NZD/USD intraday technical levels and trading recommendations for April 11, 2016

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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Gold analysis for April 11, 2016

Since our previous analysis, gold has been moving upwards. The price tested the level of $1,252.30 in a high volume. I found a broken downward channel according to the H4 time frame, which is a sign that selling gold at this stage looks risky. Watch for potential buying opportunities on dips. The take profit level is set at the price of $1,278.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,249.00

R2: 1,251.20

R3: 1,255.00

Support levels:

S1: 1,241.70

S2: 1,239.00

S3: 1,235.40

Trading recommendations for today: Watch for potential buying opportunities on dips.

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EUR/NZD analysis for April 11, 2016

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6639 in a high volume. EUR/NZD has broken the upward channel. So, buying opportunities are not preferable anymore. According to the H4 time frame, I found resistance cluster and buying climax (volume spike), which caused the price to start moving downward. The first take profit level is set at the price of 1.6610 (Fibonacci retracement 38.2%) and the second take profit level is set at the price of 1.6480 (Fibonacci retracement 61.8%)

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6770

R2: 1.6800

R3: 1.6840

Support levels:

S1: 1.6690

S2: 1.6660

S3: 1.6620

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

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Technical analysis of GBP/NZD for April 11, 2016

After the breakout of the uptrend trend line, GBP/NZD reached the downside target at the 2.0560 level (S2), which is 0% Fibonacci applied to the trend line's breakout point. The following corrective move up was pretty sharp and resulted in the breakout of both Fib resistance levels, 23.6% and 38.2%.

Last week, the price corrected down to form a double bottom near the 2.0600 area and started to move higher once again. Currently, the 23.6% Fibs (S1) is acting as support and could be the starting point for the next wave up.

Consider buying GBP/NZD on small pullbacks towards S1 to target either R2 (2.1030) or R3 (2.1140) areas. The stop loss should be just below 2.0600.

Support: 2.0560, 2.0600, 2.0780

Resistance: 2.0920, 2.1030, 2.1140

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Technical analysis of GBP/AUD for April 11, 2016

GBP/AUD seems to have found the bottom near the 1.8500 area where it formed a double bottom. The pair has been ranging between the 1.85 and 1.88 levels since the beginning of the month, but today the price has broken above the downtrend trend line; it could result in further correction up.

The Fibonacci applied to the trend line's breakout point shows that one of the targets - R2 (1.9000) - corresponds to the previously formed support/resistance and also is a psychological level.

Consider buying GBP/AUD on small pullbacks towards S1 (1.8830) to target R2 (1.9000). The stop loss should be just below S2 (1.8750).

Support: 1.8830, 1.8750

Resistance: 1.8900, 1.9000, 1.9150

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Technical analysis of GBP/USD for April 11, 2016

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Overview:

  • The GBP/USD pair will continue rising from the level of 1.4150 in the long term. It should be noted that the support is established at the level of 1.4150 which represents the daily pivot point on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.4150. So, buy above the level of 1.4150 with the first target at 1.4250 in order to test the daily resistance 1. The level of 1.4250 is a good place to take profits. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 1.4250, then the market will call for a strong bullish market towards the objective of 1.4292 today. On the other hand, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.4130, a further decline to 1.4010 can occur. It would indicate a bearish market.
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Technical analysis of EUR/USD for April 11, 2016

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Overview:

  • The EUR/USD pair continued moving upwards from the level of 1.1332. Last week, the pair rose from the level of 1.1332 (weekly support) to the top around 1.1417. Today, the first support level is seen at 1.1332 followed by 1.1266, while daily resistance is seen at 1.1459. According to the previous events, the EUR/USD pair is still moving between the levels of 1.1332 and 1.1459; for that we expect a range of 127 pips in coming hours. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. Furthermore, if the trend is able to break out through the first resistance level of 1.1459, we should see the pair climbing towards the new double top (1.1510) to test it. On the contrary, if a breakout takes place at the support level of 1.1332, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 1.1266.

Intraday technical levels:

  • R3: 1.1586
  • R2: 1.1520
  • R1: 1.1459
  • PP: 1.1393
  • S1: 1.1332
  • S2: 1.1266
  • S3: 1.1205
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USD/CAD intraday technical levels and trading recommendations for April 11, 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.

For those who missed the initial trade, 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 11, 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 is 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 was already reached 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 11, 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 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 could be offered around the supply zone near 1.1400. T/P levels should be placed at 1.1200 and 1.1070. S/L should be placed above 1.1460.

