards 102-103.

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The Dollar index is testing the Ichimoku cloud in the 4-hour chart shown above. The tenkan-sen support is at 97.86 and the next one is seen at 97.70. Unless the Dollar index breaks above the cloud support at 97 and previous low will be tested. Bulls need more signs of strength. In general, it seems more possible that we are in a sideways corrective pattern after a huge rally before resuming higher. So, more consolidation is very possible.

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The weekly chart remains fully bullish. The price remains inside the orange upward sloping channel and weekly candles are above the red line tenkan-sen indicator support. We are experiencing a sideways consolidation pattern that could last at least one more week before we see a new trend starting. Critical support is at 96 for the longer-term bullish trend while we find the resistance at 100 that bulls need to break in order to make a move towards 102-103.

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Gold technical analysis for April 23, 2015

Gold price has broken the short-term trend-line support and has given a weak sell signal. The price remains above the support level at $1,180 but below the short-term resistance at $1,210. A long-term view remains bearish targeting $1,000-$900.

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Blue line = resistance @ $1,210

Red line = support @ $1,180

Green line= trend line support

Now, gold price is below the Ichimoku cloud in the 4-hour chart. The short-term trend tends to change to bearish especially if the price breaks below $1,180. Resistance is found at $1,210. The price has broken the green trend-line support and we could see a back test towards $1,195 today.

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The weekly chart remains bearish with the tenkan-sen in a negative slope,. The Chikou span with a negative slope and the price is still below the Ichimoku cloud. The rejection at the kijun-sen (yellow line) was an important bearish signal. A weekly closure below the tenkan-sen (red line) could accelerate selling pressures. Huge weekly support is expected at $1,130 if we go to $1,000 or even $900.

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Technical analysis and trading recommendation for GBP/USD for April 23, 2015

The Monetary Policy Committee's meeting took place on 8 and 9 April 2015. A fall in energy prices was the largest single contribution to declines in headline inflation in the United Kingdom and in many other countries since summer 2014. The Committee set monetary policy to meet the 2% inflation target in the medium term and in a way that helped to sustain growth and employment. The Committee's guidance on the likely pace and extent of interest rate rises was an expectation, not a promise. Before the general election on May 07, 2015 the BoE officials voted unanimously to keep interest rate at 0.5%. Until the new government is formed, we cannot expect news from the monetary policy committee.

Today, traders eye on the UK retail sales. The readings in March gave an optimistic look on the retail space.

Technical view:

The British pound surged against USD towards 50Dsma. At yesterday's session, the cable breached the 50dsma in intraday but was unable to close above that. The pound is trading at 1.5024 at Thursday's Asian session, compared to Wednesday's closing price of 1.5037. In the four-hour chart, the cable has been making bullish inverse head and shoulder pattern. The price has been trading at the verge of the breakout. At yesterday's session, the cable exactly rejected the upper end of the neckline. In case the price takes out the neckline, we can expect further bullish bias towards 1.5160. Intraday support is found at 1.5010. We recommend selling below 1.5000 with targets at 1.4975 and 1.4940. The 34hrsma is found at 1.4935 and 1.4850 is the major support for the coming days. On the higher side, we recommend buying above 1.5080 with targets at 1.5100, 1.5150, and 1.5160 initially and 1.5190 and 1.5210 later.

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Technical analysis and trading recommendation for EUR/USD for April 23, 2015

In April 2015, the DG ECFIN flash estimate of the consumer confidence indicator decreased in both the EU (by 0.4 points to -2.2) and the euro area (by 0.9 points to -4.6) compared to March.

Today, the euro macro calendar offered a data-heavy day. The French and German's flash manufacturing PMI, services PMI are due for release. Data on the Spanish unemployment rate, flash manufacturing PMI, and flash services PMI are likely to be published too. The French flash manufacturing PMI data printed negative readings for February and March. But we can observe an improvement in the monthly basis. The Spanish unemployment rate showed a kind of improvement for 3 consecutive quarters. Last quarter was muted at 23.7%. The Germany flash manufacturing PMI readings were positive in March. The Germany and France economies are the largest in the eurozone. The Germany flash services are muted at 55.3 in March. This time, we are expecting an uptick above 55.5. The euro flash manufacturing PMI has been disappointed or muted for six months but services PMI showed an improvement in February and March. In April, we expect it to move above 54.5. Data on the US employment claims can disappoint again, the flash manufacturing PMI and new home sales data can show strengthing of the economy.

Technical view:

The pair extended losses for the third consecutive day. The euro is trading at 1.0706 at Thursday's Asian session, compared to 1.0725 Wednesday's closing price. Ahead of today's data, the euro is trading lower against USD. The price managed to hold the ascending trend line in the hourly chart. In the one-hour chart, lower lows and lower highs formation has been forming. The crucial bull-support zone is found between 1.0700 and 1.0690. In the four-hour chart, 200Dsma is found at 1.0690. 50Dsma is seen at 1.0690 in the h1 chart. Below the given support zone, the pair can extend its fall towards 1.0685, the fib level of 50.0, and the recent low of 1.0660. The real panic will be triggered below 1.0660 with an immediate target at 1.0625 and at 1.0600, 1.0585, and 1.0570 later. Intraday resistance is found at 1.0740 21hrsma and 1.0760 20Dsma. Buying will emerge above 1.0770 with small targets at 1.0800, 1.0820, and 1.0845. Aggressive buying is not available at the current levels. Fundamental and technical aspects favor bears. Each spike leads to new sell trades.

