AUD/USD on major support, remain bullish

We remain bullish above major support at 0.7492 (Fibonacci retracement, horizontal swing low support, bullish divergence) and we expect to see a bounce above this level to 0.7561 resistance (Fibonacci retracement, horizontal overlap resistance).

RSI (34) seeing major support above 34% and also displays bullish divergence vs price signalling that a bounce is impending.

Buy above 0.7492. Stop loss at 0.7453. Take profit at 0.7561.

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NZD/USD still on major support, remain bullish

Price is testing major support at 0.6949 (Fibonacci retracement, horizontal overlap support, bullish divergence) and we remain bullish above this level for a push up towards 0.7092 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is seeing strong support above 6.69% and also displays bullish divergence vs price signalling that a bounce is impending.

Buy above 0.6949. Stop loss at 0.6884. Take profit at 0.7092.

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EUR/JPY Fundamental Analysis April 11, 2017

EUR/JPY is currently in a non-volatile bearish impulsive structure after the break below 121.10. Today the eurozone posted mixed economic reports but EUR failed to gain ground against JPY. Today Japan released Prelim Machine Tools Orders which showed a notable increase in the figure to 22.6 which previously was at 9.1% only. On the EUR side, German ZEW Sentiment report was published at 19.5 which was expected to be at 13.2, Industrial Production report was negative at -0.3% which was expected to be at 0.2%. Besides, ZEW Economic Sentiment report was also positive at 26.3 which was expected to be at 25.0. With the greater amount of gain of the JPY Prelim Machine Tools report, JPY has gained good strength against EUR and expected to keep momentum till the daily close.

Now let us look at the technical view, price has broken below 118.20. As the bullish rejection and impulsive bearish pressure is observed in the market till now, the price is expected to move down towards 116.25 in the coming days. If the price rejects off the 116.25 support level, then we may see a bullish move towards 118.20 again. On the other hand, if the price breaks below 116.25 with a daily close, then we will be expecting much downward move towards 112.50.

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Technical analysis of USD/JPY for April 11, 2017

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USD/JPY is under pressure. The pair recorded lower tops and lower bottoms since April 10, which confirmed a negative outlook. The downward momentum is further reinforced by the declining 20-period and 50-period moving averages. The relative strength index is bearish and calls for a further drop.

Therefore, as long as 111.00 holds on the upside, look for a new decline to 110.00 and even to 109.70 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 110.00. A break below this target will move the pair further downwards to 109.70. 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 111.35 and the second one at 111.55.

Resistance levels: 111.35, 111.55, and 111.75

Support levels: 110.00, 109.70, and 109.25

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Trading Plan for EUR/USD and Gold for April 11, 2017

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Technical outlook:

The EUR/USD pair is seen to be testing the trend line resistance as shown here on the hourly chart. A successful break here, would push prices higher towards 1.0700 levels which is fibonacci 0.382 resistance of the entire drop from 1.0906 levels. On the other hand, a bearish reaction at the trend line would warrant a drop towards lower levels from here. According to the wave counts, a small 3-wave corrective rally can be seen to be developing, which could be labelled as wave (2), or it could push through the 1.0700 levels as shown here. Immediate price resistance is seen at 1.0690 levels, while support is at 1.0570 level respectively. The strategy remains to sell on rallies or at the current levels. Please note that the pair can also retrace the entire drop from 1.0906 levels and reach 1.0775 levels before reversing lower again.

Trading plan:

Please sell partially at 1.0610/20, 1.0700 and 1.0775 levels, stop at 1.0950 and target 1.0300 at least.

Gold chart outlook:

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Technical outlook:

Gold is setting up nicely for a corrective drop towards $1,235 levels at least or an extended drop towards $1,180 levels. Please note that the drop from $1,270 levels through $1,245 was into 5 waves which can be labelled as wave 1. The subsequent rally is an a-b-c correction which is testing $1,261/62 levels at this moment. The termination point can be labelled as wave 2. Till prices remain below $1,270 levels broadly, the metal is expected to push lower below $1,245 levels easily. Please note that the drop can also be labelled as A as an alternate wave count which is not shown here. Similarly, wave 2 can also be labelled as B as an alternate. In any case, a drop lower is expected at least towards $1,230/35 levels if not lower. Furthermore, a push below $1,230 could open doors for $1,220 and also $1,180, which we shall discuss later.

