NZD/USD intraday technical levels and trading recommendations for April 7, 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. A bullish breakout above 0.6550 was executed a few weeks ago.

Bullish persistence above 0.6550 (depicted recent support) was needed 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 of 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.

Bullish persistence above 0.6850 is mandatory to ensure further bullish advancement towards 0.7070 and 0.7170 where a prominent consolidation range was previously established in June 2015.

On the other hand, conservative traders can have a valid BUY entry around the current price level (0.6750). S/L should be located below 0.6700.

Note that a daily closure below 0.6750 invalidates the previous bullish breakout scenario allowing a quick bearish decline towards 0.6666 to occur.

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EUR/NZD analysis for April 07, 2016

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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6768 in a high volume. EUR/NZD has broken the strong upward channel. So, buying opportunities are not preferable anymore. I found re-testing of a broken channel, which is a sign that we may expect downward price. I placed the Fibonacci expansion to find potential downward targets. I got the Fibonacci expansion 61.8% at the price of 1.6705, Fibonacci expansion 100% at the price of 1.6680 and Fibonacci expansion 161.8% at the price of 1.6635.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6745

R2: 1.6765

R3: 1.6800

Support levels:

S1: 1.6670

S2: 1.6645

S3: 1.6610

Trading recommendation for today: Watch for selling opportunities on the rallies.

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USD/CAD intraday technical levels and trading recommendations for April 7, 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 level of 1.4120 (Fibonacci Expansion 100%) was executed.

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 (bearish engulfing weekly candlestick).

The level of 1.4120 (Fibonacci Expansion 100%) stood as a significant key level to be watched for further price reactions.

Although the price zone of 1.3170-1.3250 was expected to offer bullish support for the USD/CAD pair, temporary bearish breakdown of the same price zone is being manifested on the daily chart.

This price zone corresponded to the depicted weekly uptrend line and the upper limit of the previous consolidation range (prominent breakout level).

Previously, the price level of 1.2975 (61.8% Fibonacci level) stood as a prominent support level which provided significant bullish rejection and prevented further bearish decline.

On the other hand, the price level of 1.3300 constituted a significant resistance level as it corresponded to the 50% Fibonacci level and the backside of the broken weekly uptrend where a valid sell entry was suggested on March 24.

Conservative traders should wait for a DAILY closure below 1.2975 (61.8% Fibonacci level) to SELL the USD/CAD pair. Initial T/P levels should be located at 1.2770 and 1.2550.

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Intraday technical levels and trading recommendations for GBP/USD for April 7, 2016

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On January 21, after the GBP/USD pair moved below 1.4340, evident signs of a bullish recovery were expressed around 1.4075. Hence, previous weekly candlesticks closed above 1.4340 again.

Bullish persistence above 1.4488 was mandatory to maintain enough bullish strength in the market. The first bullish target was seen at 1.4615 where the most recent bearish swing was initiated.

As previous weekly candlesticks maintained their bearish persistence below the depicted demand zone (below 1.4340), the next demand level located at 1.3845 (historical bottom that goes back to March 2009) provided significant bullish rejection on February 26.

As expected, an evident bullish recovery and a bullish engulfing weekly candlestick were expressed around 1.3850 (prominent weekly demand level). That is why, a valid buy entry was suggested near the same level.

Recently, the price zone of 1.4340-1.4488 has been a significant supply zone during the past few weeks.

That's why, a quick bearish movement towards the price levels of 1.4060 and 1.3960 is being expressed as expected in the previous articles.

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A recent lower high was achieved around the level of 1.4530. This applied extensive bearish pressure against the price level of 1.4340.

Hence, an extensive bearish breakout below 1.4340 was expressed on the daily chart. The GBP/USD pair looked oversold few weeks ago.

That is why, signs of bullish recovery and a profitable long entry were expected around 1.3850. A recent bullish swing was expressed towards the price levels around 1.4400.

On March 30, evident bearish rejection was expressed around 1.4350 (61.8% Fibonacci level). The nearest bearish target is located around 1.4050.

The price zone of 1.4340-1.4490 constituted a significant supply zone where a Head and Shoulders reversal pattern was expressed. Estimated bearish targets are located at 1.4060, 1.3960 and 1.3800.

This week, daily persistence below 1.4050 (the reversal pattern neckline) enhances further bearish decline.

