Global macro analysis for 27/04/2017

Global macro analysis for 27/04/2017:

As widely expected the European Central Bank has left the key interest rates unchanged at the level of 0.0%. The Asset Purchase Target has been reduced from 80B to 60B Euro, but Marginal Lending Facility and Deposit Facility Rate were both left unchanged. In the statement, released just after interest rate decision, the ECB said, that it sees QE running until end-December or beyond if needed and see rates at present or lower level past QE horizon. Moreover, the net purchases will be made alongside reinvestments and QE will be active until inflation is on a sustained path towards the aim. In conclusion, a slightly dovish tone from the ECB statement that leaves no room for any hawkish or bullish commentary.

Let's now take a look at the EUR/JPY technical picture at the H4 timeframe. The bulls have managed to break out above the golden trend line and left the weekend gap unfilled between the levels of 117.14 - 118.90. Currently, the trading conditions are overbought, but so far the market is consolidating the gains around the level of 112.35. The next technical resistance is seen at the level of 121.98 and the next technical support is seen at the level of 120.89.

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GBP/USD analysis for April 27, 2017

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.2917. According to the 1H time frame, I found a wide spread divergent bar, which is a sign of weakness. The key level to confim bearish divergence is 1.2880. If the price breaks the level of 1.880, watch for potential selling opportunities. The first downward target is set at the price of 1.2810.

Resistance levels:

R1: 1.2860

R2: 1.2875

R3: 1.2900

Support levels:

S1: 1.2815

S2: 1.2800

S3: 1.2775

Trading recommendations for today: watch for potential selling opportunities.

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EUR/USD analysis for April 27, 2017

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Recently, the EUR/USD pair has been trading sideways at the price of 1.0900. According to the 4H time frame, I found a broken rising wedge (bearish pattern). The price also did successful re-test of the upward diagonal, which is another sign of weakness. My advice is to watch for potential selling opportuntiies. The downward targets are set at the price of 1.0725 and 1.0685.

Resistance levels:

R1: 1.0940

R2: 1.0960

R3: 1.1000

Support levels:

S1: 1.0865

S2: 1.0845

S3: 1.0810

Trading recommendations for today: watch for potential selling opportunities.

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USD/JPY reacting off our selling area, remain bearish

Price has reached our selling area and reacted off it. We remain bearish below major resistance at 111.37 (Fibonacci retracement, horizontal resistance, Fibonacci extension) and we expect a reaction below this level for a drop to at least 109.41 support (Fibonacci retracement, horizontal overlap support, price gap).

Stochastic (34,5,3) is seeing major resistance at 91% where we expect a drop from. It has also made a bearish exit signalling that a change in momentum is impending.

Sell below 111.37. Stop loss at 112.27. Take profit at 109.41.

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AUD/USD on major support, prepare to buy

Price is now testing major support at 0.7456 (Fibonacci extension, Elliott wave theory) and we expect to see a bounce above this level to at least 0.7520 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is seeing major support above the 7% level where we expect a bounce from.

Buy above 0.7456. Stop loss at 0.7434. Take profit at 0.7520.

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Technical analysis of NZD/USD for April 27, 2017

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Overview:

  • The NZD/USD pair continued to move downwards from the level of 0.6931 to the current price around 0.6903. 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 (23.6% Fibonacci reterecement levels).
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Technical analysis of USD/CHF for April 27, 2017

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Overview:

  • The USD/CHF pair continues to trade downwards from the level of 0.9994. There are no changes in my technical outlook. The bias remains bearish in nearest term testing 0.9882 or lower. Since last week, the pair dropped from the level of 0.9994 (this level of 0.9994 coincides with the ratio of the 61.8% Fibonacci retracement 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. We still prefer the bearish scenario, which suggests that the pair will stay below the area of 0.9994 this week.
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Global macro analysis for 27/04/2017

Global macro analysis for 27/04/2017:

During the overnight press conference, the Bank of Japan presented its outlook for the economic growth for 2017 - 2018. Policymakers revised their projections and currently they expect real gross domestic product (GDP) to expand 1.6% in the fiscal year that began in April, higher than the 1.5% predicted in January. Nevertheless, the bank lowered its core consumer price index growth outlook to 1.4% from 1.5% in the same period. The policymakers also vote to keep the interest rate gegative at the level of -0.1%, which was widely expected by the market participans. Moreover, the policymakers voted to continue purchasing Japanese government bonds so that the 10-year JGB yield would remain at 0.0%. In consluiosn, having upgraded the GDP forecast from 1.5% to 1.6%, the BoJ met global investors expectations. So, no surprises so far here.

