Technical analysis of USD/JPY for April 28, 2015

USDJPYM30.png

Fundamental outlook:
USD/JPY is expected to trade with risks skewed lower. It is undermined by the softer dollar sentiment (ICE spot dollar index last 96.85 versus 96.94 early Monday) on weaker-than-expected Markit US April flash services PMI of 57.8 (versus forecast 59.5), while expectations prevailed that the Federal Reserve would remain patient about raising interest rates in its Wednesday's policy statement following a number of disappointing releases on US new jobs, retail sales, and manufacturing activities. USD/JPY is also weighed by the Japan export sales and flows to haven the yen amid decreased investor risk tolerance (VIX fear gauge rose 6.75% to 13.12, S&P 500 closed 0.41% lower at 2,108.92 overnight). But USD/JPY losses are tempered by the demand from Japan importers, ultra-loose Bank of Japan's monetary policy, and higher US Treasury yields (2-year at 0.524% versus 0.512% late Friday), Fitch on Monday downgrading Japan's long-term foreign and local credit issuer rating by one notch to A from A-plus.

Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish, five-day moving average is below 15-day moving average and is declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 118.50. A break of that target will move the pair further downwards to 118.30. The pivot point stands at 119.45. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 119.75 and the second target at 120.10.

Resistance levels:
119.75
120.10
120.45

Support levels:
118.50
118.30
117.75

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

Intraday technical levels and trading recommendations for GBP/USD for April 28, 2015

gbpweekly.pnggbpppdaiily.png

Transient bearish pressure was applied around 1.4960-1.5000 (38.2% Fibonacci level as well as previous weekly demand level).

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

The recently-established demand zone at 1.5000-1.5080 (38.2% and 50% Fibonacci levels) will probably provide significant bullish pressure for further retesting offering a valid long-term buy entry.

Persistence above price zone of 1.5000-1.5080 exposes the next weekly supply zone at 1.5500-1.5550 as depicted on the chart.

gbph44.png

The GBP/USD pair has been trapped between the levels of 1.4700 and 1.4500. A false bearish breakout took place below 1.4700, then GBP/USD bulls came back to trade above 1.4700.

Four-hour candlestick fixation above 1.4970-1.5000 (reversal pattern's upper limit) has confirmed the ongoing bullish scenario with projection target located in the daily supply zone around 1.5500.

Note that the price zone between 1.5300-1.5350 corresponds to a previous consolidation range (February 2015). The valid Intraday sell entry can be retested.

On the other hand, the recent demand zone between 1.5000-1.5080 (38.2% and 50% Fibonacci levels) will probably offer a valid long-term buy entry as soon as retesting takes place.

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

Technical analysis of USD/CHF for April 28, 2015

USDCHFM30.png

Fundamental overview:

USD/CHF is expected to trade lower. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 96.85 versus 96.94 early Monday) on weaker-than-expected Markit US flash services PMI of 57.8 (versus forecast 59.5) in April, while expectations prevailed that the Federal Reserve would remain patient about the interest rate hikes in its statement following a number of disappointing releases on the US new jobs, retail sales, and manufacturing activities. But USD/CHF is limited by the franc sales (on buoyant EUR/CHF cross and negative Swiss interest rates) and the threat of the Swiss National Bank CHF-selling intervention.

Technical comment:
The daily chart still is negative-biased as the MACD and stochastics are in bearish 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 0.9480. A break of that target will move the pair further downwards to 0.9440. The pivot point stands at 0.9620. 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 0.9670 and the second target at 0.9720.

Resistance levels:
0.9670
0.9720
0.9760

Support levels:
0.9480
0.9440
0.94

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

Technical analysis of NZD/USD for April 28, 2015

NZDUSDM30.png

Fundamental overview:

NZD/USD is expected to trade in a higher range. Financial markets in New Zealand are shut for a public holiday on Monday. NZD/USD is supported by the weaker dollar sentiment and positive investor risk appetite. But NZD/USD gains are tempered by the comments from RBNZ Assistant Governor John McDermott who said the cash rate would be on hold for some time with an increasing risk of a rate cut and kiwi sales on buoyant AUD/NZD cross and soft dairy prices.

Technical comment:
The daily chart is mixed as the MACD is bullish but stochastic is neutral.