On the other hand, if the market failed to push below the current price level of 1.4050, a bullish movement towards the price level of 1.4200 and probably 1.4300 should be expected.

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Intraday technical levels and trading recommendations for EUR/USD for April 7, 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 price zone of 1.1350-1.1400 acted as a significant supply zone during the previous bullish pullback.

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

On the other hand, the level of 0.9450 will remain a long-term bearish target in case the current monthly candlestick closes below the depicted monthly demand level of 1.0570.

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

During the last few weeks, 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 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 (upper limit of the broken range) was seen on the daily chart. A quick bearish decline was expected towards 1.0820 where the most recent bullish swing was initiated.

Recently, bullish fixation above 1.1000 has been mandatory to allow bullish movement to continue. Bullish targets were expected around 1.1320 and 1.1400.

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

A daily breakdown below the depicted uptrend line (around the 1.1320 level) is needed to ensure enough bearish momentum in the market.

Trading Recommendation:

A valid sell entry can be offered around the supply zone around 1.1400. T/P levels should be placed at 1.1200 and 1.1070. S/L should be placed above 1.1460.

Conservative traders can wait for a daily closure below 1.1300 (prominent demand level and uptrend line) to sell the EUR/USD pair. Initial T/P levels should be located at 1.1150 and 1.1080.

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Gold analysis for April 07, 2016

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Since our previous analysis, gold has been moving upwards. As i expected, the price tested the level of $1,239.39 in a high volume. I found strong upward pressure today and my advice is to watch for buying opportunities. I found a successful test bar in a low volume at the price of $1,234.20, which is a sign that professional money is interested in buying positions today. The first take profit level is set at the price of $1,239.40 and the second take profit level is set at the price of $1,243.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,229.50

R2: 1,236.00

R3: 1,242.00

Support levels:

S1: 1,216.40

S2: 1,210.60

S3: 1,203.80

Trading recommendations for today: watch for buying opportunities on dips.

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Technical analysis of USD/CHF for April 7, 2016

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Overview:

  • The USD/CHF pair dropped sharply from the level of 0.9630 towards 0.9530. Now, the price is set at 0.9580. On the daily chart, the resistance of the USD/CHF pair is seen at the level of 0.9636 and 0.9721. Additionally, if the USD/CHF pair is able to break out the bottom at 0.9530, the trend will be called for a strong bearish market. The RSI starts signaling a downward trend. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9640 with the first target at 0.9530 and further to 0.9492 in order to test the daily support. If the USD/CHF pair is able to break out the daily support at 0.9492, the market will decline further to 0.9410 to approach support 2 today. However, the price spot of 0.9410 and 0.9400 remains a significant resistance zone. Thus, the trend is still bullish as long as the level of 0.9400 is not breached.

Trading recommendation:

  • The resistance is seen at the level of 0.9636. Hence, sell orders are recommended below the area of 0.9636 with the first target at the level of 0.9530; and continue towards 0.9410. On the other hand, if the USD/CHF pair fails to break out through the resistance level of 0.9721; the market will rise further to the level of 0.9868.
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Technical analysis of NZD/USD for April 7, 2016

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Overview:

  • The NZD/USD pair continues moving downwards from the level of 0.6845. Yesterday, the pair dropped from the level of 0.6845 (this level of 0.6845 coincides with a minor resistance) to the bottom around 0.6800. Today, the first resistance level is seen at 0.6845 followed by 0.6860, while daily support 1 is found at 0.6723. So, the pair is trading below its resistance. It is likely to trade in a lower range as long as it remains below the level of 0.6845. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from a new resistance line of 0.6845 towards the first support level at 0.6723 in order to test it. In the hourly time frame: if the pair succeeds to pass through the level of 0.6723 the market will indicate a bearish opportunity below the level of 0.6723. In other words, sell orders are recommended below the spot of 0.6845 with the first target at the level of 0.6723; and continue towards 0.6667. However, if the NZD/USD pair fails to break through the resistance level of 0.6860 today, the market will rise further to 0.6964 so as to retest the double top.
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Global macro overview for 07/04/2016

Global macro overview for 07/04/2016:

The Fed Meeting Minutes signaled that according to the policy makers, the April rate hike is unlikely. This confirmed the market growing anticipation and that the US central bank will act cautiously until the global economy regains steam. The US central bankers were concerned that the global headwinds might and slowing world growth could undermine corporate investment plans and hit US exports. In conclusion, policy makers had signaled that they expect to hike interest rates twice in 2016, but the exact timing of the hikes still remains unknown. The Fed's next meeting will take place on April 26-27 and market participants are not expecting any rate hike.

