NZD/USD bouncing above our buying level perfectly, remain bullish

Price has dropped to our buying level as expected and started to bounce up again. We remain bullish looking to buy on dips above 0.6985 support (Fibonacci retracement, horizontal overlap support) for a further push up to 0.7092 resistance (Fibonacci extension, Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is seeing strong support above the 3.9% level where we expect a further bounce from.

Buy above 0.6985. Stop loss at 0.6934. Take profit at 0.7092.

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AUD/JPY testing support, remain bullish

Price is now testing major support at 81.79 (Fibonacci extension, horizontal support, bullish divergence) and we expect to see a bounce above this level to at least 82.89 (Fibonacci retracement, horizontal overlap resistance). Stop loss is at 81.30 because it is a Fibonacci extension level based on Elliott Wave theory.

Stochastic (34,5,3) is seeing strong support above the 3.8% level and also displays bullish divergence vs price signalling that a bullish bounce is impending.

Buy above 81.79. Stop loss at 82.89. Take profit at 81.30.

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EUR/GBP Fundamental Analysis April 20, 2017

EUR/GBP bearish impulsive movement came to a pause after reaching the support of 0.8330. Since yesterday, EUR has somehow managed to protect the support of 0.8330 with some bullish pressure. Today, mixed economic reports were released in the eurozone. German PPI was decreased to 0.0% which was expected to be at 0.2%, EUR Consumer Confidence was a bit positive at -4 which was expected to be unchanged at -5, and Spanish 10-y Bond Auction did not show much change and came in at 1.68|1.5 which previously was at 1.61|1.6. On the GBP side, today we have Bank of England Governor Carney's speech on further short-term interest rates and monetary policy of the UK. During the speeches, the market is expected to be very volatile and any positive statement in favor of GBP may lead to a downward movement in this pair.

Now let us look at the EUR/GBP pair from the technical viwe. The price has broken below the 200 EMA support with an impulsive bearish move and now is above a strong support level of 0.8330. Currently, the price is hovering between 0.8330-0.8420 support area. If the price breaks above 0.8420 with daily close, then we will consider going short with a target towards 0.8760. On the other hand, if the price breaks below the lower support of 0.8330 with a daily close, then we will assume a lower target towards 0.80. Amid BOE Governor Carney speech, the market is expected to be quite volatile and a daily close is very much needed to predict a further direction of the pair.

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Trading Plan for EUR/USD and GBPUSD for April 20, 2017

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Technical outlook:

Finally, the EUR/USD pair has touched 1.0777 levels, which is fibonacci 0.618 resistance of the entire drop between 1.0906 through 1.0569 levels respectively. Please note that prices reversed sharply and an interim low at 1.0742 has been made until now. Any intraday rallies from here should remain well capped below 1.0777 levels going forward. Furthermore, the wave structure suggests that waves (1) and (2) should be now properly in place and that bears should resume control from here. If we go by the fibonacci extensions displayed here, minimum targets are seen towards 1.0350 levels and lower further. Please also note that the backside of a trend line is also seen to be converging at fibonacci levels, which should be looked upon as bearish development. Immediate resistance is seen at 1.0906 and support is seen at 1.0700 respectively.

Trading plan:

Please remain short for now, risk at 1.0906 and target lower.

GBPUSD chart setups:

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Technical outlook:

After GBP/USD broke into a terminal thrust rally on April 18, 2017, the pair has moved into 4 waves (not labelled here). The projected wave 5 should be above 1.2905 levels ideally before the pair reverses again lower. As per the wave counts depicted on the daily chart view, an A-B-C corrective rally is in the making and is very close to terminating at C. Please note that fibonacci 0.618 is seen to be converging as well putting more weight on the bearish side. A preferred and safe trading strategy would be to sell on rallies through 1.2900-1.3000 levels. Immediate resistance is seen at 1.3100 levels, while support is seen at 1.2515 levels respectively.

Trading plan:

Please look to sell on reversal above 1.2905, risk above 1.3100 levels, targeting lower.

Fundamental outlook:

The two major events lined up are BOE's Carney speeches at IIF in Washington at 11:30 AM EST and at Bank of France Event in Washington at 12:30 am est. These events will determine a further dynamic of GBP/USD.

Good luck!

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USD/CAD intraday technical levels and trading recommendations for April 20, 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 20, 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 a further bullish advance towards 0.7250.