Conservative traders should wait for a daily closure below 1.1300 (a prominent demand level and the 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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Global macro overview for 11/04/2016

Global macro overview for 11/04/2016:

Baker Hughes updated its monthly international drilling statistics last week. Almost as usual, they revealed another drop in rigs drilling for oil. There is a 12 percent decline between February and March when there were 1,551 rigs active last month in the countries covered by Baker Hughes. This is the lowest number of rigs since September 1999 and down nearly 60 percent in a little more than a year. Nevertheless, there is one part of the world that is against this trend and drilling furiously to add the capacity needed when demand once again exceeds supply. Three countries on the Arabian Peninsula - Saudi Arabia, Kuwait and the United Arab Emirates - are almost at the near-record drilling rates. In conclusion, the number of rigs is getting lower, the storage capacity is getting rather tight in the USA, the stockpiles are dramatically increasing as well and there is no real deal at this weekend's Doha meeting where discussions were made about a possible coordinated output freeze.

Let's now take a look at the technical picture of crude oil on the H4 time frame. The golden descending trend line has been violated and the bulls have managed to reach almost 78% Fibo at the level of 40.47. Moreover, the market is still trading above 21,50 and 100 DMA, so possibly another rally might be made by bulls just to at least test the recent swing top at the level of 41.92. This is possible as long as the support at the level of 38.42 is not clearly violated.

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Global macro overview for 11/04/2016

Global macro overview for 11/04/2016:

According to the Cabinet Office, Japan's machinery orders excluding ships and utility items tumbled a seasonally-adjusted 9.2% month-on-month in February after surging 15% in January. Nevertheless, the decline is lower than economists had anticipated (-11.8%). Moreover, in the December 2015 the Japanese economy contracted by 0.3%, led by a slump in consumer spending. The most recent readings suggest that the economy fell back into recession. In conclusion, the Japanese yen has gained more than 10% versus the US Dollar this year and the ongoing strength of the exchange rate has made it ever more likely that the Bank of Japan will announce more stimulus at the meeting later this month.

Let's now take a look at the technical picture of USD/JPY pair on the weekly timeframe. The price has fallen from the triangle pattern and is currently in a free-fall towards the next support at the level of 105.15. The bears are in full control over this market for now and there is no evidence for a trend reversal.

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Technical analysis of USDX for April 11, 2016

The Dollar index remains in a bearish trend but this trend is soon to end and reverse upwards as there are many divergence signs. Dollar bears should be very cautious as the 94 price level is heavily defended by dollar bulls.

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Red line - resistance

Black lines - divergence signs

The Dollar index continues to make lower lows and lower highs. The price remains below the Kumo (cloud) resistance. The RSI and stochastic oscillator, though, do not make new lower lows despite the lower lows by the Dollar index. This is a warning for dollar bears. I prefer to be neutral or long in the Dollar index at the current levels. Important resistance for the short-term is at 94.70.

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The daily chart remains in a bearish trend but with oscillators oversold, we should soon see an upward reversal. The downside is limited to 93 while a break above 95.25 will confirm the bullish reversal with the minimum upside target of 96.20.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Gold for April 11, 2016

Gold has broken upwards above the short-term bearish channel and above the short-term resistance at $1,145-50 giving a bullish signal. However, bulls need to be very cautious despite the small chances of making a new higher high towards $1,300. Overbought oscillators give a warning.

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Blue lines - bearish channel (broken)

Red line - critical support

Gold has broken above the bearish channel and the 4-hour Kumo (cloud) resistance. The price is in a short-term bullish trend after successfully back-testing support at $1,233. The next important short-term resistance is at the 61.8% Fibonacci retracement at $1,254. Support is at $1,233.

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The weekly candle of last week held above the tenkan-sen (red line indicator) and the price remains above it right now making higher highs. We might see a new high towards $1,300 but oscillators are showing bearish divergence signals. These signals are a warning for bulls to be very cautious. If the price reverses and breaks below $1,230, it is "game over" for bulls as the price will be expected to move fast towards $1,190. If support is held and the price breaks above $1,255-60 for a daily close, we should expect a move to $1,300-$1,320 to follow.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for April 11, 2016

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USD/JPY is expected to trade with a bearish bias. US stocks ended slightly higher Friday, paring early gains driven by a 6% surge in oil prices and bullish comments from Federal Reserve officials. The Dow Jones Industrial Average added 0.2% to 17576, the S&P 500 gained 0.3% to 2047, and the Nasdaq Composite was broadly flat at 4850. Energy shares outperformed, while consumer discretionary and health-care shares were laggards.

