Technical analysis of NZD/USD for April 14, 2016

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Overview:

  • The NZD/USD pair fell from the 0.6941 level to the bottom at 0.6822 yesterday. Today, the pair has faced strong support at 0.6822. It can be seen on the H1 time frame chart, that the strong support has already been faced at 0.6822, and the pair will probably try to approach it in order to test it again and form a double bottom. Amid the previous events, the price is still moving between the 0.6822 and 0.6967 levels. In overall, we still prefer the bullish scenario as long as the price is above the level of 0.6822. Furthermore, if the NZD/USD pair is able to break the first resistance at 0.6886, the market will rise further to 0.6997. However, if the pair fails to pass through the 0.6890 level, the market will indicate a bearish opportunity below the 0.6890 mark. So, the market will decline further to 0.6822 in order to return to the daily pivot point. Moreover, a breakout of that target will move the pair further downwards to 0.6741.

Intraday technical levels:

  • Major resistance:0.6967
  • Minor resistance:0.6886
  • Intraday pivot point: 0.6820
  • Minor support:0.6741
  • Major support:0.6671
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Technical analysis of USD/CAD for April 14, 2016

USD/CAD continues moving lower producing lower lows and lower highs. Price managed to break below the descending channel but yet has not tested nor rejected any of the support levels.

The Fibonacci applied to the channel breakout point shows that after the channel breakout price corrected up and today rejected the R1 resistance level, which is the 61.8% Fibs (1.2900)

Consider selling USD/CAD while price is near R1, targeting the nearest support area near S2 (1.2700). The stop loss should be well above R1, at 1.2950 or higher.

Support: 1.2800, 1.2700, 1.2580, 1.2380

Resistance: 1.2900, 1.3020

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Technical analysis of CAD/JPY for April 14, 2016

Fibonacci applied to the channel breakout point (S1 - 84.90) shows that price also broke the next Fib level of 38.2% (R1 - 85.40). After that, price corrected down and today the S1 support has been rejected together with the uptrend trend line.

Consider buying CAD/JPY while price is near S1 (84.90), targeting the nearest resistance area near R2 (86.00). The stop loss should be just below S2 (84.40).

Support: 84.90, 84.40

Resistance: 85.40, 86.00, 87.00

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Technical analysis of USD/CHF for April 14, 2016

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Overview:

  • The USD/CHF pair faced resistance at the level of 0.9724, while minor resistance is seen at 0.9666. Support is found at the levels of 0.9570 and 0.9501. Yesterday, the USD/CHF pair continued moving upwards from the level of 0.9501. The pair rose from the level of 0.9501 (the level of 0.9800 coincides with the double bottom) to the top around 0.9666. In consequence, the USD/CHF pair broke resistance, which turned into strong support at the level of 0.9570. Also, it should be noted that a daily pivot point has already set at the level of 0.9641. Equally important is that the USD/CHF pair is still moving around the key level at 0.9641-0.9666, which represents a daily pivot in the H4 time frame at the moment. The level of 0.9570 is expected to act as major support today. From this point, we expect the USD/CHF pair to continue moving in the bullish trend from the support levels of 0.9570 - 0.9641 towards the target level of 0.9724. If the pair succeeds in passing through the level of 0.9724, the market will indicate the bullish opportunity above the level of 0.9724 in order to reach the second target at 0.9797. On the other hand, if the price closes below the strong support of 0.9501, the best location for a stop loss order is seen at 0.9470.
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EUR/NZD analysis for April 14, 2016

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Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.6278 in a high volume. EUR/NZD reached our third take profit level around the price of 1.6270. Anyway, after the price reached out third take profit level, I saw strong reaction from buyers. Price went to test 1.6485. According to the 15M time frame, I found volume spike (buying climax) in the background with wide spread of the bar, double up thrust bars and no demand bars later on. Since we got weakness in the background, my advice is to watch for intraday selling opportunities. Take profit level is set at the price of 1.6290.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6410

R2: 1.6450

R3: 1.6520

Support levels:

S1: 1.6275

S2: 1.6235

S3: 1.6165

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

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Gold analysis for April 14, 2016

