EUR/NZD analysis for April 22 2016

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Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.6396 in a high volume. I found a successful breakout of the pivotal point at the price of 1.6270, which is a sign that we may see a further upward price. The next pivotal point and upward take profit level are set at the price of 1.6475. Watch for buying opportunties on the dips. According to the 15M time frame, I found broken bullish symmetrical triangle (bullish continuation pattern).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6370

R2: 1.6415

R3: 1.6490

Support levels:

S1: 1.6215

S2: 1.6170

S3: 1.6090

Trading recommendation for today: Watch for buying opportunities on the dips. The trend is upward.

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Gold analysis for April 22 2016

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Since our previous analysis, gold has been moving upwards. As I expected, the price tested the $1,270.00 level in a high volume. Anyway, the price rejected strongly from $1,270.00 and we saw a drop and testing of $1,243.65 in an ultra high volume. According to the daily time frame, I found a strong sign of weakness. The bar closed near the low with very wide spread (range) in a very high volume. According to the 30M time frame, I found a trading range between the price of $1,243.00 and $1,253.00. Due to a strong sign of weakness in the background, watch for potential bearish breakout of trading range to confirm further downward movement. Take profit level is set at the price of $1,228.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,265.00

R2: 1,270.60

R3: 1,279.40

Support levels:

S1: 1,247.60

S2: 1,240.10

S3: 1,233.40

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

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Technical analysis of NZD/CAD for April 22 2016

NZD/CAC continues moving down today after producing new lower low. The Fibonacci applied to the first corrective wave up after the support breakout shows that price broke below 161.8% (R1), corrected sharply up to retest the R3 resistance. Currently, it is trading below R1.

The overall trend is bearish and therefore it is recommended to look for sell opportunities . Consider selling NZD/CAD at the current price (0.8780) targeting either S1 (0.8730) or S2 (0.8635) as a final target. The stop loss should be well above R1 (0.8820)

Support: 0.8730, 0.8635

Resistance: 0.8820, 0.8880, 0.8970

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Technical analysis of NZD/CHF for April 22 2016

NZD/CHF formed a clear double top near the 0.6800 psychological resistance level. At the same time, the RSI oscillator is showing bearish divergence that could signal about a potential reversal or a correction down.

Overall the ascending channel was previously broken and Fibonacci applied to the breakout point shows potential downside target levels.

Today, price rejected the mid-line of the channel and started moving down. Consider selling NZD/CHF at the current level targeting either S2 (0.6585), S3 (0.6520), or S4 (0.6450) support levels. Stop loss should be placed above the 0.6800 resistance level.

Support: 0.6670, 0.6585, 0.6520, 0.6450

Resistance: 0.6800

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Technical analysis of USD/JPY for April 22 2016

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USD/JPY is expected to trade with bullish bias. Overnight, US stock indexes retreated as investors found the latest results of some blue-chip companies disappointing. The Dow Jones Industrial Average dropped 0.6% to 17,982, the S&P 500 lost 0.5% to 2,091, and the Nasdaq Composite was down 2 points to 4,945.

Nymex crude oil declined 2.3% to $43.18 a barrel. In a very volatile session, gold rose 0.4% to $1,248 an ounce (daily high at $1,270), and silver was also up 0.4% to $17.00 an ounce (daily high at $17.70). The benchmark 10-year Treasury yield rose further to 1.870% from 1.850% in the previous session.

The European Central Bank decided to keep interest rates steady, while ECB President Mario Draghi indicated that further rate cuts are possible. Those comments weighed on the euro and EUR/USD finally eased 0.1% to 1.1286 through a session that saw a high of 1.1394.

At the same time, GBP/USD slid 0.1% to 1.4321 (daily high at 1.4439), and USD/JPY was down 0.4% to 109.44. Meanwhile, commodity-linked currencies weakened against the US dollar, with USD/CAD gaining 0.6% to 1.2734, AUD/USD falling 0.7% to 0.7737, and NZD/USD was down 1.0% to 0.6910. The pair reached a high of 109.89 yesterday before entering a consolidation. Currently it is trading below the 20-period (30-minute chart) moving average, which has crossed below the 50-period one, while the intraday relative strength index is placed below the neutrality level of 50. However, the key support at 109.15 has not been breached. In case the pair emerges on the upside upon completing the consolidation, it should re-test the first upside target at 111.05 before challenging the second one at 111.45.

