Trading Plan for EUR/USD and GBP/USD for April 19, 2017

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Technical outlook:

The EURUSD pair has rallied upto fibonacci 0.50% of the entire drop from 1.0906 through 1.0569 levels till now. Please also note that it is also converging with the back side of the support turned resistance trend line as depicted here on the 4H chart view. The wave structure reveals that the initial drop and subsequent rally can be termed as waves 1 and 2 respectively. Kindly note that a rally through 1.0770/80 levels is also possible before the pair turns lower again towards its major trend that is downward. It is just a matter of time that a lower top is carved out in the above instrument and the downtrend resumes. Immediate resistance is seen at 1.0906, while support is at 1.0500 respectively.

Trading plan:

Please remain short for now, stop at 1.0950, targeting 1.0350 and lower levels.

GBP/USD chart setups:

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Technical outlook:

The GBP/USD pair took stops out at 1.2710 levels yesterday and printed fresh highs at 1.2905 levels as seen here. The bearish structure still remains intact with the corrective/consolidation phase looking to be into its last legs. Please note that the pair is seen to be testing fibonacci 0.618 resistance of the entire drop from 1.3400 through 1.1950 levels as presented on the 4H time frame here. Please note that according to the wave structure, either a top has been already formed or it is expected to print another high towards 1.3100 levels before reversing lower again. Selling on rallies still remains a favored trading strategy but please remain flat for now and allow for a potential top before entering again.

Trading plan:

Please remain flat for now, looking to sell again around 1.3000 levels.

Fundamental outlook:

As for GBP/USD, the UK snap elections declared yesterday, proved to be the trigger for a rally but it should be short-lived. No major fundamental news are expected to be released for the rest of the session.

Good luck!

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USD/CAD intraday technical levels and trading recommendations for April 19, 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 a 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 a 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 19, 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 a further advance toward 0.7250-0.7350 (Sell-Zone) where the bearish price action was expected.

Bearish persistence below 0.7250 allowed a further decline toward 0.7100 then 0.6960 which failed to provide enough support for the pair.

That is why a further fall was expected toward 0.6860 (the lower limit of the depicted BUY zone) where a bullish position was suggested in previous articles.

Recently, a 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.

Note the depicted bullish 1-2-3 pattern with projection target around 0.7250 provided that bullish fixation above 0.7080-0.7100 (neckline) is achieved on a daily basis.

On the other hand, the price level of 0.7100 remains a significant key level to prevent further bullish advance towards 0.7250.

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GBP/USD analysis for April 19, 2017

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Recently, the GBP/USD has been trading upwards after the price minister May speech. Anyway, according to the 30M time frame, I found that weakness has appeared. There is a bullish bar with close on the middle, which is sign that there is a weakness. Also, there is hidden bearish divergence on the oscilator, which is another sign of weakness. Be very careful when buying GBP/USD and watch for potential selling opportunities.

Resistance levels:

R1: 1.2850

R2: 1.2875

R3: 1.2900

Support levels:

S1: 1.2810

S2: 1.2790

S3: 1.2765

Trading recommendations for today: watch for potential selling opportunities.

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USD/JPY analysis for April 19, 2017

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Recently, the USD/JPY has been trading sideways at the price of 108.93. According to the 1H time frame, I found hidden bullish divergence in the background on the oscillators. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 109.38 and 109.85.

Resistance levels:

R1: 109.08

R2: 109.23

R3: 109.50

Support levels:

S1: 108.65

S2: 108.40

S3: 108.25

Trading recommendations for today: watch for potential buying opportunities.

