USD/CAD intraday technical levels and trading recommendations for April 19 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, a 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 the recent bearish breakdown on April 11.

Traders who missed the initial entry around 1.3300 should consider the recent pullback towards 1.2975 (61.8% Fibonacci level) as a valid signal to sell the USD/CAD pair. T/P levels should be located at 1.2700 and 1.2550.

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Intraday technical levels and trading recommendations for GBP/USD for April 19 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 lower high was recently achieved around the level of 1.4530. This applied extensive bearish pressure against the price level of 1.4340.

Hence, the GBP/USD pair looked oversold when the previous bearish decline extended below 1.4040 (temporary support).

That is why, signs of a bullish recovery and a profitable long entry were suggested 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 the Head and Shoulders reversal pattern was expressed. Estimated bearish targets are located at 1.4060, 1.3960, and 1.3800.

On the other hand, the market has failed to push below the price level of 1.4050 on April 7. Hence, a bullish movement was executed again 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 1.4350 (61.8% Fibonacci level) and 1.4050 (the 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 (the reversal pattern neckline) and 1.4480 (79.6%Fibonacci level).

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Intraday technical levels and trading recommendations for EUR/USD for April 19 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, the Head and Shoulders reversal pattern is being expressed around this supply zone. Hence, another valid entry can be offered at retesting of the current price level of 1.1350 (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 the 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 1.1390 to offset the associated risk.

Conservative traders can have a valid SELL entry around the current price zone of 1.1330-1.1350. Initial T/P levels should be located at 1.1250, 1.1150, and 1.1080.

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Technical analysis of NZD/USD for April 19 2016

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Overview:

  • The NZD/USD pair set above strong support at the level of 0.7000, which coincides with yesterday's bottom. This support has been rejected for four times confirming uptrend veracity. Hence, major support is seen at the level of 0.6955 because the trend is still showing strength above it. Accordingly, the pair is still in the uptrend from the area of 0.6955 and 0.7000. The NZD/USD pair is trading in a bullish trend from the last support line of 0.6955 towards the first resistance level at 0.7050 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 0.7075 and further to the level of 0.7100. The level of 0.7100 will act as second resistance and the new double top is already set at the point of 0.7100. At the same time, if a breakout happens at the support levels of 0.7000 and 0.6955, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.
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Technical analysis of USD/CHF for April 19 2016

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Overview:

  • The USD/CHF pair faced strong support at the level of 0.9620 because resistance became support. So, the strong support has been already faced at the level of 0.9620 and the pair is likely to try to approach it in order to test it again. Also, it should be noted that the level of 0.9620 represents a daily pivot point for that it is acting as minor support today. Furthermore, the USD/CHF pair is continuing to trade in a bearish trend below the new support level of 0.9620. Currently, the price is in a bearish channel. According to the previous events, we expect the USD/CHF pair to move between 0.9650 and 0.9500. Also, it should be noticed that the double bottom is set at 0.9500. Additionally, the RSI is still signaling that the trend is downward as it remains strong below the moving average (100). This suggests the pair will probably go down in coming hours. Accordingly, the market is likely to show signs of a bearish trend. In other words, sell orders are recommended below 0.9620 with the first target at the level of 0.9500. If the trend is able to break the double bottom at the level of 0.9500, then the market will continue falling towards the daily support 1 at 0.9460.
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EUR/NZD analysis for April 19 2016

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Recently, EUR/NZD has been moving downwards. As I expected, the price reached our first take profit level at 1.6135. According to the daily time frame, I found that supply is still present in the market and buying at this stage looks risky. Anyway, successful breakout of pivotal point 1.6135 will confirm further downward continuation and potential testing of 1.5850 (second take profit level). If price doesn't break 1.6135, we may see upward movement and potential testing of 1.6260. So far, the level of 1.6135 held successfully.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6420

R2: 1.6470

R3: 1.6550

Support levels:

S1: 1.6250

S2: 1.6200

S3: 1.6120

Trading recommendation for today: Observe pivotal point at 1.6135 to make final decision. Successful breakout of 1.6135 will confirm lower price but the successful rejection of 1.6135 will confirm further upward movement.