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 111.05 and the second one, at 111.40. In the alternative scenario, short positions are recommended with the first target at 108.75 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 108.50. The pivot point is at 109.15.

Resistance levels: 111.05, 111.40, 112

Support levels: 108.75, 108.50, 108.10

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Technical analysis of USD/CHF for April 22 2016

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USD/CHF is expected to post more gains. The pair stands above 0.9695 and remains on the upside. The rising 20-period moving average is playing a support role and maintains a positive bias. Meanwhile, the relative strength index stays above 50 and is positively oriented. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.9820. A break above this level would call for further advance towards 0.9845 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 0.9820 and the second one, at 0.9845. In the alternative scenario, short positions are recommended with the first target at 0.9645 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 0.9620. The pivot point is at 0.9695.

Resistance levels: 0.9820, 0.9845, 0.9890

Support levels: 0.9645, 0.9620, 0.9575

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Technical analysis of NZD/USD for April 22 2016

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NZD/USD is under pressure. The pair has been capped by its descending 20-period and 50-period moving averages and is looking for a lower bottom. Meanwhile, the relative strength index stays below 50. Even though a technical rebound is possible, its extent should be limited. The first target to the downside is set at the horizontal support and overlap at 0.6840. A break below this level would open the way to further weakness towards 0.6820.

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 0.6980. 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 0.7025 and the second target at 0.7055.

Resistance levels: 0.7025, 0.7055, 0.71

Support levels: 0.6840, 0.6820, 0.6775

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Technical analysis of GBP/JPY for April 22 2016

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GBP/JPY is expected to trade with bullish bias. The pair is currently testing its nearest support at 156.20, while the relative strength index lacks downward momentum. As long as 156.20 is not broken down, further upside is expected with the next horizontal resistance and overlap set at 159 at first. A break above this level would call for further advance towards 159.60 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 159 and the second one, at 159.60. In the alternative scenario, short positions are recommended with the first target at 155.60 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 154.75. The pivot point is at 156.20.

Resistance levels: 159, 159.60, 160.15

Support levels: 155.60, 154.75, 154.05

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Technical analysis of USD/CHF for April 22 2016

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Overview:

  • The USD/CHF pair was trading around the area of 0.9766 a day ago. Today, the level of 0.9809 represents a weekly resistance in the H1 time frame. The pair has already formed minor resistance at 0.9766 and the strong resistance is seen at the level of 0.9809 because it represents the weekly resistance 1. So, major resistance is seen at 0.9809, while immediate support is found at 0.9743. If the pair closes below the weekly resistance of 0.9809, the USD/CHF pair may resume it movement to 0.9743 to test is again. From this point, we expect the USD/CHF pair to move between the levels of 0.9809 and 0.9743 in coming hours.
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  • Equally important, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100 on the H4 chart. As a result, sell below the level of 0.9809 with targets at 0.9743 and 0.9620 in order to form a double bottom. However, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last bullish wave at the level of 0.9840.
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Technical analysis of NZD/USD for April 22 2016

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Overview:

  • The NZD/USD pair dropped sharply from the level of 0.7053 towards 0.6875. Now, the price is set at 0.6887 to act as a daily pivot point. It should be noted that volatility is very high for that the NZD/USD pair is still moving between 0.6823 and 0.6985 in coming hours. Furthermore, the price was set below the strong resistance at the levels of 0.6985 and 0.7053, which coincides with the 78.6% and 100% 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 NZD/USD pair is continuing in a bearish trend from the new resistance of 0.6887. Thereupon, the price spot of 0.6887 - 0.7053 remains a significant resistance zone. Therefore, a possibility that the NZD/USD 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 0.6887, sell below 0.6887 with the first targets at 0.6850 and 0.6823 (the double bottom is seen at 0.9785). On the other hand, if the pair succeeds to pass through the level of 0.6823, the market will indicate a bullish opportunity above the level of 0.6823 in order to return to test the daily resistance at 0.6887.
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Global macro overview for 22/04/2016

