NZD/USD intraday technical levels and trading recommendations for April 13, 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 to be watched for valid BUY entries.

Conservative traders were advised to have a valid BUY entry around the price level of 0.6760. It's already running in profits. S/L should be elevated to 0.6800 to secure some profits.

Today, 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.

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USD/CAD intraday technical levels and trading recommendations for April 13, 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%) occured.

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

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

The price level of 1.3300 constituted 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 has been trapped within the consolidation range between 1.3300 - 1.2970 until recent bearish breakdown occurred on April 11.

Traders who missed the initial entry around 1.3300 should wait for a bullish pullback towards 1.2975 (61.8% Fibonacci level) as a valid signal 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 13, 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, an evident bearish rejection should be expected around the current supply zone of 1.4340-1.4488.

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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 a 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.

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) was needed to enhance further bearish decline.

As expected, when the market failed to push below the price level of 1.4050, a bullish movement was executed towards the price levels of 1.4200 and 1.4300 where bearish rejection should be expected again.

Initial bearish target should be located at 1.4050 where the neckline of the head and shoulders reversal pattern is located.

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Intraday technical levels and trading recommendations for EUR/USD for April 13, 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 stood as a significant resistance zone for the EUR/USD pair which offered bearish rejection and a valid sell entry on April 12.

Daily persistence below the depicted uptrend line (the level of 1.1320) is needed to ensure enough bearish momentum in the market.

Trading Recommendation:

For risky traders, a valid sell entry was offered around the supply zone near 1.1400. It's already running in profits. T/P levels should be placed at 1.1200 and 1.1070. S/L should be lowered to entry levels to offset the associated risk.

Conservative traders should consider the current daily closure below 1.1300 (a prominent demand level and the uptrend line) as another SELL signal. Initial T/P levels should be located at 1.1150 and 1.1080.

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Technical analysis of Silver for April 13, 2016

Technical outlook and chart setups:

Silver is pulling back after hitting fresh highs at $16.20 levels yesterday. The metal is seen to be trading at $16.00 levels at this moment, and looking to drop lower towards at least $15.40 levels and subsequently towards $14.60 levels respectively. Please note that the metal has remained shy by just 10 cents from the previous major resistance at $16.35 levels. If bulls do not manage to print above $16.35 levels, we can expect the metal to follow Gold and continue drifting lower. It is recommended to remain flat for now and wait for further confirmation to enter short positions. Immediate resistance is seen at $16.35 levels, while support is at $15.80 levels respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Gold for April 13, 2016

Technical outlook and chart setups:

Gold resumed its retreat lower after hitting highs at $1,262.00/63.00 levels yesterday. The metal is trading at day's lows at $1,243.00/44.00 levels and is expected to continue lower from here. Please note that the metal reversed from its Fibonacci 0.618 resistance levels to drop between $1,283.00 and $1,207.00 levels respectively. Furthermore, a bearish evening star candlestick pattern is also being produced on the daily chart view, indicating further downside. It is hence recommended to remain short, with a risk at $1,270.00 levels for now. Immediate support is seen at $1,207.00 levels, while resistance is at $1,283.00 levels respectively.

Trading recommendations:

Remain short now, stop at $1,270.00, target is $1,190 and $1,160.00.

Good luck!

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Gold analysis for April 13 , 2016

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Since our previous analysis, gold has been moving downwards. The price tested the level of $1,241.26 in a high volume. According to the daily time frame, I found that head and shoulders pattern (toping formation) is forming. I found lack of demand near the level of $1,261.00, and that caused sellers to step in and establish selling positions. Support level is set at the price of $1,216.50. The valid breakout in a high volume of $1,216.50 will confirm the head and shoulders formation.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,262.50

R2: 1,265.10

R3: 1,236.45

Support levels:

S1: 1,253.80

S2: 1,251.00

S3: 1,246.80

Trading recommendations for today: Be careful when buying and watch for potential selling opportunities.