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Analysis of gold for April 19 2016

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Since our previous analysis, gold has been moving upwards. The price tested the $1,246.09 level in a ultra high volume. On the daily time frame chart, I found that a head and shoulders pattern (topping formation) is forming. I have placed Fibonacci retracement and found 38.2% at the $1,238.00 level (successfully held). On the 15M time frame chart, I found a strong sign of weakness. We can observe a volume spike which is a buying climax (wide spread of the bar in a ultra high volume). Later on, I found no demand bars which is a clear intraday sell signal. Be careful when buying gold at this stage and watch for potential selling opportunities. Take profit level should be set at $1,228.50.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,239.90

R2: 1,243.00

R3: 1,248.45

Support levels:

S1: 1,229.25

S2: 1,225.95

S3: 1,220.65

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

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Global macro overview for 19/04/2016

Global macro overview for 19/04/2016:

China is the worlds biggest producer and consumer of gold. It has overtaken India as the largest consumer as rising incomes and surging economic growth boosted purchases of jewelry, bars, and coins. Recently they have started a daily price fixing in an attempt to establish a regional benchmark and expand their influence on the global markets, especially London. Moreover, the central bank has been adding to its bullion stockpiles in order to diversify foreign-exchange reserves. In conclusion, today's Chinese gold market capacity and potential are huge and their recent move will help enhance the impact of the renminbi on gold pricing.

Let's now take a look at the yellow metal technical picture in the daily time frame. The market is still trading around the recent highs and the golden trend line still provides a valid support. Nevertheless, some first signs of a potential head and shoulders (H&S) pattern are visible. Any break out below the golden trend line ( neck line) will result in sell-off towards the level of 1191.

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Global macro overview for 19/04/2016

Global macro overview for 19/04/2016:

The New York Fed President William Dudley spoke yesterday about the future Fed policy concerning the interest rates. In his opinion the current economic environment is highly in favor of a further rate hike, but the Fed remains cautious and data depended. He reiterated, that he was confident that too low inflation would climb to a 2% target over the next few years if the current economic growth is sustained. In conclusion, his speech was very hawkish and in favor of a next rate hike. Please remember, that Fed Chairperson Janet Yellen reiterated in the last conference speech that two more rate hikes this year are still on the table.

Let's now take a look at the EUR/USD technical picture in the 4H time frame. The yellow rectangle congestion zone was broken to the downside and now the market is testing it from the downside. A failure to break out higher is anticipated here and another lower low should happen soon. Only a sustained violation of the recent high at the level of 1.1465 would put bulls back to control, otherwise bears are still the major force in this market.

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Technical analysis of EUR/JPY for April 19 2016

General overview for 19/04/2016:

The impulsive wave progression to the downside was invalidated due to wave 1 and wave 4 overlaps. Currently the main count points out a possible upward continuation as the new swing low might be in place. Break out above the technical resistance at the level of 124.21 supports the view.

Support/Resistance:

121.27 - WS1

121.69 - Intraday Support

122.63 - Weekly Pivot

123.12 - WR1

124.21 - Technical Resistance

124.48 - WR2

124.98 - WR3

Trading recommendations:

All sell orders from last week should now be closed with profit. Traders should now stay aside from the market and wait for the next trading setup to occur shortly.

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Technical analysis of USD/CAD for April 19 2016

General overview for 19/04/2016:

The wave (b) top seems to be in place as the new low in this pair was made. Nevertheless, there is still one more lower low anticipated in this market before any meaningful correction to the upside would take place. Moreover, any breakout higher above the intraday resistance might result in more complex and time-consuming wave iv progression.

Support/Resistance:

1.2643 - WS2

1.2740 - Local Low

1.2808 - WS1

1.2817 - Intraday Resistance

1.2912 - Weekly Pivot

1.2989 - Intraday Resistance

1.3080 - WR1

1.3181 - WR2

Trading recommendations:

All sell orders from yesterday hit the TP and were closed with profit. Currently traders should stay aside and wait for another setup to occur shortly.

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Technical analysis of USDX for April 19 2016

The Dollar index finally shows the deeper pullback I was expecting towards the important short-term support of 94.20. The bullish reversal scenario is valid as long as the price remains above 93.60. Soon we will know if bulls are strong enough to support the price.

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The Dollar index got rejected at the tenkan-sen (red line indicator) and pulled back towards the Kumo (cloud) as expected. The correction was even deeper as the price pushed inside the cloud and tried to reach the 61.8% Fibonacci retracement. This a level where we could see a bullish reversal today.

