USD/CHF remains bearish below strong resistance

We continue to remain bearish below 1.0068 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) as we look to play the drop towards 0.9973 support (Fibonacci retracement, Fibonacci extension).

Stochastic (34,5,3) is now at the pullback resistance where we expect another bearish reaction to occur.

Sell below 1.0068. Set stop loss at 1.0114 and take profit at 0.9973.

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NZD/USD bouncing up perfectly, remains bullish

The price has bounced up perfectly from our buying area and is on track to our profit target. We remain bullish above 0.6985 support (Fibonacci retracement, horizontal overlap support) for a further push up to the resistance at 0.7092 (Fibonacci extension, Fibonacci retracement, horizontal overlap resistance).

RSI (34) has made a really good bullish exit signalling that a further upward movement can be expected on NZD/USD.

Buy above 0.6985. Set stop loss at 0.6934 and take profit at 0.7092.

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USD/JPY Fundamental Analysis April 17, 2017

USD/JPY has been in a non-volatile bearish trend since the bounce off the resistance of 111.60. Today, BOJ Governor Kuroda spoke about further monetary policy and the interest rate which did not go in favor of JPY. On the whole, USD gained strength over JPY today. On the USD front, Empire State Manufacturing Index published with a much lower figure of 5.2 which was expected to be at 15.2. The negative news did helped JPY to gain some ground but without any proper economic reports from Japan with positive figures JPY is unlikely to keep strength in the short term. Tomorrow, the US will present a Building Permits report which is expected to show an increase to 1.25M which previously was at 1.22M. A positive figure in this news can help USD to advance further against JPY in the coming days. As of the current situation, the JPY bearish trend is set to recover after USD regains some strength.

Now let us look at the pair from the technical view. The price has been in an impulsive bearish non-volatile trend since the break below 110.10. Currently, the price is expected to retrace towards the resistance area of 110.10-75. If we see any bullish rejection off the area, we will consider short positions with a downward target towards 105.50 support level. As of the Mean Reversion, the price is way below the dynamic resistance of 20 EMA, so there is a higher chance of price retracing upward before continuing its downward trend towards 105.50.

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EUR/USD Fundamental Analysis April 17, 2017

EUR/USD has shown a good amount of bullish force despite the fact that European banks are closed for a long weekend because of Easter celebration. On the USD side, today we had Empire Estate Manufacturing Index published at a decreased rate of 5.2 which was expected to be at 15.2. The negative USD news did have positive impact on the EUR today and EUR is said to follow a further bullish move in the coming days. Tomorrow we might see some volatility in this pair as US Building Permits report is going to be published along with the Housing Starts report. The Building Permits are expected to increase to 1.25M which previously were at 1.22M and Housing Starts are expected to decrease to 1.25M which previously were at 1.29M. If tomorrow the USD news comes positive, then we will be able to see some bearish moves in this pair. Otherwise, bulls will gain more strength in the coming days.

Now let us look at the pair from the technical view. The price has broken above the resistance at 1.0630 and is currently residing above it. If the price closes above 1.0630 today, we will be looking forward for some retracement towards 1.0630 to retest it as a support and then we will be looking forward to buy with a target towards the next resistance at 1.0720. On the other hand, if the price breaks below 1.0600 at a daily close, then we will change our bias to bearish with a target towards 1.0550.

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Analysis of Silver for April 17, 2017

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Recently, the Silver has been trading upwards. The price tested the level of 18.75. According to the 4H time frame I found that price is trading in the well defined upward channel. The median trend line is critical. The key support is set at the price of 18.48. Watch for potential buying opportunities. The first upward target is set at the price of 18.75.

Resistance levels:

R1: 18.60

R2: 18.62

R3: 18.65

Support levels:

S1: 18.55

S2: 18.53

S3: 18.50

Trading recommendations for today: watch for potential buying opportunities.

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USD/JPY analysis for April 17, 2017

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Recently, the USD/JPY has been trading downawrds. As I expected, the price tested the level of 108.13. Anyway, according to the 1H time frame, I found that there is a hidden bullish divergence on the oscilators and also a divergent bar. The price did break that up fractal, which is another sign of strength. The trend is still downward but I expect upward correction. Upward targets are set at the price of 108.80 and 109.35. The idea will be invalid if the price breaks the level of 108.13.

Resistance levels:

R1: 108.40

R2: 108.48

R3: 108.55

Support levels:

S1: 108.25

S2: 108.18

S3: 108.10

Trading recommendations for today: watch for potential buying opportunities.