Global macro overview for 22/04/2016:

The number of Americans applying for unemployment benefits unexpectedly declined last week, reaching its lowest level since 1973 (a 4-decade low). The data released yesterday revealed only 247K people were claiming unemployment benefits, whereas the market participants had expected 265K people, more than 256K a month ago. In conclusion, the Fed's officials will likely consider the relative health of the labor market at next week's policy meeting as the job market created 215,000 jobs in March and the unemployment rate is at 5.0% now. Two more rate hikes are still expected by investors, the only problem now is timing.

Let's now take a look at the US Dollar index technical picture in the 4H time frame. We can see a strong bullish reaction to the upside from the 93.95 level and the market is currently trading just shy of 78%Fibo at the level of 94.93. Any break out higher would reaffirm bulls are in control over the market, especially if the pink rectangle supply zone is violated ( daily candle close above its upper boundary).

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Global macro overview for 22/04/2016

Global macro overview for 22/04/2016:

The BoJ extended 24.4 trillion yen ($223 billion) of credit under the Stimulating Bank Lending Facility on April 10. Earlier this year, it had introduced the negative interest rate. Moreover, some of the BoJ officials said that the BoJ might have to help the financial institutions even father by offering a negative rate on some loans. Moreover, this decision could be made together with another deeper cut to the current negative rate on reserves. The most possible vehicle for that option would be the BoJ's Stimulating Bank Lending Facility. In conclusion, another BoJ intervention in the financial markets is expected soon, maybe at the next BoJ meeting on April 27-28.

Let's now take a look at the USD/JPY technical picture in the weekly time frame. The bulls have managed to rally higher but were capped so far by the technical resistance at the level of 110.62. If bulls want to take the control over the market, they need to break out above the level of 111.50. Otherwise bears will reverse the current price action and try to push lower towards the next support at the level of 105.15.

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Technical analysis of EUR/JPY for April 22 2016

General overview for 22/04/2016:

Five impulsive waves are now present on the chart and the market is in the corrective cycle. In that case, after the corrective cycle is completed, one more wave upward is expected before any meaningful correction will happen. Moreover, any breakout below the intraday support at the level of 123.35 will invalidate the alternative count.

Support/Resistance:

121.27 - WS1

122.63 - Weekly Pivot

123.12 - WR1

123.59 - Intraday Support

124.21 - Technical Resistance

124.93 - Intraday Resistance

124.48 - WR2

124.98 - WR3

Trading recommendations:

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 22 2016

General overview for 22/04/2016:

The market is still trading below the neutral zone, but the corrective cycle to the upside might start any time now. The alternative count suggests that a more complex wave iv correction is still possible, however, any breakout above the intraday resistance at the level of 1.2749 would invalidate this scenario. The bullish divergence between the price and the momentum oscillator supports the view.

Support/Resistance:

1.2591 - Intraday Support

1.2643 - WS2

1.2749 - Intraday Resistance

1.2808 - WS1

1.2912 - Weekly Pivot

1.2989 - Intraday Resistance

1.3080 - WR1

1.3181 - WR2

Trading recommendations:

Currently traders should stay aside and wait for another setup to occur shortly.

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Technical analysis of USDX for April 22 2016

The Dollar index held above support yesterday, successfully re-tested the broken trend line resistance and bounced. The Dollar made an impressive bullish reversal and broke above short-term resistance and is showing signs of strength. This is not the time to be bearish in the Dollar.

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Black line - resistance trend line (broken)

The Dollar index is trying to break above the 4-hour Kumo. Support is critical at 94 as this level was touched three times and prices reversed higher. Resistance is at 95.20 and a break above that level will open way to a push towards 96 at least.

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Black line - trend line resistance

The Dollar index has broken above the downward sloping trend line resistance on the daily chart. Yesterday's candle is a bullish hammer and the long tail below the main body of the candle suggests that the Dollar index is well supported at current levels. As I have been saying for several days, this is not the time to be bearish in the Dollar.

