Daily analysis of GBP/JPY for April 12, 2017

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Overview

The GBP/JPY price reversed into a downward bias yesterday to trade at 136.60. The pair triggered bearish activity. Let me remind you that the stability of the price below 50% Fibonacci correction level at 137.60 will increase the negative pressure. So the pair is expected to reach the initial main target at 135.05. Breaking it will extend losses quickly to 133.70 to form the next station for the bearish bias. Stochastic's attempt to reach the oversold level supports our bearish expectation by providing extra negative momentum that allows the pair to resume the negative bias until the suggested targets are achieved. The expected trading range for today is between 137.60 and 135.05

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Daily analysis of Gold for April 12, 2017

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Overview

Gold price managed to settle with a daily close above $1,263.17 that will confirm breaching this level and the continuation of the bullish bias. Traders are waiting for more of gains in the short term. Therefore, the bullish trend will remain preferred in the upcoming period, supported by the EMA50. It keeps carrying the price from below. Be aware that breaking $1,263.17 and later $1,256.50 might push the price to visit the main bullish channel's support at $1,225.00 before any new attempt to rise. The expected trading range for today is between $1,263.00 support and $1,295.00 resistance.

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Daily analysis of Silver for April 12, 2017

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Overview

Silver price has been hovering near 18.30 since morning. The price needs to gain enough momentum to continue the main bullish trend. So, the positive scenario is active for today, trading is organized within the bullish channel that the metal has been following since the end of the last year. Therefore, the bullish bias will remain preferred on the intraday and short-term basis. Let me remind you that breaking 18.30 and holding below it might push the price to test 17.43 level before any new attempt to rise. The expected trading range for today is between 18.10 support and 18.60 resistance.

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Fundamental Analysis of USD/CAD for April 12, 2017

USD/CAD has been in a bearish run since it rejected the channel resistance on Monday. Today is a very important day for CAD as recently the Bank of Canada released its rate statement which showed that the overnight rate was unchanged at 0.50%. Along with it, the BOC's Press Conference is going to held soon where bank's Governor and Senior Deputy Governor are going to speak about the monetary policy, interest rate decisions, overall economic outlook and inflation. A great deal of volatility is expected to hit the market as the conference goes on. On the other hand, President Trump commented on the upcoming policies which increased the market's uncertainty about further gains of USD. Additionally, the Crude Oil Inventories report was also negative at -2.2M versus the expected decrease of 0.7M. If the BOC's press conference goes well today, we might see the loonie gaining solid ground against the greenback in future.

Now let us look at the technical view. The price has moved quite impulsively after rejecting the channel resistance. The bearish pressure is still quite intact. Currently, the price is heading towards the recent support level at 1.3210, a breaks below it with a daily close will push the price further downward towards lower support at 1.3000. On the other hand, if the price rejects the support level of 1.3210, then we will be looking forward to buy on a short-term basis towards the resistance area of 1.3370 . As the pair is inside a volatile structure, a daily close would only be safer to predict the upcoming moves in this pair.

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AUD/USD Fundamental Analysis April 12, 2017

AUD/USD has been in a non-volatile bearish trend since the bounce off the resistance 0.7750. Today AUD Westpac Consumer Sentiment report was published where the result was negative at -0.7% which previously was at 0.1%, this event affected the AUD. So AUD has been observed to lose its strength gradually all over the day. On the other hand, today President Trump's speech about further policies is due today. This event made the market quite indecisive on the USD side. Along with that, Crude Oil Inventories report was also published which also showed a negative figure of -2.2M which was expected to be at -0.7M. Overall today was quite indecisive for both of the currencies in this pair and any positive economic report on each side may boost the market in the upcoming trading days. Otherwise, the pair is going to seat on the sidelines above the support of 0.7470.

