Technical analysis of USD/JPY for May 12, 2015

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Fundamental outlook:
USD/JPY is expected to trade in a lower range. Liquidity was thin in Asia today as financial markets in Japan were shut for a public holiday. USD/JPY is undermined by weaker USD sentiment (ICE spot dollar index last 95.10 versus 95.44 early Tuesday) after much wider-than-expected US March trade deficit of $51.37 billion (versus forecast $42.5 billion). USD/JPY is also weighed by the flows to haven JPY amid increased risk aversion (VIX fear gauge rose 11.36% to 14.31, S&P 500 closed 1.18% lower at 2,089.46 overnight) on weak trade data from the US, sharp 4.06% decline in the Shanghai Composite Index on Tuesday, and concerns about Greece's standoff with its creditors. But USD sentiment is soothed by an unexpected rise in the US ISM non-manufacturing PMI to 57.8 in April from 56.5 in March (versus forecast for drop to 56.3). USD/JPY losses are also tempered by higher US Treasury yields (10-year at 2.181% versus 2.135% late Monday) and sell-yen orders from Japan importers.

Technical comment:
The daily chart mixed as the MACD bullish, five-day moving average above 15-day moving average and advancing; but stochastics are turning bearish near overbought levels. Bearish outside-day-range pattern was completed on Tuesday.

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 120.25 and the second target at 120.50. In the alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 119.40. A break of this target is likely to push the pair further downwards, and one may expect the second target at 119. The pivot point is at 119.80.

Resistance levels:
120.50
120.75
121

Support levels:
119.40
119
118.75

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Technical analysis of USD/CHF for May 12, 2015

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Fundamental overview:
USD/CHF is expected to consolidate with bearish bias after hitting a near-three-month low of 0.9233 on Tuesday. Undermined by weaker USD sentiment (ICE spot dollar index last 95.10 versus 95.44 early Tuesday) after wider-than-expected US March trade deficit of $51.37 billion (versus forecast $42.5 billion) and franc demand on soft EUR/CHF cross. But USD/CHF losses are tempered by negative Swiss interest rates and the threat of the Swiss National Bank CHF-selling intervention.

Technical comment:
The daily chart is negative-biased as the MACD is bearish, stochastics stays suppressed at oversold levels, 5 and 15-day moving averages are falling.

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 0.9190. A break of that target will move the pair further downwards to 0.9135. The pivot point stands at 0.9295. 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 0.9360 and the second target at 0.9415.

Resistance levels:
0.9360
0.9415
0.9450
Support levels:
0.9190
0.9135
0.9065

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Technical analysis of NZD/USD for May 12, 2015

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Fundamental overview:
NZD/USD is expected to trade in a lower range. It is undermined by the higher-than-expected New Zealand Q1 unemployment rate of 5.8% (versus forecast 5.5%); 3.5% drop in Fonterra's GDT Price Index, 1.8% fall in average price for whole milk powder to $2,386/mt at latest Global Dairy Trade auction, increased risk aversion, and kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by weaker USD sentiment and NZD-USD interest differential.

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 0.7340. A break of that target will move the pair further downwards to 0.73. The pivot point stands at 0.7415. 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 0.7460 and the second target at 0.75.

Resistance Levels:
0.7460
0.75
0.7550

Support levels:
0.7340
0.73
0.7265

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Technical analysis of GBP/JPY for May 12, 2015

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Fundamental outlook:
GBP/JPY is expected to consolidate with bullish bias. It is supported by the buoyant GBP/USD undertone. Upside, GBP/JPY is limited by the flows to haven yen amid increased risk aversion and sell-euro orders from Japan exporters. But sterling sentiment is dented by the worse-than-expected drop in UK CIPS / Markit construction PMI to 54.2 in April from 57.8 in March (versus forecast 57.5). GBP/JPY is also limited by the uncertainty over the outcome of Thursday's UK general election, increased risk aversion, and sterling sales on buoyant EUR/GBP cross.`

Technical comment:
The aily chart is mixed as the MACD is bullish, 5 and 15-day moving averages are advancing but stochastics is bearish at overbought levels.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 189.20 and the second target at 189.75. In the alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 184.55. A break of this target is likely to push the pair further downwards, and one may expect the second target at 183.80. The pivot point is at 186.

