USD/CAD intraday technical levels and trading recommendations for April 26, 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, 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 where price action should be watched for a possible bullish pullback.

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NZD/USD intraday technical levels and trading recommendations for April 26, 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 the current 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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Intraday technical levels and trading recommendations for GBP/USD for April 26, 2016

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Since January 2016, bullish persistence above 1.4500 was mandatory to maintain enough bullish strength in the market.

However, as the previous weekly candlesticks maintained their bearish persistence below the depicted weekly supply zone (below 1.4470), 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 1.3845 (a prominent weekly demand level) where a significant bullish swing was initiated on March 1.

Recently, the price zone of 1.4475-1.4670 has been a significant supply zone during the past few weeks.

That is why, a bearish rejection should be expected again around the upper limit of this supply zone (1.4650-1.4670).

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 1.4470.

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 1.3845. A recent bullish swing was expressed towards the price levels around 1.4470.

The price zone of 1.4470-1.4670 constituted a significant supply zone where the depicted the Head and Shoulders reversal pattern was expressed.

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 1.4470 and recently 1.4670.

This week, daily persistence below 1.4470 will be needed to enhance further bearish decline towards 1.4380 and 1.4170.

Otherwise, the GBP/USD pair will extend up to the price level of 1.4680 (61.8% Fibonacci level) where the depicted downtrend comes to meet the pair as well. This is where significant bearish rejection should be expected.

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Technical analysis of EUR/USD for April 26, 2016

EUR/USD is trending upwards where new higher highs and higher lows are printed. There was a massive resistance area between 1.1000 and 1.1060 that was successfully penetrated. I've applied the Fibonacci retracement indicator to the corrective wave down where (1.1060) was rejected after the breakout.

Price broke above the R1 (1.1320) resistance which is the 161.8% retracement level but never tested either 261.8% nor 361.8% levels. Today, EUR/USD rejected the S1 (1.1220) support and immediately started to move up.

This tendency is likely to continue, so consider buying EUR/USD on the R1 (1.1320) breakout, targeting either R2 (1.1480) or R3 (1.1640) as a final upside target. The stop loss should be well below S1 (1.1220).

Support: 1.1220, 1.1060

Resistance: 1.1320, 1.1480 1.1640

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Technical analysis of NZD/CAD for April 26, 2016

As per my previous analysis, NZD/CAD continued moving lower breaking below the 0.8730 support. After the breakout, price corrected down and retested the R1 resistance (previous support) level.

This correction might present more sell opportunities around R1, therefore consider holding your short positions or getting into a short trade while the price is near R1 targeting the S1 (0.8635) support level. The stop loss should be well above R1.

Support: 0.8635

Resistance: 0.8730, 0.8820

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Intraday technical levels and trading recommendations for EUR/USD for April 26, 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 prospect, 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 (prominent key level) ensured enough bearish momentum towards 1.0550 (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.

The 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 (right shoulder of the reversal pattern).

That is 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 is already running in profits. T/P levels should be placed at 1.1200 and 1.1070. S/L should be lowered to 1.1400.

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 NZD/USD for April 26, 2016

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Overview:

  • The NZD/USD pair dropped sharply from the level of 0.7050 towards 0.6840. Now, the price is set at 0.6884. On the H1 chart, the resistance of the NZD/USD pair is seen at the level of 0.6907 and 0.6948. It should be noted that volatility is very low for that the NZD/USD pair is still moving in a narrow sideways channel (between 0.9694 and 0.6840). Moreover, the price spot of 0.6907 and 0.6948 remains a significant resistance zone.Therefore, there is a possibility that the NZD/USD pair will move downside, and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 0.6907 - 0.6948, sell below 0.6907 or 0.6948 with the first target at 0.6834 in order to test yesterday's bottom. Additionally, if the NZD/USD pair is able to break out the bottom at 0.6834, the market will decline further to 0.6796 in order to test the weekly support 2. Also, it should be noticed that support 1 is seen at the level of 0.6834 which coincides with the double bottom in the one-hour time frame.
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Technical analysis of USD/CHF for April 26, 2016

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Overview:

  • The USD/CHF pair faced strong resistance levels around 0.9809 because support had become resistance last month. So, the strong resistance is seen at the level of 0.9809 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9809, the market will indicate a bearish opportunity below the new strong resistance level of 0.9809 (the level of 0.9809 coincides with a ratio of the 50% Fibonacci). Since the trend is below the 50% Fibonacci level, the market is still in a downtrend. Moreover, the RSI starts signaling a downward trend, Fibonacci. Thus, the market is indicating a bearish opportunity below 0.9809 so it will be good to sell at 0.9800 with the first target of 0.9703. It will also call for a downtrend in order to continue towards 0.9638. The daily strong support is seen at 0.9638. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9865.
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EUR/NZD analysis for April 26, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.6370. According to the 1H time frame, I found testing of the upward diagonal (upward channel). According to 30M time frame, I found a shakeout bar in an ultra high volume. The bearish bar closed in the middle, this is a clear indication for me that demand is still present and that we may see potential upward movement. The first upward take profit level is set at the price of 1.6470.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6465

R2: 1.6500

R3: 1.6555

Support levels:

S1: 1.6360

S2: 1.6325

S3: 1.6270

Trading recommendation for today: Watch for buying opportunities on the dips. The first take profit level is set at the price of 1.6470.

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Gold analysis for April 26 , 2016

Since our previous analysis, gold has been moving upwards. The price tested the level of $1,242.06 in a high volume. Anyway, the price rejected strongly from the level of $1,242.06. I found the broken upward diagonal. The breakout happened in a high volume and amid healthy price action, which is a good sign for further downward movement. The trend is downward and my advice is to watch only for selling opportunities. I found the supply trend line, which is holding well today. According to the 15M time frame, I found that weakness appeared since we got weak closing to the up bars in a high volume. There is also a cluster, which now is acting like strong resistance. The first downward take profit level is set at the price of $1,232.30 and the second is set at the price of $1,227.40.

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Daily Fibonacci pivot points:

Resistance levels:

R1: 1,240.95

R2: 1,243.15

R3: 1,246.70

Support levels:

S1: 1,233.85

S2: 1,231.65

S3: 1,228.00

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

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Global macro overview for 26/04/2016

Global macro overview for 26/04/2016:

The API Crude Oil Inventories data is scheduled for release today at 08:30pm GMT and the expected number of stockpiles is at the level of 3,100K barrels. The drop in oil prices has influenced most of the countries that relay mostly on crude oil export ( Saudi Arabia, Bahrain, Qatar, the United Arab Emirates, Oman, and Kuwait). According to the new IMF report, altogether those countries have lost $390 billion in revenue due to weak oil prices in 2015 compared to a year earlier, and that figure could become even higher to $490 billion and $540 billion compared to 2014. In conclusion, all of the Middle Eastern Gulf states are now desperate to find other ways to raise revenue and keep their economies at least at the current levels. The global oil supply glut is still weighting on oil exporters and it still is unsolved problem.

Let's now take a look at the crude oil technical picture in the 4H time frame ahead of the data release. The weekend gap was filled as the market was slowly decreasing towards the support at the level of 42.92. Please notice that the overall trend remains slightly bullish as higher high and higher lows have been made since the February bottom. As long as the level of 39.85 is not clearly violated, bulls are still in control over this market.

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Global macro overview for 26/04/2016

Global macro overview for 26/04/2016:

The German Ifo Business Climate sentiment dropped unexpectedly according to yesterday's release. The market participants had expected 107.1 points for this month, but the indicator turned out to be at the level of 106.6. The main reason for the drop was an increasing level of concerns regarding the economic slowdown in the USA and China. In conclusion, even the recent ECB monetary policy update that includes a cut in the deposit rate to negative levels and an increased pace of monthly asset purchases to 80 billion euro did not manage to accelerate the index growth. The negative bias towards the future still dominates ahead of another ECB meeting this Thursday.

Let's now take a look at the EUR/USD technical picture in the 4H time frame. The market made a lower high and lower low, which might signal a change in trend. But currently, the market is reacting to the bullish divergence and the level of 1.1311 might be reached easily. On the higher time frames, the market is still trading inside the congestion zone with no clear trend signals since March 2015.

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Technical analysis of Silver for April 26, 2016

Technical outlook and chart setups:

Silver is seen to be drifting sideways since last 3 trading sessions, after having dropped from $17.70 levels last week. The metal is expected to drop lower towards at least $15.80 levels, before resuming its rally. Please note that the past resistance turned into support is also falling around the same region, depicted with an arrow here. Furthermore, the Fibonacci 0.618 support is also falling around $15.90 levels as seen here. Hence, probability remains high for a bullish bounce around $15.80/90 levels. It is recommended to remain flat for now and wait for prices to drop lower to initiate long positions again. Immediate support is seen at $16.50 levels while resistance is seen at $17.70 levels respectively.

Trading recommendations:

Remain flat for now, wait for a drop lower around $15.80 levels to go long.