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 0.7735 and the second target at 0.7770. In the alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7590. 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 0.7615.

Resistance levels:
0.7735
0.7770
0.78

Support levels:
0.7590
0.7540
0.75

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

Technical analysis of GBP/JPY for April 28, 2015

GBPJPYM30.png

Fundamental overview:
GBP/JPY is expected to trade in a higher range. GBP/JPY is underpinned by the polls showing Conservatives leading Labour ahead of the UK general election scheduked for the next month and sterling demand on soft EUR/GBP cross. But sterling sentiment is dented by the weaker-than-expected rise in the UK CBI industrial order book balance to +1 in April from zero in March (versus forecast +4). It is also supported by the improved euro sentiment and demand from Japan importers.

Technical comment:
The daily chart is still positive-biased as the MACD and stochastics are bullish, five-day moving average is above 15-day moving average and is advancing, although the inside-day-range pattern was completed on Monday.

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 182.70 and the second target at 183.25. In the alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 181.15. A break of this target is likely to push the pair further downwards, and one may expect the second target at 180.50. The pivot point is at 181.60.

Resistance levels:
182.70
183.25
184
Support levels:
181.15
180.50
180

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

Intraday technical levels and trading recommendations for EUR/USD for April 28, 2015

1430230871_eurmonth.png

The market was 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 at 1.0550 (established on January 1997).

The previous monthly closure reflected negativity on the EUR/USD pair in the long term. However, some bullish rejection is shown in the ongoing monthly candlestick.

Bearish breakdown of the monthly demand level at 1.0550 should be anticipated as long-term breakout target is roughly projected towards the level of 0.9450.

1430231123_eurdaily.png

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 around levels of 1.1300), bullish rejection was expressed at 1.0570 (monthly demand level).

Last week, EUR/USD bears failed to defend their recent supply zone at 1.0750-1.0800 and the ascending bottom was established near the same levels.

The nearest bullish target should be located at 1.0980 - 1.1000 (the upper limit of the current wedge-pattern) where a low-risk sell entry can be offered.

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

EUR/NZD analysis for April 28, 2015

EURNZDDaily28.png

EURNZDH428.png

Overview:

Recently, EUR/NZD has been trading downwards. The price tested the level of 1.4200 in an average volume. The short-term trend is neutral. Be careful when selling at this stage and watch for potential buying opportunities after a bearish correction. According to the H4 time frame, we can observe supply in an average volume but with very weak price action. I placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 38.2% at the level of 1.4200 (on the test) and Fibonacci retracement 61.8% at the level of 1.4085. We also found support around 1.4220 (recent swing high like support). According to the daily time frame, we can observe weak supply.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.4295

R2: 1.4315

R3: 1.4350

Support levels:

S1: 1.4220

S2: 1.4200

S3: 1.4160

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

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

Gold analysis for April 28, 2015

GOLDDaily28.png

GOLDH428.png

Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,206.92. According to the daily time frame, we can observe a demand in an ultra high volume (buying climax) with very strong price action. Our Fibonacci retracement 61.8% (support) at the price of $1,174.00 was held successfully. It caused the price to start with an upward movement. Major resistance is seen around the level of $1,220.00. The short-term trend is bullish. According to the H4 time frame, we can observe demand in a very high volume. I placed Fibonaci expansion to find potential resitance levels and got Fibonacci expansion 61.8% at the price of $1,224.00, Fibonacci expansion 100% at the price of $1,255.00 and Fibonacci expansion 161.8% at the price of $1,304.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,206.95

R2: 1,213.81

R3: 1,124.90

Support levels:

S1: 1,184.71

S2: 1,177.80

S3: 1,166.70

Trading recommendations: Watch for potential buying opportunities after bearish correction. The first major resistance is around the price of $1,224.00.

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

Daily analysis of USDX for April 28, 2015

The USDX is still falling in the daily time frame and we expect to see a breakout of the support zone of 96.30. The current fractal structure is likely to point to the downwards (and it seems to do it), as the Index has been forming a successful lower low pattern over the recent days. Anyway, we cannot discard the idea of a rebound at the current levels.

