Elliott wave analysis of EUR/NZD for May 4, 2018

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EUR/NZD stopped just below our 1.7012 corrective target. We could still see a final spike to just below 1.6998, but it should be short lived and quickly surrender to a new impulsive rally above minor resistance at 1.7100, that confirms a corrective low is in place and a new rally higher to 1.7474 is developing.

R3: 1.7116

R2: 1.7100

R1: 1.7070

Pivot: 1.6998

S1: 1.6963

S2: 1.6928

S3: 1.6895

Trading recommendation:

We bought EUR at 1.7025 and will place our stop at 1.6925.

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Elliott wave analysis of EUR/JPY for May 4, 2018

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There was no time for a corrective rally closer to 132.54. EUR/JPY stopped at 131.67 and moved directly lower with the next downside target seen near 129.94 and then at 128.93 on the way lower to the ideal wave C target near 124.94.

R3: 131.67

R2: 131.14

R1: 130.58

Pivot: 130.23

S1: 129.87

S2: 129.50

S3: 128.93

Trading recommendation:

Sell EUR - 50% at 130.55 and 50% at 131.00 if possible

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Daily analysis of USDX for May 04, 2018

USDX is trapped in a consolidation around the resistance level of 92.62, where a pullback could take place in order to plummet once again towards the 200 SMA, where a dynamic support could be found. There is enough momentum to follow the bulls in the short-term, with the main focus placed at 93.42. However, a breakout below 91.86 should open the doors to test the 90.46 level.

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H1 chart's resistance levels: 92.62 / 93.42

H1 chart's support levels: 91.86 / 90.46

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bearish candlestick; the support level is at 9262, take profit is at 93.42 and stop loss is at 91.84.

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Daily analysis of EUR/JPY for May 4, 2018

EUR/JPY

This cross continues to slip further southwards. It has shed 230 pips this week, and about 315 pips since last week. Price is now below the supply level at 130.00, going towards the demand level at 129.50, which is the immediate target for bears. The demand level may even be breached to the downside.

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There is a Bearish Confirmation Pattern in the market. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. Meanwhile, long trades do not currently look logical or rational.

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Daily analysis of USD/JPY for May 4, 2018

USD/JPY

Since testing the supply level at 110.00, this market has been getting corrected lower. The correction has become serious enough to threaten the recent bullish bias. Price is currently going below the supply level at 109.00 (a 130-pip retracement from the supply level at 110.00), going towards the demand level at 108.50.

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Should price go lower than it is currently situated, thing would turn bearish. The RSI period 14 is now below the level 50; whereas the EMA 11 remains above the EMA 56. In less than 48 trading hours, the next direction in the market would be determined.

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Daily analysis of USD/CHF for May 4, 2018

USD/CHF

This currency trading instrument has already tested the psychological level at 1.0000, and it is yet to go above it. Price would eventually go above that psychological level, targeting the resistance level at 1.0050. The USD/CHF pair has gone upwards this week, and this seems to be the beginning of a great bullish momentum in the market (given the stamina in USD).

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The EMA 11 is above the EMA 56, and the Williams' % Range period 20 remains in the overbought region. There is a Bullish Confirmation Pattern in the market, which portends further rally northwards.

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Daily analysis of GBP/USD for May 04, 2018

The selling pressure remains as the main headliner across the board for GBP/USD, as the momentum is easing. It seems we could expect a leg lower to test the support level of 1.3480. The 200 SMA continues to provide a guide for the overall path, so it could act as a dynamic resistance when it coincides with the resistance zone of 1.3733.

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H1 chart's resistance levels: 1.3733 / 1.3838

H1 chart's support levels: 1.3609 / 1.3480

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3609, take profit is at 1.3480 and stop loss is at 1.3743.

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Daily analysis of Gold for May 04, 2018

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Overview

The Gold price shows expected bearish bias after testing 1,316.48 level, on its way to test 1,301.20 level in the upcoming sessions, noting that these levels represent the next trend keys, thus, the price needs to breach one of them to detect its next targets clearly. Therefore, our neutrality will remain valid until now, while the details of the expected targets after the breach are explained in our morning issued report. The expected trading range for today is between 1,295.00 support and 1,330.00 resistance.

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Daily analysis of Silver for May 04, 2018

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Overview

Silver price fluctuates around the EMA50, and the price gets positive signals through stochastic that might push to achieve more intraday gains. Until now, the sideways range still dominant on the intraday basis, as the price fluctuates between 16.15 support and 16.80 resistance, waiting to succeed to surpass one of these levels to detect the next targets on the short-term basis. The expected trading range for today is between 16.20 support and 16.65 resistance.

