NZD/USD remain bullish above strong support

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/USD profit target reached perfectly once again, prepare to sell

Price has risen and reached our profit target perfectly as expected. We prepare to sell below major resistance at 0.7532 (Fibonacci retracement, horizontal overlap resistance, bearish price action) for a push down to 0.7477 support (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is seeing strong resistance below the 92% level where we expect price to drop further from.

Sell below 0.7532. Stop loss at 0.7565. Take profit at 0.7477.

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NZD/USD Intraday technical levels and trading recommendations for April 21, 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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USD/CAD intraday technical levels and trading recommendations for April 21, 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.

Few 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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Analysis of USD/JPY for April 21, 2017

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Recently, the USD/JPY has been trading upwards. As I expected, the price reached my first target at 109.49. According to the 1H time frame, I still expect the USD/JPY pair to move higher. My advice is to watch for potential selling opportunities. The next upward target is set at the price of 109.85. There is a broken supply trendline and hidden bullish divergence in the background, which is a sign that selling looks risky.

Resistance levels:

R1: 109.50

R2: 109.65

R3: 110.00

Support levels:

S1: 108.85

S2: 108.70

S3: 1.0615

Trading recommendations for today: watch for potential buying opportunities.

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EUR/USD analysis for April 21, 2017

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Recently, the EUR/USD has been trading downwards. As I expected, the price tested the level of 1.0688. My first target from the previous analysis at the price of 1.0700 has been met. According to the 1H time frame, there is a still hidden bearish divergence on the oscillator in the background, which is a sign that buying still looks risky. My advice is to watch for potential selling opportunities. The targets are set at the prices of 1.0640 and 1.0605.

Resistance levels:

R1: 1.0760

R2: 1.0810

R3: 1.0835

Support levels:

S1: 1.0690

S2: 1.0660

S3: 1.0615

Trading recommendations for today: watch for potential selling opportunities.

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USD/CHF Fundamental Analysis April 21, 2017

USD/CHF is currently hovering between the corrective structure of 0.9950 to 1.0068. Today is quite an important day for USD as Flash Manufacturing PMI report is due later, which is expected to be at 53.9 which previously was at 53.3, Flash Services PMI is expected to be at 53.7 which previously was at 52.8, Existing Home Sales report is expected to show a rise to 5.61M which previously was at 5.48M. Besides, FOMC Member Kashkari is going to speak today about a timing of rate hikes and further monetary policy. Higher volatility is likely to hit the market during these economic events. On the CHF side, we did not have any economic events throughout the week. Currently USD economic reports are the only factors to determine the pair's dynamic fundamentally.

Now let us look at the technical picture. Yesterday, the price has rejected the bears off the level 0.9950. Currently, the pair is trading under bullish pressure. As the corrective structure is playing rules, we await the price to hit the nearest resistance of 1.0068 in the coming days. Unless the price breaks below 0.9950 with a daily close, the pair will follow the bullish bias.

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AUD/JPY Fundamental Analysis April 21, 2017

AUD/JPY is going through a non-volatile bearish move. The pair is currently showing some bullish pressure upon the bounce off 81.50 level. Today, Japan presented Flash Manufacturing PMI which was at 52.8, stronger than the consensus of 52.5. Tertiary Industry Activity report was logged at 0.2% which was expected to be at 0.3%. On the other hand, Australia did not have any economic news today but on Wednesday NAB released Quarterly Business Conference which was unchanged at 6. Fundamentally JPY is stronger than AUD. The pair is expected to move more downward in the coming days.

Now let us look at the pair from the technical view. The price has a bounce from 81.50 with a bullish engulfing price action. The non-volatile bearish trend is expected to continue. Currently, a bullish move towards 83.00 level is just around the corner. If we see any bullish rejection off that level, we will consider short positions with the nearest target towards 81.50 again and then 79.20 support level.

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Global macro overview for 21/04/2017

Global macro overview for 21/04/2017:

The US Unemployment Claims data was slightly above consensus forecasts, but the overall job market in the US remains stable. The Initial Jobless Claims increased to 244,000 in the week ending April 15th from 234,000 previously, while the consensus was at the level of 242,000. The four-week moving average declined to 243,000 from 247,250 previously and it was the 111th week when the claims were below a benchmark level of 300,000. In conclusion, the Unemployment Claims data still indicates a very low level of layoffs and underlying confidence in the labor market. Importantly, the next nonfarm payrolls are expected to rebound strongly from the lower than expected increase in March.