USDXDaily.png


The resistance level at 96.83 still offers a strong barrier in the intraday charts. Now, the USDX is going to test the support at 96.34. If the USDX does a breakout in that zone, it will to fall to the level of 95.87, which is seen to be a new important monthly low. The MACD is also entering into a negative territory.

USDXH1.png


Daily chart's resistance levels: 97.83 / 99.94

Dailychart's support levels: 96.30 / 95.00

H1 chart's resistance levels: 96.83 / 97.18

H1 chart's support levels: 96.34 / 95.87



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 96.34, take profit is at 95.87, and stop loss is at 96.83.

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

Daily analysis of GBP/USD for April 28, 2015

GBP/USD remains stable with bullish bias because the pair has already reached the resistance level of 1.5238 on the daily chart. We could expect pullbacks around that zone until the support level at 1.5125 at least. Now, GBP/USD could start to form a higher high pattern, but remember that we are still favoring the overall bearish trend.

GBPUSDDaily.png


During the monday session, GBP/USD has already found strong resistance at 1.5245, finally doing a bullish consolidation above the support level of 1.5161. Anyway, we can see strong resistance in the zone mentioned above. That's why we don't like the idea of continued riding the intraday bullish bias, as GBP/USD could perform deep pullbacks.

GBPUSDH1.png


Daily chart's resistance levels: 1.5125 / 1.5238

Dailychart's support levels: 1.4976 / 1.4820

H1 chart's resistance levels: 1.5245 / 1.5298

H1 chart's support levels: 1.5161 / 1.5096



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 1.5245, take profit is at 1.5298, and stop loss is at 1.5190.

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

Technical analysis of EUR/JPY for April 28, 2015

Technical outlook and chart setups:

The EUR/JPY pair has been stalling at 129.50/60 as seen here. Iit is just above the trend-line resistance. The pair seems to be running to the resistance around 130.00/10. It is able to resume its down swing journey from here. It is hence recommended to exit long positions now and initiate fresh short positions with risk at 131.00. The immediate support is seen at the level of 128.70 followed by 127.50/70, 127.00, 126.00, and lower, while resistance is seen at the level of 130.00, followed by 131.00/50 and higher respectively.

Trading recommendations:

Exit long positions, initiate short positions with stop at 131.00

Good luck!


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

#USDX technical analysis for April 28, 2015

The Dollar index has marginally broken below the H&S neckline and this is not a good sign. As long as the price is trading around this neckline, I will be cautious towards any direction (ahead of with the FOMC meeting coming on Wednesday).

usdx.jpg

Green line= H&S neckline

The Dollar index is in the short-term bearish trend and the price remains below the Ichimoku cloud. All signs favor bearish positions. We could see a bounce towards the resistance at 97.50 or 97.80 but the overall trend remains bearish after the double top took place at 100.

usdxd.jpg

Orange lines= bullish channel

Another bearish signal is the weekly candles that have broken out of the upward sloping orange channel and below the tenkan-sen. This implies that the index could push towards the kijun-sen yellow ichimoku indicator at 93. New sell signal will be given if price breaks below 96.20

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

Technical analysis of GBP/CHF for April 28, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading around 1.4555 now and is looking to be pushed higher. It is hence recommended to exit short positions and initiate long positions with risk at 1.4400. The pair would accelerate its rally once it crosses the 1.4600/30 hurdle and it would open doors for 1.4780 in the sessions to come. Immediate support is seen at 1.4450 levels followed by 1.4350, 1.4200, and lower, while resistance is seen at 1.4630 followed by 1.4800, 1.4900, and higher respectively. Bulls seem to be poised to remain in control for now.

Trading recommendations:

Exit short positions. Initiate long positions with stop at 1.4400 levels, a target is open.

Good luck!


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

Gold technical analysis for April 28, 2015

Gold price had broken the short-term resistance and managed to reverse the bearish picture as the price broke above the Ichimoku cloud. The breakdown below $1,180 could be fake. Now, we look very closely if this is a confirmed fake or just a bounce before a larger downward move.

goldh4.jpg

Blue lines = triangle pattern

Gold price has broken the triangle pattern and I expect a back test of the breakout area. However, the bounce was much stronger than I had expected and the price managed to break above the upper triangle boundary and above the Ichimoku cloud in the 4-hour chart. As long as gold price is above $1,195, I expect the short-term trend to remain bullish.

goldd.jpg

The weekly chart remains bearish despite the upward bounce. Gold price has moved back again above the tenkan-sen and resistance is found where the yellow line (kijun-sen) is found at $1,218-20. At the same level, we found the downward sloping red Ichimoku cloud, which is important resistance. The longer-term trend remains bearish. There is a strong possibility of a test at $1,220. Weekly support is at $1,175 and if it gets broken, things will get very ugly for bulls.

