GBP/USD intraday technical levels and trading recommendations for May 22, 2015

gbppusdda.png

Overview:

On March 2, a 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.

As anticipated, the daily closure above 1.5060 (50% Fibonacci level) exposed the next resistance levels at 1.5400 and 1.5450 where extensive bearish pressure was previously applied.

This enhanced the bearish side of the market towards the levels of 1.5300, 1.5250, and 1.5100 where the most recent bullish swing was initiated on May 5.

On the other hand, the price zone of 1.5750-1.5800 (critical resistance zone) offered a valid sell entry by the end of the last trading week. Final bearish target at 1.5450 was reached on Wednesday.

Intraday Support-1 (price zone of 1.5400-1.5450) is the most prominent support level to be watched for BUY entries. Initial bullish targets are located at 1.5650 then 1.5750 where further price analysis should be considered.

On the other hand, daily closure below 1.5450 (previous weekly bottom) invalidates this bullish scenario exposing the price levels around 1.5300 and 1.5150 to be visited shortly after.

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

USD/CAD intraday technical levels and trading recommendations for May 22, 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. That is why the price 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 bullish SUPPORT. Bullish pullback is currently taking place.

The price zone of 1.2330-1.2350 remains significant intraday RESISTANCE to be watched at further retesting. This price zone will probably offer a low-risk sell entry.

Trading recommendations:

Risky traders could have taken a suggested buy entry anywhere around 1.1950. S/L should be advanced to 1.2100 to secure some profits. T/P levels are projected at 1.2100, 1.2270, and 1.2320.

Conservative traders can wait for bullish pullback towards 1.2300-1.2340 for a low-risk sell entry. S/L should be placed above 1.2400.

T/P levels should be placed at 1.2220, 1.2100 and 1.1950.

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

Technical analysis of AUD/USD for May 22, 2015

audusdh4.png

Overview:

  • Resistance of AUD/USD pair has set at the level of 0.7993 and the support will set at the level of 0.7846. But a double bottom will be set at 0.7815. According to the previous events, the AUD/USD pair is going to move between the resistance (0.7993) and the support (0.7846). We expect a range about 75 pips at least. If the trend fails to close below the level of 0.7847 (50% of Fibonacci retracement levels), it will be a good opportunity to buy above 0.7850 with the first target at 0.7920. From this point, the pair will continue moving towards the level of 0.7970 to test the strong resistance on May 22, 2015. The stop loss should always be taken in account because it should never exceed your maximum exposure amounts. Hence, the best location to set your stop loss should be placed below the level of 0.7815.

Observations:

  • The resistances will set at the levels of 0.7920 and 0.7975.
  • The Risk of 50 pips must make a profit of 75 pips.
  • The value of 50% Fibonacci retracement levels has set at 0.7847 (above this level is confirming for a bullish market).
  • The volatility: 257.61. As a rule, the market is highly volatile if the previous day had a huge volatility.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of NZD/USD for May 22, 2015

nzdusdh4.png

Overview:

  • The NZD/USD pair is going to continue rising from the support level at 0.7335 in the short term. It should be noted that 00% of Fibonacci retracement levels and the point of 0.7281 are representing a double bottom in the H4 chart. Accordingly, the trend is showing signs of strength following the break of the highest level of 0.7335. So, it will be a good sign to buy above the level of 0.7335 with the first target at 0.7389 and to 0.7456 further. The level of 0.7456 will act as strong resistance. It is going to be a good place to take profit. Also, the level of taking profit will coincide with 23.6% of Fibonacci retracement levels and 38.2% respectively. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.7330, the market will be led to a further decline to 0.7281.