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The weekly candle at the start of the week is red and signals that the bounce was weak and more downside should be expected. However, we should be very cautious as this is still the start of the week and support around 93-93.50 is very important. A break above 95.20 will confirm a bullish reversal. A break above yesterday's highs at 94.83 will be an initial bullish sign.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for April 19 - 2016

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Wave summary:

EUR/NZD keeps moving lower and the break below support at 1.6229 tells us that the correction in wave [ii] is not over yet as expected. This is both very confusing and frustrating but we must accept the price action and should see one more decline to just below 1.6125, but not below the important support at 1.5813.

Short-term resistance is seen at 1.6243 and only a break above here indicates a low is in place, while a break above resistance at 1.6499 will be needed to confirm the low.

Trading recommendation:

Our stop at 1.6225 was hit for a loss and we will buy EUR at 1.6105 with stop placed at 1.5810, OR we will buy a break above 1.6364 with a stop 5 pips below the most recent low.

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Technical analysis of Gold for April 19 2016

Gold continues to trade inside the triangle pattern and mostly sideways with no clear direction. The price is trapped inside a neutral trading range above the $1,215 support and below the $1,260 resistance.

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Black lines - triangle pattern

Gold is trying to re-enter the Ichimoku cloud on the 4-hour chart as shown above. The trend is neutral as the price remains trapped inside the black triangle pattern. I prefer to be neutral with no position as the market could move in either direction.

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The weekly chart continues to provide a warning for bulls as the price is below the tenkan-sen (red line indicator) and the stochastic oscillator is at overbought levels. The minimum pullback target remains at $1,190. I prefer to be bearish or neutral below $1,260. If, however, we break above that resistance, there are many chances we see a new high in Gold prices towards $1,300-$1,320.

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Technical analysis of USD/JPY for April 19 2016

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USD/JPY is expected to trade with a bearish bias and look for an upside target at 109.45. Overnight, US stock indices settled higher as energy shares rose despite oil producers' failure to reach an output freeze deal. The Dow Jones Industrial Average gained 0.6% to 18004, the S&P 500 rose 0.7% to 2094, and the Nasdaq Composite was up 0.4% at 4960.

Nymex crude oil pared heavy losses seen earlier and settled just 1.4% lower at $39.78 a barrel. Gold declined 0.2% to $1,231 an ounce, while the benchmark 10-year Treasury yield climbed to 1.773% from 1.753% last Friday.

On the forex front, along with oil prices' rally from their lows, the Canadian dollar rebounded against the US dollar, with USD/CAD finally dropping to 1.2780 from a day-high of 1.2990 and from 1.2819 last Friday.

Meanwhile, other commodities-linked currencies also reversed their course and bounced higher, with AUD/USD gaining 0.7% to 0.7749 (day-low at 0.7588) and NZD/USD being up 0.5% (day-low at 0.6841).

The pair continues its rebound initiated yesterday from the low of 107.82. With support provided by the 20-period (30-minute chart) moving average, it is currently trading around the upper Bollinger band, calling for an acceleration to the upside. Also, the intraday relative strength index is well directed near the overbought level of 70 lacking downward momentum. The intraday outlook is very bullish and the pair should approach the immediate resistance at 109.45 before re-testing 109.75 (around the high of April 15).

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 109.45 and the second one, at 109.75. In the alternative scenario, short positions are recommended with the first target at 108.10 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 107.80. The pivot point is at 108.50.

Resistance levels: 109.45, 119.75, 110.10

Support levels: 108.10, 107.80, 107.30

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Technical analysis of USD/CHF for April 19 2016

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USD/CHF is expected to trade with a bearish bias. The pair is turning down and stays below its key resistance at 0.9685. The descending 20-period moving average has crossed below the 50-period one, which also maintains a negative bias. Meanwhile, the relative strength index is badly directed, lacking upward momentum. As long as 0.9685 is not broken, the first target to the downside is set at 0.9590. A break below this level would open way to further weakness toward 0.9560.

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 0.9590. A break of this target will move the pair further downwards to 0.9560. The pivot point stands at 0.9685. 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 0.9710 and the second target at 0.9740.

Resistance levels: 0.9710, 0.9740, 0.98

Support levels: 0.9590, 0.9560 , 0.95

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Elliott wave analysis of EUR/JPY for April 19 - 2016

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Wave summary:

With yesterday's low at 121.69, we now have 11 overlapping waves lower from 141.06. A count of 11 overlapping waves is corrective and indicates a bottom could be close by or maybe even in place.

The corrective decline began at 149.55 in early December 2014 and has turned into a zig-zag (A-B-C) decline. Wave A declined from 149.55 to 126.05 and was followed by wave B from 126.05 to 141.06 and now we have wave C lower from 141.06 to ideally reach the 117.37 - 117.99 area from where a new strong rally to above 149.55 is expected.

