Technical analysis of EUR/JPY for April 28, 2016

Technical outlook and chart setups:

The EUR/JPY pair has dropped significantly today as yen is rallying across the crosses. The pair is trading at 123.00 levels at the moment, and is seen to be bouncing off the Fibonacci 0.786 support of the entire rally between 121.75 and 126.50 levels. Additionally, a tweezer bottom candlestick pattern is being carved out, indicating a potential reversal ahead. Looking into the wave structure, a pullback rally is expected at least towards 124.50/75 levels before reversing lower again. It is recommended to go long now, with risk around 121.50 levels. Immediate resistance is seen at 124.75 level, while support lies at 121.75 level.

Trading Recommendations:

Remain long now, stop at 121.50, target 124.50/75.

Good luck!

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Technical analysis of GBP/CHF for April 28, 2016

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading at 1.4100/05 levels at this moment, after hitting intraday lows at 1.4057 levels respectively. Please note that the pair bounced off the trend line support as depicted here. Bulls are expected to remain in control till prices stay above 1.4030 levels. Also, the pair is expected to take out major resistance at 1.4290 levels before topping out and reversing lower again. The wave structure also reveals that the pair is in its last leg of the rally that begun from 1.3400 levels. It is recommended to remain long now, with risk at 1.4030 levels, targeting 1.4300. Immediate resistance is seen at 1.4300 levels, while support is at 1.4030 levels respectively.

Trading recommendations:

Remain long for now, stop is at 1.4030 levels, target is1.4300.

Good luck!

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EUR/NZD analysis for April 28, 2016

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Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6256 in an ultra high volume. According to the 15M time frame, the strong supply came in with ultra high volume. Later on, I saw no buying pressure and no power from buyers (up thrust bar, no demand bars in a low volume) to react on such a strong supply, which is a sign that supply is very strong. Be very careful when buying EUR/NZD and watch for selling opportunities. The first take profit level is set at the price of 1.6255.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6560

R2: 1.6610

R3: 1.6690

Support levels:

S1: 1.6400

S2: 1.6350

S3: 1.6265

Trading recommendation for today: There is strong supply in the market. Watch for selling opportunities on the rallies.

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Technical analysis of Silver for April 28, 2016

Technical outlook and chart setups:

Silver is seen to be stalling at $17.30/40 levels at this moment, looking to drop lower towards $15.80 levels at least. The metal is expected to remain in control of bears till prices stay below $17.70 levels.The wave structure reveals that Silver might have carved out a significant top around $17.70 levels and needs to produce a meaningful correction lower, before reversing again. It is hence recommended to remain short now, with risk above $17.70 levels. Immediate resistance is seen through $17.70 levels, while support is seen at $16.80 levels respectively. A drop below $16.80 levels would accelerate further downside.

Trading recommendations:

Remain short for now, stop at $17.90, target $15.80.

Good luck!

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Technical analysis of Gold for April 28, 2016

Technical outlook and chart setups:

Gold is seen to be trading at $1,254.00/55.00 levels for now, after reversing lower from $1,260.00 levels today. The yellow metal reversed from the Fibonacci 0.786 resistance of the drop from $1,270.00 and $1,227.00 levels respectively. The wave structure indicates that bears are expected to remain in control till prices stay below $1,270.00 levels. It is recommended to remain short for now, with risk above $1,270.00 levels at least. Immediate support is seen at $1,227.00 levels, while resistance is seen through $1,270.00 levels respectively. A drop below $1,223.00 levels would accelerate further downside towards $1,190.00 levels.

Trading recommendations:

Remain short, stop is at $1,270.00, target is $1,190.00

Good luck!

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Gold analysis for April 28 , 2016

Since our previous analysis, gold has been moving upwards. As I expected, the price tested the level of $1,259.60 in a high volume. The price reached my take profit level at $1,253.00. Anyway, today according to the 15M time frame, I saw a lack of demand around the price of $1,259.00, which is a sign that we may see the potential downward correction. Even if it is still the short-term uptrend, I found resistance cluster and weakness has appeared. So, my advice is to watch for potential selling opportunities. The first take profit level is set at the price of $1,251.30 and the second take profit level is set at the price of $1,246.20.

