Trading plan for EUR/USD and GBP/USD for April 26, 2017

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Technical outlook:

The EUR/USD pair is finally completing its corrective rally that began in January 2017 from 1.0350 levels. Please note that the pair has rallied during the past 4 months and has finally hit a major resistance around 1.0950 levels on Monday and today. It looks like a bearish reversal is underway, though it is still possible that EUR/USD will hit one more small high before reversing lower again. Importantly, an engulfing bearish candlestick pattern is developing here. Look to sell on rallies or at the current price. The major resistance is seen at 1.13 levels while support comes in at 1.0820 levels. A bearish reversal should have major impact on EUR/USD with the target towards 1.0350 and lower.

Trading plan:

Remain short for now, with stop placed above 1.1000, targeting lower.

GBP/USD chart setups:

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Technical outlook:

As discussed earlier, the GBP/USD pair is expected to hit one more high above 1.2900/05 levels before reversing again. The pair is seen to be trading at 1.2834 levels for now, looking to push higher one last time before resuming its long term bearish trend. As labelled on 4H chart view here, the rally from 1.2375 levels is still in 4 waves and a push higher would complete the wave structure as well. Immediate support is seen at 1.2750 levels while interim resistance is at 1.2900/05 levels. Looking to sell above 1.2900 level should be a favored trading strategy. On the flip side, a break below 1.2750 would warrant bearish reversal.

Trading plan:

Remain flat for now and look to sell above 1.2900 levels.

Fundamental outlook:

Today's economic calendar is light, so please watch out for some geopolitical news about the US and North Korea.

Good luck!

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Daily analysis of GBP/USD for April 26, 2017

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Overview

The GBP/USD pair holds above the breached minor resistance, keeping the positive scenario valid for today. Please note that the stochastic attempts to get rid of its negativity on the intraday time frames to support the chances of bouncing bullishly and resuming the bullish trend. Therefore, we still prefer the bullish scenario and our view is supported by the EMA50. Breaching the level of 1.2890 will open the way towards 1.3100, while holding above 1.2720 is the key condition for continuing the rise. The expected trading range for today is between 1.2750 support and 1.2950 resistance.

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Daily analysis of EUR/JPY for April 26, 2017

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Overview

The EUR/JPY pair surpassed our waited target at 120.70 and resumed its upward trend, settling around 121.80. There are no obstacles for the price to record more targets in the near-term and medium-term period, waiting to reach the level of 124.15 to test the previously recorded top that appears on chart. Stochastic within the overbought areas has been stable until this moment which confirms our positive scenario and eases the attempt to reach our target. The expected trading range for today is between 120.80 and 124.15

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Daily analysis of USD/JPY for April 26, 2017

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Overview

The USD/JPY pair continues the rise to approach our expected target at 111.65, which represents the previously broken neckline of the double top pattern. Therefore, we will be waiting for a bearish rebound after testing the mentioned level to resume the overall bearish trend on the short-term basis. Thus, the rise remains preferred temporarily. Please be aware that breaching 111.65 will enable the price to extend its rise to reach 113.65 as the next main target. The expected trading range for today is between 110.50 support and 112.00 resistance.

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Daily analysis of GBP/JPY for April 26, 2017

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Overview

The GBP/JPY pair succeeded to gather the bullish momentum. The bullish attack will resume by surpassing 141.10 level, approaching from our target at 143.35. The continuation of the positive pressure might allow the price to open the way to more upward targets from 145.45 and higher to 148.45 top as a result of surpassing the current level which forms 23.6% Fibonacci retracement. In case 143.35 forms a solid barrier to the bullish rally, that will force the pair to trade sideways and limit the price between this barrier and 141.10 until gaining new bullish momentum. The expected trading range for today is between 142.20 and 145.40

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Daily analysis of Gold for April 26, 2017

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Overview

Gold price has settled at the critical support level of 1,263.17. Please note that stochastics is showing clear signals of oversold market consitions. This creates momentum that we await to encourage a further rise again. This keeps the bullish scenario valid in the short term. Be aware that breaking 1,263.17 and holding below it will push the price to decline and test levels from 1,250.00 and downward to 1235.00 before any new positive attempt. Our main upward targets begin at 1,300.00 extending to 1,350.00. Breaching 1,277.00 will ease the mission to achieve the suggested targets. The expected trading range for today is between 1,255.00 support and 1,290.00 resistance.

