Elliott wave analysis of EUR/NZD for April 7, 2017

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Wave summary:

We continue to expect support seen at 1.5149. It will be able to protect the downside for a break above minor resistance seen at 1.5347, which will confirm that wave [v] higher towards 1.5570 and likely even closer to 1.5790 to complete the first impulsive rally from 1.4495.

R3: 1.5458

R2: 1.5385

R1: 1.5347

Pivot: 1.5250

S1: 1.5235

S2: 1.5210

S3: 1.5149

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.

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Elliott wave analysis of EUR/JPY for April 7, 2017

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Wave summary:

We continue to look for a final decline into the 116.83 - 116.99 area from where a new impulsive rally in wave (v) is expected. A break above minor resistance seen at 118.43 and, more importantly, a break above resistance at 118.80 will confirm that wave (iv) has completed and wave (v) to above 124.09 is unfolding.

R3: 118.80

R2: 118.43

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 118.43.

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NZD/USD intraday technical levels and trading recommendations for April 7, 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 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.

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USD/CAD intraday technical levels and trading recommendations for April 7, 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.

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). That 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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GBP/USD fundamental analysis for April 7, 2017

GBP/USD has been in a corrective structure and still has not provided any hint for upcoming moves of this pair. Today GBP Manufacturing Production report was published. It came negatively at -0.1% which was expected to be at 0.3%. Goods Trade Balance report was also published at -12.5B which was expected to be at -10.9B and as of the BREXIT Bank of England Governor Carney today spoke about short-term interest rate and monetary policy which was in negative bias for the currency. On the other hand, USD has Non-Farm Employment Change report to be published which is expected to be at 174k, previously which was at 235k. Unemployment Rate is expected to remain unchanged at 4.7% and Average hourly Earnings is also expected to be unchanged at 0.2%. Overall, GBP is expected to be much weaker in the coming days and this weekly close will determine the upcoming movement in this pair.

Now let us look at the technical view, the price is still above the support area of 1.2350 to 1.2410. As of maximum volatility in this pair and corrective structure ahead of NFP, we will be looking forward for a daily close below the support area to enclose much lower moves in this pair towards 1.2200 or else a break above the resistance area 1.2500-50 will open the upward moves towards 1.2730. A daily close today will signal the upcoming moves in this pair. It is expected that the bears have higher chances to take over in this pair after the USD events.

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NZD/USD fundamental analysis for April 7, 2017

NZD/USD is currently in impulsive bearish pressure with a volatile trend. This week NZD has not had any high-impact event except for ANZ Commodity Prices which was published at 0.4%, previously which was at 2.0%. Today is a big day for USD currency pairs, as Non-Farm Employment Change is going to be published today. It is expected that Non-Farm Employment change is expected to be at 174k which previously was at 235k. Along with it, Unemployment rate is going to be published today which is expected to be unchanged at 4.7% and Average Hourly Earnings report is also expected to be unchanged at 0.2% as well. Today it is going to be a very volatile day for all USD pairs and NZD/USD is expected to show quite good amount of volatility as well.

Now let us look at the technical view, the pair has been very volatile and 20 EMA has been working as a dynamic resistance recently. As of most volatile economic events that are going to be published today, a good amount of volatility is expected in this pair but as of the price structure forming before the news it is expected that the price will head towards the support of 0.6890 by the daily close today. For the coming days, if the price breaks below the support 0.6890 with a daily close then we will be looking forward for more downward moves or else any bounce off the support will push the bulls in again.

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Trading plan for EUR/USD and Gold for April 07, 2017

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Technical outlook:

The EUR/USD pair continues to drift sideways for now trading at 1.0630 level. Please note that a minimum retracement is seen at Fibonacci 0.382 resistance which is passing through 1.0730/40 levels as presented here on the 4-hour chart. The pair has kept us waiting for the entire week for a counter trend rally which could be labelled as wave (2), within the (5) waves drop towards parity levels. The wave structure indicates that the EUR/USD pair has dropped 5 waves from 1.0906 level on March 27, 2017, labeled as wave (2) and a push higher towards at least 1.0730/40 levels could complete termination of wave (2). Please also note that potential remains for an extended rally through the Fibonacci 0.618 resistance towards 1.0800 level as well before turning lower. On the flip side, a sustained drop below 1.0628 level would indicate that wave (2) is already in place at 1.0690 levels and that the pair should drift lower from here. Immediate resistance is seen at 1.0690 level, while support is at 1.0628 levels respectively.