Resistance levels:
189.20
189.75
190.35

Support levels:
184.55
183.80
183

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EUR/NZD : analysis for May 12, 2015

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Overview:

Recently, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5312 in a high volume. The short-term trend is bullish. Our target at 1.5155 (Fibonacci retracement 50%) has been reached and we can observe a completed bearish corrective phase in the background. According to the daily time frame, we can observe demand in an average volume. Our target is at 1.5450. Watch for potential buying opportunities on the dips (after bearish correction). First support level is around 1.5230-1.5210.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5220

R2: 1.5270

R3: 1.5345

Support levels:

S1: 1.5060

S2: 1.5010

S3: 1.4935

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


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Gold : analysis for May 12, 2015

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Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,178.75 in a high volume. According to the daily time frame, we can observe supply in a volume below average. The short-term trend is neutral. Our Fibonacci retracement 61.8% at the level of $1,181.00 was held successfully again. I am still expecting bullish movement, so my advice is to focus on buying positions. The first resistance level is seen around $1,200.00. According to the 1H time frame, we got selling climax (hidden buying and stoping action). I found corrective downward channel according to 30min time frame and the price broke and re-tested two times that channel, which is a sign of potential bullish movement.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,188.90

R2: 1,192.00

R3: 1,196.00

Support levels:

S1: 1,179.00

S2: 1,176.30

S3: 1,171.50

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities (buy on dips).


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Gold : analysis for May 12, 2015

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Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,178.75 in a high volume. According to the daily time frame, we can observe supply in a volume below average. The short-term trend is neutral. Our Fibonacci retracement 61.8% at the level of $1,181.00 was held again successful. I am still expecting bullish movement, so my advice is to focus on buying positions. The first resistance level is seen around $1,200.00. According to the 1H time frame, we got selling climax (hidden buying and stoping action). I found corrective downward channel according to 30min time frame and the price broke and re-tested two times that channel, which is a sign of potential bullish movement.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,188.90

R2: 1,192.00

R3: 1,196.00

Support levels:

S1: 1,179.00

S2: 1,176.30

S3: 1,171.50

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities (buy on dips).


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Technical analysis of AUD/USD for May 12, 2015

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Overview:

  • The NZD/USD pair has broken resistance and turned to support since yesterday. Moreover, the pair has already formed strong support at the level of 0.7934 (50% of Fibonacci retracement levels). So, the market indicates a bullish opportunity at the level of 0.7935 with the first target at 0.7975 and continues towards the level of 0.8014. On the other hand, if the trend is able to break this level and close below 0.7930, it will be a downside momentum rather convincing and the structure of the fall does not look corrective, for that the market will indicate the bearish opportunity at the level of 0.7930. It will be a good sign to sell in this area with a target at 0.7900. But it should be borne in mind the stop loss should never exceed your maximum exposure amounts. Thus, it should set the stop loss above 0.8035 because major resistance had been already placed at 0.8014. So, we expect a new range about 163 pips this week.

Observations:

  • Resistance 3: 0.8097
  • Resistance 2: 0.8042
  • Resistance 1: 0.8014
  • Pivot point: 0.7934
  • Support 1: 0.7900
  • Support 2: 0.7859
  • Support 3: 0.7825
  • It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.
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Technical analysis of NZD/USD for May 12, 2015

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Overview:

  • Due to the previous events, the price is still between the levels of 0.7327 and 0.7424. So, it is recommended to be careful when making deals in this area. The AUD/USD pair will probably move between the level of 0.7330 and below resistance at 0.7425; because the resistance has set at the level of 0.7424 and the support is seen at 0.7330. Also, it should be noted that the current price is at 0.7360 now. If the pair fails to close above the level of 0.7425, it will be a good opportunity to sell below 0.7425 with the first target at 0.7380., then it will be a good opportunity to sell below 0.7425 with the first target at 0.7380, then it will be continued bearish towards 0.7327 in order to test the double bottom in the H4 chart. Thus, we expect a range of 95 pips in the coming hours. At the same time, the stop loss should be always taken into account because it should never exceed your maximum exposure amounts. Consequently. The best location to set your stop loss should be placed above the resistance at the level of 0.7540.