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Technical analysis of NZD/USD for April 19, 2017

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Overview:

  • The NZD/USD pair fell from the level of 0.7075 towards 0.7004.
  • The trend is still set below the 0.7075 level. The resistance of the NZD/USD pair is seen at the levels of 0.7075 and 0.7132.
  • The first resistance and second one are seen at the levels of 0.7075 and 0.7132 respectively. The NZD/USD pair is still moving in a downtrend channel for a while. The price spot of 0.7075 remains a significant resistance area.
  • 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 the spot of 0.7075 - 0.7004, sell below 0.7075 - 0.7004 with the first target at 0.6969.
  • 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 set above the level of 0.7132.
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Technical analysis of USD/CHF for April 19, 2017

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Overview:

  • The USD/CHF pair dropped from the level of 1.0033 towards 0.9969. On the H4 chart, the resistance is seen at the levels of 0.9991 and 1.0033. Volatility is very high for that the USD/CHF pair is still expected to be moving between 0.9991 and 0.9949 in coming minutes. In the short term, we expect the USD/CHF pair to continue trading in a bearish trend from the new support level of 0.9949 to form a bearish channel. Additionally, the major resistance is seen at 1.0033, while immediate resistance is found at 0.9969. According to the previous events, the pair is likely to move from 1.0033 towards 0.9991 and 0.9949 as targets. On the other hand, if the pair fails to pass through the level of 0.9949, the market will indicate a bearish opportunity below the level of 0.9896. So, the market will decline further to 0.9896. The stop loss is to be placed above the level of 1.0033.
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Technical analysis of USD/JPY for April 19, 2017

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USD/JPY is expected to continue the dowside movement. The pair has recorded a succession of lower tops and lower bottoms since Apr 18, which confirmed a bearish outlook. The declining 20-period and 50-period moving averages are playing resistance roles and maintain the downside bias. The relative strength index is below its neutrality level at 50 and lacks upward momentum.

As long as 109.20 holds on the upside, look for a further drop towards 108.50 and even 108.20 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 108.20. The pivot point stands at 109.20. If the price moves in the opposite direction and bounces back from the support level, it will go 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 108.50 and the second one at 108.20.

Resistance levels: 109.50, 109.85, and 110.15

Support levels: 108.50, 108.20, and 108.00

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Technical analysis of USD/CHF for April 19, 2017

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USD/CHF is under pressure. The pair recorded lower tops and lower bottoms since April 17, which confirmed a negative outlook. The descending 20-period and 50-period moving averages suggest that the pair has potential for a further downside. The relative strength index has broken down its oversold level of 30.

Regarding economic data front, housing starts in the U.S. declined 6.8% on month to an annual rate of 1.22 million units in March, compared to 1.25 million units expected. U.S. industrial production grew 0.5% on month in March (as expected).

Hence, as long as 1.0005 is not surpassed, look for another drop to 0.9945 and even to 0.9905 in extension.

Resistance levels: 1.0025, 1.0050, and 1.0085

Support levels: 0.9945, 0.9905, and 0.9860

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Technical analysis of NZD/USD for April 19, 2017

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NZD/USD is expected to advance further. 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 supported by a bullish trend line since April 17.

Therefore, as long as 0.6985 is not broken, look for a further rise to 0.7060 and even to 0.7090 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 0.7060 and the second one at 0.7090. In the alternative scenario, short positions are recommended with the first target at 0.6960, 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 0.6940. The pivot point is at 0.6985.

Resistance levels: 0.7060, 0.7090, and 0.7135

Support levels: 0.6960, 0.6940, and 0.6910

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Technical analysis of GBP/JPY for April 19, 2017

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GBP/JPY is expected to continue its upside movement. The pair is staying above both 20-period and 50-period moving average, and is expected to continue its technical rebound. Meanwhile the 20-period moving average is holding above the 50-period one, and the relative strength index is above its neutrality area at 50, lacking downward momentum. The intraday bias remains positive. As long as 138.35 is not broken down, a further bounce is preferred with 140.00 and 140.60 as targets.

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 140.00 and the second one at 140.60. In the alternative scenario, short positions are recommended with the first target at 137.80 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 137.30. The pivot point is at 138.35.