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Daily Fibonacci pivot points:

Resistance levels:

R1: 1,248.90

R2: 1,249.75

R3: 1,251.50

Support levels:

S1: 1,246.20

S2: 1,245.40

S3: 1,244.00

Trading recommendations for today: Be careful when buying gold at this stage and watch for potential selling opportunities.

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Technical analysis of EUR/USD for April 28, 2016

Technical outlook and chart setups:

The EUR/USD pair is seen to be trading at 1.1340 levels for now after hitting highs at 1.1370 levels today. Please note that the pair is seen to be testing an immediate trend line support. A break lower, would open doors for a test of 1.1280/90 levels where another trend line support is seen. Looking into the wave structure, the pair is expected to remain in control of bears till prices stay below 1.1400 levels. It is recommended to remain short for now, with risk at 1.1400 levels. Immediate resistance is seen at 1.1400 levels, while support is at 1.1290 levels respectively. Please note that EUR/USD is dropping below the trend line now.

Trading recommendations:

Remain short now, stop is at 1.1400, target is open.

Good luck!

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Technical analysis of NZD/CHF for April 28, 2016

NZD/CHF corrected sharply upwards today and formed the resistance at 0.6740 level. Considering the bearish divergence on the RSI oscillator and the fact that rate has not tested and rejected any of our support levels, we'd expect continuation of the move down.

The current correctional wave could provide a good entry point for bears. Consider selling NZD/CHF while price is near R1 (0.6740) targeting either S2, S3, or S4 support levels. The stop loss should be just above R2 (0.6790).

Support:0.6670, 0.6585, 0.6520, 0.6450

Resistance: 0.6740, 0.6790

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Technical analysis of EUR/USD for April 28, 2016

EUR/USD continues to move higher and currently is trading above the R1 resistance. As for our previous analysis, consider holding long positions or getting into a buy trade near R1 (1.1320) level.

Targeting either R2 (1.1480) or R3 (1.1640) as a final target, the stop loss should be just below S1 (1.1220)

Support: 1.1320, 1.1220, 1.1060

Resistance: 1.1480, 1.1640

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Global macro overview for 28/04/2016

Global macro overview for 28/04/2016:

The Reserve Bank of New Zealand kept interest rates unchanged at the level of 2.25%. Nevertheless, the RBNZ statement clearly indicated a possible further rate cut if the global economic growth slows and the strong NZD will prolong the period of muted inflation. The RBNZ inflation projection for this year is at the level of 1% and it should reach the 2% target midpoint by early 2018. The recent CPI reading revealed that the prices climbed just 0.4%. In conclusion, please notice, that the RBNZ cut the interest rates five times during last year and all bets are now on the RBNZ cutting the OCR to 2.0% in June.

Let's now take a look at the NZD/USD technical picture in the daily time frame. The market is still moving inside the bullish channel and the recent no-cut decision pushed the price back above the resistance at the level of 0.6965. The bulls still seems to be in control of this market, and the next resistance at the level of 0.7055 is eyed now.

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Technical analysis of USD/CHF for April 28, 2016

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Overview:

  • The USD/CHF pair dropped from the level of 0.9709 towards 0.9680. Now, the price is set at 0.9660. Hence, the USD/CHF pair keeps on trading in the bearish trend from the new support level of 0.9660; to form a bearish channel. According to the previous events, we expect the pair to move between 0.9700 and 0.9648. Also, it should be noted that major resistance is seen at 0.9683 - 0.9700, while immediate resistance is found at 0.9648. Then, we may anticipate potential testing of 0.9648 to take place soon. This is confirmed by the RSI indicator signaling that we are still in the bearish trending market. Now, the pair is likely to begin a descending movement to the point of 0.9660 and further to the level of 0.9648. Additionally, if the USD/CHF pair is able to break out the bottom at 0.9648, the market will decline further to 0.9613 in order to test the weekly support 2.