Intraday technical levels:

Date:12/05/2015

  • R3: 0.7520
  • R2: 0.7482
  • R1: 0.7409
  • PP: 0.7371
  • S1: 0.7298
  • S2: 0.7260
  • S3: 0.7187
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#USDX wave analysis for May 12, 2015

The Dollar index is pulling back to back test the breakout level. The downward sloping channel was broken upwards and we can see the back test now. The upward move from the last week's lows could be seen as an impulsive upward wave and we are at the corrective pullback now.

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5 waves up are followed by 3 waves down and at least 5 more waves up. So, with the Dollar index already at the 50% retracement, I do not expect this pullback to push the price lower than the 61.8% retracement. I expect an upward reversal from the 61.8% or the 50% retracement levels.

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The weekly chart and wave count is shown above. Bulls need to hold above the kijun-sen (yellow line) and break resistance of 95.20. The next level of resistance is at 97. Bulls need another higher high this week with a higher low in order for a bullish reversal sequence to start.

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Gold technical analysis for May 12, 2015

Gold price has broken below the short-term trend-line support and remains below cloud resistance. The trend remains bearish in all time levels and the trading range is getting tighter every day. This means that we are going to see a new trend soon. I believe that the bearish scenario has more chances of success.

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Red line = resistance

Blue line = support

The short-term 4-hour chart shows that the price has broken the blue trend-line support and is back-testing it now. The price remains below the red trend-line resistance and the cloud resistance at $1,190-$1,200. Support is found at $1,180-78.

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The weekly chart remains bearish in the long term as price remains below the cloud resistance and below the kijun-sen. Support by the tenkan-sen (red line) at $1,180 is important.

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Technical analysis of EUR/JPY for May 12, 2015

Technical outlook and chart setups:

The EUR/JPY pair has retraced a bit on the higher side around the levels of 134.30/40. The pair is expected to face resistance and turn lower again towards at least 133.00 and 132.00 as the initial downside targets. It is recommended to remain short for now with risk at 136.00. Immediate support is seen at the level of 133.00 followed by 132.00, 131.50, 129.00, and lower, while resistance is seen at 135.00 followed by 136.00 and higher respectively. The pair is likely to begin its 3 wave corrective fall, which could be completed around 129.00/130.00.

Trading recommendations:

Remain short, stop at 136.00, a target is open.

Good luck!


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Technical analysis of GBP/CHF for May 12, 2015

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading lower around the level of 1.4505 again after printing highs at 1.4588 and taking stops out. Please note that the pair is reversing from the fibonacci 0.786 resistance levels and the resistance trend-line is passing through the same region. Hence it is still recommended to initiate short positions again with risk around the level of 1.4620. Immediate support is seen at 1.4320 followed by 1.4150, 1.4000, and lower respectively, while resistance is seen at 1.4700 levels followed by 1.4800, 1.490,0 and higher respectively.

Trading recommendations:

Initiate short positions, stop at 1.4620, a target is open.

Good luck!


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Technical analysis of Silver for May 12, 2015

Technical outlook and chart setups:

Silver is trading at the level of $16.20/25 now and is preparing to pullback higher again. Please also note that the metal is pulling back from the support line of the recent cone type consolidation, which is encouraging for bulls. Immediate support is seen at $16.00/15.90 followed by $15.60, $15.30, and lower, while resistance is seen at $16.50/70 followed by $17.40/50, $8.40/50, and higher respectively. It is recommended to remain long for now with risk at $15.30. The metal is expected to break higher once it clears resistance at the level of $16.50/70.