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Daily analysis of Silver for April 26, 2017

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Overview

Silver price managed to reach the bullish channel's support while stochastic touched the oversold levels. We expect this factor to make the price resume the overall bullish trend after the temporary decline that was setting the tone for the trade yesterday. Therefore, we believe there are still odds of bouncing higher in the short term. The target levels are seen at 18.30 extending to 19.3. Please be aware that breaking 17.43 will stop the expected rise and push the price to downward targets of 16.56 on the near-term basis. The expected trading range for today is between 17.43 support and 17.85 resistance.

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GBP/USD analysis for April 26, 2017

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Recently, the GBP/USD has been trading sideways at the price of 1.2825. According to the 4H time frame, I found a strong sign of the weakness at the background and my advice is to watch for selling opportunities. There is a wide spread bar which closed well off the high. Critical resistance is set at the price of 1.2840. The first downward target is set at the price of 1.2755.

Resistance levels:

R1: 1.2850

R2: 1.2860

R3: 1.2895

Support levels:

S1: 1.2790

S2: 1.2770

S3: 1.2745

Trading recommendations for today: watch for potential selling opportunities.

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Analysis of EUR/USD for April 26, 2017

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Recently, the EUR/USD has been trading sideways at the price of 1.0900. On the 4H time frame, I found that the price has broken the upward trendline, which is a sign that buying looks risky. I found bearish divergent bar and hidden bearish divergence on the oscilator. My advice is to watch for potential selling opportunities. Downward targets are set at the price of 1.0725 and 1.0685.

Resistance levels:

R1: 1.0950

R2: 1.0970

R3: 1.1010

Support levels:

S1: 1.0870

S2: 1.0850

S3: 1.0810

Trading recommendations for today: watch for potential selling opportunities.

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Technical analysis of USD/CHF for April 26, 2017

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Overview:

  • The USD/CHF pair continues to trade downwards from the level of 0.9994 (first resistance). The pair dropped from the level of 0.9994 (this level of 0.9994 coincides with the ratio of the 61.8% Fibonacci reterecement levels to the bottom around 0.9898. The current price is still set below the first resistance (0.9994). Today, the first resistance level is seen at 0.9994 followed by 1.0044, while daily support 1 is found at 0.9882. Besides, the level of 0.9925 represents a weekly pivot point for that it is acting as the minor support today. Amid the previous events, the pair is still in a downtrend, because the USD/CHF pair is trading in a bearish trend from the new resistance line of 0.9994 towards the first support level at 1.9925. If the pair succeeds to pass through the level of 1.9925, the market will indicate a bearish opportunity below 1.9925. Sell below 1.9925 with the first target at 0.9882 and 0.9847. However, if the USD/CHF pair is able to break out the level of 0.9994, the market will rise further to 1.0044. Overall, we still prefer the bearish scenario, which suggests that the pair will stay below the zone of 0.9994 today.
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Technical analysis of NZD/USD for April 26, 2017

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Overview:

  • The NZD/USD pair opened below the daily pivot point (0.6931). It continued to move downwards from the level of 0.6931 to the current price around 0.6903. Today, the first resistance level is seen at 0.6973 followed by 0.7025, while daily support 1 is seen at 0.6889. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 0.6931. So it will be good to sell below the level of 0.6931 with the first target of 0.6889. The strong daily support is seen at the 0.6889 level, which represents the double bottom on the H4 chart. It will also call for a downtrend in order to continue towards 0.6844. According to the previous events, we expect the NZD/USD pair to trade between 0.6931 and 0.6844 in coming hours. The price area of 0.6931 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.6931 is not broken. On the contrary, in case a reversal takes place and the NZD/USD pair breaks through the resistance level of 0.6931, then a stop loss should be placed at 0.6973.
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Global macro overview for 26/04/2017

Global macro overview for 26/04/2017:

Interesting developments regarding major overhaul in the US corporate tax plans are being reported by financial newswires. According to one of the US administration official, President Donald Trump's tax plan will be released on Wednesday and it will slash tax on repatriating corporate profits earned overseas to 10 percent. Moreover, Trump's tax plan will cut the top tax rate on pass-through businesses to 15 percent from 39.6 percent, but will not include "border adjustment tax" on imports from the House Republican tax proposal (however, the border tax may be revisited later). In conclusion, a very ambitious tax plan that might support Trump's "weak dollar" policy is mainly against the Japanese Yen.