Good luck!

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Technical analysis of USD/CAD for April 26, 2016

General overview for 26/04/2016:

Currently, the market keeps trading in a very tight zone around the weekly pivot and below the intraday resistance at the level of 1.2749. 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:

1.3246 - WR3

1.3218 - Swing High

1.3118 - WR2

1.2989 - Technical Resistance

1.2852 - WR1

1.2749 - Intraday Resistance

1.2721 - Weekly Pivot

1.2591 - Intraday Support

1.2554 - WS1

Trading recommendations:

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

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Technical analysis of Gold for April 26, 2016

Technical outlook and chart setups:

Gold is seen to be trading at $1,232.00/33.00 levels for now, looking to drop lower towards $1,190.00 levels before turning bullish again. The yellow metal was stuck in a range lately and needs to find a clear direction. As depicted on the 4H chart, the yellow metal is seen to be breaking below its counter trend support line, which should accelerate and push prices lower towards $1,223.00 and subsequently below $1,206.00 levels. It is recommended to remain short for now, with risk above $1,270.00 levels. Immediate support is seen at $1,223.00 levels while resistance is at $1,270.00 levels respectively.

Trading recommendations:

Remain short, stop at $1,271.00, target is $1,190.00 levels.

Good luck!

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Daily analysis of major pairs for April 26, 2016

EUR/USD: On April 25, 2016, this pair bounced upwards in the context of a downtrend. The downtrend is still a valid thing, therefore the upwards bounce could be seen as a selling opportunity, if the price does not go above the resistance line at 1.1400. Bears might target the support line at 1.1200 and 1.1150 this week.

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USD/CHF: The market came down slightly yesterday in the context of an uptrend. The uptrend is supposed to continue today or tomorrow, turning the current price action into a buying opportunity. As it was said earlier this week though, there is a possible obstacle in the way of this uptrend, and stamina in the Swiss franc is expected. It would also be visible in other CHF pairs.

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GBP/USD: The GBP/USD pair was able to move upwards on Monday, following the rally that started last week. The price is now moving towards the distribution territory at 1.4500, trying to break it to the upside. The distribution territory could be broken to the upside today, owing to the Bullish Confirmation Pattern on the chart, targeting another distribution territory at 1.4550.

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USD/JPY: Yesterday, this currency trading instrument dipped slightly in the context of an uptrend. The uptrend is still a valid thing, therefore the upwards dip could be seen as a buying opportunity, if the price does not go below the demand level of 109.00. The bulls might target the supply levels at 112.00 and 112.50 this week. However, it should be kept in mind that the Japanese yen could gain stamina before the end of this month, which would cause other JPY pairs to trend downwards.

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EUR/JPY: This is a bull market in the near-term. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level of 50. It is possible that the price goes further upwards from here, reaching the supply zone at 126.00; the only obstacle in the way is the expected stamina in the Japanese yen.

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Technical analysis of EUR/JPY for April 26, 2016

General overview for 26/04/2016:

As anticipated yesterday the corrective cycle in wave 2 is not unfolding and the retracement can reach the projected level of 123.79 before any meaningful rally occurs. There might be some bullish intraday reaction at the intraday support at the level of 124.30, but the market should push lower towards the projected target anyway. Please notice that the price is now trading inside the neutral zone, but any breakout below the level of 123.36 will result in an immediate test of the recent local low at the level of 121.71.

Support/Resistance:

121.71 - Local Low

123.36 - Bearish Zone Level

123.79 - Projected Target for Wave 2

124.30 - Intraday Support

124.52 - Weekly Pivot

124.95 - Intraday Resistance

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 USDX for April 26, 2016

The Dollar index continued its slide lower yesterday towards the 94.40 support. The price is steadily pushing lower towards the short-term support. The trend is mainly neutral as the price has been moving sideways for several days now, unable to break out of the 94-95.20 trading range.

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Black lines - sideways channel

The Dollar index is heading towards the 4-hour Kumo (cloud) support at 94.40. The lower channel boundary support is at 94. The trend is bearish in the short term as long as the price is below the 95.20 resistance. Stochastic is negatively sloped and this favors the continuation of the decline.

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Blue lines - trading range

On the weekly chart above, the price is still trading inside the Kumo and is holding above the lower cloud boundary. Stochastic is oversold and turning upwards so traders should prefer to avoid short positions in the index. Weekly resistance is at 96.10. The bigger picture remains unchanged. The price is moving sideways for at least a year in what it seems to be a big consolidation before the next big bullish Dollar move.