Trading plan:

Please look to sell intraday rallies through 1.0740 and 1.0800 levels, stop is at 1.0906, and target is at 1.0300 and lower.

Gold chart setups:

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Technical outlook:

Gold has stopped us out today at $1,262/63 and made intraday highs at $1,269 level before dropping lower. The structure could be still labeled as 5 waves complete from $1195 levels. The push today morning can be considered as a final thrust 5th wave after the triangle formation as labeled here as a,b,c,d,and e. If the above wave count holds to be true, the metal should drop lower in 3 corrective waves A-B-C, towards $1,223 at least. On the flip side, a push through $1,270 would open doors towards $1,285 level, which is less probable though. An alternate way to label the above chart is a possible ending diagonal as well, which is not shown here. But in either case, please watch out for a bearish reversal towards $1,223 level from here. A break below $1,245 would confirm that a meaningful top is in place. Immediate resistance is seen at $1,269 level, while support is at $1,245 level respectively.

Trading plan:

Please sell again at current price, stop is at $1,272, and target is at $1,223.

Fundamental outlook:

Please watch out for Non-Farm Payrolls to be out at 08:30 AM EST today for some volatility ahead. This could prove to be a good trigger for counter trends to materialize.

Good luck!

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Technical analysis of USD/CHF for April 07, 2017

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USD/JPY is expected to trade in lower range. The pair is trading below its declining 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias. The relative strength index is bearish and calls for a further downside. In addition, the upside potential should be limited by the key resistance at 111.

Hence, as long as this key level is not surpassed, another drop to 110.25 and even to 110.25 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

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Technical analysis of USD/CHF for April 07, 2017

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USD/CHF is expected to trade with positive outlook, the movement is supported by a rising trend line. The technical outlook of the pair is bullish as the prices are supported by a rising trend line since April 4. The upward momentum is further reinforced by the ascending 20-period and 50-period moving averages. The relative strength index lacks downward momentum.

Investors turned cautious ahead of a meeting between US President Donald Trump and Chinese President Xi Jinping. Also, they are watching closely the official US jobs report for March to be released on Friday, where it is expected that nonfarm payrolls grew by 175,000 and average hourly wages increased 0.2% from February.

Regarding reported economic data, the US Labor Department announced that initial jobless claims fell sharply by 25,000 to 234,000 in the week ended April 1, lower than 250,000 expected. The US dollar posted modest gains as investors watched closely if the Trump-Xi summit would touch areas of trade and currency.

To sum up, as long as 1.0025 is support, look for a new rise to 1.0070 and even to 1.0090 in extension.

Resistance levels: 1.0070, 1.0090, and 1.0125

Support levels: 1.0005, 0.9990, and 0.9950

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USD/JPY analysis for April 07, 2017

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Recently, the USD/JPY pair has been trading sideways at the price of 110.65. According to the 4H time frame, I found breakout of downward channel and potential double bottom formation, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities. To confirm double bottom formation, I would like to see breakout of the 112.20 (pivotal point). If the price breaks the level of 112.20, the upward target will be set at the price of 114.30.

Resistance levels:

R1: 111.05

R2: 111.30

R3: 111.60

Support levels:

S1: 110.40

S2: 110.20

S3: 109.85

Trading recommendations for today: watch for potential buying opportunities.

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Technical analysis of NZD/USD for April 07, 2017

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NZD/USD is expected to trade with bullish bias above 0.6955, although the pair retreated from 0.6990 (the high of April 6), a support base at 0.6955 has formed and has allowed for a temporary stabilization. The relative strength index lacks downward momentum.

