USD/CHF dropping perfectly, remain bearish

Price has now broken through our selling area as expected and is on track to our profit target. We remain bearish below 1.0068 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to 0.9973 support (Fibonacci retracement, horizontal overlap support).

Stochastic (34,5,3) has made a bearish exit signalling of the drop we expected.

Sell below 1.0068. Stop loss at 1.0114. Take profit at 0.9973.

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AUD/USD bouncing perfectly towards profit target, remain bullish

Price has bounced off our buying level absolutely perfectly and is on track to our profit target. We remain bullish with price making a bullish exit of a long-term descending resistance-turned-support line. The goal is to buy above 0.7514 support (Fibonacci retracement, horizontal overlap support) for a further push up to 0.7587 resistance (Fibonacci retracement, horizontal overlap resistance).

RSI (34) has similarly made a bullish exit signalling that a change in momentum is now occurring on AUD/USD.

Buy above 0.7514. Stop loss at 0.7467. Take profit at 0.7587.

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Trading Plan for EUR/USD and Gold for April 13, 2017

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Technical outlook:

Finally, the EURUSD pair looks to have produced the much awaited counter-trend rally which was expected and required. The rally looks to be counter trend and corrective (3 waves), and has terminated just shy of the support turned resistance trend line as shown here. The wave counts suggests that the entire drop from 1.0906 through 1.0569 has unfolded as an impulse labelled as wave (1), while wave (2) might have terminated around 1.0680 levels. Please also note that wave (2) termination is quite near to previous wave iv of a lesser degree, not labelled here. If the above wave count holds true, we should be looking lower towards 1.03 and parity levels in the weeks to follow. Immediate resistance is seen at 1.0700 levels, while support is seen at 1.0500 levels respectively.

Trading plan:

Please remain short for now and also add positions further through 1.0700 levels, stop 1.0906, target is 1.03 and 1.0000.

Gold chart setups:

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Technical outlook:

Gold has pipped us twice with its one sided rally but the wave counts presented above might indicate that the yellow metal has topped out and should produce a meaningful retracement. The wave count suggests that the entire rally from $1,195 through $1,288 levels is coming close to an end now, as depicted here. The move has unfolded into 5 waves, labelled 1 through 5, with wave 5 unfolding as an ending diagonal. If the above wave count holds to be true, the metal should reverse lower from current levels. On the flip side, a push higher would expose upto $1,300 levels, looking less probable for now. To remain on the safe side of the trade, a break below $1,280/83 levels should be considered as an indication of a potential top formation. One can then enter shorts again. Immediate support is seen at $1,283 levels, while potential resistance lies at $1,290/92 levels respectively.

Trading plan:

Please look to sell if breaks below $1,283 levels, with stop at $1,292/93 levels, targeting $1240 and $1,230.

Fundamental outlook:

Please look out for USD initial jobless claims at 0830 AM EST (low impact), followed by USD U.of Michigan Confidence at 1000 AM EST (High Impact) today.

Good luck!

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Analysis of Gold for April 13, 2017

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Recently, the Gold has been trading upwards. The price tested the level of $1,288.58. According to the 4H time frame, I found that price has broken the medium line of the upward channel, which is a sign that Gold may continue upward movement. The first downward target is set at the price of $1,306.00. Anyway,I have placed Fibonacci expansion to find potential short – term target. I got Fibonacci expansion 100% at the price of $1,335. My advice is to watch for potential buying opportunities.

Resistance levels:

R1: $1,289.00

R2: $1,290.00

R3: $1,291.00

Support levels:

S1: $1,286.00

S2: $1,285.00

S3: $1,283.80

Trading recommendations for today: watch for potential buying opportunities.

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

Technical analysis of USD/JPY for April 13, 2017

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USD/JPY is under pressure. The pair accelerated on the downside after breaking below the lower boundary of the rising channel. The downward momentum is further reinforced by the declining 20-period and 50-period moving averages. The relative strength index also broke below the rising trend line since April 11.

Therefore, as long as 109.40 is not surpassed, look for a further drop to 108.50 and even to 107.95 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 108.50. A break below this target will move the pair further downwards to 107.95. The pivot point stands at 190.40. 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 109.85 and the second one at 110.20.

