Technical analysis of GBP/CHF for April 15, 2016

GBP/CHF overall trend is bearish and currently the corrective wave up might be just about to end as the price has rejected 64.8% Fibonacci resistance level applied to the descending channel breakout.

At the same time, the price broke below the S3 (1.3500) support and now it is rejecting not only Fibs, but also a downtrend trend line.

Consider selling GBP/CHF while the price is near R1, targeting either S2 (1.3590), S3 (1.3500) or S4 (1.3565) as the final target. The stop loss should be just above R2 (1.3810).

Support: 1.3660, 1.3590, 1.3500, 1.3365

Resistance: 1.3730, 1.3810

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Technical analysis of NZD/CHF for April 15, 2016

NZD/CHF continues moving sideways without any signs of a long- or mid-term direction. This tendency is likely to continue and the price might once again move down after the price rejected the R1 (0.6700) resistance area.

Consider selling NZD/CHF near 0.6700 to target 61.8% Fibonacci retracement where support previously was formed. The stop loss should be well above 0.6700, at 0.6750 or higher.

Support: 0.6645, 0.6610, 0.6580, 0.6555

Resistance: 0.6700

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NZD/USD intraday technical levels and trading recommendations for April 15, 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 NZD/USD pair again towards the price level of 0.6760.

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USD/CAD intraday technical levels and trading recommendations for April 15, 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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Intraday technical levels and trading recommendations for GBP/USD for April 15, 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, evident bearish rejection should be expected around the current supply zone of 1.4340-1.4488. The nearest destination for the GBP/USD pair would be located at 1.3845.

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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) will be needed to enhance further bearish decline towards 1.3950 and 1.3800.

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

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Intraday technical levels and trading recommendations for EUR/USD for April 15, 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 comes to close below the depicted monthly demand level of 1.0570.

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In November 2015, daily persistence below the level of 1.0800 (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 consolidation range) was seen on the daily chart. A quick bearish decline was expected towards 1.0820 where the most recent bullish swing was initiated.

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

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

Moreover, a Head and Shoulders reversal pattern is being expressed around this supply zone. Hence, another valid entry can be offered at retesting of the price level of 1.1320 (the right shoulder of the reversal pattern).

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

Trading Recommendation:

In previous articles, a valid sell entry was suggested around the supply zone of 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 1.1360 to secure some profits.

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

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Technical analysis of NZD/USD for April 15 2016

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Overview:

  • The NZD/USD pair movement was clear as it took place in an uptrend channel for a while. The market showed signs of stability above the support levels of 0.6822 and 0.6886. Amid the previous events, the price is still moving between the levels of 0.6822 and 0.6967. The daily resistance and support are seen at the levels of 0.6967 and 0.6822 respectively. In consequence, it is recommended to be cautious while placing orders in this area. Hence, the NZD/USD pair is still trading in a bullish trend from the new support level of 0.6886; to form a bullish channel. According to the previous events, we expect the pair to move between 0.6886 and 0.6987. Also, it should be noted that major resistance is seen at 0.6999, while immediate resistance is found at 0.6987. Then, we may anticipate potential testing of 0.6987 to take place soon. Moreover, if the pair succeeds in passing through the level of 0.6987, the market will indicate a bullish opportunity above the level of 0.6987. A breakout of that target will move the pair further upwards to 0.6999 and 0.7031.
  • Buy orders are recommended above the area of 0.6886 with the first target at the level of 0.6967; and continue towards 0.7031. On the other hand, if the NZD/USD pair fails to break out through the resistance level of 0.6987; the market will decline further to the level of 0.6822.
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Technical analysis of USD/CHF for April 15 2016

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Overview:

  • The USD/CHF pair set above strong support at the level of 0.9597, which coincides with the daily pivot. This support has been rejected for three times confirming uptrend veracity. Hence, major support is seen at the level of 0.9597 because the trend is still showing strength above it. Accordingly, the pair is still in the uptrend from the area of 0.9597 and 0.9615. The USD/CHF pair is trading in a bullish trend from the last support line of 0.9597 towards the first resistance level at 0.9724 in order to test it. This is confirmed by the RSI indicator signaling that we are still in the bullish market. Now, the pair is likely to begin an ascending movement to the point of 0.9724 and further to the level of 0.9796. The level of 0.9796 will act as second resistance and the double top is already set at the point of 0.9888. At the same time, if a breakout happens at the support levels of 0.9597 and 0.9590, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario today.

