USD/CAD intraday technical levels and trading recommendations for April 6, 2017

analytics58e63f9be0407.pnganalytics58e63ff3368c9.png

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.

Two weeks ago, 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).

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

NZD/USD intraday technical levels and trading recommendations for April 6, 2017

analytics58e63f42934d5.png

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 the current 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.

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

Technical analysis of USD/JPY for April 06, 2017

USDJPYM30.png

USD/JPY is expected to trade in lower range. The pair broke below the 20-period and 50-period moving averages with strong downward momentum. In addition, the 20-period moving average is turning down and is about to cross below the 50-period one. The relative strength index is bearish and calls for a further downside.

Therefore, as long as 111.05 holds on the upside, a new drop to 110.25 and even to 110.05 seems more likely to occur.

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

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

from www.instaforex.com

Technical analysis of USD/CHF for April 06, 2017

USDCHFM30.png

USD/CHF is expected to trade with bullish bias above 1.0020, although the pair broke below the 20-period moving average, the price is still trading above its rising 50-period moving average, which play a support role and maintains the upside bias. The pair is also supported by a bullish trend line since April 3. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

US stocks erased gains to end in the red. In the early part of the session, stocks were broadly higher after payroll firm Automatic Data Processing Inc. (ADP) reported that the US private sector added 263,000 jobs in March, much higher than a plus 180,000 expected. Also, the gains in oil prices helped.

However, stocks reversed course to the downside upon the release of the latest Federal Reserve monetary policy meeting minutes, which revealed that officials intended to begin reducing the central bank's balance sheet later this year. Adding to the pressure on stocks was a press report that House Speaker Paul Ryan said changes to taxes would take longer than the health-care overhaul would.

Meanwhile, the Institute for Supply Management (ISM) said its non-manufacturing index fell to 55.2 in March (vs. 57 expected) from 57.6 in February.

Therefore, above 1.0020, look for a new advance to 1.0070 and even to 1.0090 in extension.

Resistance levels: 1.0055, 1.0090, and 1.0125

Support levels: 0.9950, 0.9910, and 0.9885

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

from www.instaforex.com

Technical analysis of NZD/USD for April 06, 2017

NZDUSDM30.png

NZD/USD is expected to trade with bullish outlook. The pair posted a rebound and broke above the 20-period and 50-period moving averages, which play support roles. The 20-period moving average is turning up. The relative strength index is bullish and calls for a further upside.

To conclude, as long as 0.6955 is support, look for a new rise to 0.6990 and 0.7005 in extension.

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 0.6990 and the second one at 0.7005. In the alternative scenario, short positions are recommended with the first target at 0.6935, if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 0.6915. The pivot point is at 0.6955.

Resistance levels: 0.6955, 0.7005, and 0.7020

Support levels: 0.6935, 0.6915, and 0.6870

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

from www.instaforex.com

Technical analysis of GBP/JPY for April 06, 2017

GBPJPYM30.png

GBP/JPY is under pressure. The pair broke below its previous ascending trend line, and is likely to post new weaknesses. A bearish cross between the 20-period and 50-period moving averages has just been identified (a strong negative signal). Last but not least, the relative strength index is bearish and calls for further downside.

To sum up, as long as 138.50 is not surpassed, it is likely decline to 137.50 and 137.10 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 137.50. A break below this target will move the pair further downwards to 137.10. The pivot point stands at 138.50. 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 139.00 and the second one at 139.45.

Resistance levels: 139.00, 139.45, and 140.15

Support levels: 137.50,137.10, and 136.70

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

from www.instaforex.com

EUR/USD analysis for April 06, 2017

analytics58e61bf2b0218.png

Recently, the EUR/USD pair has been trading sideways at the price of 1.0665. According to the 4H time frame, I found horizontal base (trading range) between the price of 1.0628 (support) and the price of 1.0701 (resistance). Short-term trend is bearish and my advice is to watch for potential breakout of support and successful re-test to confirm further bearish view. If that happens, downward target will be set at the price of 1.0530.

Resistance levels:

R1: 1.0685

R2: 1.0700

R3: 1.0720

Support levels:

S1: 1.0640

S2: 1.0625

S3: 1.0600

Trading recommendations for today: watch for potential selling opportunities.

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

from www.instaforex.com

GBP/USD analysis for April 06, 2017

analytics58e617b5e5d2a.png

Recently, the GBP/USD pair has been trading sideways at the price of 1.2475. According to the 1H time frame, I found broken bearish flag (potential distribution) in the background. I found successful re-test of the upward channel, which is a sign that buyers do not have power for higher price. My advice is to watch for selling opportunities. The first downward target is set at the price of 1.2380.