To conclude, as long as 0.6955 holds on the downside, look for a rebound to 0.6990. A break above this level would call another upside to 0.7005.

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: 0.6990, 0.7005, and 0.7020

Support levels: 0.6935, 0.6915, and 0.6870

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Technical analysis of GBP/JPY for April 07, 2017

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GBP/JPY is under pressure. The pair is under pressure below the key resistance at 138.35, which should limit the upside potential. The 20-period moving average crossed below the 50-period one, which indicated a negative signal. The relative strength index is below its neutrality level at 50.

Therefore, as long as 138.35 is not surpassed, expect a return to 137.10. A break below this level would trigger another test to 136.50.

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 137.10. A break below this target will move the pair further downwards to 136.50. The pivot point stands at 138.35. 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 138.70 and the second one at 139.00.

Resistance levels: 138.70, 139.00, and 139.45

Support levels: 137.10,136.50, and 136.00

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GBP/USD analysis for April 07, 2017

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Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level 1.2415. According to the 4H time frame, I found successful re-test of the upward channel (distribution), which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. The first downward target is set at the price of 1.2380. If the price breaks the level of 1.2380, GBP/USD may test the level of 1.2110.

Resistance levels:

R1: 1.2500

R2: 1.2520

R3: 1.2535

Support levels:

S1: 1.2450

S2: 1.2440

S3: 1.2415

Trading recommendations for today: watch for potential selling opportunities.

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USD/CHF is at major resistance, remain bearish

The price is now testing major resistance at 1.0068 (horizontal pullback resistance, Fibonacci retracement, and bearish divergence) and we expect a drop to at least 0.9973 support (Fibonacci retracement, bearish divergence potential).

Stochastic (34,5,3) is seeing strong resistance below the 91% level and bearish divergence vs. the price is signaling that a major reversal is impending.

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

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AUD/NZD is above major support, time to buy

The price is now above major support at 1.0800 (Fibonacci extension, horizontal support, and bullish divergence) where we expect a bounce up to at least reach the 1.0896 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is seeing strong support above the 3.3% level and also displays bullish divergence vs. the price which signals that a bullish reversal is impending.

Buy above 1.0800. Stop loss is at 1.0760. Take profit is at 1.0896.

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Technical analysis of USD/CHF for April 07, 2017

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Overview:

  • Pivot point : 1.0033.
  • The USD/CHF pair continues to move upwards from the level of 0.9991. The market has been trading around the spot of 1.0033 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 0.9950. Overall, the trend is still calling for a strong bullish market as long as the trend is still above the spot of 0.9949 and 0.9991.
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Technical analysis of NZD/USD for April 07, 2017

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Overview:

  • The NZD/USD pair continues to move downwards from the areas of 0.6988. The market is still moving around the spot of 0.6969.
  • 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.
  • 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.
  • 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.
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Global macro overview for 07/04/2017

Global macro overview for 07/04/2017:

After the US launched cruise missile attacks on the Syrian airbase overnight (reportedly responsible for the chemical attacks this week), the geopolitical tensions in the Middle East have intensified. The biggest beneficent of the attack is now Crude Oil, which had spiked almost 2.0% after the news of attack was released. Moreover, the uncertain situation in the Middle East also adds to potential supply disruptions to Crude Oil, so a further upwards move is expected. The uncertainty is based on the question whether it was a one-off attack, are other nations going to join in and what will be the response of China, Iran, and Russia, the biggest Crude Oil producers in the world. Not much can be concluded at the moment, so the market participants must wait for the official statement from the involved countries to hit the newswires. Crude Oil still remains at the elevated price levels.

Let's now take a look at the Crude Oil technical picture at the H4 time frame The whole resistance area marked as the orange rectangle was violated after the news was released and now it will act as a support zone. The next technical resistance is seen at the level of 53.25 (78%Fibo) and then at 53.78. Please notice, the market conditions are overbought and there is a growing bearish divergence between the price and momentum oscillator, so immediate knee-jerk price action cannot be excluded as well.