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Since our previous analysis, gold has been moving downwards. The price tested the level of $1,228.99 in a high volume. According to the daily time frame, I found that head and shoulders pattern (topping formation) is forming. According to the 30M time frame, I found a lack of demand near the level of $1,243.00. We can observe buying climax followed by few weak up bars (strong sign of weakness). The support level is set at the price of $1,229.00. Watch for intraday selling opportunities on rallies. 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: 1,254.00

R2: 1,258.25

R3: 1,264.75

Support levels:

S1: 1,241.00

S2: 1,237.00

S3: 1,230.60

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

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USD/CAD intraday technical levels and trading recommendations for April 14, 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 (upper limit of the recent consolidation range) enhanced the bullish side of the market. Hence, a bullish visit to the resistance at 1.4120 (Fibonacci Expansion 100%) occurred.

Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4650 (141.4% Fibonacci expansion) where an evident bearish rejection was expected (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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NZD/USD intraday technical levels and trading recommendations for April 14, 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.

On the other hand, a daily closure below 0.6850 brings the GBP/USD pair again towards the price level of 0.6760.

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Intraday technical levels and trading recommendations for GBP/USD for April 14, 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.

On the other hand, when the market failed to push below the price level of 1.4050 on April 7, a bullish movement was executed towards the price levels of 1.4340 where strong bearish rejection and a valid SELL entry were offered again.

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

This week, daily persistence below 1.4050 (reversal pattern neckline) is needed to enhance further bearish decline towards 1.3950 and 1.3800.

Otherwise, the GBP/USD pair will remain trapped between 1.4050 and 1.4340.

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Intraday technical levels and trading recommendations for EUR/USD for April 14, 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 more 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 1.1350 to secure some profits.

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 USD/JPY for April 14, 2016

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USD/JPY is expected to trade in higher range as 109.95 is in sight. Overnight U.S. stocks rallied again as bank and financial shares, encouraged by JP Morgan's better-than-expected earnings, performed well. The Dow Jones Industrial Average rose 1.1% to 17,908, the S&P 500 gained 1.0% to 2,082, and the Nasdaq Composite was up 1.6% to 4,947.

Nymex crude oil dropped 1.0% to $41.76 a barrel, gold also gave up 1.0% to $1,243 an ounce, while the benchmark 10-year Treasury yield eased to 1.764% from 1.781% in the previous session.

Meanwhile, the U.S. dollar posted a powerful rebound against most major currencies, with the Wall Street Journal Dollar Index rising 0.7% to 86.40. EUR/USD plunged 1.0% to 1.1272, USD/JPY climbed 0.7% to 109.33, GBP/USD lost 0.5% to 1.4202, and USD/CHF surged 1.3% to 0.9667.

At the same time, commodities-linked currencies gave up part of gains made in previous sessions. USD/CAD increased 0.4% to 1.2815 and AUD/USD declined 0.4% to 0.7652.The pair continues to ride on a rising trend line and is striking against the immediate resistance at 109.95. Currently, the ascending 20-period (30-minute chart) moving average, which stands on the 50-period one, is providing support. Also, the intraday relative strength index is well directed above the neutrality level of 50, calling for a new upleg. A break above 109.95 would trigger a further rise toward 110.50.

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 109.95 and the second one, at 110.50. In the alternative scenario, short positions are recommended with the first target at 108.45 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 107. The pivot point is at 108.80.

Resistance levels: 109.95, 110.50, 111

Support levels: 108.45, 108.05, 107.75

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Technical analysis of USD/CHF for April 14, 2016

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USD/CHF is expected to prevail its upside movement. The pair remains in a bullish trend, supported by its ascending 20-period and 50-period moving averages. The nearest support at 0.9610 should limit any downward attempts. In addition, the relative strength index is positive, and also advocates for further advance. At the current stage, the pair is likely to challenge its next resistance at 0.9710 in sight. If there is a breakout, look for a new bounce to 0.9740 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 0.9710 and the second one, at 0.9740. In the alternative scenario, short positions are recommended with the first target at 0.9590 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 0.9560. The pivot point is at 0.9610.