Trading plan:

Please remain short for now, stop at $1,273./74, target $1,230.

Fundamental outlook:

There is no significant data to be out for the rest of the day.

Good luck!

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GBP/USD Fundamental Analysis April 11, 2017

GBP/USD is still in the corrective structure above the support area of 1.2350-1.2400. Today a few economic reports were published in the UK and majority of the reports showed positive data. As a result, GBP gained some strength today. Today the UK CPI report was published with a positive figure at 2.3% which was expected to be at 2.2%. PPI Input report was also published positive at 0.4% which was expected to be negative at -0.5%. PPI Output report was also positive at 0.4% which was expected to be at 0.2%. The only negative report was of HPI which was released with a decrease of 5.8% which was expected to be at 6.1%. On the other hand, JOLTS Job Opening report is due in the US later today which is expected to be at 5.59M which previously was at 5.63M. Currently the market is indecisive but with positive economic reports from the UK GBP is said to have gained advantage over USD by taking the price above the upper support of 1.2400.

Now let us look at the pair from the technical view. The price is currently above the support area of 1.2350-1.2400. In light of positive UK economic reports, USD has failed to maintain the bearish momentum in this pair. Currently the price is being held by the dynamic resistance of 20 EMA and a daily close below the lower support level 1.2350 will signal further bearish pressure in this pair. As the price remains above the support area of 1.2350-1.2400, our bullish bias will continue with a target towards 1.2500-50 resistance area.

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Technical analysis of USD/CHF for April 11, 2017

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USD/CHF is expected to trade in a lower range as the key resistance is seen at 1.0050. The pair is still trading below the key resistance at 1.0100, which should limit the upside potential. Even though a continuation of a technical bounce cannot be ruled out, its extent is likely to be limited.

The speech given by Federal Reserve Chairwoman Janet Yellen provided no new information and caused muted reaction from the greenback.

To conclude, as long as 1.0100 is not surpassed, expect a return to 1.0050 and even to 1.0030 in extension.

Resistance levels: 1.0110, 1.0130, and 1.0165

Support levels: 1.0050, 1.0030, and 1.000

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Technical analysis of NZD/USD for April 11, 2017

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NZD/USD is expected to trade with a bearish outlook. The pair is holding on the downside and is trading below the declining 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias. The relative strength index has broken down its oversold level of 30.

Therefore, as long as 0.6965 holds on the upside, look for a further decline to 0.6920 and even to 0.6900 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 0.6920. A break below this target will move the pair further downwards to 0.6900. The pivot point stands at 0.6965. 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 0.6980 and the second one at 0.7005.

Resistance levels: 0.6980, 0.7005, and 0.7020

Support levels: 0.6920, 0.6900, and 0.6870

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Technical analysis of GBP/JPY for April 11, 2017

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GBP/JPY is under pressure. The technical picture of the pair remains negative below the declining 50-period moving average, which is playing a resistance role and maintains the downside bias. The relative strength index is below its neutrality level at 50 and lacks upward momentum. Additionally, 137.85 is playing a key resistance role, which should limit the upside potential.

As long as this key level holds on the upside, look for a further drop toward 136.85 and even 136.50 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 136.85. A break below this target will move the pair further downwards to 136.50. The pivot point stands at 137.85. 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 138.15 and the second one at 138.45.

Resistance levels: 138.15, 138.45, and 139.00

Support levels: 136.85,136.50, and 136.00

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Analysis of silver for April 11, 2017

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Recently, silver has been trading sideways at the price of 18.06. On the 1H time frame, I found that price has broken the upward channel in the background which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. Downward targets are set at the price of 17.52, 17.30 and 16.85. Strong resistance is found at 18.05 and 18.15.

Resistance levels:

R1: 17.95

R2: 17.97

R3: 18.00

Support levels:

S1: 17.91

S2: 117.90

S3: 17.87

Trading recommendations for today: watch for potential selling opportunities.