Resistance levels: 140.00, 140.60, and 141.35

Support levels: 137.80,137.30, and 136.45

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Global macro overview for 19/04/2017

Global macro overview for 19/04/2017:

The recent interview with US Treasury Secretary Steve Mnuchin published in the Financial Times provided some favorable tone for the US Dollar. Conclusions from Mnuchin's interview shows a different point of view on the Dollar after Trump in an interview to the Wall Street Journal last week made it clear that "the Dollar is too strong". Mnuchin questioned whether Trump administration's strategy was to weaken the US Dollar, stated that President Trump merely made a "real impact assessment" of the Dollar's strength in the short term and "absolutely did not intend to verbally weaken the Dollar". Moreover, on the issue of the eventual intervention, he said that "there is a big difference between talking about it and acting". In conclusion, these comments aimed to cheer up the recent negative sentiment among global investors towards the US Dollar, so traders need to wait in order to see the results in financial markets.

Let's now take a look at the US Dollar index technical picture on the H4 timeframe. The market is trading in oversold conditions around the support at the level of 99.53, below all of the moving averages. There is no real sign of any rally towards the next technical resistance at the level of 100.00 as the market is waiting for the fundamental trigger. The most important support is the zone between the levels of 99.21 - 98.85.

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Global macro overview for 19/04/2017

Global macro overview for 19/04/2017:

Instead of early parliamentary elections in Italy, there will be general elections in the UK. Theresa May uses a favorable moment to remodel the parliament and have greater comfort in governance. Currently, 55% of the Brits positively perceive the Brexit, the Conservative Party has a gigantic, reaching over 20% points predominance over the Labor Party in the pools. The economy is still in good shape, which in a broader perspective will be difficult to maintain.

Let's now take a look at the EUR/GBP technical picture at the daily time frame. The outcome of the surprising decision of Prime Minister May is a giant strengthening of the pound - investors massively overlap long positions. The EUR/GBP exchange rate has moved below the 200 and 100 -session moving average. The price is now trading just above the critical support zone around the level of 0.8304 in oversold market conditions. The lower line of the parallel golden channel had provided some dynamic support for the price, but in the longer term, the bias is still to the downside.

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Trading plan for 19/04/2017

Trading plan for 19/04/2017:

The US debt yields have reached the lowest level since the start of Trump's presidency. It can not be surprising that the US Dollar is still weak, although today it rebounded slightly against the other G-10 currencies. EUR/USD at 1.0720 supports investors' peace of mind about the outcome of the French presidential election. USD/JPY remains below 109.00. The weakest of the main currencies is again the Australian Dollar. On Wall Street a modest discount, but there is over 1% decrease on Shanghai Composite. Prices of WTI oil barrel are sliding towards $52 and Gold ounce is priced at $1,285.

On Wednesday 19th of April, the event calendar is very light in important economic data. Nevertheless, global investors will keep an eye on Consumer Price Index and Trade Balance data from the Eurozone and Crude Oil Inventories and Beige Book data from the US.

EUR/USD analysis for 19/04/2017:

The inflation and Trade Balance data are scheduled for release at 09:00 am GMT and market participants do not expect any major changes in inflationary pressures. The CPI index is likely to remain unchanged at the level of 1.5% on yearly basis and the Trade Balance data are expected to expand from 15.7bln to 18.6bln.

Let's now take a look at the EUR/USD technical picture on the H4 timeframe. The bulls have managed to breakout above the important resistance at the level of 1.0705 but were capped at the 50%Fibonacci retracement at the level of 1.0737. If this level is violated, then the next resistance will be seen at the level of 61%Fibo at 1.0776. Market conditions are neutral and there is no sign of any bearish divergence. Momentum indicators point to more gains.

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Market snapshot: GBP/USD skyrockets higher after Theresa May announced a snap election in June

The GBP/USD pair and the related crosses rallied all day yesterday after Prime Minister Theresa May announced a snap election in June 2017. The high was made at the level of 1.2905 and currently, the market is consolidating the gains. The critical resistance zone was obviously broken and now will act as an important technical support for the price. The next target for bulls is the psychological round number of 1.3. The next support is seen at the level of 1.2772.

