Intraday technical levels and trading recommendations for GBP/USD for April 29, 2015

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

Sideways movement with slight bearish tendency was 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 the zone of 1.5000-1.5080 exposes the next weekly supply zone at 1.5500-1.5550 as depicted on the chart.

Note that the level of 1.5350 corresponds the previous consolidation range (February 2015). A risky intraday sell entry can be anticipated around the current prices.

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

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Daily analysis of USDX for April 29, 2015

The USDX seems to be strong at the current bearish structure in the daily chart, because the Index is trying to consolidate below the level of 96.30 and it's looking to reach the support zone of 95.00. Eventually, the USDX could accelerate lower if it does a breakout at 95.00, which could open the way to test the 200 SMA.

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During the yesterday session, the USDX managed to consolidate below the resistance level of 96.34 and now we're expecting some bearish consolidation, but favoring the sideways moves. The 200 SMA is still pointing to the downwards and there is enough room for more falls, but the USDX could do a strong rebound at the current levels. We don't recommend to do intraday trades today.

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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.

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Daily analysis of GBP/USD for April 29, 2015

In the daily chart, GBP/USD continues to trade higher performing its rallies. Now, it's testing the resistance level at 1.5371. Currently, we could expect a bullish consolidation below that zone with a higher high pattern formation. Anyway, if the pair breaks that territory, it would be expected to rise up to the level of 1.5538. The MACD is at a positive territory.

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The intraday bullish structure is calling for more upside, but GBP/USD could start making pullbacks as the bullish bias could get weaker in the coming hours. Anyway, the pair has found resistance at 1.5396, an ideal zone to take profits for intraday traders. However, it could be tested during today again.

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Daily chart's resistance levels: 1.5371 / 1.5538

Dailychart's support levels: 1.5238 / 1.5125

H1 chart's resistance levels: 1.5346 / 1.5396

H1 chart's support levels: 1.5298 / 1.5245



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 1.5346, take profit is at 1.5396, and stop loss is at 1.5298.

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Intraday technical levels and trading recommendations for EUR/USD for April 29, 2015

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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 had a negative impact on the EUR/USD pair in the long term. However, some bullish rejection is expressed by the ongoing monthly candlestick.

Bearish breakdown of the monthly demand level at 1.0550 should be anticipated as long-term breakout target and it is roughly projected towards the level of 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 around levels of 1.1300), bullish rejection was expressed at 1.0570 (monthly demand level).
Last week, the zone between 1.0750 and 1.0800 failed to provide enough bearish pressure. Instead of it, an ascending bottom was established around the same levels.

The nearest bullish target should be located at 1.0980 - 1.1000 (the upper limit of the current wedge-pattern) where price action should be watched carefully for a low-risk sell entry.

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Technical analysis of USD/JPY for April 29, 2015

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Fundamental outlook:
USD/JPY is expected to consolidate in a higher range as markets wait the release of the U.S. flash GDP for Q1 (forecast +1.0%) at 12:30 GMT and the Federal Reserve monetary policy decision at 18:00 GMT. The Fed is expected to stay pat on the interest rates but market participants will be looking closely at its statement for any fresh clues about when it will begin raising rates, and how rapidly it may proceed with tightening once it is started. Today, liquidity is thin in Asia as financial markets in Japan are shut for a public holiday. USD/JPY is undermined by the negative dollar sentiment (ICE spot dollar index last 96.10 versus 96.85 early Tuesday) on a surprise drop in the U.S. Conference Board consumer confidence index to 95.2 in April from 101.4 in March (versus forecast for rise to 102.5). USD/JPY is also weighed by the yen buy orders from Japan's exporters. But USD/JPY losses are tempered by the higher U.S. Treasury yields (10-year at 2.003% versus 1.924% late Monday), buying of the yen crosses amid improved risk appetite (VIX fear gauge eased 5.41% to 12.41; S&P 500 closed up 0.28% at 2,114.76 overnight), the yen sell orders from the Japanese importers and the ultra-loose Bank of Japan's monetary policy.

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 119.45. A break of that target will move the pair further downwards to 119.75. The pivot point stands at 118.75. 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 119.45 and the second target at 119.75.

Resistance levels:
119.45
119.75
120.10

Support levels:
118.50
118.30
117.75

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USD/CAD intraday technical levels and trading recommendations for April 29, 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 Triple-top pattern.