Resistance levels:

R1: 1.2515

R2: 1.2550

R3: 1.2600

Support levels:

S1: 1.2435

S2: 1.2390

S3: 1.2355

Trading recommendations for today: watch for potential selling opportunities.

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

from www.instaforex.com

EUR/GBP fundamental analysis for April 6, 2017

EUR/GBP is currently residing inside a corrective structure between 0.8420 and 0.8760. Today EUR had a neutral day; ECB President Draghi spoke about upcoming monetary policy and the BREXIT effect which signaled positive statements on the favor of EUR. German Factory Orders report was also published today at 3.4% which was forecasted to be at 3.5% and Retail PMI was published at 49.5 which previously was at 49.9. On the EUR side only slight differences were observed in the economic reports but Draghi's speech made the market quite volatile after his speech. On the other hand, GBP had a negative Economic report of Housing Equity Withdrawal at -10.2B which was expected to be at -9.5B. After the negative GBP news was published, EUR had a greater push in the market against GBP and currently on the way to dominate the GBP for the rest of the day.

Now let us look at the technical view, the price is currently showing a bearish rejection in the daily candle, whereas the dynamic support of 200 EMA seems to be backing up the price for an upside move. As of EUR is gaining strength over GBP and above 200 EMA, it is expected that the price will hit the resistance 0.8760. As the price remains above the 200 EMA we will be in bullish bias and only a daily close below the 200 EMA will negate our current bias.

analytics58e60acbeca6e.jpg

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

from www.instaforex.com

Technical analysis of USD/CHF for April 06, 2017

USDCHFH4.png

Overview:

  • The USD/CHF pair continues to trade upwards from the level of 0.9991 (first 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. 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 large range in coming hours. 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 (around the price of 0.9950).
The material has been provided by InstaForex Company - www.instaforex.com

from www.instaforex.com

Technical analysis of NZD/USD for April 06, 2017

NZDUSDH1.png

Overview:

  • The NZD/USD pair continues to move downwards from the areas of 0.6988 and 0.7003. Yesterday, the pair dropped from the level of 0.7003 to 0.6969 (narrow range). Today, resistance is seen at the levels of 0.6988 and 0.7018. So, we expect the price to set below the strong resistance at the levels of 0.6988 or/and 0.7018; because the price is in a bearish channel now. Amid the previous events, the price is still moving between the levels of 0.7018 and 0.6900. Overall, we still prefer the bearish scenario as long as the price is below the level of 0.7018. In other words, sell orders are recommended below the spot of 0.7018. Then, the pair is likely to begin a descending movement to 0.6939. The level of 0.6939 will act as strong support, and the double bottom is already set at 0.6939. The market will continue further to the 0.6900 level (new double bottom). On the other hand, the daily strong resistance is seen at 0.7018. If the NZD/USD pair is able to break out from the level of 0.7018, the market will rise further to 0.7067.
The material has been provided by InstaForex Company - www.instaforex.com

from www.instaforex.com

USD/CAD fundamental analysis for April 6, 2017

USD/CAD is currently taken out by the bulls after the bears tried several times to push the price downwards. Today is an important economic report day for both USD and CAD. Today CAD Building Permits will be published which is expected to be at 1.4% which previously was at 5.4% and USD has Unemployment Claims report which is expected to be at 251k which previously was at 258k. On the both sides, the expectation is of a decreased figure and any positive changes will affect the market volatility in this pair. Tomorrow we have USD Non-Farm Payroll report which is also expected to show a decreased rate of 174k which previously was at 235k and CAD has Employment Change report which is also expected a decreased rate of 5.7k which previously was at 15.3k. A good number of volatility is going to strike this pair by the end of this week and a weekly close will signify upcoming moves in this pair.