Forecast:

  • Consequently, there is a possibility that the USD/CHF pair will move downside. The structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9683 - 0.9700 (major resistance), sell below 0.9700 with the the first targets at 0.9648 and 0.9613 .
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Global macro overview for 28/04/2016

Global macro overview for 28/04/2016:

The Bank of Japan kept the interest rates unchanged at the level of -0,1% and held off on expanding monetary stimulus. During the press conference, BoJ Governor Haruhiko Kuroda said they need more time to assess the impact of negative interest rates on the Japanese economy. This is why the policy makers left unchanged three key easing tools: the 80 trillion yen target for expanding the monetary base through government-bond purchases, the 0.1% negative rate, and a program to buy riskier assets, including stocks. In conclusion, the BoJ's behavior is very similar to the recent Fed's actions as they as well prefer the "wait-and-see" approach before making new important decisions.

Let's now take a look at the USD/JPY technical picture in the 4H time frame. The BoJ's decision has provoked a sell-off in this market, and now bears are approaching very important support at the level of 107.62. A break out below this level would mean that bears are full in control over this market. In that case, the next support is seen at the level of 105.15.

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Technical analysis of USD/CAD for April 28, 2016

General overview for 28/04/2016:

The market is trying to complete the triple zig-zag pattern in the big wave Z brown. Currently, there is one more wave to the downside missing to complete this scenario as the wave (b) blue looks completed ( a little early). The projected target for wave (c) is at the level of 1.2452 and this might be the termination of the whole corrective structure in big wave 4 pink.

Support/Resistance:

1.3246 - WR3

1.3218 - Swing High

1.3118 - WR2

1.2989 - Technical Resistance

1.2852 - WR1

1.2721 - Weekly Pivot

1.2696 - Intraday Resistance

1.2526 - Intraday Support

1.2454 - WS1

Trading recommendations:

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

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Technical analysis of EUR/JPY for April 28, 2016

General overview for 28/04/2016:

The simple corrective cycle, labeled as abc irregular flat correction, might have been completed and according to the main chart another upward leg might be made. Moreover, any violation of the level of 121.71 will invalidate the bullish impulsive scenario. Nevertheless, please notice that the simple correction might evolve into more complex and time consuming cycle.

Support/Resistance:

121.71 - Local Low

122.52 - Intraday Support

123.36 - Intraday Resistance

123.56 - WS1

124.52 - Weekly Pivot

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 NZD/USD for April 28, 2016

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Overview:

  • The NZD/USD pair broke resistance that turned into strong support at the level of 0.6870 yesterday. The level of 0.6870 is expected to act as major support today. From this point, we expect the NZD/USD pair to continue moving in a bullish trend from the support levels of 0.6870 and 0.6920. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Consequently, the first support is set at the level of 0.6920. So, the market is likely to show signs of a bullish trend around the spot of 0.6920. In other words, buy orders are recommended above the spot of 0.6920 with the first target at the level of 0.7000; and continue towards 0.7050 (the double top). This would suggest a bearish market because the moving average (100) is still in a positive area and does not show any trend-reversal signs at the moment. On the other hand, if the NZD/USD pair fails to break through the resistance level of 0.7050 this week, the market will decline further to 0.6996. The pair is expected to drop lower towards at least 0.7000 with a view to test the weekly pivot point. Also, it should be noted that the weekly pivot point will act as minor support today. According to the previous events, we expect the NZD/USD pair to trade between 0.7050 and 0.6870.
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Technical analysis of USD/JPY for April 28, 2016

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USD/JPY is –≥nder pressure.Overnight U.S. stocks traded higher as the Federal Reserve kept rates steady and investors anticipated the central bank wouldn't raise rates in a hurry. The Dow Jones Industrial Average rose 0.3% to 18,041, and the S&P 500 added 0.2% to 2,095. Meanwhile, the Nasdaq Composite fell 0.5% to 4,863, as Apple Inc.'s stock tumbled over 6% on disappointing quarterly results.

Nymex crude oil gained 2.9% to $45.33 a barrel, gold was up 0.3% at $1,246 a troy ounce, and the benchmark 10-year Treasury yield declined to 1.861% from 1.931% in the previous session.

Regarding forex trading, the U.S. dollar was little changed after the Fed announced its rate decision. The Wall Street Journal Dollar Index edged up 0.1% to 86.34.