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Technical analysis of NZD/USD for April 13, 2016

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Overview:

  • The NZD/USD pair set above strong support at the level of 0.6886, which coincides with the 61.8% Fibonacci retracement level.
  • This support was rejected for four times confirming uptrend veracity.
  • Hence, major support is seen at the level of 0.6822 because the trend is still showing strength above it.
  • Accordingly, the pair is still in the uptrend from the area of 0.6822 and 0.6886.
  • The NZD/USD pair is trading in a bullish trend from the last support line of 0.6822 towards the first resistance level at 0.6967 in order to test it.
  • This is confirmed by the RSI indicator signaling that we are still in the bullish trending market.
  • Now, the pair is likely to begin an ascending movement to the point of 0.6940 and further to the level of 0.6967 to reach the double top in the H1 time frame.
  • The level of 0.6940 will act as minor resistance, and the double top is set at the point of 0.6967.
  • At the same time, if a breakout happens at the support level of 0.6822, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.
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EUR/NZD analysis for April 13, 2016

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Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6319 in a high volume. EUR/NZD broke the upward channel . So, only watch for selling opportunities on the rallies. According to the H4 time frame, watch only for selling opportunities on the raillies. The second take profit level at the price of 1.6480 was reached. The third take profit level is set at the price of 1.6265 (swing low). According to the daily time frame, I found that sellers are in control of the market. We can observe supply in a high volume.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6595

R2: 1.6645

R3: 1.6725

Support levels:

S1: 1.6430

S2: 1.6380

S3: 1.6300

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

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Technical analysis of USD/CHF for April 13, 2016

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Overview:

  • Today, the USD/CHF pair broke resistance at the level of 0.9600, which is acting as support now. Thus, the pair formed minor support at 0.9600. The strong support is seen at the level of 0.9560 because it represents the weekly support 1. Equally important is that the RSI and the moving average (100) are still calling for an uptrend. Therefore, the market indicates a bullish opportunity at the level of 0.9600 on the H1 and H4 charts. Also, if the trend is buoyant, then the currency pair's strength will be defined as the following: USD is in an uptrend and CHF is in a downtrend. Buy above the minor support of 0.9600 with the first target at 0.9631 (this price is coinciding with the ratio of the 50% Fibonacci), and continue towards 0.96660 (the weekly resistance 1). On the other hand, if the price closes below the minor support, the best location for the stop loss order is seen below 0.9560. Hence, the price will fall into the bearish market in order to go further towards the strong support at 0.95000 to test it again. Furthermore, the level of 0.9500 will form a double bottom.
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Daily analysis of major pairs for April 13, 2016

EUR/USD: This pair has been flat so far this week. The price has gone neither above the resistance line at 1.1450 nor below the support level at 1.1300. A breakout is imminent today or tomorrow, which will most probably favor the bulls. Failure to breach the resistance line at 1.1450 to the upside would jeopardize this expectation.

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USD/CHF: The USD/CHF consolidated on Tuesday, not going below the support level at 0.9500. The support level should be broken to the downside, reaching the next level at 0.9000. A bearish confirmation pattern can be oberved on the market, and if a breakout happens, it is likely to be to the downside.

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GBP/USD: There is now a clean bullish signal on the GBP/USD; and because the bulls have made an effort to push the price up so far this week, short trades do not look rational here in the short term. The bulls may be able to push the price up towards the distribution territories at 1.4350 and 1.4400. There can be some volatility on the market today, which will most probably favor the bulls.

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USD/JPY: Here, the EMA 11 is below the EMA 56, and the RSI with the period 14 is below the 50 level. Further southward movement is possible. There is a strong bearish confirmation pattern on the chart, which will hold out as long as the price continues to move downwards. The current rally in the context of the downtrend may be a trap for the bulls, as it offers the bears an opportunity to sell at better prices. There won't be a serious threat to the current bearish outlook unless the price moves upwards by at least 300 pips.

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EUR/JPY: The bears are still willing to push the price further southward. The EMA 11 is below the EMA 56, and the RSI with the period 14 is below the 50 level. This shows a bearish outlook on the market. When the price breaks out of the current short-term consolidation, it will most probably go towards the demand zone at 122.50.