Resistance levels: 0.9710, 0.9740, 0.98

Support levels: 0.9590, 0.9560 , 0.95

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Technical analysis of NZD/USD for April 14, 2016

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Downside movements are expected to prevail in NZD/USD. The pair clearly reversed down, and is now capped by its falling 20-period and 50-period moving averages on an intraday basis. The relative strength index is mixed to bearish below its neutrality area at 50. Furthermore, the key resistance at 0.69 should maintain the strong selling pressure on the price. In this case, as long as 0.69 holds on the upside, look for a new decline to 0.6820 and 0.6790 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 0.6820. A break of this target will move the pair further downwards to 0.6790. The pivot point stands at 0.69. 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 0.6920 and the second target at 0.6950.

Resistance levels: 0.6920, 0.6950, 0.6975

Support levels: 0.6820, 0.6790, 0.6735

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Technical analysis of GBP/JPY for April 14, 2016

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GBP/JPY is under pressure and expected to trade in lower range. The pair ran down to 155.75 overnight before posting a rebound. Currently, the rebound is losing momentum while the pair remains capped by the descending 50-period moving average. The relative strength index stays below the neutrality level of 50 lacking upward momentum. The intraday outlook remains bearish and the pair should re-test the first downside target at 153.95 and the second one at 153.45.

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 153.95. A break of this target will move the pair further downwards to 153.45. The pivot point stands at 155.75. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 156.70 and the second target at 158.05.

Resistance levels: 156.70, 158.05, 159 Support levels: 153.95, 153.45, 152.60

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Technical analysis of USDX for April 14, 2016

The Dollar index is reversing upwards as we expected. Bulls were warned that a reversal was coming. Price broke above the downward sloping wedge and now it is turning upwards in an impulsive pattern. Short-term trend is now bullish and this could be a very important turning point for the bullish scenario.

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Red line - resistance (broken)

Black lines - divergence signs

The Dollar index broke above the Ichimoku cloud on the 4 hour chart and above the downward sloping red trend line resistance. The trend will be bullish at least for the short-term. The Dollar index made a low at 93.65 very close to our 93 target and long-term important support. The bounce off this level is a very bullish sign as we can see in the following weekly chart.

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Blue lines - trading range

The Dollar index reached the lower boundary of the weekly cloud and the lower boundary of the trading range. With stochastic oscillator oversold and the RSI diverging, Dollar bears were warned that a reversal was to be expected. The weekly candle is a bullish one and also a reversal candle so far. If the entire sideways move is finally over, we could be starting the next big leg up towards 110. Learn more about this scenario in the coming weeks.

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Global macro overview for 14/04/2016

Global macro overview for 14/04/2016:

The Australian job market data was released overnight. It turned out that the jobless rate is the lowest since October 2013. Market participants expected unemployment rate to increase from 5.8% to 5.9%, but instead the rate decreased to 5.7%. Moreover, the employment change data posted solid gains as well. The market expected +18.6K jobs, but the number revealed was at the level of 26.1K, the biggest one-off increase in 2016. In conclusion, it looks like the record-low interest rates are boosting the employment in Australia as the labor market is getting stronger and stronger. Thus, the Reserve Bank of Australia is unlikely to ease policy in the near-term.

Let's now take a look at the EUR/AUD technical picture in the daily time frame. We can see the market broke down from the rising wedge formations. Bears seems to be in control over this market now. If the level of 1.4670 is clearly violated, then the next support is at the level of 1.4471. Only a sustained break out back above the rising wedge top at the level of 1.5208 would put bulls back into control over this market, but it seems highly unlikely.

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Technical analysis of Gold for April 14, 2016

Gold price is moving exactly as we predicted. Price reversed lower and pushed below short-term support towards our short-term target of $1,230 as we pointed out yesterday. Gold could see a bounce today. I expect price to continue lower towards $1,190.

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Gold price has reached the Ichimoku cloud support on the 4 hour chart. Stochastic oscillator is oversold. There are several conditions that justify a bounce from the current levels. Bounce target is at $1,240-45. Support is at $1,226. If it is broken, I believe the price will go to $1,190.