Trading recommendations:

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

Good luck!


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Technical analysis of USD/CAD for May 12, 2015

General overview for 12/05/2015 07:50 CET

The market is still trading below the golden trend-line resistance and the trading range is getting narrower. So, the breakout is due soon. The main count still shows a potential for one more wave to the downside to be made ( wave (c) blue), but the alternative count indicates the opposite if the market breaks the supply zone between the levels of 1.2186 and 1.2203.

Support/Resistance:

1.1938 - Swing Low

1.1964 - WS1

1.2043 - Intraday Support

1.2073 - Weekly Pivot

1.2161 - Intraday Resistance

1.2189 - 1.2203 - Supply Zone

1.2206 - WR1

Trading recommendations:

As long as the market is below the golden trend-line resistance, the daytraders should consider opening sell orders with SL above the level of 1.2162 and TP at the level of 1.2043 with a possible extension downward. However, any breakout above the golden trend line will produce an opportunity to open a buy trade with tight SL and TP at the level of 1.2203.

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Technical analysis of Gold for May 12, 2015

Technical outlook and chart setups:

Gold has been trading broadly between $1,200.00 and $1,180.00 over few trading sessions. Furthermore, it is making a decreasing resistance ($1.200.00, $1,194.00) and constant support ($1,180.00) as a kind of consolidation pattern. A break below $1,180.00 couldcause the test of $1,175.00 before rallying further. It is recommended to remain long for now with risk at the level of $1,165.00. Immediate support is seen at $1,168.00 followed by $1,162.00, $1,142.00, and lower, while resistance is seen at $1,200.00 followed by $1,225.00, $1,235.00/40.00, and higher respectively.

Trading recommendations:

Remain long for now, stop at $1,165.00, a target is open.

Good luck!


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Technical analysis of EUR/JPY for May 12, 2015

General overview for 12/05/2015 07:40 CET

As anticipated yesterday, the market went up to test the golden trend line. Now, it is trading at the key intraday level. Any breakout higher would directly expose the intraday resistance at the level of 135.36 and the leading diagonal idea will be invalidated if this level is broken. On the other hand, if the golden trend line provides enough resistance, the price should reverse at the current level, head below the first intraday support at the level of 134.23, and then even lower, down to the level of 133.47. The near-term bias is still bearish and only a sustained breakout above the intraday resistance would be a bias change for this market.

Support/Resistance:

131.47 - WS2

132.73 - WS1

133.09 - Technical Support|Key Level|

133.47 - Intraday Support

134.23 - Intraday Support

134.33 - Weekly Pivot

135.36 - Intraday Resistance

135.56 - WR1

135.97 - Swing High

Trading recommendations:

As long as the market is below the dynamic golden trend-line resistance, the daytraders should consider opening sell orders with SL above the level of 135.00 and TP at the level of 133.09 with a possible extension downward.

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Daily analysis of major pairs for May 12, 2015

EUR/USD: This pair has traded sideways over this week. A breakout would happen soon – either to the downside or to the upside. A movement above the resistance line at 1.1250 would mean a bullish breakout and a break below the support line at 1.1050 would mean a bearish breakout.

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USD/CHF: What can be seen in this market is consolidation to the upside. While the bearish bias is still valid, a movement above the resistance level at 0.9400 would mean the end of the bearish bias and the beginning of a bullish bias, which could take the price towards another resistance level at 0.9500.

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GBP/USD: GBP/USD has moved upwards by 200 pips this week. From the accumulation territory at 1.5400, the price rammed into the distribution territory of 1.5600. This bullish sentiment may continue to push the price further upwards, but any failure of the price to stay above the accumulation territories at 1.5500 and 1.5550 could result in a threat to the existing bias.

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USD/JPY: The outlook on this currency trading instrument remains bullish unless the demand level at 119.00 is breached to the downside. Should the USD gain more stamina, the trading instrument could attain the supply level at 120.50.

