Trading Plan for EUR/USD and GBP/USD for April 28, 2017

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Technical outlook:

So the story continues as discussed earlier and EUR/USD probably just found a top around 1.0950 levels. Maybe at the most, one more high which looks less probable at the moment though. Please also note the evening star appeared yesterday and a good test was done today a few hours ago. Moreover, it has produced around the fibonacci 0.618 levels. A drop below 1.0860 from here would certainly prove with evidence that a major top is in place and that the pair has resumed its long-term downtrend. The wave structure indicates that we are into the last wave 5 of a larger degree, and within that wave we are most probably beginning into wave (3), with waves (1) and (2) looking to be complete as labelled above. Major resistance is at 1.13 levels while support on the Daily chart is at 1.0560 levels.

Trading plan:

Please remain short now with risk above 1.0950 levels targeting lower. The top looks to have formed but targets are long term.

GBPUSD chart setups:

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Technical outlook:

The GBP/USD pair is almost ready to drop from here according to our previous trading plans. The pair has formed interim highs at 1.2957 levels today and by most probability, it looks to have formed a top or is very close to forming one. Please watch out for a bearish reversal any moment now. The wave count also suggests that GBP/USD might have completed 5 waves and that the corrective rally since October 2016 maybe coming to an end now. A break below the immediate trend line would be the first confirmation that bears are getting into control and a subsequent break below 1.2750 levels would confirm that a major top is in place and that GBP/USD may resume its downtrend. Interim resistance is seen at 1.2957 levels now, while support is seen at 1.2750 levels respectively.

Trading plan:

One can initiate short levels now and around 1.2970 with a stop at 1.3 levels.

Fundamental outlook:

Most GDP figures were released today in the last few hours and the impact might have been already priced in by market participants. Therefore, tops and bottoms will be formed in the above pairs soon.

Good luck!

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Daily analysis of EUR/JPY for April 28, 2017

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Overview

The EUR/JPY pair formed an intraday negative rebound to test the initial support at 120.80. A good leaning point has been formed which confirms continuation of the positivity in the upcoming period. We notice the price rally, which makes us keep our bullish expectation. Our positive targets located at 122.90 and 124.15. Any attempt to provide negative close below the current support will invalidate the bullish view. In case of a bearish correction, the target lies at 119.50 level reaching to 38.2% Fibonacci correction level at 118.60. The expected trading range for today is between 120.80 and 122.90.

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Daily analysis of USD/CAD for April 28, 2017

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Overview

The USD/CAD pair retested the level of 1.3574 yesterday and held stable above it, resuming its positive trading and attempting to build support base above 1.3600 barrier. It reinforces the expectations of more rise in the upcoming period, and the way is open to head towards the lelev of 1.3837 which represents 61.8% Fibonacci correction for the decline measured from 1.4688 to 1.2459. Therefore, the positive scenario will remain valid on the intraday and short-term basis. Breaking the 1.3574 mark will put the price under negative pressure with targets begining at 1.3455 and extending to 1.3310 in the near term. The expected trading range for today is between 1.3574 support and 1.3750 resistance.

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Daily analysis of GBP/JPY for April 28, 2017

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Overview

The GBP/JPY price confirmed the continuation of the bullish bias, trading above the barrier at 143.35 levels. The pair started recording new positive targets as shown in the image above. This makes us wait until recording the next target at 145.40. Note that surpassing this level will open the way towards testing the achieved top at 148.45. Stochastic rally to the overbought level reinforces the bullish suggestion, still providing the required positive momentum to resume the expected bullish attempts. The expected trading range for today is between 143.35 and 145.40.

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Daily analysis of Gold for April 28, 2017

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Overview

The gold price shows some slight bullish bias in attempt to move away from 1,263.17 levels. The price gets a positive signal through stochastic, which is likely to help the price surpass the EMA50, get rid of negative pressure and rally towards our positive targets at 1,282.00 and 1,300.00. Therefore, the positive scenario will remain active for the upcoming period unless breaking and holding below the 1,263.17 level as this break will push the price to test 1250.00 and might extend to 1237.00 before any new attempt to rise. The expected trading range for today is between the 1,255.00 support and the 1,290.00 resistance.