Let's now take a look at the US Dollar index technical picture at the H4 time frame. After the bounce from the level of 99.37, the bulls are trying to test the next technical resistance at the level of 100.00. The oversold market conditions and the bullish divergence between the price and the momentum oscillator support the bullish bias. Nevertheless, there is no real bounce without the 100.00 level violation. If this level is breached, then the level of 99.37 might be labeled as a lower low.

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Technical analysis of USD/CHF for April 21, 2017

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Overview:

  • The USD/CHF pair faced resistance at the level of 1.0033, while minor resistance is seen at 0.9991. Support is found at the levels of 0.9949 and 0.9896. The USD/CHF pair continued to move upwards from the level of 0.9949. The pair rose from the level of 0.9949 to the top around 0.9991. In consequence, the USD/CHF pair broke resistance, which turned into strong support at the level of 0.9949. Today, the level of 0.9949 is expected to act as major support. Hence, we expect the USD/CHF pair to continue moving in the bullish trend from the support level of 0.9949 towards the target level of 1.0033. If the pair succeeds in passing through the level of 1.0033, the market will indicate the bullish opportunity above the level of 1.0033 in order to reach the second target at 1.0093 to test the double top. However, the price spot of 1.0033 - 1.0093 remains a significant resistance zone. Thus, the trend will probably be rebounded again from the double top as long as the level of 1.0093 is not breached.
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Technical analysis of NZD/USD for April 21, 2017

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Overview:

  • The NZD/USD pair has still set below the level of 0.7075. There are no changes in my technical outlook. The bias remains beairjs in nearest term testing 0.6889 or lower. 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.
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Global macro overview for 21/04/2017

Global macro overview for 21/04/2017:

The PMI Manufacturing data from Japan has beaten the expectations. The Markit/Nikkei final manufacturing purchasing managers' index (PMI) came in at 52.8 points in April, up from a final March estimate of 52.4 points. It was the eighth consecutive month Japan's PMI was above 50 that separates the expansion from contraction. Japanese factories reported faster output and new export growth. Backlogs of work increased at a faster rate, spurring higher output and input prices. The number of purchases also rose at a quicker rate, with managers giving a more optimistic view of the future. In conclusion, a good set of data delivered from the Japanese economy.

Let's now take a look at the USD/JPY technical picture at the H4 timeframe. The price is trying to bounce from the 61%Fibo at the level of 107.85, but the technical resistance at the level of 110.10 hasn't been violated yet. The bounce was shallow and reached only the level of 109.50 so far. Moreover, the market conditions look overbought, so the bias remains to the downside. The next support is seen at the level of 108.47 and 108.12.

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Trading plan for 21/04/2017

Trading plan for 21/04/2017:

The market is tradng with low volatility, no important data was published at night. The third day in a row, EUR/USD will begin the European session from 1.0720 level. USD/JPY rebounded above 109.00. The market is waiting for the first round of the French presidential election. The announcement of the reform of the tax system by the Trump administration, coupled with the good results of the companies, has bolstered the Wall Street index (Nasdaq has reached the highest levels in history). In Asia, a positive sentiment is seen first of all on the Tokyo exchange, where the Nikkei 225 is up 0.8%. WTI oil after Wednesday's fall is not able to permanently return over $51 per barrel and the ounce of gold is valued at $1,280.

On Friday 21st of April, the event calendar is busy with macroeconomic data from the Eurozone (Flash Manufacturing, Services, and Composite PMI's), Great Britain (Retail Sales with Auto Fuel), Canada (Consumer Price Index) and the USA (Flash Manufacturing, Services, and Composite PMI's and Existing Home Sales).

EUR/USD analysis for 21/04/2017:

The bunch of PMI data from France, Germany, and Eurozone is scheduled for release from 07:00 am to 09:00 am GMT. The most important reading will be the Eurozone Composite PMI, which is expected at the level of 56.4, unchanged from a month ago. This is still the highest reading since the second quarter of 2011 – a six-year high. Many market participants see the high readings as a good sign. Interestingly, the previous highs in PMI Composite were right before the 2000 stock market peak, then in 2007 before the financial crisis and later in 2011 when the euro crisis was about to start.

