GBP/USD analysis for May 12, 2017

analytics5915a86d0e822.png

Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level of 1.2846. According to the daily time frame, I still expect lower price. If the price breaks the level of 1.2825, this currency pair may test the level of 1.2760. My advice is to watch for selling opportunities. The downward target is set at the price of 1.2760.

Resistance levels:

R1: 1.2885

R2: 1.2895

R3: 1.2910

Support levels:

S1: 1.2855

S2: 1.2845

S3: 1.2830

Trading recommendations for today: consider potential intraday selling opportunities.

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

USD/CAD intraday technical levels and trading recommendations for May 12, 2017

analytics5915a399d1f1e.pnganalytics5915a3abd8c40.png

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). The expected bullish target would be located around 1.3950 and 1.4030 (the upper side of the depicted channel and FE 100%).

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

Intraday technical levels and trading recommendations for NZD/USD for May 12, 2017

analytics5915a30ee8ad7.png

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 pushed the pair toward the price level of 0.7100 (the key level) which failed to provide sufficient bearish pressure.

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 and 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 keep 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. Any daily candlestick closure below 0.6850 invalidates the bullish scenario for the current time clearing the way initially towards 0.6770.

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

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

USD/JPY analysis for May 12, 2017

analytics5915a18cc4c4c.png

Recently, the USD/JPY pair has been trading downwards. As I expected, the price tested the level of 113.46. Anyway, today I found that the price failed to test a previous low and a supply trend line got broken, that is a sign that selling looks risky. My advice is to watch for potential buying opportunties. The upward target is set at the price of 114.35.

Resistance levels:

R1: 113.77

R2: 113.85

R3: 113.98

Support levels:

S1: 113.55

S2: 113.50

S3: 113.40

Trading recommendations for today: consider potential intraday buying opportunities.

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

Fundamental Analysis of EUR/GBP for May 12, 2017

EUR/GBP has been in a corrective volatile trend recently. Recently, EUR is seen gaining over GBP, taking the price over 0.8450. Today, the eurozone presented positive economic reports which helped the single European currency to gain more ground against GBP. Today, Germany's Prelim GDP report was published as expected at 0.6%. Germany's Final CPI was also unchanged at 0.0% which was coincided expectations. France's Prelim Non-Farm Payrolls were better than expected at 0.3% instead of the consensus of at 0.2%. However, the eurozone's Industrial Production report was negative at -0.1% which was expected to be at 0.3%. On the other hand, the UK does not have any economic events today. Amid the mixed economic reports from the eurozone, EUR is going to advance against GBP in the coming days.

Now let us look at the technical chart. The price is currently residing below the dynamic level of 20 EMA resistance. A daily close above it will open the path upward towards the next resistance of 0.8550. On the other hand, if the price breaks below 0.8420 with a daily close, then we will consider sell orders with a target towards 0.8300 support level. As the market is volatile, a daily close today is needed to predict the upcoming moves in this pair.

analytics59157beb28679.jpg

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

Global macro overview for 12/05/2017

Global macro overview for 12/05/2017:

There is no reason to worry about the condition of the US economy. In particular, the labor market remains healthy. A weekly feed of information from this sphere of the economy like Unemployment Claims supported the overall expectations. The number of unemployed people in the US came in at 236k, which was below expectations of 245k and below the last week number of 238k. Moreover, since the end of December 2016, the number of people applying for unemployment benefits has dropped to 1.9 million, whish is a great improvement. In conclusion, the job market just gave the FED another reason to justify the interest rate hike in June 2017.

Let's now take a look at the US Dollar Index technical picture on the H4 timeframe. Finally, one of the remaining gaps was filled after the market rallied to the level of 99.89. The other gap between the levels of 100.87 - 101.43 has not filled yet (or only partially filled), so the bias remains bullish. The current market conditions are overbought, so a corrective pullback is expected.The next technical resistance is seen at the level of 100.04 and the immediate support is seen at the level of 99.36.

analytics5915788b3a42d.jpg

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

Fundamental Analysis of USD/CHF for May 12, 2017

USD/CHF is currently trading inside a corrective structure between 0.9900 to 1.0100 area. Today, the economic calendar contains a series of of high impact economic reports from the US. CPI is expected to be positive at 0.3% which previously was at -0.3%, Core CPI is also expected to be positive at 0.2% which previously was at -0.1%. Core Retail Sales are likely to increase to 0.5% which previously was at 0.0%, Retail Sales could be positive at 0.6% which previously were at -0.2%. Moreover, two of the FOMC Members Evans and Harker are going to speak today on further monetary policy and interest rates. On the CHF side, today we do not have any economic events. Today, as a number of US economic events is going to hit the market, the pair is expected to trade with higher volatility. In case of any negative economic report, CHF can gain more grounds soon against USD.