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EUR/JPY analysis for April 11, 2017

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Recently, the EUR/JPY pair has been trading downwards. The price tested the level 116.88. According to the 4H time frame, I found that price is trading in well defined downward channel, which is a sign that sellers are in control. My advice is to watch for potential selling opportunities. The critical support level is set at the price of 116.80. The breakout of support would confirm further downward continuation. The downward target is set at the price of 114.60.

Resistance levels:

R1: 117.50

R2: 117.60

R3: 117.85

Support levels:

S1: 117.00

S2: 116.90

S3: 116.65

Trading recommendations for today: watch for potential selling opportunities.

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Daily analysis of major pairs for April 11, 2017

EUR/USD: The EUR bounced slightly upwards yesterday in the context of a downtrend. The downtrend is supposed to continue this week unless something drastic changes the outlook (especially something fundamental). The support lines at 1.0600, 1.0550б and 1.0500 remain the targets for this week.

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USD/CHF: This is a bull market in spite of what is happening now. The EMA 11 is above the EMA 56, but the Williams' % Range period 20 is currently pulling back. Unless it enters the oversold region, the Williams' % Range is expected to go back upwards again, entering the overbought territory, as price goes further upwards.

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GBP/USD: This currency trading instrument moved sideways last week; and it is still in an equilibrium phase. Price has moved between the distribution territory at 1.2550 and the accumulation territory at 1.2350. A movement above the distribution territory at 1.2550 is more likely than a movement below the accumulation territory at 1.2350. When there is a breakout in the market, it would most probably be in favor of bulls.

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USD/JPY: There is a shallow bearish signal on USD/JPY. Price is below the supply level at 111.00, and it has almost reached the demand level at 110.50. Once the demand level is breached to the downside, the next target would be the demand level at 110.00.

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EUR/JPY: This cross went further south on Monday. Price has dropped about 550 pips since March 13, 2017 and further downwards movement is anticipated this week. One factor aiding the bearishness in the market is the weakness in EUR itself. The targets for this week are thus located at the demand zones at 117.00, 116.50, and 116.00.

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NZD/USD Intraday technical levels and trading recommendations for April 11, 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 11, 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) 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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Global macro overview for 11/04/2017

Global macro overview for 11/04/2017:

The Statistics Canada reported that the Canadian economy added 19,400 jobs in March, following the preceding month's gain of 15,300 and surpassing the market expectations for an increase of 5,700. Moreover, the data also showed that 18,400 full-time jobs and 1,000 part-time jobs were created last month and the jobless rate increased to 6.7% from 6.6% in February. Nevertheless, despite upbeat reports from the Canadian job market, global investors do not expect the Bank of Canada to increase the overnight rate at the meeting this Thursday. In his last remarks, BoC Governor Stephen Poloz said that the Canadian economy has a lot of room to improve yet and the bank is more focused on sustaining the current pace of growth and prepares for unexpected economical headwinds. In conclusion, any interest rate hike in Thursday by BoC will be a huge surprise for the markets.

Let's now take a look at the USD/CAD technical picture on the H4 time frame. The market has broken out below the 61%Fibo at the level of 1.3336 and the local low from April 7. At present, the H4 chart shows a deceleration, which may result in an upward correction. This scenario is supported by a stochastic oscillator that is moving close to the oversold zone. Potential rebound may take the form of a return trip to the previous support at the level of 1.3342.

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Technical analysis of NZD/USD for April 11, 2017

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Overview:

  • The NZD/USD pair continues to trade downwards from the spot of 0.6988. The market is still moving around 0.6969. Today, resistance is seen at the levels of 0.6988 and 0.7018. So, we expect the pair 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 trading between the levels of 0.7018 and 0.6900. We 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 a strong support, and the double bottom is already set at this level. The market will continue to move 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 11/04/2017

Global macro overview for 11/04/2017:

FED Chairperson Janet Yellen gave an optimistic speech during Monday's meeting at Ford School, but her remarks did not provoke a greater response from the market. Yellen said that the economy is healthy, supported by consumers, and the unemployment rate is 4.5%, so is "a little below" full employment status. She added that the gradual pace of rate hikes in the short term "will lead us where we have to be", but pointed out that the bank did not intend to delay the response to economic developments. Moreover, she mentioned, that the FED's focus had shifted from a post-crisis exercise of healing the economy to sustain the economic gains. In conclusion, those remarks were old, known and not hawkish enough to trigger any impressive market reaction as its focus is now on global political tensions.

