Daily analysis of GBP/JPY for April 29, 2016

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Overview

Yesterday the GBP/JPY price hit the extension of the main support at 156.70, which forms a main obstacle to resuming negative attempts. The price needs to hold this support in order to try to form a new bullish attack that will allow it to breach the moving average and then reach the initial support at 160.50. We should mention that the price attempt to settle below the current support would turn the price to settle within the bearish channel, thus canceling the bullish suggestion of targeting some negative levels by reaching the 155.60 level.

The expected trading range for today is between the 156.70 and the 158.40.

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Daily analysis of USD/JPY for April 29, 2016

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Overview

The USD/JPY pair keeps declining strongly, approaching from our main awaited target at 106.63, which represents 38.2% Fibonacci for the rise measured from 75.55 to 125.84. It is important to monitor the price behavior when reaching the mentioned target because a break of this level represents the key to extend the correctional bearish wave on the mid-term basis to 100.70. Meanwhile, holding against the negative pressure will make the price try to recover and return to the long-term rise.

The expected trading range for today is between the 106.00 support and the 108.00 resistance.

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Daily analysis of EUR/USD for April 29, 2016

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Overview

The EUR/USD pair has opened with bullish bias today approaching from the key resistance that formed a strong obstacle to the price's recent positive attempts at 1.1420. The price needs to breach this resistance to confirm the continuation of the bullish trend on the short-term basis and open the way to target 1.1494 followed by 1.1700 levels. The EMA50 provides positive support to the price, so it is likely to breach the mentioned resistance and achieve more gains in the upcoming period. Holding above 1.1264 represents the key condition for the continuation of the suggested bullish wave.

The expected trading range for today is between the 1.1300 support and the 1.1520 resistance.

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Daily analysis of gold for April 29, 2016

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Overview

Gold price continued its bullish rally yesterday and started today's trading with more positivity to reach the thresholds of the previously recorded top at 1282.92 which represents the first main suggested target in our previous reports. The price is supported by the EMA50, which reinforces the chances of breaching the mentioned level followed by pushing the price towards 1300.00 as the next main target. Therefore, we still suggest that the bullish trend will continue on the intraday and short term basis, noting that breaching 1300.00 level will extend gold price gains to 1344.85. Note that holding above 1227.40 represents the most important condition to achieve the suggested targets.

The expected trading range for today is between 1260.00 support and 1300.00 resistance.

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Daily analysis of silver for April 29, 2016

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Overview

It can be seen on the chart that the silver price succeeded to confirm breaching of the bullish channel's resistance after closing the daily candlestick above it which motivates the price to rally bullishly towards our extended target located at 18.03. Thus, our positive overview is valid for the upcoming period. Importantly, breaching the mentioned level will extend the bullish wave to reach the 18.60 level.

Therefore, we still prefer the bullish scenario on the intraday basis supported by the EMA50, reminding you that holding above 17.08 is important for the continuation of the bullish momentum for today.

The expected trading range for today is between 17.45 support and 18.10 resistance.

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Analysis of EUR/NZD for April 29, 2016

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Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6259 in a high volume. On the 15M time frame chart, I found that strength came on the market. Bearish bar is in a high volume but it is closed in the middle. If there were strong supply, the bar wouldn't close in the middle. Next bars show us that demand is still present and that selling looks risky. On the 4H time frame chart, I found a round bottoming which is another sign of strength. First upward take profit level is set at 1.6380.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6490

R2: 1.6570

R3: 1.6700

Support levels:

S1: 1.6230

S2: 1.6150

S3: 1.6020

Trading recommendation for today: the 15M time frame chart shows that EUR/NZD has strengthened; watch for buying opportunities on the dips.

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Gold analysis for April 29 , 2016

Since our previous analysis, gold has been moving upwards. The price tested the level of $1,280.64 in a high volume. Accorrding to the 15M time frame, I found successful testing of supply today, which is a sign that we may see an upward movement. The intraday trend is upward, so watch for buying opportunities on the dips. The level of $1,274.00 seems like a solid area to build buying positions. The first take profit level is set at the price of $1,280.50.The second take profit level is set around the price of $1,283.55.

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Daily Fibonacci pivot points:

Resistance levels:

R1: 1,270.80

R2: 1,278.25

R3: 1,290.35

Support levels:

S1: 1,246.60

S2: 1,239.00

S3: 1,227.00

Trading recommendations for today: Be careful when selling gold at this stage and watch for potential buying opportunities.

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NZD/USD intraday technical levels and trading recommendations for April 29, 2016

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On January 28, the depicted support at 0.6400 acted as a prominent key level offering a valid buy entry. The 0.6550 level was broken above a few weeks ago.