Let's now take a look at the EUR/USD pair technical picture in the 4H time frame. There is a clear forming of bearish divergence in this time frame, but the current price action does not confirm this view. Any break out higher above the level of 1.1453 would put bulls back to control. Any break out below the level of 1.1325 would result with immediate test of the level of 1.1220.

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Global macro overview for 07/04/2016

Global macro overview for 07/04/2016:

Bank of Japan Governor Haruhiko Kuroda reiterated the central bank's readiness to take additional monetary easing steps if needed to reach its 2% inflation goal. His comments come more than two months after the central bank adopted a negative interest rate strategy. Kuroda said that the BoJ would take additional easing steps in the form of quantity, quality of asset buying, or interest rates if needed. In conclusion, the same rhetoric might suggest the BoJ intervention in the financial markets again as the 2% inflation target is far from reach right now.

Let's now take a look at the technical picture of USD/JPY in the daily time frame. We can clearly see the downside break out from the triangle formation, just as anticipated. Bears have broken below the important support at the level of 110.08 and the next support is seen at the level of 105.15. Bears are full in control over this market.

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Technical analysis of EUR/JPY for April 7, 2016

General overview for 07/04/2016:

Today, we will take a look at the longer time frame Elliott wave count to determine the context of the current situation and possible target levels for swing traders. The daily time frame shows two possible wave progressions: main and alternative. The difference is in the top of the wave 1 blue placement. After the top at the level of 149.79 had been established, markets sold off impulsively, down to the level of 126.00 ( wave A blue). Then we can see a three-wave upward corrective cycle ( wave A black) and then very long, choppy, and full of whipsaws price action towards the lower levels of 120.00. According to the EWP, this can not be an impulsive wave progression and this is why it is labeled as a triple zig-zag with one leg down missing (wave B black). The projected target for this wave is around the level of 119.09 and if the count is correct, the market should reverse impulsively from it, and a new high should be made.

Support/Resistance:

124.41 - WS3

125.41 - WS2

126.24 - WS1

127.22 - Weekly Pivot

128.05 - WR1

Trading recommendations:

Traders should refrain from trading and wait for another trading setup to occur .

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Technical analysis of USD/CAD for April 7, 2016

General overview for 07/04/2016:

The main long-term and the main short-term counts has been updated due to another possible wave progression on the higher time frames. In the monthly time frame we can see the market sell-off from the 1.4989 top down to the level of the monthly demand zone (1.3046- 1.2821). Moreover, this sell-off is a part of the corrective structure in wave 4 purple, which means in the long term that there is one more wave to the upside still needed to complete the structure. In the weekly time frame we can see the downward progression hitting the grey rectangle demand zone, but this might be not the end of the overall corrective structure as the wave 4 purple might evolve into more complex and time consuming correction. The labeling in the daily time frame shows the possible triple zig-zag structure that is almost completed. There is only wave Z brown to the downside missing and the market might be ready to reverse to the upside. In the H4 time frame the downward count is presented with more details, together with the non-linear dynamic regression channel that indicates an incoming possible reverse or bounce in this pair. The detailed count in the H1 time frame shows the current wave development in two counts: main and alternative. The main count still indicates one more wave to the downside to complete wave Z brown, but the alternative count points out, that a possible impulsive wave progression to the upside has started already. Nevertheless, any break out below the level of 1.3000 will invalidate this view.

Support/Resistance:

1.2814 - WS1

1.2850 - Swing Low

1.3000 - Invalidation Level

1.3048 - Weekly Pivot

1.3124 - Intraday Resistance

1.3146 - WR1

1.3241 - WR2

Trading recommendations:

Day traders should place buy stop orders at the level of 1.3148 with SL below the level of 1.3000 and TP open for now. Any big, impulsive, long hourly candle that breaks out above the intraday resistance might suggest that bulls are back in control and we will try to join them.