Let's now take a look at the USD/JPY technical picture in the H4 timeframe. The technical resistance at the level of 111.56 is still too strong for the bulls to be broken and there can not be a sustained rally towards the next technical resistance without a breakout first. The sideways trading continues as long as the level of 110.10 will provide the support.

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Technical analysis of USD/CHF for April 11, 2017

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Overview:

  • The USD/CHF pair is showing signs of strength following a breakout of the highest level of 1.0044. On the H1 chart, the level of 1.0044 coincides with the 78.6% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 78.6% Fibonacci level, the market is still in an uptrend. But, major support is seen at the level of 0.9994. Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. Therefore, strong support will be found at the level of 0.9994 providing a clear signal to buy with a target seen at 1.0107 'double top). If the trend breaks the minor resistance at 1.0107, the pair will move upwards continuing the bullish trend development to the level 1.0150 in order to test the daily resistance 2. Consequently, buy orders are recommended above the area of 1.0044 - 0.9994 with the first target at the level of 1.0107; and continue towards 1.0150.
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Trading plan for 11/04/2017

Trading plan for 11/04/2017:

In the absence of other economic events, the market focuses on geopolitical risk factors.The US Dollar is dropping under pressure of falling US Treasuries, as speculations over Fed policy leaves room for fears over the geopolitical situation. The stock market is feeling aversion to risk so Gold gets stronger. Oil remains high due to supply constraints from Libya and weekend raids in Syria.

On Tuesday 11th of April, the event calendar is busy during the European session, so the global investors will keep an eye on Consumer Price data from the UK and ZEW Economic Sentiment data from Germany and the whole Eurozone and Industrial Production data from the Eurozone. Later on the day, during the American session, FOMC member Neel Kashkari will give a speech as well.

GBP/USD analysis for 11/04/2017:

The Consumer Price Index data are scheduled for release at 08:30 am GMT and this time a slight decrease from 0.7% to 0.3% is being expected by market participants. The CPI Index measures the change in prices for retail goods and services, including food and gas, so a lack of a sudden inflationary pressure for consumers might not necessarily be a good thing as consumers in the UK are already experience an increase in prices despite the fact that the Brexit just started.

Let's now take a look at the GBP/USD technical picture in the H4 time frame. The bulls have managed to retrace to the level of 50%Fibo at 1.2434, but the up move looks like it is about to reverse. Better-than-expected data might help bulls to breakout above this level and test the techncial resistance at the level of 1.2504. The next support is seen at the level of 1.2364.

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EUR/USD analysis for 11/04/2017:

The ZEW Economic Sentiment data are scheduled for release at 09:00 am GMT, but the expectations are quite different for Germany and the Eurozone. The German ZEW index is expected to improve from 12.8 points to 13.2 points, while Eurozone ZEW is expected to decrease slightly from 25.6 points to 25.0 points. The Industrial Production data are also expected to drop from 0.9% to 0.2% on a monthly basis but are expected to improve from 0.6% to 1.9% on yearly basis as well. Today's hard data on industrial activity and sentiment in the Eurozone offers another opportunity for conclusions if the recent improvement in economic growth for the overall currency region will be sustained in the months ahead.

Let's now take a look at the EUR/USD technical picture in the H4 time frame. Despite the oversold market conditions and growing bullish divergence, the market keeps trading sideways. The technical resistance at the level of 1.0599 is still not clearly violated, but better-than-expected data might be a trigger for the market that will start an upward move towards the next technical resistance at the level of 1.0628.

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Market snapshot: Gold is not rallying amid global political tensions

On the daily time frame chart, the shooting star candlestick pattern is still making the bulls feel uncertain regarding the next up move towards the orange rectangular area. The overbought market condition on this timeframe and a wide supply zone (marked as a gray rectangle) are so far preventing any rally to develop higher. The technical resistance is seen at the level of $1270 and the next technical support is seen at the level of $1240.