Bullish persistence above 0.6550 (depicted recent support) was necessary to keep the price moving towards higher bullish targets.

The price zone of 0.6750-0.6840 constituted a significant resistance zone where signs of a bearish rejection were seen during the previous few weeks (triple-top reversal pattern).

On February 9, the NZD/USD pair failed to consolidate below the depicted support level at 0.6550.

Moreover, an obvious bullish recovery was expressed around the depicted temporary support level. Hence, the recent bullish swing towards 0.6750 and 0.6860 was initiated.

In March, an obvious bullish breakout above 0.6750 and 0.6860 was executed. Hence, these price levels now constitute recent support levels to be watched for valid buy entries.

Conservative traders should use a valid buy entry around the 0.6760 mark. It is already running in profits. S/L should be raised to 0.6880 to offset the risk and secure more profits.

This week, bullish persistence above 0.6850 (recent support) is mandatory to maintain enough bullish momentum in the market.

The NZD/USD traders should consider the recent bearish pullback towards 0.6850 as a valid signal to BUY the pair. Bullish targets are to be located at 0.6960, 0.7050, and 0.7150.

On the other hand, daily persistence below the 0.6850 level enhances a quick bearish movement towards 0.6750 where another BUY entry with a better risk/reward ratio can be offered (Low Probability).

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Technical analysis of Dow Jones for April 29, 2016

Technical outlook and chart setups:

The Dow Jones spot closed at 17,830 levels yesterday,lower by almost 200 points. The index seems to have carved out a lower top at 18,000/100 levels on April 27, 2016 and is looking to print lower lows at least for short term. As it can be seen here, the trend line support extending from Feb 2016 has already been broken and the index has also tested its back side around 18,100 levels, before turning lower. The first Fibonacci support level comes in at 17,150/200 levels as depicted here. The index is expected to remain in control of bears till prices stay below 18,170 levels. It is recommended to remain short for now, with risk above 18,100 levels. Immediate resistance is at 18,100 levels, while support is at 17,500 levels.

Trading recommendations:

Remain short for now, stop is at 18,100 levels, target is 17,200.

Good luck!

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USD/CAD intraday technical levels and trading recommendations for April 29, 2016

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A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart).

A significant bearish rejection was observed around 1.3450. Hence another consolidation range was established from 1.3450 down to 1.2800.

On December 7, a bullish breakout above 1.3450 (the upper limit of the recent consolidation range) enhanced the bullish side of the market. Hence a bullish visit to the resistance at 1.4120 (Fibonacci Expansion 100%) occurred.

Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4650 (141.4% Fibonacci expansion) where an evident bearish rejection was expected (a bearish engulfing weekly candlestick).

The 1.4120 level (Fibonacci Expansion 100%) stood as a significant resistance level where a significant bearish rejection was applied.

Although the area of 1.3050-1.3250 was expected to offer bullish support for the USD/CAD pair, the same price zone was broken below as depicted on the daily chart.

The 1.3300 level stands as a significant resistance as it corresponds to the 50% Fibonacci level and the backside of the broken weekly uptrend where a valid sell entry was suggested on March 24.

Since March 18, the USD/CAD pair was trapped within the consolidation range between 1.3300 and 1.2970 until a bearish breakout took place on April 11.

Traders who missed the initial entry around 1.3300 were instructed to consider the recent pullback towards 1.2975 (61.8% Fibonacci level) as a valid signal to sell the USD/CAD pair. This trade is currently running in profits.

The USD/CAD pair should keep trading below 1.2800 and 1.2650 (recent support levels) in order to reach the next support level located at 1.2400 where price action should be watched for a possible bullish pullback.

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Intraday technical levels and trading recommendations for GBP/USD for April 29, 2016

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Since January 2016, bullish persistence above 1.4500 was mandatory to maintain enough bullish strength in the market.

However, as the previous weekly candlesticks maintained their bearish persistence below the depicted weekly supply zone (below 1.4470), the next demand level located at 1.3845 (historical bottom that goes back to March 2009) provided a significant bullish rejection on February 26.

As expected, an evident bullish recovery and a bullish engulfing weekly candlestick were expressed around 1.3845 (a prominent weekly demand level) where a significant bullish swing was initiated on March 1.

Recently, the price zone of 1.4475-1.4670 has been a significant supply zone during the past few weeks.

This week, the depicted downtrend line comes around the same price zone.

That is why, a bearish rejection should be expected again around the upper limit of it (1.4650-1.4670 levels).

The nearest destination for the GBP/USD pair would be located at 1.3845.