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Technical analysis of USD/JPY for April 07, 2016

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USD/JPY is expected to trade in a lower range as the key resistance is 109.90. Overnight U.S. stocks rebounded as oil prices surged 5% and investors judged from the latest minutes of the Federal Reserve monetary meeting that a rate rise this month is unlikely. The Dow Jones Industrial Average rose 0.6% to 17,716, the S&P 500 gained 1.1% to 2,066, and the Nasdaq Composite was up 1.6% to 4,920. Biotech and energy shares performed the best.

Nymex crude oil surged 5.2% to $37.75 a barrel, gold declined 0.7% to $1,222 an ounce, while the benchmark 10-year Treasury yield climbed to 1.753% from 1.727% in the previous session.

The U.S. dollar weakened against other major currencies after the release of the minutes of the Fed's March policy meeting, with the Wall Street Journal Dollar Index losing 0.3% to 86.48, the lowest level in almost 10 months. USD/JPY finally gave up the 110.00 psychological level by dropping 0.5% to 109.78. EUR/USD edged up 0.1% to 1.1397 (day-high at 1.1432, day-low 1.1325). GBP/USD declined 0.3% to 1.4120 (day-low at 1.4004). Along with the surge in oil prices, commodities-linked currencies rebounded, with USD/CAD falling 0.4% to 1.3087 and AUD/USD rallying 0.8% to 0.7598.The pair broke below the level of 109.90 overnight and is on the downside since then. Currently, it is capped by the descending 20-period (30-minute chart), which stands below the 50-period one. And the relative strength index is badly directed below the neutrality level of 50 calling for further decline. The intraday outlook remains very bearish, and the pair should fall towards the first downside target at 108.15.

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 108.15. A break of this target will move the pair further downwards to 107.70. The pivot point stands at 109.90. 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 110.50 and the second target at 111.05.

Resistance levels: 110.50, 111.05, 111.65

Support levels: 108.15, 107.70, 107

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Technical analysis of USD/CHF for April 07, 2016

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USD/CHF is expected to trade in a lower range and continue its downside movement. Technically, the pair remains weak below its falling 50-period moving average. The nearest resistance at 0.9595 maintains the strong selling pressure on the prices. Furthermore, the relative strength index is mixed to bearish below its neutrality area at 50. Hence, a continuation of the technical rebound cannot be ruled out, its extent should be limited. As long as 0.9595 holds on the upside, look for a return to 0.95 and 0.948 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 0.9525. A break of this target will move the pair further downwards to 0.9500. The pivot point stands at 0.9600. 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 0.9625 and the second target at 0.9650.

Resistance levels: 0.9625, 0.9650, 0.9675

Support levels: 0.9525 , 0.9500, 0.9465

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Technical analysis of NZD/USD for April 07, 2016

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NZD/USD is expected to trade in a higher range. The pair remains on the upside after overnight's rebound from a low of 0.6800. The bullish bias is maintained by the ascending 20-period moving average. At the same time, the relative strength index is approaching the overbought level of 70 calling for further upside. As long as the rebound continues, the pair should return to the first upside target at 0.6885.

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 0.6885 and the second one, at 0.6925. In the alternative scenario, short positions are recommended with the first target at 0.6770 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 0.6745. The pivot point is at 0.68.

Resistance levels: 0.6885, 0.6925, 0.6965

Support levels: 0.6770, 0.6745, 0.6675

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Technical analysis of GBP/JPY for April 07, 2016

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GBP/JPY is under pressure and expected to trade in lower range and move towards 152.35. The pair has been capped by its descending 50-period moving average and it is looking for a lower bottom. The relative strength index stays below its 50% neutrality area and lacks upward momentum. A first target to the downside is set at the horizontal support and overlap at 124.65. A break below this level would open the way to further weakness towards 151.80.

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 152.35. A break of this target will move the pair further downwards to 151.80. The pivot point stands at 154.45. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 156.65 and the second target at 158.35.

Resistance levels: 156.65, 158.35, 159.20

Support levels: 152.35, 151.80, 151

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Technical analysis of USDX for April 7, 2016

The Dollar index has broken support yesterday and is moving lower towards our 93 target area. Dollar bears need to be very cautious as the price is showing bullish divergence signals and if we reverse upwards above 95.10, the trend will change to bullish.

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Black line - resistance

Blue area- support

The Dollar index continues to trade below the Kumo (cloud) on the 4-hour chart and below the trend line resistance. Both the stochastic and the RSI oscillators show bullish divergence signs. A reversal could be seen today so dollar bears should be very cautious and watch their stops.

