NZD/USD Intraday technical levels and trading recommendations for May 4, 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.

That's why, the NZD/USD pair became trapped within the depicted consolidation range (0.6860-0.6960) once again.

Note the depicted bullish 1-2-3 pattern remains valid as long as bullish fixation above 0.6900-0.6850 is maintained on a daily basis.

On the other hand, bullish breakout above 0.6960 is needed to allow further bullish movement. Expected projection target for the pattern is located around 0.7250.

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USD/CAD intraday technical levels and trading recommendations for May 4, 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.

As long as, the USD/CAD pair maintains bullish trading above 1.3580 (confluence of prominent tops), expected bullish target would be located around 1.3950 (upper limit of the depicted channel and FE 100%).

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Trading Plan for EUR/USD and GBP/USD for May 04, 2017

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Technical outlook:

The EUR/USD pair might be into its last leg of consolidation after forming a high at 1.0951 on April 26, 2017. The pair has completed 5 waves from lows of 1.0580 through highs of 1.0951 respectively, terminating into wave (2) at a larger degree as depicted here. EUR/USD has produced wave 1 of a lower degree and is consolidating into a sideways wave 2 of the same degree at the moment. If the above wave count is true, wave 2 has just terminated at 1.0941 level and the pair should continue lower towards 1.0580 from here. Until prices remain below 1.0950/51 levels, the above wave structure should hold true and bears are expected to resume control any moment. Immediate resistance is seen at 1.0951 levels, while support is just below 1.0580 levels respectively.

Trading plan:

Please remain short with stop above 1.0950 levels, targeting lower.

GBP/USD chart setups:

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Technical outlook:

The GBP/USD pair has responded well to projected resistance levels around 1.2960/70 earlier and since then has dropped lower completing at least waves 1 and 2 as labelled here. Earlier, the pair was seen sub-dividing into 5 waves from the lows at 1.2365 levels through highs at 1.2965 levels respectively, terminating into potential wave (4) of a higher degree. If the above wave count comes to be true, the GBP/USD pair should continue dropping lower unfolding into waves 3, 4 and 5 of the same degree producing intermediate wave 1 within the projected 5 waves drop from 1.2951 levels. We shall bring up detailed wave counts as it unfolds further. Immediate resistance is seen at 1.2951 levels while support is seen at 1.2750 levels respectively.

Trading plan:

Please remain flat for now, stop above 1.2965, targeting lower.

Fundamental outlook:

Today's economic calendar is rather loaded with events. Please watch out for huge volatility with US Non-farm payrolls to be released around 08:30 AM EST followed by speeches of FOMC officials a few hours later. USD should be setting up to gain with these events as well.

Good luck!

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Technical analysis of NZD/USD for May 04, 2017

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Overview:

  • The NZD/USD pair is showing signs of strength following a breakout of the highest levels of 0.6896 and 0.6847. The level of 0.6896 coincides with 23.6% of Fibonacci, which is expected to act as a minor support today. Besides, the double bottom is seen at the point of 0.6847. Since the trend is above the level of 0.6847, the market is still in an uptrend because the major support is seen at the level of 0.6847. Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is heading upwards. Therefore, strong support will be found at the level of 0.6896 providing a clear signal to buy with a target seen at 0.6998. If the trend breaks the minor resistance at 0.6998, the pair will move upwards continuing the bullish trend development to the level 0.7053 in order to test the double top. However, if the NZD/USD pair fails to break through the resistance level of 0.6922 today, the market will decline further to 0.6847 to retest it.
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Technical analysis of USD/CHF for May 04, 2017

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Overview:

  • The USD/CHF pair is still moving around the area of 0.9959 and 0.9925. It keeps trading downwards from the level of 0.9959. The bias remains bearish in the nearest term, testing 0.9882 or 0.9847 because there are no changes in my technical outlook. The bearish channel is still strong because the pair dropped from the level of 0.9959 which coincides with the ratio of the 50% 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 declining 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 it. Sell below 1.9925 with the first target at 0.9882 and the next one at 0.9847. The bearish scenario suggests that the pair will steady below the zone of 0.9959 (major resistance).