Intraday technical levels:

Date: 22/05/2015

Pair: NZD/USD

  • R3: 0.7431
  • R2: 0.7392
  • R1: 0.7370
  • PP: 0.7331
  • S1: 0.7309
  • S2: 0.7270
  • S3: 0.7248
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for May 22, 2015

USDJPYM30.png

Fundamental Overview:
USD/JPY is expected to consolidate with risks skewed lower as markets await Bank of Japan's decision on its monetary policy. USD/JPY is undermined by weaker dollar sentiment (ICE spot dollar index last 95.39 versus 95.59 early Thursday) after unexpected 3.3% fall in US April existing home sales (versus forecast for 1.0% increase), surprise decline in the Philadelphia Fed business index to 6.7 in May from 7.5 in April (versus forecast for rise to 8.3), a drop in the Kansas City Fed manufacturing activity index to -13 in May from -7 in April (versus forecast for rise to -5), an unexpected drop in Markit flash US manufacturing PMI to 53.8 in May from 54.1 in April (versus forecast for rise to 54.6), and more-than-expected 274,000 U.S. jobless claims in week ended on May 16 (versus forecast 271,000). USD/JPY is also weighed by lower US Treasury yields (10-year fell to 2.195% from 2.250%) and Japan's exports. But USD/JPY losses are tempered by the demand from Japan importers, reduced safe-haven appeal of the yen amid positive risk sentiment (VIX fear gauge eased 5.98% to 12.11; S&P 500 finished up 0.23% at record closing high 2,130.82 overnight) based on expectations that the Federal Reserve would hold back from the interest rate hike next month and positions adjustment ahead of the US long weekend (financial markets in U.S. are shut Monday for public holiday).

Technical comment:
The daily chart is mixed as the MACD is bullish, 5 and 15-day moving averages are advancing but stochastics is turning bearish at overbought levels, inside-day-range pattern was completed on Thursday.

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 120.30. A break of that target will move the pair further downwards to 120. The pivot point stands at 121.15. 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 121.50 and the second target at 122.

Resistance levels:
121.50
122
122.45

Support levels:
120.30
120.10
119.75

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

Technical analysis of GBP/CHF for May 22, 2015

Technical outlook and chart setups:

The GBP/CHF pair has broken above resistance at 1.4600 and bulls are targeting 1.4700/10 for now. The pair would then turn into bullish zone and buying on dips would be recommended. It is safe to remain flat for now and let the resistance at 1.4700/10 be taken out before planning aggressive short positions. Immediate support is seen at 1.4600 (resistance turned support) followed by 1.4500, 1.4350, and lower. Resistance is seen at 1.4700 and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!


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

Technical analysis of USD/CHF for May 22, 2015

USDCHFM30.png

Fundamental overview:
USD/CHF is expected to trade in a lower range. It is underpinned by the franc sales on cross trades versus major currencies, negative Swiss interest rates, and the threat of the Swiss National Bank CHF-selling intervention. Thursday, SNB's Danthine said that negative rates are necessary to establish a "differential" to the low interest rates in the world's major economies, thus curb demand for the franc and that the Swiss franc is currently overvalued. But USD/CHF gains are tempered by the weaker dollar sentiment and positions adjustment ahead of the US long weekend.

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

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 0.9260. A break of that target will move the pair further downwards to 0.9215. The pivot point stands at 0.9410. 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 0.9450 and the second target at 0.95.

Resistance levels:
0.9410
0.9450
0.95
Support levels:
0.9260
0.9215
0.9175

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

Technical analysis of NZD/USD for May 22, 2015

NZDUSDM30.png

Fundamental overview:
NZD/USD is expected to trade in a higher range. It is underpinned by weaker dollar sentiment, improved investor risk appetite, kiwi demand on soft AUD/NZD cross, and NZD-USD interest differential. But NZD/USD gains are tempered by the expectations that the RBNZ would cut its interest rates in coming months, soft dairy prices, and positions adjustment ahead of the US long weekend.

Technical comment:
The daily chart is mixed as the MACD is bearish, 5 and 15-day moving averages are falling but stochastics is turning bullish at oversold levels.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.7410 and the second target at 0.7450. In the alternative scenario, short positions are recommended with the first target at 0.7280 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7230. The pivot point is at 0.7325.

