Trading plan for USD/JPY for April 27, 2018

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Technical outlook:

The USD/JPY 4H chart view has been presented here which shows a clear uptrend, with higher highs and higher lows forming since March 26, 2018. The pair had printed lows at 104.50 levels then and has risen through a clear channel through 109.50 levels today. The pair is consolidating lately and might push through 109.50 levels briefly but that should be enough to trigger a sell off. Traders who are holding long positions since lower levels should consider taking profits around these levels and aggressive traders could look to short with a tight risk. Looking at the wave counts, the pair seems to have completed 3 waves for now and should be looking to drop into wave 4 around 107.95 levels, which is fibonacci 0.382 support of wave 3. Please note that the trend line support is also passing through the same levels. Look to go long again around 107.95/108.00 levels.

Trading plan:

Please book profits on long positions taken earlier, look to buy again lower around 107,95 levels.

Fundamental Outlook:

There are no major events lined up for the rest of the day.

Good luck!

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

Trading plan for Crude Oil for April 27, 2018

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Technical outlook:

An extremely larger picture has been presented here through the weekly chart for Crude Oil. First, please note that oil is at the 50% fibonacci resistance of the entire drop from around 110.00 levels. Second, the wave structure of the counter trend rally that began from sub 26 levels in February 2016 seem to be complete now or very close to completing. Tomorrow we shall bring up a shorter time frame update to highlight the same. Traders who took long positions earlier should be preparing to book profits around current levels, 68.10. Looking at the wave counts, Crude Oil looks to be completing an A-B-C corrective rally and is terminating into wave (4) somewhere close to near about levels. To elaborate further, it has completed a standard flat 3-3-5 as wave (4) or is near to completing. A high probable trade setup from here should be on the south side. Traders should be looking to prepare to sell around these levels.

Trading plan:

Prepare to sell around 69.00/70.00 levels, stop above 71.00, target is open. This is a positional trade setup.

Fundamental outlook:

There are no major fundamental events lined up for the rest of the day.

Good luck!

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

Trading plan for silver for April 27, 2018

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Technical outlook:

Silver 4H chart snapshot has been presented here which is indicating that the metal has completed or near to completing its impulsive drop which began from $17.35 levels. Since April 19, 2017, the metal has been forming lower highs and lower lows and it is still expected to continue much lower, after a brief pullback though. Please also note that Silver has broken below its immediate support trend line and also price support around $16.42 levels. Looking at the wave counts, the metal seems to be completing or already has completed 5 waves from $17.35 levels as depicted here. Aggressive traders might want to prepare to go long around these price levels with a tight risk. The metal should be facing strong resistance around the $16.80-17.00 price zone which is also confluence of Fibonacci ratios and the backside of support turned resistance trend line.

Trading plan:

Conservative traders look to book profits on short positions taken earlier and remain flat. Aggressive traders look to go counter trend long now with risk around $16.00 levels.

Fundamental outlook:

There are no major events lined up for the rest of the day.

Good luck!

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