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A lower high was recently achieved around the level of 1.4530. This applied extensive bearish pressure against the price level of 1.4470.

The GBP/USD pair looked oversold when the previous bearish decline extended below 1.4040 (temporary support).

That is why signs of a bullish recovery and a profitable long entry were suggested around 1.3845. A recent bullish swing was expressed towards the price levels around 1.4470.

The price zone of 1.4470-1.4670 constituted a significant supply zone where the depicted Head and Shoulders reversal pattern was expressed.

On April 7, the market failed to push below the price level of 1.4050. Hence a bullish movement was executed again towards the price levels of 1.4470 and recently 1.4670.

This week, daily persistence below 1.4470 will be needed to enhance further bearish decline towards 1.4380 and 1.4170.

Otherwise, the GBP/USD pair will extend up to the price level of 1.4680 (61.8% Fibonacci level) where the depicted downtrend comes to meet the pair as well. This is where a significant bearish rejection should be expected.

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Intraday technical levels and trading recommendations for EUR/USD for April 29, 2016

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In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 and 1.2000 where historical bottoms had been previously set in July 2012 and June 2010. Hence, a long-term bearish target is projected towards 0.9450.

In March 2015, the EUR/USD bears challenged the monthly demand level of 1.0570, which had been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level.

April's monthly candlestick came as a bullish engulfing one. However, the next monthly candlesticks (September, October, and November) reflected a strong bearish rejection in the area around 1.1400.

December's candlestick came as a bullish engulfing one, allowing the previous bullish swing to take place towards 1.1390.

In February, the depicted price levels around 1.1350-1.1400 acted as a significant supply zone during the previous bullish pullback.

Hence, another bearish rejection should be expected around the mentioned price zone. If not, further bullish movement towards 1.1700 should be expected.

In the long-term prospect, the level of 0.9450 will remain a projected bearish target if a monthly candlestick comes to close below the depicted monthly demand level of 1.0570.

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In November 2015, daily persistence below the level of 1.0800 (prominent key level) ensured enough bearish momentum towards 1.0550 (monthly demand level) where the most recent bullish swing was initiated.

A few weeks ago, a consolidation range between 1.1000 and 1.0800 was established on the daily chart. On February 3, a bullish breakout was executed above this consolidation range.

Consequently, a quick bullish movement started towards the zone of 1.1350-1.1400 where the previous daily bottoms and the backside of the broken uptrend were depicted on the daily chart.

On February 12, a strong bearish engulfing daily candlestick was expressed near the mentioned supply zone. Hence, a quick bearish decline towards 1.1000 was executed.

A temporary bearish breakdown below 1.1000 (the upper limit of the broken consolidation range) was seen on the daily chart. A quick bearish decline was expected towards 1.0820 where the most recent bullish swing was initiated.

On March 10, a bullish fixation above 1.1000 was mandatory to allow bullish movement to continue. Bullish targets were projected towards 1.1320 and 1.1400.

Similar to what happened on February 12, the supply zone of 1.1320-1.1400 stood as a significant resistance zone for the EUR/USD pair which offered bearish rejection and a valid sell entry on April 12.

The Head and Shoulders reversal pattern is being expressed around this supply zone. Hence, a valid sell entry was offered around the price area of 1.1350-1.1400 (the right shoulder of the reversal pattern).

Today, daily persistence below the price level of 1.1320 is needed to ensure further bearish momentum in the market. Otherwise, further bullish advancement towards 1.1415 should be expected.

Trading Recommendation:

Risky traders can have another valid sell entry anywhere around the price zone of 1.1350-1.1400.

Initial T/P levels should be located at 1.1250, 1.1150, and 1.1080. S/L should be located above 1.1470.

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Technical analysis of USD/CHF for April 29, 2016

USD/CHF is clearly trending downwards printing lower lows and lower highs. On the 22nd of April, pair rejected the downtrend trend line and at the same time formed a bearish divergence on the RSI oscillator signaling on a potential continuation of a downtrend.

The Fibonacci applied to the first corrective wave after the major support breakout (0.9700 area) shows the downside target at the 161.8% retracement. Consider selling USD/CHF on small pullbacks up towards the R1 (0.9690) targeting the S2 (0.9380) and stop loss well above the R1.