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Market snapshot: AUD/USD is searching for the bottom

After the Reserve Bank of Australia interest rate decision and Meeting Minutes release, this pair is still in a sell-off mode. The breakout from the golden channel turned out to be false and now the price is trading around the technical support at the level of 0.7514. The momentum indicator remains negative and there is no sign of any bullish divergence yet. More downside is expected on this market.

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Ichimoku indicator analysis of USDX for April 19, 2017

The US dollar index remains weak after breaking below the 61.8% Fibonacci retracement support at 99.70. The trend is bearish and I expect to see a bounce from lower levels around 99. I expect the dollar index to test the important support at 99-98.80.

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Red line - resistance

Blue lines - bearish channel

Yellow lines - price projection

The trend is bearish in the short term as the price is trading below both tenkan- and kijun-sen indicators. Oscillators are giving us a warning for a possible bounce but there are not enough divergence signals to convince me that the bounce will come today. I would be more patient and wait for a move lower towards 99. Why 99?

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Blue line - resistance

Black line - support

Green line - long-term trend line support

The weekly candle has broken below the kijun-sen support and is heading towards the black and green support trend lines. 99 is where the support on the weekly chart is found, and I believe that if a bounce is coming, it will come from that price level back towards the blue trend line at least.

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Ichimoku indicator analysis of gold for April 19, 2017

Gold price has stopped rising from $1,230 at $1,290-95 area where the long-term resistance is found. A pullback is justified towards $1,270 at least but this will happen only if we break below $1,280.

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Blue line - trend line support

Gold price is trading above the Kumo cloud and is making higher highs and higher lows. Price is testing kijun-sen (yellow line indicator) support at $1,283. A daily close below $1,280 will open the way for a push towards $1,260-70. Resistance is at $1,293.

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A bullish trend can be clearly seen on a daily time frame, but the overbought signs make me worry of a possible pullback towards even the $1,220 level. This is where daily support by the cloud is found. Kijun-sen daily support indicator is at $1,245 which is also an important support level. Overall, I remain longer-term bullish but would only buy or add after a pullback.The material has been provided by InstaForex Company - www.instaforex.com

AUD/USD Fundamental Analysis April 19, 2017

AUD/USD is currently hovering inside the support area of 0.7480-0.7550 amid bearish pressure this week. USD has managed to gain some strength against AUD this week. USD is expected to sustain the strength throughout the week. Today, Australia's MI Leading Index was published which showed a positive figure at 0.1% which previously was at -0.1%. New Motor Vehicle Sales report was also released with a positive figure at 1.9% which previously was at -2.7%. Overall, Australia presented several positive economic reports today but could not provide AUD with solid support. On the USD side, Crude Oil Inventories report will be posted today which is expected to be at -1.0M which previously was at -2.2M. Positive reports from the US today can lead to a further down move in this pair.

Now let us look at the pair from the technical view. The price is currently below the resistance of 0.7550. If the price remains below the level, the price is likely to move down towards 0.7480 in the coming days. Dynamic resistance of 20 EMA is also currently acting as a resistance and showing a downward slope to signal a further bearish move in this pair. On the other hand, if the price closes above the resistance level of 0.7550 with a daily close, then we will be consider buying opportunities on this pair with an upward target towards 0.7750.

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Technical analysis of USD/CAD for April 18, 2017

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Technical analysis of USD/CAD for April 18, 2017

Fundamental analysis of NZD/USD for April 19, 2017

NZD/USD has been in a non-volatile bullish trend until the rejection today off the level of 0.7050. Yesterday, the GDT Price Index was published in New Zealand with a positive reading of 3.1% which previously was at 1.6%. After the GDT Price index had been revealed, NZD showed a good amount of bullish move towards the resistance at 0.7050. On the USD side, today we have Crude Oil Inventories report to be published which is expected to be at -1.0M versus the previous level -2.2M. If the USD report comes better than expected, then we might see USD gaining more strength over NZD in the coming days. Tomorrow, the CPI report will be released in New Zealand. The inflation rate is expected to rise to 0.8% which previously was at 0.4%. If these expectations are met, the volatility in this pair will increase tomorrow.