Resistance levels:
0.7410
0.7450
0.75

Support levels:
0.7280
0.7230
0.72

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

Technical analysis of GBP/JPY for May 22, 2015

GBPJPYM30.png

Fundamental outlook:
GBP/JPY is expected to trade in a higher range. Sterling sentiment is boosted by the stronger-than-expected +1.2% on-month, +4.7% on-year increase in UK April's retail sales (versus forecast +0.4% on-month, +3.7% on-year). It is undermined by weaker USD/JPY undertone and Japan's exports. But GBP/JPY losses are tempered by the improved investor risk appetite, demand from Japan importers, and positions adjustment ahead of the weekend.

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

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 190.60 and the second target at 191.20. In the alternative scenario, short positions are recommended with the first target at 187.90 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 187.06. The pivot point is at 188.60.

Resistance levels:
190.60
191.20
191.85

Support levels:
187.90
187.06
186.35

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

Technical analysis of EUR/JPY for May 31, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading at the level of 134.72 now. But it still needs to clear the level of 135.35 for further development towards higher levels. The pair is expected to face resistance at 136.00/50 and bears are expected to remain under control until prices remain below the level of 137.00 broadly. It is hence recommended to remain short for now and to sell on intraday rallies. Immediate support is seen at 133.00 followed by 131.50, 129.00, 128.00, and lower. Resistance is seen at 136.00/50 followed by 137.00 and higher respectively.

Trading recommendations:

Remain short for now, stop at 137.00, a target is open.

Good luck!


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

Technical analysis of Silver for May 22, 2015

Technical outlook and chart setups:

Silver has bounced off the fibonacci 0.382 support around $16.90 earlier and is seen to be trading at $17.20 at the moment. The metal is poised to stage a rally through at least $17.50/60 before reversing lower. It could complete at the level $16.40/50 before resuming its rally. It is recommended to remain long for now with risk at $16.80. Immediate support is seen at $16.90 (interim) followed by $ 16.20, $15.80, and lower. Resistance is seen at $17.70 followed by $18.40/50 and higher respectively.

Trading recommendations:

Remain long for now, stop at $16.80, a target $17.50/60.

Good luck!


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

Technical analysis of Gold for May 22, 2015

Technical outlook and chart setups:

Gold is seen to be trading at $1,208.00 at the moment after pulling back from $1,202.00 earlier. The metal has tested lows twice, and it is expected to rally at least through $1,221.00. Immediate short-term target is seen at $1,213.00. It is hence recommended to hold long positions with risk around $1,200.00. Immediate support is seen at $1,200.00 (interim) followed by $1,180.00, $1,162.00, and lower. Resistance is seen at $1,230.00 followed by $1,235.00/40.00 and higher respectively.

Trading recommendations:

Remain long for now, stop at $1,200.00, a target at $1,221.00.

Good luck!


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

Technical analysis of EUR/JPY for May 22, 2015

General overview for 22/05/2015 07:30 CET

The count had been slightly changed to incorporate a sooner-than-expected wave (i) green termination and to label the latest upward rally as a three wave corrective structure. Please notice that as long as the red line at the level of 133.09 is not clearly violated, there is still a possibility that the last wave up is only a part of a larger corrective structure. This would mean, the dynamic support provided by the golden trendline might be violated to make wave b green. However, the market can go up again to complete the wave c of the overall larger corrective structure. As long as no new swing high is made above the level of 136.95, the bias is bearish and new lows are expected on this market.

Support/Resistance:

133.09 - Key Level

133.45 - Technical Support

133.90 - Intraday Support

134.40 - Golden Trend Line Dynamic Support

134.87 - WS1

135.29 - Intraday Resistance

135.85 - Weekly Pivot

Trading recommendations:

As long as the level of 135.29 is providing resistance, daytraders should consider opening sell orders from the current levels with SL just above the level of 135.31 and TP at the level of 133.90, with a possible extension lower down to the level of 133.45 and beyond.

eurjpy_h1.jpg

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

Technical analysis of USD/CAD for May 22, 2015

General overview for 22/05/2015 07:10 CET

The corrective cycle is developing as anticipated at the beginning of the week, but the overall bias is still bullish as there are unfinished impulsive waves to the upside. Please notice that the main count indicates a possible triangle pattern in wave 4 blue that looks completed. That would mean any breakout higher above the green trendline will be considered as a bullish impulsive continuation to the upside with new highs in view. On the other hand, any breakout below the intraday support at the level of 1.2167 will favor alternate count that is now a part of uncompleted irregular flat corrective cycle. The target for that corrective pattern lies at the level of 1.2127.