Nymex crude oil surged 6.6% to $39.72 a barrel, gold rose 0.4% to $1245 a troy ounce, while the benchmark 10-year Treasury yield rose to 1.715% from 1.689% Thursday.

On the forex front, the US dollar weakened further against most major currencies. USD/JPY failed to continue its rebound and edged down 0.2% to 108.03 (day-high at 109.09). EUR/USD gained 0.2% to 1.1399, GBP/USD rose 0.5% to 1.4122, and AUD/USD rebounded 0.7% to 0.7550.

Boosted by a better-than-expected jobs report in Canada and surging oil prices, the Canadian dollar rallied against the greenback, with USD/CAD plunging 1.2% to 1.2986. On Friday, the pair's rebound lost steam and stopped at 109.09, ahead of the key resistance at 109.30. Since then, the pair has drifted downward and is now approaching the first downside target at 107.00. The 20-period (30-minute chart) moving average has crossed below the 50-period one, and the intraday relative strength index is badly directed below the neutrality level of 50. Therefore the intraday outlook remains bearish, and a break below 107.00 could trigger a further decline toward the next support at 106.15.

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 107. A break of this target will move the pair further downwards to 106.15. The pivot point stands at 108.50. 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 109.15 and the second target at 109.95.

Resistance levels: 109.15, 109.95, 110.50

Support levels: 107, 106.15, 105.75

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Technical analysis of USD/CHF for April 11, 2016

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USD/CHF is expected to trade in a lower range. The pair remains under pressure below its key resistance and is expected to post further consolidations. Meanwhile, the relative strength index lacks upward momentum. The first target to the downside is therefore set at 0.9480. A break below this level would open way to further weakness toward the horizontal support and overlap at 0.9450.

Trading Recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9480. A break of this target will move the pair further downwards to 0.9450. The pivot point stands at 0.9580. 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 0.9620 and the second target at 0.9650.

Resistance levels: 0.9620, 0.9650, 0.9675

Support levels: 0.9480 , 0.9450, 0.9400

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Technical analysis of NZD/USD for April 11, 2016

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NZD/USD is expected to trade in a higher range as the key support is at 0.6770. The pair bounced off Friday from its key support base around 0.6770-0.6755, which should limit any downward attempts. Both the 20-period and 50-period moving averages are turning up, calling for further advance. In addition, the relative strength index is bullish above its neutrality area at 50. In this case, as long as 0.6770 isn't broken, look for a new rise to 0.6830 and 0.6850 in extension.

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 0.6830 and the second one, at 0.6850. In the alternative scenario, short positions are recommended with the first target at 0.6755 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 0.6735. The pivot point is at 0.6770.

Resistance levels: 0.6830, 0.6850, 0.6885

Support levels: 0.6755, 0.6735, 0.6675

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Technical analysis of GBP/JPY for April 11, 2016

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GBP/JPY is expected to trade with a bearish bias as the pair is expected to trade in a higher range. The pair might be forming an intraday "rounding bottom" pattern, and is likely to challenge its next resistance at 1.4170. The rising 20-period and 50-period moving averages play well as support roles, and should continue to push the pair higher. In addition, the RSI is well directed, and calls for further advance. In these perspectives, as long as 151.80 holds on the downside, further upsides are expected at 153.50 and 154.50 in extension.

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 153.50 and the second one, at 154.50. In the alternative scenario, short positions are recommended with the first target at 151.05 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 149.60. The pivot point is at 151.80.

Resistance levels: 153.50, 154.50, 155.45

Support levels: 151.05, 149.60, 149

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Technical analysis of EUR/JPY for April 11, 2016

General overview for 11/04/2016:

The current wave development looks to be stopped inside of a possible triangle pattern which is typical for wave (b) correction. Nevertheless, the corrective cycle might evolve into a less complex and time-consuming pattern, especially if the intraday resistance at the level of 124.24 is clearly violated. For now, however, sideways price action below the weekly pivot is expected.

Support/Resistance:

122.53 - Intraday Support

124.11 - Weekly Pivot

124.24 - Intraday Resistance

125.66 - WR1

Trading recommendations:

Traders should sell the triangle pattern area with SL above the level of 124.24 and TP at the lows of the triangle pattern around the level of 122.50.