Support: 0.9500, 0.9380

Resistance: 0.9690, 0.9800

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Technical analysis of USD/CHF for April 29, 2016

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Overview:

  • The USD/CHF pair faced strong support at the level of 0.9648 because support became resistance. So, the first resistance is seen at the level of 0.9648 and the pair is likely to try to approach it in order to test it again. The level of 0.9648 represents a daily pivot point for that it is acting as minor resistance today. Furthermore, the USD/CHF pair is continuing to trade in a bearish trend from the new support level of 0.9648. Currently, the price is in a bearish channel. According to the previous events, we expect the USD/CHF pair to move between 0.9648 and 0.9510. So, the market is likely to show signs of a bearish trend around the spot of 0.9648. In other words, sell orders are recommended below the spot of 0.9648 with the first target at the level of 0.9510; and continue towards 0.9498 (double bottom). This would suggest a bearish market because the moving average (100) is still in a negative area and does not show any trend-reversal signs at the moment. Moreover, if the pair succeeds to pass through the level of 0.9498, the market will indicate a bearish opportunity below the level of 0.9498 in order to continue towards the next objective around the spot of 0.9437. However, if a breakout happens at the resistance level of 0.9650, then this scenario may be invalidated.
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Technical analysis of NZD/USD for April 29, 2016

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Overview:

  • The NZD/USD pair is still moving between the levels of 0.6914 and 0.6994. The NZD/USD pair broke resistance, which turned into strong support at the level of 0.6914 yesterday. The level of 0.6901 coincides with 38.2% of Fibonacci, which is expected to act as major support today. Since the trend is above the 38.2% Fibonacci level, the market is still in an uptrend. From this point, the NZD/USD pair is continuing in a bullish trend from the new support of 0.6914. Currently, the price is in a bullish channel. According to the previous events, we expect the NZD/USD pair to move above the support of 0.6914 towards the first resistance at 0.9694. On the H1 chart, resistance is seen at the levels of 0.9694 and 0.7056. Also, it should be noticed that the level of 0.6914 represents the daily pivot point. Therefore, the level of 0.6914 provids a clear signal to buy with the targets seen at 0.9694. If the trend breaks the support at 0.9694 (first resistance) the pair will move upwards continuing the development of the bullish trend to the level of 0.7056. However, stop loss is to be placed below the level of 0.6900.
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Technical analysis of USD/JPY for April 29, 2016

Technical outlook and chart setups:

The USD/JPY weekly chart is presented here to view a larger picture. Please note that the rally from 75.00 through 125.00 levels unfolded into 5 waves. The drop after that is expected to find support at 106.60/70 levels, which is the Fibonacci 0.382 support (of the entire rally from 75.00 levels). A bullish bounce from 106.70 levels would confirm that the first wave (with in 3 wave drop) is completed. A corrective rally should then unfold towards 115.00/117.00 levels before dropping lower again. It is hence recommended to remain flat for now and wait for a bullish reversal to initiate long positions. Immediate support is seen at 106.70 levels, while resistance is seen through 112.05 levels respectively.

Trading recommendations:

Remain flat for now, looking to go long again on a bullish bounce.

Good luck!

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Global macro overview for 29/04/2016

Global macro overview for 29/04/2016:

The data from the German job market showed that it continues to improve. The unemployment rate is steady at the level of 6.2%, a historic 25-year low, despite the refugee crisis. The number of unemployed people in Germany dropped from March to April by 101,000 to 2.7 million. Moreover, another set of data revealed that price growth in Germany decelerated more than expected in April. Inflation in the eurozone's biggest economy climbed 0.1% year-on-year in April compared to a 0.3% growth seen in March. In conclusion, the German economy is still surprising investors as it reveals good overall figures month by month. The eurozone powerhouse is alive and kicking, and nothing seems to change any time soon.

Let's now take a look at EUR/AUD technical picture in 4H time frame. The pair bounced from the 1.4471 technical support and now is trading around the 61%Fibo at the level of 1.4913. Nevertheless, to break out even higher, bulls would have to test and violate the dashed blue trend line and then head towards the important technical resistance at the level of 1.5208. Any failure here will put bears back into control over this market.

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Technical analysis of USDX for April 29, 2016

The pressure on the Dollar index increased yesterday as we had expected as support levels were broken. The Dollar index remains in a bearish trend towards our 93 target area. Stochastics are oversold so bears should be cautious and use tight stops. The trend reversal to bullish is possible above 95.20.

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Black lines - sideways channel (broken)

The Dollar index is trading just above our 93 target we mentioned yesterday after breaking support at 94. Stochastic is oversold but there is still no reversal signal yet. The short-term resistance is at 94. Support is at 93.