Support/Resistance:

1.2066 - Invalidation Level

1.2127 - WR1

1.2167 - Intraday Support

1.2256 - Intraday Resistance

Trading recommendations:

As long as the level of 1.2167 is providing the support, daytraders should, consider opening buy orders from the current levels with SL just below the level of 1.2166 and TP at the level of 1.2235, with a possible extension higher up to the level of 1.2256 and beyond.

usdcad_h1.jpg

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

Daily analysis of major pairs for May 22, 2015

EUR/USD: Since the bias on this pair has turned bearish, the price has been caught in an equilibrium phase. It would be assumed that a break below the support line at 1.1000 would further strengthen the existing bearish bias; whereas a break above the resistance line at 1.1250 would put bulls in a defensive position.

1.png

USD/CHF: Since a sell signal was formed on this currency trading instrument, the price has been moving sideways. There could be a significant breakout either to the upside or to the downside soon. A breakout to the upside is more likely.

2.png

GBP/USD: The сable has shot skywards again, settling just above the accumulation territory at 1.5650. This bullish price action has saved the recent bullish bias from being rendered invalid by bears. A movement above the distribution territory at 1.5750 would really emphasize the strength of bulls.

3.png

USD/JPY: There is still a valid Bullish Confirmation Pattern seen on the USD/JPY chart. The price is above the EMA 56 and the RSI period 14 is above the level of 50. The next target for bulls is located at the supply level of 121.50, and along the way, bearish corrections would be shallow and transient.

4.png

EUR/JPY: This cross is also caught in an equilibrium phase, which would inevitable be followed by a breakout. Again, the fate of the euro would determine whether the expected breakout would be to the upside or to the downside. The current bias is bearish.

5.png

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

Technical analysis of USD/CAD for May 22, 2015

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS: In the week ended on May 16, the advance figure for seasonally adjusted initial claims was 274,000, 10,000 up from the previous week's unrevised level of 264,000.

US Manufacturing PMI eases to a 16-month low in May. US manufacturing output growth weakened for the second month in May. It was the slowest since January 2014. The seasonally adjusted Markit Flash US Manufacturing Purchasing Managers' Index fell from 54.1 in April reflecting the weakest improvement in overall business conditions since the start of 2014.

USD/CAD

The pair probably made a double top at 1.2256 and changed the direction. The pair has been consolidating at 100Dema for 2 days. The parallel support is found at 1.2169. The selling will emerge below 1.2169 towards 1.2130 and 1.2090. Bulls' real problem is likely to ignite below 1.2080 towards the previous low. Today, we expect 1.2130 and 1.2100. CAD is trading higher against USD ahead of Canada Core CPI m/m, CPI, and Core retail sales m/m. We expect the Canadian economy to continue following the positive trend. Strong resistance zone is seen at 1.2350. A daily close above 1.2350 leads to a fresh new high. On the downside, the pair formed a minor base between 1.1940 and 1.1900 and strong support is found at 1.1885 and 1.1795. On a weekly basis, the pair managed to gain 200 pips. After 5 consecutive weeks of losses, bulls managed to cover some loses this week. Our buy-on-dip bullish view is likely to remain in play with sl 1.2090. For today's trade, bears should sell below 1.2160 with targets at 1.2130 and 1.2100 following the trend. On the higher side, we recommend buying above 1.2200 with targets at 1.2240/50 initially, and 1.2300 and 1.2325 later. The pair gave an upside break from the month old descending trendline. The real strength for bulls is seen above 1.2310, trend-changing level is at 1.2350.