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Global macro overview for 13/04/2016

Global macro overview for 13/04/2016:

The Melbourne Institute and Westpac Bank poll data have revealed that Australians were less confident about the economic outlook and their family finances in April. The main benchmark of sentiment index had decreased by 4% to 95.1 points from 99.1 in March. The biggest decline was seen in sub-section "family finances compared to a year ago" (3.8% decrease) and "family finances over the next 12 months" (down 6.6%). At the same time, the National Australia Bank Business Confidence Index surged from 3 in February to 6 last month, which is a clear indication of a growing divergence between the consumer and business point of view on the economy. In conclusion, the deteriorating opinion on the future of the economy suggests that RBA may cut the rate at the next meeting.

In the meantime, let's take a look at the technical picture of AUD/USD on the daily time frame chart. We can clearly see that this pair has got stuck in the congestion zone between the 0.7721 and 0.7491 levels, so the bulls and bears are still fighting to take control over the market. Both of the mentioned levels are the most important ones for each group.

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Global macro overview for 13/04/2016

Global macro overview for 13/04/2016:

Gold prices continue rallying higher, posting their largest gain in 30 years. The increased fueled gold stocks' buying frenzy. The classic risk-off pattern seems to be present on the financial markets since the beginning of the week as rumors about the secret special meeting between Janet Yellen and President Obama have attracted attention of gold traders. Moreover, gold prices are benefiting from weaker US dollar. In conclusion, the flight for safety continues as the gold prices increased ahead of the next Fed meeting.

Let's now take a look at the gold technical picture in the daily time frame. A clear and impulsive rally from the level of 1,046 has been capped 250 dollars higher and now the level of 1,283 will be the most important resistance for bulls. The bears might change the current bullish outlook for their favor only if they bring the price down towards the level of 1,191 and break it. Otherwise, higher prices are expected.

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Technical analysis of EUR/JPY for April 13, 2016

General overview for 13/04/2016:

The wave progression inside the triangle pattern looks completed as the wave e of the whole structure is fully developed. A downward breakout should happen soon. Please note that 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. Impulsive break out to the downside is also anticipated.

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 USDX for April 13, 2016

The Dollar index is showing signs of the trend reversal as price continues trading inside the downward sloping wedge. I prefer to be neutral or slightly bullish at current levels as the Dollar index is at the oversold levels.

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Red line -resistance

Black lines - bullish divergence signs

The Dollar index remains below the red trend line resistance and the Kumo on the 4 hour chart. The trend remains bearish but we see some first reversal signs as the bullish divergence signals by the RSI and the stochastic oscillator are now showing their effect. Important short-term resistance is at 94.70 and then at 95.20. Support is at 93.70.

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Nothing new on a weekly basis apart from the bullish reversal candle; it is shaping up. Price has reached almost the lower boundary of the Kumo (cloud) and with stochastic oscillator oversold we have a good chance of a big bounce from the current levels. It is not the time to be short on the Dollar. Downward potential is very limited for now. Upside potential is huge.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for April 13, 2016

General overview for 13/04/2016:

The current Elliott wave count has been changed slightly and instead of the abc irregular correction the pattern evolved into more complex double zig-zag. The current corrective sub-wave (b) target is projected at the level of 1.2856. Then a downtrend should continue for at least one more wave. Please remember, that this structure might evolve even further into a triple zig-zag pattern as well.

Support/Resistance:

1.2747 - Intraday Support

1.2772 - WS2

1.2856 - WS1

1.2884 - 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 sell the market at the current prices with SL above the level of 1.2884 and TP at the level of 1.2700 (minimum.

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Technical analysis of Gold for April 13, 2016

Gold price reversed yesterday after reaching the important resistance of $1,260. I warned Gold bulls that this is not good to be long now. There were many warnings for bulls and today we see the results.

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Blue lines - bullish channel (broken)

Gold price broke out of the bullish channel. Price was rejected at the 61.8% retracement. This is a bearish sign. Combined with the bearish divergence signs, I pointed out in our previous posts, price has started moving lower at least towards $1,230.