Daily key levels:

  • Major resistance: 0.9994 | 1.0044
  • Minor resistance: 0.9959
  • Intraday pivot point: 0.9925
  • Minor support: 0.9882
  • Major support: 0.9847 | 0.9812
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GBP/USD analysis for May 04, 2017

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Recently, the GBP/USD pair has been trading sideways at the price of 1.2885. According to the 30M time frame, I found that price is trading inside of the downward channel, which is a sign that sellers are in control. The price respected the upper diagonal of the downward channel, which is a sign that buying looks risky. My advice is to watch for potential selling opportunties. I epxect re-test of the previous swing low at 1.2845. If the price breaks the previous swing low, second target will be set at the price of 1.2785.

Resistance levels:

R1: 1.2900

R2: 1.2923

R3: 1.2950

Support levels:

S1: 1.2850

S2: 1.2835

S3: 1.2805

Trading recommendations for today: watch for potential selling opportunities.

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EUR/USD analysis for May 04, 2017

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Recently, the EUR/USD pair has been trading upward. The price tested the level of 1.0941. Anyway, according to the 1H time frame, I found strong resistance near the price of 1.0940, which is a sign that buying at this stage looks risky. I found a supply trendline and horizontal cluster. My advice is to watch for potential selling opportunities. The first downward target is set at the price of 1.0875.

Resistance levels:

R1: 1.0935

R2: 1.0955

R3: 1.0975

Support levels:

S1: 1.0890

S2: 1.0875

S3: 1.0855

Trading recommendations for today: watch for potential selling opportunities.

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Fundamental Analysis of USD/CHF for May 4, 2017

USD/CHF has been in a corrective volatile structure recently. Amid the long running bearish trend in place, the bearish bias is expected to continue for few more days. Today, Switzerland's Seco Consumer Climate report was published which was negative at -8, much worse than the expected positive value of 3. On the other hand, the US unemployment claims report is going to be published today where the number of claims is expected to decrease to 246k in April from 257k in March. The US Trade Balance is expected to be at -44.9B which previously was at -43.6B. Besides, Factory Orders are also expected to decrease to 0.6% which was expected to be at 1.0%. Currently, CHF has been quite powerful against USD despite a negative economic report from Switzerland today. If the US reports come out as negative today, we might see further bearish pressure in this pair to push the price down a little bit more.

Now let us look at the technical chart. The price is currently residing between the corrective structure of 0.9890 to 0.9960. Amid the long running bearish trend in place, the pair is expected to move more downward to 0.9800 in the coming days. The bearish bias is expected to continue in this pair until the price breaks above 0.9960 resistance level with a daily close.

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Fundamental Analysis of EUR/GBP for May 4, 2017

EUR/GBP has been in a volatile bearish trend recently. GBP has been quite stronger than EUR in the recent months and a further gain in GBP is expected in the coming days. Today was a positive day for EUR which received a boost from a series of upbeat reports. Spanish Unemployment Change was positive at -129.3k which was expected to be at -78.2k. Spanish Services PMI was quite as expected at 57.8 which was expected to be at 57.7. The revised eurozone's Services PMI came in at 56.4, a bit higher than the expected 56.3. On the other hand, GBP also had a positive economic report of Services PMI at 55.8 which was expected to be at 54.6 and Net Lending to Individuals was also positive at 4.7B, stronger than the expected 4.5B. Both currencies are fighting to set a trend in this pair and a daily close today will signal a further dynamic in this pair.

Now let us look at the technical chart. The price is currently below the dynamic resistance of 20 EMA and it is expected to show some bearish move today. We will not consider selling this pair until the price breaks below 0.8420 with a daily close and we will determine 0.8290 as a lower target. On the other hand, we will consider buy positions if the price breaks above 0.8550 with a daily close and will determine 0.8750 as our upward target. Because of the lower highs already created in this pair, we are in a bearish bias until the price breaks above 0.8550 with a daily close, till then we will be planning to sell this pair.

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Global macro overview for 04/05/2017

Global macro overview for 04/05/2017:

The latest Energy Information Administration (EIA) data recorded another inventory draw of -930k barrels for the week ending April 28th. Market participants expected larger stockpiles decrease of -3,300k barrels after a draw of -3,641k barrels last week. Nevertheless, the domestic crude oil production increased 0.3% to 9,290k barrels per day with a 5.2% increase over the year. This increase in production caused renewed concerns over production trends after smaller increases in the previous two weeks.