Let's now take a look at the GBP/JPY techcnial picture on the daily timeframe. After a breakout above the golden trend line, bulls manage to push the price towards the 61%Fibo at the level of 143.52. If this level is violated, then the next technical resistance will be seen at the level of 144.75. The bullish bias is supported by strong momentum and no sign of overbought market conditions has appeared yet.

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USD/CAD intraday technical levels and trading recommendations for April 27, 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 27, 2017

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In December 2016, 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).However, the pair failed to express enough bullish momentum above 0.7050.

Note the depicted bullish 1-2-3 pattern remains valid as long as bullish fixation above 0.6900 is defended on a daily basis. Expected projection target for the pattern is located around 0.7250.

On the other hand, the NZD/USD pair is trapped again within the depicted consolidation range (0.6860-0.6960) until breakout occurs in either direction.

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Trading plan for 27/04/2017

Trading plan for 27/04/2017:

Trump's tax plan did not bring surprises and financial markets cooled earlier optimism. The Bank of Japan kept the policy unchanged without significantly affecting the USD/JPY rate. Reports that the White House does not intend to break the Nafta agreement, are helping CAD and MXN. In Asia, Nikkei loses 0.2 percent and Shanghai Composite is trading flat.

On Thursday 27th of April, the main economic event is the European Central Bank interest rate decision and press conference, but global investors will keep an eye on Durable Goods Orders and Unemployment Claims data as well.

EUR/USD analysis for 27/04/2017:

The ECB interest rate decision is scheduled for release at 11:45 am GMT and the press conference is scheduled for 12:30 pm GMT. Market participants do not expect any changes in interest rates (it is likely to stay at the level of 0.0%), deposit facility rate (-0.40%), marginal lending facility (0.25%) and asset purchase target (EUR80B). Nevertheless, the more important is the press conference and the overall tone of Mario Draghi's statement. Any hawkish clues regarding an interest rate hike in June 2017 or sooner will be unexpected and bullish for the euro.

Let's now take a look at the EUR/USD technical picture on the H4 timeframe. The market had made a marginally higher high at the level of 1.0950, but the RSI indicates a bearish divergence and the trading conditions are now overbought on this time frame. The next support is seen at the level of 1.0854 and if Draghi disappoints market participants, then this support will be tested in no time and the market might start attempts to fill the weekend gap between the levels of 1.0730 - 1.0820.

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USD/JPY analysis for 27/04/2017:

The Durable Goods Orders and Unemployment Claims data are both scheduled for release at 12:30 pm GMT. On a monthly basis, the Durable Goods Orders are expected to decline to 1.5%, while the previous month seen a gain of 1.7%. Nevertheless, on the positive note, that figure would be the third straight increase and the year-on-year trend is on track to remain positive too. On the other hand, a downside surprise would weigh on sentiment in the wake of the softer PMI figures and raise new questions about next week's April reading of the ISM Manufacturing Index.

Let's now take a look at the USD/JPY technical picture on the H4 timeframe. The pair managed to retrace 50% of the previous swing down and the price was capped at the level of 111.80. Currently, the market is trading between 38%Fibo at the level of 110.94 and 50%Fibo at the level of 111.81 as it awaits the fundamental data. The trading conditions are overbought but there is no visible bearish divergence. Better-than-expected data will likely make USD/JPY move higher towards the next technical resistance at the level of 112.21.

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Market snaphot: GBP/USD breaks out of the range

After some time, the GBP/USD pair broke out of the trading range/bullish flag pattern and made a marginal higher high this morning at the level of 1.2910. Nevertheless, the trading conditions are overgounght and the bearish divergence is starting to form between the price and the momentum oscillator. The longer-term bias remains bullsih as long as the techcnial support at the level of 1.2705 - 1.2772 is clearly violated.

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USD/CAD Fundamental Analysis April 27, 2017

USD/CAD has been quite volatile recently while USD seemed to be gaining well over CAD. Yesterday CAD had mixed result of Retail Sales report, where Core Retail Sales was published with a slight positive figure at -0.1% which was expected to be at -0.2% and Retail Sales was published negative at -0.6% which was expected to be at 0.0%. After the mixed economic reports yesterday, CAD showed some good gain today after bouncing off from 1.3590 resistance level. On the other hand, today USD have Core Durable Goods Orders report to be published which is expected to show a slightly decreased value at 0.4% which previously was at 0.5% and Unemployment Claims is expected to decrease at 241k which previously was at 244k. Any positive reports on the USD today is expected to push the price much higher in the coming days.

