Intraday technical levels and trading recommendations for GBP/USD for April 27, 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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Intraday technical levels and trading recommendations for EUR/USD for April 27, 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/CHF for April 27, 2016

As per my previous analysis, the NZD/CHF short position would have been triggered around the 0.6740 level. As you can see, price continues moving lower, and today it is attempting to break below the S1 (0.6670) support.

Consider holding the short position if you have already opened one, or getting into a sell trade on small pullbacks near S1. The first target is S2 (0.6585), the second is S3 (0.6520), and the final is (0.6450). The stop loss should be just above R1 (0.6790)

Support: 0.6670, 0.6520, 0.6450

Resistance:0.6790, 0.6810

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Technical analysis of EUR/USD for April 27, 2016

EUR/USD continues trading between S1 (1.1220) and R1 (1.1320) levels. Although yesterday, price spiked up above the R1 resistance that would trigger a long position according to our previous analysis.

As trend remains bullish consider holding long position targeting either R2 (1.1480) or R3 (1.1640) as a final upside target. The stop loss should be well below the S1.

Support: 1.1220, 1.1060

Resistance: 1.1320, 1.1480, 1.1640

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Gold analysis for April 27 , 2016

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Since our previous analysis, gold has been moving upwards. The price tested the level of $1,247.55 in a high volume. The price had reached my take profit level at $1,231.00 before the strong bullish movement started. According to the 30M time frame, I found volume spike (ultra high volume) and a strong bullish bar (sign for strength). After the strong upward bar I found no power from sellers to react. It means that strong holders (smart money) are very strong and they are supporting the upward movement. There is ab upward diagonal trend line, which held very successfully. Watch for buying opportunities on the dips. The first take profit level is set at the price of $1,247.50 and the second take profit level is set at the price of $1,25300 (Fibonacci retracement 61.8%).

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,245.90

R2: 1,249.00

R3: 1,254.75

Support levels:

S1: 1,236.00

S2: 1,233.40

S3: 1,228.50

Trading recommendations for today: be careful when selling and watch for buying opportunities on the dips.

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NZD/USD intraday technical levels and trading recommendations for April 27, 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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USD/CAD intraday technical levels and trading recommendations for April 27, 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 was 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 and 1.2650 (recent support levels) 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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EUR/NZD analysis for April 27, 2016

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Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.6520 in a high volume. Our take profit level at the price of 1.6470 has been reached. According to the 30M time frame, I found strong upward momentum and the upward movement started because of the shakeout and successful test of shake out from yesterday. According to the 1H time frame, I found the successful rejection of support in a upward channel. My advice is to watch for buying opportunities on the dips. The first take profit level is set at the price of 1.6640 and the second take profit level is set at the price of 1.6790 (major resistance).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6420

R2: 1.6445

R3: 1.6480

Support levels:

S1: 1.6350

S2: 1.6330

S3: 1.6295

Trading recommendation for today: Watch for buying opportunities on the dips. The first take profit level is set at the price of 1.6640.

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Technical analysis of NZD/USD for April 27, 2016

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Overview:

  • The market opened below the daily pivot point. It continued to move downwards from the level of 0.6870 to the bottom around 0.6833. Today, the first resistance level is seen at 0.6870 followed by 0.6951, while daily support 1 is seen at 0.6800. The NZD/USD pair broke support, which turned into strong resistance at 0.6951. Right now, the pair is trading below this level. It is likely to trade in a lower range as long as it remains below the support (0.6870), which is expected to act as minor support today. This would suggest a bearish market because the moving average (100) is still in a negative area and does not show any signs of a trend reversal at the moment. According the previous events, the NZD/USD pair is still moving between the levels of 0.6870 and 0.6757, so we expect a range of 113 pips in coming hours. Therefore, the major resistance can be found at 0.6951 providing a clear signal to sell with a target seen at 0.6813. If the trend breaks the minor support at 0.6813, the pair will move downwards continuing the bearish trend development to the level of 0.6756 in order to test the daily support 2. Overall, we still prefer the bearish scenario which suggests that the pair will stay below the zone of 0.6870 and 0.6951 this week.
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Technical analysis of USD/CHF for April 27, 2016

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Overview:

  • The USD/CHF pair fell sharply from the level of 0.9760 towards 0.9700. Today, the resistance is seen at the level of 0.9760 and 0.9795. Moreover, the price area of 0.9760 - 0.9795 remains a significant resistance zone. Therefore, there is a possibility that the USD/CHF pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. In the H1 time frame, amid the previous events, the price is still moving between the levels of 0.9760 and 0.9684. If the USD/CHF pair fails to break through the resistance level of 0.9760, the market will decline further to 0.9684 as the first target.
  • This would suggest a bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.9648 so as to test the daily support 2. On the contrary, if a breakout takes place at the resistance level of 0.9795, then this scenario may become invalidated.
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Global macro overview for 27/04/2016

Global macro overview for 27/04/2016:

The US Durable Goods orders data was released yesterday. It disappointed the market participants as they had expected a 1.9% increase, but the number released was at the level of 0.8% only. ( still better than -3.1% a month ago tough). Moreover, the key category, Core Durable Goods Orders, that tracks business investment plans, remained weak for the second month. In conclusion, the Durable Goods Orders have a big impact on the US GDP as the manufacturing alone is responsible for 12% of the US economy. The weak data like this might suggest a downward revision of the first quarter US GDP, which might have an impact on inflation levels. That is why the sum of this year's possible short-term rate hikes by the Fed is limited to only two, but the timing still remains unknown.

Let's take a look at the US Dollar index technical picture in the H4 time frame. The supply zone resistance worked perfectly and the bears managed to push the prices back below the 21,50 and 100 moving average. The level of 95.21 is now the key resistance for bulls if they want to break out of the range. The next support is seen at the level of 94.21 and then, 93.92.

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Technical analysis of EUR/JPY for April 27, 2016

Technical outlook and chart setups:

The EUR/JPY pair is testing major resistance at 125.75/95 levels at this moment, and should be looking to reverse lower from here. Please note that it is trading around the resistance of the Fibonacci 0.618 retracement of the drop between 128.25 and 121.70 levels respectively. The wave structure also indicated that the earlier drop was impulsive (5 waves). The recent rally from 121.70 levels unfolded into 3 waves, which are corrective in nature. Unless prices rally towards 128.25 levels from here, it is most likely that wave could be lower from here. It is hence recommended to initiate short positions now, with risk at 128.00 levels. Immediate resistance is seen at 128.25 levels, while support is through 124.75 levels respectively.

Trading recommendations:

Remain short now, stop at 128.00/25, target is open.

Good luck!

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Technical analysis of USD/JPY for April 27, 2016

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USD/JPY is expected to trade with the bullish bias. The pair rebounded overnight after reaching a low of 110.63. Overnight U.S. stocks traded in narrow ranges with light volumes as investors kept standing on the sidelines waiting for some rate guidance from the Federal Reserve. The Dow Jones Industrial Average added 0.1% to 17,990, the S&P 500 rose 0.2% to 2,091, and the Nasdaq Composite was down 0.2% to 4,888.

Nymex crude oil surged 3.3% to $44.04 a barrel, gold gained 0.4% to $1,243 an ounce, and the benchmark 10-year Treasury yield climbed further to 1.931% from 1.902% in the previous session.

On the forex front, the U.S. dollar continued to weaken against most other major currencies. The British pound maintained its upward momentum on higher expectations of Britain remaining in the European Union, with GBP/USD chalking a 12-week high of 1.4638 before closing the day at 1.4580 (+0.7%).

At the same time, EUR/USD rose 0.3% to 1.1298, while USD/JPY edged up 0.1% to 111.30. Currently the pair is seeking support from the 50-period (30-minute chart) moving average. Meanwhile the 20-period moving average remains above the 50-period one. On the other hand, the intraday relative strength index is below the neutrality level of 50, indicating a lack of upward momentum for the pair. However, as long as the level of 110.75 holds as the key support, the intraday outlook continues to be bullish and the pair should re-test the first upside target at 111.80 (around the high of April 25).