Let's now take a look at the USD/JPY technical picture on the H4 timeframe. After the golden trend line breakout, the bulls have managed to test the 78%Fibo retracement of the last swing, but the overbought trading conditions and the shooting star candlestick pattern might indicate a corrective cycle to come soon. The technical resistance at the level of 111.58 is still a key level to the upside, so if the bulls want to confirm their control over this market, they must break out above this level. The next important support is seen at the level of 110.56.

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Global macro overview for 26/04/2017

Global macro overview for 26/04/2017:

The Australian Consumer Price Index data for the first quarter of 2017 fell below expectations at 0.5% q/q (threshold was 0.6% q/q). It pulled down Australian Dollar as the market expected a better data after a positive surprise in a similar New Zealand report last week. This worse-than-expected data might suggest that the Reserve Bank of Australia will not hike the interest rates in the short term as the inflationary pressures are still relatively weak.

Let's now take a look at the AUD/USD technical picture at the daily timeframe. After a fake breakout above the golden trend line the price has got back to the trading range and after the recent news, the price is trading close to the important daily technical support zone between the levels of 0.7490 - 0.7473. Despite the fact that the market conditions still look more oversold than neutral, there is a high chance that this level will be tested soon. Moreover, in a case of a breakout below this zone, the next support is seen at the level of 50% Fibo at 0.7453 and then at the level of 61%Fibo at the level of 0.7384.

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Trading plan for 26/04/2017

Trading plan for 26/04/2017:

The Asian stock market started the third day of gains amid the wave of optimism triggered by the French election. The Euro is gaining ground like other European currencies, the Yen loses a little. Crude Oil is bouncing up after weak API report yesterday.

On Wednesday 26th of April, the event calendar is light in important economic releases, but global investors will keep an eye on the retail sales data from Canada and Crude Oil inventories from the US.

USD/CAD analysis for 26/04/2017:

The Retail Sales data from Canada are scheduled for release at 12:30 pm GMT and market participants expect a decrease in sales from 2.2% to 0.0% on a monthly basis. Retail Sales is a leading indicator for the economy. Rising consumer spending fuels economic growth, confirms signals of high consumer confidence and may spark inflationary pressures.

Let's now take a look at the technical picture of USD/CAD on the H4 timeframe. The bulls are in control over this market, but the overall trading conditions look overbought at this timeframe. They have managed to break out above the technical resistance at the level of 1.3596, but no follow through occurred and the price has reversed. Currently, the most important support is at the level of 1.3534. If the data are better than expected, then the price might break out below that level heading towards the next technical support at the level of 1.3493. Please notice the bearish divergence between the price and the momentum oscillator supports the view.

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Crude Oil analysis for 26/04/2017:

The Crude Oil inventories are scheduled for release at 02:30 pm GMT and market participants expect another drawdown of -1,100k barrels after -1034k barrels last week. Oil price is in decline and the reason for the falls at night was the API report, according to which US Crude Oil Inventories rose by 900k barrels last week. If today's stockpiles decline even more than 1,100k barrels, then oil price will slip even lower.

Let's now take a look at the Crude Oil technical picture on the H4 timeframe. The market is trading in oversold conditions with a clear bullish divergence. The next important technical resistance is a zone between the levels of 50.00 - 50.23 and only a clear, impulsive violation of this zone with a candle close above it will bring back the bulls to control over this market.

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Market snapshot. GBP/USD still consolidating the gains

The price of the GBP/USD pair did not make a new high or new low as it is still in a sideway corrective cycle that might be about to end. The technical support is still at the level of 1.2772 - 1.2705 any only a daily candle close below this level would change the bias from bullish to bearish.

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Technical analysis of USD/JPY for Apr 26, 2017

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Technical analysis of USD/JPY for Apr 26, 2017

Ichimoku indicator analysis of USDX for April 26, 2017

The Dollar index made a new low yesterday but still remains inside the important long-term support area. I expect a strong bounce from current levels.

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Blue lines - bearish channel

Price remains inside the bearish blue channel but there are bullish divergence signs by the oscillators. Price is now testing the tenkan-sen (red line indicator) resistance now and I expect to at least see a bounce towards the upper channel boundary where the kijun-sen is found. Breaking out of the bearish channel will push price towards at least 99.70 where the Kumo (cloud) is found.