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Technical analysis of Gold for April 22 2016

Gold gave an important bearish signal yesterday. It initially broke above important resistance of $1,260 following the dollar's weakness while ECB president Mario Draghi was at the scheduled press conference, but as time passed, the dollar firmed against the euro. Gold prices made a sharp reversal.

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Black lines - triangle pattern

Gold remains above the Kumo but the candle pattern on the 4-hour chart is bearish as the price could not stay above $1,260. Support is at $1,235 now. Breaking below the Kumo support will open way to a move at least towards the lower triangle boundary around $1,215.

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The long-tailed daily candle from yesterday is a bearish reversal sign and a false breakout. The price, however, remains above the daily Kumo (cloud) support. The kijun-sen daily support is at $1,239 and a close below that level will open way to a move towards $1,190. I remain bearish in Gold as long as we stay below yesterday's highs.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for April 22 - 2016

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Wave summary:

We have seen a nice little rally of the 1.6062 low, but the pair is not out of the woods yet. To confirm that a long-term bottom has been seen, a break above minor resistance at 1.6499 and, more importantly, a break above resistance at 1.6830 will be needed.

That said, a break above minor resistance at 1.6499 will be a very strong indicator of a long-term bottom being in place.

Support is now found at 1.6245 which ideally will protect the downside for a break above minor resistance at 1.6378 for the test of resistance at 1.6499.

Trading recommendation:

We are long in EUR from 1.6105. We will move our stop higher to 1.6130 securing a small profit. If you are not long in EUR yet, then buy near 1.6245 or upon a break above 1.6378 and use the same stop.

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Elliott wave analysis of EUR/JPY for April 22 - 2016

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Wave summary:

The red wave ii correction turned out to be an expanded flat correction, which tells us to expect an extended rally in red wave iii. This means a rally to at least 127.77 and possibly much higher as red wave iii gathers momentum.

In the short term, we should see support at 123.77 protect the downside for a break above resistance at 124.96 confirming the rally higher to 127.77 and above.

Trading recommendation:

We missed the entry at 123.25, but did instead buy at 124.40 and will place stop at 123.30. If you are not long in EUR yet, then buy upon a break above 124.96 and use the same stop at 123.30 expecting to move it higher shortly.

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NZD/USD intraday technical levels and trading recommendations for April 22 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. The 0.6550 level was broken above a few weeks ago.

Bullish persistence above 0.6550 (depicted recent support) was necessary 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 at 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 should use a valid buy entry around the 0.6760 mark. It is already running in profits. S/L should be raised to 0.6880 to offset the risk and secure more profits.

This week, bullish persistence above 0.6850 (recent support) is mandatory to maintain enough bullish momentum in the market.

The NZD/USD traders should consider a bearish pullback towards 0.6850 as a valid signal to BUY the pair. Bullish targets are to be located at 0.6960, 0.7050 and 0.7150.

On the other hand, a daily closure below the 0.6850 level enhances a quick bearish movement towards 0.6750 where another BUY entry with a better risk/reward ratio can be offered.

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USD/CAD intraday technical levels and trading recommendations for April 22 2016

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A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart).

A significant bearish rejection was observed around 1.3450. Hence another consolidation range was established from 1.3450 down to 1.2800.

On December 7, a bullish breakout above 1.3450 (the upper limit of the recent consolidation range) enhanced the bullish side of the market. Hence a bullish visit to the resistance at 1.4120 (Fibonacci Expansion 100%) 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, the same price zone was broken below as depicted on the daily chart.

The 1.3300 level stands as 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 had been trapped within the consolidation range between 1.3300 and 1.2970 until a bearish breakout took place on April 11.

Traders who missed the initial entry around 1.3300 were instructed to consider the recent pullback towards 1.2975 (61.8% Fibonacci level) as a valid signal to sell the USD/CAD pair. This trade is currently running in profits.

The USD/CAD pair should keep trading below 1.2800 (a previous support level) in order to reach the next support level located at 1.2400.

That's where price action should be watched for a possible bullish pullback.

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Intraday technical levels and trading recommendations for GBP/USD for April 22 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, the 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 the 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 a significant bullish rejection on February 26.

