NZD/USD intraday technical levels and trading recommendations for April 20 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 is already running in profits. S/L should be elevated to 0.6880 to secure more profits.

This week, bullish persistence above 0.6925 and 0.6850 (recent support) is mandatory to ensure further bullish advancement towards 0.7070 and 0.7170 where a prominent consolidation range was previously established in June 2015.

For conservative traders, a bearish pullback towards 0.6850 should be considered for buying the NZD/USD pair with bullish targets at 0.6960, 0.7050 and 0.7150.

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USD/CAD intraday technical levels and trading recommendations for April 20 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 a bearish breakout took place on April 11.

Traders who missed the initial entry around 1.3300 were advised to consider the recent pullback towards 1.2975 (61.8% Fibonacci level) as a valid signal to sell the USD/CAD pair. Next T/P level should be located at 1.2450.

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Intraday technical levels and trading recommendations for GBP/USD for April 20 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) where a significant bullish swing was initiated on March 1.

Recently, the price zone of 1.4340-1.4488 has been a significant supply zone during the past few weeks.

That is why, 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 were located at 1.4060, 1.3960, and 1.3800.

On April 7, the market failed to push below the price level of 1.4050. 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 20 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. 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.

On March 10, bullish fixation above 1.1000 was 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.

The Head and Shoulders reversal pattern is being expressed around this supply zone. Hence, a valid SELL entry can be offered around the price area of 1.1350-1.1400 (the right shoulder of the reversal pattern).

Moreover, daily closure below the price level of 1.1320 is needed to ensure further 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 placed above 1.1450.

Other traders can have a valid SELL entry around the current price zone of 1.1350-1.1400. Initial T/P levels should be located at 1.1250, 1.1150, and 1.1080.

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EUR/NZD analysis for April 20 2016

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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6238 in a high volume. According to the daily time frame, I found that strong demand in a high volume entered the market. The pivotal point at 1.6135 held very successfully and we may see further upward movement. Watch for buying opportunities on the dips. First upward take profit level is set at the price of 1.6270. If the price breaks the level of 1.6270 in a high volume, we may even see testing of 1.6470 (pivotal point). According to the 4H time frame, I found sign of strength in a high volume at the pivotla point, which is sign that selling looks risky.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6230

R2: 1.6270

R3: 1.6340

Support levels:

S1: 1.6097

S2: 1.6050

S3: 1.5990

Trading recommendation for today: Watch for buying opportunities on the dips. I found successfull rejection from pivotal point at 1.6135. Next upward target is set at the price of 1.6270 (pivotal point).

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Gold analysis for April 20 2016

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Since our previous analysis, gold has been moving upwards. The price tested the $1,257.78 level in a high volume. According to the 30M time frame chart, I found a successful test of supply in a low volume, which is a sign that selling gold looks risky. Watch for intraday buying opportunities. Support level at the price of $1,245.15 held successfully. The first upward take profit is set at the price of $1,256.45.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,256.00

R2: 1,262.40

R3: 1,272.90

Support levels:

S1: 1,235.00

S2: 1,228.50

S3: 1,218.00

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

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Technical analysis of NZD/USD for April 20 2016

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Overview:

  • The NZD/USD pair set above strong support at the level of 0.6951, which coincides with the 78.6% Fibonacci retracement level. This support has been rejected four times confirming uptrend veracity. Thus, major support is seen at the level of 0.6951 because the trend is still showing strength above it. Consequently, the pair is still in the uptrend from the area of 0.6951 and 0.7000. The NZD/USD pair is trading in a bullish trend from the last support line of 0.7000 towards the first resistance level at 0.7053 in order to test it. From this point, the market is likely to show signs of a bullish trend. So, it will be good to buy above the level of 0.7000 with the first target at 0.7053 and further to 0.7075. If the USD/CHF pair is able to break out the daily resistance at 0.7075, the market will rise further to 0.7100 to approach support 2 today. 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 0.7000 and further to the level of 0.7075. However, the trend is still bearish as long as the level of 0.6951 is not broken.
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Technical analysis of USD/CHF for April 20 2016