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Blue lines - trading range

The weekly chart continues to show sideways movement for the last year for the index. This consolidation has an upper boundary at 100 and a lower boundary at 93. We are closing on the lower boundary support with oscillators oversold. This does not mean by itself that a top is in, but caution is advised for dollar bears.

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Technical analysis of Gold for April 7, 2016

Gold continues to move sideways but is still inside the bearish channel. The trend remains bearish as long as the price is below $1,240 with increased chances of a push lower towards $1,190. If, however, at this stage we do not move towards $1,190 and break above $1,240, there are a lot of chances of making a new high towards $1,300.

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Blue lines - bearish channel

Blue area - support

Yellow area - resistance

Gold is below the Kumo (cloud) on the 4-hour chart and is still inside the bearish channel. The trend remains bearish. Short-term support is at $1.215 and short-term resistance is at $1,233. The price is mainly moving sideways but unable to make higher highs.

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The weekly chart remains fragile with the stochastic oscillator turning lower from overbought levels. However, as long as the weekly candle closes above the tenkan-sen, bulls are in control. As long as the weekly candle closes above $1,223, bulls still have chances for a new higher high.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for April 7 - 2016

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Wave summary:

We are still waiting for some real upside acceleration, but to signal the beginning of this upside acceleration, a break above resistance at 1.6800 and, more importantly, a break above 1.6874 is needed to call for a rally to 1.7220 on the way higher towards 1.8550.

Support is seen at 1.6624 and is expected to continue to protect the downside for a break above 1.6800.

Should support at 1.6624 be broken, back-up support is seen at 1.6585.

Trading recommendation:

We are long in EUR from 1.6250 with stop placed at 1.6600. If you are not long in EUR yet, then buy near 1.6624 or upon a break above 1.6800 and use the same stop at 1.6600.

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Elliott wave analysis of EUR/JPY for April 7 - 2016

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Wave summary:

We have now seen the expected break below the important support at 124.64 confirming a continuation lower to 122.06 and 117.38 to end the corrective decline from 141.04.

Short-term resistance is now seen at 125.30, which ideally will protect the upside for the expected continuation lower to 123.04 and 122.06 on the way towards the ideal corrective target at 117.38.

Trading recommendation:

We are short in EUR from 127.35 and will move our stop lower to 125.35. If you are not short yet, then sell near 124.95 and use the same stop at 125.35.

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Daily analysis of major pairs for April 7, 2016

EUR/USD: Since the EUR/USD tested the resistance line at 1.1400, it has been difficult for the price to go above that line. The bulls have continued battering that line of defense (an action that started last week). A closer look at the market, especially on the 4-hour chart, shows that the bulls have almost breached the resistance line to the upside. They would eventually push the price towards another resistance line at 1.1450. There are also some fundamental figures which would be released today. They would have an impact on the market.

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USD/CHF: The USD/CHF has been consolidating to the downside so far this week. The support level at 0.9550 has been tested and it would soon be breached to the downside. This is because the outlook on the market is bearish for this week: as long as the EUR/USD continues to show its bullishness, the USD/CHF would remain under bearish pressure.

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GBP/USD: The Cable went downwards on Wednesday, plus the market has become volatile. There is a Bearish Confirmation Pattern in the market, and as a result of that, it is assumed that further southwards movement is possible. This is because the EMA 11 is below the EMA 56, while the RSI period 14 is below the level 50.

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USD/JPY: The USD/JPY has tested the demand level at 109.50. Since March 29, 2016, the price has come down by 420 pips. A drop of 220 pips has been witnessed this week alone. Owing to the ongoing selling pressure in the market, the bears would now target the demand levels at 109.00 and 108.50, which would be tested today or tomorrow.

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EUR/JPY: According to the ongoing bearish signal in this market, the price has gone down by 220 pips. There is a lot of trading activity around the demand zone at 125.00; and it is assumed that the price would go below that demand level as the bears target another demand level at 124.50.

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Technical analysis of EUR/USD for April 07, 2016

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When the European market opens, some economic news will be released such as ECB Monetary Policy Meeting Accounts, French 10-y Bond Auction, French Trade Balance. The US will release economic data too such as Consumer Credit m/m, Natural Gas Storage, Unemployment Claims. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1454.