Resistance levels: 109.85, 110.20, and 110.50

Support levels: 108.50, 107.95, and 107.35

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Technical analysis of USD/CHF for April 13, 2017

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USD/CHF is expected to prevail its downside movement. The pair is under pressure below the key resistance at 1.0055. The downward momentum is further reinforced by the declining 20-period and 50-period moving averages. The relative strength index is below its neutrality level at 50.

After meeting with Russian President Vladimir Putin, U.S. Secretary of State Rex Tillerson said relations with Russia are at a low point. On the other hand, Trump said in an interview with The Wall Street Journal that the dollar "is getting too strong" and he would prefer keeping interest rates low. The U.S. dollar saw its recent decline accelerate as Trump's "getting too strong" comments on the currency reminded the market of the president's protectionist trade rhetoric.

Hence, below 1.0085, look for a new drop to 1.0005 and even to 0.9990 in extension.

Resistance levels: 1.0105, 1.0130, and 1.0165

Support levels: 1.0005, 0.9990, and 0.9960

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Technical analysis of NZD/USD for April 13, 2017

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NZD/USD is expected to continue its upside movement. The pair broke above the 20-period and 50-period moving averages with strong upward momentum. In addition, the 20-period moving average has crossed above the 50-period one.

Hence, as long as 0.6950 is not broken, expect a further upside to 0.7020 and even to 0.7040 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7020 and the second one at 0.7040. In the alternative scenario, short positions are recommended with the first target at 0.6930, 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 0.6910. The pivot point is at 0.6950.

Resistance levels: 0.7020, 0.7040, and 0.7080

Support levels: 0.6930, 0.6910, and 0.6885

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EUR/JPY analysis for April 13, 2017

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Recently, the EUR/JPY pair has been trading sideways at the price of 115.93. The analysis from yesterday is still valid. 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: 116.35

R2: 116.45

R3: 116.65

Support levels:

S1: 115.95

S2: 115.80

S3: 115.60

Trading recommendations for today: watch for potential selling opportunities.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/JPY for April 13, 2017

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GBP/JPY is under pressure. The pair remains in consolidation and is likely to form a "bearish flag" pattern (not yet confirmed). The relative strength index lacks upward momentum. Besides, the 20-period and 50-period moving averages are mixed to bearish.

To sum up, as long as 137.15 holds on the upside, look for a new pullback to test 136.15 at first. A break below 136.15 would trigger a drop towards 135.70.

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 136.15. A break below this target will move the pair further downwards to 135.70. The pivot point stands at 137.15. 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 137.75 and the second one at 138.15.

Resistance levels: 137.75, 138.15, and 138.45

Support levels: 136.15,135.70, and 135.00

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Global macro overview for 13/04/2017

Global macro overview for 13/04/2017:

The Employment Change data from Australia released overnight were way better than expectations. The Employment Change for March was at the level of +60.9k while market participants expected +20k, prior was +2.8k, revised from -6.4k. The Unemployment Rate remained unchanged at the level of 5.09%, just as expected. The Full-Time Employment Change was at the level of +74.5k, while prior was +38.8k, revised from +27.1k. The Part Time Employment Change decreased -13.6k, the prior decrease was -35.9k, revised from -33.5k. In conclusion, Australia's employment surged in March, rising for the sixth consecutive month and confirming that the labor market was on a strong footing after a rocky 2016.

Let's now take a look at the AUD/USD technical picture at the H4 timeframe. The data release from the Australian labor market has contributed to the intensification of demand that has managed to break out of the downward channel. Around the 61%Fibo at the level of 0.7600, the supply began to enter the market and the rally was capped. The stochastic oscillator still looks positively but it might be confronted with RSI retreat. The capitulation of the supply at the level of 0.7600 should bring the possibility of a further rally towards the next resistance - this time 78.6% at the level of 0.7635. The nearest support is seen at the level of 0.7568.