Intraday key levels:

  • Resistance 3:0.9866
  • Resistance 2:0.9796
  • Resistance 1:0.9724
  • Pivot Point:0.9597
  • Support 1:0.9500
  • Support 2:0,9460
  • Support 3:0,9400
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Technical analysis of USDX for April 15, 2016

The Dollar index made a pause in its upward breakout above the downward sloping wedge. The price has reached important short-term resistance levels and a small pullback to re-test the breakout area is justified.

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Red line - resistance (broken)

Black line - possible price path

The Dollar index has managed to break above the red trend line resistance but not above the 4-hour chart cloud. A pullback to re-test the breakout above the red trend line is very likely, so a pullback towards 94.40-94.30 is also possible. A break below the cloud will not be a good sign. On the other hand, a break above 95.20 will be a bullish sign confirming the trend reversal.

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Blue lines - trading range

The Dollar index is reversing on a weekly basis. The price has reached the upper cloud boundary which is the weekly resistance. This 95-95.20 level is an important resistance and once we break above it we should be heading towards 96 at least. The short-term trend has changed back to bullish. The stochastic is oversold, but not turning upwards yet. I believe we are near an important turning point.

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Technical analysis of Gold for April 15, 2016

Gold is still trading above the $1,190-$1,200 support but bulls also do not show enough strength signs for a move towards $1,300. As long as it trades above $1,190, the price still has some hopes of reaching a new high. However I prefer to be neutral or bearish waiting for $1,150.

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Black lines - triangle pattern

Gold, as expected by our latest analysis, bounced towards the $1,240-45 area but once again got rejected and made new lower lows towards cloud support at $1,224. For now, bulls manage to hold above or inside the 4-hour chart cloud. The trend is mainly sideways and the trading range is contracting.

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On the weekly chart, we should be very cautious and patient to wait and see where this week's candle closes. The tenkan-sen (red line indicator) support is being tested. The stochastic is overbought and turning lower. I believe there are more chances to see a downward move than a new high above $1,283. However, I remain longer-term bullish in Gold and expect a deep pullback below $1,180 towards $1,140-50 in order to re-open long positions. Until then, I prefer to be neutral or slightly bearish.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for April 15, 2016

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USD/JPY is expected to trade in a higher range, moving toward 109.95. Overnight, US stocks were mixed, with bank, transportation and energy shares trading higher, and shares in real estate, food & beverage, and semiconductor sectors being under pressure. The Dow Jones Industrial Average rose 0.1% to 17926, the S&P 500 was broadly flat at 2082, and the Nasdaq Composite was down less than 2 points at 4945.

Nymex crude oil declined another 0.6% to $41.50 a barrel, gold fell 1.0% further to $1,227 an ounce, while the benchmark 10-year Treasury yield settled at 1.781%, up from 1.760% in the previous session.

On the economic front, the US government reported that the CPI rose 0.1% month-on-month in March (vs +0.2% expected, -0.2% in February).

Meanwhile, the US dollar maintained its strength against most major currencies. EUR/USD edged down 6 points to 1.1266, USD/JPY gained 4 points to 109.37, and GBP/USD was down 0.4% to 1.4153. At the same time, USD/CAD rose 0.2% to 1.2843 and NZD/USD plunged 1.1% to 0.6842.

Boosted by a robust jobs report in Australia (the jobless rate dropped to a 2.5-year low of 5.7% in March), AUD/USD climbed 0.6% to 0.7695. The pair has just shot above the upper Bollinger band, calling for an acceleration to the upside. At the same time, the 20-period (30-minute chart) moving average is crossing above the 50-period one, and the intraday relative strength index is well directed above the neutrality level of 50, suggesting a new upleg. As long as the pair maintains its upward momentum, it should rise toward the first upside target at 109.95 (around the high of April 7) and then the second one at 110.50 (key resistance seen on April 6).