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Elliott wave analysis of EUR/NZD for April 11, 2017

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Elliott wave analysis of EUR/NZD for April 11, 2017

Elliott wave analysis of EUR/NZD for April 11, 2017

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Wave summary:

EUR/NZD is doing nothing at the moment. It continues to trade within a narrow range between 1.5165 - 1.5338, but we need a break above 1.5347 to confirm that the next impulsive rally higher towards 1.5570 and likely even closer to 1.5790 is unfolding.

Support at 1.5151 should continue to protect the downside.

R3: 1.5347

R2: 1.5312

R2: 1.5280

Pivot: 1.5230

S1: 1.5180

S2: 1.5165

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.

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Ichimoku indicator analysis of USDX for April 11, 2017

As expected the Dollar index is showing reversal signs off the critical weekly resistance at 101.50. Price managed to reach 101.35 yesterday. I believe this is not the right time to buy Dollar.

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Blue line - trend line support

The Dollar index remains in a short-term bullish trend. Price is above the Ichimoku cloud on the 4-hour chart. Short-term support is at 100.83 by the blue trend line. Price almost reached the 78.6% Fibonacci retracement and is reversing.

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Blue line - resistance

Black line - support

Green line - trend line support

The Dollar index reached the blue trend line resistance and is showing rejection signs. This is important resistance area and unless we break above 101.50, bulls should be very careful as I expect price to turn back down at least towards the black trend line suppport.

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Elliott wave analysis of EUR/JPY for April 11, 2017

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Wave summary:

We are finally seeing the expected decline to the equality target between wave a and c at 116.83. With this test, the corrective decline from 124.09 finally looks complete and a new impulsive rally is ready to start. The first good indication that a corrective low is in place will be a break above minor resistance seen at 118.07, while a break above resistance at 118.80 will confirm that wave (iv) has completed and wave (v) to above 124.09 is unfolding.

R3: 118.07

R2: 117.66

R1: 117.21

Pivot: 117.00

S1: 116.83

S2: 116.71

S2:116.22

Trading recommendation:

We are long EUR from 117.05 with stop placed at 116.05. If you are not long EUR yet, then buy a break above 118.07 and start by using the same stop.

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Ichimoku indicator analysis of gold for April 11, 2017

Gold briefly breached the support at $1,250 yesterday but bulls managed to step in and hold the price above the support level at the end of day. While the trend remains bullish, a break below yesterday's low at $1,247.50 may push the price towards $1,235 at least.

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Blue rectangle - target area

Gold price is trading above the 4 hour Ichimoku cloud. Support is at $1,250-47. Once the price breaks below it, we should see a deeper pullback towards the 38% and 50% Fibonacci retracements. Resistance is at $1,263.

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Black line - long-term resistance

Blue line - long-term support

Red line - resistance

The weekly candle is trying to break above the weekly resistance at $1,263 . The price is inside the weekly Kumo cloud, implying the weekly trend remains neutral as long as we are below the black trend line resistance and above the blue trend line support. I expect the price to eventually break above the weekly resistance as I believe in 2015 the $1,045 low was a long-term low and reversal level.

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Technical analysis of EUR/USD for Apr 11, 2017

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When the European market opens, some Economic Data will be released, such as ZEW Economic Sentiment, Industrial Production m/m, and German ZEW Economic Sentiment. The US will release the Economic Data, too, such as 10-y Bond Auction, JOLTS Job Openings, and NFIB Small Business Index, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0649.

Strong Resistance:1.0642.

Original Resistance: 1.0632.

Inner Sell Area: 1.0622.

Target Inner Area: 1.0597.

Inner Buy Area: 1.0572.

Original Support: 1.0562.

Strong Support: 1.0552.

Breakout SELL Level: 1.0545.

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 11, 2017

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In Asia, Japan will release the Prelim Machine Tool Orders y/y data, and the US will release some Economic Data, such as 10-y Bond Auction, JOLTS Job Openings, and NFIB Small Business Index. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 111.36.

Resistance. 2: 111.14.

Resistance. 1: 110.93.

Support. 1: 110.66.

Support. 2: 110.44.

Support. 3: 110.22.

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 11, 2017

USDX had a consolidation's session during yesterday, as it remains hovering around the 101.00 area. The view for the short-term is still bullish, as the price action has been developing some patterns that help to strengthen the ground toward the north. When the index manages to break above 101.25, it could rally to reach the 101.62 level, while to the downside, USDX could find support around 100.75 and 100.43.