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

Weekly technical levels for EUR/USD for April 28, 2015

The weekly technical levels for EUR/USD pair:

Intraday trading recommendations:

  • The EUR/USD pair is trading between the levels of 1.0964 and 1.0811. The level of 1.0962 is likely to indicate strong resistance; moreover, the price will form a new top at this level of 127.6% Fibonacci retracement levels in the H1 chart. Therefore, it will be good to sell at 1.0960 in the short term with the first target at 1.0844, then it will continue down towards 1.0811 in order to test the week pivot point. The double bottom will be set at the level of 1.0785 (50% Fibonacci retracement levels). Always, retracement is confirming the bullish market above the 50% of Fibonacci.

Intraday technical levels:

  • Projected high: 1.0964.
  • Strong resistance (sell limit): 1.0960.
  • Current pivot: 1.0870 (the weekly pivot point is set at the 1.0811 level).
  • Strong support (buy limit): 1.0800.
  • Projected low: 1.0785.
eurusdh1.png

Tips:

  • We expect a range about 177 pips from today to the 29th of April 2015.
  • So, the range of 177 pips. Risk of 118 pips must make a profit of 177 pips (a risk to reward ratio of 1:1.5 is recommended).
  • As a rule, the market is highly volatile if the previous day had a huge volatility. Volatility: 178,93 therefore the market indicates the higher volatility.

Observations:

  • If the trend is buoyant, then the strength of the currency will be defined as following: EUR is in uptrend and USD is in downtrend.
  • Stop loss should never exceed your maximum exposure amounts.
The material has been provided by InstaForex Company - www.instaforex.com

Weekly technical levels for GBP/USD for April 28, 2015

gbpusdh1.png

Overview:

  • The resistance had already found at the level of 1.5279 (note: the double top is set at the 1.5261 level). On the other hand, the support has been set at 1.5077 today. Also, you should be noted that the weekly pivot point is placed at the same level(1.5077). Therefore, according to the preceding proceedings, the price will move between 1.5077 and 1.5279 this week. It should be noted that the range is likely to be around 202 pips in coming days. Consequently, the trend is calling for the bearish market at the level of 1.5299 in the H1 chart. As a result, look for further downside move with targets at 1.5188 below 1.5299. If it can break the support at1.5188, the price will continue moving towards 1.5077 in order to break the weekly pivot point before the end of April.

Trading recommendations:

  • The GBP/USD pair will be trapped between the levels of 1.5280 and 1.5080 (around 200 pips)
  • Our first outlook is to sell below the level of 1.5280 because it looks for further downside with the targets of 1.5175 and 1.5083. It should be noted that at the level of 1.5077 will form strong support area. Notwithstanding, in the long term, buy above 1.5070 with the first target at 1.5261 in order to form a double top. It might resume to 1.5273 to test the resistance.

The weekly technical levels for GBP/USD pair:

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

Technical analysis of Silver for April 28 , 2015

Technical outlook and chart setups:

Silver resumed its uptrend by breaking higher and reaching the level of $16.50 yesterday. The metal has formed a higher low at $15.60 confirming its upward movement here. Also note that the counter trend-line resistance was broken and any dip from here on could be considered as opportunity to go long. It is hence recommended to remain long for now with risk at $15.30. Immediate support is seen at $15.60 followed by $15.30 and lower, while resistance is seen at $16.50/60 followed by $17.40/50, $18.40/50, and higher respectively.

Trading recommendations:

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

Good luck!


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

Technical analysis of Gold for April 28, 2015

Technical outlook and chart setups:

Gold seems to have resumed its uptrend after bouncing off sharply from the recent lows created around the level of $1,175.00. The metal has also crossed its counter trend-line resistance for now and is trading at the level of $1,200.00. It is recommended to remain long with risk at $1,170.00. Buy on dips until the prices stays above the level of $1,170.00. Immediate support is seen at $1,175.00 followed by $1,162.00, $1,140.00, and lower, while resistance is seen at $1,210.00 followed by $1,225.00, $1,240.00/50.00, and higher respectively.