USDCADH4.png

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

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

2015-05-22-EURNZD-4H.png

Technical summary:

Wave ii of c became much stronger than we had expected and pierced the 61.8% corrective target at 1.5272 with a high at 1.5288. However, the rally in wave ii was followed by a break below a low of wave i at 1.5076 confirming wave iii lower to 1.4941 and later the ideal downside target at 1.4725.

In the short term, we are looking for resistance near 1.5134 for the next part of a decline towards 1.4941 on the way lower to the ideal downside target at 1.4725 to end wave c of the expanding flat correction.

Trading recommendation:

Our stop is at 1.5255 and we will stand aside for now.

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

Elliott wave analysis of EUR/JPY for May 24 - 2015

2015-05-22-EURJPY-4H.png

Technical summary:

Wave b (ii) ended yesterday with the test of 135.35 and now we should see wave c of (ii) moving lower towards the target zone of 132.79 - 133.08 before a new impulsive rally above 136.96 should be considered.

In the short term, we will see a break below support at 134.20 as a confirmation that wave b is over and wave c lower has taken over. As long as support at 134.20 protects the downside, another zig-zag combination higher to 135.80 is an option that can not be excluded. A break above minor resistance at 134.83 will raise odds for another zig-zag combination unfolding in wave b.

Trading recommendation:

Our stop at 134.88 was hit for a nice little profit. We will only EUR sell again if another zig-zag combination is unfolding. Otherwise, we will stay neutral.

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

#USDX technical analysis for May 22, 2015

The US dollar index is pulling back down towards the short-term support of the 38% retracement. The USD index is making a corrective pullback against the new uptrend that started at 93.10. I expect the uptrend to resume after this pullback is completed around 94.80. New highs above 95.85 will confirm the end of the correction and the start of a new upward move.

usdx.jpg

The US dollar index has broken above the Ichimoku cloud resistance and made an impulsive upward move to 95.85 from 93.10. The index is now making a pullback and I expect the 38% retracement to hold this decline and become the level where a reversal to the upside starts. If the 38% retracement is broken, the next support will be the 61.8% retracement.

usdxd.jpg

Despite the pullback, the weekly chart shows important signs of a possible reversal as the price is above the kijun-sen. The weekly pullback almost reached the 38% retracement so the bullish scenario of a new upward move is very possible. As long as the price is above 93.10, I expect at least one more higher high above 95.85. Breaking below 93.10 will be a bearish signal that will bring the index at least towards 92.30.

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

Gold technical analysis for May 22, 2015

Gold price has held above the short-term support of $1,200 and is now bouncing above $1,210. The short-term resistance at $1,217-20 will be decisive. However, the weekly chart remains to be trapped between the kijun- and tenknan-sen indicators while the Ichimoku cloud remains above the current price.

goldh4.jpg

Gold price is trying to break above the cloud resistance and above the yellow line kijun-sen indicator. The bounce from the lower cloud boundary confirms the short-term reversal. This increases chances of an upward move towards $1,250.

goldd.jpg

Weekly chart remains bearish as the price remains below the cloud resistance and below the kijun-sen indicator. Gold price is trapped between the kijun-sen and the tenkan-sen. The price bounced strongly after reaching the tenkan-sen support level so now we look forward to see whether the important resistance at $1,230 finally breaks for a move towards $1,250.

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

Technical analysis of EUR/JPY for May 22, 2015

The cross has probably made a double top at 136.91 and thew nearest resistance is seen at 137.10 100Wsma. The cross erased most of the recent gains this week. The cross made a low at 133.91 and the nearest support is found at 133.90 100Wema. In cese of a weekly close above 137.30, bulls are likely to aim at 137.60 and 141.00 and 141.80 later. It is too early to expect bulls to close above 137.30. 200Dsma is found at 137.15, 100Wsma is seen at 137.10 and 50Wsma is seen at 137.30. Strong resistance rejected the cross to the lower levels. In case bears manage to close below 133.90 today, they will aim at 133.10 and 132.70 next week. The real panic will be trigger below 131.15 towards 130.15 and 129.75. Intraday support is found at 134.30 and 133.91. Intraday resistance is seen at a high of 134.67 made at the Asian session. For intraday, we recommend buying above 134.70 with a target at 135.15 immediately, later 136.00. On the down side, we recommend selling below 133.90 with targets at 133.50 and 133.10.