Now let us have a look at the technical picture. The price is currently rejecting the resistance at 0.7050. If the price remains bearish with a daily close today, then we will be looking forward to further bearish move in the coming days with a target towards 0.6900. On the other hand, if the price breaks above 0.7050 with a daily close, then we will be bullish with a target towards 0.7130 and 0.7250 in the coming days.

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EUR/JPY Fundamental Analysis April 19, 2017

EUR/JPY is currently climbing in a corrective structure towards 118.20 after a bounce off 114.70 area. Today, among the economic data from the eurozone is Italian Trade Balance report which is forecasted to be at 2.24B which previously was at -0.57B. Final CPI in the eurozone is expected is to be unchanged at 1.5%. Besides, Final Core CPI is expected to be unchanged at 0.7%. The eurozone's trade balance report is also going to be released with an expectation of a 18.6B proficit which previously was at 15.7B. On the other hand, Japan does not present any economic data today to compete with EUR. If the eurozone's economic reports come out better than expected, then we can see the pair climb to be more powerful.

Now let us look at the pair from the technical view. The price is currently way lower than the dynamic level of 20 EMA. After 2 days of bullish pressure in this pair, a break above 116.20 is an indication of a further bullish move. Currently, the pair is riding a bullish bias with a target towards 118.20. If the price closes below 116.20, then only the bullish bias will be changed to bearish and the pair will target a lower support at 114.70.

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Elliott wave analysis of EUR/NZD for April 19, 2017

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Wave summary:

We are looking for confirmation that the correction in wave ii has completed. As long as the resistance line near 1.5305 and more importantly as long as resistance at 1.5347 is able to cap the upside, we could still see a move closer to 1.4990 before wave ii completes and a new impulsive rally in wave iii takes over for a strong rally above 1.5486 towards 1.5764 as the next upside target.

R3: 1.5347

R2: 1.5265

R1: 1.5255

Pivot: 1.5225

S1: 1.5169

S2: 1.5122

S3: 1.5055

Trading recommendation:

We will buy EUR at 1.5005 or upon a break above 1.5347

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Elliott wave analysis of EUR/JPY for April 19, 2017

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Wave summary:

EUR/JPY has now spiked to resistance at 116.55 indicating that a low is in place at 114.82 and a new rally to above 124.09 should be expected. Short term, we should expect a minor set-back towards 115.70 before the next impulsive rally higher towards 118.25. Above here, it will confirm the low has been seen and confirm a rally back to 122.88 and 124.09 on the way higher.

R3: 117.47

R2: 116.85

R1: 116.61

Pivot: 116.40

S1: 116.24

S2: 115.94

S3: 115.72

Trading recommendation:

We are long EUR from 115.25 with stop placed at 114.75. If you are not long EUR yet, then buy near 115.72 and use the same stop at 114.75.

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Daily analysis of major pairs for April 19, 2017

EUR/USD: The EUR/USD pair has already generated a "buy" signal, owing to the bullish effort that was witnessed yesterday. The EMA 11 is above the EMA 56, and the Williams' % Range period 20 is in the overbought region. Price would go further upwards, reaching the resistance line at 1.0750, although the ultimate target is at the resistance line at 1.0800.

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USD/CHF: Since USD/CHF has its movement pegged to EUR/USD in the opposite way, price of USD/CHF normally went south once EUR/USD rallied. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is in the oversold region. Price has dropped at least, 90 pips this week. It is below the resistance level at 1.0000 and going towards the support level at 0.9950. Needless to say, a movement below the resistance level at 1.0000 shows that the recent bullish bias is over.