Trading recommendations:

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

Good luck!


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

Technical analysis and trading recommendation for EUR/USD for April 28, 2015

According to the Federal Statistical Office , the index of import prices decreased by 1.4% in March 2015 compared with the corresponding month of the preceding year. In February 2015 and in January 2015, the annual rates of change were –3.0% and –4.4%, respectively. From February 2015 to March 2015 the index rose by 1.0%.

Today, traders eye US CB consumer confidence data. We expect another weak set of data from the US today. Traders are preparing for Wednesday's FOMC statements.

Technical view:

Weekly view: The pair is trading at a 3-week high. The pair has been extending its gains for 3 consecutive days. At yesterday's session, the pair managed to breached the 50Dsma but was unable to close above that. Today, the pair rejected at the same 50Dsma again. The nearest support was found at 1.0770 20Dsama and double bottom was placed at 1.0660. The price has been developing higher highs and higher lows in the four-hour chart. The key trend-change level exists at 1.0660. On the higher side, the strong supply zone was placed between 1.1036 and 1.1053. The next fresh upswing will be available in case the price closes above 1.1053. The 100.00 FE was placed at 1.1110. Ahead of the FOMC statements, we expect wild moves. The pair can skyrocketed towards the supply zone at 1.1050 and even higher to 1.1100. The developing Greece talks supported the euro along with the weak USD.

Intraday view: At the Asian session, the euro is trading lower against USD. Compared to the Monday's closing price 1.0892, the pair is trading at 1.0876. Intraday resistance is seen at 1.0890 50Dsma and 1.0910. Intraday support is found at 1.0860 34hrsma and 1.0848 30mins swing low. We recommend selling below 1.0840 with small targets at 1.0820 61.8FE, 1.0800, and 1.0785. Strong selling is likely to emerge below 1.0785 only. On the higher side, we recommend buying above 1.0910 with targets at 1.0925 80.0 fib, 1.0950, and 1.0966. Bulls can challenge 1.1040 and 1.1050 in case the price gets above the previous day's high of 1.0930. Before the FOMC meeting, we expect the pair to try to move towards the supply zone at 1.1035-1.1055. Many traders predict dovish signal from the FOMC meeting, which will lead to further weakness in USD. So,the euro might climb towards 1.1000, 1.1050, and 1.1100.

Trade: Buying above 1.0910, strong movement above 1.0930

EURUSDH4.png

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

Technical analysis and trading recommendation for USD/JPY for April 28, 2015

Japanese retail sales dropped significantly in 17 year. The retail sales fell 9.7 (below expectations) in March. An increase in the sale taxes affected sales. Traders are waiting for tomorrow's monetary policy statement and the BOJ press conference scheduled for Thursday. Ahead of the key events, JPY is trading lower against USD.

USD/JPY

April data indicated a sustained upturn in US service sector output, although the rate of growth eased from the seven-month high recorded in March. This was highlighted by a fall in the seasonally adjusted Markit Flash US Services PMI to 57.8 in April, from 59.2 during the previous month.

Technical view: The pair made the double bottom between 118.30 and 118.54. The 100Dema is found at 118.20 moved from 118.00 to 118.20. Ahead of the FOMC meeting, USD is trading higher against JPY. In case the price breaks below 118.50, it can get up to 118.30. In case the price closes below 100Dema 118.20, bears can challenge 117.20 and 116.50 in the near term. The strong resistance is seen between 119.30 100Dsma, 119.60 20Dsma, and 119.85 50Dsma. In the four-hour chart, we can observe head and shoulder pattern formation. Bulls' last hope is found at 118.20. We have been recommending buying on dips. This view will erase and reverse the trade for the given downside targets. The trading pattern is framed between 119.45 and 118.20. Intraday support is found at 119.00 below this mild support is found at 118.90 and 118.80.We recommend intraday selling below 118.70 with small targets at 118.50 and 118.30. Panic will be triggered below 118.00. On the higher side, buying is likely to emerge above 119.30 with small targets at 119.45, 119.60 and 119.80.