Now let us look at the technical chart. The price has reached the resistance of 1.0100 and showed presence of the sellers off the level. The price is currently in a corrective structure and hitting an important resistance and rejecting it. This clearly signals an upcoming bearish move in this pair. Currently, we are bearish about this pair, expecting the price to move down towards 0.9900 support area until the price breaks above 1.0100 level with a daily close.

analytics59157849a84eb.jpg

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

Trading Plan for EUR/USD and GBP/USD for May 11, 2017

Forex analysis review
Trading Plan for EUR/USD and GBP/USD for May 11, 2017

Global macro overview for 12/05/2017

Global macro overview for 12/05/2017:

The Bank of England decided to leave the interest rate unchanged at the level of 0.25%. The Monetary Policy Committee voted by a majority of 7-1 to leave the rates unchanged and maintain the Asset Bond Purchases at the level of 425 bn Pound. In the statement, BoE confirmed that the suitability of the current policy would depend on inflation expectations holding steady while wages growth strengthened and that a weaker trend in household spending is offset by a pick-up in other components of demand. Nevertheless, some of the policy members stated that they will abandon their dovish point of view on interest rates if there is enough evidence of an upside momentum which reveals itself in GDP or inflation. In conclusion, the dovish tone dominated the BoE interest rate decision and further comments from BoE Governor Mark Carney. He said that the current monetary stimulus is appropriate thus causing sell-off of the British Pound across the board.

Let's now take a look at the GBP/JPY technical picture on the H4 timeframe. After the BoE interest rate decision, the market has broken below the technical support at the level of 146.69 and it is getting close to the important technical support at the level of 145.61. The momentum is clearly pointing to the downside and there is no sign of the oversold market yet. Nevertheless, the larger timeframe trend remains bullish, so after the corrective pullback the market should reverse and continue higher.

analytics5915736ce2192.jpg

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

Trading plan for 12/05/2017

Trading plan for 12/05/2017:

After yesterday's drop in GBP/USD, the market performs only a minimal fluctuations. EUR/USD remains just over 1.0850. USD/JPY is near 114.00 again. The Asian stock markets were calm at the end of the week. There is only over 0.5% on Japanese Nikkei 225 downward correction. WTI oil is priced at nearly $48 and an ounce of gold costs $1,226.

On Friday 12th of May, the event calendar is busy with important releases only during the US session. Global investors will keep an eye on Consumer Price Index data, Retail Sales data, and Prelim UoM Consumer Sentiment data. Two speeches from the Fed members are scheduled as well, firstly from Charles Evens and secondly from Patrick Harker.

Analysis of EUR/USD for 12/05/2017:

The CPI and Retail Sales data are scheduled for release at 12:30 pm GMT and Prelim UoM Consumer Sentiment data will be published at 02:00 pm GMT. The CPI is expected to increase from -0.3% to 0.3% for the reported month, At the same time, the core CPI is expected to increase from -0.1% to 0.2%. Even bigger gain is expected in retail sales that should increase from -0/2% to 0.6%. The Consumer Sentiment is likely to stay unchanged at the level of 97.0 points, so any data better than this will be a surprise to markets.

Let's now take a look at the EUR/USD technical picture on the H4 timeframe. The market is consolidating in a narrow trading range between the levels of 1.0851 - 1.0872 and is waiting for economic releases to trigger a move in either directions. The current bias is slightly bullish, mainly due to the fact the market is trading in oversold conditions. Nevertheless, the level of 1.0914 should hold any corrective pullback. In this case the market should reverse and continue to trade lower.

analytics59156ffcdbe00.jpg

Sell-off in GBP/USD continues.