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Technical analysis of Gold for April 26, 2016

Gold still remains inside the triangle pattern and there is no clear direction in the gold market right now. There are more chances of a deeper correction at least towards $1,190 but sellers still struggle to gain control of the trend.

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Black lines - triangle pattern

Gold reached the 4-hour Kumo (cloud) resistance yesterday and got rejected. The price remains inside the triangle pattern but still under the critical resistance of $1,260-70. Support is at $1,220. The next level to be seen if support fails to hold is at $1,190.

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The weekly chart remains bearish as the price is under the tenkan-sen (red line indicator) and this implies that soon we should see a move towards the first important weekly support at $1,190 where we also find the 38% Fibonacci retracement. I would not rule out a deeper correction even towards $1,140.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for April 26, 2016

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USD/JPY is expected to trade in a higher range as the bias remains bullish. Last Friday, US stocks were mixed while technology shares were weighed down by disappointing results. The Dow Jones Industrial Average edged up 0.1% to 18003, the S&P 500 was broadly flat at 2091, while the Nasdaq Composite dropped 0.8% to 4945.

USD/JPY is expected to trade with a bullish bias as intraday support is at 110.75. Overnight, US stock indices settled slightly lower, dragged down by transportation, energy, and commodity shares. The Dow Jones Industrial Average declined 0.2% to 17977, the S&P 500 also dropped 0.2% to 2087, and the Nasdaq Composite was down 0.2% to 4895.

Nymex crude oil lost 2.5% to settle at $42.64 a barrel, gold gained 0.5% to $1238 an ounce, and the benchmark 10-year Treasury yield rose further to 1.900% from 1.888% in the previous session.

On the forex front, the US dollar weakened against most other major currencies as investors re-positioned ahead of central-bank meetings in the US and Japan this week. The Wall Street Journal Dollar Index declined 0.3% to 86.53.

Following an over-2% surge last Friday, USD/JPY gave back 0.6% to 111.19 yesterday. EUR/USD rebounded 0.3% to 1.1263.

Meanwhile, the British pound continued to strengthen against the US dollar as the "In" camp is gaining an upper hand in the campaign over Britain's membership of the European Union, and US President Barack Obama has voiced his support for Britain to remain in the EU. GBP/USD rose 0.6% to 1.4480 (day-high at 1.4519).

The pair remains in a consolidation while trading above the key support at 110.75 (a key resistance seen last Friday, the breaking of which led to the latest upleg). Currently it is around the overlapping 20- and 50-period (30-minute chart) moving averages. And the intraday relative strength index is around the neutrality level of 50 lacking downward momentum. In case the pair emerges from the consolidation without breaching the key support at 110.75, it should be able to re-visit the first upside target at 111.80 (around yesterday's high).

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 111.35 and the second one, at 111.80. In the alternative scenario, short positions are recommended with the first target at 110.25 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 109.90. The pivot point is at 110.75.

Resistance levels: 111.35, 111.80, 112.45

Support levels: 110.25, 109.90, 109.15

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Technical analysis of USD/CHF for April 26, 2016

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USD/CHF is expected to trade with a bullish bias above 0.9725. Despite the recent consolidation, the pair stands firmly above its nearest key support at 0.9725 and is likely to post a rebound on it. The relative strength index is mixed to bullish and lacks downward momentum. Furthermore, a strong support around 0.9725 should limit any downward attempts. Hence, as long as 0.9725 is not broken, look for further advance to 0.9800 and 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 0.98 and the second one, at 0.9845. In the alternative scenario, short positions are recommended with the first target at 0.9695 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 0.9645. The pivot point is at 0.9725.

Resistance levels: 0.9800, 0.9845, 0.9890

Support levels: 0.9695, 0.9645, 0.9600

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Technical analysis of NZD/USD for April 26, 2016

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NZD/USD is indicating choppy price action with a bearish bias. The pair remains under pressure below its key resistance at 0.6900 and is looking for a lower bottom. The intraday technical indicators are mixed to bearish. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The first target to the downside is therefore set at 0.6840. A break below this level would open way to further weakness toward the horizontal support at 0.6790.

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 0.6790. The pivot point stands at 0.6900. 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 0.6935 and the second target at 0.6980.