Now let us look at the pair from the technical view. The price has bounced off the support level of 0.7470 and is currently showing some bullish pressure in this pair. Recently, the pair has respected the dynamic level of 20 EMA as resistance quite well. If the price takes out the 20 EMA with an intraday close, then we will expect a good lift of the price higher towards 0.7550 resistance level. If the price breaks above the 0.7550 with a daily close, then we might see much upward move in this pair towards 0.7750. Otherwise, if the price rejects the bulls off the level 0.7550, then we will look for further selling with recent lower support towards 0.7470. As the price remains above the support level of 0.7470, we will be in a medium-term bullish bias.

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Technical analysis of USD/JPY for April 12, 2017

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USD/JPY is under pressure. 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 is below its neutrality level at 50. In addition, the upside potential should be limited by the key resistance at 110.10.

Therefore, as long as this key level holds on the upside, look for a further downside to 109.30 and even to 109.05 in extension.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 109.30. A break below this target will move the pair further downwards to 109.05. The pivot point stands at 110.10. 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 110.10 and the second one at 111.00.

Resistance levels: 110.50, 111.00, and 111.45

Support levels: 109.30, 109.05, and 108.35

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Technical analysis of USD/CHF for April 12, 2017

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USD/CHF is under pressure. The technical picture of the pair is negative as the prices have been capped by a bearish trend line since April 10. The declining 50-period moving average plays a resistance role and maintains the downside bias. The relative strength index is mixed to bearish.

Market sentiment was dampened by geopolitical risks concerning Syria and North Korea. Investors looked for safe assets bidding up haven assets like gold, the Japanese yen and the US government bonds. The US dollar weakened against most major currencies, particularly against the Japanese yen, amid growing worries about geopolitical tensions as well as declining US Treasury yields.

Therefore, as long as 1.0090 is resistance, expect a further drop to 1.0055 and even to 1.0035 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 12, 2017

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NZD/USD is expected to trade in a lower range as the key resistance stands at 0.6965. Despite a recent rebound from 0.6925 (the low of April 11), the pair is still trading below the key resistance at 0.6955, which should limit the upside potential. The relative strength index lacks upward momentum.

To sum up, as long as 0.6965 holds on the upside, a return to 0.6900 and even to 0.6885 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 0.6900. A break below this target will move the pair further downwards to 0.6885. 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: 0.6900, 0.6885, and 0.6850

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EUR/JPY analysis for April 12, 2017

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Recently, the EUR/JPY pair has been trading downwards. As I expected, the price tested the level of 115.93. According to the 4H time frame, I found that EUR/JPY is trading in the well defined downward channel and that sellers are in control. My advice is to watch for potential selling opportunities. The first downward target is set at the price of 114.60 (Fibonacci expansion 161.8%). The short-term trend is bearish.

Resistance levels:

R1: 116.70

R2: 116.90

R3: 117.30

Support levels:

S1: 116.10

S2: 115.70

S3: 115.50

Trading recommendations for today: watch for potential selling opportunities.

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Technical analysis of GBP/JPY for April 12, 2017

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GBP/JPY is expected to decline further. The pair is clearly in an intraday downtrend, capped by both the falling 20-period and 50-period moving averages. The relative strength index is below its neutrality area at 50%. Last but not least, the process of lower highs and lows is still intact.

Therefore, as long as the resistance at 137.35 is not surpassed, the risk of the break below 136.50 remains high.

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 136.50. A break below this target will move the pair further downwards to 136.15. The pivot point stands at 137.35. 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 137.85 and the second one at 138.15.

Resistance levels: 137.85, 138.15, and 138.45

Support levels: 136.50,136.15, and 135.40

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EUR/USD analysis for April 12, 2017

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Recently, the EUR/USD pair has been trading sideways at the price of 1.0600. According to the 4H time frame, I found a bearish flag formation inside of downward channel, which is a sign that sellers are in control and that buying looks risky. My advice is to watch for potential selling opportunitties. The short-term trend is downward.