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GBP/USD: The GBP/USD pair moved upwards by 350 yesterday, testing the distribution territory at 1.2900. The significant movement has already confirmed the extant bullish outlook on the market, and the target for this week has already been surpassed. Price would go on to target another distribution territory at 1.3000 before the end of this week.

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USD/JPY: This pair came down a bit on Tuesday. There is a huge Bearish Confirmation Pattern on the 4-hour chart. Since the outlook on JPY pairs is bearish, the USD/JPY pair also could be seen going further and further southwards, reaching the demand levels at 108.00 and 107.50.

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EUR/JPY: This cross rallied by more than 160 pips on Tuesday. This could be taken as a rally in the context of a downtrend, which cannot be rendered invalid until the supply level at 117.00 is breached to the upside. The demand zones at 116.50, 116.00, and 115.50, may be tested again as price goes south again.

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Daily analysis of USDX for April 19, 2017

USDX was heavily sold during Tuesday's session, as the risk aversion continues to dominate the markets across the board. Currently, the index is consolidating its price action below the 100.00 handle and it's headed to test the support zone of 99.48. If a breakout happens below that area, we can expect a decline to test the 99.17 level.

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H1 chart's resistance levels: 99.97 / 100.54

H1 chart's support levels: 99.48 / 99.17

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 99.48, take profit is at 99.17 and stop loss is at 99.79.

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Daily analysis of GBP/USD for April 19, 2017

GBP/USD gained strong bullish momentum on Tuesday following UK PM Theresa May's announcement of a snap election for June 8th. In a technical view, the pair managed to consolidate above the 1.2700 handle. During the American session, we saw another bullish wave to reach six months highs above 1.2800. The next resistance lies at 1.2875, where a breakout should expose the 1.3029 level.

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H1 chart's resistance levels: 1.2875 / 1.3029

H1 chart's support levels: 1.2728 / 1.2652

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 1.2875, take profit is at 1.3029 and stop loss is at 1.2723.

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GBP/USD Fundamental Analysis April 18, 2017

GBP/USD has showed a good amount bullish pressure today after UK Prime Minister May spoke about a snap election in June, a future trade deal with the EU and possible positive impact on the GBP. Today, first-tier news like Building Permits did not have any positive impact on USD though the news was a bit better than expected at 1.26M which was expected to be at 1.25M. Housing Starts report was decreased to 1.22M which was expected to be at 1.25M. US Capacity Utilization Rate was also showed a lower percentage of 76.1% which was expected to be at 76.3%. US Industrial Production came in as expected at 0.5%. Overall, USD did not have any positive news to dominate GBP after the prime the minister's speech. Amid the Brexit procedure, GBP has showed a notable bullish move to break above the range resistance of 1.2800. Currently, GBP has established the bullish foundation in the market and GBP dynamic is expected to remain bullish in the short term.

Now let us look at the GBP/USD pair from the technical view. The price has just broken above the corrective structure resistance of 1.2800. If we see a daily close above this level, then we will be looking forward for a retest of the 1.2800 level as support before planning short positions with a target towards 1.3370. On the other hand, if the price closes below the support of 1.2800 with a daily close, then we will consider selling towards 1.2550 as our recent target.

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

Daily Video Technical Analysis | EUR/USD | 18th 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 RSI to determine the best entry, stop loss and profit targets.

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EUR/USD approaching profit target, remain bullish

Price has started to bounce really nicely and is approaching our profit target. We remain bullish above 1.0600 support (Fibonacci retracement, horizontal swing low support, ascending support) for a further push up to 1.0704 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance).

Stochastic (55,5,3) still has good upside potential for its corresponding rise.

Buy above 1.0600. Stop loss at 1.0562. Take profit at 1.0704.

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USD/CHF remain 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 on pullback resistance where we expect another bearish reaction to occur.

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

analytics58f6317a7a4b8.pngThe material has been provided by InstaForex Company - www.instaforex.com