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Daily analysis of NZD/USD for April 28, 2017

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Overview

The NZD/USD pair held stable below 0.6915 after retesting it yesterday, which keeps our bearish view valid until now. This view is supported by the negative pressure formed by the EMA50, and the way is open to visit our next target at 0.6780. Therefore, we are waiting for more decline in the upcoming sessions, reminding you that breaching the level of 0.6915 will stop the suggested decline and lead the price to achieve gains on the intraday basis. The expected trading range for today is between 0.6780 support and 0.6950 resistance.

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Daily analysis of Silver for April 28, 2017

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Overview

The silver price tests the 17.43 level that was broken previously, as the price is affected by stochastic positivity. Meanwhile, the EMA50 forms negative pressure that keeps the bearish trend scenario active for today. Therefore, we are waiting for bearish rebound on the intraday basis, and the main target is represented by visiting 16.56 levels. A breach of 17.43 followed by 17.60 levels will push the price to return to the main bullish trend again. The expected trading range for today is between the 17.10 support and the 17.45 resistance.

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Fundamental analysis AUD/JPY April 28, 2017

AUD/JPY has been in a corrective structure since the beginning of the week. The volatility in this pair was high after the gap. Today Japan posted mixed economic reports. Thus, the household spending was published negative at -1.3% which was expected to be at -0.6%; the unemployment rate was unchanged at 2.8% which was expected to rise to 2.9%; the preliminary industrial production data was negative at -2.1% which was expected to be at -0.6%; the retail sales report was positive at 2.1% which was expected to be at 1.6% and the housing starts was published positive at 0.2% which was expected to be at -2.5%. JPY showed mixed trading after the economic reports today, which also made the market sentiment quite confused. On the other hand, Australia release the PPI report which was unchanged at 0.5% versus the expected level of 0.3%. The Private Sector Credit was also unchanged at 0.3% which was expected to be at 0.5%. Overall, both currencies had mixed economic reports which did put the market in dilemma. However, the aussie has been stronger against the yen until now.

Now let us look at the technical picture. The price is currently above the 82.91 support level. The price has been in a corrective structure as both buying and selling impulsive market pressure was present in this pair since the start of the week. Currently, it is expected that the price will move further up towards 85.00 area. As long as the price remains above 82.91, the bias is bullish with the target at 85.00. On the other hand, if the price breaks below 82.91 level with a daily close then we will be changing our bias to bearish and will target the next support at 81.50.

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NZD/USD Intraday technical levels and trading recommendations for April 28, 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 (Lower limit of the depicted consolidation zone) 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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USD/CAD intraday technical levels and trading recommendations for April 28, 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 1.3580.

The expected bullish target would be located around 1.3800 (upper limit of the depicted channel) if the pair maintains upside trading above 1.3580 (confluence of prominent tops) which has been breached earlier this week.

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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GBP/USD analysis for April 28, 2017

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.2956. According to the Daily time frame, I found that price broke critical resistance (1.2900), which is a sign that buyers are in control. My advice is to watch for potential buying opportunties. The first upward target is set at the price of 1.3025. The short–term trend is bearish.

Resistance levels:

R1: 1.2915

R2: 1.2935

R3: 1.2970

Support levels:

S1: 1.2855

S2: 1.2835

S3: 1.2800

Trading recommendations for today: watch for potential buying opportunities.

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AUD/USD testing major support, remain bullish

Price has reversed right above our stop loss from yesterday. We remain bullish with the price now testing major support at 0.7456 (Fibonacci extension, Elliott wave theory, bullish divergence) 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. We can also see bullish divergence vs price signaling that a bounce is impending.

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

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USD/CHF testing major resistance, prepare to sell

We prepare to sell below major resistance at 0.9956 (Fibonacci retracement, horizontal overlap resistance, long-term descending resistance) for a push down to 0.9896 support (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is seeing descending resistance holding the price down correspondingly.

Sell below 0.9956. Stop loss at 0.9975. Take profit at 0.9896.

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USD/JPY analysis for April 28, 2017

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Recently, the USD/JPY pair has been trading sideways at the price of 111.45. According to the 1H time frame, I found hidden bearish divergence in the background, a symmetrical triangle is being formed. My advice is to watch for a potential breakout of the support to confirm the bearish scenario. The first downawrd target is set at the price of 110.60. I see that USD/JPY is still in the short–term downward trend.