Resistance levels:

R1: 1.0630

R2: 1.0640

R3: 1.0655

Support levels:

S1: 1.0600

S2: 1.0585

S3: 1.0575

Trading recommendations for today: watch for potential selling opportunities.

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Technical analysis of USD/CHF for April 12, 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 (support). 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. Moreover, 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. 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. As a result, 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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Technical analysis of NZD/USD for April 12, 2017

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Overview:

  • The NZD/USD pair fell sharply from the level of 0.7075 towards 0.6946. Now, the price is set at 0.6930. On the H4 chart, the resistance of the NZD/USD pair is seen at the levels of 0.7004 and 0.7075. It should be noted that volatility is very low for that the NZD/USD pair is still moving in a narrow sideways channel (between 0.7004 and 0.6869). Moreover, the price spot of 0.7004 remains a significant resistance zone.Therefore, there is a possibility that the NZD/USD pair will move downside, and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 0.7004, sell below 0.7004 with the first target at 0.6969 in order to test last week's bottom. Besides, it should be noted that support 1 is seen at the level of 0.6969 which coincides with the double bottom in the one-hour time frame. Additionally, if the NZD/USD pair is able to break out the bottom at 0.6969, the market will decline further to 0.6825 in order to test the weekly support 2. However, the stop loss should be placed above the level of 0.7075.
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NZD/USD Intraday technical levels and trading recommendations for April 12, 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 12, 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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Daily analysis of major pairs for April 12, 2017

EUR/USD: Nothing significant is to happen on the EUR/USD pair this week which is in a bearish mode. The downtrend is supposed to continue unless some drastic events change the outlook (especially some fundamental ones). The support lines at 1.0600, 1.0550 and 1.0500 remain the targets for this week.

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USD/CHF: This is a bullish 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. The market cannot go bearish until the price breaches below the support line at 1.0000. Before that happens, any bearish corrections here would be seen as opportunities to go long at better prices.

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GBP/USD: This trading instrument is currently in an equilibrium phase, since it has not assumed a directional movement this week. The instrument would either go above the distribution territory at 1.2550 or below the accumulation territory at 1.2350. That is when it would be deemed that the equilibrium phase is completely over.

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USD/JPY: There is a bearish signal on the USD/JPY. The price is below the supply level at 110.00, and it has almost reached the demand level at 109.50. Once the demand level is breached to the downside, the next target would be the demand level at 109.00.

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EUR/JPY: The movement in the EUR/JPY pair has become interesting as this market has been continuously falling since March 13, 2017. The price has dropped 630 pips since then, and it has lost 180 pips this week. Currently, the pair is below the supply zone at 116.50 and it may target the demand zones at 116.00 and 115.50.

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Global macro overview for 12/04/2017

Global macro overview for 12/04/2017:

Interesting comments from BoJ Governor Haruhiko Kuroda has hit the newswires recently. In his speech in the Japanese Parliament, Kuroda said that the Bank of Japan will pursue appropriate monetary policy, keeping the economy and financial markets in mind. Moreover, he said the bank sees no problems from asset purchases or expansion of monetary base. The BoJ easing main purpose is for price stability and not targeting FX market. In conclusion, the rhetoric did not change much, so there is still no chance for interest rate hike until the infaltion reaches at least 2%.

Let's now take a look at the USD/JPY technical picture on the H4 timeframe. The 50% Fibo at the level of 109.92 was violated and now will act as a technical resistance, together with the level of 110.10. The next important Fibonacci support is at 61% at the level of 107.85. There is still no sign of any bullish divergence and the market conditions are not oversold yet as well. The next support is seen at the level of 109.35.

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Technical analysis of EUR/USD for April 12, 2017

EUR/USD is bouncing off important long-term support. This could be the start of the next big move upwards towards 1.11 but first the pair will need to break some important resistance levels. In the short term, we remain bullish as there are indications that a bounce has started that will at least push price towards 1.07.