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Overview:

  • The USD/CHF pair dropped sharply from the level of 0.9680 towards 0.9592. Now, the price is set at 0.9608 to act as a daily pivot point. In the H4 time frame, the USD/CHF pair is still moving between 0.9680 and 0.9572. Furthermore, the price is set below strong resistance at the levels of 0.9680 and 0.9720, which coincides with minor resistance and the 38.2% Fibonacci retracement level respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the USD/CHF pair is continuing in a bearish trend from the new resistance of 0.9680. Thereupon, the price spot of 0.9680 remains a significant resistance zone. Therefore, a possibility that the USD/CHF pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9680, sell below 0.9680 with the first targets at 0.9572 and 0.9500 (the double bottom is seen at 0.9785). However, stop loss should be located above the level of 0.9760.
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Global macro overview for 20/04/2016

Global macro analysis for 20/04/2016:

The German ZEW data published yesterday was a big surprise for market participants. The main benchmark for the economic sentiment improved to the level of 11.2 from 4.3 a month ago, which was even better than the expected number of 8.2 points. This was a big improvement from the lowest level since October 2014 that was registered in February. Meanwhile, the index of eurozone economic sentiment unexpectedly soared to 21.5 in April from 10.6 a month earlier, settling well above forecasts for a reading of 13.9. In conclusion, these readings might suggest that the German economy is performing very well and investors are looking positively into the future.

Let's now take a look at the EUR/USD technical picture in the 4H time frame. The bearish flag pattern might be forming in this time frame as indicated by the dashed blue lines. To confirm this pattern, bears must break out below the lower flag line and head lower towards the recent support at the level of 1.1232. Successful violation of this level would mean that they are in full control over this market. Any new high above the level of 1.1465 will invalidate this view.

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Global macro overview for 20/04/2016

Global macro analysis for 20/04/2016:

Yesterday's Kuwait oil workers strike against wage and job cuts was terminated after mutual agreement. Moreover, the workers agreed to return the output to pre-strike levels which would be around 1.5 million barrels a day. As a result, oil production is now likely to remain high. This could put crude oil prices under serious pressure once again. The weekend meeting in Doha was a failure as well, especially if we take into account that after that meeting Russia reported to be looking to increase output and exports (together with Saudi Arabia). In conclusion, the whole situation looks like the beginning of a share war and every country is now looking for the best for themselves, so this might push the prices lower in the mid-term.

Let's now take a look at the technical picture of crude oil in the 4H time frame. The weekend gap was filled and market was capped at the 78%Fibo at the level of 41.38. Moreover, the golden trend line was tested from the downside and now it looks like the market is ready for sell-off.

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Technical analysis of EUR/JPY for April 20 2016

General overview for 20/04/2016:

Five impulsive waves to the upside might be labeled from the 121.71 bottom, which as well might be a first impulsive bullish trend rebound. Nevertheless, it is still too early to draw this kind of the conclusion as the market retraced only 38% of the previous swing down. Currently some kind of the internal corrective cycle should develop and the support at 123.59 should hold in case of a further spike down.

Support/Resistance:

121.27 - WS1

122.63 - Weekly Pivot

123.12 - WR1

123.59 - Intraday Support

124.21 - Technical Resistance

124.43 - Intraday 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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Daily analysis of major pairs for April 20 2016

EUR/USD: It is safe to assume that the Bullish Confirmation Pattern was formed in this market. The EMA 11 has just crossed the EMA 56 to the upside and the Williams' % Range period 20 is in the oversold region. Further northwards movement is expected on this pair this week.

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USD/CHF: This pair corrected lower this week. However, the correction is not significant enough to cause a "sell" signal in the market, for the EMA 11 did not cross the EMA 56 to the upside. The Williams' % Range period 20 is in the oversold region. These are mixed signals. The indicators on the 4-hour chart could reach an agreement before the end of this week.