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As I warned at the beginning of the week it is important for the bullish candle to hold above the tenkan-sen. Currently, the weekly candle is a sign of bearish reversal. Target remains at the upper cloud boundary and the 38% Fibonacci retracement.The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 14/04/2016

Global macro overview for 14/04/2016:

The Bank of Canada maintained its key interest rate at 0.5% yesterday, just in line with market expectations. In the press conference, the BoC has justified its decision, saying the last quarter GDP growth was solid, but in their opinion is was merely a temporary improvement and it is very likely that effects will wave in the second quarter. Moreover, the BoC admitted that the Canadian economy is still trying to adjust to the current low oil price levels and they lowered the GDP growth projections for this year. In conclusion, the BoC is nowhere near the rate hike as the GDP is still not strong enough and the global headwinds might get even worse in the future.

Let's now take a look at the EUR/CAD technical picture on the daily timeframe. We can see the market just bounced from the important technical support at the level of 1.4390, but still trades below the 21,100 and the 200 DMA. Moreover, the long-term uprising dashed blue trendline had been broken as well, which supports the bearish outlook for this pair. The next support is seen at the level of 1.4031.

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Technical analysis of USD/CAD for April 14, 2016

General overview for 14/04/2016:

The wave (b) blue of the internal corrective cycle might be about to complete as the first projected target level has been hit. The current corrective sub-wave (b) target is the yellow rectangle area. When the top for wave (b) is in place, 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 EUR/JPY for April 14, 2016

General overview for 14/04/2016:

The downward breakout wasn't strong enough to violate the important intraday level of 122.81, but there is still a chance the bears will do it later. 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. An impulsive break out to the downside is also anticipated.

Support/Resistance:

122.53 - Intraday Support

122.81 - Key Level

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 Silver for April 14, 2016

Technical outlook and chart setups:

Silver is still seen to be holding well above $16.00 levels and might be looking to push through $16.40 levels before producing a meaningful retracement. The metal rallied past $16.30 levels yesterday, slightly above expectations, and might print yet another high before pulling back. The metal is sending mixed signals at the moment and hence it is recommended to remain flat for now, awaiting further confirmation for directions. Immediate resistance is seen at $16.35 levels, while support is at $16.00 levels respectively. Ideally, bears are expected to regain control soon since the metal should pull back lower before extending its rally.

Trading recommendations:

Remain flat for now OR go aggressively short now, stop at $16.50, target is open.

Good luck!

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Technical analysis of Gold for April 14, 2016

Technical outlook and chart setups:

Gold formed a bearish evening star candlestick pattern on the daily chart yesterday and continues to print lower lows today. The metal is trading at $1,232.00/33.00 levels at the moment and is expected to hit $1,140.00 levels in the coming sessions as depicted here. Please also note that the backside of the trendline which is support now, is also around the same region. It is hence recommended to remain short for now, with risk around $1,270.00 levels. Bears are expected to remain in control till prices stay below $1,262.00 levels from here on. Immediate resistance is seen at $1,262.00 levels, while support is at $1,207.00 levels.

Trading recommendations:

Remain short for now, stop at $1,270.00, target is $1,190 and $1,140.

Good luck!

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Elliott wave analysis of EUR/NZD for April 14 - 2016

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Wave summary:

Important support at 1.6229 has protected the downside nicely and the strong rally from the 1.6242 low does indicate that a firm low is in place. That also keeps our long-term count intact calling for a rally to 1.6830 and above here will call for an acceleration much higher.

In the short term, we are now looking for support near 1.6313 for the next rally higher to 1.6625 and 1.6830.

Trading recommendation:

We will buy EUR at 1.6325 with stop placed at 1.6225

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Elliott wave analysis of EUR/JPY for April 14 - 2016

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Wave summary:

No change in view here.

We continue to look for a downside thrust out of the triangle for a decline towards 120.98 to end red wave iii and set the stage for a correction rally in red wave iv to the 123.55 - 123.85 area before going lower again in red wave v towards 117.38 to terminate the long-term correction from 149.96.

Trading recommendation:

We are short in EUR from 123.76 and we will move our stop slightly lower to 123.90.

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Technical analysis of EUR/USD for April 14, 2016

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When the European market opens, some economic news will be released such as the Final Core CPI y/y and Final CPI y/y. The US will release economic data too such as the 30-y Bond Auction, Natural Gas Storage, Unemployment Claims, Core CPI m/m, CPI 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: 1.1332.