Let's now take a look at the EUR/USD technical picture at the H4 timeframe. The market is in the final stretch before the first round of the presidential elections in France over the weekend, so only a very bad data would flatten the positive sentiment. The price, however, reversed from the 61%Fibo at the level of 1.0776 and now got back to the previous technical support zone at the level of 1.0705. There is a high possibility that the market will be trading sideways today as the biggest risk will come from the results of the French election and those will be known late on Sunday. The next support is seen at the level of 1.0569 and the next important technical resistance is seen at the level of 1.0904.

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GBP/USD analysis for 21/04/2017:

The Retail Sales with Auto Fuel data are scheduled for release at 08:30 am GMT and market participants expect a moderate -0.3% decline after a 1.4% increase last month. On a yearly basis, the sales decline should reach 0.4%, from 3.7% to 3.3%. The expectations are that the overall economic activity will decline slightly on monthly basis, but still looks pretty decent on the yearly basis - no real impact of the Brexit event in the data yet.

Let's now take a look at the GBP/USD technical picture at the H4 timeframe. The price is still consolidating the gains above the technical support at the level of 1.2772, but the market conditions look overbought. Nevertheless, as long as the technical support is not clearly violated the bias remains bullish. The next resistance is seen at the levels of 1.2845, 12856, and 12905.

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USD/CAD analysis for 21/04/2017:

The Consumer Price Index data are scheduled for release at 12:30 pm GMT and market participants expect a slight sign of inflationary pressure. The CPI Index is expected to increase from 0.2% to 0.4% on a monthly basis and the Core CPI should beat the previous 0.4% reading. The CPI Index is the key gauge for inflation in Canada, so any data better than expected will send a clear message to the Bank of Canada regarding a further interest rate policy (in that case the interest rate hike would be an appropriate response).

Let's now take a look at the USD/CAD technical picture at the H4 time frame. The price is trading just below the important technical resistance at the level of 1.3534 in overbought market conditions. There is still no negative divergence between the price and the momentum oscillator, so it is still possible for the price to try to test that level. The next support is seen at the levels of 1.3455 and 1.3400.

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Market snapshot: Gold consolidating gains around 61%Fibo

The price of the yellow metal still does not want to go down despite the overbought market conditions in the daily time frame. The initial breakout above the golden trend line was a fake one, but bulls have managed to bounce from the nearest support at the level of $1,271. Currently, gold is expected to trade inside of the trading range between the levels of $1,270 - $1,263 and $1,295 - $1,308.

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Ichimoku indicator analysis of USDX for April 21, 2017

The Dollar index remains in a bearish trend. Price is heading towards 99 where critical medium-term support is found. Only a break above 100.80 could change short-term trend to bullish again.

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Red line - resistance

The Dollar index is trading below the 4-hour Kumo which implies trend is bearish. Price is showing rejection signs at the red trend line resistance and at the 4-hour kijun-sen (yellow line indicator). Short-term support is at the tenkan-sen (red line indicator) at 99.60.

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Red line - resistance

Black line -support

Green line - long-term support

The Dollar index is still inside the triangle pattern in the weekly chart. Price is testing weekly kijun-sen support. A weekly close below it will open the way for a push towards 99 and why not a break below the green and black trend line for a push at least towards the weekly cloud support at 96-97.Only a break above the red trend line will revive the bullish hopes for new highs towards 110.

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Ichimoku indicator analysis of gold for April 21, 2017

Gold price continues to move sideways in a corrective manner. The move that started from recent highs is part of a correction and we are just above the 38% Fibonacci retracement of the rise from $1,246. I remain longer-term bullish but cannot rule out a steep decline towards $1,250 before the resumption of the up trend.

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Blue line - support trend line

Gold price is trading above the Ichimoku cloud in the 4-hour chart. Price is trading below the kijun-sen and the tenkan-sen. Oscillators are now again in a neutral zone. Price is mainly moving sideways above the 38% Fibonacci retracement. Short-term support is at $1,275. Resistance is at $1,285.