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Global macro overview for 07/04/2017

Global macro overview for 07/04/2017:

Another set of good data from the US job market has hit the newsfeeds yesterday. The US Initial Jobless Claims declined to 234k in the week ending April 1st from a revised 259k the previous week (which was originally reported as 258k) and were significantly lower than consensus forecasts of a smaller retreat to 250k for the week. This was the lowest reading for five weeks and put claims very close to 43-year lows. Moreover, Continuing Claims declined to 2.028mln in the week ending March 25th from 2.052mln previously. This was the lowest reading since June 2000. In conclusion, the US job market is still in a good shape and today's Non-Farm Payrolls data release might easily beat the market consensus of 174 jobs created. In that case, the US Dollar will advance even higher and FED will have another reason to justify the next interest rate hike.

Let's now take a look at the USD/JPY technical picture at the H4 time frame. The bears have managed to test the technical support at the level of 110.10 again but did not clearly violate it yet. The oversold market conditions and growing bearish divergence are indicating a possible bounce from this level and the first clue of this relief rally will be a breakout above the black, dashed trend line around the level of 111.00. The bulls then should target the next technical resistance at the level of 111.56.analytics58e7486ae7de3.jpg

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Trading plan for 07/04/2017

Trading plan for 07/04/2017:

The night session was primarily the talk of Donald Trump, the president of the United States, and Xi Jinping, chairman of the People's Republic of China. According to reports from Reuters, relations in the Washington-Beijing line have been warming up. Both sides are looking to expand their partnership - also on the commercial background. Exchange rate volatility has significantly increased after the US missile attacks on the Syrian government. In the first reaction, Gold prices shot up around $1,270 and Crude Oil prices shot up to the level of $52.50.

On Friday 7th of April, the main event of the day will be the Non-Farm Payrolls report from the US, but the market participant will pay attention to Industrial Production data from the UK, the Unemployment Rate data from Canada and Baker Hughes US Rig Count data.

EUR/USD analysis for 07/04/2017:

The Non-Farm Payrolls data are scheduled for release at 12:30 pm GMT and the market participants expect a significant decrease in jobs, from 235k last month to 174k this month. The Unemployment Rate is expected to remain unchanged at the level of 4.7% and Average Hourly Earnings are also expected to remain unchanged at 2.8%. Nevertheless, after a big beat from ADP earlier this week, there is a chance that the expected number of 174k jobs will be beaten as the market might deliver better than expected number. In that case as least temporary appreciation of US Dollar should occur again.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The market is still consolidating around 61%Fibo at the level of 1.0651 and technical support at the level of 1.0634 looks to have been tested many times already. If the Non-Farm Payrolls data will be better than expected, then a further spike down should happen and the next technical support at the level of 1.0599 should be tested or even violated. On the other hand, if the Non-Farm Payrolls data will not deliver, then there are high chances that the market will spike up towards the technical resistance at the level of 1.0705.

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GBP/USD analysis for 07/04/2017:

The Industrial and Manufacturing Production data from the UK are scheduled for release at 08:30 am GMT. The market participants are expecting another good set of data from the UK economy. The Industrial Production is expected to increase 0.2% after last month 0.9% decline and on yearly basis, another increase from the level of 3.2% to the level of 3.7% is expected. No surprise here that the market participants are expecting another set of good data from the UK and only an unexpected drop in this sector of the UK economy would start some pressure on the British Pound.

Let's now take a look at the GBP/USD technical picture at the H4 time frame. The consolidation zone is now a little wilder and currently is set between the levels of 1.2418 - 1.2508. Still, no important breakout occurred, so this sideway price action might last for some more time. The important technical support is seen at the level of 1.2377 and important technical resistance is seen at the level of 1.2560.

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Market snapshot - Gold spikes up after US bombs Syrian military base

Gold tested the resistance at $1,260/63, but the supply side quickly took control of the market and led to partial erosion. In the near future, you can expect an adjustment for which $1,250 (local low from April 6) will be an important support. Ultimately, Gold should continue to grow. A clear cut of $1,263 will open the way to $1,280, where we will find the Fibonacci 61% retracement and 127.2% expansion levels.

