AUD/USD fundamental analysis for April 5, 2017

AUD/USD is residing inside a large corrective structure of 0.7160-0.7830 area. This pair has been quite volatile for a longer period and still the corrective structure is in play. Today AUD had AIG Services Index which was published with a surplus figure at 51.7. On the USD side, today we had high-impact ADP Non-Farm Employment Change report which published with a positive result at 263k which was expected to be at 184k and ISM Non-Manufacturing PMI report to be published which is expected to be at 57.0 which previously was at 57.6. A good amount of volatility already hit the market and until NFP report publishes on FRIDAY we might see the pair having greater volatility in this pair.

Now let us look at the technical view, the price is inside the corrective area and as of the current price situation the price is expected to show some bearish move towards the support level at 0.7490. If the price rejects the bears from 0.7490 we will be expecting a bullish move towards the resistance 0.7750 or else a daily close below 0.7490 will open the much lower support at 0.7160 level.

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EUR/AUD fundamental analysis for April 5, 2017

EUR/AUD has been in a volatile structure lately and still residing in the volatility. Today EUR had a good amount of negative economic reports which helped AUD to gain some strength over it. Today, Italian Services PMI was published at 52.9 which was expected to be at 54.3, French Final Services report was published at 57.5 which was expected to be at 58.5 and Final Services PMI in the Eurozone was also showed a decreased value at 56.0 which was expected to be at 56.5. Though some news was neutral for EUR like Spanish Services PMI at 57.4 which was expected to be at 57.2 and German Final Services PMI was unchanged at 55.6 which was equal to the expected figure. On the other hand, AUD had AIG Service report which showed an improved result of 51.7 which previously was at 49.0. Today the movement was quite non-dominant but in favor of AUD against EUR. A daily close in this pair will enclose the future moves in this pair.

Now let us look at the technical view, the price is currently below the important resistance level of 1.4130. As the price remains below 1.4130 resistance, there will be bearish bias and we will always be looking forward to sell with a target towards the support area of 1.3680 to 1.3730. On the other hand, if the price breaks above the resistance level of 1.4130 with a daily close then we will shift our bias to bullish with an upward target towards 1.4290.

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Trading plan for EUR/USD and Gold for April 05, 2017

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Technical outlook:

The EUR/USD pair finally looks to put up a counter trend rally with the prices pushing higher into resistance zone around 1.0690 level intraday. It still seems that there is more room left on the upside to materialize before the pair could reverse towards larger down trend. The wave counts are indicating that an impulse wave (1) is complete from 1.0906 through 1.0640 levels, while wave (2) is still under way, probably unfolding as an expanded flat, which could terminate into 1.0740 at least. Please note that this is minimum probability for wave (2) termination, with enough space until 1.0800 level as well. Immediate support is seen at recent swing lows at 1.0640 levels while strong resistance is seen at 1.0906 levels respectively. A safe trading strategy would be to sell on rallies through 1.0800 levels, targeting parity.

Trading plan:

Please look to sell between 1.0700 and 1.0800 levels, stop is at 1.0950, targeting 1.0300 and 1.0000.

Gold chart setups:

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Technical outlook:

Gold seems to be beginning to drift lower as discussed yesterday, after reversing sharply lower from $1,261 level. The metal seems to be producing an expanded flat structure, spread across a larger time span as seen labelled here as A and B respectively. Please note that each wave is seen sub divided into 3 waves and hence the next probable wave C is expected to unfold into 5 waves lower towards $1,225/26 levels. Also please note that immediate resistance is seen at $1,260 level, while support is at $1,227 level respectively. A break below $1,247 level would accelerate and increase probability to push through $1,225 level in the sessions to come. On the flip side, a break above $1,262 would indicate that the metal remains poised to push through new highs from here.

Trading plan:

Please remain short for now, with stop at $1,263.50, targeting $1,225.

Fundamental outlook:

Please watch out for USD ISM Services Composite at 10:00 AM EST, followed by FOMC Minutes for March at 02:00 PM EST today.

Good luck!

