Daily analysis of GBP/JPY for April 29, 2016

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Overview

Yesterday the GBP/JPY price hit the extension of the main support at 156.70, which forms a main obstacle to resuming negative attempts. The price needs to hold this support in order to try to form a new bullish attack that will allow it to breach the moving average and then reach the initial support at 160.50. We should mention that the price attempt to settle below the current support would turn the price to settle within the bearish channel, thus canceling the bullish suggestion of targeting some negative levels by reaching the 155.60 level.

The expected trading range for today is between the 156.70 and the 158.40.

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

Daily analysis of USD/JPY for April 29, 2016

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Overview

The USD/JPY pair keeps declining strongly, approaching from our main awaited target at 106.63, which represents 38.2% Fibonacci for the rise measured from 75.55 to 125.84. It is important to monitor the price behavior when reaching the mentioned target because a break of this level represents the key to extend the correctional bearish wave on the mid-term basis to 100.70. Meanwhile, holding against the negative pressure will make the price try to recover and return to the long-term rise.

The expected trading range for today is between the 106.00 support and the 108.00 resistance.

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

Daily analysis of EUR/USD for April 29, 2016

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Overview

The EUR/USD pair has opened with bullish bias today approaching from the key resistance that formed a strong obstacle to the price's recent positive attempts at 1.1420. The price needs to breach this resistance to confirm the continuation of the bullish trend on the short-term basis and open the way to target 1.1494 followed by 1.1700 levels. The EMA50 provides positive support to the price, so it is likely to breach the mentioned resistance and achieve more gains in the upcoming period. Holding above 1.1264 represents the key condition for the continuation of the suggested bullish wave.

The expected trading range for today is between the 1.1300 support and the 1.1520 resistance.

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

Daily analysis of gold for April 29, 2016

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Overview

Gold price continued its bullish rally yesterday and started today's trading with more positivity to reach the thresholds of the previously recorded top at 1282.92 which represents the first main suggested target in our previous reports. The price is supported by the EMA50, which reinforces the chances of breaching the mentioned level followed by pushing the price towards 1300.00 as the next main target. Therefore, we still suggest that the bullish trend will continue on the intraday and short term basis, noting that breaching 1300.00 level will extend gold price gains to 1344.85. Note that holding above 1227.40 represents the most important condition to achieve the suggested targets.

The expected trading range for today is between 1260.00 support and 1300.00 resistance.

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

Daily analysis of silver for April 29, 2016

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Overview

It can be seen on the chart that the silver price succeeded to confirm breaching of the bullish channel's resistance after closing the daily candlestick above it which motivates the price to rally bullishly towards our extended target located at 18.03. Thus, our positive overview is valid for the upcoming period. Importantly, breaching the mentioned level will extend the bullish wave to reach the 18.60 level.

Therefore, we still prefer the bullish scenario on the intraday basis supported by the EMA50, reminding you that holding above 17.08 is important for the continuation of the bullish momentum for today.

The expected trading range for today is between 17.45 support and 18.10 resistance.

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