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 111.80 and the second one, at 112.45. 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: 111.80, 112.45, 112.95

Support levels: 110.25, 109.90, 109.15

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Technical analysis of GBP/CHF for April 27, 2016

Technical outlook and chart setups:

The GBP/CHF pair is quickly approaching the major resistance around 1.4280/90 levels as depicted on the chart view here. Bulls are likely to remain poised to take out resistance before producing a meaningful retracement lower. Please note that the pair has broken above its resistance trend line as well, hence 1.3750 levels would now provide strong support. The pair is likely to head towards 1.4700/50 levels after retracing lower as depicted with arrows here. It is expected to produce a bearish bounce at 1.4700/50 levels which is the Fibonacci 0.618 resistance of the drop between 1.5570 and 1.3400 levels respectively. It is recommended to remain flat and look to go short after a break of 1.4280 levels. Immediate resistance is seen at 1.4280/90 levels, while support is seen through 1.3700/50 levels.

Trading recommendations:

Flat for now. Looking to go short around 1.4300 levels, stop 1.4400, target 1.3750 levels.

Good luck!

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Global macro overview for 27/04/2016

Global macro overview for 27/04/2016:

The Australian inflation data was released overnight and it completely surprised the investors. The Consumer Price Index dropped to -0.2%q/q (1.3% y/y) from 0.4% q/q (1.7% y/y), which is worse than the expected number of 0.3% q/q (1.7% y/y). This is the biggest decline since 2009. The most important factors that were dragging inflation lower in the quarter include a 10% plunge in petrol and an 11% decline in fruit prices. Moreover, the cost of international holiday travel and accommodation also declined. In conclusion, lower inflation will increase the probability of a potential interest rate cut from the Reserve Bank of Australia as early as next week.

Let's now take a look at the AUD/USD technical picture in the daily time frame. After making a swing high at the level of 0.7835, the market is now testing the lower levels of the range. Nevertheless, the bulls are still in control over this market and the next support is seen at the level of 0.7567. Only a sustained break out below the level of 0.7411 would put the bears back to control.

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Technical analysis of USD/CHF for April 27, 2016

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USD/CHF is expected to trade with bearish bias as the key resistance is at 0.9765. The pair remains under pressure below its horizontal resistance at 0.9765, and it is also capped by its falling 50-period moving average. The technical indicator such as the relative strength index is mixed to bearish, calling for caution. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

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 0.9695. A break of this target will move the pair further downwards to 0.6645. The pivot point stands at 0.9765. 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 0.98 and the second target at 0.9845.

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 27, 2016

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NZD/USD is expected to trade in higher range as this movement is supported by a positive trend line. The pair stays above its key support at 0.6850, and is also supported by a rising trend line. At the same time, the relative strength index remains above its neutrality area at 50, and calls for a new bounce. In this case, further advance is expected with the next horizontal resistance and overlap set at 0.6910. In case of the breakout, it is likely to advance toward 0.6950 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 0.6910 and the second one, at 0.6950. In the alternative scenario, short positions are recommended with the first target at 0.6820 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 0.6820. The pivot point is at 0.6850.

Resistance levels: 0.6910, 0.6950, 0.6980

Support levels: 0.6820, 0.6790, 0.6775

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Technical analysis of Silver for April 27, 2016

Technical outlook and chart setups:

Silver is seen to be trading at $17.30 levels for now after printing highs at $17.43 levels today. The metal is poised to drop lower below $16.80 levels from here and to a base at $15.80 or lower, before resuming uptrend. Please note that the metal unfolded a flat wave structure that terminated around the resistance of the Fibonacci 0.618 retracement of the drop between $17.70 and $16.77 levels respectively. A bearish reaction is expected around these levels as depicted here. It is hence recommended to remain short now, with risk at $17.70/80 levels. Immediate resistance is seen at $17.77 levels, while support is seen through $16.80 levels (intermediary).

Trading recommendations:

Remain short now, stop at $17.70/80, target is $15.80 and $15.40.

Good luck!

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Technical analysis of GBP/JPY for April 27, 2016

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GBP/JPY is expected to continue its upside movement. The pair remains bullish above its nearest support at 161.20, and is expected to post a new rebound. The 20-period and 50-period moving averages are turning up, and also play strong support roles. Besides, the relative strength index is mixed to bullish above its neutrality area at 50. To sum up, as long as 161.20 holds on the downside, look for further advance to 163.35 and 164.15 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 163.35 and the second one, at 164.15. In the alternative scenario, short positions are recommended with the first target at 160.25 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 159.45. The pivot point is at 161.20.