Resistance levels:

R1: 111.50

R2: 111.65

R3: 111.90

Support levels:

S1: 111.05

S2: 110.90

S3: 111.65

Trading recommendations for today: watch for potential selling opportunities.

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Global macro overview for 28/04/2017

Global macro overview for 28/04/2017:

The National Consumer Price Index (CPI) in Japan declined for the third consecutive month. Market participants expected CPI to stay unchanged at the level of 0.3%, but then data revealed the CPI at the level of 0.2%. So-called core inflation, which strips out volatile food prices, rose by an annualized 0.2% (just as in February). In conclusion, the Bank of Japan has left its interest rate at the level of -0.10% and raised its GDP outlook for the fiscal year 2017-18 from 1.5% to 1.6%. A lack of inflationary pressure will give the BoJ a valid mandate to maintain its highly accommodative approach to monetary policy.

Let's now take a look at the USD/JPY technical picture on the H4 timeframe. The market is still trading in a narrow range between the levels of 110.85 - 111.80, just between the 50 and 38% Fibonacci levels. The momentum is still positive and strong, however, the market trading conditions are overbought. Nevertheless, the bias is still to the upside. If bulls want to extend their control over this market, then they must break out again above the 50%Fibo and head towards the 61% Fibo at the level of 112.68 in impulsive fashion.

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Technical analysis of NZD/USD for April 28, 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 0.6889. The first resistance level is seen at 0.6973 followed by 0.7025, while daily support 1 is seen at 0.6889. In addition, 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 seen at 0.6970.

Daily key levels:

  • 28/04/2017
  • Major resistance:0.6973
  • Minor resistance:0.6931
  • Intraday pivot point:0.6889
  • Minor support:0.6844
  • Major support:0.6900
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Global macro overview for 28/04/2017

Global macro overview for 28/04/2017:

The ANZ Bussiness Confidence data declined slightly in March. The results of the ANZ Bank Business survey held among businesses nationwide revealed, that a net 11% of respondents expected the economy to improve over the next 12 months, down slightly form an 11.3% optimism level in the March poll. The main reason for the decline might be the fact that New Zealand's economy ran into a rough patch at the end of 2016, with GDP accelerating at the slowest pace since 2015. This might deteriorate further the business confidence, which was in a gradual decline since last September, as the weakness in the economy was attributed to declines in the agriculture and manufacturing. In conclusion, the sentiment in business in New Zealand looks still decent in the longer term.

Let's now take a look at the NZD/USD technical picture on the H4 timeframe. The price is trading in oversold market conditions, close to the recent lows at the level of 0.6846. Nevertheless, the hammer candlestick pattern is indicating a demand coming to the markets, so the biggest bounce is still possible. The next support is seen at the level of 0.6890 and only a sustained breakout above this level would change the temporary bias to bullish.

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Technical analysis of USD/CHF for April 28, 2017

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Overview:

  • The USD/CHF pair continues to move downwards from the level of 0.9994. The bias remains bearish in the nearest term testing 0.9882 or lower. This week, the bearish channel is still strong because the pair dropped from the level of 0.9994. The level of 0.9994 coincides with the ratio of the 61.8% Fibonacci retracement levels to the bottom around 0.9898. The price is still set below the area of 0.9959 and 0.9925. Today, the first resistance level is seen at 0.9925 followed by 0.9959, 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 0.9959 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. But the bearish scenario suggests that the pair will set below the spot of 0.9994 this week.
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Trading plan for 28/04/2017

Trading plan for 28/04/2017:

The markets are just trying to get better at the end of the week and month, so the Asian session went without emotions. After impressive gains from previous days, today the stock market is in a corrective mode. Shanghai Composite lost 0.3%, Nikkei shed 0.4%. WTI oil rebounds after making a monthly low of 47.90.

On Friday 28th of April, the event calendar is busy with various economic releases, but market participants will keep an eye on M3 Money Supply and Consumer Price Index data from the Eurozone, Preliminary GDP from the UK, GDP from Canada and Preliminary GDP from the US. Besides, there are two speeches from FED policymakers scheduled later in the global day.