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 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 and 1.1950 (where the projection target of the recent range breakout is located) and 1.1800 where the depicted weekly uptrend is roughly located.

On the other hand, the price zone of 1.2320-1.2350 remains the significant intraday resistance zone for further retesting. This price zone is likely to offer a low-risk sell entry at retesting.

Trading recommendations:

For those who missed the initial breakout below 1.2100, conservative traders should wait for bullish pullback towards 1.2100-1.2130 for a low-risk sell entry.

T/P levels should be placed at 1.1950, 1.1860, and 1.1810 while S/L should be placed above 1.2170.

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Technical analysis of USD/CHF for April 29, 2015

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Fundamental overview:
USD/CHF is expected to range-trade. It is undermined by the negative dollar sentiment (ICE spot dollar index last 96.10 versus 96.85 early Tuesday) on a surprise drop in the U.S. Conference Board consumer confidence index to 95.2 in April from 101.4 in March (versus forecast for rise to 102.5). But USD/CHF downside is limited by the franc sales on the buoyant EUR/CHF cross, the negative Swiss interest rates and the threat of the Swiss National Bank to carry out CHF-selling intervention. The daily chart is mixed as the MACD and stochastics are in bearish mode, but five and 15-day moving averages are meandering sideways.

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

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Technical analysis of NZD/USD for April 29, 2015

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Fundamental overview:
NZD/USD is expected to consolidate with bullish bias after hitting a seven-day high of 0.7740 on Tuesday as markets wait for the Reserve Bank of New Zealand monetary policy decision that is due at 21:00 GMT. The Wall Street Journal's poll of 12 economists sees a 96% chance that the central bank will keep the cash rate on hold. NZD/USD is supported by the negative dollar sentiment and kiwi demand on the buoyant NZD/JPY cross amid reduced risk aversion and the larger-than-expected New Zealand goods trade surplus of NZ$631 million (versus forecast NZ$344 million) for March. But NZD/USD gains are tempered by kiwi sales on the buoyant AUD/NZD cross and soft dairy prices.

Technical comment:
The daily chart is positive-biased as the MACD and stochastics 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 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 0.7615. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7590. The pivot point is at 0.7645.

Resistance levels:
0.7735
0.7770
0.78

Support levels:
0.7615
0.7590
0.7540

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Technical analysis of GBP/JPY for April 29, 2015

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Fundamental outlook:
GBP/JPY is expected to consolidate with bullish bias. It is supported by the buoyant EUR/USD undertone, positive investor risk appetite and long deals on the euro from Japan's importers. But GBP/JPY gains are tempered by short deals on the euro from the Japanese exporters.

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

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 183.85 and the second target at 185. 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 181.75.

Resistance levels:
183.85
185
185.75

Support levels:
181.15
180.50
180

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GBP/USD intraday technical levels and trading recommendations for April 29, 2015

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Overview:

On March 2, bearish breakdown of the lower limit of the previous daily channel occurred enhancing the bearish side of the market.

Persistence below the 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 1.5350 (upper limit of the ongoing H4 channel) for retesting.

Recently, the zone of 1.5000-1.5050 (lower limit of the H4 channel and 50% Fibonacci) constitutes an intraday support when further retesting occurs later on.

On the other hand, the price action should be watched around the current levels (1.5300-1.5350) for a low-risk sell entry.

Bearish targets would be located at 1.5200, 1.5110, and possibly 1.5050 if enough bearish momentum is expressed.

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EUR/NZD : analysis for April 29, 2015

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Overview:

Recently, EUR/NZD has been trading upwards. As we had expected, the price tested the level of 1.4343 in a high volume. The short-term trend is bullish. 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 that our Fibonacci retracement 38.2% at 1.4200 was held successfully. It caused the price to start moving upwards. Resistance levels are seen at the levels of 1.4385, 1.4490, and 1.4525. According to the daily time frame, we can observe a weak supply in the background, which is a sign that selling looks risky.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.4265

R2: 1.4290

R3: 1.4325

Support levels:

S1: 1.4190

S2: 1.4165

S3: 1.4130

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


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Gold : analysis for April 29, 2015

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Overview:

Since our last analysis, gold has been trading upwards. As we had expected, the price tested the level of $1,214.81 in a high volume. According to the daily time frame, we can observe a demand in a high volume. Our Fibonacci retracement 61.8% (support) at $1,174.00 was held successfully. It caused the price to start 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 had placed Fibonacci expansion to find potential resitance levels and got Fibonacci expansion 61.8% at $1,224.00, Fibonacci expansion 100% at $1,255.00, and Fibonacci expansion 161.8% at $1,304.00. I had also placed Fibonacci retracement from most recent upward leg to find potential support levels and got Fibonacci retracement 38.2% at $1,200.00 and Fibonacci retracement 61.8% at $1,190.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,215.35

R2: 1,219.00

R3: 1,125.90

Support levels:

S1: 1,202.90

S2: 1,199.80

S3: 1,192.50

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


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Technical analysis of EUR/JPY for April 29, 2015

General overview for 29/04/2015 11:20 CET

The corrective cycle is about to hit the major resistance level and it might be the end of the wave B black of the overall bigger degree corrective cycle in larger time frame. It means that another leg down, labeled in terms of a larger degree cycle, is about to start. The first clue would be an impulsive breakout below the key level at 130.10 and then 128.82. If those level are not violated, the market will continue higher and the overall corrective cycle will get even more complex and time consuming.

Support/Resistance:

131.72 - Technical Resistance

131.64 - WR2

130.51 - WR1

130.66 - Intraday Support

130.10 - Intraday Support

128.97 - Weekly Pivot

128.82 - Technical Support

Trading recommendations:

Daytraders should consider opening sell orders at the level of 131.64, with SL below the level of 132.81 and TP at the level of min. 130.66.

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Technical analysis of NZD/USD for April 29, 2015

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Overview:

  • The NZD/USD pair has been moving in uptrend since April 20, 2015. The support has already been found at the levels of 0.7623 and 0.7647. So, according to prior events, the price of NZD/USD pair will move between the ratio of 78.6% Fibonacci retracement levels at the level of 0.7623 and 100% Fibonacci retracement at the 0.7740 level. Furthermore, the price opened above the support lines. Also, it should be noted that the resistance is set at 0.7740, which represents the double top today. Therefore, it will be a good sign to but above the level of 0.7647with the first target at 0.7712 . It should be noticed that a minor support has already set at 0.7712. Moreover, the trend will continue straightly toward the doble top at the level of 0.7740. However, in case a reversal takes place and the NZD/USD pair breaks through the resistance level at 0.7740, the market will decline from 0.7740 to 0.7640 today in order to indicate a correctional movement at this level. Meanwhile, the H4 chart represents strong support at 0.7623.

Intraday technical levels:

Date: 29/04/2015

Pair: NZD/USD

  • R3: 0.7891
  • R2: 0.7816
  • R1: 0.7766
  • PP: 0.7691
  • S1: 0.7641
  • S2: 0.7566
  • S3: 0.7516
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Technical analysis of USD/CAD for April 29, 2015

General overview for 29/04/2015 10:45 CET

The bullish divergence building on the H1 time frame is the first clue that the near-term bottom might be in place. Nevertheless, more impulsive price action is needed to support this view. So, the first level traders should look at is around the golden channel at the level of 1.2120 and above. The break out above the golden channel is needed for the market to start the last wave upward, otherwise the correction will be more complex and time consuming.

Support/Resistance:

1.1992 - WS2

1.2045 - Intraday Resistance

1.2085 - WS1

1.2119 - Intraday Resistance

1.2193 - Weekly Pivot

Trading recommendations:

Daytraders should consider to open buy orders is the level of 1.2192 is violated, with SL below the level of 1.2000 and TP at the level of min. 1.2193 with a possible upward extension to the level of 1.2285.

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Technical analysis of USD/CAD for April 29, 2015

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Overview:

  • The USD/CAD pair was not able to break the resistance at the level of 1.2099 today. Also, it should be noted that this strong resistance has coincided with the double top in the H1 chart. Moreover, the daily pivot point has already been set at 1.2030 and support is found at the level of 1.1970. Then, according to previous events, the pair is going to move between 1.2099 and 1.1970. Consequently, we expect a range about 129 pips in the future. Additionally, note that the trend is still above the ratio of 61.8% Fibonacci retracement levels which representing the weekly pivot point. At that point, the level of 1.1988/1.1970 is really acting as support.
  • Futhermore, the RSI has seen a saturation around the level of 30 of RSI. So, it is a good sign to buy above the weekly pivot point (1.1970) with the first target of 1.2063, and continue towards 1.2100 (first resistance). Notwithstanding, if the trend breaches the level of 1.1970 and closure below it in the daily chart, it will also a good sign to set your stop loss at the price of 1.1942.
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#USDX technical analysis for April 29, 2015

The Dollar index has made a new low relative to the low made in March and has also broken the H&S neckline support giving a strong sell signal. With the FOMC tonight we advice all traders to be cautious. The US dollar remains weak and we could see a deeper correction towards 93 according to the H&S pattern.