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Analysis of USD/JPY for April 20, 2017

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Recently, the USD/JPY has been trading sideways at the price of 109.08. On the 1H time frame I found hidden bullish divergence on the oscilators and broken supply trendline in the background, which is a sign that selling looks risky. My advice is to watch for potetnial buying opportunities. The upward targets are set at the levels of 109.40 and 109.85.

Resistance levels:

R1: 109.25

R2: 109.65

R3: 110.10

Support levels:

S1: 108.40

S2 :107.95

S3: 107.60

Trading recommendations for today: watch for potential buying opportunities.

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EUR/USD analysis for April 20, 2017

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Recently, the EUR/USD has been trading upwards. The price tested the level of 1.0777. According to the `H time frame, I found a divergent bar and hidden bearish divergence on the oscilators, which is a sign that buyng look risky. I expect a downward corection at least. Downward targets are set at the prices of 1.0700 and 1.0640.

Resistance levels:

R1: 1.0735

R2: 1.0740

R3: 1.0750

Support levels:

S1: 1.0715

S2: 1.0705

S3: 1.0700

Trading recommendations for today: watch for potential selling opportunities.

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Global macro overview for 20/04/2017

Global macro overview for 20/04/2017:

The New Zealand's official inflation rate accelerated faster than expected in the first quarter of 2017. The consumer price index for the first quarter was released overnight at the level of 1.0%, while the forecast was 0.8% (quarter-to-quarter basis). After the news, NZD/USD gained over 0.5% towards the local swing highs at the level of 0.7050. In conclusion, despite the rapid rise in consumer prices (from 0.4% q/q), there are no strong reasons for the Reserve Bank of New Zealand to think of rate hikes sooner than in a year. This is due to the fact that fuel and food prices have been quite volatile amid increased price pressures (food prices rose 2.2% during the quarter, alcoholic beverages and tobacco prices climbed 4%). Moreover, the faster than expected growth was contributed to the fact that the excise tax was increased.

Let's now take a look at the NZD/USD technical picture on the H4 timeframe. After reaching the level of 0.0750, the price reversed and currently is heading lower towards the next technical support at 0.6940. The biggest supply zone is between the levels of 0.7058 - 0.7089 and only a sustained break above this zone would change the current bearish bias to bullish. Otherwise, the price is expected to consolidate and the head lower.

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Global macro overview for 20/04/2017

Global macro overview for 20/04/2017:

The prices of crude oil fell down yesterday after a bigger than expected drawdown in US oil inventories. Market participants expected a decrease of -1,000k barrels in stockpiles, while according to Energy Information Administration (EIA) data, the shortage was reported at the level of -1,034k barrels, following a draw of 2,170k barrels last week. Just before the data release, OPEC announced that it would meet with non-OPEC countries at its next conference on May 25 to discuss further oil production cuts.

Let's now take a look at the crude oil technical picture at the H4 timeframe. After the drop from the level of $52.58, the oil price has slowed down near the $50 level. This indicates a possible upward correction, reaching $51.46 (38.2% Fibonacci retracement and 100-moving moving average). The base scenario remains the continuation of the sell-off. A fall towards the level of $50 will open the road towards the level of $49.60 (61.8% Fibo) and then to the 2016 and 2017 trend line lows around the $48.50 area.

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Trading plan for 20/04/2017

Trading plan for 20/04/2017:

The EUR/USD pair has broken out above the 1.0720 resistance and the USD/JPY exchange rate is close to 109.00. The biggest movement in the Asian session is NZD/USD, which rises after higher-than-expected inflation reading for Q1. After yesterday's decline, today's WTI oil barrel rate is barely rebounding and is over $50.50. The Gold ounce is priced at nearly $1,280. All major Asian indexes are growing moderately, but the scale of their increases does not exceed 0.5 percent.

On Thursday 20th of April, the event calendar is busy during the US trading session, so global investors will keep an eye on Philly Fed Manufacturing Index and Unemployment Claims data from the US, the speech from FOMC Member Jerome Powell and Treasury Secretary Steven Mnuchin. Moreover, there is a scheduled speech from BOE Governor Mark Carney from Canada worth to keep an eye on as well.

US Dollar Index analysis for 20/04/2017:

The Philly Fed Manufacturing Index and Unemployment Claims data are both scheduled for release at 12:30 pm GMT. The Philly Fed Manufacturing Index is expected to deteriorate from 32.8 points to 25.6 points, so any number bigger than 33 points will be a huge surprise, pushing the US Dollar up. The situation on the US job market is still good, so the Unemployment Claims are expected to increase just slightly from 234k to 241k. Any figure lower than 230k will be again bullish for the US Dollar and might cause the US Dollar to rally.