Resistance levels: 0.6935, 0.6980, 0.7025

Support levels: 0.6840, 0.6790, 0.6775

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Technical analysis of GBP/JPY for April 26, 2016

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GBP/JPY is expected to trade with a bullish bias. The pair managed to hold above its horizontal level at 160.05, and is now challenging its next resistance at 161.70. A bullish breakout of this threshold seems more likely to occur, as the 20-period moving average is reversing up, and has also crossed above the 50-period one. The relative strength index is now above its neutrality area at 50. In these perspectives, as long as 160.05 is not broken, look for further advance to 161.70 and 162.55 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 161.70 and the second one, at 162.55. In the alternative scenario, short positions are recommended with the first target at 159.45 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 158.30. The pivot point is at 160.05.

Resistance levels: 161.70, 162.55, 163.35

Support levels: 159.45, 158.30, 157.05

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Elliott wave analysis of EUR/NZD for April 26 - 2016

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Wave summary:

We are still looking for a break above the important short-term resistance at 1.6499 to confirm that an important low was found at 1.6062. Short-term support is found at 1.6304 which ideally will protect the downside for the break above 1.6499 to confirm much more upside to come in the coming weeks and months.

A break below support at 1.6304 will call for a move slightly lower to 1.6242 before another shot at the 1.6499 resistance should be expected.

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Elliott wave analysis of EUR/JPY for April 26 - 2016

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Wave summary:

No change in view here.

We continue to look for a continuation higher towards 127.77 as the first upside target for red wave iii. Short-term support is seen at 124.81, but we must still allow for a more complex correction that could move as low as 124.27 before a break above 125.54 confirms a continuation towards 127.77 and maybe even higher.

Trading recommendation:

We are long in EUR from 124.40 with stop placed at 124.05. If you are not long in EUR yet, then buy near 124.27 and use the same stop at 124.05.

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

Technical analysis of EUR/USD for April 26, 2016

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When the European market opens, no economic news will be released, but the US will release some economic data such as the Richmond Manufacturing Index, CB Consumer Confidence, Flash Services PMI, S&P/CS Composite-20 HPI y/y, Durable Goods Orders m/m, Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1320.

Strong Resistance: 1.1314.

Original Resistance: 1.1303.

Inner Sell Area: 1.1292.

Target Inner Area: 1.1266.

Inner Buy Area: 1.1240.

Original Support: 1.1229.

Strong Support: 1.1218.

Breakout SELL Level: 1.1212.

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 26, 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 the Richmond Manufacturing Index, CB Consumer Confidence, Flash Services PMI, S&P/CS Composite-20 HPI y/y, Durable Goods Orders m/m, Core Durable Goods Orders m/m. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 111.73.

Resistance. 2: 111.51.

Resistance. 1: 111.29.

Support. 1: 111.02.

Support. 2: 110.81.

Support. 3: 110.59.

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 26, 2016

On the H1 chart, USDX had a corrective session from last Friday's highs, as the Index is looking to perform a rebound above the 200 SMA on this timeframe. If that happens during this week, then we can expect a breakout of those highs and eventually USDX may reach new monthly high levels. The MACD indicator is turning into the neutral territory.

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H1 chart's resistance levels: 94.85 / 95.01

H1 chart's support levels: 94.70 / 94.50

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 94.85, take profit is at 95.01, and stop loss is at 94.79.

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

Daily analysis of GBP/USD for April 26, 2016

GBP/USD is looking to trade at higher levels after a successful breakout above the resistance zone of 1.4401 and now we can expect some sideways consolidation before another key break to strength the bullish bias. If the cable succeeds in consolidating above the 1.4495 level, then we can see a rally toward the 1.4549 level.

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H1 chart's resistance levels: 1.4495 / 1.4549

H1 chart's support levels: 1.4401 / 1.4318

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 1.4495, take profit is at 1.4549 and stop loss is at 1.4443.

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

Daily analysis of GOLD for April 25, 2016

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Overview

The gold price has been trading sideways in a tight range above 1,227.40 levels since morning. Stochastic is still positive, so no changes are expected in the bullish trend scenario for today, which depends on the stability above the mentioned level. Its targets begin at 1,252.50 and extend to 1,282.92 followed by 1,300.00.

The expected trading range for today is between the 1,220.00 support and the 1,260.00 resistance.

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

Daily analysis of Silver for April 25, 2016

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Overview

The silver price shows slight bearish bias approaching from the key support at 16.73. Stochastic moves in the oversold areas now, providing positive momentum we were waiting to push the price to resume the bullish bias in the upcoming period. Therefore, the bullish trend will remain valid on the intraday and short-term basis as long as the price is above the 16.73 level. The price is likely to breach the 17.35 level to confirm opening the way to target the 18.03 level as the next main station. The EMA50 keeps providing the support to the suggested bullish wave.

The expected trading range for today is between the 16.70 support and the 17.40 resistance.

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