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With a low around 1.0565 price has reversed and is making higher highs and higher lows on the 4-hour chart. Short-term resistance is at 1.0620-1.0630. Breaking above it will open the way for a push towards 1.0680-1.0720 but a pullback below 1.06 may be needed first.

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Red line -long-term support trend line

The EUR/USD Daily chart shows how price has held above the red trend line support coming from 1.0340 and the cloud support. A daily close above 1.0635 will be a bullish sign. The potential is big for the upside if we do not break below 1.05 as price is making higher highs and higher lows since December.

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Technical analysis of USD/JPY for April 12, 2017

The USD/JPY pair has broken down below critical support yesterday at 110.20 and is now trading around 109.70. There are signs of a bounce coming that should bring price back above 110.20 but I believe this will only be another selling opportunity.

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The short-term oscillators are pointing higher for a bounce in prices. I expect price to reach 110.20 at least if not the cloud resistance at 110.50. I believe this bounce will be a shorting opportunity with 111.50 as stop. I expect price afterwards to resume the downtrend towards 108.20.

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I believe USD/JPYis in its second leg down breaking below the weekly kijun-sen (yellow line indicator).The target remains at 108.20 for the minimum to be achieved. After reaching 108.20 I will be turning neutral or even bullish as the chances for a bounce back to 112 will have increased. For the time being though I remain bearish looking for bounces to be sold.The material has been provided by InstaForex Company - www.instaforex.com

Ichimoku indicator analysis of USDX for April 12, 2017

The Dollar index has rejected the weekly resistance as expected and has also broken below the short-term support, pushing the price towards our short-term pullback targets of 100.40. As long as the price is below 101.50, I expect the Dollar index to challenge the March lows once again and most probably break them.

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Blue trend line - support (broken)

Gold price has reached the 4 hour Ichimoku cloud support at 100.50-100.40. If the price holds above the cloud, we could see a re-test of recent highs at 101.30 and possibly a break to new highs at 101.50 where the weekly resistance is found.

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Blue line - trend line resistance

Black line - neckline support

Green line - long-term support trend line

The Dollar index got rejected at the blue trend line resistance and is now testing the tenkan-sen (red line indicator) support. A weekly close below 100.45 will be a bearish sign for the next week, opening the way at least towards the weekly kijun-sen (yellow line indicator) at 99.90. A break above 101.50 will be a bullish sign. A break above 102.30 will confirm longer-term bullish trend towards 110.

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Ichimoku indicator analysis of gold for April 12, 2017

Gold price held support and broke out to new highs towards $1,280 yesterday. The $1,280 level is at the lower boundary of our larger target area from $1,122. Our target area remains at $1,280-$1,320 and I believe we can reach the upper boundary.

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Red rectangle - support area

Gold price is trading above the Ichimoku cloud. There are several warning short-term bearish signals that imply a correction towards $1,260 is justified for the next couple of trading sessions. So I would not be a buyer here but wait for a pullback first. The important support lies at $1,235-45 area but it is not necessary to see such a deep pullback.

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Red line - resistance

Blue line -support

Black line - resistance trend line

Gold price is breaking above the horizontal trend line resistance and previous highs. This is a bullish indication. I expect gold price to reach the long-term downward sloping black trend line at $1,300-$1,310. Then I would take profits as a strong pullback even towards $1,220-$1,200 would be justified. My longer-term view remains bullish.

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Global macro overview for 12/04/2017

Global macro overview for 12/04/2017:

The Industrial Production data from the Eurozone declined in February by 0.3% and consumer sector underperforms as well. Market participants expected only a slight decrease in industrial production from 0.3% to 0.2% on a monthly basis, but the decline was deeper. Moreover, on yearly basis, the data missed the expectations of 1.9% by delivering only 1.2% increase. There was a sharp 4.7% decline in energy output for the month while non-durable consumer goods production also contracted on the month. In contrast, capital goods and intermediate goods output both increased for the month. In conclusion, the data was disappointing on a monthly basis, but the overall uptrend in this sector of the Eurozone economy is still supported, so this decline may be limited and may be viewed as a temporary dynamic.