The Australian dollar was hit hard by yesterday following a subdued inflation report (1Q CPI +1.3% year-on-year vs +1.7% expected, and -0.2% quarter-on-quarter vs +0.2% expected). AUD/USD plunged 2.1% to 0.7583.

At the same time, EUR/USD rose 0.2% to 1.1319, GBP/USD fell 0.3% to 1.4538, USD/JPY gained 0.2% to 111.45, and USD/CAD edged lower to 1.2597.

Currently, it is trading around the 20-period moving average while being capped by the descending 50-period one. There is obviously a lack of upward momentum. If the pair breaks below the first downside target at 107.50, it should sink further towards the next support at 107.

Trading Recommendation:

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 107.50. A break of this target will move the pair further downwards to 107. The pivot point stands at 109.50. 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 109.90 and the second target at 110.65.

Resistance levels: 109.90, 110.65, 111.10

Support levels: 107.50, 107, 106.50

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Technical analysis of USD/CHF for April 28, 2016

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USD/CHF is expected to trade in a lower range as the pair movement is capped by a negative trend line. The pair remains under pressure below its negative trend line, and is likely to post further decline. The falling 20-period and 50-period should also maintain the strong selling pressure. Besides, the relative strength index is mixed to bearish. In which case, as long as 0.9740 isn't surpassed, look for a new pullback to 0.9645 and 0.9620 in extension.

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 0.9645. A break of this target will move the pair further downwards to 0.9620. The pivot point stands at 0.9740. 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 this scenario, long positions are recommended with the first target at 0.9765 and the second one at 0.98.

Resistance levels: 0.9765, 0.9800, 0.9845

Support levels: 0.9645, 0.9620, 0.9575

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Technical analysis of NZD/USD for April 28, 2016

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NZD/USD is expected to trade in a higher range. The pair posted a strong rebound yesterday, and also jumped above its 20-period and 50-period moving averages. The immediate trend is up now, and the momentum is strong. The previous resistance at 0.6895 now plays a support role, which should limit any downward attempts. At the same time, the relative strength index is bullish, without showing any reversal signals. Hence, further upside is therefore expected with the next horizontal resistance and overlap set at 0.7005 at first.

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 0.7005 and the second one, at 0.7030. In the alternative scenario, short positions are recommended with the first target at 0.6865 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 0.6835. The pivot point is at 0.6895.

Resistance levels: 0.7005, 0.7030, 0.7060

Support levels: 0.6865, 0.6835, 0.6790

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Technical analysis of GBP/JPY for April 28, 2016

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GBP/JPY is expected to trade in downside. The pair is still supported by its ascending trend line, and it is moving up. A continuation of the downside movement is more likely to occur in the coming trading hours, as the 20-period and 50-period moving averages are negative and the relative strength index stands firmly below its neutrality area, calling for a more decline. In that case, the pair is likely to decline to 156.55 and 155.50 in extension.

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 156.55. A break of this target will move the pair further downwards to 155.50. The pivot point stands at 160. 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 161.55 and the second target at 162.80.

Resistance levels: 161.55, 162.80, 163.35

Support levels: 156.55, 155.50, 154.65

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Technical analysis of USDX for April 28, 2016

The dollar is pressured by sellers mainly in the USD/JPY pair and commodities pairs thus pushing the index to new lows. The trend remains bearish as price did not manage to break above 95.20. The rejection is pushing the index towards the next support level of 93.

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Black lines - trading range

The Dollar index broke below the trading range and below the Ichimoku cloud support. The short-term resistance is at 94.90 and support, at 93. The stochastic oscillator remains at oversold levels and could give one more divergence before a bullish reversal.

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Blue lines - trading range

The weekly candle is testing the lower cloud boundary support. This is an important support area. Bears should be very cautious and keep their stops tight as we could see a bounce as oversold stochastic is giving a warning. An important weekly resistance now is at 95.20 and trend reversal level.

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Technical analysis of Gold for April 28, 2016

The dollar's weakness is helping gold prices move higher and challenge the recent highs and medium-term resistance. Bulls could manage at the end of this week to make a real breakout and push towards $1,300 but I continue to believe that this upside will be limited and bulls should be very cautious.