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 15, 2016

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USD/CHF is expected to trade in a higher range above 0.9630. The pair remains in an uptrend above its major support base around 0.9630. Even though a continuation of the consolidation cannot be ruled out, its extent should be very limited. Besides, the relative strength index is around its neutrality area at 50 but lacks downward momentum. In these perspectives, as long as 0.9630 is not broken, the pair is likely to advance to 0.9710 and 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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Global macro overview for 15/04/2016

Global macro overview for 15/04/2016:

The Crude Oil Inventories data came as a big surprise when the stockpiles jumped to 6634k from -4937k a week ago. Nevertheless, the recent report from the EIA Institute suggest some analysts predict that in the second part of the year, the global surplus of crude oil will fall drastically (this may be an impulse for a further rebound in oil prices, even around $50 per barrel). Clearly, this weekend's meeting in Doha might be a breakthrough in negotiations regarding the output freeze as Russia said it sees a deal to freeze oil output as possible when it meets other producers, regardless of whether Iran - which has said it plans to boost output - joins the deal. In conclusion, this might be the most important OPEC and non-OPEC countries' meeting this year and it is worth to keep an eye on its outcome.

Let's now take a look at the technical picture of crude oil on the H4 time frame. The market rallied during the entire last week and managed to break above the 21.50 and 100 moving averages. Currently, it is trading near the record-high levels of the year and if OPEC seals the deal at this weekend's meeting, then the bulls might rally even higher towards the psychological level of $50 a barrel.

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Technical analysis of NZD/USD for April 15, 2016

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NZD/USD is under pressure below 0.6920. Technically, the pair remains capped by its falling 50-period moving average and is likely to post new weaknesses. The relative strength index is below its neutrality area at 50 and lacks upward momentum. Furthermore, the previous key support at 0.6920 now acts as resistance, which should maintain the strong selling pressure. Therefore, as long as 0.6920 holds on the upside, look for further decline to 0.6840 and 0.6820 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 0.6840. A break of this target will move the pair further downwards to 0.6820. The pivot point stands at 0.6920. 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 0.6950 and the second target at 0.6975.

Resistance levels: 0.6950, 0.6975, 0.7015

Support levels: 0.6840, 0.6820, 0.6790

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Technical analysis of EUR/JPY for April 15, 2016

Technical outlook and chart setups:

The EUR/JPY pair is trading at 123.40 levels at the moment, looking to rally through 125.35 levels at least from here on. Please note that the pair is just in a countertrend rally and bears would remain in control till prices stay below 128.25 levels, from here on. Also note that the pair had broken below earlier support at 123.08 levels and hence a pullback is quite probable from here, before resuming the downtrend. Hence it is recommended to remain flat for now and look to sell again at 125.30 levels. Immediate resistance is seen at 125.00.30 levels, while support is seen through 122.50 levels respectively.

Trading recommendations:

Remain flat for now and look to sell higher.

Good luck!

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Technical analysis of EUR/USD for April 15, 2016

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When the European market opens, some economic news will be released such as the eurozone's Trade Balance and Italian Trade Balance. The US will release economic data too such as Prelim UoM Inflation Expectations, Prelim UoM Consumer Sentiment, Industrial Production m/m, the Capacity Utilization Rate, the Empire State Manufacturing Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1321.

Strong Resistance: 1.1314.

Original Resistance: 1.1303.

Inner Sell Area: 1.1292.

Target Inner Area: 1.1265.

Inner Buy Area: 1.1239.

Original Support: 1.1228.

Strong Support: 1.1217.

Breakout SELL Level: 1.1210.

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 15, 2016

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In Asia, Japan will release the Revised Industrial Production m/m and the US will release some economic data such as Prelim UoM Inflation Expectations, Prelim UoM Consumer Sentiment, Industrial Production m/m, the Capacity Utilization Rate, the Empire State Manufacturing Index. So there is a probability the USD/JPY pair will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 110.19.