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Black line -long-term resistance

Blue line - long-term support

Gold price has stopped its up trend just below the long-term black trend line resistance and the upper cloud boundary. This is an important resistance area. The trend line comes back from the all time highs in Gold, so breaking it will be an important bullish signal for a bigger move higher and not just 20-30$. I remain longer-term bullish.

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EUR/USD analysis for April 20, 2017

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EUR/USD analysis for April 20, 2017

Elliott wave analysis of EUR/NZD for April 21 - 2017

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Wave summary:

EUR/NZD is testing resistance at 1.5347 indicating that the wave ii correction completed the test of 1.5054 and wave iii higher now is unfolding. Normally third waves become the extended wave and if this is the case here, we should look for wave iii to reach a minimum of 1.6656.

Short-term, we could see a minor set-back toward 1.5171 before the next impulsive rally takes out resistance at 1.5347 and more importantly resistance at 1.5486 confirming wave iii is developing.

R3: 1.5486

R2: 1.5439

R1: 1.5375

Pivot: 1.5300

S1: 1.5266

S2: 1.5234

S3: 1.5171

Trading recommendation:

We have bought EUR at 1.5350 and have placed our stop at 1.5045. If you are not long EUR yet, then buy near 1.5175 and use the same stop at 1.5045.

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Elliott wave analysis of EUR/JPY for April 21 - 2017

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Wave summary:

Minor support at 116.45 protected the downside, which called for a direct extension higher to 117.99 (the peak of wave iii/ has been seen at 117.82). and a correction in wave iv/ is now unfolding toward 116.52 before higher again towards 119.35 to complete wave i.

It's possible to count the rally from 114.82 as a complete five-wave rally at 117.82 and if this is the case, we should still look for a slightly deeper correction, that will overlap with the top of wave i/ at 115.88 closer to 115.82 before turning higher again.

R3: 117.82

R2: 117.40

R1: 117.25

Pivot: 117.00

S1: 116.95

S2: 116.63

S3: 116.52

Trading recommendation:

We are long EUR from 115.25 with a stop placed at 114.75. If you are not long EUR yet, then buy near 116.55 and start by using the same stop expecting to move it higher soon.

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Daily analysis of major pairs for April 21, 2017

EUR/USD: This pair made some bullish effort this week – something that resulted in a bullish signal. The bullish signal remains valid, as the price might go toward the resistance lines at 1.0750, 1.0800 and 1.0850. A movement above the resistance line at 1.0800 would put more emphasis on the bullishness of the pair.

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USD/CHF: There remains a bearish signal on the USD/CHF. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is not far from the oversold territory. As long as the price is below the resistance level at 1.0000, the bearish signal would be valid. Once price moves above the resistance level at 1.0000, the bearish bias would become invalid.

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GBP/USD: Following the massive rally that was seen this week, The Cable has been caught in a sideways movement. There remains a huge Bullish Confirmation Pattern in the 4-hour chart, and when the sideways movement has panned out, there would be a rise in momentum, which would most probably be in favor of bulls.

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USD/JPY: This currency trading instrument is trying to rally in the context of a downtrend. There is a need for price to go upwards by at least 150 pips before the bias can turn bearish. Until that happens, this trading instrument ought to be approached with caution, for there is still a possibility of a bearish movement.

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EUR/JPY: The EUR/JPY has already generated a bullish signal. Price is currently above the demand zone at 117.00, going toward the supply zones at 117.50 and 118.00. The bullish movement is expected to continue within the next several trading days.

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Technical analysis of EUR/USD for Apr 21, 2017

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When the European market opens, some Economic Data will be released, such as Current Account, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI. The US will release the Economic Data, too, such as Existing Home Sales, Flash Services PMI, and Flash Manufacturing PMI, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0765.

Strong Resistance:1.0759.

Original Resistance: 1.0748.

Inner Sell Area: 1.0737.

Target Inner Area: 1.0712.

Inner Buy Area: 1.0687.

Original Support: 1.0676.

Strong Support: 1.0665.

Breakout SELL Level: 1.0659.