Now let us look at the technical view, the price has violated the channel resistance again and currently residing above the channel trend line. Today and tomorrow is going to be a very volatile day for this pair. As per bullish pressure and daily close above the channel trend line it is expected that in the short term the price will head towards the next resistance level of 1.3530 area. Currently we will be waiting for this week to end for a long-term perspective in this pair.

analytics58e603c633322.jpg

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

from www.instaforex.com

Global macro overview for 06/04/2017

Global macro overview for 06/04/2017:

The US ISM Non-Manufacturing index declined to 55.2 points from 57.6 points in the previous month which was below market expectations of 57.0 points and the lowest reading for five months. Only three from eighteen industries reported a decline in March: professional, scientific and technical services. The Business Activity Index decreased to 58.9 points from 63.6 points previously and new orders slowed to 58.9 points from 61.2 points in February while order backlogs declined slightly to 53.0 points from 54.0 points previously. Export orders rose to 62.5 points for March from 57.0 points previously. The biggest decline was reported by employment reading that felt from 55.2 points to 51.6 points and was the weakest reading since August 2016. In conclusion, the ISM Index was slightly worse than expected, especially in employment reading. This data come just before the NFP Payrolls data release that is scheduled for tomorrow, so it will be interesting to see whether the ISM data have confirmation in NFP data (yesterday's ADP data easily beat the market expectations).

Let's now take a look at the USD/CHF technical picture at the H4 time frame. The bulls have managed to break out above the important resistance zone between the levels of 1.0009 - 1.0027 and now this zone will act as a support. Nevertheless, the market conditions look overbought, so some corrective cycle towards the support at the level of 1.0033 is expected for now. The next resistance is seen at the levels of 1.0079 and 1.0107.

analytics58e5fe445de78.jpg

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

from www.instaforex.com

Global macro overview for 06/04/2017

Global macro overview for 06/04/2017:

The Minutes of the FOMC Meeting back on March 15th contained some hawkish commentaries. Most officials in the Federal Reserve saw the institution beginning to shrink its balance sheet which is warranted and mentioned starting the process later this year. "There was nothing to change the view that 2017 will see three rate hikes, but if rate hikes happen concurrently with a shrinking Fed balance sheet, that may have an impact on the terminal Funds rate" we can read in the official FED Minutes. The considered balance sheet reduction is around $4.5 trillion for this year and it will be viewed as effectively as an additional rate hike. In conclusion, the institution led by Janet Yellen is pleased with the advance in the US economy but expressed some concerns regarding high levels of stock prices. The general outlook regarding the further interest rate hikes has not been changed.

Let's now take a look at the SPY (SP500 ETF) technical picture at the H4 time frame. The market reaction to the FED Meeting Minutes was bearish and the index fell to the level of 235 points. The gap around the level of 238 is still not filled and the golden trend line has not been violated as well. The most important technical support at the level of 231 is still valid and due to the increasing momentum and lack of any negative divergence the intraday outlook remains bullish.

analytics58e5f9ec7aa4a.jpg

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

from www.instaforex.com

Elliott wave analysis of EUR/NZD for April 6, 2017

analytics58e5f8c690377.png

Wave summary:

We continue to look for a break above minor resistance at 1.5347 to confirm that wave [v] higher towards at least 1.5570 and likely even closer to 1.5790 is unfolding.

In the short term, support is seen at 1.5210 and again at 1.5151. The later support should be able to protect the downside or the corrective decline in wave [iv] will be revived, but the potential downside should be limited.

R3: 1.5458

R2: 1.5385

R1: 1.5347

Pivot: 1.5275

S1: 1.5235

S2: 1.5210

S3: 1.5151

Trading recommendation:

We are long EUR from 1.5235 with stop placed at 1.5050. If you are not long EUR yet, then buy a break above 1.5347 and use the same stop.

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

from www.instaforex.com

Daily analysis of major pairs for April 6, 2017

EUR/USD: The EUR/USD pair has been moving only sideways this week, but a breakout is imminent, which may happen any moment from today to next week. When the breakout occurs, it would most probably be in favor of the bears, for the outlook on the market is bearish. The current consolidation may be a temporary pause in the context of a short-term downtrend.

1.png

USD/CHF: This pair went sideways from Monday till Tuesday and then went upwards yesterday. The upwards movement of yesterday was not significant but it corroborated the upwards movement that started last week. Some fundamental figures are expected today and they may have impact on the market.

2.png

GBP/USD: The cable has largely moved sideways this week, while the outlook on the market remains bullish. There would soon be some momentum in the market, which would most probably be in favor of the bulls. The targets for this week remain at the distribution territories at 1.2500, 1.2550, and 1.2600.

3.png

USD/JPY: What happened yesterday was another confirmation of the bearish signal in the market. The Bearish Confirmation Pattern in the 4-hour chart points to the fact that there is some selling pressure in the market. When momentum rises in the market, it is expected that the demand levels at 110.50, 110.00, and 109.50 would be tested.

4.png

EUR/JPY: This is a bear market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. While there may be occasional rallies in the market – which would be transitory – it is generally expected that price would continue its bearish movement. This is rational in the face of the weakness in Euro and the expected weakness on some JPY pairs.