Resistance. 2: 109.97.

Resistance. 1: 109.76.

Support. 1: 109.49.

Support. 2: 109.27.

Support. 3: 109.06.

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 GBP/JPY for April 15, 2016

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EUR/JPY is expected to trade with a bearish bias. The pair is heading lower and stays below its key resistance at 155.75. Meanwhile, the relative strength index lacks upward momentum. The first target to the downside is set at the horizontal support and overlap at 153.95. A break below this level would open way to further weakness toward 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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Global macro overview for 15/04/2016

Global macro overview for 15/04/2016:

The Bank of England decided yesterday to keep the benchmark rate at the level of 0.5% and asset purchase facility at 375bln. Moreover, the official bank rate votes were nine to zero (0-9) in favor of no change in interest rates. It is not hard to conclude from the monetary policy summary that the BoE acknowledged that the economy has lost some momentum. Growth for Q1 is expected at the level of 0.4% which is below the fourth quarter's average of 0.5%. Moreover, the BoE suggests that the uncertainty about the referendum may already be taking an economic impact. In conclusion, the long-anticipated interest rate hike is currently off the table as the greater domestic risks are putting pressure on the BoE's monetary policy.

Let's now take a look at the GBP/USD technical picture on the H4 time frame. We can see a sharp decline after a false breakout above the technical resistance at the level of 1.4324, but still, the golden trend line hasn't been violated yet. Nevertheless, it looks like the bears are in control over this market and it will be confirmed with the daily candle close below the golden trend line (below 1.4000 levels).

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Technical analysis of GBP/CHF for April 15, 2016

Technical outlook and chart setups:

The GBP/CHF pair has rallied higher and seems to have formed a meaningful bottom around 1.3380 levels. The pair is trading at 1.3690 levels at the moment, looking to drop lower towards 1.3520 levels before turning higher again. Structurally, the pair had rallied into resistance at 1.3740 levels earlier before pulling back. The pair may still rally one last time above 1.3740 levels and then produce a meaningful retracement lower. In any case, it is recommended to buy lower towards 1.3500/20 levels from here. Immediate interim resistance is seen at 1.3740 levels, while support is at 1.3600 levels respectively.

Trading recommendations:

Remain flat for now and look to go long at 1.3500/20 levels.

Good luck!

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Technical analysis of EUR/JPY for April 15, 2016

General overview for 15/04/2016:

The first impulsive wave to the downside might be in place, so now the bulls cannot break above the level of 123.85. However, if they do, the bearish impulsive count will be invalidated and it is very likely the corrective cycle will continue. 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 breakout to the downside is also anticipated.

Support/Resistance:

122.53 - Intraday Support

122.81 - Key Level

123.85 - Invalidation 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 USD/CAD for April 15, 2016

General overview for 15/04/2016:

The wave (b) blue top might now be in place as the yellow rectangle area was hit yesterday. When the top for wave (b) is in place, then a downtrend should continue for at least one more wave. The confirmation that the top is established is clear when the intraday support at the level of 1.2747 is violated. 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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The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Silver for April 15, 2016

Technical outlook and chart setups:

Silver is trading at $16.17 levels for now after hitting lows at $15.89 levels yesterday. The metal bulls seem to be poised to take out $16.35 levels before producing a meaningful retracement. Structurally, the metal needs to retrace lower towards $14.60 levels at least before turning bullish again. Hence it is recommended to remain flat for now and wait for the pair to hit another high before preparing to go short again. On the flip side, a break below $15.90 levels would indicate that a meaningful top is in place and the pair is ready for a deeper correction. Immediate support is seen at $15.90 levels while resistance is at $16.35 levels respectively.

Trading recommendations:

Remain flat for now. Prepare to go short above $16.35 levels.

Good luck!