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The Dollar index remains ina bearish trend in the short-term and may enter a medium-term bearish trend. The H&S neckline is broken. The price is below the kijun- and tenkan-sen and the cloud. It is makinf lower lows and lower highs. Important resistance is at 97 and at 97.80. Target for the H&S pattern is at 93.

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The weekly chart is bearish as the price has broken below the tenkan-sen and price is heading towards the yellow line of kijun-sen at 93. Trend is bearish and this is a bigger level of downward correction that has just started. Cancellation of this bearish scenario comes only if the price breaks above 98.70. So, bulls need to be very cautious as things do not look good for the dollar. Will the Fed step in to support it? We will find out tonight.

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Gold technical analysis for April 29, 2015

Gold price made a higher high towards our short-term resistance/target at $1,215-20. Gold price will move in a short-term bullish trend as long as the price remains above $1,200. We could possibly see another move higher towards the area around $1,250 if we break above $1,222.

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Gold price is trading above the Ichimoku cloud in the 4-hour chart. This is a bullish sign for the short-term trend. Gold is also forming a bullish flag pattern and a breakout to new short-term highs could signal a move towards $1,250.

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The weekly chart remains bearish for the longer term. The price remains below the kijun-sen, below the Ichimoku cloud, but has pushed back above the tenkan-sen (red line). This implies that there are moanting chances for a push higher towards the 61.8% retracement and the cloud resistance at $1,250 if we break above $1,222. Support is seen at $1,175 and a break below that level will give me $1,130 as target.

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Technical analysis of EUR/JPY for April 29, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading at 130.30 now after having printed highs at 130.60/70 earlier. Please note that the pair has been stalling around fibonacci 0.786 resistance levels and a push higher would challenge the level of 131.50. On the flip side, a drop from the current level would hit at least 128.00 on the down side before resuming its rally. It is recommended to hold short positions with risk at 131.50/60 now. Immediate support is seen at 129.30 followed by 128.80, 127.50, and lower, while resistance is seen at 131.50 and higher respectively. A push above 131.50 would turn the pair into a clear buy on dips.

Trading recommendations:

Remain short for now, stop at 131.70, a target is open.

Good luck!


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Technical analysis of GBP/CHF for April 29, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading around 1.4673 at the moment, around the fibonacci 50% resistance as depicted here. The pair could be pushed higher towards 1.4780/1.4800 levels which are the fibonacci 0.618. It is recommended to book partial profits from long positions taken yesterday and also move stop to break even levels so that there is no risk. Immediate support is seen at 1.4500 followed by 1.4200, 1.4100, and lower, while resistance is seen at 1.4800/30, followed by 1.4900 and higher respectively.

Trading recommendations:

Book partial profits in long positions taken yesterday. Bring stop to break even levels, target 1.4800.

Good luck!


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Technical analysis of Silver for April 29, 2015

Technical outlook and chart setups:

Silver ralled through the past interim resistance around the level of $16.70 yesterday. The metal is expected to trace lower to $16.00 before resuming its rally. It is hence recommended to book profits on long positions taken earlier and look to buy at lower levels again. Immediate support is seen at $16.30 (the interim level), followed by $15.60, $15.30, and lowe,r while resistance is seen at $17.40/50 followed by $18.40/50 and higher respectively. Bulls should remain in control until prices stay above $15.60 from here on.

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/CAD for April 29, 2015

The Conference Board Consumer Confidence Index, which had increased in March, declined in April. The Index stands at 95.2 now down from 101.4 in March. The US economy has been printing weak or negative data. “Consumer confidence, which had rebounded in March, gave back all of the gain and more in April," said Lynn Franco, the Director of Economic Indicators, at The Conference Board. Ahead of the FOMC meeting, traders expect dovish signals from today's meeting. The USD index is trading below the previous swing low of 96.17. In case the price closes below 96.17 on a weekly closing basis, we can conclude the medium term (2-3months)was capped at 100.00 mark. The index has the nearest support found at 20Wsma 95.20. In the daily chart, the index closed below 20&50dsma. But not yet the bearish crossover takes place. The major pairs EUR/USD & GBP/USD, though these pairs close above 20& 50sma. Bullish crossover was not given yet. We hope today's meeting will change the direction.