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Red line - resistance

Black line - support

Green line -long-term support trend line

The Dollar index weekly candle is balancing at the edge of the support by the long-term green trend line and the black trend line. Price is above the Kumo but below both the tenkan- and kijun-sen. On a weekly basis, we should expect a strong bounce. If the red trend line is broken, we should expect new highs.

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Ichimoku indicator analysis of gold for April 26, 2017

Gold price is trading around important Fibonacci support area of $1,265. Gold price is expected to at least make a bounce towards $1,275-80 where important short-term resistance is found. Gold could very well have finished the entire corrective decline.

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There are bearish divergence signs in the 4-hour chart that imply a back test at least of the cloud is expected. The cloud resistance is at $1,270. Breaking above it could push price towards $1,284 where the upper cloud boundary is found. Next major support for Gold is at $1,256.

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Gold price has reached the kijun-sen (yellow line indicator) support as expected after breaking below the tenkan-sen (red line indicator). A bounce from kijun-sen is justified. Resistance is now at the tenkan-sen at $1,278. So a daily close above the tenkan-sen will be a bullish sign. A daily close below the kijun-sen will most probably push prices towards the daily cloud support at $1,226.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for April 26, 2017

EUR/USD: Since the close of Friday, this pair has moved upwards by 220 pips, now close to the resistance line at 1.0950. There is now a strong bearish outlook on the market, and further upwards movement is possible as price is drifting towards the resistance lines at 1.1000, 1.1050, and 1.1150 before the end of this week.

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USD/CHF: The USD/CHF pair has been moving downwards gradually. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is around the oversold territory. It is much more possible that the market would continue going downwards until it reaches the support levels at 0.9900 and 0.9850.

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GBP/USD: Following the sharp rise in the market last week, the Cable has moved sideways till now. However, a rise in momentum is anticipated, which would most probably favor bulls. This means that the distribution territories at 1.2850, 1.2900 and 1.2950 would be tested this week.

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USD/JPY: Since the close last Friday, the USD/JPY pair has gone upwards by 200 pips, following the gap-up that was seen at the beginning of this week. There is now a Bullish Confirmation Pattern in the market, and price could continue going further upwards, reaching the supply levels at 111.50, 112.00, and 112.50.

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EUR/JPY: Since the close last Friday, the EUR/JPY pair has gone upwards by 450 pips, following the gap-up that was seen at the beginning of this week. There is now a Bullish Confirmation Pattern in the market, and price could continue going further upwards, reaching the supply levels at 122.00, 122.50, and 123.00. The supply level at 121.50 is currently being tested.

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Elliott wave analysis of EUR/NZD for April 26, 2017

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Wave summary:

The base-channel resistance line near 1.5765 is now behind us and wave iii should continue to accelerate higher towards the 166.56 target. Upon a break above 1.5834, the next minor resistance on the way higher will be seen at 1.6115.

As we are in wave iii of 3, we should be aware that corrections can be small and even sub-normal, so stay with the trend higher.

R3: 1.6485

R2: 1.6115

R1: 1.5834

Pivot: 1.5800

S1: 1.5765

S2: 1.5728

S3: 1.5670

Trading recommendation:

We are long EUR from 1.5350 and will move our stop higher to 1.5650. If you are not long EUR yet, then buy near 1.5765 and use the same stop at 1.5650.

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Elliott wave analysis of EUR/JPY for April 26, 2017

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Wave summary:

EUR/JPY is already testing the extension target at 121.92 and the rally from 116.42 does not show signs of exhaustion yet. So as long as minor support seen at 121.22 is able to protect the downside, we should look for the possibility of even more upside towards 122.41 and maybe even closer to 123.32 before wave iii peaks.Longer term, a rally to above 124.09 remains expected here.

R3: 122.88

R2: 122.63

R1: 122.41

Pivot: 122.00

S1: 121.54

S2: 121.22

S3: 120.83

Trading recommendation:

We are long EUR from 115.25 and will move our stop higher to 121.15. Wait to buy the next correction.

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Technical analysis of USD/JPY for April 26, 2017

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USD/JPY is expected to prevail its upside movement. The pair recorded a succession of higher tops and higher bottoms since April 25 and is holding on the upside. The rising 50-period moving average maintains the upside bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum.

As long as 110.55 holds on the downside, look for a further advance toward 111.30 and even 111.60 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 111.60 and the second one at 112.00. In the alternative scenario, short positions are recommended with the first target at 110.30 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 109.95. The pivot point is at 110.65.