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The weekly chart above is showing price testing the lower cloud boundary. This has not happened since September 2013 when price fell below the weekly cloud. Since August 2014, price has broken above the cloud and has never fallen back below since then. This will be an important trend signal, if 93 is broken on a weekly basis as in the Ichimoku terms trend would be changing to bearish with price breaking below the cloud.The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 29/04/2016

Global macro overview for 29/04/2016:

The US Perlim GDP data was released yesterday. It turned out to be worse than expected. Investors had anticipated a decline to the level of 0.7% from 1.4% in first quarter, but the revealed number was at the level of 0.5%. Nevertheless, the personal consumption rose to the level of 1.9%, which was better than the expected number of 1.7%, but still worse than the first quarter 2.4% level. In conclusion, the US economy expanded in the first quarter at the slowest pace in two years due to a sharp pullback in business investment and sluggish global demand. This situation will encourage the Fed's policy makers to hike the rates at the June meeting even if the two greatest external factors that concerned the Fed are no longer going to hold it back (Chinese growth fears and financial markets stabilization).

Let's now take a look at the EUR/USD technical picture in the 4H time frame. After making the lower low at the level of 1.1215 the market broke above the resistance at the level of 1.1396 and it looks like it is heading towards the swing high at the level of 1.1465. The overall trend is bullish and only a break out below the 1.1215 support level would put bears back into control.

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Technical analysis of Gold for April 29, 2016

Gold price broke out of the consolidation range and the triangle pattern. The trend is bullish for the short-term targeting the $1,300-$1,320 area. Support is at $1,250, and a break below it will reverse the trend to bearish. It seems that we are first going to see $1,300-$1,320 before the $1,190-70 area after all.

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Black lines - triangle pattern (broken upwards)

Gold price is above the Kumo and broke the upper triangle resistance boundary. This is a bullish sign at least for the short-term. Stochastic oscillator is overbought and diverging. This is a warning sign for bulls to be cautious. Short-term traders should not chase the market up here. If they want to go long they should wait for a pull back to try opening long positions.

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On the weekly chart the break above the tenkan-sen has foretold the upward rise towards the previous highs. A new high is very likely but the weekly stochastic will also provide a bearish divergence. This is a warning sign. Aggressive traders could ride this bullish trend up to the $1,320 target area. More defensive traders should wait for a deeper pull back in Gold.

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Technical analysis of Crude Oil for April 29, 2016

Technical outlook and chart setups:

Crude oil is seen to be trading higher at 46.20 levels (spot) for now, looking to push higher towards 49.00 levels at least. Looking at the wave structure, a corrective rally is under way from 26.00 levels, and is expected to push through 50.00 levels at least before resuming its down trend. Please note that the commodity is well supported by a trend line as depicted here. Bulls are expected to remain in control till prices remain on the north side of the same trend line. Also note that prices have bounced off the fibonacci 0.382 support levels as seen here. It is hence recommended to remain long for now, with risk at 43.00 levels. Immediate support is seen at 43.00 levels, while resistance is seen at 49.00 levels respectively.

Trading recommendations:

Remain long, stop at 43.00 levels, target is open.

Good luck!

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Technical analysis of EUR/JPY for April 29, 2016

General overview for 29/04/2016:

Five downside waves in the impulsive structure of the sub-wave c green were completed, and market might be ready for a corrective upward bounce. The whole simple corrective cycle, labeled as abc irregular flat correction, is completed as well. According to the main count, another upward leg might be made. Moreover, any violation of the level of 121.71 will invalidate the bullish impulsive scenario. Nevertheless, please notice that the simple correction might evolve into more complex and time consuming cycle.

Support/Resistance:

121.71 - Local Low/Intraday Support

122.52 - Intraday Resistance

123.36 - Intraday Resistance

123.56 - WS1

124.52 - Weekly Pivot

Trading recommendations:

Traders should now stay aside from the market and wait for the next trading setup to occur shortly.

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Technical analysis of USD/CAD for April 29, 2016

General overview for 29/04/2016:

Not much has been changed in this market as it is still trying to complete the triple zig-zag pattern in the big wave Z brown. Currently, there is one more wave to the downside missing to complete this scenario as the wave (b) blue looks completed ( a little early). The projected target for wave (c) is at the level of 1.2452 and this might be the termination of the whole corrective structure in the big wave 4 pink, unless it will evolve into a big triangle pattern or any other complex corrective structure.

Support/Resistance:

1.3246 - WR3

1.3218 - Swing High

1.3118 - WR2

1.2989 - Technical Resistance

1.2852 - WR1

1.2721 - Weekly Pivot

1.2696 - Intraday Resistance

1.2526 - Intraday Support

1.2454 - WS1

Trading recommendations:

Currently, traders should stay aside and wait for another setup to occur shortly.