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Daily analysis of Gold for April 06, 2017

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Daily analysis of Gold for April 06, 2017

Ichimoku indicator analysis of USDX for April 7, 2017

The Dollar index is trading sideways in a tight trading range between 100.85-100.40. The price is clearly waiting for today's NFP numbers to be announced for a new trend to start. The most probable outcome is a pullback towards 100.

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The Dollar index is trading above the Kumo (cloud) but the tenkan-sen (red line indicator) is breaking below the kijun-sen (yellow line indicator) and this is not a bullish sign. Moreover, the bearish divergence signals in the RSI in the 4-hour chart imply that there are more chances for a move lower towards cloud support near 100-100.20.

analytics58e73c9e712bd.pngBlue line - resistance trend line

Black line - neckline support

Green line - long-term support trend line

A triangle pattern is being formed in the weekly chart of the Dollar index. Weekly resistance is at 101.50 while support is at 99. Weekly trend is bullish as the price is above the Kumo (cloud). However, the tenkan-sen (red line indicator) has a negative slope while the kijun-sen a positive slope and this could mean that we could have a bearish cross in the coming weeks. The price is trading around very important price levels that could decide medium- to long-term trend.

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Ichimoku indicator analysis of gold for April 7, 2017

Gold broke to new highs above the 2017 highs earlier tonight after the attack in Syria by the US army forces. We should expect a pullback or a back test of the broken resistance level at $1,257-60. In the long term I remain bullish looking for $1,300-$1,310.

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Blue lines - trading range

The price broke out of the trading range. It is above the Kumo (cloud). Trend is bullish in the 4-hour chart. Both tenkan- and kijun-sen are pointing higher. I expect more upside in price action. Support is at $1,257-60. Resistance is now at $1,280.

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Red line - resistance

Black line - long-term resistance

Blue line - long-term support

Gold weekly candle is breaking above the short-term resistance and 2017 highs. The weekly close will be important. A weekly close above $1,263 will open the way for a push at least towards $1,285-$1,310. Trend is bullish. There are no divergence signs.

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Technical analysis of EUR/USD for Apr 07, 2017

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When the European market opens, some Economic Data will be released such as Italian Retail Sales m/m, French Trade Balance, French Industrial Production m/m, French Gov Budget Balance, German Trade Balance, German Industrial Production m/m. The US will release the Economic Data too such as Consumer Credit m/m, Final Wholesale Inventories m/m, Unemployment Rate, Non-Farm Employment Change, Average Hourly Earnings m/m, so amid the reports, EUR/USD will move in a medium to high volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0694.

Strong Resistance:1.0687.

Original Resistance: 1.0677.

Inner Sell Area: 1.0667.

Target Inner Area: 1.0642.

Inner Buy Area: 1.0617.

Original Support: 1.0607.

Strong Support: 1.0597.

Breakout SELL Level: 1.0590.

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 07, 2017

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In Asia, Japan will release the Leading Indicators, Average Cash Earnings y/y and the US will release some Economic Data such as Consumer Credit m/m, Final Wholesale Inventories m/m, Unemployment Rate, Non-Farm Employment Change, Average Hourly Earnings m/m. So there is a probability the USD/JPY pair will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 111.16.

Resistance. 2: 110.94.

Resistance. 1: 110.72.

Support. 1: 110.44.

Support. 2: 110.24.

Support. 3: 110.02.

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 major pairs for April 7, 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.

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USD/CHF: Just like EUR/USD, USD/CHF is moving sideways – though in a context of an uptrend. There would soon be a rise in momentum, which would most probably be in favor of the bulls. When that happens, the price could go towards the resistance levels at 1.0100 and 1.0150. The resistance level at 1.0200 could be tested before the market retraces backwards.

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GBP/USD: This currency trading instrument has been moving only sideways this week. The price has moved between the distribution territory at 1.2550 and the accumulation territory at 1.2400. A movement above the distribution territory at 1.2550 is more likely than a movement below the accumulation territory at 1.2400.