EUR/USD analysis for 28/04/2017:

The eurozone's Consumer Price Index data are scheduled for release at 09:00 am GMT and market participants expect a pretty dull inflation pressure to grow from 1.5% to 1.8% on yearly basis. Moreover, the Flash Core CPI reading is expected to increase as well, from 0.7% to 1.0% on a yearly basis. At yesterday's ECB press conference, Mario Draghi said that the ECB would begin to adjust its forward guidance around June to prepare investors for the eventual tapering of the central bank's bond purchase program. However, weak inflationary pressures and weak monetary data after the non-committal central bank meeting might induce the markets to assume that the ECB is in no hurry to tighten its policy directly or indirectly.

Let's now take a look at the EUR/USD technical picture on the H4 timeframe. The post-election weekend gap still hasn't been filled and the market is trading inside of a narrow trading range between the levels of 1.0854 - 1.0950. If the data is worse than expected, then the golden trend line might get violated and the market might slip down to test the technical support at the level of 1.0820. Please notice that none of the momentum indicators points to the upside, so the bias is bearish.

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GBP/USD analysis for 28/04/2017:

The UK Preliminary GDP is scheduled for release at 08:30 am GMT and market participants expect a decline from 0.7% to 0.4% on a monthly basis. The yearly GDP should, however, improve from 1.9% to 2.2% anyway. Any number bigger than 0.4% will make the pound rally higher as this would be another clue, that a post-Brexit economy is still performing quite well, so the uncertainty regarding the further economic outlook will fade.

Let's take a look at the GBP/USD technical picture on the H4 timeframe. The pair is still trading at elevated levels and the next technical resistance is the round number of 1.3000, which is only 70 pips away. The momentum indicator did not fell below the level of 50, which means the momentum is still strong despite the overbouth market conditions. The next support is seen at the level of 1.2905 and only a way worse than expected figure would make the market to test this level immediatly after the data release.

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Market snapshot: Crudce Oil bounces back from the trend line

During the US session the Crude Oil prices managed to bounce up from the golden trend line at the level of 48.20 and now the market is trading around the 23%Fibo at the level of 49.50. Oil is keeping strong momentum, it confirms the bullish pressure. The price is likely to violate the level of 50.31 and break out above the black trend line.

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Ichimoku indicator analysis of gold for April 28, 2017

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Ichimoku indicator analysis of gold for April 28, 2017

Ichimoku indicator analysis of USDX for April 28, 2017

The US dollar index remains inside the bearish channel and I expect the price to move lower today and get rejected at the channel resistance. However, I would not bet on the downside as I believe it is limited.

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Blue lines - bearish channel

The dollar index is showing rejection signs at the upper channel boundary. A new low is expected to be seen today before the upward reversal. The short-term resistance lies at 99.35. Support is found at 98.80 and the next one at 98.

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Red lines - resistance trend line

Green line -long-term trend line support

Black line - support trend line

The dollar index remains stuck right on top of the junction of the two important support trend lines for the third day in a row. We may see a false breakout below the trend lines today but overall I believe there are a lot of chances of a bullish reversal. I prefer to wait without opening a position. When I see a reversal signal, I will go long.

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Ichimoku indicator analysis of gold for April 28, 2017

Gold price is vulnerable to move towards $1,250. The short-term trend remains bearish. However, I favor long positions in the area of $1,245-60 targeting a move above $1,300. Gold remains in a longer-term bullish trend towards $1,500-$1,600.

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Blue lines - bearish channel

Gold price remains inside the bearish channel and below the cloud resistance. The price is trading around the Tenkan-Sen (red line indicator). Bulls need to break the bearish channel and push above the Kumo cloud to allow cloud indicators to remain positive. A cross of the kijun-sen below the tenkan-sen will be a bearish signal.

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Gold price closed below the kijun-sen yesterday and is trying to push back above it today. The daily resistance is found at the tenkan-sen (red line indicator) at $1,276. Daily cloud support lies at $1,230. I remain bullish in the longer term.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of EUR/USD for April 28, 2017

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Overview

The EUR/USD pair has settled at the key support of 1.0852 and is holding next to it until now. This keeps the bullish trend scenario valid until now. The bullish scenario is supported by the EMA50 that provides the price with good positive support. Besides, a stochastic is moving to the oversold area. Therefore, we are planning trading on rallies in the nearest sessions. Theits targets begin at 1.0973. Please bear in mind that breaking 1.0852 will complete a bearish formation that has the ability to make the price to cover the price gap since the beginning of this week. The gap could be filled through visiting 1.0731 level before any new attempt to rise. The expected trading range for today is between 1.0800 support and 1.1050 resistance.