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Trading plan 05/04/2018

Trading plan 04/05/2018

The general picture: The market stopped in anticipation of events.

The wave of the dollar strengthening has temporarily stopped.

On the one hand, the Fed has not shown a firm commitment to steadily raise the rate. On the other hand, inflation in Europe unexpectedly declined in April, which gives the ECB a reason to postpone tightening of monetary policy again.

Markets are waiting with great attention to the outcome of the US-China talks on the issue of mutual trade.

Today, the report on employment in the US for April will be released at 12.30 London time.

GBP / USD pair: We are waiting for the formation of the range.

We should buy from the level of 1.3460.

We should sell from the level of 1.3770.

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BITCOIN Analysis for May 4, 2018

Bitcoin has been quite impulsive with the bullish gains recently. Yesterday, the price approached the psychological level of $10,000. Currently the price is residing above $9,600 area from where it is expected to reach $10,000 area. Later if it breaks above $10,000 with a daily close, further bullish pressure is expected to push the price higher towards $11,500 area in short term. The recent positive fundamentals on the upgrade of the Bitcoin network, transaction speed, and lower transaction cost have helped Bitcoin to regain some momentum and attract more market participants. As for the current scenario, the price is being carried by the dynamic levels of 20 EMA, Tenkan and Kijun sen which is expected to push the price much higher in the coming days. Though certain Bearish Divergence is in progress, the bullish bias is still quite intact as the price remains above $8,500 area with a daily close.

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Global macro overview for 04/05/2018

The March reading of retail sales from Eurozone is a disappointment. Despite expectations for a seasonal sales jump by 0.5%, official figures show an increase of only 0.1%. Revision of February data from 0.1% up to 0.3% it is a mild consolation. Similarly to other parts of Europe, lower temperatures in March delayed the sale of spring clothing collections, which affected the total sales volume.

It might turn out the solid economic growth the global investors have been observing during the recent year has now been terminated as the last months data are indicating a visible slowdown. The recent PMI Services and Manufacturing data from the Eurozone were bararly in line with expectations with big regional differences. All this recent eceonomic activity does not justyfiy the ECB interest rate hike decision yet as well.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The market quietly tolerates a weak reading and remains close to 1.1960. The market is limiting activity, waiting for a report from the US labor market. The nearest support is the 61% Fibo at the level of 1.1935 and the nearest technical resistance is seen at the level of 1.2000 and 1.2055. Please notice extremely oversold market conditions.

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Fundamental Analysis of NZD/USD for May 4, 2018

NZD/USD has been quite impulsive, following the bearish trajectory since it broke below 0.7150 support area with a daily close. After the impulsive break below the area, the pair lacks bullish pressure to make the price retrace higher towards 0.7150 area.

NZD has been quite positive amid the recent economic reports, including Employment Change report. Employment increased to 0.6% from the previous rate of 0.4% and Unemployment Rate edged down to 4.4% as expected from 4.5% previously. The positive reports helped NZD to stop the impulsive bearish pressure from USD.

Ahead of the US nonfarm payrolls, USD is currently quite impulsive with the gains. Today, US Average Hourly Earnings report is going to be published which is expected to decrease to 0.2% from the previous value of 0.3%, Non-Farm Employment Change report is expected to increase to 190k from the previous figure of 103k, and Unemployment Rate report is expected to decrease to 4.0% from the previous value of 4.1%.

As for the current scenario, the reports on the US labor market of major importance are expected to be quite mixed in nature. However, better-than-expected readings will lead to massive impulsive gains over NZD in the coming days which might lead to an unstoppable bearish pressure in the future.

Now let us look at the technical view. The price is currently residing way below the dynamic levels of 20 EMA, Tenkan and Kijun line, from where it is expected to push higher towards the 0.7150 before pushing lower in the coming days. Certain Bullish Divergence has been forming in the process which is expected to fuel the upcoming bullish intervention along the way. The bullish momentum is expected to be a form of retracement for the continuation of the bearish trend further. As the price remains below 0.7250 with a daily close, further bearish pressure is expected to continue.