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USD/JPY: Nothing significant happened in the market on Thursday, and the current equilibrium phase is in the context of a downtrend. When momentum rises in the market, it is expected that the demand levels at 110.50, 110.00 and 109.50, would be tested. It should be remembered that there is a bearish outlook on JPY pairs.

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EUR/JPY: There is a Bearish Confirmation Pattern on EUR/JPY. 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 the price would continue its bearish movement.

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Daily analysis of USDX for April 07, 2017

USDX is waiting for the US NFP numbers and today we can expect some action in the US Dollar across the board, as analysts are pricing a positive data. In the bullish scenario, we are targeting the 101.20 level as the next key area, while a pullback should lead the index to test the 100.00 handle. Also, the price action is showing that the markets are expecting for a catalyst that helps to break the range where the greenback had been trapped.

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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.

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Daily analysis of GBP/USD for April 07, 2017

GBP/USD is still looking for a strong catalyst that helps to ride the Cable in the bullish bias, and it continues to struggling with the resistance zone of 1.2522. If a breakout happens over there, a rally towards 1.2600 is likely to happen in the short term. If US NFP data comes below the expectations, such scenario could be possible.

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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.

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Daily Video Technical Analysis | USD/CHF | 6th April 2017

We take a nice detailed look at USD/CHF 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!

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Daily analysis of GBP/JPY for April 06, 2017

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Overview

The GBP/JPY price did not settle for long time below 137.60 level, to compensate the losses by its rally to 139.00, but the negativity of the main indicators provided negative support to settle again near the support level. Also the price fluctuation below the main resistance at 139.80 makes us keep preferring the dominant negativity in the upcoming period, to wait for providing new negative close below 137.60, which allows it to record the negative targets by reaching 136.35 and 135.05. Therefore, we should monitor the price behavior until providing the required negative close to avoid any attempt to form a new bullish correction that might cause intraday losses when reaching the mentioned resistance. The expected trading range for today is between 138.80 and 136.35.

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Daily analysis of Gold for April 06, 2017

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Overview

Gold keeps its stability above the intraday bullish trend line, while the EMA50 keeps supporting the price from below to keep the bullish trend active for the rest of the day. We remind you that we are waiting for breaching 1,263.17 level to reinforce the chances for extending the bullish wave in the near-term basis, where the next target is located at 1,300.00. In general, we will keep preferring the bullish bias in the upcoming period unless breaking 1,250.00 then 1,243.00 levels, where breaking these levels will push the price to test critical support levels that begin at 1,231.13 and it might extend to 1,217.65 before any new attempt to rise. The expected trading range for today is between 1,244.00 support and 1,270.00 resistance.

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Daily analysis of Silver for April 06, 2017

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Overview

Silver price keeps fluctuating near 18.30 level and it gets good positive support from the EMA50. Notice that stochastic provides positive overlapping signal that we wait to motivate the price to breach the mentioned level then opening the way towards the extension of the bullish wave on the short-term basis. In general, we keep preferring the bullish trend in the upcoming period conditioned by holding above 18.05 reminding you that our main targets that begin at 19.00 then 19.38. Be aware that breaching 18.05 will push the price to test 17.43 level and might reach to 17.10 before any new attempt to rise. The expected trading range for today is between 18.00 support and 18.60 resistance.

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USD/CHF is at major resistance, remain bearish

The price is now testing major resistance at 1.0068 (horizontal pullback resistance, Fibonacci retracement, and bearish divergence) and we expect a drop to at least 0.9973 support (Fibonacci retracement, bearish divergence potential).

Stochastic (34,5,3) is seeing strong resistance below the 91% level and bearish divergence vs. the price signaling a major reversal is impending.

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

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USD/JPY remains bullish above strong support

We remain bullish above support at 110.27 (Fibonacci extension, horizontal swing low support, and ascending support) for a push up to 111.45 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is seeing major support at 6% and is about to bounce off it.

Buy above 110.27. Stop loss is at 110.02. Take profit is at 111.45.

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