EURJPYH4.png

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

Technical analysis of Gold for May 22, 2015

The yellow metal rejected at $1,232.00 100Wema and lost $31.00 by now. The metal has been hovering at $1,200.00 after the mixed US data. The USD has been moving higher from the recent low. It gained renewed strength after the US housing data release. Wednesday's FOMC meeting showed that the reulator is not going to raise its interest rate in June. We hope for September or the end of 2015. The metal is trading below 20Wsma $1,212.50. On a weekly basis, the metal made a double top at $1,223.80. A weekly close above $1,233.00 is likely to ignite afresh rally towards $1,250.00 immediately. In the daily chart, gold managed to hold above 20Dsma. Support is found at $1,200.00 and $1,195.00 50Dsma. Intraday resistance is seen at $1,214.50. Until the metal closes below $1,214.50, bears are unlikely to try to aim at $1,195.00 and $1,185.00.

Support: $1,203.00, $1,199.00, $1,195.00

Resistance: $1,210.50, $1,214.50, $1,216.50

The real panic will be triggered below $1,199.00 at the intraday session. Buying momentum is seen above $1,211.00. Within the intraday session, the metal can stretch max to $1,215.00 and $1,218.00 in the extreme case. Whereas, 20Wsma is found at $1,213.00, bulls will try to close above this level. In case the metal closes above $1,213.50 on Monday, opening may be seen around $1,217.00. On the downside, in case the metal closes below $1,195.00, bears can aim at $1,185.00,$1,178.00, $1,173.00, and $1,166.00. We have been repeatedly advising $1,165.00 as the key level for further down fall towards new lows. In the hourly chart, positive divergence has been developing.

GOLDH1.png

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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

Technical analysis of EUR/USD for May 22, 2015

!EURUSD.jpg

When the European market opens, economic data one ECB President Draghi's speech, Italian Retail Sales m/m, German Ifo Business Climate, and German Final GDP q/q are on due. The US will release data on the Core CPI m/m and CPI m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1163.

Strong Resistance:1.1157.

Original Resistance: 1.1146.

Inner Sell Area: 1.1135.

Target Inner Area: 1.1109.

Inner Buy Area: 1.1083.

Original Support: 1.1072.

Strong Support: 1.1061.

Breakout SELL Level: 1.1055.


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 22, 2015

!USDJPY.jpg

In Asia, Japan will release BOJ Governor Kuroda's speech, the minutes of the BOJ Press Conference, and Monetary Policy Statement. The US will release economic data on the Core CPI m/m and CPI m/m. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.54.

Resistance. 2: 121.30.

Resistance. 1: 121.06.

Support. 1: 120.78.

Support. 2: 120.56.

Support. 3: 120.30.

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 GBP/USD for May 22, 2015

Today traders eye on the BoE Carney's speech. We expect him to touch inflation and unemployment sectors, which are very sensible.

Technical view: The cable changed the direction from 1.5446 extending gains for the second day as well. At yesterday's session, the cable managed to close above 200D&ema. At all time frames, the cable favors buying. Support is found at 1.5590 and 1.5550. Until the pair closes above 1.5550, use dips to buy. At yesterday's session, we recommended buying above 1.5600 with targets at 1.5700. The cable made a high at 1.5700. Weekly resistance is seen at 1.5840. The fresh new bullish leg will be available in case the price closes above 1.5840. The trend-deciding level is found at 1.5155. The cable managed to hold the ascending trendline from a low of 1.4566. But the euro fell against USD below that. Traders are willing to buy the pound on dips against the euro. Intraday support is found at 1.5655. The bullish trade is available with sl 1.5645 with targets at 1.5700, 1.5720, and 1.5750 cmp 1.5670. Safe buying is advised above 1.5710. For bears, selling emerges below 1.5640 aiming at 1.5600, 1.5580, and 1.5525. Intraday panic will be ignited only below 1.5580.