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Technical analysis of US Dollar Index for April 29, 2016

Technical outlook and chart setups:

The US Dollar Index dropped lower today towards 93.36 levels before pulling back higher. The index is seen to be trading at 94.43 levels, looking to form the pin bar candlestick pattern on 4H chart presented here. If the index manages to produce a bullish reversal here, potential remains for a rally through 95.20/30 levels at least. On the flip side, a continued drop lower would see bears pushing it lower towards 92.20/50 levels at least before turning higher again. It is recommended to remain cautiously long from current levels, with risk below 93.00 levels. Immediate interim support is seen at 93.30 levels, while resistance is seen at 94.00 levels respectively.

Trading recommendations:

Remain cautiously long now, stop below 93.00, target is open.

Good luck!

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Technical analysis of EUR/USD for April 29, 2016

Technical outlook and chart setups:

The EUR/USD pair is testing previous swing highs and remains shy by a few pips today. The pair rallied through 1.1396 levels before pulling back again towards 1.1382 levels. The pair is producing a pin bar candlestick pattern on the 4H chart view as seen here, indicating a potential reversal ahead. The bottom line remains that the price should stay below 1.1400 levels, for bears to take control back. A bearish reversal here should push the price lower towards 1.1200 and subsequently through 1.1140 levels. It is hence recommended to remain short for now, with risk above 1.1400 levels. Immediate resistance is seen at 1.1400, while support is seen through 1.1210 levels respectively.

Trading recommendations:

Remain short now, stop above 1.1400, target is open.

Good luck!

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Technical analysis of Silver for April 29, 2016

Technical outlook and chart setups:

Silver has finally taken out major resistance at $17.75/77 levels today. The metal printed a high at $17.80/82 levels before pulling back and should be looking to drop lower from here on. It seems that the metal has carved out a major top at $17.80/82 levels today and that the metal should produce a meaningful retracement going forward. Please note that the fibonacci 0.618 support of the recent rally from $14.60 levels is passing through $15.90 levels (past resistance turned support). The metal could probably form its next major base around $15.80/90 levels before resuming the rally. It is hence recommended to remain short for now, with risk above $17.82 levels. Immediate resistance is at $17.80 levels, while support is seen at $16.80 levels respectively.

Trading recommendations:

Remain short now, stop above $17.82, target is open.

Good luck!

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Technical analysis of Gold for April 29, 2016

Technical outlook and chart setups:

Gold has pushed higher beyond $1,275.00 levels, taking out stops for now. The yellow metal has hit $1,280.00 levels today and is now trading at $1,274.00/75.00 levels. Still, $1,283.00 levels remain critical for bulls to take out and confirm that the next major leg is on the north side. Please note that the yellow metal could produce a surprise move south from here till prices stay below $1,283.00 levels going forward. Even while writing this update, gold has dropped to $1,272.00 levels and could go even further. It is still recommended to remain short, with risk at $1,284.00/85.00 levels. Immediate resistance is seen at $1,283.00 levels, while support is at $1,237.00 levels respectively.

Trading recommendations:

Remain short now, stop above $1,283.00, target is open.

Good luck!

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

Technical analysis of USD/JPY for April 29, 2016

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USD/JPY is under pressure. Overnight, US stock indices ended markedly lower, dragged by declining technology stocks as well as the impact on investor sentiment caused by the Bank of Japan's decision not to expand monetary stimulus. Apple Inc's (APPL) lost another 3% after billionaire investor Carl Icahn said he had sold out his position in the stock on China concerns. The Dow Jones Industrial Average dropped 1.2% to 17830, the S&P 500 fell 0.9% to 2075, and the Nasdaq Composite lost 1.2% to close at 4805.

Nymex crude oil gained another 1.5% to $46.03 a barrel, gold surged 1.6% to $1266 an ounce, and the benchmark 10-year Treasury yield declined further to 1.837% from 1.861% in the previous session.

The Japanese yen surged against the US dollar yesterday as the Bank of Japan surprised the market by keeping interest rates and monetary easing measures unchanged. USD/JPY plunged 3.0% to 108.08.

The greenback also weakened against other major currencies, with EUR/USD rising 0.3% to 1.1351, GBP/USD gaining 0.5% to 1.4608, AUD/USD rebounding 0.6% to 0.7625, and NZD/USD surging 1.8% to 0.6956.

The pair has failed to post a sustainable rebound after yesterday's 3% drop. Currently, it remains capped by the descending 20-period (30-minute chart) moving average. The intraday relative strength index has broken below the oversold level of 30 lacking upward momentum. Below 108.75, look for a further decline toward the next support at 106.40 .