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USD/CAD

At yesterday's session, BOC' Poloz made a speech before the House of Commons Standing Committee on Finance in Ontario. He mainly concentrated on lower oil prices. He said, "Oil prices are an important component of Canada's terms of trade and one of the key drivers of movements in the Canadian dollar. Now, the fall in oil prices has set in motion complex dynamics, including sectorial and regional adjustments, which will take the time to work their way through the economy. The negative effects of lower oil prices hit some sectors of the economy right away."

Technical view: We recommended selling with sl 1.2350 for targets at 1.2100 and 1.1875 (dated April 21, 2015 article). As of now, the pair made a low at 1.2031. The pair has strong resistance between 1.2210 and 1.2270 100Dema and 100Dsma respectively. Technically speaking, until the price closes below 100dsma or 100dema, bearish view remains in play. Besides, the bearish cross took place in the daily chart. On the downside, the support is found at 1.1850 and 1.1690. The weekly 38.2 fib is seen at 1.1980.

Intarday view: Ahead of today's event, CAD is trading higher against USD. Hourly resistance is seen at 1.2045 and 1.2090. On a daily basis, until the pair closes below 1.2170, use every rise to sell. Today, we expect the pair to touch 1.1950, 1.1900, and 1.1875 on the downside.

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Technical analysis of Gold for April 29, 2015

Technical outlook and chart setups:

Gold has taken out initial interim resistance at $1,210.00 by printing highs at $1,215.00 as we can seen here. A pullback towards $1,190.00 is quite possible before the rally could resume. It is recommended to book profits on long positions taken earlier and look to again enter at lower levels. Immediate support is seen at $1,200.00 followed by $1,175.00, $1,162.00, and lower, while resistance is seen at $1,225.00 followed by $1,240.00/50, $1,280.00/85.00, and higher respectively. Bulls are poised to remain in control till prices stay above $1,170.00 levels.

Trading recommendations:

Book profits on long positions and remain flat.

Good luck!


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Technical analysis and trading recommendation of USD/JPY for April 29, 2015

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, 119.50 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 118.75 below this mild support is found at 118.54 and 118.30.We recommend intraday selling below 118.70 with small targets at 118.50, 118.30 and 117.90. Panic will be triggered below 118.00.

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Elliott wave analysis of EUR/NZD for April 29 - 2015

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Technical summary:

The correction in red wave iv moved slightly below the ideal corrective target at 1.4208. Otherwise, the rally of a low of 1.3880 continues to mirror a textbook rally. In the short term, we expect support at 1.4179 to protect the downside for a break above minor resistance at 1.4273 confirming that red wave v higher towards 1.4490 and ideally a little higher to just above resistance at 1.4547. This will mark the first larger impulsive rally of 1.3880 and call for a correction in the entire rally from 1.3880.

Trading recommendation:

We are long EUR from 1.4055 and we will move our stop higher to 1.4165 and place take profit at 1.4475. If you are not long EUR yet, the buy EUR near 1.4230 with the same stop at 1.4165 and take profit at 1.4475.

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Elliott wave analysis of EUR/JPY for April 29 - 2015

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Technical summary:

Now, we see the expected break above 130.20. But a break above the base channel resistance-line near 131.00 is still needed to add acceleration higher to the extension target at 131.90. In the short term, we are ideally going to see support at 129.77 protecting the downside for the test. It is likely to break above the base channel resistance-line at 131.00 for acceleration higher to 131.90. It will take an unexpected break below support at 129.33 to cause concerns about the rally of the 126.02 low.

Trading recommendation:

We are long EUR from 128.85 and will move our stop higher to 129.25. If you are not long EUR yet, then buy EUR near 129.77 with the same stop at 129.25.