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GBP/USD: From the accumulation territory at 1.4150, the GBP/USD pair went up by 250 pips. Now, it is testing the distribution territory at 1.4400. There is a clear Bullish Confirmation Pattern in the market, and the distribution territory might be broken to the upside as the price goes further upwards towards another distribution territories at 1.4450 and 1.4500.

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USD/JPY: Just like the EUR/JPY pair and most other JPY pairs, the USD/JPY pair has been making attempts to go upwards since the beginning of this week (whereas the bias is bearish). Further northwards movement could threaten the bearish bias, while a correction would reinforce it.

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EUR/JPY: This cross moved upwards by 220 pips this week, though the outlook on the market is currently bearish. The price is above the demand zone at 123.50, targeting the supply zones at 124.50 and 125.00. A movement above the supply level at 125.00 would result in invalidation of the current bearish outlook. A bearish correction in the current scenario will merely reinforce the bearish outlook.

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Technical analysis of USD/CAD for April 20 2016

General overview for 20/04/2016:

The wave (c) bottom might be in place, however the alternative count is still indicating a possible wave alt: iv in progress right now. The bulls would have to break out above the level of 1.2817 to confirm the bottom is in place. Moreover, any breakout above the intraday resistance might result in more complex and time-consuming wave iv progression.

Support/Resistance:

1.2629 - Intraday Support

1.2643 - WS2

1.2740 - Intraday Resistance

1.2808 - WS1

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 20 2016

The Dollar index made the deep correction I've been expecting and we should now see a bullish reversal. For this to be confirmed, we first need a break above 94.80 and then above 95.20.

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Black line - trend line resistance (broken)

The price is below the cloud. The stochastic is oversold and turning upwards. The price has broken above the black downward sloping trend line and has re-tested it. The Dollar index has retraced 78.6% of the latest rise and should not fall further if it is about to reverse upwards. Critical support is at 93.60. If broken, we could see a test of 93.

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Black line - daily resistance trend line

The Dollar index continues to make higher highs and higher lows. The stochastic has been diverging for several days. Is this bounce in the stochastic a sign of a trend reversal? Bulls will need to break above 94.80 on a daily close in order to confirm a bullish sign. This is not the area to be short in the Dollar but the area to be looking for a long opportunity and bullish signal.

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Technical analysis of USD/JPY for April 20 2016

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USD/JPY is expected to trade in a higher range as the bias remains bullish.Overnight, US stocks were broadly higher at close, lifted by materials, energy and bank shares. However, technology stocks were weighed down by weak earnings. The Dow Jones Industrial Average gained another 0.3% to 18053, the S&P 500 also rose 0.3% to 2100, while the Nasdaq Composite was down 0.4% to 4940.

Nymex crude oil rose 3.3% to $41.08 a barrel, gold increased 1.5% to $1,250 an ounce and silver surged 4.4% to $16.93 an ounce. Meanwhile, the benchmark 10-year Treasury yield edged up to 1.783% from 1.773% in the previous session.

On the economic data front, new-home construction dropped 8.8% month-on-month to 1.09 million units in March (vs 1.17 million units expected), the lowest level since October, and building permits fell 7.7% month-on-month to 1.09 million units (vs 1.2 million units expected), a one-year low.

Dragged by soft economic data, the US dollar kept weakening against most other major currencies, with the Wall Street Journal Dollar Index declining 0.4% to 85.68. Commodities-linked currencies continued to press higher, with USD/CAD sliding another 0.9% to 1.2666, AUD/USD gaining 0.8% to a 10-month high of 0.7811 and NZD/USD surging 1.4% to 0.7042, also a 10-month high. The pair ran up to 109.48 yesterday before entering a consolidation. Currently it is trading around the overlapping 20- and 50-period moving averages. The intraday relative strength index has slid below the neutrality level of 50, indicating the possibility of further consolidation. However, as long as the level of 108.50 holds as the key support, the intraday outlook remains bullish and the pair is expected to re-visit the first upside target at 109.45 (around yesterday's high) and the second one at 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 Gold for April 20 2016

Gold bounced yesterday towards resistance of $1,260 and got rejected as the price hit the upper triangle boundary. This rejection is a bearish sign. The price remains trapped inside the triangle pattern and as long as the price is below $1,260 I prefer to be bearish or neutral.