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EUR/JPY: This week, the event on the EUR/JPY cross would largely be determined by the strength in EUR itself. Should EUR continue to maintain its stamina, the cross would continue its bullish journey, testing the supply zones at 136.00 and 136.50. Any significant weakness in EUR would cause the cross to plummet, testing the demand zones at 133.00 and 132.50.

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Technical analysis and trading recommendation of USD/JPY for May 12, 2015

The USD has been softening in the recent days. USD is trading higher against JPY. The recent USD rally against JPY, CAD, SGD, and CHF failed the bullish view in the near term. We have been recommending buying with sl 118.00 later moved the TSL at 118.40 now stood at 118.50 100DEMA. The pair managed to close above all the moving averages at all-time intervals. The pair is likely to make a double bottom at 118.30 and changed direction. We expect the pair to aim 120.50, 120.75, and 121.00 in the near term. We expect a daily close above 121.00; bulls will target fresh new highs at 122.00 and 122.60. For an intraday view, we recommend buying above 120.30 with the immediate target at 120.50, later at120.80 and 121.00/121.10. Support is found at 119.90 50Dsma.

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Technical analysis and trading recommendation for GBP/USD for May 12, 2015

The cable enjoyed another stellar move, managed to breach the resistance at 1.5552, the previous swing high. The cable refreshed a new high of 2015. The conservative party won the election and hawkish inflation report is expected. The Committee's latest inflation and output projections will appear in the Inflation Report to be published at 10.30 a.m. on Wednesday 13 May. These factors boost the sentiment on the British pound. The Bank of England's Monetary Policy Committee voted to maintain the interest rate at 0.5% at its meeting on 8 May. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at 375 billion pounds. The minutes of the meeting will be published at 9.30 a.m. on Wednesday 20 May.

Upcoming data: Today, traders eye manufacturing production data on a monthly basis. From July 2014, UK manufacturing data missed expectations except for Nov 2014 and Jan 2015. The April readings met the expectations of 0.4% but remained below the previous 0.6% 2015. We expect figures to remain flat for the March ending, indicating weak manufacturing production in the Q1 2015.

Technical view: The cable halted at 161.8 FE 1.5620, made a high at 1.5613 at yesterday's session. The higher lows and higher highs formation are developing in the four-hour chart. At yesterday's session, we recommended buying above 1.5450 with an intraday target at 1.5550 and positional target at 1.5650. The cable managed to close above 20Wsma after 37 weeks. The 20Wsma is found at 1.5125. The 200Dsma is seen at 1.5650, which is the nearest strong resistance. Support is found at 1.5520 and 1.5500. We recommend intraday fresh buying above 1.5620 with a small target at 1.5640/1.5650. A daily close above 1.5650 will produce another 100 pips on the higher side (like 1.5780). The hourly chart represents a mild negative divergence. The selling pressure is likely to be built up below 1.5498 towards 1.5465, 1.5400, and 1.5360. To strengthen this view, bulls must close above 1.5640. We recommend traders to remain patient for a good dip to buy again; big trades are not available on the higher side at the moment.

Trade: Selling below 1.5495

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Technical analysis and trading recommendation for EUR/USD for May 12, 2015

Greece made € 750 million repayment to the International Monetary Fund. Greece has to reach a reform deal with international creditors by June. Greece debt stands at € 323 billion today. The country owes the eurozone €141.8 billion that is 60% of the debt. European commissioner Pierre Moscovici told reporters that the sides haven't agreed on proposals for Greek pension and labor reform. In Greek finance minister's words, “terribly urgent issue” is a liquidity problem in Greece. Greek exit from the eurozone is likely to influence the economy. According to the Moody's forecast, the euro area is expected to show an average annual increase of 1.5% by 2016.