Let's now take a look at the Crude Oil technical picture on the H4 timeframe. The price fell from around $53.5 to $47.30 in a few days. The rate this morning not only tests the holes this week but also the support line run through the lows of March 2016 and November 2016. Taking into account that the market is significantly oversold and visible divergence between the momentum oscillators and price, there is a high probability of rebounding. The next resistance is seen at the level of $48.21. If the bulls manage to break out above it, then the downside test of the golden trend line around the level of $48.50 is to follow.

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Daily analysis of USDX for May 04, 2017

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Daily analysis of USDX for May 04, 2017

Global macro overview for 04/05/2017

Global macro overview for 04/05/2017:

In yesterday's statement, the Federal Open Market Committee (FOMC) maintained a positive hawkish tone, pointing to a steady strengthening of the labor market, and solid consumption growth fundamentals. This is why the FED maintained its target for federal reserve rates at 0.75-1.00 percent as expected. It was noted that the Committee's assessment of the slowdown in the first quarter was likely to be temporary. The decision was unanimous. In conclusion, the FED ignored some weaker data from the economy and still leaves the open road for further rate hikes. In the meantime, the implied probability of the next rate hike in June increased to 73% according to the CME FedWatch tool.

Let's now take a look at the US Dollar index technical picture on the H4 timeframe. After the FOMC statement, the market tried to rally towards the technical resistance at the level of 99.72, but it was capped at the level of 99.46 and reversed. No new low was made, but the gap wasn't filled either. The momentum is still pointing slightly to the upside and the stochastic oscillator is still not in the overbought zone. No divergence is seen as well, so the bias is slightly positioned to the upside as long as the technical support at the level of 98.68 holds the line.

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Trading plan for 04/05/2017

Trading plan for 04/05/2017:

The Dollar keeps up gains from Wednesday due to the optimistic tone of the FOMC statement. Australia's foreign trade data did not help the AUD, which is the weakest currency in the G10. Stock indexes in Asia are mostly gaining. Gold is falling in value due to strong USD.

On Thursday 4th of May, the event calendar is busy with a bunch of PMI releases from across the Eurozone, PMI Services data from the UK, Trade Balance data from Canada, Factory Orders and Trade Balance data from the US. Moreover, there are speeches from ECB President Mario Draghi and BOC Governor Stephen Poloz scheduled later in the day.

EUR/USD analysis for 04/05/2017:

The PMI Services and PMI Composite data from the Eurozone are scheduled for release between 08:00 am and 09:00 am GMT. Market participants expect an improvement both in PMI Services and Composite sectors of the economy, so the sentiment remains on an elevated level. All the figures are expected to be released above the level of fifty, so the expansion cycle continues in the Eurozone.

Let's now take a look at the EUR/USD technical picture on the H4 timeframe. The pair is still trading inside of the triangle/wedge pattern with the weekend gap not filled yet. Better-than-expected data from the Eurozone might spark another rally towards the technical resistance at the level of 1.0950, but the price should be capped there as the momentum is still too weak to push the price above this level. The next technical support is seen at the level of 1.0854 and 1.0820.

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GBP./USD analysis for 04/05/2017:

The PMI Services data from the UK are scheduled for release at 08:30 am GMT and market participants expect a slight deterioration from 55.0 to 54.6 points for the reported month. As the services sector is the catalyst for the economic growth and the economy tends to be very consistent and predictable, so the impact on the markets might be limited unless there is an significant decline in the data.

Let's now take a look at the GBPUSD technical picture on the H4 timeframe. The technical support at the level of 1.2859 was violated, but the price bounced up immediately and currently is trading back in the middle of the range. The momentum is still biased to the downside, so this move might be the beginning of a larger correction possibly towards the technical support at the level of 1.2705.

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Market snapshot: Gold declines even lower after the FOMC statements

The price of Gold has declined more towards the 38%Fibo at the level of $1,229 after yesterday's hawkish FOMC statement. The 38%Fibo and the technical support at the level of $1,226 are the key intraday support levels as any violation of this support will open the road towards the 50%Fibo at the level of $1,208. The next resistance is seen at the level of $1,239 - $1,241.