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USD/CAD intraday technical levels and trading recommendations for April 17, 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.

Three 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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NZD/USD Intraday technical levels and trading recommendations for April 17, 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, bullish breakout was achieved above the depicted key level (0.6960).

That is why, the recent bearish pullback toward 0.6960 offered significant bullish rejection and a valid BUY entry which is running in profits now.

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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Elliott wave analysis of EUR/NZD for April 17, 2017

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Wave summary:

The break below minor support at 1.5149 has changed the short-term count slightly. This new count sees wave i complete with the test of 1.5486 and the current decline is wave ii towards the 1.4874 - 1.4990 area before completing and pushing higher in wave iii.

Only a break above minor resistance at 1.5347 confirms that wave ii has completed and wave iii higher is unfolding.

R3: 1.5347

R2: 1.5265

S1: 1.5208

Pivot: 1.5200

S1: 1.5145

S2: 1.5055

S3: 1..4990

Trading recommendation:

We are looking for a EUR buying opportunity near 1.4885 or upon a break above 1.5347.

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Trading plan for EUR/USD and GBP/USD for April 17, 2017

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Technical outlook:

Trading in the EUR/USD pair remained subdued after a weekend, but the structure still looks to be intact and favorable for bears. Please note that the pair had earlier dropped from 1.0906 to 1.0570 levels in 5 waves, labelled as wave 1, and subsequently rallied through 1.0680 into 3 waves, labelled as wave 2. Furthermore, the pair looks to have formed waves i and ii of lesser degree that could unfold into wave 3, going forward. If this wave count proves to be true, EUR/USD is likely to drop from its current levels towards 1.0350 and 1.0000. On the other side, the pair can also push through 1.0700 level and complete its corrective rally that begun from 1.0570 level earlier. Immediate resistance is seen at 1.0700, while support lies at 1.0520. Selling within intraday rallies is a safe trading strategy.

Trading plan:

Please remain short and look to sell through 1.0700/70 levels, stop at 1.0950, targeting 1.0350 and lower.

GBP/USD chart setups:

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Technical outlook:

The GBP/USD pair has produced the triangle termination (wave E, not shown here) at 1.2615 levels. After that the pair produced a 5 waves drop at a lower degree to produce wave 1. Furthermore, GBP/USD has produced an expanded flat wave structure labelled as A-B-C (3-3-5 sub waves) above. The termination point of wave C can also be labelled as 2, and if the above-mentioned count holds true, the price will likely stay below 1.2575. On a broader sense, the pair should remain below 1.2615 level. Immediate resistance is at 1.2615, while support is seen at 1.2400. Please note that if the price stays below 1.2615 levels, the pair should be looking to push towards 1.2370 and lower.

Trading plan:

Please remain short from current levels (1.2540/50) with the stop placed at 1.2650, targeting 1.2350 and lower.

Fundamental outlook:

With no major fundamental news to be out today, volatility is likely to be low unless some geopolitical news escalates.

Good luck!

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Elliott wave analysis of EUR/JPY for April 17, 2017

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Wave summary:

The corrective decline from 122.88 looks complete with the test of 114.82, but we need a break above minor resistance at 115.72 and more importantly a small five-wave rally above resistance at 116.55 to confirm that the low is in place for renewed upside pressure to above 122.88 and 124.09.

As long as minor resistance at 115.72 is able to cap the upside, a retest of the low at 114.82 can not be excluded, but the downside should remain limited from here.

R3: 116.55

R2: 115.98

R1: 115.72

Pivot: 115.30

S1: 114.96

S2: 114.82

S3: 114.75

Trading recommendation:

We are long EUR from 115.25 with stop placed at 114.25. If you are not long EUR yet, then buy a break above 115.72 and use the same stop at 114.25.