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Gold analysis for April 05, 2017

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Recently, the Gold has been trading downward. The price tested the level of $1,252.00. Anyway, according to the 30M time frame, I have found hidden bullish divergence on the moving average oscillator, which is a sign that selling looks risky. Also, there is a doji candle in the background, which is another sign that sellers lost power and that buyers may build their positions. My advice is to watch for potential intraday buying opportunities. The upward targets are set at the price of $1,257.00 and $1,261.00. Anyway, if the price breaks the level of $1,252.00, the Gold my visit level of $1,244.50.

Resistance levels:

R1: $1,262.00

R2: $1,264.35

R3: $1,267.50

Support levels:

S1: $1,256.00

S2: $1,254.00

S3: $1,251.00

Trading recommendations for today: watch for potential intraday buying opportunities.

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NZD/USD intraday technical levels and trading recommendations for April 5, 2017

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The NZD/USD pair was trapped within the depicted price range (0.6860-0.6990) until a bullish breakout occurred.

A bullish breakout above 0.6960-0.7000 allowed the pair to head toward the price level of 0.7100 (the key level) which failed to provide sufficient bearish pressure on the pair.

Bullish persistence above 0.7100 allowed further advance toward 0.7250-0.7350 (Sell-Zone) where the bearish price action was expected.

Bearish persistence below 0.7250 allowed further decline toward 0.7100 then 0.6960 which failed to provide enough support for the pair.

That is why further bearish fall was expected toward 0.6860 (the lower limit of the depicted BUY zone) where a bullish position was suggested in previous articles.

Recently, the bullish breakout above the depicted key level (0.6960) was achieved.

That is why any bearish pullback toward 0.6960 should be watched for bullish rejection and a possible BUY entry.

On the other hand, the price level of 0.7100 remains a significant key level to be watched for bearish price action when bullish pullback extends above 0.7040.

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USD/CAD intraday technical levels and trading recommendations for April 5, 2017

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Since April 2016, the USD/CAD pair has been trending upward within the depicted ascending channel.

In December 2016, a bullish breakout above 1.3300 (50% Fibonacci level) was expected to allow a further advance toward 1.3700-1.3750 (the upper limit of the depicted channel).

However, significant bearish rejection was expressed around 1.3580 (recently established top).

During the bearish pullback, the price level of 1.3300 (50% Fibonacci Level) failed to provide enough support to the pair.

This allowed further bearish movement toward the price level of 1.2970 (61.8% Fibonacci level) where a valid BUY entry was offered in February 2017.

Last week, the bullish breakout above 1.3300 (50% Fibonacci Level) enhanced further advance toward 1.3440 and 1.3530.

The next bullish target would be located around 1.3800 (upper limit of the depicted channel) if the pair maintains upside trading above 1.3300 (50% Fibonacci Level) which stands as a prominent support level.

On the other hand, if the USD/CAD pair moves below 1.3300, it may become trapped again within the depicted consolidation range (1.3300-1.2970).

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EUR/USD analysis for April 05, 2017

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Recently, the EUR/USD pair has been trading sideways at the price of 1.0670. According to the 30M timeframe, I found broken bearish upward channel and bearish engulfing candlestick pattern, which is a sign that buying looks risky. There is also a fake breakout of yesterday's high, which is another sign of weakness. My advice is to watch for potential selling opportunities. The first downward target is set at the price of 1.0635.

Resistance levels:

R1: 1.0690

R2: 1.0705

R3: 1.0735

Support levels:

S1: 1.0645

S2: 1.0620

S3: 1.0600

Trading recommendations for today: watch for potential selling opportunities.

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Technical analysis of NZD/USD for April 05, 2017

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Overview:

  • The NZD/USD is still trading around the area of 0.6970 - 0.7004 for a while longer. The pair has already formed minor resistance at 0.7004 and the strong resistance is seen at the level of 0.7075 because it represents the weekly resistance 1. The NZD/USD pair is still moving around the zone of 0.7075 (major resistance). So, major resistance is seen at 0.7075, while immediate support is found at 0.6946. If the pair closes below the price of 0.6946, the NZD/USD pair may resume its movement to 0.6850 to test the daily support 2. The NZD/USD pair is expected to trade between the levels of 0.7004 and 0.6850.
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  • The RSI and Stochastic are still calling for a strong bearish market. The current price is also below the moving average 100. As a result, sell trades are recommended below the double top of 0.7004 with targets at 0.6869 and 0.6850. Stop loss should always be taken into account; accordingly, it will be useful to set the stop loss above the last bullish wave at the level of 0.7075. Additionally, the pair will probably decline because the downward trend is still strong on the H1 and H4 charts.
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Technical analysis of USD/CHF for April 05, 2017