Now let us look at the technical view, the price has dropped back inside the resistance level of 1.3590 after a false daily break yesterday. If we see a daily close below the 1.3590 level today then we will be looking forward to selling with a target towards 1.3260 support level. On the other hand, if the price close above 1.3590 with a daily close today then we will be looking forward to buying with an upward target towards 1.3650 to 1.3800 area.

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Ichimoku indicator analysis of USDX for April 27, 2017

The Dollar index bounced as expected but the price got rejected at the upper channel boundary and at the kijun-sen. Price is vulnerable to a new lower low but I still expect a bounce higher towards 100 as there are bullish divergence signs in the charts.

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Blue lines - bearish channel

The Dollar index did not manage to break out of the bearish channel and the kijun-sen (yellow line indicator). The trend remains bearish but with the oscillators diverging the next big move will be to the upside. The downside is limited as price continues to hold the 99-98.80 support area.

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Red line - resistance

Black line - support

Green line - long-term support trend line

I expect the price to eventually bounce strongly off the green long-term trend line. I expect the red trend line to be re-tested. I would not be bearish the Dollar at current levels. I expect a strong bounce in the Dollar index. This bounce is most probably going to be affected by EUR/USD and GBP/USD.

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Ichimoku indicator analysis of gold for April 27, 2017

Gold, as expected, bounced towards short-term cloud resistance but got rejected. Recent lows are important short-term support. A break above yesterday highs could signal that an important short-term low is in.

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Gold price is trading below the Kumo (cloud) of the 4-hour chart. Price is still inside the bearish channel and yesterday it reached the lower cloud boundary resistance and got rejected. Resistance is at $1,271. Support is at $1,260. Breaking support will push it to $1,250-45. Breaking resistance will push it to $1,285.

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Daily Gold price candles are trading right above the kijun-sen support indicator. Price could reverse to the upside from current levels and bulls should use $1,260 as a stop for short-term trades. My long-term bullish view remains unchanged.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for April 27, 2017

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Technical analysis of USD/JPY for April 27, 2017

Elliott wave analysis of EUR/NZD for April 27, 2017

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Wave summary:

EUR/NZD did not clear the base channel resistance as expected, which has led to a sideways consolidation, but it should only be a matter of time before this consolidation drives prices higher towards 1.6000 and above towards the ideal wave iii target seen at 1.6656.

Short-term look for consolidation within the 1.5670 - 1.5845 area before the next impulsive rally higher.

R3: 1.6485

R2: 1.6115

R1: 1.5845

Pivot: 1.5775

S1: 1.5725

S2: 1.5670

S3: 1.5576

Trading Recommendation:

We are long EUR from 1.5350 with stop placed at 1.5650. If you are not long EUR yet, then buy near 1.5670 and use the same stop.

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

Technical analysis of USD/JPY for April 27, 2017

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USD/JPY is expected to trade with bullish bias above 110.90. The pair has bounced up from another test of support at 110.90 and is likely to challenge its 50-period moving average in sight. The relative strength index is below its neutrality level at 50 but reversing up.

As long as the key level at 110.90 is not broken, we keep our positive view unchanged with an up target at 110.65. A break above this level would call for a further upside toward 110.30.

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 111.50 and the second one at 111.80. In the alternative scenario, short positions are recommended with the first target at 110.65 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 110.30. The pivot point is at 110.90.

Resistance levels: 111.50, 111.80, and 112.00

Support levels: 110.65, 110.30, and 109.85

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Technical analysis of USD/CHF for April 27, 2017

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USD/CHF is expected to prevail its downside movement. The pair broke below the 20-period and 50-period moving averages, which play resistance roles. In addition, the 20-period moving average is turning down. The relative strength index is capped by a bearish trend line since April 26.

According to Trump's tax plan, the income tax rate paid by public corporations would be reduced to 15% from 35%, and that paid by small partnerships and sole proprietorship would be lowered to 15% from 39.6%. To simplify tax returns of individual U.S. taxpayers, the number of tax brackets would be cut to three from seven.

To conclude, as long as 0.9960 holds on the upside, look for a further decline to 0.9910 and even to 0.9890 in extension.

Resistance levels: 0.9985, 1.000, and 1.0025

Support levels: 0.9910, 0.9890, and 0.9850

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Technical analysis of NZD/USD for April 27, 2017

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NZD/USD is expected to trade with bearish outlook as the pair is capped by a negative trend line. The pair is capped by a negative trend line since April 24, which confirms a negative outlook. The downward momentum is further reinforced by a declining 50-period moving average. Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

Therefore, as long as 0.6940 is not surpassed, look for a further drop to 0.6885 and even to 0.6840 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: 0.6970, 0.7000, and 0.7020

Support levels: 0.6885, 0.6840, and 0.6800

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Technical analysis of GBP/JPY for April 27, 2017

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GBP/JPY is expected to prevail its upside movement. The pair is trading above the rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is bullish and calls for a further upside.