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Ichimoku indicator analysis of USDX for May 4, 2017

The Dollar index is bouncing as we expected and is showing signs of exiting the short-term trading range to the upside. Price remains in a weekly down trend since 103.30 but on a break above 101.30 the bullish scenario will strengthen dramatically.

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Blue lines - trading range

The Dollar index is trying to break above the Kumo on the 4-hour chart. This could ignite more Dollar strength towards 101. Important short-term support is at 99.05 where the 4-hour kijun-sen is found. Breaking below it will open the way for a push towards 98.

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Red line - resistance

Black line - support

Green line - long-term trend line support

The Dollar index is showing reversal signs in the weekly chart as expected. The Dollar index should bounce strongly towards 99.83 where the first weekly important resistance level is found. Breaking above it will open the way for a push towards 100.50.

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Ichimoku indicator analysis of gold for May 4, 2017

Gold price broke below short-term support and is now testing a weekly cloud and technical support at $1,235. This is a great opportunity and a gift for Gold bulls as I believe the low we are about to make will be of equal importance to $1,180 and $1,194.

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Blue lines - bearish channel

Green rectangle - support area

Gold price is testing daily cloud support. The last time the RSI (5) was this oversold Gold was trading at $1,194-$1,200. We all remember what followed. Gold is above the cloud and trend remains bullish but bulls will also need to provide signs of strength by breaking above and out of the bearish channel.

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Black line - resistance

Purple line - support

Green line - projection

The weekly Gold chart shows Gold still inside the Kumo which implies that the weekly trend is neutral. Gold is testing the weekly kijun-sen (yellow line indicator) that coincides with the purple upward sloping trend line support. This is an important junction for Gold. I remain longer-term bullish.

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Daily analysis of major pairs for May 4, 2017

EUR/USD: The EUR/USD has moved sideways so far this week; in the context of an uptrend. It is possible for the price to test the resistance lines at 1.0950 and 1.1000, but it would pull back eventually, heading towards the support lines at 1.0850, 1.0800 and 1.0750. A movement below the support line at 1.0750 would result in a bearish bias.

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USD/CHF: The USD/CHF trended a bit upwards yesterday – in the context of a downtrend. There is a Bearish Confirmation Pattern in the market, and further bearish movement is possible until the EUR/USD drops significantly. Some fundamental figures are expected today and they may have an impact on the market.

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GBP/USD: The Cable is now going northwards slowly and gradually. There is still a visible bullishness in the market, and the distribution territories at 1.2950, 1.3000 and 1.3050 could be tested within the next few days. There remains a Bullish Confirmation Pattern in the 4-hour chart.

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USD/JPY: This market has gone upwards by 140 pips this week; having moved upwards by over 310 pips since April 25, 2017. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. The further northward journey is anticipated, for the price could reach the supply levels at 113.00, 113.50 and 114.00 within the next several trading days.

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EUR/JPY: The movement on the EUR/JPY is nearly similar to the movement on the USD/JPY. Price has gone upwards by 140 pips this week, having moved upwards by 370 pips since April 24. The next targets for bulls are located at the supply zones at 123.00 and 123.50. The targets may even be exceeded; though the current bullish bias could be affected by the events surrounding Euro.

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Technical analysis of USD/JPY for May 4, 2017

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USD/JPY is expected to prevail its upside movement. The technical picture of the pair is positive above a rising trend line, which emerged on May 3, and is holding on the upside. The rising 20-period and 50-period moving averages are playing support roles and maintain the upside bias. The relative strength index is supported by a bullish trend line and is above its neutrality level at 50.

As long as 112.25 holds on the downside, look for a further advance toward 113.15 and even 113.40 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 113.15 and the second one at 113.40. In the alternative scenario, short positions are recommended with the first target at 111.95 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 111.75. The pivot point lies at 112.25.

Resistance levels: 113.15, 113.40, and 113.85

Support levels: 111.95, 111.75, and 111.20

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Technical analysis of USD/CHF for May 4, 2017

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USD/CHF Intraday: Further upside. The pair accelerated on the upside after breaking above the declining trend line since May 1. The upward momentum is further reinforced by the rising 20-period and 50-period moving averages. The relative strength index is bullish, calling for a further advance.