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Overview:

  • The USD/CHF pair continues to move upwards from the level of 0.9991 (minor support). The market has not made any new significant moves because it is trading around the spot of 1.0030 since yesterday. The pair rose from the level of 0.9991 (the level of 0.9991 coincides with a ratio of 50% Fibonacci retracement) to a top around 1.0033. Today, the first support level is seen at 0.9991 followed by 0.9949, while daily resistance 1 is seen at 1.0093. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9991 and 1.0093; for that we expect a range of 164 pips (1.0093 - 0.9991). On the 4-hour chart, immediate resistance is seen at 1.0033 which coincides with a ratio of 61.8% Fibonacci retracement. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100). Therefore, if the trend is able to break out through the first resistance level of 1.0033, we should see the pair climbing towards the daily resistance at 1.0093 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support 2 of 0.9949.
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Global macro overview for 05/04/2017

Global macro overview for 05/04/2017:

The Global Dairy Trade Auction data revealed another increase in prices. The prices rose 1.6% following a 1.7% gain previously. Some 22,642 tons of dairy products were sold, compared to 22,498 tons sold at the previous auction. The global investors see this second increase in the row as an optimistic sign as usually the prices decrease during the spring season. In conclusion, there is still a positive and optimistic sentiment among the global investors regarding the dairy products (the prices of dairy have a big impact mostly on New Zealand Dollar), but the recent increase in stockpiles in Europe might timid their point of view. The other chance to support the positive outlook is a demand growth in China and other Asian countries.

Let's now take a look at the NZD/USD technical picture at the H4 time frame. The NZD/USD pair surged shortly after the release, rising above the 0.7000 level, but then was quickly sold and currently trades around the technical support at the level of 0.6968. The price is trading inside of the golden channel in a slightly oversold trading conditions. The next technical resistance is seen at the level of 0.7022 and 0.7046 and the next technical support is seen at the level of 0.6950.

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Global macro overview for 05/04/2017

Global macro overview for 05/04/2017:

The Crude Oil Inventories data will be released today at 02:30 pm GMT and the market participants expect a 100k decline in stockpiles. This might be first in time this year the stockpiles are expected to decrease significantly after last week's gain of 900k barrels. Moreover, the latest weekly American Petroleum Institute (API) inventory data for the week ending March 31st reported a draw of 1.83 million barrels. This draw followed a build of 1.91 million barrels last week and was only the 3rd draw in the past 3 months. In conclusion, today's Energy Information Administration (EIA) release will be important and if there will be another decrease in stockpiles, then the positive sentiment in this market will be supported.

Let's now take look at the Crude Oil technical picture at the H4 time frame. The target for the corrective wave up is 61%Fibo at the level of 51.93. Moreover, this level is a part of a bigger technical resistance zone between the levels of 52.15 - 52.53 and a failure around this area is expected. The overbought market conditions and growing bearish divergence support this view.

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Ichimoku indicator analysis of USDX for April 5, 2017

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Ichimoku indicator analysis of USDX for April 5, 2017

Trading plan for 05/04/2017

Trading plan for 05/04/2017:

The currency market remains in tight fluctuations waiting for important events in the second part of the week (FOMC minutes, NFP, and Trump-Jingping meeting). Return to Chinese investors after a long weekend sustains the stock market in Asia, but the risk appetite is weak. Oil is supported by a better API report. The French presidential debate has not brought the euro's reaction.

On Wednesday 5th of April, the event calendar looks busy and the global investors will pay attention to PMI Services data from the UK, PMI Services and Composite data from across the Eurozone, ADP Non-Farm Employment Change and ISM Non-Manufacturing PMI data from the US. Moreover, the FOMC Meeting Minutes will be released later on the day.

EUR/USD analysis for 05/04/2017:

The PMI Services and PMI Composite data will be released during the early London session between 07:00 - 08:00 am GMT. The global investor's consensus forecast sees the Composite PMI holding at 56.7 for March, matching the flash estimate that was previously published, which means the projected 0.6% growth for GDP in Q1 (via the PMI data) will also hold steady.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The bears have managed to retrace 61% of the previous swing up and due to the oversold trading conditions the price is now bouncing from the support zone between the levels of 1.0634 - 1.0651. The next immediate resistance zone is between the levels of 1.0699 - 1.0714, so only a clear, sustained break out above this level, triggered by better than expected PMI data, would allow the bulls to test the next technical resistance at the level of 1.0757.