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The week started on a bullish note but I believe we will see a bearish reversal weekly candle and a break below the tenkan-sen (red line indicator). I expect a move at least towards the 38% Fibonacci retracement and the upper cloud boundary. I remain bearish in the short term .The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for April 13, 2016

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USD/JPY is expected to continue its rebound. The pair managed to post a rebound yesterday confirming the level of 107.60 as its recent low. Overnight the U.S. stocks closed higher as energy shares were boosted by a surge in oil prices. Bank and financial shares also performed well. The Dow Jones Industrial Average gained 0.9% to 17,721, the S&P 500 rose 1.0% to 2,061, and the Nasdaq Composite was up 0.8% to 4,872.

Nymex crude oil surged 4.5% to $42.17 a barrel, gold declined 0.2% to $1,256 an ounce, while the benchmark 10-year Treasury yield was up to 1.781% from 1.724% in the previous session.

On the forex front, the U.S. dollar posted a rebound against the yen after falling for seven days in a row, with USD/JPY rallying 0.6% to 108.53. EUR/USD declined 0.2% to 1.1384 in a volatile session seeing the pair swinging up to 1.1464 and down to 1.1345.

Meanwhile, driven by oil prices' upward momentum, commodities-linked currencies kept moving upwards. USD/CAD lost another 1.1% to trade at 1.2759, AUD/USD surged 1.2% to 0.7682, and NZD/USD was up 0.9% to 0.6920. Currently it remains on the upside while seeking support by the 20-period (30-minute chart) moving average, which stands above the 50-period one. The intraday relative strength index is over the neutrality level of 50 lacking downward momentum. As long as the rebound continues, the pair is expected to return to the first upside target at 109.50. Further resistance above this level would be found at 109.95.

Trading Recommendation:

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 109.50 and the second one, at 109.95. In the alternative scenario, short positions are recommended with the first target at 107.60 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 107. The pivot point is at 108.10.

Resistance levels: 109.50, 109.95, 110.50

Support levels: 107.60, 107, 106.15

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Technical analysis of USD/CHF for April 13, 2016

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USD/CHF is expected to trade in a higher range as bias remains bullish. The pair managed to break above the resistance of its 50-period moving average, and now the pair is holding above it. The relative strength index jumped above its neutrality area at 50, and it is lacking downward momentum. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited by 0.9530 (a horizontal support). As long as this threshold is not broken, look for further advance to 0.9595 and 0.9620 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 0.9595 and the second one, at 0.9620. In the alternative scenario, short positions are recommended with the first target at 0.95 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 0.9480. The pivot point is at 0.9530.

Resistance levels: 0.9595, 0.9620, 0.9650

Support levels: 0.9500, 0.9480 , 0.9450

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Technical analysis of NZD/USD for April 13, 2016

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NZD/USD is expected to trade in a higher range and continue its upside movement. The pair is clearly in a bullish trend, supported by its rising 20-day and 50-day moving averages. The process of higher highs and lows remains intact. That confirms a positive outlook. In addition, the relative strength index stands firmly above its neutrality area at 50. As long as 0.6890 is not broken, look for a new rise to 0.6975 and 0.7005 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 0.6975 and the second one, at 0.7005. In the alternative scenario, short positions are recommended with the first target at 0.6865 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 0.6845. The pivot point is at 0.6890.

Resistance levels: 0.6975, 0.7025, 0.7055

Support levels: 0.6865, 0.6845, 0.6785

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Technical analysis of GBP/JPY for April 13, 2016

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GBP/JPY is expected to trade in a higher range as the bias remains bullish. The pair stands above the short-term rising trend line since April 11 and is also supported by its 50-period moving average. Meanwhile, the relative strength index lacks downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 156.70 at first. A break above this level would call for further advance toward 158.05 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 156.70 and the second one, at 158.05. In the alternative scenario, short positions are recommended with the first target at 153.45 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 152.60. The pivot point is at 153.95.

Resistance levels: 156.70, 157.15, 158

Support levels: 153.45, 152.60, 152

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Elliott wave analysis of EUR/NZD for April 13 - 2016

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Wave summary:

The expected rally has failed miserably and we are currently seeing a test of the support line from 1.5784. This support-line near 1.6229 needs to protect the downside or we will have to review our count.