Let's now take a look at the EUR/USD technical picture in the H4 timeframe. The price seems to be finally bouncing from the support at the level of 1.0569 and now it is trading back in the golden parallel channel zone. Nevertheless, the important technical resistance at the level of 1.0628 wasn't clearly violated yet, but the bounce from the oversold market conditions and growing multiple bullish divergences indicate a stronger rebound towards this level.

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Trading plan for 12/04/2017

Trading plan for 12/04/2017:

The recent dozen or so hours have not brought fresh information about Syria or North Korea, but the financial markets show a lack of appetite for risky assets and a steady escape to safety. In the currency market, the Japanese Yen has won favor with investors. Jitters in light of geopolitical risks are setting the tone on the stock market. Gold reigns as a safe haven, crude oil receives a boost from OPEC's output cuts.

On Wednesday 12th of April, the economic calendar is packed with market-moving events. Market participants will focus today on Claimant Count Change data from the UK, Bank of Canada interest rate decision, and Crude Oil Inventories data.

GBP/USD analysis for 12/04/2017:

The Claimant Count Change data are scheduled for release at 08:30 am GMT and ten minutes later Bank of England Governor Mark Carney will give a speech. Market participants expect the number of claimants to have dropped slightly from -11.3k to -10.2k last week, so the unemployment rate is expected to stay at the same level of 4.7%. More important than data seems to be the speech from Governor Carney that might include remarks regarding the inflationary pressures and future interest rates policy. Any hawkish than usual remarks should strengthen the British Pound across the board.

Let's now take a look at the GBP/USD technical picture in the H4 timeframe. The bulls camp have managed to break out above the 50%Fibo and now the price is trading just below the technical resistance at the level of 1.2504. Any better than expected data might trigger the move towards the level of 1.2560 (the next technical resistance). No sign of overbought market conditions yet supports the view.

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USD/CAD analysis for 12/04/2017:

The BoC interest rate decision is scheduled for release at 02:00 pm GMT, together with a Rate Statement and Monetary Policy Report. The BoC Press Conference is however scheduled for 03:15 pm GMT. Market participants do not expect any changes in monetary policy this time, so the interest rate should remain unchanged at the level of 0.50%. The Bank of Canada rhetoric regarding the interest rates should remain mildly-dovish and no changes in this field are expected either. Any change will be a big surprise for the markets.

Let's now take a look at the USD/CAD technical picture in the H4 timeframe before the news is released. The bulls camp looks weak after the H4 candle did not manage to close above the technical resistance at the level of 1.3342 despite the oversold market conditions. Currently, the key zone to the upside is the gray rectangular supply zone between the levels of 1.3342 - 1.3359. The technical support is seen still at the level of 1.3310.

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Crude Oil analysis for 12/04/2017:

The Crude Oil Inventories data are scheduled for release at 02:30 pm GMT and market participants expect a drawdown of -700k barrels after a build up of 1,500k barrels a week ago. Recently, Saudi Arabia has informed OPEC that it wants to extend an agreement to reduce production by another six months. According to a recent report in March, the reduction of production by the 11 OPEC countries was 104% of assumptions. If today's stockpiles are bigger than expected, then it will surely translate into strong price declines.

Let's take a look at the Crude Oil technical picture in the H4 timeframe. The bulls have managed to breakout above the 78%Fibo at the level of 53.25 and now the price is trading just below the technical resistance at the level of 53.78. Nevertheless, the market conditions on this timeframe look overbought and multiple bearish divergences have grown between the price and the momentum oscillator, so the corrective move to the downside can happen anytime soon. The next support is seen at the level of 52.68 - 52.95.