As expected, an evident bullish recovery and a bullish engulfing weekly candlestick were expressed around 1.3850 (a 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 a bearish rejection should be expected again 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 the depicted daily downtrend comes to meet the GBP/USD pair.

That's why an inverted hammer daily candlestick was expressed by the end of yesterday's consolidations around 1.4340.

This week, daily persistence below 1.4340 (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 may extend up to the price level of 1.4480 (79.6% Fibonacci level) before further bearish decline can occur.

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Intraday technical levels and trading recommendations for EUR/USD for April 22 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 depicted price levels around 1.1350-1.1400 acted as a significant supply zone during the previous bullish pullback.

Hence, another bearish rejection should be expected around the mentioned price zone. If not, further bullish movement towards 1.1700 should be expected.

In the long-term perspective, the level of 0.9450 will remain a projected bearish target in case a 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 the 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, a 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.

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

That's why daily persistence 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 lowered to 1.1360.

Risky traders can have another valid SELL entry anywhere around the price zone of 1.1330-1.1360.

Initial T/P levels should be located at 1.1250, 1.1150, and 1.1080.

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Technical analysis of EUR/JPY for April 21 2016

Technical outlook and chart setups:

The EUR/JPY pair reversed sharply from 125.00 levels yesterday. The pair is seen to be trading at 123.70 levels for now, looking to produce intraday rallies. Please note that those rallies should remain well capped below 124.30/50 levels. The wave structure reveals that EUR/JPY is in a countertrend rally, that could extend through 125.75 levels. It is hence recommended to remain flat for now and look to buy around 122.50/60 levels, with risk at 121.50 levels. Immediate resistance is seen at 125.00 levels, while support is at 122.50/60 levels respectively.

Trading recommendations:

Remain flat for now, look to go long at 122.50 levels.

Good luck!

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Technical analysis of GBP/CHF for April 22 2016

Technical outlook and chart setups:

The GBP/CHF pair has risen through initial resistance at 1.3950 levels now. Please also note that the pair has broken above its line of resistance as depicted on the daily chart view. Intraday dips are possible, but the pair should continue its bullish momentum at least through 1.4250 levels. Please note that it is the first fibonacci resistance level of the entire drop from 1.5560 through 1.3400 levels respectively. It is hence recommended to initiate long positions on intraday dips to 1.4250 levels. Immediate resistance is seen at 1.4250 levels, while support is at 1.3700 levels respectively. Bulls should remain poised to push through 1.4250 levels before retracing lower.

Trading recommendations:

Remain 50% long now, stop at 1.3650, target is 1.4250 levels.

Good luck!

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Technical analysis of Silver for April 22 2016

Technical outlook and chart setups:

Silver finally reversed just ahead of the major resistance at $17.75 levels yesterday. The metal is seen to be trading at $17.15 levels at the moment after printing lows at $16.80/90 levels yesterday. Please note that the metal has broken below the immediate line of support and is expected to find resistance on intraday rallies through $17.30/40 levels today. Also note that the downside potential remains through $16.40 and $16.15 levels. The metal should be poised to produce a meaningful retracement from here on. It is hence recommended to remain short now, with risk at $17.75 levels. Immediate resistance is seen at $17.40 levels, while support is at $16.80 levels respectively.

Trading recommendations:

Remain short now, stop at $17.80, target is at $16.20 levels.

Good luck!

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

Technical analysis of Gold for April 22 2016

Technical outlook and chart setups:

Gold is seen to be trading at $1,250.00 levels at the moment after hitting intraday highs at $1,270.00 levels yesterday. Please note that the metal remains in control of bears till prices stay below $1,283.00 levels. Intraday rallies through $1,255.00/60.00 levels would again face resistance. It is hence recommended to still remain short with risk at $1,275.00 levels. Immediate resistance is seen at $1,272.00 levels, while support is at $1,243.00 levels respectively. Please note that the yellow metal should be poised to complete a flat wave structure by forming the base around $1,190.00 levels before turning bullish again.

Trading recommendations:

Remain short now, stop at $1,275.00, target is $1,190.00.