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Daily analysis of GBP/USD for April 28, 2017

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Overview

The GBP/USD pair confirmed successfully that the 1.2890 level had been breached after closing the daily candlestick above it. This which reinforces the likelihood of a further rise in the short term. The above-mentioned level represents 61.8% Fibonacci correction for the decline from 1.3443 to 1.1997, which means that the way is open to head towards 1.3100 in the short run. Therefore, the bullish trend will remain expected on the intraday- and short-term basis. Please note that breaking 1.2890 will push the price to decline towards 1.2720 before any new positive attempt. The expected trading range for today is between 1.2840 support and 1.3020 resistance.

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Daily analysis of USD/JPY for April 28, 2017

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Overview

The USD/JPY pair has settled below 111.65 level, which keeps our bearish scenario valid as the price is still under the effect of the double top pattern. The pair is likely to to resume the bearish bias as its targets begin by testing 110.00. Please note that breaking the mentioned level will extend the bearish wave to reach 106.63 on the near-term basis. Holding below 111.65 represents the key condition to continue the expected decline. The expected trading range for today is between 110.00 support and 112.00 resistance.

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Daily analysis of Gold for April 28, 2017

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Overview

Gold price has settled at 1,263.17 and the price has fallen under continuous negative pressure formed by the EMA50. This makes it more difficult to resume the recently suggested bullish trend. The metal awaits to gain enough momentum to push the price up again. In general, we still suggest the bullish trend unless breaking 1,263.17 level and holding below it. Please note that our main targets begin by breaching 1,282.00 to confirm that the bullish wave is extending towards 1,300.00 followed by 1,340.00. 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 28, 2017

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Overview

Silver price broke 17.43 level and settled with a daily close below it. This stops the recently suggested bullish scenario and puts the price under the negative pressure on the short-term basis, paving the way towards 16.56 as the next key target. Therefore, the bearish trend will remain valid in the short term. This is supported by the negative pressure formed by the EMA50. Please note that breaching 17.43 followed by 17.60 will stop the expected decline and lead the price to regain its main bullish track again. The expected trading range for today is between 17.10 support and 17.45 resistance.

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NZD/USD Fundamental Analysis April 28, 2017

NZDUSD has been impulsively bearish throughout the week taking the price all the way down from 0.7050 to 0.6890. Today, NZD Building Consents report was published with a negative figure at -1.8% which previously was at 17.2% and Trade Balance report was also not quite as forecasted at 332M which was expected to be at 375M. Besides, ANZ Business Confidence report was also published today which did show a bit of change at 11.0 which previously was at 11.3. On the other hand, on the USD front Flash GDP report is due today, which is expected to show a decline to 1.3% which previously was at 2.1%. Employment Cost Index is expected to show a slightly better value of 0.6% which previously was at 0.5%. Among the other events in the US is FOMC Member Brainard is about to speak today about key interest rates and further monetary policies. The market is likely to be quite volatile today during the US events. So a daily close today will help to predict a further dynamic in this pair.

Now let us consider the technical view. The price is currently residing just below the important price level of 0.6890. Yesterday, the market closed with an indecision candle ahead of today's NZD and USD events. If the price remains below the resistance level of 0.6890 with a daily close today, then we can expect the price to move down to 0.6700 support level. On the other hand, if the price closes above 0.6890 level with a daily close, then we may see the price moving further up towards 0.6980 level. A daily close today is needed to predict a further move in this pair.