USDJPYH4.png

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

Technical analysis of EUR/JPY for April 28, 2015

General overview for 28/04/2015 06:10 CET

The market is still trading inside a trading range between the levels of 130.11 and 128.82. Only a clear breakout in either direction would give traders more clues about a possible further price movements. So, the price is making any impulsive sub-waves neither to the upside nor to the downside as the price actions are very overlapping and full of whipsaws. We are waiting for a clear breakout to clear the situation.

Support/Resistance:

126.07 - Swing Low

126.33 - WS2

127.86 - WS1

128.82 - Intraday Support

128.97 - Weekly Pivot

130.10 - Intraday Resistance

130.51 - WR1

Trading recommendations:

Daytraders still should consider to open sell orders only if the intraday support level is clearly broken, with entry at the level of 128.80, SL at the level of 129.10 and TP at the level of 1.2786 (3:1 R/R trade).

eurjpy_h1.jpg

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

Technical analysis of USD/CAD for April 28, 2015

General overview for 28/04/2015 06:00 CET

As anticipated yesterday, the top for the wave b green had been established at the level of 1.2193 and then the market reversed to continue another wave to the downside labeled as the wave c green on the chart. This wave might be the last leg down of the overall corrective structure in wave (c) blue that is a part of WXY brown larger degree corrective pattern. Please notice that both lines of the golden channel are acting as a dynamic support now. Resistance levels and the downside breakout have their own projected targets at the level of 1.1992. This is the first level where the whole corrective structure can be completed and the market would be ready to bounce/reverse as there is still unfinished impulsive structure to the upside.

Support/Resistance:

1.1992 - WS2

1.2078 - Intraday Support

1.2085 - WS1

1.2118 - Intraday Resistance

1.2193 - Weekly Pivot

Trading recommendations:

The sell orders from yesterday might lower the SL to the level of 1.2118 and set the TP at the level of 1.1992.

usdcad_h1.jpg

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

Elliott wave analysis of EUR/NZD for April 28 - 2015

2015-04-28-EURNZD-4H.png

Technical summary:

The rally from a low of 1.3880 continued to unfold as a textbook impulsive rally. We have seen the expected correction lower towards 1.4208, which is expected to protect the downside for the next impulsive rally higher to just above 1.4547 in red wave v, this should terminate the first larger impulsive wave i and call for a deeper correction of the entire rally from 1.3880.

In the short term, we are going to be looking for a break above minor resistance at 1.4277 and more importantly a break above resistance at 1.4321 as indication that red wave v higher to 1.4547 is developing.

Trading recommendation:

We are long EUR from 1.4055 and will keep our stop at 1.4100 for now. Buy EUR near 1.4208 with the same stop at 1.4100, but upon a break above 1.4321 move the stop higher to 10 pips below the most recent bottom.

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

Elliott wave analysis of EUR/JPY for April 28 - 2015

2015-04-28-EURJPY-4H.png

Technical summary:

We keep looking for support near 128.75 to protect the downside for a break above the minor top at 130.20 and more importantly the base channel resistance-line, which should add acceleration to red wave iii for a rally towards 131.90. A break below 128.75 will be of concern, but only a break below the support at 127.83 will invalidate the bullish count and leave an impression of a corrective rally from a low of 126.02.

Trading recommendation:

We are long EUR from 128.85 and will our stop higher to 128.55. If you are not long EUR yet, then buy near 128.75 or upon a break above 130.20 with the same stop at 128.55.

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

Technical analysis and trading recommendation for EUR/AUD for April 28, 2015

At the Asian session, RBA Governor Stevens said “Ahead of next week's meeting of the Reserve Bank Board; I have no comments to offer today on monetary policy. The problem must be acute in Europe, where sovereign yields in some countries are negative for significant durations. But it is also potentially a non-trivial issue in our own country. In a conference about wealth, this might be a worthy topic of discussion." The Conference Board Leading Economic Index for Australia increased 0.5 against 0.4% in the previous month.

After the Governor's speech, AUD skyrocketed against EUR, GBP, and USD at the Asia session. The cross has been consolidating at the lower levels for 8 consecutive days. On April 08, 2015, we recommended selling for 1.3820. The cross made a low at 1.3711. Bulls' last hope is at 1.3675 50Msma and 1.3660 200Wsma. In case the price closes below 1.3660, bears can challenge 1.3325 in the near term.