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Black lines - triangle pattern

Gold is trying to break above the triangle pattern and above the 4-hour Ichimoku cloud. Short-term support is at $1,235 while resistance is at $1,260-70. With the dollar weakening, there are a lot of chances we could see $1,300 even this week. However, bulls need to be very cautious and keep their stops tight.

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The weekly candle is above the tenkan-sen (the red line indicator) and if this week closes above it, it will be a bullish sign. I continue to believe that gold should not be bought at the current levels and bulls need to be patient for a pullback towards the 38% retracement at least. The stochastic oscillator is still at overbought levels but we could see a new high in the price with a divergence in the stochastic before a larger pullback.The material has been provided by InstaForex Company - www.instaforex.com

USD/CAD intraday technical levels and trading recommendations for April 28, 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 (a bearish engulfing weekly candlestick).

The 1.4120 level (Fibonacci Expansion 100%) stood as a significant resistance level where a 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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NZD/USD intraday technical levels and trading recommendations for April 28, 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 recent 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, daily persistence 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 28, 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.

This week, the depicted downtrend line comes around the same price zone. That is why, a bearish rejection should be expected again around the upper limit of it (1.4650-1.4670 levels). 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 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 a significant bearish rejection should be expected.

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Intraday technical levels and trading recommendations for EUR/USD for April 28, 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 If 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.

A few weeks ago, 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 (the 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 1.1330-1.1370 (the 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.

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

Elliott wave analysis of EUR/NZD for April 28 - 2016

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Wave summary:

We finally saw a break above the important short-term resistance at 1.6499 to indicate that an important low was seen at 1.6062 and a new impulsive rally is developing.

In the short term, we continue to look for support near 1.6285 that we expect will protect the downside for a new rally to above 1.6592, for a move closer to 1.6830 and above confirms a continuation towards 1.8420.

Only an unexpected break below 1.6062 will invalidate the bullish outlook.

Trading recommendation:

We are long in EUR from 1.6105 with stop placed at 1.6285. If you are not long in EUR yet, then buy near 1.6300 and place stop at 1.6060.

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

Elliott wave analysis of EUR/JPY for April 28 - 2016

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Wave summary:

EUR/JPY only reached 126.47 before collapsing as the Bank of Japan announced no change after its meeting today. That disappointed the market and sent the cross pair strongly lower. Despite the collapse, this decline is "only" regarded as red wave ii and should find support in the 121.71 - 122.57 area for the next rally higher in red wave iii.

To confirm that a long term bottom was seen at 121.69, we will need a break above short-term important resistance at 128.22.

Trading recommendation: Stop hit. Will re-buy EUR at 122.85 with stop placed at 121.65.

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

Technical analysis of EUR/USD for April 28, 2016

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When the European market opens, some economic news will be released such as the Italian 10-y Bond Auction, German Unemployment Change, Spanish Unemployment Rate, Spanish Flash CPI y/y, German Prelim CPI m/m. The US will release economic data too such as the Natural Gas Storage, Advance GDP Price Index q/q, Unemployment Claims, Advance GDP q/q. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1381.

Strong Resistance: 1.1374.

Original Resistance: 1.1363.

Inner Sell Area: 1.1352.

Target Inner Area: 1.1325.

Inner Buy Area: 1.1298.

Original Support: 1.1287.

Strong Support: 1.1276.

Breakout SELL Level: 1.1269.

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 28, 2016

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In Asia, Japan will release the BOJ Press Conference, Housing Starts y/y, BOJ Core CPI y/y, BOJ Outlook Report, Monetary Policy Statement, Prelim Industrial Production m/m, Retail Sales y/y, Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, and Household Spending y/y. The US will release some economic data such as the Natural Gas Storage, Advance GDP Price Index q/q, Unemployment Claims, Advance GDP q/q. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 112.18.

Resistance. 2: 111.96.

Resistance. 1: 111.74.

Support. 1: 111.47.

Support. 2: 111.25.

Support. 3: 111.03.

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

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

Daily analysis of major pairs for April 28, 2016

EUR/USD: The perpetual rally on the EUR/USD has become a threat to the recent bearish outlook on the market. The EMA 11 has almost crossed the EMA 56 to the upside; plus the Williams' % Range period 20 is now in the overbought area. The price could go further upwards, reaching the resistance line at 1.1400, which would lead to a Bullish Confirmation Pattern on the 4-hour chart.