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Elliott wave analysis of EUR/NZD for April 12, 2017

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Wave summary:

There is not much to add from yesterday's update here. The range trading between 1.5150 - 1.5347 continues to dominate the picture and only a breakout of this range will determine the next larger move up or down. We still favor a rally above resistance at 1.5347 for a continuation higher to 1.5570 and likely even closer to 1.5790. That said, we need to respect an unexpected break below support at 1.5150 that will extend the corrective decline from 1.5486 closer to 1.4990 and possibly even closer to 1.4874 before the next rally higher.

R3: 1.5347

R2: 1.5312

R1: 1.5280

Pivot: 1.5230

S1: 1.5180

S2: 1.5165

S3: 1.5151

Trading recommendation:

We are long EUR from 1.5235 and will take a small profit here at 1.5276. We will only re-buy EUR upon a break above 1.5347.

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Elliott wave analysis of EUR/JPY for April 12, 2017

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EUR/JPY - Monthly

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EUR/JPY - Daily

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EUR/JPY - 4-Hour timeframe

The break below 116.28 has forced a recount for the rally from 109.48 and even the longer-term picture. Instead of an impulsive rally from 109.48 that possibility was invalidated with the break below 116.28. Therefore we will be looking for a double zig-zag correction which is unfolding. We saw wave W completing with the test of 124.09 and wave X is currently unfolding. This ideal target for this X-wave is seen near the 61.8% corrective target of the rally from 109.48 to 124.09 which comes in at 115.10 from where the next zig-zag rally will be expected for a rally towards the 138 - 139 area.

R3: 116.88

R2: 116.69

R1: 116.40

Pivot: 116.00

S1: 115.91

S2: 115.32

S3: 115.10

Trading recommendation:

Our stop at 116.05 was hit for a loss. We will only buy EUR at 115.25 or upon a break above 117.50.

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

Technical analysis of EUR/USD for Apr 12, 2017

EURUSD.jpg

When the European market opens, some Economic Data will be released, such as German 10-y Bond Auction, and German WPI m/m. The US will release the Economic Data, too, such as Federal Budget Balance, 30-y Bond Auction, Crude Oil Inventories, and Import Prices m/m, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0660.

Strong Resistance:1.0653.

Original Resistance: 1.0643.

Inner Sell Area: 1.0633.

Target Inner Area: 1.0608.

Inner Buy Area: 1.0583.

Original Support: 1.0573.

Strong Support: 1.0563.

Breakout SELL Level: 1.0556.

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

Technical analysis of USD/JPY for Apr 12, 2017

USDJPY.jpg

In Asia, Japan will release the 30-y Bond Auction, PPI y/y, Core Machinery Orders m/m, and Bank Lending y/y data, and the US will release some Economic Data, such as Federal Budget Balance, 30-y Bond Auction, Crude Oil Inventories, and Import Prices m/m. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 110.01.

Resistance. 2: 109.80.

Resistance. 1: 109.58.

Support. 1: 109.31.

Support. 2: 109.10.

Support. 3: 108.88.

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

Daily analysis of USDX for April 12, 2017

The index extended its decline during Tuesday and approached the 200 SMA at H1 chart, where possibly it could start to find dynamic support. If a rebound happens there, we can expect a rally to test the resistance zone of 101.25. The overall structure is still pointing to the upside, but a bullish scenario's invalidation can happen when USDX consolidates below 100.43 in order to reach the 100.00 handle.

USDXH1.png

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.

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

Daily analysis of GBP/USD for April 12, 2017

The pair had a strong rally during Tuesday's session, as the GBP currency strengthened across the board against its major rivals. However, such move wasn't decisive at all, as GBP/USD is still looking for a clear path in the mid-term. The narrow range between the 1.2600 and 1.2300 handles remains in place and while the pair continues to move inside that area, we can't expect significative moves.

GBPUSDH1.png

H1 chart's resistance levels: 1.2488 / 1.2551

H1 chart's support levels: 1.2423 / 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 1.2488, take profit is at 1.2551 and stop loss is at 1.2424.

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