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EUR/AUD Fundamental Analysis April 28, 2017

After the gap since early this week and massive long positions on EUR/AUD, the price is now rejecting buyers off the 1.4600 resistance level. Today, we had mixed economic report on AUD side. PPI was published unchanged at 0.5% which was expected to be at 0.3% and Private Sector Credit was also unchanged at 0.3% which was expected to be at 0.5%. On the EUR's front, French Flash GDP was recently published with a decreased value at 0.3% which was expected to be unchanged at 0.4%. Besides, German Retail Sales report is going to be published soon, so retail sales are expected to decrease by 0.1% from the previously 1.8% gain. Among other reports from the eurozone, we also have Spanish Flash GDP which is expected to be unchanged at 0.7%. The eurozone's M3 Money Supply is also expected to be unchanged at 4.7% and CPI Flash Estimate is expected to show a minor increase at 1.8% which previously was at 1.5%. The eurozone's Core CPI Flash Estimate is also expected to increase to 1.0% from 0.7% previously. Today, the economic calendar is tightly packed with fundamental data from the eurozone, which is due later today. Any positive or negative outcome of the reports can trigger high volatility in the market today. A daily close as well as the weekly close today will help to determine a further dynamic in this pair next month.

Now let us consider the technical view. The price has rejected from the resistance level of 1.4600 with a daily close yesterday. Currently, the price is below the resistance of 1.4600. If the price remains below the resistance with a daily close today, then we can expect the price to move down towards 1.4300 in the coming days. On the other hand, if the price closes above 1.4600 with a daily close today, then we might see a further upward movement towards 1.50 resistance area.

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Technical analysis of EUR/USD for Apr 28, 2017

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When the European market opens, the economic calendar will be packed with economic data such as Italian Prelim CPI m/m, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Private Loans y/y, M3 Money Supply y/y, Spanish Flash GDP q/q, French Prelim CPI m/m, French Consumer Spending m/m, German Import Prices m/m, and German Retail Sales m/m. The US will release a series of fundamental data such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Employment Cost Index q/q, Preliminary GDP Price Index q/q, and Preliminary GDP q/q. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.0918.

Strong Resistance:1.0912.

Original Resistance: 1.0901.

Inner Sell Area: 1.0890.

Target Inner Area: 1.0865

Inner Buy Area: 1.0840.

Original Support: 1.0829.

Strong Support: 1.0818.

Breakout SELL Level: 1.0812.

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 28, 2017

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In Asia, Japan will release the Housing Starts y/y, Retail Sales y/y, Prelim Industrial Production m/m, Unemployment Rate, Tokyo Core CPI y/y, National Core CPI y/y, and Household Spending y/y. The US will present a series of economic data such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Employment Cost Index q/q, Flash GDP Price Index q/q, and Flash GDP q/q. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance 3: 111.74.

Resistance 2: 111.52.

Resistance 1: 111.30.

Support 1: 111.03.

Support 2: 110.81.

Support 3: 110.59.

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

Technical analysis of USD/JPY for April 28, 2017

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USD/JPY is expected to trade with a bullish bias above 110.90. The pair is consolidating around its 20-period and 50-period moving averages. The relative strength index is below its neutrality level at 50. Nevertheless, 110.90 represents a significant key support level, which should limit the downside potential. Even though further consolidation cannot be ruled out, its extent would be limited.

As long as 110.90 holds on the downside, look for a further upside toward 111.55 and even 111.80 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 111.55 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: 111.55, 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 28, 2017

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USD/CHF is expected to trade with bullish bias above 0.9925. The pair is trading above the key support level at 0.9925, which should limit the downside potential. The 20-period moving average has crossed above the 50-period one, which is a positive signal. The relative strength index has just landed on its neutrality level at 50 and is turning up.

On the economic data front, durable goods orders in the U.S. fell 0.7% on month in March (vs. +1.3% expected), the number of initial jobless claims amounted to 257,000 in the week ended April 22 (vs. 245,000 expected), and pending home sales declined 0.8% on month in March (vs. -1.0% expected).

Hence, as long as 0.9925 holds on the downside, a further rebound to 0.9970 and even to 0.9985 seems more likely to occur.

Resistance levels: 0.9970, 0.9985, and 1.000

Support levels: 0.9910, 0.9890, and 0.9850

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Technical analysis of NZD/USD for April 28, 2017

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NZD/USD is expected to trade in a lower range as the key resistance is at 0.6910. Although the pair made a rebound from 0.6845 (the low of April 27), it is still trading below the declining 50-period moving average, which plays a resistance role. The upside potential should be limited by the key resistance at 0.6910. Even though a continuation of a technical rebound cannot be ruled out, its extents will be limited.