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USD/CHF: This pair has come down so far this week (coming down by 70 pips). Since the Williams' % Range period 20 is now in the oversold region, we can assume that there is a measure of threat against the recent bullish bias. The bullish bias would be valid as long as the support levels at 0.9650 and 0.9600 are not broken to the downside.

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GBP/USD: Although the Cable is currently experiencing a minor bearish retracement in the context of a rally, the outlook on the market is bullish. 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. Some fundamental figures are expected today and they may have an impact on the market.

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USD/JPY: So far this week, the price has generally moved sideways, though in a context of an uptrend. The EMA 11 is above the EMA 56, while the RSI period 14 is above the level 50. It is most likely that the price would continue going upwards when a breakout does occur, enabling the supply levels at 122.00 and 122.50 to the attained.

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EUR/JPY: The EUR/JPY has gone slightly upwards so far this week. The price is now above the demand zone at 126.00, trying to go towards the supply zone at 126.50. This expectation is possible as a result of a Bullish Confirmation Pattern in the market, which may enable the price to go even beyond the initial target.

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

Daily analysis of USDX for April 28, 2016

On the H1 chart, there was a lot of volatility in the USDX during yesterday's session, as the Index tried to break above the resistance zone of 94.70, but that was unsuccessful. Currently, a bottom can be found at the 94.26 level, where the buyers are trying to deal with the bears, as the Index is trading below the 200 SMA. The MACD indicator is turning into neutral territory, so the USDX may keep trading sideways in coming hours.

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H1 chart's resistance levels: 94.50 / 94.70

H1 chart's support levels: 94.26 / 94.02

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 94.50, take profit is at 94.70, and stop loss is at 94.30.

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

Daily analysis of GBP/USD for April 28, 2016

GBP/USD has been doing a decline from the highs reached during the April 26th session. Currently, we're seeing that a strong support was found around the 1.4495 level, where the buyers are highly active on a short-term basis, because the overall structure on the Cable is still calling for more upside. However, we should bear in mind that the pair could have reached overbought conditions.

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H1 chart's resistance levels: 1.4549 / 1.4633

H1 chart's support levels: 1.4495 / 1.4410

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 1.4549, take profit is at 1.4633 and stop loss is at 1.4465.

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

Daily analysis of EUR/USD for April 27, 2016

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Overview

The EUR/USD pair managed to confirm a breach of the 1.1295 level after ending yesterday's trading above it. This puts the price back inside the bullish channel shown on the chart and opens the way to resume the bullish wave, which next targets are located at 1.1494 and then 1.1700. Therefore, the bullish bias will be suggested for the upcoming sessions unless breaking the 1.1264 level and holding with a daily close below it. Stochastic attempts to get rid of its negativity now and gather enough positive momentum to push the price to resume the expected rise.

The expected trading range for today is between the 1.1200 support and the 1.1420 resistance.

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

Daily analysis of GOLD for April 27, 2016

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Overview

The gold price showed positive trading yesterday surpassing the EMA50 and settling above it. This supports the continuation of the expected bullish trend for the upcoming period, and the price is likely to resume the rise that targets 1,282.92 followed by 1,300.00 levels mainly. Therefore, our bullish trend expectations will remain valid and active in the upcoming sessions unless breaking 1,227.40 levels and holding with a daily close below it. Our next main target begins at 1,282.92 and extends to 1,300.00.

The expected trading range for today is between the 1,227.00 support and 1,270.00 resistance.

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

Daily analysis of Silver for April 27, 2016

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Overview

The silver price has opened today with bullish bias approaching from the key resistance 17.35. As we mentioned in our recent reports, the price needs to breach this resistance to confirm the continuation of the bullish wave in the upcoming period. The EMA50 continues to provide the positive support to the price from below. Therefore, we still expect the bullish trend on the intraday and short-term basis. The next target is located at 18.03, while achieving it conditions holding above 16.73. The expected trading range for today is between the 17.00 support and the 17.70 resistance.

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