Yesterday's BoE interest rate decision made GBP/USD slide towards the level of 1.2859, just below the golden trend line. Currently, the trading conditions look oversold and a trend resumption might be taking place soon. Any violation of the level of 1.2900 will confirm this scenario.

analytics5915700aac6cd.jpg

Market snapshot: Crude Oil just below the key resistance

Amid the yesterday's date crude prices rose to the level of $48.18 which is the key technical resistance on the H4 timeframe. The price is still trading below this level. Due to the overbought market conditions, the price might start to consolidate the gains and trade horizontally for some time. No bearish divergence is seen, so the bias remains bullish.

analytics59157012c6852.jpg

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

Ichimoku indicator analysis of gold for May 12, 2017

Gold price is bouncing and trying to break out of the bearish channel. Trend remains bearish as price is below the 4-hour Kumo. Important resistance levels ahead at $1,245 and at $1,260 must be broken so that the bullish scenario of $1,300-$1,400 is realized.

analytics591567529d42a.jpg

Blue lines - bearish channel

Gold price is breaking above the tenkan- and kijun-sen indicators on the 4-hour chart. Price remains below the Kumo and is still inside the bearish channel. Trend remains bearish. Short-term resistance is at $1,230 but the most important level is at $1,245 and at $1,260.

analytics59156797adc1c.png

As expected by my last few posts, Gold is finally bouncing off the $1,200-$1,220 area. The

target is between $1,240 and $1,260. Breaking above it will open the way for a bullish move above $1,300.

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

Ichimoku indicator analysis of USDX for May 12, 2017

The Dollar index is trading sideways. Price is still around the 38% Fibonacci resistance area, while the oscillators work off the overbought signals. We could see a pullback to 99 before more upside.

analytics591565d232723.png

Red line - resistance (broken)

Price is trading above the 4-hour Kumo but below the tenkan-sen (red line indicator). We could see a pullback towards the cloud support at 99 before continuing the uptrend. Currently I expect price to move lower and test support.

analytics5915661558533.png

Red line - resistance

Green line - long-term support trend line

The Dollar index is testing weekly kijun- and tenkan-sen resistance. Price is below the important red trend line resistance but has also moved back above the long-term support trend line. The index is at a critical junction. Breaking to a new weekly low will be very bearish for the Dollar.

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

Elliott wave analysis of EUR/JPY for May 12, 2017

analytics59152e07f245e.png

Wave summary:

We continue to look for more correction higher towards the ideal target seen at 122.33 before renewed upside pressure towards 138.52 should be expected in wave C. That said, there are still more possible corrective paths that this correction still could take from here, so we will have to stay flexible at this point and let the price action dictate the corrective path it wants to follow.

Only a direct break above 124.54 will indicate that the correction ended in wave B ended early and wave C higher already is developing.

R2: 124.02

R1: 123.80

Pivot: 123.60

S1: 123.45

S2: 123.25

S3: 122.93

Trading recommendation:

We will buy EUR at 122.50 or upon a break above 124.54

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

Technical analysis of EUR/USD for May 12, 2017

EURUSD.jpg

When the European market opens, some economic data will be released such as Industrial Production m/m, French Prelim Non-Farm Payrolls q/q, German Final CPI m/m, and German Prelim GDP q/q. The US will release the economic data too such as Loan Officer Survey, Prelim UoM Inflation Expectations, Business Inventories m/m, Prelim UoM Consumer Sentiment, Retail Sales m/m, Core Retail Sales m/m, Core CPI m/m, and CPI m/m. So amid the reports, EUR/USD will move with higher volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.0916.

Strong Resistance:1.0910.

Original Resistance: 1.0899.

Inner Sell Area: 1.0888.

Target Inner Area: 1.0863.

Inner Buy Area: 1.0838.

Original Support: 1.0827.

Strong Support: 1.0816.

Breakout SELL Level: 1.0810.