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H1 chart's resistance levels: 101.25 / 101.62

H1 chart's support levels: 100.75 / 100.43

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 101.25, take profit is at 101.62 and stop loss is at 100.87.

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Daily analysis of GBP/USD for April 11, 2017

GBP/USD still struggles to consolidate below the 1.2300 handle, as we saw during Monday's session a recovery move to the upside, in an effort to reach the 200 SMA at H1 chart. That level remains as dynamic resistance across the board and if the pair tests it, then we could expect further pullbacks to take place toward the 1.2333 level. To the upside, the target lies at the 1.2488 zone.

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H1 chart's resistance levels: 1.2407 / 1.2488

H1 chart's support levels: 1.2333 / 1.2292

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 1.2407, take profit is at 1.2488 and stop loss is at 1.2327.

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Daily Video Technical Analysis | GBP/USD | 10th April 2017

We take a nice detailed look at GBP/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!

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Daily analysis of GBP/JPY for April 10, 2017

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Overview

The GBPJPY pair lost its main negative momentum affected by stochastic that is forming an intraday positive wave and providing positive trading by reaching 138.00. The price might continue to show mixed trading until gathering the negative momentum again, supporting our negative overview that targets 136.35 followed by 135.05. We will depend on the stability of the main resistance at 139.50 to confirm blocking the price within the negative range. Besides, 138.80 levels are forming initial resistance that might form a solid barrier against any attempt to test the mentioned main resistance. The expected trading range for today is between 138.80 and 136.35.

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Daily analysis of Gold for April 10, 2017

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Overview

The gold price keeps fluctuating near the intraday bullish channel's support above this level, while stochastic provides a positive overlapping signal on the four-hour time frame supporting the chances of bouncing higher to resume the bullish trend in the upcoming sessions. The price is likely to breach 1,263.17 levels to confirm the extension of the bullish wave to 1,300.00. Therefore, the bullish trend will remain preferred on the intraday basis unless breaking 1,250.00 levels, which will delay the bullish wave and push the price to 1,231.13 before any new attempt to rise. The expected trading range for today is between the 1,242.00 support and the 1,270.00 resistance.

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Daily analysis of Silver for April 10, 2017

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Overview

The silver price shows slight bearish bias in its way to continue the decline and test the critical support at 17.43. We prefer the bearish trend scenario in the upcoming sessions on the stability of the price below 18.30. The expected decline is temporary, where a breach of 18.30 represents the key of regaining the main bullish trend. You should be aware that a break of 17.43 and 17.20 levels will push the price to 16.56 levels before any new attempt to rise. The expected trading range for today is between the 17.70 support and the 18.10 resistance.

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XAU/USD forming a strong bearish reversal, time to sell

The price is now testing major resistance at 1261.74 (Fibonacci extension, horizontal resistance, bearish divergence) and we expect to see a reversal below this level to 1,241.14 support (Fibonacci retracement, horizontal swing low support).

Stochastic (34,5,3) is seeing major resistance below the 97% and also sees bearish divergence vs price signalling that a strong reversal is impending.

Sell below 1261.74. Stop loss at 1273.10. Take profit at 1241.14.

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GBP/USD profit target reached perfectly, prepare to buy

The price has dropped perfectly and reached our profit target from previously. We now turn bullish above 1.2366 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support) for a push up to the 1.2448 resistance (Fibonacci retracement, horizontal pullback resistance).

The RSI (34) is seeing strong support at 39% where our previous major bounce occurred.

Buy above 1.2366. Stop loss at 1.2302. Take profit at 1.2448.

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Technical analysis of USD/CHF for April 10, 2017

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USD/JPY is expected to continue the upside movement. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is bullish and calls for a further upside.

To sum up, as long as 111.00 is not broken, look for a rebound to 111.55. A break above this level would trigger a new advance to 111.75.

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 111.55 and the second one at 111.75. In the alternative scenario, short positions are recommended with the first target at 110.70, 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 110.25. The pivot point is at 111.00.

Resistance levels: 111.55, 111.75, and 112.00

Support levels: 110.75, 110.25, and 110.05

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