5.png

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

from www.instaforex.com

Elliott wave analysis of EUR/JPY for April 6, 2017

analytics58e5f7c54ec53.png

Wave summary:

The corrective decline from 124.09 in wave (iv) is now in its final stages and could complete any time now. As long as minor resistance at 118.80 is able to cap the upside, we could still see a final spike to the downside closer to the 116.83 -116.99 area. From here or upon a direct break above 118.80 wave (v) higher to above 124.09 should be seen.

R3: 118.80

R2: 118.40

R1: 118.15

Pivot 117.75

S1: 117.38

S2: 117.15

S3: 116.83

Trading recommendation:

We will buy EUR at 117.05 or upon a break above 118.80.

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

from www.instaforex.com

Trading plan for 06/04/2017

Trading plan for 06/04/2017:

EUR/USD rebounded towards the upper limit of the narrow band (1.0630-1.0690) which is valid this week. USD/JPY defends the area of 110.20-110.30 defining a strong support zone. The Australian currency can't benefit from the greenback's weakness as AUD/USD is down nearly 0.5% and it declines further to a new local low below 0.7550. Yesterday's sharp rebound on the crude oil market is also not conducive to a rise of CAD and NOK. WTI is currently priced belowweakest $50.90, which means that its rate since yesterday's peak has already fallen 2%. The weak sentiment on Wall Street is also reflected in the behavior of Asian indexes. Among the weakest is the Nikkei 255 which is down 1.5%. The futures contract for this stock exchange breaks through the key lows of January, setting the lower band of the range around 1,100 points.

On Thursday 6th of April, the event calendar is not very busy but global investors will keep an eye on the ECB Monetary Policy Meeting Minutes release and the Unemployment Claims data from the US. Moreover, Mario Draghi and Jens Weidmann's speeches in Frankfurt may catch some interest as well.

EUR/USD analysis for 06/04/2017:

Mario Draghi's speech and the ECB Monetary Policy Meeting Minutes will be the key macroeconomic events that will cause some volatility in the euro pairs. The most important message from the ECB Minutes for global investors is the overall tone of the statements: hawkish or dovish. Another important message is any mention of the current policy change regarding the QE and interest rate increase/decrease. Dovish tones from the ECB Minutes will send the euro pairs lower, whereas hawkish comments will trigger a rally.

Let's now take a look at the EUR/USD technical picture on the H4 time frame. The market is currently testing the 61% Fibo support again, but no clear and sustained break out has been made yet. The trading range is still the same as no trigger has occurred yet: technical support is seen at the level of 1.0634 while technical resistance lies at the level of 1.0699.

analytics58e5f40fa897d.jpg

USD/JPY analysis for 06/04/2017:

The Unemployment Claims data from the US are scheduled for release at 12:30 pm GMT. Market participants expect a slight decrease from 258k to 251k for the reported week. Yesterday's surprisingly strong jobs report for the private sector in March throws cold water on the view that the US economy is stumbling. Today's job report may add more evidence that the labor market is still expanding at a healthy pace. Therefore, the Federal Reserve will have another reason to consider raising interest rates again, perhaps as early as next month's FOMC meeting.

Let's now take a look at the USD/JPY technical picture on the H4 time frame. The market is trading around the local support at the level of 110.10, possibly waiting for the jobs data to trigger the move. If the jobs data exceeds expectations, then the price will rally towards the level of 110.56 again. If the job data is worse than expected, then the price will test and possibly break below the technicall support at the level of 110.10.

analytics58e5f41934429.jpg

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

from www.instaforex.com

Daily Video Technical Analysis | EUR/USD | 5th April 2017

Forex analysis review
Daily Video Technical Analysis | EUR/USD | 5th April 2017

Ichimoku indicator analysis of USDX for April 6, 2017

The Dollar index has made a short-term top at least and is turning downwards. The price is trading just below important resistance and a pullback target of 100-99.70 is expected. I believe traders should look for bounces as selling opportunities.

analytics58e5ea535be81.png

The Dollar index has broken out of the 4-hour Ichimoku cloud turning short-term trend to bullish. There are signs by the oscillators that we should expect a back test of cloud support and near 50% retracement of the rise. This back test is very important as a higher low relative to the March low will be a bullish sign.analytics58e5eaa9f1737.png

Blue line - resistance

Black line support

The Dollar index is trading just below the daily cloud resistance and around the daily kijun-sen (yellow line indicator). I am bearish at current levels expecting at least a pullback towards 100-99.70. My longer-term view will be decided by the fact if we make new lows below the March low or a higher low and reversal. Key resistance of course remains at 102-102.30.