Trading Recommendation:

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 106.40. A break of this target will move the pair further downwards to 105.80. The pivot point stands at 108.75. 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 109.90 and the second target at 110.65.

Resistance levels: 109.90, 110.65, 111.10

Support levels: 106.40, 105.80, 105.45

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Technical analysis of USD/CHF for April 29, 2016

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USD/CHF is expected to trade in a lower range as the pair is bearish within a declining channel. The pair remains under pressure within its descending channel and is likely to post further decline. The falling 20-period and 50-period moving averages should also maintain strong selling pressure on the prices. In addition, the relative strength index is below it neutrality area at 50. In this case, as long as 0.9700 is not surpassed, look for a new pullback to 0.9595 and 0.95690 in extension.

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 0.9595. A break of this target will move the pair further downwards to 0.9560. The pivot point stands at 0.9700. 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 this scenario, long positions are recommended with the first target at 0.9730 and the second one at 0.9765.

Resistance levels: 0.9730, 0.9765, 0.9800

Support levels: 0.9595, 0.9560, 0.95

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Technical analysis of NZD/USD for April 29, 2016

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NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair stands firmly above its support at 0.6930 and remains on the upside. The 50-period moving average is also playing a support role and maintains a positive bias. Meanwhile, the relative strength index is mixed to bullish. Even though a consolidation cannot be ruled out, its extent should be limited. In this case, as long as 0.6930 holds on the downside, we expect a new rebound to 0.7005 after a limited consolidation.

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. Therefore, long positions are recommended with the first target at 0.7005 and the second one, at 0.7030. In the alternative scenario, short positions are recommended with the first target at 0.6890 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 0.6865. The pivot point is at 0.6935.

Resistance levels: 0.7005, 0.7030, 0.7060

Support levels: 0.6890, 0.6865, 0.6835

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

Technical analysis of GBP/JPY for April 29, 2016

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GBP/JPY is expected to trade in a lower range . Following yesterday's major collapse, the pair is now under pressure below its falling 50-period moving average. Even though a consolidation cannot be ruled out at the current stage, its extent should be very limited. The relative strength index is bearish below its neutrality area at 50. Hence, as long as 159.10 is not surpassed, the risk is now a slide below 155.90, which would trigger a new drop towards 155.25.

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 155.90. A break of this target will move the pair further downwards to 155.25. The pivot point stands at 159.10. 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 159.95 and the second target at 160.75.

Resistance levels: 159.95, 160.75, 161.55

Support levels: 155.90, 155.25, 154.65

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Technical analysis of EUR/JPY for April 29, 2016

Technical outlook and chart setups:

The EUR/JPY pair has dropped lower, hitting 121.95 levels today. The pair seems to have made interim resistance at 126.40 levels yesterday before reversing sharply. Any rallies from current levels should only be considered to be corrective in nature (3 waves), and should remain well capped below 125.00 levels going forward. It is recommended to remain long (aggressive strategy, countertrend), with a risk below 121.50 levels. Immediate support is seen at 121.70 levels, while resistance is at 124.70 levels respectively. It looks like the pair might have resumed its downtrend, and the 126.70 level is a major hurdle for bulls to remain for now.

Trading recommendations:

Remain long, stop at 121.50, target 124.70.

Good luck!

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

Technical analysis of GBP/CHF for April 29, 2016

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading at 1.1410/20 levels at this moment, looking to push higher towards 1.4290/1.4300 levels at least. The pair is expected to produce a meaningful retracement thereafter. The pair is seen to be bouncing off the trend line support (wave 4) as well, producing an engulfing bullish candlestick signal. The current rally is wave 5 (the last leg) from 1.3400 levels earlier, which could extend up to 1.4300 levels at least. It is hence recommended to remain long for now, with stop at 1.4030 levels. Immediate support is seen at 1.4050 levels, while resistance is at 1.4300 levels respectively.

Trading recommendations:

Remain long now, stop at 1.4030 levels, target is 1.4300.

Good luck!

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

Elliott wave analysis of EUR/NZD for April 29 - 2016

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Wave Summary:

The corrective decline in red wave ii became deeper than expected with a low at 1.6196, but it seems to be over. A break above minor resistance at 1.6365 and more importantly a break above resistance at 1.6395 will confirm for a new rally to the 1.6592 higher and above towards 1.6874 and above.

Short-term support is seen at 1.6275, which is expected to protect the downside for a break above 1.6365.

Trading recommendation:

Our stop at 1.6285 was hit for a nice profit. We will buy EUR upon a break above 1.6365 with stop placed at 1.6190.