Today, it's a silent day on the Euro front. At yesterday's session, the euro edged lower against USD. The pair closed below 100Dsma and 100Dema. The strong support base was found between 1.1050 and 1.1030. The long positions in the euro are slowly diminishing. The 20Dsma is found at 1.1000 and 50Dsma 1.08700. Resistance is seen at the levels of 1.1220 100Dsma and 1.1290 100Dema. To regain bulls' strength, they must close above 1.1290 rounded to 1.1300. The price has been consolidating at 1.1133 for last 18 hours. Further weakness likely remains in play consolidating at the lower levels after a big rally signals.

Intraday:Hourly resistance is seen at 1.1175 12hr high, 1.1210 50Dsma, and 1.2135 20dsma in the four-hour chart. Small bullish trade is available above 1.1175 with small targets at 1.1200, 1.1230, and may be even 1.1250. The intraday strong up move will be possible in case the price breaches 1.1250 with a target at 1.1290/1.1300. Bears are recommended to trade below 1.1130 with targets at 1.1100, 1.1070, 1.1050, and 1.1030. Close below 1.1030. We have been recommending selling below 1.1290. Yesterday, we advised selling below 1.1175 again.

Trade: Selling below 1.1130

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Technical analysis and trading recommendation for GB/AUD for May 12, 2015

GBP/AUD

The cross has been making lower lows formation for 8 consecutive months. The cross has been extending gains for 4 consecutive days. The conservative party won and hawkish inflation report is expected. The Committee's latest inflation and output projections will appear in the Inflation Report to be published at 10.30 a.m. on Wednesday 13 May. These factors boost the sentiment on the British pound. At yesterday's session, the cross managed to breach a lower high of 1.9649 and hit a high at 1.9762. But at today's Asian session, the aussie is trading higher against GBP. It is likely to make a double top at 1.9762, in case the price is unable to breach the previous day's high. We recommend fresh buying above 1.9765 with targets at 1.7995, 1.9860, 2.000/2.0022 2.0040, and 2.0110 138.2 FE may be finally 2.0300 168.2FE. Intraday support is found at 1.9649. We recommend intraday selling below 1.9645 with targets at 1.9600 and 1.9525.

Trade: Buying above 1.9765, selling below 1.9645.

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Technical analysis and trading recommendation for EUR/AUD for May 12, 2015

The aussie has been developing divergence moves against the euro and British pound. The commodity currency, AUD, is trading lower against GBP and higher against Euro. The euro turned weaker, traders eye Greece. The uncertainty between Greece and creditors weigh on the euro. The EUR/AUD moved lower from a high of 1.5337. The cross has been developing lower lows and lower highs at all-time intervals. Bulls' last hope lies at 1.3685 50Msma and 200Wsma. In case the price closes below 1.3685, bears can challenge another 300 more pips on the downside 1.3310. The cross is likely to make a double top at 1.4450 on the monthly chart. The nearest support is found at 1.4010 rounded to 1.4000. In the four-hour chart, the cross made a double top at 1.4360. In case the price closes below 1.4000, we can conclude that the near term was capped. The cross is likely to extend the downfall towards 1.3850/1.3820. Mild support is found between 1.3982 and 1.3967.

Intraday view: The nearest support is found at 1.4085. We recommend selling below 1.4080 with an immediate target at 1.4050, 1.4030, and 1.4000. Close below 1.4030/1.4000, a real panic looms towards 1.3970 and 1.3850/1.3820. Intraday resistance is seen at 1.4145 4hr high and 1.4181 34hrsma. Until the price closes below 1.4165, use every spike to sell.

Trade: Sell below 1.4080

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Technical analysis of EUR/USD for May 12, 2015

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When the European market opens, the results of the ECOFIN Meetings are due for release. The US is expected to release economic data on the Federal Budget Balance, JOLTS Job Openings, and NFIB Small Business Index. So amid the reports, EUR/USD will move low to medium volatility during this day.


TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1198.

Strong Resistance:1.1192.

Original Resistance: 1.1181.

Inner Sell Area: 1.1170.

Target Inner Area: 1.1144.

Inner Buy Area: 1.1118.

Original Support: 1.1107.

Strong Support: 1.1096.

Breakout SELL Level: 1.1090.