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Technical analysis of USD/CAD for April 11, 2016

General overview for 11/04/2016:

The alternative count has been invalidated due to wave one and wave two overlaps. This means the main count is still the correct one and it indicated another possible downward wave progression towards the level of 1.2856. Nevertheless, this progression is currently developing in the yellow neutral zone and only a clear breakout below the level of 1.2856 will be considered bearish.

Support/Resistance:

1.2856 - WS1

1.2951 - Intraday Support

1.3018 - Intraday Resistance

1.3036 - Weekly Pivot

1.3126 - WR1

1.3218 - Local High

1.3295 - Swing High

1.3303 - WR2

Trading recommendations:

Day traders should buy the dips from the current market levels with SL below the level of 1.2850 and TP open for now. Please notice the trading inside of the wave (b) might get choppy and full of fake breakouts.

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Elliott wave analysis of EUR/NZD for April 11 - 2016

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Wave summary:

EUR/NZD is still consolidating the break above the minor resistance line near 1.6665. We continue to look for upside acceleration towards 1.7220 on the way higher to 1.8550, but first, we need to see a break above minor resistance at 1.6788 to give the "Go Ahead" for the next part of the rally higher.

Short-term minor support is seen at 1.6675 with back-up support at 1.6642, which should be able to protect the downside for a break above resistance at 1.6788 opening up for the rally to 1.7220 and above.

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 a break above 1.6788 and use the same stop at 1.6600.

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Elliott wave analysis of EUR/JPY for April 11 - 2016

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Wave summary:

We continue to look for a decline to below 122.54 to end red wave iii. Ideally, the low of red wave iii will be seen near 120.98 and will set the stage for a consolidation in red wave iv before the final decline in red wave v towards 117.37 where a major new impulsive rally is expected.

Short-term minor resistance is seen at 123.53, this minor resistance should be able to protect the upside for a break below minor support at 122.54 for a decline closer to 120.98. If, however, minor resistance at 123.53 is broken, that would call for a more complex correction in red wave [iv] towards 124.50 before red wave [v] of red wave iii will be ready to take over.

Trading recommendation:

We are short in EUR from 127.35 with stop placed at 124.00 and we will take profit at 121.05.

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Technical analysis of EUR/USD for April 11, 2016

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When the European market opens, some economic news will be released such as Italian Industrial Production m/m. The US will release economic data too such as the Fed Announcement. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1459.

Strong Resistance: 1.1452.

Original Resistance: 1.1441.

Inner Sell Area: 1.1430.

Target Inner Area: 1.1403.

Inner Buy Area: 1.1376.

Original Support: 1.1365.

Strong Support: 1.1354.

Breakout SELL Level: 1.1347.

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

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Technical analysis of USD/JPY for April 11, 2016

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In Asia, Japan will release the Core Machinery Orders m/m and the US will release some economic data such as the Fed Announcement. 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: 109.37.

Resistance. 2: 108.97.

Resistance. 1: 108.57.

Support. 1: 108.08.

Support. 2: 107.68.

Support. 3: 107.27.

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 EUR/JPY for April 11, 2016

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading at 123.00/10 levels for now, looking to push higher provided 122.00 levels hold. A bullish reversal here would push prices towards 126.00 levels at least, if not higher. As depicted here, the pair is testing its fibonacci 0.786 support (of the entire rally between 122.00 and 128.25 levels respectively) at 123.00 levels. It is recommended to remain long now (only 50%), with risk below 122.00 levels. Immediate support is seen at 122.00 levels, while resistance is at 125.80 levels respectively. Only a push below 122.00 levels would delay matters for at least a pullback rally.

Trading recommendations:

Remain 50% long, stop below 122.00, target is open.

Good luck!

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

Technical analysis of GBP/CHF for April 11, 2016

Technical outlook and chart setups:

The GBP/CHF pair opened with a gap down today printing lows at 1.3400 levels before pulling back sharply. Please note that the pair has formed an engulfing bullish candlestick pattern on the 4H chart view, indicating a potential bullish reversal ahead. The pair is trading at 1.3450/60 levels for now, and a push through 1.3530 levels would confirm that bulls are back in control at least for the medium term. Furthermore, technical indicators are showing a bullish divergence as well (not depicted here), hinting at a potential rally ahead. It is recommended to turn long with risk below 1.3400 levels from here. Immediate support is seen at 1.3400 levels, while resistance is at 1.3530 levels respectively.