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

Elliott wave analysis of EUR/JPY for April 29 - 2016

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Wave summary;

It has become a "Make it or break it" time. The low at 121.69 should be able to protect the downside, or our count will be wrong and will have to be ajusted. We will be looking for a break above minor resistance at 122.52 as the first good indication that a low is in place for wave ii, while a break above resistance at 122.88 and, more importantly, a break above 123.22 is needed to confirm the low and a new rally higher.

The risk is clearly a break below the 121.69 low that will call for more downside closer to 117.44 and, of course, force a re-count.

Trading recommendation:

We are long in EUR from 122.85 with stop placed at 121.65

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

Daily analysis of major pairs for April 29, 2016

EUR/USD: The perpetual rally on the EUR/USD has resulted in a more vivid threat to the present bearish bias in the market. From the beginning of this week till now, the bulls have pushed the price upwards gradually – and this is something that has generated a "buy" signal. The EMA 11 has almost crossed the EMA 56 to the upside as the Williams' % Range period 20 has gone into the overbought region. Long trades would make sense here.

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USD/CHF: The perpetual correction on the USD/CHF has resulted in a more vivid threat to the present bullish bias in the market. From the beginning of this week till now, the bears have dragged the price downwards gradually – and this is something that has generated a "sell" signal. The EMA 11 has almost crossed the EMA 56 to the downside as the Williams' % Range period 20 has gone into the oversold region. Please sell short.

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GBP/USD: This is a bull market. The Cable has gone upwards this week, but it has met a strong opposition at the distribution territory of 1.4600. The distribution territory has been tested many times without being breached to the upside. With further buying pressure in the market, the distribution territory would be broken to the upside as the bulls push the price further north.

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USD/JPY: This pair moved sideways between Monday and Wednesday and dropped like a stone on Thursday. That drop was strong enough to bring about a new Bearish Confirmation Pattern on the 4-hour chart. The EMA 11 has gone below the EMA 56, while the RSI period 14 is below the level 50. The price is expected to go further south, reaching the demand levels at 107.50 and 107.00.

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EUR/JPY: The EUR/JPY went upwards from Monday to Wednesday this week, but broke down as a result of the fundamental figures released on Thursday. The price skydived by 370 pips, almost testing the demand zone at 122.50. This large pullback has resulted in a bearish signal in the market, for the price is supposed to go further south today and next week.

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Technical analysis of EUR/USD for April 29, 2016

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When the European market opens, some economic news will be released such as the Unemployment Rate, Italian Prelim CPI m/m, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Italian Monthly Unemployment Rate, Spanish Flash GDP q/q, French Prelim CPI m/m, French Consumer Spending m/m, German Retail Sales m/m, and French Prelim GDP q/q. The US will release economic data too such as the Treasury Currency Report, Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Personal Income m/m, Personal Spending m/m, Employment Cost Index q/q, and Core PCE Price Index m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1412.

Strong Resistance: 1.1405.

Original Resistance: 1.1394.

Inner Sell Area: 1.1383.

Target Inner Area: 1.1356.

Inner Buy Area: 1.1329.

Original Support: 1.1318.

Strong Support: 1.1307.

Breakout SELL Level: 1.1300.

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

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

Technical analysis of USD/JPY for April 29, 2016

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In Asia, today Japan will not release any economic data but the US will release some economic data such as the Treasury Currency Report, Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Personal Income m/m, Personal Spending m/m, Employment Cost Index q/q, and Core PCE Price Index m/m. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 108.60.

Resistance. 2: 108.39.

Resistance. 1: 108.18.

Support. 1: 107.92.

Support. 2: 107.71.

Support. 3: 108.49.

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

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

Daily analysis of USDX for April 29, 2016

USDX is developing a very clear bearish structure below the 200 SMA after it found dynamic resistance around that level. Currently, the Index is forming a lower low pattern above the support level of 93.72, which should be broken to open the doors for a decline toward the 93.26 level. Fractals are also favoring more downside in coming days.

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H1 chart's resistance levels: 94.02 / 94.26

H1 chart's support levels: 93.72 / 93.26

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 93.72, take profit is at 93.26, and stop loss is at 94.20.

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

Daily analysis of GBP/USD for April 29, 2016

The pair is still trapped in a bullish consolidation phase above the support zone of 1.4539, where the Cable did a rebound during yesterday's session. Currently, a breakout is expected to be held above the 1.4633 level, which should push the GBP/USD higher in order to test the resistance level of 1.4722 on a short-term basis.

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H1 chart's resistance levels: 1.4633 / 1.4722

H1 chart's support levels: 1.4549 / 1.4495

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 1.4633, take profit is at 1.4722 and stop loss is at 1.4546.

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