GBPUSDH4.png

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com


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

Technical analysis of EUR/USD for May 22, 2015

France has been providing better-than-expected data compared to German reports for a while. The same repeated at yesterday's session.

French: Flash France Manufacturing Output Index rose to a 4-month high of 48.3 (46.6 in April),

Flash France Manufacturing PMI climbed to a 12-month high of 49.3 (48.0 in April). Flash France PMI data signaled a rise in private sector output for the fourth consecutive month in May. It increased to 51.0 from 50.6 in April.

Germany:Flash Germany Manufacturing PMI is at 51.4 (52.1 in April), which is a 3-month low. Flash Germany Manufacturing Output Index came to 52.7 (54.3 in April), a 3-month low. May data signaled further slowing in private sector output growth rate in Germany. Despite signaling an expansion, the rate of growth was the weakest in 2015 so far.

Eurozone: Flash Eurozone Services PMI Activity Index is at a 4-month low of 53.3 (54.1 in April).

Flash Eurozone Manufacturing PMI came to 52.3 (52.0 in April), a 13-month high. Flash Eurozone Manufacturing PMI Output Index was printed at 53.5 (53.4 in April), which is a 2-month high. The eurozone economy lost growth momentum for a second successive month in May, according to the latest PMI survey data.

Today, traders eye ECB President Draghi's speech. We expect the President to touch inflation and unemployment sectors, which are very sensible.

Technical view: Ahead of Draghi's speech, the euro is trading at 1.1110 compared to 1.1112. At yesterday's session, the pair paused a 3-day losing streak and managed to close with mild gains. The pair closed below 100Dema and 20Dsma. The weekly 20Dsma is found at 1.1125. On a weekly basis, the pair made a double top at 1.1467. The pair is trading near the support zone of 1.1050, bulls' last hope is found at 1.0950 50Dsma. A daily close below 1.1050 is likely to cancel the recent uptrend. We have been repeatedly advising book profit at 1.1450. On a monthly basis, the pair lost its gains, trading in losses. The parallel support is found at 1.1067 and 1.1050. Intraday resistance is seen at 1.1181 and support is at 1.1090 and 1.1060. In the hourly chart, higher lows formation shifted to lower highs favoring bears. This view will be erased in case the price breaches the 1.1181. Bulls have an opportunity to trade above 1.1185 like at 1.1230 and 1.1250. Selling opportunity are available for bears below 1.1050 with small targets at 1.1035, 1.1000, and 1.0950/1.0935 initially, later it can extend towards 1.0780. Bulls must close above 1.1181 to cancel the view of 1.0780. Bears must close below 1.1030. The real panic appears in case the price falls below 1.1030. At yesterday's session, the pair rejected at the broken ascending trendline from the lows. The pair broke the 2-week ascending trendline. One trendline moved from a low of 1.1067 to 1.1467 and the other from a low of 1.0521.

Trade: Buying above 1.1185

EURUSDH4.png

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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

EUR/NZD long-term trend still down

Clearly EUR/NZD established a long-term downtrend. Before this, EUR/NZD failed to break above R2 (1.57 area) that would confirm a new higher high. While every new low being lower as well as every new high being lower, bears should be dominating in the mid-term future.

With two different downtrend trendlines applied to the chart, a strong resistance area has come into play. This is R1 level (1.54), which is also a round number and a psychological barrier. Early this week, both trendlines have been rejected suggesting that down trend might continue.

Now, it seems wise to start looking for sell opportunities on pullbacks as the market could be too low to enter the short trade at this point. Target either S2 (1.4820) or S3 (1.4636) support levels.

Support: 1.5039, 1.4819, 1.4636

Resistance: 1.5398, 1.5679

eurnzd-d1-instaforex-group111.png

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