Hence, as long as 142.20 is not broken, a new rise to 143.50 and even to 144 seems more likely to occur.

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 143.50 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 142.20.

Resistance levels: 143.50, 144.00, and 144.55

Support levels: 141.60,140.65, and 140.00

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Elliott wave analysis of EUR/JPY for April 27, 2017

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Wave summary:

We have seen a peak 121.98, but the question is, whether this peak of completed wave iii for more upside closer to 123.42 to complete wave A or have wave A already completed with the high seen at 121.98? At this point, it really does not matter, as both scenarios call for a corrective decline towards 119.85 before the next rally higher should be expected.

We do favor the scenario that sees the peak at 121.98 as wave iii and the current corrective decline as wave iv to be followed higher by wave v, but for now look for a corrective decline to 119.85 and the higher.

R3: 122.58

R2: 121.98

R1: 121.68

Pivot: 121.25

S1: 120.87

S2: 120.45

S3: 119.85

Trading recommendation:

Our stop at 121.15 was hit for a 590 pips profit. We will buy EUR again at 120.00.

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Technical analysis of EUR/USD for Apr 27, 2017

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When the European market opens, some Economic Data will be released such as Minimum Bid Rate, Italian 10-y Bond Auction, Spanish Unemployment Rate, Spanish Flash CPI y/y, German Prelim CPI m/m, and GfK German Consumer Climate. The US will release the Economic Data, too, such as Natural Gas Storage, Pending Home Sales m/m, Prelim Wholesale Inventories m/m, Goods Trade Balance, Durable Goods Orders m/m, Unemployment Claims, and Core Durable Goods Orders m/m, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0960.

Strong Resistance:1.0954.

Original Resistance: 1.0943.

Inner Sell Area: 1.0932.

Target Inner Area: 1.0907.

Inner Buy Area: 1.0882.

Original Support: 1.0871.

Strong Support: 1.0860.

Breakout SELL Level: 1.0854.

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 27, 2017

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IIn Asia, Japan will release the BOJ Policy Rate, BOJ Outlook Report, and Monetary Policy Statement data, and the US will release some Economic Data, such as Natural Gas Storage, Pending Home Sales m/m, Prelim Wholesale Inventories m/m, Goods Trade Balance, Durable Goods Orders m/m, Unemployment Claims, and Core Durable Goods Orders m/m. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 111.88.

Resistance. 2: 111.66.

Resistance. 1: 111.44.

Support. 1: 111.18.

Support. 2: 110.96.

Support. 3: 110.74.

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

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

Daily analysis of major pairs for April 27, 2017

EUR/USD: The EUR/USD has moved upwards this week. Price nearly tested the resistance line at 1.0950, but the resistance line would be tested and breached eventually. The EMA 11 is above the EMA 56, and the Williams' % Range period 20 is in the overbought region, which means that price is expected to go upwards.

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USD/CHF: The USD/CHF has essentially moved sideways so far this week. Price has not gone above the resistance level at 1.0000 or below the support level at 0.9900. There is a need for price to go above the resistance level or below the supply level so that a directional movement can resume. A movement below the support level at 0.9900 is much more likely.

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GBP/USD: The Cable has been caught in an equilibrium phase – having moved sideways so far this week. A rise in momentum is anticipated, which may take price towards the distribution territories at 1.2900, 1.2950 and 1.3000. Some fundamental figures are expected today and they may have an impact on the market.

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USD/JPY: Since the close last Friday, the USD/JPY 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 the 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 has gone upwards by 450 pips, following the gap-up that was seen at the beginning of this week. There is a bullish signal in the market, and price may soon be reaching the supply levels at 122.00, 122.50 and 123.00. Any pullbacks in the market may end up being an opportunity to buy long.

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Daily analysis of USDX for April 27, 2017

USDX had some selling pressure on Wednesday's American session, following the release of some details about Donald Trump's tax plan. Despite the pullback, we're still seeing a consolidation above the support level of 98.83, which remains untouched in the short-term. If it manages to break above 99.29, the index can re-test the 100.00 handle.

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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.

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

Daily analysis of GBP/USD for April 27, 2017

GBP/USD still comatose in a very narrow range across the board, but it remains well consolidated above the 200 SMA at H1 chart. The resistance zone of 1.2875 is still the next target to the upside and it seems that level could be tested, once again, in coming hours. If a breakout happens over there, bulls will gain strength to continue with the advance towards new highs.