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Technical analysis of GBP/USD for April 17, 2017

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Overview:

  • The GBP/USD pair faced strong support at the levels of 1.2336 1.2407 and 1.2478. However, the minor resistance is seen at the level of 1.2478, and the pair is likely to try to approach it in order to test it again. If the pair fails to pass through the level of 1.2478, the market will indicate a bullish opportunity above the new support level of 1.2478 which coincides with the ratio of 61.8% Fibonacci. Moreover, the RSI starts signaling an upward trend, but the trend is still showing strength above the moving average 100. The market is indicating a bullish opportunity above 1.2478, so it will be good to buy at 1.2478 with the first target of 1.2578. It will also call for an uptrend in order to continue towards 1.2635 (resistance 2). The weekly strong resistance is seen at the level of 1.2635. The stop loss should always be taken into account. It will be reasonable to set your stop loss at the level of 1.2336.
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Technical analysis of EUR/USD for April 17, 2017

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Overview:

  • The EUR/USD pair opened above the weekly pivot point (1.0619). It continues to move upwards from the level of 1.0619 to the top around 1.0650. Today, the first resistance level is seen at 1.0670 followed by 1.0727, while daily support 1 lies at 1.0562. Furthermore, the moving average (100) starts signaling an upward trend; therefore, the market is indicating a bullish opportunity above 1.0619. So it will be good to buy at 1.0619 with the first target at 1.0670. It will also call for an uptrend in order to continue towards 1.0727. The strong daily support is seen at the level of 1.0562 which represents the double bottom (1.0569) on the H1 chart. According to the previous events, we expect the EUR/USD pair to trade between 1.0569 and 1.0670 in coming hours. The price area of 1.0670 remains a significant resistance zone. Thus, the trend will remain bullish as long as the level of 1.0619 is not broken. On the contrary, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.0562, then a stop loss should be placed at 1.0522
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Analysis of Gold for April 13, 2017

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Analysis of Gold for April 13, 2017

Technical analysis of EUR/USD for Apr 17, 2017

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When the European market opens, today, there is no Economic Data will be released. The US will release the Economic Data, too, such as NAHB Housing Market Index, and Empire State Manufacturing 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: 1.0660.

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.

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Technical analysis of USD/JPY for Apr 17, 2017

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In Asia, Japan will have the BOJ Gov Kuroda Speaks data, and the US will release some Economic Data, such as NAHB Housing Market Index, and Empire State Manufacturing 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: 108.80.

Resistance. 2: 108.59.

Resistance. 1: 108.38.

Support. 1: 108.12.

Support. 2: 107.91.

Support. 3: 107.69.

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 17, 2017

EUR/USD: The EUR/USD consolidated for most of the last week, save the faint and transient rally that was seen on Wednesday (in the context of a downtrend). A breakout to the downside is anticipated this week, which would most probably be in favor of bears. However, this does not rule out possibilities of bullish effort this week.

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USD/CHF: This market consolidated last week – in the context of an uptrend. Price has been able to stay above the support level at 1.0000, and it could go further upwards from here, reaching the resistance levels at 1.0100 and 1.0150 this week. As long as the support level at 1.0000 is not breached to the downside, the bullish bias on the market cannot be overruled. The movement on the USD/CHF would be largely determined by the movement on the EUR/USD.

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GBP/USD: The GBP/USD went upwards last week, testing the distribution territory at 1.2550. There was a faint bearish retracement on Friday, though the market is expected to move further upwards in the next several trading days, reaching the distribution territories at 1.2550, 1.2600 and 1.2650. The outlook on GBP remains bullish for this week (and the bullishness may be detected on other GBP pairs).

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USD/JPY: As it was predicted, this currency trading instrument went south last week, dropping about 280 pips. There is a Bearish Confirmation Pattern in the 4-hour chart – a clean one. And since the outlook on the trading instrument (as well as other JPY pairs), is bearish, further bearish targets would possibly be met around the demand levels at 108.50, 108.00 and 107.50.

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EUR/JPY: The EUR/JPY dropped 270 pips last week – having dropped roughly 730 pips since March 13, 2017. Our targets for last week were exceeded, as price closed below the supply zone at 115.50, aiming at the demand zone at 115.00. The targets for the next several trading days are located at the demand zones at 115.00, 114.50 and 114.00, which might even be exceeded. However, the transitory bullish effort cannot be ruled out.

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Daily analysis of USDX for April 17, 2017

USDX still finds dynamic resistance at the 200 SMA (H1 chart), in an effort to trigger a bearish catalyst that helps to strengthen further pullbacks toward the 100.00 handle. It seems that the index will look for a breakout above April 12nd highs and if that happens, then we can expect a rally to test the 100.97 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 17, 2017

GBP/USD is trying to keep its bullish tone above the 200 SMA amid USD weakness across the board, following last week's Trump commentaries on the greenback. The price action still points to the upside and that's why we're following the 1.2551 and 1.2658 levels as the next targets in this path. However, some pullbacks could take place towards 1.2423, which is below the 200 SMA at H1 chart.

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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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