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Black lines - triangle pattern

Gold is turning lower after the rejection at the upper triangle boundary. The stochastic is turning lower from overbought levels. Support is at $1,242 and if broken we could see a move even lower towards the lower boundary of the triangle pattern.

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The weekly candle is trading above the tenkan-sen (red line indicator) but with the Stochastic turning lower from overbought levels, I do not see much more to the upside is left. Critical weekly and daily support at $1,240. A close below it will open the way for a move towards the 38% Fibonacci retracement which is our target for some time now.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for April 20 2016

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USD/CHF is expected to trade with a bearish bias as key resistance is at 0.9645. Technically, the pair remains under pressure below its falling 50-period moving average, which plays a strong resistance role since April 18, 2016. In addition, the key horizontal resistance at 0.9645 also maintains the selling pressure. Last but not least, the sequence of lower highs and lows remains intact, which should confirm a negative outlook. In which case, as long as 0.9645 is not surpassed, look for choppy price action with a bearish bias.

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 0.9580. A break of this target will move the pair further downwards to 0.9560. The pivot point stands at 0.9645. 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 0.9670 and the second target at 0.9710.

Resistance levels: 0.9670, 0.9710, 0.9740

Support levels: 0.9580, 0.9560 , 0.95

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Technical analysis of NZD/USD for April 20 2016

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NZD/USD is expected to trade with further gains. The pair remains on the upside, backed by its rising 20-period and 50-period moving averages. The uptrend is strong and solid, as the relative strength index stands firmly above its neutrality area at 50, without showing any reversal signals. To sum up, as long as 0.6955 holds on the downside, look for further advance to 0.7030 and 0.7065 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 0.7030 and the second one, at 0.7065. In the alternative scenario, short positions are recommended with the first target at 0.6935 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 0.6905. The pivot point is at 0.6955.

Resistance levels: 0.7030, 0.7065, 0.7135

Support levels: 0.6905, 0.6905, 0.6875

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Technical analysis of GBP/JPY for April 20 2016

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GBP/JPY is expected to trade in an uptrend as the bias remains bullish. The pair remains on the upside and is supported by its rising 50-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 155.55 at first. A break above this level would call for further advance toward 157.15 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 154.75 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 154.05. The pivot point is at 155.55.

Resistance levels: 157.15, 157.80, 158.60

Support levels: 154.75, 154.05, 153.40

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Technical analysis of Silver for April 20 2016

Technical outlook and chart setups:

Silver reverses from intraday highs at $17.20 levels today. The metal is seen to be trading at $16.92 levels after printing lows at $16.82 levels. Please also note that the metal is producing an engulfing bearish candlestick pattern on the 4H chart view, indicating a potential reversal ahead. The metal has not yet broken any of the support trend lines but bears would want to remain in control till prices stay below $17.20. It is now recommended to remain short with risk at $17.50 levels. Immediate interim resistance is seen at $17.20 levels, while support is at $16.00/10 levels respectively. The metal is is expected to produce a meaningful correction lower now .

Trading recommendations:

Remain short now, stop at $17.50, target is open.

Good luck!

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Technical analysis of Gold for April 20 2016

Technical outlook and chart setups:

Gold is seen to be trading at $1,246.00/47.00 levels for now, after having hit $1,256.00 levels yesterday. The metal has reversed from the fibonacci 0.786 retracement level of the drop from $1,262.00 through $1,207.00 levels earlier. Please note that the metal should remain poised to print lower lows from here, till prices stay below $1,262.00 levels at least. It is hence recommended to remain short and also look to add further, with risk above $1,262.00 levels. Immediate support is seen at $1,223.00 levels, while resistance is at $1,262.00 levels respectively. A drop below $1,223.00 levels would accelerate the downside towards $1,190.00 and $1,160.00 subsequently.

Trading recommendations:

Remain short, stop at $1,264.50, target is $1,190.00.