Strong Resistance: 1.1447.

Original Resistance: 1.1436.

Inner Sell Area: 1.1425.

Target Inner Area: 1.1398.

Inner Buy Area: 1.1371.

Original Support: 1.1360.

Strong Support: 1.1349.

Breakout SELL Level: 1.1342.

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 07, 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 Consumer Credit m/m, Natural Gas Storage, Unemployment Claims. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 110.07.

Resistance. 2: 109.86.

Resistance. 1: 109.64.

Support. 1: 109.38.

Support. 2: 109.17.

Support. 3: 108.95.

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 07, 2016

The H1 chart bias remains unchanged and the 200 SMA is still pointing to the downside. However, the demand zone around the 94.40 level is very strong and pushing higher towards the 94.85 level. In the short-term, we may expect some declines, so the USDX could test the 93.95 level. The MACD indicator is still supporting the downside scenario.

USDXH1.png

H1 chart's resistance levels: 94.85 / 95.12

H1 chart's support levels: 94.40 / 93.95

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.40, take profit is at 93.95, and stop loss is at 94.85.

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

Daily analysis of GBP/USD for April 07, 2016

The pair had a strong rebound during yesterday's session, as it has been trading above the support level of 1.4118, which could be a preparation for a possible bullish development. If the Cable succeeds in breaking the 1.4176 level, it could reach the nearest target around the 1.4229 level, where the 200 SMA is located on the H1 chart.

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H1 chart's resistance levels: 1.4176 / 1.4229

H1 chart's support levels: 1.4118 / 1.4062

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4118, take profit is at 1.4062 and stop loss is at 1.4173.

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

Daily analysis of GBP/JPY for April 06, 2016

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Overview

The GBP/JPY price managed to break the support at 158.40 yesterday, forming a negative double-top pattern to surpass the initial target located at 156.10. The pattern supports the continuation of the negativity. The price is likely to hit the next support at 154.60 in the near period. Note that the continuation of the negative pressure on the upcoming trading might push the price to break through the targeted support, opening the way towards fresh targets that might extend to 150.00 in the upcoming period.

The expected trading range for today is between 158.60 and 154.60 levels.

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

Daily analysis of GOLD for April 06, 2016

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Overview

Gold price shows some bearish bias after hitting the bearish channel resistance that appears in the image, to trade below 1.227.40 level now. This supports the continuation of our bearish trend. We are waiting for visiting 1193.00 level mainly. Therefore, the bearish bias will remain the dominant in the upcoming sessions unless breaching 1234.40 level and holding above it.

The expected trading range for today is between 1200.00 support and 1245.00 resistance.

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

Daily analysis of Silver for April 06, 2016

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Overview

Since morning, the silver price has been trading sideways below 15.30 levels, keeping our bearish overview valid for the rest of the day. Our scenario depends on the stable trading below the mentioned level; its main targets are located at 14.67 then 14.27. Therefore, these factors confirm our bearish overview for the upcoming period. Targets begin by breaking the 15.00 level to ease the mission of heading towards 14.67 followed by 14.27 levels on the near-term basis. A breach of the 15.30 level will put the price back to the bullish track, which next main target is located at 16.35.

The expected trading range for today is between the 14.65 support and the 15.30 resistance.

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

Daily analysis of USDX for April 06, 2016

There are no major changes in the USDX structure as the USDX is still making rebounds above the support level of 94.40; and now we should highlight that a resistance is found around the 200 SMA price zone on the H1 chart. The decline could resume when the Index breaks out below the 94.40 level, with targets around the 93.95 level.

USDXH1.png

H1 chart's resistance levels: 94.85 / 95.12

H1 chart's support levels: 94.40 / 93.95

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.40, take profit is at 93.95, and stop loss is at 94.85.

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

Daily analysis of GBP/USD for April 06, 2016

According to the H1 chart, GBP/USD is expected to correct the decline held from today's highs as the Cable has already rebounded above the support level of 1.4029. If the pair breaks through the resistance zone of 1.4118, then it could test the highs mentioned above. However, the overall scenario is still bearish as the 200 SMA is pointing to the downside.

GBPUSDH1.png

H1 chart's resistance levels: 1.4118 / 1.4176

H1 chart's support levels: 1.4062 / 1.4026

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4062, take profit is at 1.4026 and stop loss is at 1.4097.

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