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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 | AUD/NZD | 26th April 2017

We take a nice detailed look at AUD/NZD 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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The material has been provided by InstaForex Company - www.instaforex.com

Prepare to sell USD/CAD after breaking major support

We prepare to sell USD/CAD upon the break of the key support level at 1.3528 (Fibonacci retracement, horizontal overlap support, Elliott Wave theory). If the price breaks this level, we will place our stop loss at 1.3592 with profit target at 1.3423 support (Fibonacci retracement, horizontal swing low support, Elliott wave theory).

The Stochastic (55,5,3) is seeing the major resistance at 94%. The stochastic's turndown signals a bearish move is starting.

Sell below 1.3528. Set stop loss at 1.3592 and take profit at 1.3423.

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EUR/USD prepare to sell on break of major support

We prepare to sell on the break of the 1.0859 support (Fibonacci retracement, Elliott wave theory). Upon the break of that level, we will have our stop loss at 1.0913 (Fibonacci retracement) and our profit target at 1.0731 (Fibonacci retracement, price gap, Elliott wave theory).

Stochastic (55,5,3) is seeing resistance at 98% and also sees bearish divergence vs the price signalling that a reversal is impending.

Sell below 1.0859. Stop loss at 1.0913. Take profit at 1.0731.

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AUD/NZD testing major resistance, time to start selling

We prepare to sell below the 1.0845 resistance (Fibonacci retracement, horizontal resistance, Fibonacci extension) for a push down to the 1.0771 support (Fibonacci retracement, horizontal overlap support). Our stop loss is the 1.0901 resistance (Fibonacci retracement, horizontal swing high resistance).

Stochastic (55,5,3) is seeing major resistance below the 96% level and we expect a drop from this level soon.

Sell below 1.0845. Stop loss at 1.0901. Take profit at 1.0771.

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AUDUSD Fundamental Analysis April 26, 2017

AUDUSD has been in a non-volatile impulsive bearish move as the week started. AUD having better economic reports today like CPI reports, which was unchanged at 0.5% (vs. 0.6% expected), but the published figure was not negative and Trimmed Mean CPI was increased as expected at 0.5% (vs. 0.4% previously). Today AUD had a good opportunity to gain strength over USD but failed drastically, while USD did not have any positive news today. Yesterday the USD New Home Sales report was published at 621k, which was better than expected 590k, and the today USD Crude Oil Inventories report was not better than expected at -3.6M (vs/ -1.1M expected). USD is expected to gain more ground against AUD in the coming days.

Now let us look at the technical view. The price has been very impulsive today after bouncing off the resistance level of 0.7550. Currently, the price has broken below the support of 0.7470 and is still showing some bearish pressure in the market. If the price closes below the support of 0.7470 with a daily close, then we will be looking forward for some more downward moves towards the 0.7160 area. On the other hand, if the price rejects the support of 0.7470, then we might see some upward movement in this pair, but the bearish bias will continue until the price takes out 0.7550 with a daily close above it.

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USD/JPY approaching major resistance, prepare to sell

The price is approaching major resistance at 111.37 (Fibonacci retracement, horizontal resistance, Fibonacci extension) and we expect a reaction below this level for a drop to at least the 109.41 support (Fibonacci retracement, horizontal overlap support, price gap).

Stochastic (34,5,3) is seeing major resistance at 91% where we expect a drop from.

Sell below 111.37. Stop loss at 112.27. Take profit at 109.41.

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

USDJPY Fundamental Analysis April 26, 2017

USDJPY has been in a bullish trend since the start of the week and currently at the edge of a break above the resistance 111.60. Today JPY had the All Industry Activity report which was published at 0.7% that was quite close to the expectation at 0.8%. On the other hand, yesterday the USD New Home Sales report, which was very positive at 621k (vs. 590k expected), helped USD to gain more strength against JPY yesterday. Today the Crude Oil Inventories Report published today was at -3.6M, which was expected to be at -1.1M. Despite an average economic report today, USD is still dominating JPY and further increase in the USD is expected in the coming days unless JPY comes up with a positive economic report in the future.

Now let us look at the technical view. The price is currently residing just below the resistance level of 111.60. Currently, the price has taken out the 20 EMA with a daily close. If the price closes above 111.60 with a daily close today, then we will be expecting further upward move towards the 114.60 resistance level. On the other hand, if the price rejects the 111.60 resistance level today with a daily close, then we will be looking forward for the price to drop down to 110.10, which is the nearest support level.

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