Let's now take a look at the US Dollar technical picture at the Daily time frame. The price is very close to the long-term golden trend line support and the technical support at the levels of 99.23 and 98.85. Moreover, there is 200 daily moving average around this levels as well, which overall means, the price might reverse from this level and head up towards the next technical resistance at the level of 101.33.

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Market snapshot; EUR/USD rally above the technical resistance

The bulls have managed to breakout above the technical resistance at the level of 1.0720 in an impulsive fashion. The price was capped at 61%Fibo at the level of 1.0776 and now it is slowly consolidating the gains. In a case of worse than expected data from the US, the price might rally towards the next technical resistance at the level of 1.0798.

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Market snapshot: GBP/USD is ready to breakout higher

The price of GBP/USD bounced from the technical support at the level of 1.2772 and now is waiting for Governor Mark Carney speech at 03:30 pm GMT. Any hawkish comments regarding BoE monetary policy or positive comments regarding the future Brexit deals will trigger another rally.

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GBP/USD analysis for April 19, 2017

Forex analysis review
GBP/USD analysis for April 19, 2017

Daily analysis of major pairs for April 20, 2017

EUR/USD: There is already a "buy" signal on this market. Price went upwards this week, and it is now above the support line at 1.0700. The next targets for bulls are located at the resistance lines at 1.0750, 1.0800, and 1.0850.

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USD/CHF: The USD/CHF pair has dropped southwards this week. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is not far from the oversold region. Price is currently consolidating, but it would drop further. It is below the resistance level at 1.0000 and going towards the support level at 0.9950.

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GBP/USD: Following the massive rally that was seen this week, the Cable has been caught in a shallow retracement. The retracement is bearish, and it would turn out to be an opportunity to buy long at better prices in a context of a huge uptrend. Some fundamental figures are expected today and they may have impact on the market.

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USD/JPY: In the short term, the USD/JPY pair is quite choppy. There is a huge Bearish Confirmation Pattern on the 4-hour chart. Since the outlook on JPY pairs is bearish, USD/JPY also could be seen going further and further southwards, reaching the demand levels at 108.50, 108.00, and 107.50.

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EUR/JPY: The EUR/JPY pair has continued the upwards correction it started at the beginning of this week. Once price moves above the supply level at 117.50, the bias would turn bullish. Failure to breach that supply level to the upside would result in further emphasis on the ongoing dominant bearish outlook.

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Technical analysis of USD/JPY for April 20, 2017

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USD/JPY is expected to trade with a bullish bias above 108.45. The pair is trading above its rising 50-period moving average, which plays a support role and maintains the upside bias. The relative strength index is above its neutrality level at 50. A support base at 108.45 has formed and has allowed for a temporary stabilization.

To conclude, as long as 108.65 is support, expect a further upside to 109.20. A break above this level would trigger another rise to 109.50.

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 109.20 and the second one at 109.50. In the alternative scenario, short positions are recommended with the first target at 108.20 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 107.95. The pivot point is at 108.45.

Resistance levels: 109.20, 109.50, and 110.00

Support levels: 108.20, 107.95, and 107.50

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Technical analysis of USD/CHF for April 20, 2017

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USD/CHF is under pressure as the key resistance is at 1.0005. Although the pair posted a rebound, it is still trading below its key resistance at 1.0005 (the low of April 17), which should limited the upside potential. Even though a continuation of technical rebound cannot be ruled out, its extent should be limited.

As demand for haven assets cooled down, U.S. government bonds retreated following the biggest one-day price rally in more than a month on Tuesday. The benchmark 10-year U.S. Treasury yield rose to 2.202% from 2.177%. The U.S. dollar rebounded against the euro, Japanese yen and British pound, sending the ICE U.S. Dollar Index up 0.3% to 99.80 and saving it from losing its 200-day moving average (at 99.42).

Hence, as long as 0.9995 holds on the upside, look for a further decline 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 20, 2017

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NZD/USD is expected to trade with bullish bias as the pair is hovering above the support at 0.7010. The pair broke above the 20-period and 50-moving averages with strong upward momentum. In addition, the 20-period moving average is turning up. The relative strength index calls for a new upleg.

Therefore, as long as the support holds at 0.7010, 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 0.6995 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 0.6980. The pivot point is at 0.7010.