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GBP/USD analysis for 05/04/2017:

The PMI Services and PMI Composite data are scheduled for release at 08:30 am GMT and the market participants expect both of the indices to remain unchanged at the levels of 53.5 and 53.8 respectively. The trend in services and manufacturing remains above the 50 points level, so despite the Brexit vote and the recent start of the Brexit procedure is still being perceived as positive. If the data beat the expectations, the British Pound will likely rally all across the board.

Let's now take a look at the GBP/USD technical picture before the data are released. The market keeps trading inside of a tight horizontal range between the levels of 1.2418 - 1.2466 which possibly means it is waiting for the fundamental trigger to break out in any direction. Better than expected data will make the GBP rally towards the level of 1.2560, worse than expected data will likely make this pair to test the technical support at the level of 1.2377.

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US Dollar index analysis for 05/04/2017:

Two important data releases from the US are scheduled for today: ADP Non-Farm Employment Change at 12:15 pm GMT and ISM Non-Manufacturing PMI at 02:00 pm GMT. The market participants expect a substantially softer increase in new jobs: 170k in March, down sharply from 298k in February. The ISM expectations are a little softer as well, the market participants expect the index to decrease from 57.6 points to 57.0 points. Nevertheless, the setback will leave this benchmark for the services sector at its highest level in 16 months and well above the neutral 50 mark. Any data better than forecast will make the US Dollar to advance against its counterparts.

Let's now take a look at the US Dollar index technical picture at the H4 time frame. After making the lower low at the level of 98.86, the index rallied towards the unfilled gap between the levels of 100.88 - 101.43. The trading conditions look overbought, so a corrective cycle towards the level of 100.24 might be seen before the bulls will either give up or try to fill the trading gap (aiming at the level of 101.43 min.).

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Daily analysis of major pairs for April 5, 2017

EUR/USD: This pair has only moved sideways in the context of a downtrend. The bias is bearish. When momentum returns to the market, it would most probably be in favor of the bears. The price would target the support lines at 1.0650 and 1.0600, going further and further southward. The outlook on EUR pairs remains bearish.

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USD/CHF: The USD/CHF pair still maintains its bullishness, despite some visible consolidation in the market. The price is still above the important support line at 1.0000, going towards the resistance line at 1.0050 and 1.0100, which would be the targets for this week. The bullishness in the market would be logical as long as the price is above the support line at 1.0000.

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GBP/USD: This market has come down a bit this week, but that is not strong enough to override the recent bullish bias on the market. There would soon be some momentum in the market, which would most probably be in favor of bulls. The targets for this week remain at the distribution territories at 1.2500, 1.2550, and 1.2600.

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USD/JPY: The USD/JPY pair has come down a bit this week, emphasizing the extant bearish bias on the market. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. It is expected that the market would continue going further downwards, reaching the demand levels at 110.50, 110.00, and 109.50.

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EUR/JPY: This cross is a bear market. Any upwards bounces seen here should be counted as opportunities to sell short at better prices. Since March 13, 2017, price has gone down 500 pips, now below the supply zone at 118.00. There is a Bearish Confirmation Pattern in the chart and further bearish movement is anticipated, especially in the face of the bearish outlook on JPY pairs.

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Ichimoku indicator analysis of USDX for April 5, 2017

The Dollar index got rejected as expected by the Daily Kumo (cloud) resistance at 100.80 and is turning lower. The price is expected to start a downward move towards 100. This downward move will be critical to the medium-term view as a higher low will increase the chances of a bullish continuation.

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Black line - resistance

Green line - support

The Dollar index broke above the black trend line as we expected yesterday but it was mostly probable the final upward move as the price is now breaking below the green trend line support at 100.45. Both RSI indicators point towards the start of a downward move. Support is at 99.80-100. Breaking below the Kumo (cloud) in the 4-hour chart will increase the chances of breaking below the March lows.