Trading recommendations:

Initiate long positions, stop below 1.3400 levels, target is open.

Good luck!

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

Technical analysis of Silver for April 11, 2016

Technical outlook and chart setups:

Silver is seen to be trading at $15.40 levels for now, looking to resume moving lower either from here or from $15.50/60 levels. Also note that $15.60 levels is fibonacci 0.618 resistance of the drop from $16.13 through $14.80 levels respectively. Please also note that the metal is testing $15.45 levels, which is the 50% retracement. A bearish reversal here would resume its intermediary downtrend towards $14.50 levels. It is recommended to remain short from here and also around $15.60 levels, with risk at $16.00 levels. Immediate support is seen at $15.10 levels, while resistance is at $16.00/13 levels respectively. Bears are expected to regain control from here or $15.60 levels hence selling through rallies remains safe.

Trading recommendations:

Remain short from here and around $15.60 levels, stop at $16.00, target is $14.50 levels.

Good luck!

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

Technical analysis of Gold for April 11, 2016

Technical outlook and chart setups:

Gold is seen to be trading higher at $1,244.00/45.00 levels at the moment, looking to push lower this week. The metal might print a high at $1,254.00/55.00 levels before reversing lower again. Please note that the yellow metal is testing its fibonacci 50% resistance of the drop between $1,283.00 and $1,207.00 levels for now. It is hence recommended to remain short from here and around $1,254.00 levels, with risk above $1,270.00 levels at least. Immediate support is seen at $1,230.00 levels, while resistance is seen around $1,260.00 levels respectively.The metal is expected to remain in control of bears till prices stay below $1,283.00 levels respectively.

Trading recommendations:

Remain short now and at $1,254.00 levels, stop at $1,283.00, target is open.

Good luck!

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

Daily analysis of major pairs for April 11, 2016

EUR/USD: This pair had a flat movement last week, for the price was unable to close above the resistance line at 1.1450 in spite of forays into it (the resistance line at 1.1400 was also subjected to desperate attacks from the bulls). This week, we would most possibly see the price go above the resistance line at 1.1450, targeting another resistance line at 1.1500.

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USD/CHF: The USD/CHF consolidated throughout last week, not going below the support level at 0.9500. The support level should be broken to the downside, reaching another support level at 0.9000. A breakout would happen this week, which would most probably favor the bears.

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GBP/USD: The Cable was highly volatile last week, reaching a high of 1.4319 and a low of 1.4004. The overall bias remains bearish in the near term, though the bulls are not keeping their fingers crossed this time around. They would most probably effect a rally, which would jeopardize the current bearish bias, especially when the distribution territory at 1.4400 is overcome. This would require a strong rally, which would occur because the outlook on GBP pairs is bright for this week.

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USD/JPY: Since March 29, 2016, the USD/JPY has dropped by 600 pips. Last week, the drop was over 350 pips. There is a strong Bearish Confirmation Pattern on the chart, which would hold out as long as the price continues to journey southwards. This week, bears would target the demand levels at 107.50, 107.00 and 106.50.

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EUR/JPY: Last week alone, this cross pair dropped by over 450 pips, almost testing the demand zone at 122.50. There is a very strong bearish outlook on the market (and of course, other JPY pairs). These bearish movements were anticipated for around the end of the month, but they have started earlier than imagined. Further bearish movement is expected on this cross pair, except the JPY is weakened considerably.

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Daily analysis of USDX for April 11, 2016

On the H1 chart, USDX attempted to break the low around the 93.95 level, to extend the bearish bias on a short-term basis. Currently, there is a double bottom pattern formation above the support zone of 93.95, where a rebound can happen to change the bearish trend to a bullish one in the short-term, but a breakout below that zone will expose the Index to new monthly lows.

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H1 chart's resistance levels: 94.40 / 94.85

H1 chart's support levels: 93.95 / 93.24

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 93.95, take profit is at 93.24, and stop loss is at 94.65.

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

Daily analysis of GBP/USD for April 11, 2016

GBP/USD is currently doing some corrective moves above the support zone of 1.4118, after a rebound that was made around the 1.4062 price level. The bullish move can be extended and the price could go towards the 200 SMA on the H1 chart, where a pullback can happen to resume the bearish bias. The MACD indicator is favoring the corrective scenario as it stays above the positive territory.

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H1 chart's resistance levels: 1.4163 / 1.4225

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 1.4172.

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