Only an unexpected break above resistance at 128.22 will confirm that a corrective low has already been seen.

Trading recommendation:

Our stop at 122.90 was hit for a nice little profit. We will stand aside for now.

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Technical analysis of NZD/USD for April 19 2016

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NZD/USD is expected to continue its upside movement. The pair remains on the upside, supported by its rising 20-period and 50-period moving averages. The sequence of higher highs and lows remains intact. Besides, the relative strength index is bullish above its ascending trend line. Hence, as long as 0.6935 is not broken, the pair is likely to challenge its nearest resistance at 0.7030 in sight. If a breakout occurs, look for further advance to 0.7065.

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 0.7030 and the second one, at 0.7065. In the alternative scenario, short positions are recommended with the first target at 0.6905 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 0.6875. The pivot point is at 0.6935.

Resistance levels: 0.7030, 0.7065, 0.7135

Support levels: 0.6905, 0.6875, 0.6840

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Technical analysis of GBP/CHF for April 19 2016

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading at 1.3785/90 levels for now, looking to form a top and reverse lower, at least towards 1.3550/1.3600 levels before finding support. Please note that the pair had broken past its resistance trend line and entered into the buy zone earlier. The wave structure also reveals that the rally from 1.3382 through 1.3785 levels looks to have unfolded into 5 waves. It is most likely that a corrective (3 waves) drop would push the pair lower towards 1.3550/1.3600 levels at least. It is hence recommended to remain short from here with risk at 1.3950 levels. Immediate resistance is seen at 1.3950 levels, while support is seen through 1.3640 levels respectively.

Trading recommendations:

Remain short now, stop at 1.3950, target 1.3550.

Good luck!

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Technical analysis of GBP/JPY for April 19 2016

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GBPY/JPY is expected to trade in a higher range and the pair is expected to continue its upside movement. The pair is turning up and is supported by its rising 20-period moving average. Meanwhile, the relative strength index stays above 50. Further upside is therefore expected with the next horizontal resistance and overlap set at 157.15 at first. A break above this level would call for further advance toward 157.80 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 157.15 and the second one, at 157.80. In the alternative scenario, short positions are recommended with the first target at 154.05 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 157.80. The pivot point is at 154.75.

Resistance levels: 157.15, 157.80, 158.60

Support levels: 154.05, 153.40, 152

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Technical analysis of EUR/JPY for April 19 2016

Technical outlook and chart setups:

The EUR/JPY pair is trading around 123.50 levels for now, preparing to rally towards 125.75 levels. Please note that fibonacci 0.618 resistance is also passing through 125.75 levels and a bearish reaction is expected there. The wave structure indicates that EUR/JPY has unfolded into 5 waves from 128.20 through 121.60/70 levels. It is now expected to produce a countertrend rally (3 waves), which is expected to terminate at 125.75 levels. Hence it is recommended to initiate long positions at 122.50/60 levels, with risk at 121.60 levels. Immediate resistance is seen at 124.20 levels, while support is seen through 121.60 levels respectively.

Trading recommendations:

Look to go long around 122.50/60, stop at 121.60, target is 125.75.

Good luck!

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Technical analysis of Silver for April 19 2016

Technical outlook and chart setups:

Silver is seen to be trading at $16.20/25 levels for now, looking to drop lower towards $14.50/60 levels before turning bullish again. The metal is consolidating in a cone structure for now and is expected to break lower soon. The metal had taken out major resistance at $16.35 levels earlier and confirmed that buying on dips could be favored from here on. It is hence recommended to remain flat for now and look to buy lower OR remain aggressively short now with risk at $16.50 levels and then turn long. Immediate resistance is seen at $16.37 levels, while support is at $15.80/90 levels respectively. Bears are expected to regain control till prices remain below $16.37/40 levels.

Trading recommendations:

Remain short now, stop at $16.50, target open (aggressive trade setup).

Good luck!

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Technical analysis of Gold for April 19 2016

Technical outlook and chart setups:

Gold prices are seen to be trading at $1,233.00/34.00 levels for now, looking to rally towards $1,247.00 levels to complete the countertrend rally. Please note that the metal is expected to reverse lower from $1,247.00/48.00 levels. The metal is expected to complete the down gartley towards $1,247.00 levels and then turn lower. Also note that fibonacci 0.618 resistance is also seen around the same levels, hence a bearish reaction is expected. It is recommended to remain flat for now and look to sell around $1,248.00 levels, with risk above $1,265.00 levels. Immediate resistance is seen at $1,250.00 levels, while support is at $1,227.00 levels respectively.