Strong Resistance: 1.1326.

Original Resistance: 1.1315.

Inner Sell Area: 1.1304.

Target Inner Area: 1.1278.

Inner Buy Area: 1.1252.

Original Support: 1.1241.

Strong Support: 1.1230.

Breakout SELL Level: 1.1224.

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 14, 2016

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In Asia, Japan will release the 30-y Bond Auction and the US will release some economic data such as the 30-y Bond Auction, Natural Gas Storage, Unemployment Claims, Core CPI m/m, CPI 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: 110.02.

Resistance. 2: 109.80.

Resistance. 1: 109.59.

Support. 1: 109.33.

Support. 2: 109.11.

Support. 3: 108.90.

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 14, 2016

USDX is very close to finding strong resistance around the 94.85 level in an effort to resume the bearish bias toward new lows, as the Index is getting outside of the 200 SMA on the H1 chart. However, we can expect a downside continuation when the USDX does a breakout below the 94.40 level, with targets around the 93.95 level.

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H1 chart's resistance levels: 94.85 / 95.21

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.

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Daily analysis of GBP/USD for April 14, 2016

GBP/USD is trying to test the support level of 1.4163, where a breakout can happen to reach new lows. We should keep in mind that a strong resistance is placed around the 1.4278 level, which is also giving us the path for a short-term basis. In coming hours, we could expect a downside continuation to resume the bearish trend.

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H1 chart's resistance levels: 1.4225 / 1.4278

H1 chart's support levels: 1.4163 / 1.4108

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 1.4163, take profit is at 1.4108 and stop loss is at 1.4217.

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Daily analysis of major pairs for April 14, 2016

EUR/USD: The rally on the USD/CHF pair has forced EUR/USD to break southward. The price is now below the resistance line at 1.1300, going towards the support line at 1.1250. The price might even go below that resistance line, since further southward movement would be witnessed as USD/CHF journeys further north. There is a Bearish Confirmation Pattern on the chart: the EMA 11 has just crossed the EMA 56 to the downside as the Williams' % Range period 20 is in the oversold region.

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USD/CHF: The USD/CHF pair moved upwards seriously on Wednesday, owing to the weakness in the CHF. This kind of weak situation is visible on other CHF pairs, like NZD/CHF, AUD/CHF, CAD/CHF etc. Right now, the northward break on the USD/CHF chart has resulted in a bullish signal, which might aid the price to reach the resistance levels at 0.9700 and 0.9750 this week or next week. Some fundamental figures are expected today and they may have an impact on the market.

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GBP/USD: The bullish bias on GBP/USD is in a precarious position. The bears are fighting desperately to render the bearish outlook invalid (which might become invalid once the price goes below the accumulation territory at 1.4100), though the bulls might be able to push the price up towards the distribution territories at 1.4350 and 1.4400.

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USD/JPY: So far this week, this currency trading instrument has moved upwards by 170 pips, but the dominant bias remains bearish. Two things would happen later this week: either the price continues going upwards, thereby rendering the dominant bearish bias invalid, or the price goes southwards to corroborate that bias.

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

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Daily analysis of GOLD for April 13, 2016

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Overview

The gold price has been trading sideways above the 1,250.00 barrier since yesterday. Stochastic gets rid of its negativity and reaches the oversold areas, offering the positive factor we expected to push the price to resume the short-term bullish trend. Therefore, there is a high chance of heading towards 1,282.92 followed by 1,300.00 levels as the first main targets. A break of the 1,227.40 level will stop the expected rise and push the price to test the 1,193.00 area before any new attempt to resume the bullish trend.

The expected trading range for today is between the 1,235.00 support and the 1,280.00 resistance.

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Daily analysis of Silver for April 13, 2016

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Overview

The silver price has been showing slight bearish bias since morning, testing the 16.00 level. Stochastic gets rid of its negativity and gains positive momentum in the four-hour time frame, thus keeping the bullish trend scenario valid for today. The price is likely to test the 16.35 level initially. We remind that a breach of the targeted level will extend the bullish wave to 17.08, while the price needs to settle above 15.30 to keep chances of achieving the suggested targets.

The expected trading range for today is between the 15.70 support and the 16.50 resistance.

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