Resistance levels: 0.7060, 0.7090, and 0.7135

Support levels: 0.6995, 0.6980, and 0.6960

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Ichimoku indicator analysis of USDX for April 20, 2017

The US dollar index has not bottomed yet. The trend remains bearish. I expect the index to decline further as we are about to test very important long-term support levels. At 98.80-99 price level many things about the medium- and longer-term trend will clear up, and we will have a better picture of the most probable scenario.

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Red line - resistance

Blue lines - bearish channel

The dollar index is making lower lows and lower highs. The price is below the 4-hour Kumo cloud and the kijun-sen (yellow line indicator) while trading around the tenkan-sen. The short-term resistance is at 99.95 while the support lies at 99.40. I expect the dollar index to make a new low towards 99.

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Red line - resistance

Black line - support

Green line - long-term support trend line

The dollar index is approaching the important junction where the long-term trend line is converging with the black trend line support. The price is still above the weekly Kumo cloud support, maintaining the bullish trend. However, a weekly close below the kijun-sen and a break below the green trend line will increase the chances of a bigger bearish reversal and trend change.

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Technical analysis of GBP/JPY for April 20, 2017

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GBP/JPY is expected to trade in a higher range as the bias remains bullish. The pair is currently testing the support of its 50-period moving average, while the 20-period moving average is staying above the 50-period one. And the relative strength index is around its neutrality area at 50, showing a lack of momentum. The intraday bias remains positive.

As long as 138.85 is not broken down, a further bounce is preferred with 140.15 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 140.15 and the second one at 140.60. In the alternative scenario, short positions are recommended with the first target at 138.35 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 137.80. The pivot point is at 138.85.

Resistance levels: 140.15, 140.60, and 141.35

Support levels: 138.35,137.80, and 137.30

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Ichimoku indicator analysis of gold for April 20, 2017

Gold price made a sharp move lower yesterday below $1,280 and almost reached our first target of $1,270. The inability to break above $1,293 pushed prices lower as we expected. Gold could continue even lower towards $1,250-60 but my overall longer-term view remains unchanged and bullish.

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Gold price decline stopped at the 38% Fibonacci retracement. Price is above the 4-hour cloud but below both the tenkan- and kijun-sen indicators. Resistance by these two indicators is at $1,283-85. So the first resistance bulls need to break is at $1,283-85. Next and most important one is at $1,293. Short-term support is found at $1,275-70 where the Kumo is found.

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On a daily basis Gold should make a pullback towards at least the kijun-sen (yellow line indicator) at $1,245. A break and daily close below the tenkan-sen (red line indicator) at $1,270 will increase the chances of this happening. This is not the time to adding to longs. A pullback towards $1,245 will be the best opportunity.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for April 20, 2017

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Wave summary:

The falling channel from 1.5486 is still defining the price action here. As long as the resistance line near 1.5317 is holding firm, we still could see more downside pressure towards 1.4990 to complete wave ii. Otherwise a direct break above 1.5317 will indicate that wave ii is already completed with the test of 1.5085, while a break above 1.5347 will confirm this to be the case for the next impulsive rally higher towards 1.5837 and above.

R3: 1.5347

R2: 1.5317

R1: 1.5250

Pivot: 1.5225

S1: 1.5170

S2: 1.5120

S3: 1.5096

Trading recommendation:

We will buy EUR at 1.5005 if possible, otherwise we will buy a break above 1.5347.

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Elliott wave analysis of EUR/JPY for April 20, 2017

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Wave summary:

EUR/JPY has already broken above short-term important resistance at 116.55 and also the resistance line from 122.88 confirming that an important low was seen with the test of 114.82 and a new strong rally to above 122.88 and 124.09 should be expected in the coming weeks/months.

Short term, a break below minor support seen at 116.45 will indicate a deeper correction towards the 115.65 - 115.90 area before strongly higher again. If, however minor support at 116.45 is able to protect the downside, we could see a direct rally higher to 117.99 and possibly even closer to 119.91 before a more substantial correction should be expected.

R3: 117.52

R2: 117.13

R1: 116.98

Pivot: 116.75

S1: 116.65

S2: 116.46

S3: 116.20

Trading recommendation:

We are long EUR from 115.25 with stop placed at 114.75. If you are not long EUR yet, the buy near 116.00 if possible and use the same stop. Otherwise buy a break above 116.98 and use a stop at 116.40.