To sum up, below 0.6910, look for a return to 0.6845 and even to 0.6810 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 0.6845. A break below this target will move the pair further downwards to 0.6810. The pivot point stands at 0.6910. 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 0.6940 and the second one at 0.6970.

Resistance levels: 0.6940, 0.6970, and 0.7000

Support levels: 0.6845, 0.6810, and 0.6760

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Technical analysis of GBP/JPY for April 28, 2017

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GBP/JPY is expected to continue its upside movement. The pair is being consolidated and remains above its horizontal support at 143.00. The 20-period moving average is firmly above the 50-period moving average, and the relative strength index is also above its neutrality area at 50, lacking downward momentum. The upside bias remains intact.

As long as 143.00 is not broken below, further upside is expected with 144.00 and 145.00 as the next targets.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 144.00 and the second one at 145.00. In the alternative scenario, short positions are recommended with the first target at 142.45 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 141.70. The pivot point is at 143.00.

Resistance levels: 144.00, 145.00, and 145.55

Support levels: 142.45,141.70, and 141.00

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Elliott wave analysis of EUR/NZD for April 28, 2017

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Wave summary:

We continue to look for small corrections only as the rally in wave iii moves closer to our first extension target at 1.6656. Short term, we are looking for support at 1.5671 to protect the downside for a continuation higher to 1.6000 and likely even closer to 1.6318 before wave [iii] of iii is complete. Should support at 1.5671 be broken that will likely indicate that peak at 1.5908 was a new wave of a lesser degree and a wave ii is building. This will be a very bullish outcome in the longer term.

R3: 1.6485

R2: 1.6115

R1: 1.5908

Pivot: 1.5800

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.

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Elliott wave analysis of EUR/JPY for April 28, 2017

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Wave summary:

The expected corrective decline from 121.98 is unfolding nicely. The ideal target for this correction is seen near 119.85 for the next rally higher towards at least 122.57 and possibly higher towards 123.42 to complete wave A. This scenario remains our preferred outlook.

That said, we have to take into consideration that wave A already completed at 121.98 and in this case, we should expect a more prolonged wave B correction before wave C towards 138.52 will be ready to take over.

R3: 122.58

R2: 121.89

R1: 121.05

Pivot: 120.75

S1: 120.57

S2: 120.45

S3: 119.85

Trading recommendation:

We are looking for a EUR-buying opportunity at 120.00.

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Daily analysis of major pairs for April 28, 2017

EUR/USD: Following the gap-up that happened early this week, this pair has consolidated in the context of an uptrend. Price is currently above the support line at 1.0850, and it may go towards the resistance lines at 1.0900 and 1.0950 within the next few trading days. That would be when momentum returns to the market.

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USD/CHF: The USD/CHF pair 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: This currency trading instrument trended sideways between Monday and Wednesday, and then trended further upwards on Thursday. Since April 17, price has gained 360 pips, vigorously testing the distribution territory at 1.2900. The distribution territory would soon be breached to the upside as price trends further upwards.

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USD/JPY: There is a bullish outlook on this market, especially since the gap-up that happened at the beginning of this week. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. In spite of the current consolidation in the market, it is possible that price would continue moving upwards.

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EUR/JPY: There is a bullish signal for the EUR/JPY cross, and price may soon be reaching the supply levels at 122.00, 122.50, and 123.00. The expectation may come to pass in spite of the shallow bearish threat that is currently in the market.

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Daily analysis of USDX for April 28, 2017

The index is now capped by the resistance level of 99.28, as the bulls are trying to gather enough bullish momentum to perform a breakout to the upside. However, a pullback might happen to re-test the support area of 98.83. The 200 SMA on H1 chart remains an active dynamic supply zone to cap further gains. MACD indicator is turning neutral, supporting a sideways tone for USDX in the coming days.

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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.

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Daily analysis of GBP/USD for April 28, 2017

The pair is consolidating its price action above the 1.2875, after several days trapped in a narrow range across the board. With this move, we can expect further rallies to test the resistance zone of 1.3029 in the near term. However, caution should be taken in coming hours, as this can be a false breakout. If a pullback happens at the current stage, the next support will be located at the 200 SMA (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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