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/CHF for May 12, 2017

USDCHFH4.png

Overview:

  • The USD/CHF pair keeps to move upwards from the level of 1.0033. The level of 1.0033 coincides with a golden ratio (61.8% of Fibonacci), which is expected to act as major support today. Since the trend is above the 61.8% Fibonacci level, the market is still in an uptrend. From this point, the first support level is currently seen at 1.0033, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.0033, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the USD/CHF pair to trade between 1.0033 and 1.0093. So, the support level is seen at 1.0033, while daily resistance is found at 1.0093. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0033. In other words, buy orders are recommended above the spot of 1.0033 with the first target at the level of 1.0093; and continue towards 1.0128. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9991.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for May 12, 2017

USDJPY.jpg

In Asia, Japan will release the M2 money supply while the US will unveil the Loan Officer Survey, Prelim UoM Inflation Expectations, Business Inventories m/m, Prelim UoM Consumer Sentiment, Retail Sales m/m, Core Retail Sales m/m, Core CPI m/m, and CPI m/m. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 114.43.

Resistance. 2: 114.21.

Resistance. 1: 113.99.

Support. 1: 113.70.

Support. 2: 113.48.

Support. 3: 113.26.

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 NZD/USD for May 12, 2017

NZDUSDH4.png

Overview:

  • The NZD/USD pair continues to move downwards from the level of 0.6935. The pair has already fallen from the level of 0.6935, which coincides with the ratio of 50% Fibonacci retracement, to the bottom around 0.6817.
  • The first resistance level is seen at 0.6873 (the daily pivot point) followed by 0.6907, while daily support 1 is found at 0.6817.Besides, the level of 0.6907 represents a weekly pivot point for that it is acting as minor resistance.
  • Amid the previous events, the pair is still in a downtrend. The NZD/USD pair is declining from the new resistance line of 0.6907 towards the first support level at 0.6817 in order to test it.
  • Hence, we recommend to sell below 0.6907 with the first target at 0.6718 in order to test yesterday's bottom. If the pair succeeds to pass through the level of 0.6817, the market will indicate a bearish opportunity below the level of 0.6817 in order to continue towards the next objectives of 0.6780 and 0.6750.
  • On the other hand, if a breakout happens at the resistance level of 0.6907, then you should set your stop loss at 0.6935.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for May 12, 2017

USDJPYM30.png

USD/JPY is under pressure. The pair broke below its intraday triangle pattern, and is now turning down. The 50-period moving average has also reversed down, and is acting as a key resistance. Besides, the relative strength index remains capped by its declining trend line.

In which case, as long as 114.10 is not surpassed, the pair is likely to decline to 113.40 and 113.05 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 113.40. A break below this target will move the pair further downwards to 113.05. The pivot point stands at 114.10. 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 114.40 and the second one at 114.70.

Resistance levels: 114.40, 114.70, and 115.00

Support levels: 113.40, 113.05, and 112.65

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

Technical analysis of USD/CHF for May 12, 2017

USDCHFM30.png

USD/CHF Intraday: Bullish bias above 1.0055. The pair has bounced up from another test of support at 1.0055, which is playing a key support role, and is challenging the 20-peiord moving average. The relative strength index is turning up below its neutrality level at 50.

Economic data remained robust. The Labor Department reported that initial jobless claims declined to 236,000 for the week ended May 6 (vs. 245,000 expected), and producer prices gained 0.5% on month in April (vs. +0.2% expected).

As long as the key support at 1.0055 holds on the downside, look for a further advance toward 1.0100 and even 1.0125 in extension.

Resistance levels: 1.0100, 1.0125, and 1.0160

Support levels: 1.0020, 0.9975, and 0.9930

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

Technical analysis of NZD/USD for May 12, 2017

NZDUSDM30.png

NZD/USD is under pressure. The pair is trading below its key resistance at 0.6880, which should limit the upside potential. The relative strength index below its neutrality level at 50 and lacks upward momentum.

As long as the key level at 0.6880 holds on the upside, look for a further drop towards 0.6800 and even 0.6775 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 0.6800. A break below this target will move the pair further downwards to 0.6775. The pivot point stands at 0.6860. 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 0.6880 and the second one at 0.6915.

Resistance levels: 0.6880, 0.6915, and 0.6950

Support levels: 0.6800, 0.6775, and 0.6730

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

Technical analysis of GBP/JPY for May 12, 2017

GBPJPYM30.png

GBP/JPY is under pressure. The pair has been capped by its 20-period moving average, which remains below the 50-period moving average. The horizontal level at 147.15 should now play a key resistance role. In addition, the relative strength index is below its neutrality area at 50, and lacks upward momentum.