Good luck!

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Elliott wave analysis of EUR/NZD for April 20 - 2016

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Wave summary:

We have seen a new low at 1.6062 which has been followed by a clear loss of momentum, but to confirm that a new low is in place a break above 1.6499 will be needed.

As long as resistance at 1.6499 is protecting the upside, we will have to stay flexible and accept the possibility of a little more downside pressure towards 1.6035, but it should only be a matter of time before the low is in place.

At no time can a break below 1.5794 be accepted.

Trading recommendation:

We bought EUR at 1.6105 and have placed our stop at 1.6055. If you are not long in EUR yet, then buy a break above 1.6499.

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Elliott wave analysis of EUR/JPY for April 20 - 2016

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Wave summary:

The rally of the 121.69 low has been stronger than expected and displayed impulsive characters indicating that a bottom could be in place. If this is the case, then the coming decline from the 124.40 high will be in three waves and will halt above the 121.69 low for a new rally above 124.40 calling for a rally to above 128.22.

Only a break back below 121.69 will reinstate the 117.37 - 117.99 area as the final target zone.

Trading recommendation:

We are neutral, but we will sell EUR here at 123.82 and place stop at 124.25.

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

Daily analysis of USDX for April 20 2016

The short-term outlook is calling for more weakness, as the USDX is approaching a key bottom around the 93.79 level, but the price zone at 94.08 is blocking the bears' advance. That's why we would like to see a short rebound to re-test the ongoing highs from today's Asia session and this idea is favored by the current MACD position.

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H1 chart's resistance levels: 94.40 / 94.85

H1 chart's support levels: 94.08 / 93.79

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 94.08, take profit is at 93.79, and stop loss is at 94.36.

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

Daily analysis of GBP/USD for April 20 2016

GBP/USD has been trading into a very bullish tone above the support zone of 1.4318, after the Cable made a huge rebound from the 1.4278 level and now it's expected to test the 1.4495 level, only if the GBP/USD does a rally toward the 1.4495 level. Our bullish outlook will remain there on a short-term basis.

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H1 chart's resistance levels: 1.4401 / 1.4495

H1 chart's support levels: 1.4318 / 1.4278

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4401, take profit is at 1.4495 and stop loss is at 1.4303.

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

Technical analysis of EUR/USD for April 20 2016

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When the European market opens, some economic news will be released such as the German 10-y Bond Auction, German PPI m/m. The US will release economic data too such as Crude Oil Inventories and Existing Home Sales. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1413.

Strong Resistance: 1.1406.

Original Resistance: 1.1395.

Inner Sell Area: 1.1384.

Target Inner Area: 1.1357.

Inner Buy Area: 1.1330.

Original Support: 1.1319.

Strong Support: 1.1308.

Breakout SELL Level: 1.1301.

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 USD/JPY for April 20 2016

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In Asia, Japan will release the Trade Balance and the US will release some economic data such as Crude Oil Inventories and Existing Home Sales. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 109.70.

Resistance. 2: 109.49.

Resistance. 1: 109.29.

Support. 1: 108.97.

Support. 2: 108.77.

Support. 3: 108.57.

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 GOLD for April 19 2016

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Overview

Gold price rallied higher strongly to breach the 1,237.25 level and settle above it. This supports continuation of our bullish trend expectations in the upcoming period. Therefore, the bullish bias will remain preferred on the intraday and short-term basis unless the price breaks the 1,227.40 level and holds below it.The way is open towards 1,282.92 and 1,300.00 levels initially.

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

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

Daily analysis of Silver for April 19 2016

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Overview

Silver price succeeded in breaching the 16.35 level to confirm continuation of the expected bullish trend on the intraday and short-term basis. This opens the way towards 17.08 that represents the next main target for the current bullish wave. Therefore, the positive trading will remain dominant in the upcoming period. It points that holding above the support level formed above 16.35 is considered to be an important condition for continuation of the bullish momentum for today.

The expected trading range for today is between the 15.90 support and the 17.10 resistance.

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