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Technical analysis of EUR/USD for April 29, 2015

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When the European market opens, some economic data on the Italian 10-y Bond Auction, Private Loans y/y, M3 Money Supply y/y, and German Prelim CPI m/mara due.The US will release the economic data about the Federal Funds Rate, FOMC Statement, Crude Oil Inventories, Pending Home Sales m/m, Advance GDP Price Index q/q, and Advance GDP q/q. So amid the reports, EUR/USD will move low to medium volatility during this day.


TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1021.

Strong Resistance:1.1015.

Original Resistance: 1.1004.

Inner Sell Area: 1.0993.

Target Inner Area: 1.0968.

Inner Buy Area: 1.0943.

Original Support: 1.0932.

Strong Support: 1.0921.

Breakout SELL Level: 1.0915.



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 29, 2015

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In Asia, Japan is not ixpected to release any economic data. However, the US will publish data on the Federal Funds Rate, FOMC Statement, Crude Oil Inventories, Pending Home Sales m/m, Advance GDP Price Index q/q, and Advance GDP q/q. 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: 119.42.

Resistance. 2: 119.19.

Resistance. 1: 118.95.

Support. 1: 118.68.

Support. 2: 118.45.

Support. 3: 118.21.



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

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Technical analysis and trading recommendation for GBP/USD for April 29, 2015

The UK GDP growth rate increased by 0.3% in the Q1 (Jan to Mar), 2015, compared with 0.6% in the Q4 (Oct to Dec) 2014. Services output increased by 0.5% in theQ1 (Jan to Mar), 2015. Before the UK election, the UK economy growth rate slowed in the Q1. This was the slowest pace since 2012. This may be a bit concern to the Cameron. Ahead of the FOMC meeting, the consumer confidence generated a bearish signal for the interest rate hike. Traders are expecting dovish signal to lead to another leg down of USD. The pound has been maintained upbeat for the third consecutive week. The cable managed to close above 20Wsma after 37 weeks. The cable has parallel resistance at 1.5552 that is the previous swing high in the daily chart. The cable became strong after it had closed above 10Dsma and 100Dema. As we advised earlier, we might see big move above 1.5000. Now, the cable gave 340 pips on the higher side. We expect bulls to extend their rally towards 1.5429, 1.5480, and 1.5556 200Dsma. Today, the cable has managed to erase most of the previous monthly losses. The cable gave a bullish inverse head and shoulder break targeting 1.5340, which was done at yesterday's session. Though, the cable closed above 20&50Dsma, bullish crossover is not in place yet.

Intraday view: Intraday support is found at 1.5328 and 1.5300. Resistance is seen at 1.5350 and 1.5375. We recommend buying above 1.5350 with targets at 1.5375, 1.5400, 1.5425, 1.5450, 1.5480, and even 1.5550. On the downside, we recommend selling below 1.5320 with targets at 1.5300, 1.5260, 1.5200, and 1.5160. The 100Dema is found at 1.5220 and 100Dsma at 1.5175. These are the key support levels to be hold by bulls to extend the rally. Technically speaking, until the price closes above 100Dema/100Dsma, bullish views remain in play. The 50Dsma is found at 1.5020 and strong support is found at 1.5000, which was acted as strong resistance earlier. Now, it turned to support.

Key support levels:

100DEMA 1.5220

100DSMA 1.5175

20WSMA 1.5150

50DSMA 1.5020

20DSMA 1.4940

Resistance levels:

200DSMA1.5556

200DEMA 1.5700

The technical levels mentioned above have been provided ahead of big events such as the FOMC meeting and the next week's UK general election. We expect wild moves in the week to come. In the four-hour chart, RSI is found at the extremly overbought level at 77.

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Technical analysis and trading recommendation for EUR/CAD for April 29, 2015

The cross has been consolidating at the lower levels for 3 weeks. The trend favors bears in all time frames. The monthly resistance is found at 1.3775 50msma. The cross edged lower towards 1.3024 after attempting to breach 200Wsma for five times. The cross has the nearest support line at 1.2940 100.00 FE and April 2013 low of 1.2950. The cross is likely to made a double top at 1.3250 that is the previous week's high. In case the price breaches above 1.3250 the 20Dsma, the next strong resistance is seen at 1.3315. The cross has been making lower tops and lower highs in the weekly and daily charts. At yesterday's session, BOC' Poloz made a speech before the House of Commons Standing Committee on Finance in Ontario. He mainly concentrated on lower oil prices. He said, "Oil prices are an important component of Canada's terms of trade and one of the key drivers of movements in the Canadian dollar. Now, the fall in oil prices has set in motion complex dynamics, including sectorial and regional adjustments, which will take the time to work their way through the economy. The negative effects of lower oil prices hit some sectors of the economy right away."