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Global macro overview for 13/04/2017

Global macro overview for 13/04/2017:

The US Dollar lost ground after US President Donald Trump said that the US currency is too strong while mentioning that he would prefer the Federal Reserve to keep the rates lower as he said in an interview to Wall Street Journal yesterday: "I like low rate policy." Trump's comments hit the headlines a day after Fed Chairperson Janet Yellen announced that a 'neutral' stance would be appropriate for the US monetary policy. Moreover, Trump said, that Yellen is 'toast', and is open to extended her term, which is an 180-degree opposite to his campaign promises and statements when he railed against Yellen and Federal Reserve in one of the debates. The last, but not least statement from yesterday is that "China isn't manipulating its currency". That's an another 180-degree turn from what he was saying in the final weeks of the campaign, when he promised to label China a currency manipulator. In conclusion, after the election, Trump is having second thoughts regarding future interest rates increase, FED's Yellen and currency wars, which is affecting the financial markets. The implied probability of a June interest rate hike eased to 60% after his comments.

Let's now take a look at the US Dollar Index technical picture at the H4 timeframe. After almost covering the gap, the market reversed to test the 50%Fibo at the level of 110.10 and now it looks like it is trading higher. Nevertheless, the current geopolitical situation and recent Trump's comments do not help the bulls to climb higher. The next resistnace is seen at the level of 100.87.

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Technical analysis of USD/JPY for Apr 12, 2017

Forex analysis review
Technical analysis of USD/JPY for Apr 12, 2017

Trading plan for 13/04/2017

Trading plan for 13/04/2017:

The US Dollar and US bond yields tumbled on Wednesday evening in response to President Donald Trump's interview when he said that the Dollar is too strong and that he prefers low-interest rates. Geopolitical risks around North Korea remain in place, which is supported by nervous trading in the equity market. Gold is soaring, oil is in a correction mode. Chinese Shanghai Composite grows by 0.2% due to better trade data. The Japanese Nikkei dropped 0.6% today, followed by USD/JPY.

On Thursday 13th of April, the event calendar is not that busy with important news. Nevertheless, global investors will keep an eye on Bank of England Credit Conditions Survey data, Manufacturing Sales and New Houses Price Index data from Canada and PPI, Unemployment Claims and Prelim UoM Consumer Sentiment data from the US.

GBP/USD analysis for 13/04/2017:

The BoE Credit Conditions Survey data are scheduled for release at 08:30 am GMT. This survey for bank and non-bank lenders is an input to understand trends and developments in credit conditions in the UK. If the secured and unsecured lending to households, small businesses, non-financial corporations, and to non-bank financial firms is increasing, then the economy is expanding.

Let's now take a look at the GBP/USD technical picture at the H4 timeframe. The market is trading just below the golden trendline resistance around the level of 1.2560. The market conditions start to look overbought, so any data worse than expected will act as a trigger for a correction towards the level of 1.2505.

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USD/CAD analysis for 13/04/2017:

Canada's Manufacturing Sales and New Home Price Index data are scheduled for release at 12:30 pm GMT. The Manufacturing Sales are expected to decrease -0.4% from 0.6% a month ago and New Home Price Index is expected to increase from 0.1% to 0.2%. Higher housing prices suggest stronger consumer demand and growth in the housing market, but the recent house price data from Canada, especially from Toronto area, might suggest that there is a growing house market bubble in progress.

Let's now take a look at the USD/CAD technical picture at the H4 timeframe. The market is approaching the 61%Fibo at the level of 1.3184. The market conditions are starting to look oversold, but there is still no bearish divergence visible on momentum oscillator. The next technical support is seen at the level of 1.3210.

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EUR/USD analysis for 13/04/2017:

The US PPI, the Unemployment Claims, and Prelim UoM Consumer Sentiment data are scheduled for release at 12:30 pm GMT. The situation on the US job market is still good, so the Unemployment Claims data are expected to hold the level of 242k after the last week reading of 230k. The sentiment indicator which is a measure of attitudes and expectations concerning both present and future economic conditions of 500 consumers, is expected to tick upward to the level of 97.1 points from 96.7 a month ago. The most important, however, is the PPI index, that is expected to decrease from 0.3% to 0.0% o a monthly basis. Any data lower than 0.0% would suggest the start of no inflationary pressure from producers.

Let's now take a look at the EUR/USD technical picture at the H4 timeframe. The bulls have managed to break out above the golden trend line but were capped around the level of 1.0678 and now the market is moving back to the trading range. The next support is seen at the level of 1.0629 and any bounce above this level, triggered by better than expected data, might reach the next technical resistance at the level of 1.0705.