The Federal Reserve, as expected, kept interest rates unchanged while playing down the recent spate of weak economic data. The statement following the central bank's two-day policy meeting pointed out, "the committee views the slowing in growth during the first quarter as likely to be transitory the labor market has continued to strengthen even as growth in economic activity slowed. The fundamentals underpinning the continued growth of consumption remained solid. Business fixed investment firmed. Inflation measured on a 12-month basis recently has been running close to the Committee's 2 percent longer-run objective."

Hence, as long as 0.9915 is supported, look for a new challenge to 0.9955 and even to 0.9965 in extension.

Resistance levels: 0.9955, 0.9965, and 1.000

Support levels: 0.9900, 0.9890, and 0.9840

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Technical analysis of NZD/USD for May 4, 2017

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NZD/USD is Under pressure. The pair recorded lower tops and lower bottoms since May 3, which confirmed a positive outlook. The downward momentum is further reinforced by the declining 20-period and 50-period moving averages. The relative strength index is bearish and calls for a further drop.

As long as 0.6920 holds on the upside, a new drop to 0.6860 and even to 0.6835 seems more likely to occur.

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 0.6860. A break below this target will move the pair further downwards to 0.6835. The pivot point stands at 0.6920. 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 0.6990

Support levels: 0.6860, 0.6835, and 0.6800

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Technical analysis of GBP/JPY for May 4, 2017

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GBP/JPY is expected to continue its upside movement. The technical outlook of the pair is positive as the prices are supported by a bullish trend line since May 1. The rising 20-period and 50-period moving averages suggest that the pair has the potential for a further advance. The relative strength index is mixed to bullish.

Hence, as long as 144.55 holds on the downside, expect a new challenge to 145.50 and even to 146.00 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 145.50 and the second one at 146.00. In the alternative scenario, short positions are recommended with the first target at 144.05 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 143.70. The pivot point is at 144.55.

Resistance levels: 145.05, 146.00, and 146.35

Support levels: 144.05,143.70, and 143.20

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Technical analysis of EUR/USD for May 04, 2017

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When the European market opens, some Economic Data will be released, such as French 10-y Bond Auction, Spanish 10-y Bond Auction, ECB President Draghi Speaks, Retail Sales m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI. The US will release the Economic Data, too, such as Natural Gas Storage, Factory Orders m/m, Trade Balance, Prelim Unit Labor Costs q/q, Prelim Nonfarm Productivity q/q, Unemployment Claims, and Challenger Job Cuts y/y, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0939.

Strong Resistance:1.0933.

Original Resistance: 1.0922.

Inner Sell Area: 1.0911.

Target Inner Area: 1.0886.

Inner Buy Area: 1.0861.

Original Support: 1.0850.

Strong Support: 1.0839.

Breakout SELL Level: 1.0833.

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 May 04, 2017

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In Asia, Japan today will not release any Economic Data, but the US will release some Economic Data, such as Natural Gas Storage, Factory Orders m/m, Trade Balance, Prelim Unit Labor Costs q/q, Prelim Nonfarm Productivity q/q, Unemployment Claims, and Challenger Job Cuts y/y. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 113.39.

Resistance. 2: 113.18.

Resistance. 1: 112.95.

Support. 1: 112.68.

Support. 2: 112.46.

Support. 3: 112.24.

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

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Daily analysis of USDX for May 04, 2017

The index received fresh bullish momentum after Fed's interest rate decision, as they kept rates unchanged. Now, we're seeing an attempt of consolidation above the 200 SMA at H1 chart, targeting the resistance level of 99.97 or 100.00, to finally fill the French elections' gap. However, if USDX performs a pullback, it can re-test the 99.00 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.

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Daily analysis of GBP/USD for May 04, 2017

The pair received a bearish's wave after the Fed decided to keep rates unchanged during their May's meeting. However, GBP/USD hasn't performed a breakout of the range yet, as the support zone of 1.2855 remains intact across the board, at which lies the 200 SMA at H1 chart. Eventually, the pair might find demand over there to resume the bullish bias toward the 1.2957 level.

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H1 chart's resistance levels: 1.2957 / 1.3029

H1 chart's support levels: 1.2855 / 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 1.2957, take profit is at 1.3029 and stop loss is at 1.2887.

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