Good luck!

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

Technical analysis of EUR/USD for April 22 2016

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When the European market opens, some economic news will be released such as the Italian Retail Sales m/m, Flash Manufacturing PMI, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI. The US will release economic data too such as the Flash Manufacturing PMI. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1344.

Strong Resistance: 1.1338.

Original Resistance: 1.1327.

Inner Sell Area: 1.1316.

Target Inner Area: 1.1290.

Inner Buy Area: 1.1264.

Original Support: 1.1253.

Strong Support: 1.1242.

Breakout SELL Level: 1.1236.

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 22 2016

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In Asia, Japan will release the Tertiary Industry Activity m/m, Flash Manufacturing PMI and the US will release some economic data such as the Flash Manufacturing PMI. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 109.89.

Resistance. 2: 109.68.

Resistance. 1: 109.46.

Support. 1: 109.20.

Support. 2: 108.98.

Support. 3: 108.77.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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

Daily analysis of USDX for April 22 2016

The H1 chart picture is showing a strong rebound from the support level of 94.08, where the bulls are pushing the USDX higher to above the 200 SMA. The overall picture is still in a bearish tone and a pullback can possibly happen to reach new lows. Another scenario will be bullish as long as the USDX breaks the 95.01 level with a higher high pattern.

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H1 chart's resistance levels: 94.85 / 95.01

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.

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

Daily analysis of GBP/USD for April 22 2016

GBP/USD had a volatile session yesterday but it's still showing a sideways structure below the resistance zone of 1.4401, which remains very solid to the upside. Currently, a breakout higher will open the door to a possible advance toward the 1.4495 price level that the bears are waiting for, as it coincides with the March 17th highs.

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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

Daily analysis of major pairs for April 22 2016

EUR/USD: This market went bearish on Thursday – just in the opposite direction to the USD/CHF which moved upwards that day. The bearish movement on the EUR/USD was not that significant. The market has not assumed a clear direction – a condition that would be fulfilled within the next several trading days.

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USD/CHF: The USD/CHF broke upwards by over 100 pips on Wednesday and it was able to move further upwards on Thursday. There is now a Bullish Confirmation Pattern on the 4-hour chart. Right now, the price is above the support level at 0.9700; it could reach the resistance levels at 0.9750 and 0.9800 before the end of this week.

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GBP/USD: The GBP/USD was volatile yesterday, though the bulls have been able to maintain the bullish outlook. The distribution territory at 1.4400 has been tested many times this week, but the price would need to go above it in order to emphasize the bulls' supremacy. It is likely that the bullish bias would continue today and early next week, for it would not be invalidated as long as the price stays above the accumulation territory at 1.4150.

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USD/JPY: This market did not perform any serious movement on April 21, 2016, though the bullish outlook remains logical. This is because the EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. The current price action reveals a pause in the market, which might result in further northward movement when the pause ends.

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EUR/JPY: The bullish signal on this cross pair is getting irrational, since it is being threatened in the short term. One might need to stay away from this market until there is a movement above the supply zone at 125.00 or below the demand zone at 123.00. Then a directional movement would start.

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Daily analysis of GOLD for April 21 2016

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Overview

The main bullish trend line of gold which can be seen on the chart shows bullish rebound signals now, while stochastic continues to crawl towards the oversold areas, which supports the continuation of the bullish trend on the short term basis. Therefore, we believe that the way is open towards our next targets at 1,282.92 and then at 1,300.00, Importantly, the 1,227.40 level should be held above in order to achieve the suggested targets, as breaking this level represents negative factor that will return the price to the correctional bearish track again. The expected trading range for today is between support at 1,235.00 and resistance at 1,280.00.

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Daily analysis of silver for April 21 2016

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Overvier

Silver price continues its bullish rally to confirm surpassing the bullish channel's resistance after the last four hours candlestick closed above it, which lead to continuation of the bullish trend scenario on the intraday and short-term basis. The 18.03 level acts as the next main target. In general, the bullish momentum will remain valid for today unless the price breaks below the 17.08 level and stabilizes. The expected trading range for today is between support at 17.00 and resistance at 17.70.

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