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Technical analysis of NZD/USD for April 13, 2017

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Overview:

  • The NZD/USD pair fell from the level of 0.7075 towards 0.6946. The trend is still set below the 0.7075 level since last week.
  • 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.
  • 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.
  • 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.
  • On the other hand, the stop loss should be placed above the level of 0.7075.
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Technical analysis of USD/CHF for April 13, 2017

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Overview:

  • The USD/CHF pair continues to move downwards from the level of 1.0057. Yesterday, the pair dropped from the level of 1.0057 (this level of 1.0057 coincides of the 50% Fibonacci retracement) to the bottom around 1.0008. Today, the first resistance level is seen at 1.0057 followed by 1.0086, while daily support 1 is seen at 1.0008. According to the previous events, the USD/CHF pair is still moving between the levels of 1.0057 and 0.9980; for that we expect a range of 77 pips (0.9980 - 1.0057). If the USD/CHF pair fails to break through the resistance level of 1.0057, the market will decline further to 1.0008. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.9980 with a view to test the daily pivot point. On the contrary, if a breakout takes place at the resistance level of 1.0057, then this scenario may become invalidated.
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NZD/USD Intraday technical levels and trading recommendations for April 13, 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 13, 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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Elliott wave analysis of EUR/NZD for April 13 - 2017

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Wave summary:

EUR/NZD tried to break above 1.5347, but failed keeping the status quo regarding the trading range between 1.5149 - 1.5347. We need a break out of this range to dictate, whether wave i still is unfolding or whether wave i completed with the test of 1.5486 and wave ii currently is unfolding. A clear break above 1.5347 will indicate that wave i still is in motion for more upside closer to 1.5570 and possibly even closer to 1.5790 before wave ii takes over. On the other side, a break below support at 1.5149 will tell us that wave i completed with the test of 1.5486 and wave ii currently is unfolding for a move closer to 1.4874 before higher in wave iii.

R3: 1.5347

R2: 1.5312

R1: 1.5280

Pivot: 1.5230

S1: 1.5180

S2: 1.5165

S3: 1.5149

Trading recommendation:

We will only buy a clear break above 1.5347.

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Elliott wave analysis of EUR/JPY for April 13, 2017

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Wave summary:

We continue to look for minor resistance at 116.55 to be able to cap the upside for the final decline closer to the 115.10 - 115.32 area to complete wave (iv) and set the stage for the next impulsive rally to above 124.09.

Only a direct break above minor resistance at 116.55 will indicate that wave (iv) already has completed, while a break above resistance at 117.47 is needed to confirm that wave (iv) has completed and wave (v) to above 124.09 is unfolding.

R3: 117.47

R2: 116.84

R1: 116.55

Pivot: 116.00

S1: 115.91

S2: 115.32

S1: 115.10

Trading recommendation:

We will buy EUR at 115.25 or upon a break above 117.50.

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Technical analysis of EUR/USD for Apr 12, 2017

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When the European market opens, some Economic Data will be released, such as French Final CPI m/m, and German Final CPI m/m. The US will release the Economic Data, too, such as Natural Gas Storage, Prelim UoM Inflation Expectations, Prelim UoM Consumer Sentiment, Core PPI m/m, Unemployment Claims, and PPI 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: 1.0722.

Strong Resistance:1.0715.

Original Resistance: 1.0705.

Inner Sell Area: 1.0695.

Target Inner Area: 1.0670.

Inner Buy Area: 1.0645.

Original Support: 1.0635.

Strong Support: 1.0625.

Breakout SELL Level: 1.0618.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for Apr 12, 2017

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In Asia, Japan will release the M2 Money Stock y/y data, and the US will release some Economic Data, such as Natural Gas Storage, Prelim UoM Inflation Expectations, Prelim UoM Consumer Sentiment, Core PPI m/m, and Unemployment Claims, PPI 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: 109.37.

Resistance. 2: 109.16.

Resistance. 1: 108.95.

Support. 1: 108.69.

Support. 2: 108.48.

Support. 3: 108.26.