A break below 1.6229 could indicate that an even deeper corrective decline from 1.9023 is unfolding closer to support at 1.4938. This is not yet our preferred count, but an option we are currently considering.

Trading recommendation:

Our stop at 1.6370 was hit and we will stand aside for now awaiting a more clear picture.

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Elliott wave analysis of EUR/JPY for April 13 - 2016

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Wave summary:

We are still locked inside the triangle consolidation and we remain on the outlook for a thrust out of the triangle towards the downside for a decline to 120.98. A break below minor support at 123.15 will indicate that the expected thrust is being seen for a decline to 120.98 in red wave iii.

Resistance at 124.00 should protect the upside at any time.

Trading recommendation:

Our stop at 123.80 was hit for a nice profit. We will sell EUR here at 123.76 with stop placed at 124.10 and take profit at 121.05.

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Technical analysis of USD/JPY for April 13, 2016

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In Asia, Japan will release the PPI y/y, M2 Money Stock y/y and the US will release some economic data such as the Beige Book, 10-y Bond Auction, Crude Oil Inventories, Business Inventories m/m, Core PPI m/m, Retail Sales m/m, PPI m/m, Core Retail Sales 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: 109.26.

Resistance. 2: 109.06.

Resistance. 1: 108.84.

Support. 1: 108.57.

Support. 2: 108.36.

Support. 3: 108.15.

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/USD for April 13, 2016

1_EURUSD.jpg

When the European market opens, some economic news will be released such as Industrial Production m/m and the French Final CPI m/m. The US will release economic data too such as the Beige Book, 10-y Bond Auction, Crude Oil Inventories, Business Inventories m/m, Core PPI m/m, Retail Sales m/m, PPI m/m, Core Retail Sales 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: 1.1437.

Strong Resistance: 1.1430.

Original Resistance: 1.1419.

Inner Sell Area: 1.1408.

Target Inner Area: 1.1381.

Inner Buy Area: 1.1353.

Original Support: 1.1342.

Strong Support: 1.1331.

Breakout SELL Level: 1.1324.

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 13, 2016

The Index is still trying to to consolidtate below the support zone of 93.95, but we can see that a strong demand territory is located around that price level. However, our bearish bias remains valid, as the USDX is still trading into a bearish tone below the 200 SMA and we could expect a decline soon toward the 93.24 level. MACD indicator is at neutral territory.

USDXH1.png

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 13, 2016

The pair has been trading into a bullish tone above the 200 SMA at H1 chart, after a rebound that was performed during the American session of yesterday. Currently, we can expect another breakout above the 1.4278 level, to re-test the 1.4315 price zone and eventually, Cable may strength the upside trend in coming days over there.

GBPUSDH1.png

H1 chart's resistance levels: 1.4278 / 1.4315

H1 chart's support levels: 1.4225 / 1.4163

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 1.4225, take profit is at 1.4163 and stop loss is at 1.4288.

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

Daily analysis of GOLD for April 12, 2016

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Overview

The gold price trades positively now, resuming the bullish track. It is likely to test the previously recorded top at 1,282.92 as the next main station as a break of it represents the key for a rise in gold price to as high as 1,300.00. Stochastic continues attempts to get rid of its negative momentum and is gaining positive momentum that pushes the price to suggested targets. Holding above the mark of 1,227.40 represents an important condition for the continuation of the suggested bullish trend.

The expected trading range for today is between the 1,240.00 support and the 1,280.00 resistance.

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

Daily analysis of Silver for April 12, 2016

SILVERH4.png

Overview

The silver price shows clear upside moves starting to test the 16.00 barrier and reinforcing expectations for the bullish trend continuation in the upcoming period. The way is open for testing the 16.35 level that represents the recorded top at the end of the last year. Therefore, the bullish trend scenario will remain valid and active on the intraday and short-term basis unless breaking the 15.30 level and holding with a daily close below it.

The expected trading range for today is between the 15.50 support and the 16.35 resistance.

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