Resistance levels: 163.35, 164.15, 165.25

Support levels: 160.25, 159.45, 158.30

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Technical analysis of EUR/JPY for April 27, 2016

General overview for 27/04/2016:

The market might terminate the wave 2 correction sooner than expected and enter the bullish zone in an impulsive manner. Wave 1 purple with the top at the level of 125.95 looks impulsive and might be the first wave of the upcoming wave 3 purple. In that case, a strong, impulsive move to the upside is anticipated. Nevertheless, please notice, that the bearish divergence and the Fibo zone between the levels of 61.8% - 66.7% do not currently support the impulsive upward rally scenario.

Support/Resistance:

121.71 - Local Low

123.36 - Bearish Zone Level

123.79 - Projected Target for Wave 2

124.68 - Intraday Support

124.52 - Weekly Pivot

125.73 - 61%Fibo

125.95 - 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 Gold for April 27, 2016

Technical outlook and chart setups:

Gold is seen to be trading at $1,245.00/46.00 levels at this moment, looking to complete a flat wave structure, before reversing lower again towards $1,223.00 and $1,207.00 levels respectively. Please also note that the fibonacci 0.618 level is seen at $1,253.80 levels, and that the metal could reverse lower from there as well as depicted here. The wave structure still remains mixed with the probability of a push lower through $1,200 and $1,190.00 subsequently. Only a break above $1,270.00 levels from here would indicate that a bottom is in place at $1,206.00/07.00 levels. It is recommended to remain short with risk above $1,270.00 levels. Immediate resistance is seen at $1,253.00 levels, while support is at $1,223.00/24.00 levels respectively.

Trading recommendations:

Remain short now, stop at $1,272.00, target is $1,190.00.

Good luck!

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Technical analysis of USDX for April 27, 2016

The weak Durable Goods orders announced yesterday put some pressure on the Dollar index which initially broke below short-term support but as I said in a previous analysis, at the current levels the Dollar is oversold, and the downside is limited.

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Black lines - sideways channel

The Dollar index is just above the Ichimoku cloud support on the 4-hour chart. The thin cloud implies that this support is fragile and only a break above the tenkan- and kijun-sen will confirm a reversal on the 4 hour chart. Resistance is at 94.50-94.60. Support is at 94.30 and then at 94.

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Blue lines - trading range

The weekly chart has nothing new to provide to us. The price is trapped inside the cloud where we prefer to be neutral as this is a noise area with no clear trend. The price is near the lower cloud boundary support, and the stochastic is oversold. This is not the time to be bearish on the Dollar index.

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Technical analysis of Gold for April 27, 2016

Gold is still trading inside the triangle pattern and it seems that it is going to test the upper boundary once again very soon. I continue to remain neutral or slightly bearish as long as we are below the resistance of $1,260-70. A break above that area will open the way for new highs towards $1,320.

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Black lines - triangle pattern

Gold, I believe, has limited upside potential. The rewards for being bullish, in my opinion, are not worth the risk at the current levels. The entire move since the March low at $1,208 is surely not impulsive. This diminishes the chances of a new high. I believe the Gold bulls should remain patient and wait for a deeper correction towards $1,190-60 to unfold before opening long positions.

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On the weekly chart, prices are trying to re-test the broken tenkan-sen (red line indicator) to the upside. A rejection here will push prices towards the $1,190 support where the 38% Fibonacci retracement is found. Over the last few weeks, Gold has mainly moved sideways but still has not reached my downside targets. I prefer to stay mostly neutral or slightly bearish.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for April 27, 2015

General overview for 27/04/2016:

The count has been a little modified to incorporate the latest developments and it looks like the market is trying to complete a triple zig-zag pattern in the big wave Z brown. Currently, there is one more wave to the downside missing to complete this scenario, but first the wave (b) blue must fully unfold and terminate.

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

Daily analysis of major pairs for April 27, 2016

EUR/USD: The EUR/USD is still slightly higher in the context of a downtrend. The downtrend is still a valid thing, therefore the upward bounce could be seen as a short-selling opportunity, provided the price does not go above the resistance line at 1.1400. The bears might target the support line at 1.1200 this week.

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USD/CHF: The bearish retracement that has happened on this pair is still in force. This has even caused the Williams' % Range period 20 to dip a little (though it has not gone into the oversold territory). The bullish bias remains in place, and the price could be seen rallying today or tomorrow, reaching the resistance levels at 0.9750 and 0.9800.