Intraday view: The cross is trading at 1.3835, made a low at 1.3820. The support zone is seen around 1.3820, 1.3800, and 1.3780. Below these support levels, bears can challenge 1.3715, 1.3700, and 1.3675/1.3660. We recommend selling below 1.3820 with small targets at 1.3800 and 1.3780 and aggressive selling below 1.3780 with targets at 1.3750, 1.3715, and 1.3675. Intraday resistance is found at 1.3850 61.8 FE and 1.3865. Use every rise to sell. In case the price holds the support zone, use every rise to sell near 1.3865 with small sl 1.3890.

Trade: Selling below 1.3820

EURAUDH4.png

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

Technical analysis and trading recommendation for GBP/AUD for April 28, 2015

The cross has been making higher highs and higher lows in the daily chart. The cross has been struggling to close above 50dsma for 4 consecutive days. Today, at the Asian session, the cross was rejected at 50Dsma again. After the speech of RBA governor Stevens, AUD was trading higher against GBP, USD, and EUR. On a monthly basis, the cross made a double top at 1.9760. The upside seems to be capped. Ahead of the UK general election on the May 07, we expect the pound to be depressed. At yesterday's session, the cross managed to held the 20Wsma 1.9290. The double bottom was formed between 1.9040 and 1.9030. We recommend fresh selling below 1.9290 with targets at 1.9250 and 1.9170 initially and at 1.9100 and 1.9030 later. We can observe a couple of double tops in the daily chart. The near term was capped at 1.9650 and the weekly trend was capped at 1.9460. In all the time frames, selling is preferable in the near and medium terms.

GBPAUDH4.png

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

Technical analysis of EUR/USD for April 28, 2015

!EURUSD.jpg

When the European market opens, no economic news is due for release today, but the US will publish economic data on the Richmond Manufacturing Index, CB Consumer Confidence, and S&P/CS Composite-20 HPI y/y. So amid the reports, EUR/USD will move with low to medium volatility during this day.


TODAY TECHNICAL LEVELS:


Breakout BUY Level: 1.0928.


Strong Resistance:1.0922.


Original Resistance: 1.0911.


Inner Sell Area: 1.0900.


Target Inner Area: 1.0875.


Inner Buy Area: 1.0850.


Original Support: 1.0839.


Strong Support: 1.0828.


Breakout SELL Level: 1.0822.




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

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

Technical analysis of USD/JPY for April 28, 2015

!USDJPY.jpg


In Asia, Japan will release data on the Retail Sales y/y. The US is expcected to publish data about the Richmond Manufacturing Index, CB Consumer Confidence, and S&P/CS Composite-20 HPI y/y. So, there is a strong probability that the USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.72.

Resistance. 2: 119.49.

Resistance. 1: 119.25.

Support. 1: 118.96.

Support. 2: 118.73.

Support. 3: 118.49.


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 for GBP/USD for April 28, 2015

The UK economic weekly calendar started a bit slow. On Monday, the report on monthly CBI industrial trends survey was released. According to the report, the UK manufacturing advanced in three months. But the export orders remains contracted. Today, traders eye the GDP growth rate q/q. The forecast for the Q4 is 0.5%. In the Q3, it dropped to 0.5%. The UK is approaching the next big event. On May 07, 2015, general election should pressure the cable. From an April low of 1.4566 the cable managed to gain approximately 700 pips. The cable managed to close above 100Dema and 100sma. The cable managed to close above 20Wsma after 10months. Ahead of the big event, the FOMC meeting and general election, we expect wild moves. The strong resistance is seen at 1.5440 and 1.5560 200Dsma. The cable has found the weekly support at 1.5200. As we analyzed earlier, big moves are likely to be observed above 1.5000. We recommended to target 1.5185 and 1.5210 on Friday. Both targets were completed. The cable gave a bullish inverse head and shoulder break targeting 1.5340.

Intraday view: Intraday support is found at 1.5200 and 1.5190. Resistance is seen at 1.5240 and 1.5270. We recommend buying above 1.5270 with targets at 1.5300 and 1.5340. On the downside, we recommend selling below 1.5190 with targets at 1.5160, 1.5110, and 1.5080. In the four-hour chart, 34hrsma is found at 1.5050 and 50Dsma is found at 1.5020. These are the key support levels to be hold by bulls to extend the rally.