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Blue line - resistance

Black line -support

The Dollar index got rejected at the daily cloud resistance as expected. I believe we have a short-term top made yesterday and I expect down days starting today with a possible move towards 99.80. We have a bearish signal by the tenkan-sen (red line indicator) crossing below the Kijun-sen (yellow line indicator) below the daily cloud.

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Ichimoku indicator analysis of gold for April 5, 2017

Gold price stopped its rise at the previous highs near $1,263 and is showing reversal signs. A back test of the break out area at $1,247-50 is justified. In the long term I remain bullish expecting a move to $1,300-$1,310 first.

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Gold is trading above the Ichimoku cloud. Trend is bullish in the 4-hour chart. The price might re-test cloud support at $1,250. Short-term support is at $1,250 and the next is at $1,242. Resistance is at $1,263 and the next one is at $1,280-90.

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Red line - resistance

The Daily candle is above the Ichimoku cloud. Trend is bullish. We have a daily cross of the tenkan-sen (red line indicator) above the kijun-sen (yellow line indicator) while above the cloud. This is a textbook bullish signal in Ichimoku terms.

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Technical analysis of USD/JPY for April 05, 2017

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USD/JPY is expected to trade in lower range as key resistance is at 111. The pair is capped by a bearish trend line since March 30, which confirms a negative outlook. The declining 50-period moving average plays a resistance role and maintains the downside potential. The upside potential should be limited by the key resistance at 111.

To sum up, as long as this key level is not surpassed, look for a new drop to 110.25 and even to 110.05 in extension.

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 110.25. A break below this target will move the pair further downwards to 110.05. The pivot point stands at 111.00. If 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 111.25 and the second one at 111.50.

Resistance levels: 111.25, 111.50, and 111.75

Support levels: 110.25, 110.05, and 109.75

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Technical analysis of USD/CHF for April 05, 2017

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USD/CHF is expected to trade in higher range as the bias remains bullish. The pair is consolidating on the upside and is trading above its key support at 0.9990 (the low of March 31), which should limit the downside potential. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Regarding economic data, the US Commerce Department reported that the country's trade deficit narrowed to $43.6 billion in February, its lowest level since October, from $48.2 billion in January. Durable goods orders expanded 1.8% on month in February, compared with +1.7% previously estimated and +2.3% in January.

Hence, as long as 0.9990 is not broken, a further rise to 1.0055 and even to 1.0090 seems more likely to occur.

Resistance levels: 1.0055, 1.0090, and 1.0125

Support levels: 0.9950, 0.9910, and 0.9885

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Technical analysis of NZD/USD for April 05, 2017

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NZD/USD is under pressure. The pair is trading below the descending 50-period moving average, which plays a resistance role and maintains the downside bias. The relative strength index is below its neutrality level at 50 and lacks upward momentum. In addition, the upside potential should be limited by the key resistance at 0.6990.

Therefore, as long as this key level is not surpassed, expect a further drop to 0.6945 and even to 0.6930 in extension.

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 0.6945. A break below this target will move the pair further downwards to 0.6930. The pivot point stands at 0.6990. If 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 0.7005 and the second one at 0.7020.

Resistance levels: 0.7005, 0.7020, and 0.7055

Support levels: 0.6945, 0.6930, and 0.6900

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Technical analysis of GBP/JPY for April 05, 2017

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GBP/JPY is expected to trade in lower rang as the pair is capped by a negative trend line. The pair is consolidating on the downside and is capped by a bearish trend line since April 4. The downward momentum is further reinforced by the declining 50-period moving average. The relative strength index is below its neutrality level at 50.

To sum up, as long as 138.30 is resistance, look for a new drop to 137 and even to 136.70 in extension.

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 137.00. A break below this target will move the pair further downwards to 136.70. The pivot point stands at 138.30. If 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 138.95 and the second one at 139.45.

Resistance levels: 138.95, 139.45, and 140.15

Support levels: 137.00,136.70, and 136.15

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Technical analysis of EUR/USD for Apr 05, 2017

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When the European market opens, some Economic Data will be released, such as Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI. The US will release the Economic Data, too, such as FOMC Meeting Minutes, Crude Oil Inventories, ISM Non-Manufacturing PMI, Final Services PMI, and ADP Non-Farm Employment Change, so, amid the reports, EUR/USD will move in a medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0730.

Strong Resistance:1.0723.

Original Resistance: 1.0713.