Intraday view: The three-week consolidation makes the price moving above the hourly moving averages. For an intraday view, we recommend buying above 1.3225 with small targets at 1.3240, 1.3250, 1.3300, and 1.3320 20Dsma. On the downside, we recommend selling below 1.3180 with targets at 1.3145, 1.3130, 1.3100, 1.3080 and 1.3060. Eventually, the pair is likely to go further downside towards 1.2950.

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Technical analysis and trading recommendation for EUR/USD for April 29, 2015

Soft US data pushed the euro higher against the US dollar. The pair has been extending its upward rally for the third consecutive week. The pair has the strong support zone between 1.1035 and 1.1055 6. In case the price managed to get above the supply zone, bulls can challenge 1.1100-1.1110 the FE and 1.1245. Ahead of today's FOMC meeting, the euro is trading lower against USD at the Asian session. The pair was unable to breach the previous day's high of 1.0990, 100.0FE. The pair managed to close above 20&50dsma, but bullish crossover is not available yet. Data still favor bears in the longer term. If the Federal Reserve hints that the interest rate hike is possible, that will be the peak of the pair. Currently, bulls have the upper hand. Today, we can expect wild moves; strong resistance is seen at 1.1055. Big spikes will be generated in case the price manages to breach the supply zone towards 1.1300 and 1.1330 100Dsma and 100Dema respectively.

Intarday view: The euro is trading at 1.0970 against US dollar. The pair has initial support finds at 1.0960 four-hour low. Below 1.0960 the pair has intraday support found between 1.0925 and 1.0920. We recommend selling below 1.0925 with targets at 1.0900, 1.0880 50Dsma, 1.0850 and 1.0825. The make or break level is found at 1.0820 34hrsma. In case the price breaks below 34hrsma, bears can extend their journey towards 1.0780, 1.0700 and 1.0660. The current uptrend will be erased in case the price breaks below the double bottom at 1.0660 in the four-hour chart. Traders are expecting dovish statement after FOMC meeting which are likely to depress USD. In this case, we recommend buying above 1.0990 with the targets 1.1035, 1.1050, 1.1090, 1.1120, 1.1200 and 1.1230. The strong supply zone finds at 1.1055. Above 1.1055, the 100.00FE finds at 1.1110 and 1.1240 20Wsma are the strong hurdles for the bulls. In the past five occasions, the RSI 70 level rejected the pair. Currently, the RSI is found at the level of 70.

Trade: Buying above 1.0990

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Daily analysis of major pairs for April 29, 2015

EUR/USD: The EUR/USD pair has continued its upward journey moving further up by 110 pips on Tuesday. The bullish signal still has much room to run, and the resistance lines at 1.1000 and 1.1050 are the next targets. The euro is unlikely to lose its stamina in case it happens .

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USD/CHF: This currency trading instrument remained volatile. The support level at 0.9500 has been tested several times recently and it may be tested again. The strong selling pressure is needed at this support level for a breach to the downside.

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GBP/USD: The cable has been able to maintain its recent bullish bias until now. The price has moved upwards by 740 pips from the accumulation territory at 1.4600 closing above the accumulation territory at 1.5300. The next target for the bulls is at the distribution territories around 1.5350 and 1.5400, which may be attained today or tomorrow.

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USD/JPY: This is the market where upswings and downswings are short-term in nature. However, a closer look reveals that bears have the upper hands at the moment and as a result of this, we might see a continuation of selling pressure.While bears may succeed in bringing the price to the demand level at 118.50, stronger weakness in the market would be required to breach that demand level to the downside.

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EUR/JPY: This is the bullish market: the price is above the EMA 11, which is above the EMA 56. The RSI period 14 is above the level of 50. All this points to a Bullish Confirmation Pattern and courtesy of the strength in the euro, the price may eventually reach the supply zone at 131.50.

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

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Overview:

On March 2, 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 1.5350 (upper limit of the ongoing H4 channel) for retesting.

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

On the other hand, the price action should be watched around the current price levels (1.5300-1.5350) for a low-risk sell entry.

Bearish targets would be located at 1.5200, 1.5110 and possibly 1.5050 if enough bearish momentum is expressed.

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