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 major pairs for April 13, 2017

EUR/USD: The EUR/USD made an attempt to go upwards yesterday, but that was not serious enough to override the current bearish outlook on the market. The Bearish Confirmation Pattern in the 4-hour chart remains intact and only a movement above the resistance line at 1.0800 could render the bearish outlook invalid.

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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 has pulled back into the oversold region. The market cannot go bearish until price breaches the support line at 1.0000 to the downside. So the current position of Williams' % Range may harbinger a clean bullish signal.

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GBP/USD: The Cable has gone upwards (just like some GBP pairs are doing). The EMA 11 is above the EMA 56, while the RSI period 14 is above the level 50. Further northwards journey is expected today as the distribution territories at 1.2600 and 1.2650 are reached. Some fundamental figures are expected today and they may have impact on the market.

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USD/JPY: The USD/JPY has trended downwards so far this week, following the tight consolidation that was witnessed last week. Price has gone down 244 pips from Monday to Wednesday, now below the supply level at 109.00. Bears would target the demand levels at 108.50 and 108.00, which would be attained before the end of next week.

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EUR/JPY: This cross consolidated yesterday – in the context of a downtrend. Price would soon experience some momentum, which would most probably happen before the end of next week. When momentum rises, it would favor bears, as price goes towards the demand zones at 116.00, 115.50 and 115.00.

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Daily analysis of USDX for April 13, 2017

USDX was heavily sold during Wednesday's session after Trump's comments on the currency, highlighting that it's getting "too strong". After the news, the index plummeted below the 200 SMA at H1 chart and it's finding support around 100.14. The ground seems to be getting prepared for another sellers' wave to test the 99.79 zone.

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H1 chart's resistance levels: 100.54 / 100.97

H1 chart's support levels: 100.14 / 99.79

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 100.14, take profit is at 99.79 and stop loss is at 100.47.

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Daily analysis of GBP/USD for April 13, 2017

GBP/USD was favored by the US Dollar's weakness during yesterday's session after Trump's comments about the greenback is getting "too strong". Currently, the pair is heading toward the 1.2551 zone, where a breakout can expose the 1.2658 area, while a pullback should be taken as corrective and Cable can test the support zone of 1.2423.

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H1 chart's resistance levels: 1.2551 / 1.2658

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 1.2551, take profit is at 1.2658 and stop loss is at 1.2443.

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Daily Video Technical Analysis | AUD/NZD | 13th April 2017

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

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

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EUR/GBP Fundamental Analysis April 12, 2017

EUR/GBP has been in a corrective mood after a good amount of bearish pressure last week. Today the market was quite indecisive about this pair. Today, a good number of economic events took place on both EUR and GBP side. On the EUR side, German WPI report was published with a decreased value at 0.0% which was expected to be at 0.4%. German 10y Bond Auction report was at a decreased rate of 0.21/1.4 which previously was at 0.41/1.5. On the other hand, GBP had Average Earning Index published today with a positive figure at 2.3% which was expected to be at 2.1% but Claimant Count Change showed negative result of 25.5k which was expected to be at -10.2k. But BOE Governor spoke about short-term interest rate and monetary policy which had a positive effect on GBP but could not dominate the EUR well enough.

Now let us look at the pair from the technical view. The price is currently being supported by the 200 EMA which has been providing support since June 2016. Currently the candle formation is quite indecisive and a daily close above or below the 200 EMA or 0.8470 will signal the upcoming change in this pair. If the price closes above the 200 EMA and shows some bullish pressure we will be looking forward to buy with a target towards 0.8760. Alternatively, if the price closes below the 200 EMA, then the price is expected to go down towards the recent support area of 0.8330-0.8420. It is very crucial moment for this pair right now as a break or bounce off the 200 EMA will signal the upcoming trend reversal.

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AUD/NZD remain bullish above major support

We remain bullish above 1.0766 major support (Fibonacci retracement, horizontal overlap support, bullish divergence) for a push up to 1.0896 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is seeing strong support above 3.3% and also bullish divergence vs price signalling that a bounce is impending.

Buy above 1.0766. Stop loss at 1.0695. Take profit at 1.0896.

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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. We also see a recent bullish exit giving us additional weight to our bullish move.

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

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