Inner Sell Area: 1.0703.

Target Inner Area: 1.0678.

Inner Buy Area: 1.0653.

Original Support: 1.0643.

Strong Support: 1.0633.

Breakout SELL Level: 1.0626.

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.

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Technical analysis of USD/JPY for Apr 05, 2017

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In Asia, Japan today will not release any Economic Data, but the US will release some Economic Data, such as FOMC Meeting Minutes, Crude Oil Inventories, ISM Non-Manufacturing PMI, Final Services PMI, and ADP Non-Farm Employment Change. So, there is a probability the USD/JPY will move with medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 111.31.

Resistance. 2: 111.09.

Resistance. 1: 110.87.

Support. 1: 110.60.

Support. 2: 110.40.

Support. 3: 110.18.

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.

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Daily analysis of USDX for April 05, 2017

USDX continues with the consolidation above the 200 SMA and it's looking to reach the resistance zone of 100.73 in order to perform a breakout. The bears are still in the scenario and one cannot discard further pullbacks toward the 100.00 psychological area. If the index decides to take the bullish path, then it can reach the 101.20 level.

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H1 chart's resistance levels: 100.73 / 101.20

H1 chart's support levels: 100.43 / 100.08

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 100.73, take profit is at 101.20 and stop loss is at 100.24.

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

from www.instaforex.com

Daily analysis of GBP/USD for April 05, 2017

GBP/USD is an area where a strong demand zone is placed and trying to support the price action for the short-term, despite it's located below the 200 SMA. However, because of that dynamic bottom, the Cable may start to rebound in order to reach the resistance zone of 1.2522. If the pair manages to break above that level, then it can reach as long as 1.2598.

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H1 chart's resistance levels: 1.2522 / 1.2598

H1 chart's support levels: 1.2420 / 1.2333

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2522, take profit is at 1.2598 and stop loss is at 1.2447.

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

from www.instaforex.com

Daily Forex Technical Analysis | GBP/USD | 4th April 2017

We take a nice detailed look at EUR/USD and see if there are any trading opportunities for us to make some juicy pips!

We combine the art of Fibonacci retracements, Fibonacci extensions, Support & Resistance along with Stochastic and the RSI to determine the best entry, stop loss and profit targets.

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

from www.instaforex.com https://www.instaforex.com/forex_analysis/90133/?x=BPDZ

NZD/USD bouncing perfectly above support, remain bullish

The price has bounced perfectly off our support and has made a bullish exit. We remain bullish above major support at 0.6992 (Fibonacci retracement, horizontal support, Fibonacci extension) for a push up to the 0.7091 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (55,5,3) has made a similar bullish exit signalling the price is going to rise alongside Stochastic as it has good upside potential.

Buy above 0.6992. Stop loss at 0.6955. Take profit at 0.7091.

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

from www.instaforex.com https://www.instaforex.com/forex_analysis/90131/?x=BPDZ

USD/CHF testing major resistance, remain bearish

The price is testing major resistance at 0.9991 (Fibonacci retracement, horizontal overlap resistance, and bearish divergence) where we expect a reaction from for the price to drop to at least the 0.9923 support (Fibonacci retracement, short-term horizontal overlap support).

Stochastic (55,5,3) is seeing major resistance below the 91% level and also displays bearish divergence vs. the price, signaling that an impending reversal is coming.

Sell below 0.9991. Stop loss is at 1.0040. Take profit is at 0.9923.

analytics58e3bf094382c.png

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

from www.instaforex.com https://www.instaforex.com/forex_analysis/90129/?x=BPDZ

GBP/USD dropping perfectly from selling area, remain bearish

The price has dropped perfectly from our major resistance at 1.2531 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance, and descending resistance) and we expect to see a further drop to at least 1.2378 support (Fibonacci retracement, horizontal swing low support). Our conviction on this trade improves once it breaks the ascending support line that is holding it up.

Stochastic (34,5,3) is seeing strong resistance below the 94% level and has made a bearish exit as a pre-signal that the price would correspondingly break the ascending support line and make a push down.

Sell below 1.2531. Stop loss is at 1.2621. Take profit is at 1.2378.

analytics58e3bef0eacf9.png

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

from www.instaforex.com https://www.instaforex.com/forex_analysis/90127/?x=BPDZ