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Elliott wave analysis of EUR/NZD for April 23 - 2015

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Technical summary:

The very complex wave B of the expanded flat correction, which has been unfolding from a high of 1.7274, finally seems to come to the end. A break above 1.4237 is needed to confirm that the bottom is in place. If we zoom in on the shorter time frame, we can see the rally from 1.3867 is strong and looks impulsive calling for more upside in the near term. The first hurdle to clear is resistance at 1.4237. Above here, will call for a continuation towards the top of wave v at 1.4547.

Trading recommendation:

Our stop and reverse at 1.4055 was hit for a nice profit. We are long EUR from 1.4055 now and we will place our stop at 139.65. If you are not long EUR already, then buy EUR near 1.4055 with the same stop at 1.3965.

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Elliott wave analysis of EUR/JPY for April 23 - 2015

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Technical summary:

With a break above 128.80, the odds favor that red wave ii did end at the 50% corrective target at 127.42 and that new impulsive rally in red wave iii is developing higher towards 131.90. If we look at the long-term picture, the very complex correction that has been developing from a high of 145.69 in late December 2013 is most likely to end at 126.02, just 4 pips above the ideal target at 125.98, which marked the 38.2% correction of a rally from 94.10 to 145.69 and a new impulsive rally is expected to unfold soon. A rally that will take us away from a high of 149.55.

Trading recommendation:

We are long EUR from 128.85 and we will place stop at 127.35. If you are not long EUR already, then buy EUR near 128.00 or upon a break above 128.97 with the same stop at 127.35.

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Technical analysis of EUR/USD for April 23, 2015

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When the European market opens, economic data on Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, Spanish Unemployment Rate, French Flash Services PMI, and French Flash Manufacturing PMI are due for release today.The US will publish economic data on the Natural Gas Storage, New Home Sales, Flash Manufacturing PMI, and Unemployment Claims. So amid the reports, EUR/USD will move low to medium volatility during this day.


TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0777.

Strong Resistance:1.0771.

Original Resistance: 1.0760.

Inner Sell Area: 1.0749.

Target Inner Area: 1.0724.

Inner Buy Area: 1.0699.

Original Support: 1.0688.

Strong Support: 1.0677.

Breakout SELL Level: 1.0671.



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 23, 2015

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In Asia, Japan will release data on the Flash Manufacturing PMI. The US will publish some economic data about Natural Gas Storage, New Home Sales, Flash Manufacturing PMI, and Unemployment Claims. So, there is a strong probability that 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: 120.62.

Resistance. 2: 120.38.

Resistance. 1: 120.15.

Support. 1: 119.86.

Support. 2: 119.63.

Support. 3: 119.39.




Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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

Technical analysis and trading recommendation of GBP/USD for April 23, 2015


The Monetary Policy Committee meeting held on 8 and 9 April 2015. A fall in energy prices had been the largest single contributor to declines in headline inflation in the United Kingdom and in many other countries since summer 2014. The Committee set monetary policy to meet the 2% inflation target in the medium term and in a way that helped to sustain growth and employment. The Committee's guidance on the likely pace and extent of interest rate rises was an expectation, not a promise. Before the general election on May 07, 2015 the BoE officials voted unanimously to keep interest rate at 0.5%. Until the new government has been formed we cannot expect news from the monetary policy committee.

Today, traders eye on the UK retail sales. The March readings gave an optimistic look on the retail sale.

Technical view:

The pound surged against USD towards 50Dsma. At yesterday's session, the cable breached the 50dsma in intraday, but was unable to close above that. The pound is trading at 1.5024 at Thursday's Asia's session; compare to 1.5037 Wednesday's closing. In the four-hour chart, the cable has been making bullish inverse head and shoulder pattern. The price has been trading at the verge of the breakout. At yesterday's session, the cable exactly rejected the upper end of the neckline. In case, if the price taken out the neckline we can expect further bullish bias towards 1.5160 March 18 high initially. Intraday support finds at 1.5010. We recommend selling below 1.5000 with targets at 1.4975 and 1.4940. The 34hrsma finds at 1.4935 below this 1.4850 is the major support for coming days. On the higher side, we recommend buying above 1.5080 with targets at 1.5100, 1.5150, and 1.5160 initially, and at 1.5190 and 1.5210 later.

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Intraday technical levels and trading recommendations for EUR/USD for April 22, 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 still indicates negativity 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 1.0800.

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USD/CAD intraday technical levels and trading recommendations for April 22, 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 looked quite overbought.

The market failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a double-top pattern that 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 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.

The price zone of 1.2320-1.2350 remains a significant Intraday resistance zone. The price action should be watched for a low-risk SELL entry at retesting.

Trading recommendations:

Conservative traders should be waiting for a bullish pullback towards 1.2320-1.2350 for a low-risk sell entry.

T/P levels should be placed at 1.2220, 1.2150 and 1.2050, respectively. On the other hand, daily closure above 1.2370 invalidates this scenario.

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GBP/USD intraday technical levels and trading recommendations for April 22, 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.

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 1.5000-1.5050 should be used to sell the pair off (the price zone between R1 and 50% Fibonacci level).

T/P levels remain projected at 1.4850, 1.4800, and 1.4720.

On the other hand, a daily candlestick closure above 1.5060 invalidates this scenario.

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