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 May 12, 2015

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In Asia, Japan will release Leading Indicators and 10-y Bond Auction. The US is expected to release economic data on Federal Budget Balance, JOLTS Job Openings, and NFIB Small Business Index. 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: 120.73.

Resistance. 2: 120.49.

Resistance. 1: 120.26.

Support. 1: 119.97.

Support. 2: 119.74.

Support. 3: 119.50.




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

GBP/USD intraday technical levels and trading recommendations for May 11, 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 towards 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) exposed the next resistance levels at 1.5400 and 1.5450 where extensive bearish pressure was applied.

Persistence below 1.5300 (the lower limit of the H4 channel) enhanced the bearish side of the market towards the levels of 1.5300, 1.5250 and 1.5100.

The price level of 1.5050 remains the most prominent support level to watch for long-term buy entries (corresponds to 50% Fibonacci level and the previous consolidation range's upper limit).

On the other hand, the price zone of 1.5550-1.5580 is now a critical zone to be watched for price action.

Obvious bullish breakout above 1.5550 indicates further bullish movement initially towards 1.5750 (backside of the broken channel) where a valid SELL entry can be taken.

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

USD/CAD intraday technical levels and trading recommendations for May 11, 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. That is why 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.

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.

Daily fixation below 1.2300 cleared the way for the USD/CAD pair towards the levels of 1.2000 and 1.1940 (projection target of the recent range breakout and the depicted weekly uptrend).

That is why we expected these price levels to provide significant signs of bullish price action.

On the other hand, the price zone of 1.2330-1.2350 remains a significant intraday resistance zone at further retesting. This zone is likely to offer a low-risk sell entry while retesting.

Trading recommendations:

Risky traders could have taken a buy entry anywhere around the price level of 1.1950. T/P is projected at 1.2100, 1.2270 and 1.2320 as long as USD/CAD bulls keep defending the recent low (1.1940).

On the other hand, conservative traders should wait for a bullish pullback towards the price zone of 1.2300-1.2340 for a low-risk sell entry. T/P levels should be placed at 1.2220, 1.2100, and 1.1950 while S/L should be placed above 1.2250.

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

EUR/NZD : analysis for May 11, 2015

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Overview:

Recently, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5185 in a high volume. The short-term trend is bullish. Our target at 1.5155 (Fibonacci retracement 50%) has been reached and we can observe a completed bearish corrective phase in the background. According to the daily time frame, we can observe supply in a volume just above average in the background. Our target is at the price of 1.5450. Watch for potential buying opportunities on the dips (after bearish correction).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5100

R2: 1.5150

R3: 1.5230

Support levels:

S1: 1.4950

S2: 1.4900

S3: 1.4826

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

Intraday technical levels and trading recommendations for EUR/USD for May 11, 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 1,500 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. However, April's monthly candlestick came as a bullish engulfing candle as depicted on the chart.

This probably hinders further bearish decline for some time. On the other hand, it enhances a bullish corrective movement towards 1.1500 and 1.1600 if a daily closure persists above the level of 1.1250.

In the long term, bearish breakdown of the monthly demand level of 1.0550 should not be excluded as the long-term breakout target 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 allowed the market to fall dramatically shortly afterwards.

After such a long bearish rally (which started around the levels of 1.1300), bullish rejection was expressed at 1.0570 (monthly demand level).

The price zone between 1.1050 and 1.1150 failed to neutralize the ongoing bullish momentum.

Moreover, a bullish continuation pattern with an ascending bottom was previously established around the level of 1.0650.

This applied a strong bullish pressure over the prominent supply levels at 1.1150 and 1.1240. Thus, bears failed to pause the ongoing bullish momentum of the EUR/USD pair.

The current daily candlestick closure should be monitored for further price analysis.

Daily persistence above price levels of 1.1150 and 1.1250 enhances the bullish side of the market. This exposes the nearest daily supply level at 1.1500 for a quick retesting.

On the other hand, failure to persist above 1.1150 indicates further sideway movement without significant bullish momentum.

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