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GBP/USD: This currency trading instrument has managed to keep going upwards, testing the distribution territory at 1.4600. The distribution territory can be tested again, while the bulls push the price further upwards. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50, which means the bulls are in control.

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USD/JPY: On this pair, the uptrend is still a valid thing, therefore the current price action could be seen as a buying opportunity, provided the price does not go below the demand level at 109.00. The bulls might target the supply levels at 112.00 and 112.50 this week.

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EUR/JPY: The EUR/JPY has managed to go further upwards, following the consolidation that happened at the beginning of this week. There is a Bullish Confirmation Pattern on the 4-hour chart, and it is expected that the market could go upwards, reaching 126.50 and 127.00. However, this does not mean that a pullback cannot occur before the end of the week.

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

Elliott wave analysis of EUR/NZD for April 27 - 2016

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Wave summary:

We are still waiting for a break above important resistance at 1.6490 to confirm that an important bottom has been seen at 1.6062. A break above the 1.6490 resistance will call for much more upside towards 1.6830 at first, but in the long term even higher highs near 1.8420 and above should be seen.

Short-term support is seen at 1.6304 that should be able to protect the downside for a break above 1.6490.

Trading recommendation:

We are long in EUR from 1.6105 and will move our stop higher to 1.6285. If you are not long in EUR yet, then buy a break above 1.6490 and use the same stop at 1.6285.

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

Elliott wave analysis of EUR/JPY for April 27 - 2016

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Wave summary:

We continue to look for more upside pressure towards 127.77 in red wave iii. In the long term, much higher highs are expected as the large correction from 149.55 most likely ended with the test of 121.69 and a new impulsive rally to above 149.55 is now expected.

Short-term support is seen at 124.64, which we expect will protect the downside for a break above minor resistance at 126.00 for a rally towards 127.77.

Trading recommendation:

We are long in EUR from 124.40 and will move our stop higher to 124.60 securing a small profit. If you are not long in EUR yet, then buy near 125.20 and use the same stop at 124.60.

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

Technical analysis of EUR/USD for April 27, 2016

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When the European market opens, some economic news will be released such as the German 30-y Bond Auction, Private Loans y/y, M3 Money Supply y/y, GfK German Consumer Climate, and German Import Prices m/m. The US will release economic data too such as the Federal Funds Rate, FOMC Statement, Crude Oil Inventories, Pending Home Sales m/m, and Goods Trade Balance. So amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1350.

Strong Resistance: 1.1344.

Original Resistance: 1.1333.

Inner Sell Area: 1.1322.

Target Inner Area: 1.1296.

Inner Buy Area: 1.1270.

Original Support: 1.1259.

Strong Support: 1.1248.

Breakout SELL Level: 1.1242.

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 27, 2016

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In Asia, Japan will release the All Industries Activity m/m and the US will release some economic data such as the Federal Funds Rate, FOMC Statement, Crude Oil Inventories, Pending Home Sales m/m, Goods Trade Balance. So there is a probability the USD/JPY will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 111.71.

Resistance. 2: 111.49.

Resistance. 1: 111.27.

Support. 1: 111.00.

Support. 2: 110.79.

Support. 3: 110.57.

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 USDX for April 27, 2016

USDX has been doing strong declines from the April 22th highs, and now we're seeing a strong rebound above the support level of 94.26. The 200 SMA is currently acting as dynamic resistance and maybe we can expect further downside in coming hours, as the overall structure remains bearish, but in a general picture it's still trapped inside a bearish range.

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H1 chart's resistance levels: 94.70 / 94.85

H1 chart's support levels: 94.50 / 94.26

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 94.70, take profit is at 94.85, and stop loss is at 94.53.

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

Daily analysis of GBP/USD for April 27, 2016

The H1 chart structure is still bullish, but be cautious when doing intraday trading on the Cable, as it scopes to do another rally toward the 1.4714 level. However, a pullback is expected to reach the support zone of 1.4495, in case the bearish scenario gets some strength in coming hours. The 200 SMA is supporting the bullish scenario.

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H1 chart's resistance levels: 1.4633 / 1.4714

H1 chart's support levels: 1.4549 / 1.4495

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 1.4633, take profit is at 1.4714 and stop loss is at 1.4549.

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