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 21, 2017

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In Asia, Japan will release the Tertiary Industry Activity m/m, Flash Manufacturing PMI data, and the US will release some Economic Data, such as Existing Home Sales, Flash Services PMI, and Flash Manufacturing PMI. So, there is a probability the USD/JPY will move with low ot medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 109.81.

Resistance. 2: 109.59.

Resistance. 1: 109.38.

Support. 1: 109.12.

Support. 2: 108.90.

Support. 3: 108.69.

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.

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Daily analysis of USDX for April 21, 2017

USDX is now taking a rest in the downside following a very bearish week. Currently, the support zone of 99.48 is acting as a strong barrier for sellers, but if that level gives up, we can expect another decline to test the 99.17 level across the board. However, a recovery isn't discarded at this stage and one breakout above 99.97 should open the doors for 100.54.

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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 21, 2017

GBP/USD is still holding its price action above the 1.2800 handle, despite a consolidation that is taking place below the resistance zone of 1.2875. Eventually, the pair might plummet toward 1.2728, where a support area is placed and if such level gives up, then we can expect more weakness to reach the 1.2651 level, which is very close to the 200 SMA at H1 chart.

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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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Daily Video Technical Analysis | NZD/USD | 20th April 2017

We take a nice detailed look at NZD/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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Daily analysis of EUR/JPY for April 20, 2017

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Overview

The EUR/JPY pair continued to trade with an intraday bullish correction to approach from the main resistance at 117.30. The short-term scenario depends on the strength of this resistance to expect new bearish attempt by its stability. The downward targets are seen at 116.00 level reaching the support at 114.85. Stochastic reached the overbought level. It means that it got rid of positive pressure to confirm the end of the bullish correctional wave. The pair gained new negative momentum to confirm the continuation of the bearish bias. The pair is expected to hit the suggested targets soon. The expected trading range for today is between 117.30 and 114.80

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Daily analysis of GBP/JPY for April 20, 2017

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Overview

The GBP/JPY pair touched 38.2% Fibonacci correction level at 140.15, having achieved the initial bullish target. Let me remind you that the stability of the support level at 138.40 could increase the pressure on the current trading. It allows the pair to surpass the current barrier which begins at 143.40 reaching 145.45 in the short term. Stochastic tried to settle within the overbought level that reinforces the bullish bias. This creates new positive momentum that allows the pair to break through and hit the suggested targets. The expected trading range for today is between 138.40 and 141.80.

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Daily analysis of USD/JPY for April 20, 2017

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Overview

The USD/JPY pair returns to test the 109.00 barrier again. Please note that the recent trading has been confined within a potential rising wedge pattern. So, the price is under the negative pressure that is formed by the EMA50, while stochastic loses its bullish momentum clearly. Therefore, we believe there are still chances for resuming the main bearish trend, affected by the previously completed double top pattern. The pair is likely to head for 106.63 as the next main target. Another thing, please be aware that breaching 109.30 level will stop the suggested decline and push the price up to 111.65 directly. The expected trading range for today is between 108.00 support and 109.40 resistance.

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Daily analysis of Gold for April 20, 2017

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Overview

Gold is trading above 1,279.00 after the negative pressure that appeared yesterday. This keeps the chances for resuming the bullish trend. Importantly, the EMA50 continues to provide positive support for the price from below to protect ongoing trading within the bullish channel. This is displayed on the above chart. Therefore, the bullish trend will remain valid in the upcoming sessions. The targets begin at 1,300.00 and extend to 1,340.00. Let me remind you that breaking 1,263.17 will push the price down. In this case, the downward targets are seen at 1,250.00 and deeper at 1,228.50 before any new attempt to rise. The expected trading range for today is between 1,270.00 support and 1,300.00 resistance.

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

Daily analysis of Silver for April 20, 2017

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Overview

Silver price keeps its stability above the intraday bullish channel's support. The price still needs to breach 18.30 level to confirm the continuation of the bullish trend on the intraday and short-term basis. In other words, the price needs to surpass the negative pressure that was formed by the EMA50 to ease the bearish bias and cope with the rise. Therefore, we expect the metal to trade with the upward bias in the upcoming sessions. The key target level is 19.38. We are aware that breaking 18.05 level will push the price down to 17.43 before any new bullish attempt. The expected trading range for today is between 18.00 support and 18.55 resistance.

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