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

from www.instaforex.com

Ichimoku indicator analysis of gold for April 6, 2017

Gold price back tested the cloud support as we expected and bounced back towards its recent highs and important medium-term resistance. The bulls need to break above $1,263 and hold $1,240. I remain bullish looking for a breakout towards $1,280-$1,300 first.

analytics58e5e954e606c.jpg

Blue lines - sideways channel

Gold is trading above the 4-hour Ichimoku cloud. Trend is bullish. The price bounced off the lower cloud boundary and now we wait for the breakout. Gold should now break resistance at $1,263. The more it delays it, the chances for a deeper pullback increase. Critical short-term support is at $1,240.

analytics58e5e9a63594b.jpg

Red line - resistance

Yesterday's daily candle is very impressive as buyers stepped in and erased the losses and pushed Gold price back to its highs. However, we still have no breakout. I remain optimistic looking for a breakout soon.

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

from www.instaforex.com

Technical analysis of EUR/USD for Apr 06, 2017

EURUSD.jpg

When the European market opens, some Economic Data will be released, such as ECB Monetary Policy Meeting Accounts, French 10-y Bond Auction, Spanish 10-y Bond Auction, Retail PMI, and German Factory Orders m/m. The US will release the Economic Data, too, such as Natural Gas Storage, Unemployment Claims, and Challenger Job Cuts y/y, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0722.

Strong Resistance:1.0715.

Original Resistance: 1.0705.

Inner Sell Area: 1.0695.

Target Inner Area: 1.0670.

Inner Buy Area: 1.0645.

Original Support: 1.0635.

Strong Support: 1.0625.

Breakout SELL Level: 1.0618.

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

from www.instaforex.com

Technical analysis of USD/JPY for Apr 06, 2017

USDJPY.jpg

In Asia, Japan will release the Consumer Confidence data, and the US will release some Economic Data, such as Natural Gas Storage, Unemployment Claims, and Challenger Job Cuts y/y. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 111.25.

Resistance. 2: 111.03.

Resistance. 1: 110.81.

Support. 1: 110.53.

Support. 2: 110.33.

Support. 3: 110.11.

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

from www.instaforex.com

Daily analysis of USDX for April 06, 2017

The index quickly erased Wednesday's gains after FOMC minutes and now it's being supported by the 100.43 zone. However, the overall picture remains bullish and if the US Dollar index succeeds to break above 100.73, then it can test the 101.20 hurdle. By the other hand, if USDX does a consolidation below the 200 SMA at H1 chart, then the next target would be the 100.00 handle.

USDXH1.png

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 06, 2017

The pair continues to find support above the 1.2420 after FOMC minutes were released during Wednesday's session. As for now, GBP/USD is heading toward the next resistance around 1.2522, where a breakout should deliver more bullish bias toward 1.2600 in the short-term. The risk remains to the upside, as long as the Cable manages to stay above March 24th lows.

GBPUSDH1.png

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 Video Technical Analysis | EUR/USD | 5th 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 RSI to determine the best entry, stop loss and profit targets.

Subscribe to me for more daily technical analysis!

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

from www.instaforex.com

Daily Video Technical Analysis | EUR/USD | 5th 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.

Subscribe to me for more daily technical analysis!

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

from www.instaforex.com

Daily Video Technical Analysis | EUR/USD | 5th 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.

Subscribe to me for more daily technical analysis!

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

from www.instaforex.com

AUD/JPY profit target reached, now we remain bullish

AUD/JPY has dropped absolutely perfectly and reached our profit target from 2 days ago. Now we buy above 83.73 support (Fibonacci retracement, Fibonacci extension, and horizontal support) for a bounce towards 84.91 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is bouncing off nicely from our 5% support signaling a bounce is in action.

Buy above 83.73. Stop loss is at 83.18. Take profit is at 84.91.

analytics58e50c0641695.png

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

from www.instaforex.com

USD/JPY testing major support, remain bullish for a push up from here

We remain bullish above major support at 110.73 (Fibonacci retracement, Fibonacci extension, and horizontal overlap support) and we expect it to shoot up from here to at least 112.20 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is seeing major support at 7% and has started to bounce nicely off it.

Buy above 110.73. Stop loss is at 110.02. Take profit is at 112.20.

analytics58e50bc9a2422.png

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

from www.instaforex.com