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

Technical analysis of Gold for April 15, 2016

Technical outlook and chart setups:

Gold is consolidating its drop from $1,262.00 levels at the moment. The metal is trading at $1,229.00 levels for now and seems to have completed its first leg down. The metal is expected to face resistance at $1,248.00 levels if intraday rallies materialize from here. Please note that fibonacci 0.618 resistance of the drop from $1,262.00 through $1,224.00 levels is also around $1,248.00/50.00 levels as depicted here. It is hence recommended to remain short for now and also look to add around $1.248.00 levels with risk above $1,262.00. Immediate resistance is seen at $1,260.00/62.00 levels, while support is seen through $1,214.00/15.00 levels respectively.

Trading recommendations:

Remain short now, also add further around $1,247.00 levels, stop at $1,265.00, target is $1,190.00.

Good luck!

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

Elliott wave analysis of EUR/NZD for April 15 - 2016

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Wave summary:

After the strong rally of the 1.6244 low, we saw a rally to 1.6492 followed by a corrective decline to 1.6302 and we are now looking for a break above minor resistance at 1.6450 confirming the next impulsive rally higher to at least 1.6705 and more likely higher to 1.6955 as wave 3 finally begins to accelerate higher.

Only an unexpected break below 1.6244 will invalidate the bullish outlook.

Trading recommendation:

We are long in EUR from 1.6325 with stop placed at 1.6225. If you are not long in EUR yet, then buy upon a break above 1.6450 and place stop at 1.6300.

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

Elliott wave analysis of EUR/JPY for April 15 - 2016

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Wave summary:

With a low at 122.70, EUR/JPY failed to make a new low below 122.54 indicating either a fifth wave failure or that a more complex correction is unfolding in red wave [iv]. We will continue to look for resistance at 123.66 and, if broken just above 124.23, for the final decline towards 121.75 and maybe even slightly lower to 120.45. The long-term ideal target at 117.37 does not seem realistic anymore.Trading recommendation:We are short in EUR from 123.76 and will move our stop lower to break-even. If this stop is hit then we will be looking to sell EUR again at 124.25 with stop at 125.25.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for April 15, 2016

EUR/USD: The rally on the USD/CHF has forced the EUR/USD to break southward. The price is now below the resistance line at 1.1300, testing the support line at 1.1250. The price might even go below that resistance line, since further southward movement would be witnessed as the USD/CHF journeys further north.

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USD/CHF: The bulls are still able to maintain their short-term supremacy on the USD/CHF. It is possible for the price to go above the resistance level at 0.9700 today or next week, which would reinforce the bullish signal that has just been generated. The bullish signal cannot be jeopardized unless the price goes below the support level at 0.9550.

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GBP/USD: It is no longer rational to go long on the Cable, at least for the time being. The EMA 11 has crossed the EMA 56 to the downside, as the RSI period 14 is below the level 50. This is a Bearish Confirmation Pattern on the chart. The price, which is now below the EMA 11, might eventually test the accumulation territory at 1.4050.

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USD/JPY: So far this week, this currency trading instrument has moved upwards in the context of a downtrend. Two things would happen later today or next 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: It can be said that this cross pair moved sideways throughout this week. A significant movement is not very likely today. 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 sideways movement, it would most probably go towards the demand zone at 122.50.

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Daily analysis of USDX for April 15, 2016

On the H1 chart, USDX has been performing a consolidation above the support zone of 94.85, after the Index made a breakout above it, with a rally to test the 95.17 high. However, this is not a definite bullish trend on a mid-term basis, as the USDX can resume the bearish bias and eventually it could test the 94.40 level.

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H1 chart's resistance levels: 95.21 / 95.64

H1 chart's support levels: 94.85 / 94.40

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 94.85, take profit is at 94.40, and stop loss is at 95.31.

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

Daily analysis of GBP/USD for April 15, 2016

On the H1 chart, GBP/USD has been doing a rebound above the support level of 1.4108, after it performed a decline from the April 12th highs. However, we're expecting that the Cable re-tests the support zone of the 1.4108 level and eventually we may see more downside after a breakout of that level, towards the April 6th lows.

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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.

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