Trading recommendations:

Remain flat for now, look to go short at $1,247.00/48.00 levels.

Good luck!

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Technical analysis of EUR/USD for April 19 2016

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When the European market opens, some economic news will be released such as ZEW Economic Sentiment, German ZEW Economic Sentiment, Current Account. The US will release economic data too such as Housing Starts and Building Permits. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1362.

Strong Resistance: 1.1355.

Original Resistance: 1.1344.

Inner Sell Area: 1.1333.

Target Inner Area: 1.1306.

Inner Buy Area: 1.1279.

Original Support: 1.1268.

Strong Support: 1.1257.

Breakout SELL Level: 1.1250.

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 19 2016

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In Asia, today Japan will not release any economic data but the US will release some economic data such as Housing Starts and Building Permits. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 109.69.

Resistance. 2: 109.48.

Resistance. 1: 109.28.

Support. 1: 109.03.

Support. 2: 108.83.

Support. 3: 108.63.

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 major pairs for April 19 2016

EUR/USD: The markets opened this week with minor gaps in some cases, which indicate serious trending movements this week. The EUR/USD did not move significantly on Monday but it would soon start moving in a trending mode. When the trending monde is assumed, it would most probably favor the bulls.

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USD/CHF: This pair did not move seriously yesterday. Nonetheless, there is going to be a bearish journey this week, which would strengthen the recent bearish outlook and enable the price to reach the support levels at 0.9600, 0.9650 and 0.9500.

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GBP/USD: The Cable moved upwards on April 18, 2016, closing above the accumulation territory at 1.4250. There is a "buy" signal in the market, at least in the short term, owing to the fact that the EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. The next target for the bulls are the distribution territories at 1.4300 and 1.4350.

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USD/JPY: This currency trading instrument gapped down at the beginning of this week and later bounced upwards in the context of a downtrend. There is a Bearish Confirmation Pattern on the chart, which might not be jeopardized unless the price goes above the supply zones at 109.50 and 110.00.

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EUR/JPY: The EUR/JPY gapped into the demand zone at 122.00, and later bounced upwards in the context of a downtrend. The price is supposed to continuing moving upwards, possibly invalidating the bearish bias before the end of the week.

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Daily analysis of USDX for April 19 2016

On the H1 chart, USDX is finding strong support around the 94.40 level, where a lower low pattern is being formed in order to reach new lows. A breakout should be expected below the 94.40 level in order to reach the short-term target around the 94.08 level. That bearish scenario should be invalidated when the Index does a consolidation above the April 14th highs.

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H1 chart's resistance levels: 94.85 / 95.21

H1 chart's support levels: 94.40 / 94.08

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 94.08, and stop loss is at 94.72.

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Daily analysis of GBP/USD for April 19 2016

The week started with a bullish momentum on the GBP/USD, as it has been doing a rally above the 200 SMA and is now facing the resistance zone of 1.4278. We should expect that zone to push the Cable lower to resume the overall bearish bias, but if we want to validate that scenario, we should wait for a breakout below the April 14th session lows.

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H1 chart's resistance levels: 1.4278 / 1.4318

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 1.4287.

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Daily analysis of GOLD for April 18, 2016

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Overview

The gold price has tested the 1,227.40 level this morning, but has bounced bullishly to settle around 1,233.00 levels again, keeping the bullish trend scenario valid and active on the intraday and short-term bases. We need to breach the 1,237.50 level to reinforce expectations of targeting 1,282.92 followed by 1,300.00 areas initially. We remind you that a break of the 1,227.40 level will stop the positive overview and push the price to return to the correctional bearish track again, the next main target of which is located at 1,193.00.

The expected trading range for today is between the 1,215.00 support and the 1,260.00 resistance.

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Daily analysis of Silver for April 18, 2016

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Overview

The silver price has managed to touch our first main target at 16.35 and is showing some slight bearish bias from there. The price was affected by stochastic negativity that approaches from the oversold areas now to offer positive momentum that we are waiting for to help the price breach the mentioned level, extending gains to 17.08 as the next main target. Therefore, we believe that the chances are valid to trade positively in the upcoming period. We remind you about the importance of holding above 15.70 and 15.30 levels to continue the expected rise. The expected trading range for today is between the 15.80 support and the 16.60 resistance.

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