Therefore, as long as 147.15 holds as the key resistance, expect a break below the nearest support at 146.15 at first. A break below 146.15 allows for further drop to 145.70 as likely.

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 146.15. A break below this target will move the pair further downwards to 145.70. The pivot point stands at 147.15. 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 147.55 and the second one at 148.

Resistance levels: 147.55, 148.00, and 148.85

Support levels: 146.15,145.70, and 145.00

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

Elliott wave analysis of EUR/NZD for May 12, 2017

analytics59152f4f64a3f.png

Wave summary:

We would like to see a slightly deeper correction in wave [ii] closer to 1.5764 and maybe even down to 1.5722 before the next impulsive rally towards 1.6655. That said, we need to be aware that the minimum target for the correction in wave [ii] has been reached and a direct rally higher towards 1.6655 can not be excluded at this point.

R3: 1.6469

R2: 1.6200

R1: 1.6040

Pivot: 1.5900

S1: 1.5806

S2: 1.5766

S3: 1.5722

Trading recommendation:

We are long EUR from 1.5665 with stop placed at 1.5585. If you are not long EUR yet, then buy near 1.5722 and use the same stop at 1.5585

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

Daily analysis of major pairs for May 12, 2017

EUR/USD: There is a sell signal on the EUR/USD pair. The EMA 11 is below the EMA 56 and the Williams' % Range with period 20 is in the oversold area. Further bearish movement is anticipated, which may take the price towards the support lines at 1.0850, 1.0800 and 1.0750. A strong rally would render this expectation invalid.

1.png

USD/CHF: The dollar-frank pair went upwards this week, gaining about 210 pips. The price is above the support level at 1.0050 now, going towards the resistance level at 1.0100. Once the resistance level at 1.0100 is breached to the upside, the next target would be the resistance at 1.0150.

2.png

GBP/USD: There is now a threat to the current bullish bias, especially in the short term. The EMA 11 is almost crossing the EMA 56 to the downside and the RSI with period 14 is already below the level of 50. Further southward movement would result in a bearish bias, particularly when the price drops by about 150 pips.

3.png

USD/JPY: This currency trading instrument has gone further upwards this week, though there is a shallow bearish retracement in the market. There is a Bullish Confirmation Pattern on the 4-hour chart. Further bullish movement is anticipated, which would take the price towards the supply levels at 114.00, 114.50, and 115.00.

4.png

EUR/JPY: There remains a bullish outlook on the EUR/JPY in spite of the current shallow bearish threat in the market. While the price could test the demand zones at 123.00 and 122.50, things would not turn really bearish until the demand zone at 121.50 is breached to the downside. A movement to the upside would strengthen the recent bullish bias.

5.png

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

Daily analysis of USDX for May 12, 2017

The index posted some limited gains on Thursday, closing the session without any major changes. The 200 SMA is still pointing that the greenback is poised to extend its profits in the short term, and the next resistance stands at the key handle of 100.00. However, a corrective move should lead USDX to test the 99.23 level.

USDXH1.png

H1 chart's resistance levels: 99.63 / 99.97

H1 chart's support levels: 99.23 / 98.77

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is located at 99.63, take profit is at 99.97 and stop loss lies at 99.28.

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

Daily analysis of GBP/USD for May 12, 2017

The pair plummeted to 1.2885 as the BoE kept rates and asset purchase facility unchanged at their May's meeting. Overall, GBP/USD still steadies around the 1.2900 psychological level after the rebound from Thursday's low. If that level gives up, then we can expect another decline to test the 1.2772, strengthening the bearish bias.

GBPUSDH1.png

H1 chart's resistance levels: 1.2910 / 1.2957

H1 chart's support levels: 1.2855 / 1.2652

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is found at 1.2910, take profit lies at 1.2957 and stop loss is at 1.2887.

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

Daily Video Technical Analysis | EUR/USD | 11th May 2017

We take a nice detailed look at EUR/USD and see if there are any trading opportunities for us to make some juicy pips!

We combine the art of Fibonacci retracements, Fibonacci extensions, Support & Resistance along with Stochastic and the RSI to determine the best entry, stop loss and profit targets.

Subscribe to me for more daily technical analysis!

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