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USD/CAD Fundamental Analysis April 20, 2017

USD/CAD is currently going through a good amount of volatility in the market. There had been bearish impulsive movement with a great pressure which was recently taken out by bullish impulsive moves. We have observed price exhaustions for several times in this pair and currently sentimental confusion going on in USD/CAD. Yesterday CAD Gov. Council Member Wilkins spoke about the key interest rates and monetary policy which did not provide any positive outcome for the currency, as a result USD gained a good amount of strength closing above 1.3450 yesterday. On the USD side, today market is expected to be quite volatile as important economic events like Philly Fed Manufacturing Index is going to be published which is expected to be at 25.6 which previously was at 32.8 and along with it Unemployment Claims report is going to be published which is expected to show an increase to 241K which previously was at 234K. If USD news comes positive today, we might see the pair climbing up much higher in the coming days.

Now let us look at the technical view, the price has again managed to enter the channel area with a daily close above 1.3450. As of the bullish impulsive pressure and taking out the prior swing on the upside, it is expected that the price will move towards 1.3535-50 resistance area and if the resistance area is taken out with a daily close then we will be looking forward to further upside movement towards 1.40.

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Technical analysis of USD/JPY for Apr 20, 2017

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In Asia, Japan will release the Trade Balance data, and the US will release some Economic Data, such as Natural Gas Storage, CB Leading Index m/m, Unemployment Claims, and Philly Fed 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: 109.52.

Resistance. 2: 109.30.

Resistance. 1: 109.09.

Support. 1: 108.83.

Support. 2: 108.61.

Support. 3: 108.40.

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 EUR/USD for Apr 20, 2017

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When the European market opens, some Economic Data will be released, such as Consumer Confidence, French 10-y Bond Auction, Spanish 10-y Bond Auction, and German PPI m/m. The US will release the Natural Gas Storage, CB Leading Index m/m, Unemployment Claims, Philly Fed Manufacturing Index, and Crude Oil Inventories data, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0766.

Strong Resistance:1.0760.

Original Resistance: 1.0749.

Inner Sell Area: 1.0738.

Target Inner Area: 1.0713.

Inner Buy Area: 1.0688.

Original Support: 1.0677.

Strong Support: 1.0666.

Breakout SELL Level: 1.0660.

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/CHF for April 20, 2017

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Overview:

  • The USD/CHF pair fell from the level of 1.0033 towards 0.9950. On the H4 chart, the resistance is seen at the levels of 0.9991 and 1.0033. The swissy is still trading around the spot of 1.0033 - 0.9991. The USD/CHF pair is still expected to be moving between 1.0033 and 0.9949 (pivot point). 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. Also, it should be noted that the major resistance is seen at the price of 1.0033, for that the trend is in the bearish market as long as the price is still below the 1.0033 level.
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Technical analysis of NZD/USD for April 20, 2017

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Overview:

  • The NZD/USD pair declined from the level of 0.7075 towards 0.7004. The kiwi is still moving between the levels of 0.7075 and 0.7004 since yesterday. 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. 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 (second resistance).
NZDUSDH4a.png
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Daily analysis of USDX for April 20, 2017

The index is recovering from its recent decline below the 100.00 psychological level and it seems that it could re-test the resistance zone of 99.97. If USDX manages to break above that area, we can expect further strength to reach the 100.54 level, which is above the 200 SMA at H1 chart. However, our preferred scenario is still the bearish side.

USDXH1.png

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 20, 2017

The pair is trying to correct the strong rally performed during Tuesday's session, following UK snap elections' announcement and it's poised to test the next support located around 1.2278. Around that area, a rebound might happen to resume the overall bullish bias, as GBP/USD is targeting the 1.3000 handle. However, if that bottom gives up, then we can expect a decline towards 1.2651.

GBPUSDH1.png

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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Daily Forex Technical Analysis | USD/CHF | 19th April 2017

We take a nice detailed look at USD/CHF 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 profit target reached perfectly, time to sell

Price has shot up and reached our profit target perfectly. We prepare to sell below major resistance at 1.0735 (Fibonacci retracement, horizontal overlap resistance) for a drop to at least 1.0674 support (Fibonacci retracement, horizontal pullback support).

Stochastic (55,5,3) is seeing strong resistance below the 98% level where we expect a drop from.

Sell below 1.0735. Stop loss at 1.0674. Take profit at 1.0776.

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USD/CHF profit target reached perfectly, time to start buying

Price has dropped perfectly and reached our profit target. We prepare to buy above 0.9959 support (Fibonacci retracement, horizontal overlap support, bullish divergence) for a push up to 1.0012 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (55,5,3) is seeing strong support above the 2.5% level and also displays bullish divergence vs price signalling that a bullish reversal is impending.

Buy above 0.9959. Stop loss at 0.9925. Take profit at 1.0012.

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