GBPUSDH4.png

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

Daily analysis of major pairs for April 28, 2015

EUR/USD: This market went further upwards at the beginning of this week – in the context of uptrend. There is still a convincing indication that the price would go further upwards proving that the EUR continues to be strong. Any sudden weakness in the EUR may cause the price to pull back towards the support lines at 1.0800 and 1.0750.

1.png

USD/CHF: This currency trading instrument has not moved very much this week. The price is volatile and there is a tussle between bulls and bears, all in the context of downtrend. The support level at 0.9500 has been tested several times in the past and it may be tested again. Strong sellpressure is needed for that support level to be breached to the downside.

2.png

GBP/USD: the GBP/USD continued its bullish movement on Monday, testing the distribution territory at 1.5250. It calls for strong buy pressure for that distribution territory to be breached to the upside. The next target would be another distribution territory at 1.5300.

3.png

USD/JPY: This is a type of market in which upswings and downswings are short-term in nature. However, a closer look reveals that the bears currently have the upper hands, and as a result of this, we may see some sell pressure this week.

4.png

EUR/JPY: this cross did not show significant movements this week but things remain bullish. As long as the price is above the demand zone at 128.50, it would be prudent to assume that a bullish signal is still in place. The price is expected to trend further north, for only a movement below the aforementioned demand zone could put the expectation in jeopardy.

5.png

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

Intraday technical levels and trading recommendations for EUR/USD for April 27, 2015

1430147430_eurmonth.png

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 previous monthly closure reflected negativity for the EUR/USD pair in the long term. However, this month, some bullish rejection is shown in the ongoing monthly candlestick.

Bearish breakdown of the monthly demand level at 1.0550 should be anticipated as theoretical long-term targets are projected to 0.9450.

eurdailly.png

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 around levels of 1.1300), bullish rejection was expressed at 1.0570 (monthly demand level).

Last week, EUR/USD bears failed to defend their recent SUPPLY zone at 1.0750-1.0800. Instead, an ascending bottom was established near the same price levels.

The nearest bullish target should be located at 1.0980 - 1.0995 (the upper limit of the current wedge-pattern) where a low-risk SELL entry can be offered.

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

GBP/USD intraday technical levels and trading recommendations for April 27, 2015

1430145906_gbpdaily.pnggbph4.png

Overview:

Bearish breakdown of the lower limit of the previous DAILY channel occurred enhancing the bearish side of the market.

Persistence below the price zone of 1.4950-1.5000 indicated a further bearish decline.

Initial projection target for this bearish breakout was located at 1.4700. Shortly after, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was established.

Evident bullish recovery emerged at 1.4560 pushing the GBP/USD pair above the level of 1.4700. Since then, successive higher highs have been established on the H4 chart.

As anticipated, daily closure above 1.5060 (50% Fibonacci level) ended the ongoing bearish momentum, thus exposing the next resistance level at 1.5170-1.5200 (R2) for retesting.

Recently, the zone between 1.5000-1.5050 (lower limit of the H4 channel and 50% Fibonacci) turned to be Intraday support when further retesting takes place.

On the other hand, the price action should be watched around the current price levels near 1.5170 (R2) for either a low-risk sell entry or a high-risk bullish breakout opportunity in case the current short-term bullish momentum persists.

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

USD/CAD intraday technical levels and trading recommendations for April 27, 2015

cadweekly.pngcaddaily.png

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 Triple-top pattern.

Successive lower highs were established within the depicted consolidation zone, supporting the bearish side of the market.

Moreover, support levels around 1.2350 and 1.2300 (79.6% Fibonacci level) were 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 zone between 1.2000-1.1950 (where the projection target of the recent range breakout is located) and 1.1800 where the depicted daily uptrend is roughly located.

The price zone at 1.2320-1.2350 remains a significant intraday resistance zone where the price actions should be watched for a low-risk sell entry at further retesting.

Trading recommendations:

Conservative traders should be waiting for either a bullish pullback towards 1.2320-1.2350 or a bearish breakout below 1.2100 for a valid 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 bearish scenario.

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