Resistance levels: 111.60, 112.00, and 112.45

Support levels: 110.30, 109.95, and 109.50

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Technical analysis of USD/CHF for April 26, 2017

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USD/CHF is under pressure. Although the pair posted a rebound from 0.9915 (the low of April 25), it is still trading below the declining 50-period moving average, which plays a resistance role and maintains the downside bias. The relative strength index is mixed to bearish.

To sum up, as long as 0.9955 holds on the upside, look for a return to 0.9890. A break below this level would trigger a new drop to 0.9870.

Resistance levels: 0.9975, 1.000, and 1.0025

Support levels: 0.9890, 0.9870, and 0.9820

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Technical analysis of NZD/USD for April 26, 2017

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NZD/USD is expected to prevail the downside movement. The pair is consolidating on the downside. The downward momentum is further reinforced by the declining 50-period moving average. The relative strength index is below its neutrality level at 50.

Hence, as long as 0.6960 holds on the upside, look for a further drop to 0.6905 and even to 0.6885 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 0.6925. A break below this target will move the pair further downwards to 0.6905. The pivot point stands at 0.6985. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.7005 and the second one at 0.7020.

Resistance levels: 0.6980, 0.7005, and 0.7020

Support levels: 0.6905, 0.6885, and 0.6850

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Technical analysis of GBP/JPY for April 26, 2017

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GBP/JPY is expected to prevail its upside movement. The pair remains above its horizontal support at 0.8480 and is currently testing the support of its 50-period moving average. The 20-period moving average is still above the 50-period one, which should confirm a bullish bias. In addition, the relative strength index is around its neutrality area at 50, showing a lack of momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

As long as 142.00 is not broken below, expect a break above 143.40 at first, which will allow for an upside acceleration to 144.00 as likely.

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 143.40 and the second one at 144.00. In the alternative scenario, short positions are recommended with the first target at 141.60 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 140.65. The pivot point is at 142.00.

Resistance levels: 143.40, 144.00, and 144.55

Support levels: 141.60,140.65, and 140.00

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Technical analysis of EUR/USD for Apr 26, 2017

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When the European market opens, there is no Economic Data will be released, but the US will release the Economic Data, such as Crude Oil Inventories, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0979.

Strong Resistance:1.0973.

Original Resistance: 1.0962.

Inner Sell Area: 1.0951.

Target Inner Area: 1.0926.

Inner Buy Area: 1.0901.

Original Support: 1.0890.

Strong Support: 1.0879.

Breakout SELL Level: 1.0873.

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 26, 2017

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In Asia, Japan will release the All Industries Activity m/m data, and the US will release some Economic Data, such as Crude Oil Inventories. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 111.80.

Resistance. 2: 111.58.

Resistance. 1: 111.36.

Support. 1: 111.09.

Support. 2: 110.87.

Support. 3: 110.65.

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

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

USD/CAD intraday technical levels and trading recommendations for April 26, 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.

A few weeks ago, the bullish breakout above 1.3300 (50% Fibonacci Level) enhanced a further advance toward 1.3440 and 1.3530.

Expected 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.

The next resistance to meet the pair is located around the price level of 1.3580 that should be bypassed to pursue towards next bullish targets.

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 26, 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 0.7050-0.6950 (neckline) is achieved on a daily basis.

On the other hand, if the NZD/USD pair maintains its bearish closure below 1.6950, it may become trapped again within the depicted consolidation range (0.6860-0.6960).

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Daily analysis of USDX for April 26, 2017

The index remains under selling pressure as the U.S. President Trump's politics continue to be the main driver for the greenback. Also, the downside is at the mercy of such catalysts, as the recent positive US macro data isn't helping to lift the US Dollar index. The next support is placed at the 98.42 level, only if it manages to break the 98.83 zone.

USDXH1.png

H1 chart's resistance levels: 99.28 / 99.97

H1 chart's support levels: 98.83 / 98.42

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 98.83, take profit is at 98.42 and stop loss is at 99.24.

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Daily analysis of GBP/USD for April 26, 2017

The pair cannot find a clear path for the short-term, as the narrow range between the 1.2875 and 1.2728 levels remain in place across the board. The 200 SMA at H1 chart is still providing dynamic support, around 1.2728, but overall, there is a sideways structure ongoing. If it manages to break above 1.2875, the bullish bias can receive a nice wave of buyers.

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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