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Global macro overview for 04/05/2018

Strengthening data from the US amid disappointments in other corners of the world is behind the recent wave of shortening of short positions in USD, hence today's report on the market is important for the further direction not only of the currency market but also the general attitude to risk. Especially stressing the discrepancy in the pace of recovery between the US and the EU turns upside down the whole assumptions behind trade at the beginning of the year. In recent days, the FOMC message did not add fuel to the fire because it emphasized the "symmetric" approach to the inflation target of 2.0% suggests the Fed's flexibility if inflation comes up higher. However, the valuation of approx. 1.5 increases for 2019-2020 already shows the already gentle market approach to the prospects of future Fed policy, so there is more room for hawkish changes. The weaker ISM is also not a cause for concern as it fits into global trends, yet US rates are higher than in other leading economies.

The NFP report may have a stronger rebound in asset prices. If the market is seriously considering the fourth interest rate hike, the Fed must first receive evidence of the intensification of inflationary pressure, which seems to be accelerated wage growth. The consensus for April data is 0.2% m/m, which stabilizes the annual dynamics at 2.7%, thus below the peak of 2.8% from January. For the reactivation of the rally the USD bulls will, therefore, need a result of 0.3% or higher. In addition, after a six-month stop, the unemployment rate at 4.1%. the time has come to respond to the increase in employment by 1.27 million in this period. If the drop is stronger than 4.0%, it will be an additional hawkish signal. The employment dynamics, after the last swing caused by unruly weather, should return to normal, which means a reading in the range of 150k-200k (versus expected 192k).

Let's take a look at the USD/JPY technical picture at the H4 timeframe before the NFP data release. Even if the report would go below the market expectations (but not to the extreme), all that is needed is a correction of the last US dollar, but one reading is not enough to worry the Fed or to stop structural changes in investors' attitudes towards the dollar. With weak wages, risky assets can catch their breath, but too much disappointment will raise fears of a global slowdown, which will put aversion to risk. Therefore, even in this case, the USD may come out with a defensive hand (as a safe haven), although JPY will probably be the biggest winner in this case. On the USD/JPY chart, the momentum is clearly pointing to the downside as the market is testing the local technical support at the level of 108.97. Any breakout low will open the road towards the level of 108.54 and 108.43. On the other hand, the nearest technical resistance is seen at the level of 109.58 and at the swing high at the level of 110.03.

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EUR/JPY analysis for May 04, 2018

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Recently, the EUR/JPY pair has been trading downwards. The price tested the level of 130.79. According to the H4 time – frame, I found a successful breakout of a rising wedge in the background, which is a sign that sellers are in control. I also found a failed pinbar, which is a sign that buyers don't have power for any significant bullish correction. My advice is to watch for potential selling opportunities. The downward target is set at the price fo 129.00.

Resistance levels:

R1: 131.63

R2: 132.35

R3: 133.03

Support levels:

S1: 130.22

S2: 129.54

S3: 128.82

Trading recommendations for today: watch for potential selling opportunities.

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Fundamental Analysis of AUD/JPY for May 4, 2018

AUD/JPY has been quite corrective and volatile recently at the edge of breaking below 82.00 price area recently. Recently, AUD has been quite strong amid economic reports but that did not help the currency to gain over JPY so far. Today, RBA Monetary Policy Statement report was published which turned out to be quite neutral for the currency, leading to more losses along the way against JPY. On the other hand, JPY gained momentum despite the Greenery holiday today. Though Japan did not relase upbeat reports lately, JPY managed to extend momentum. As for the current scenario, JPY is expected to gain further momentum over AUD in the coming days until Australia comes up with better economic reports or events to support AUD impulsive gains in the future.

Now let us look at the technical view. The price is currently residing at the edge of 82.00 which is expected to push much lower towards 80.50 support area in the coming days. The price is being held by the dynamic level of 20 EMA as confluence which is expected to lead to further bearish momentum in the pair in the context of the price action. As the price remains below 83.00 area, the bearish bias is expected to continue further.

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Analysis of Gold for May 04, 2018

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Recently, Gold has been trading sideways at the price of$1,309.00. According to the H1 time frame, I found that Gold is trading inside of the upward channel (a potential bearish flag), which is a sign that selling looks risky. I also found a potential expanding diagonal pattern, which is another sign of weakness. My advice is to watch for potential selling opportunities only if you see a valid breakout of flag ($1,305.00). Downward targets are set at the price of $1,301.20 and $1,287.35.

Resistance levels:

R1: $1,318.77

R2: $1,325.38

R3: $1,332.65

Support levels:

S1: $1,304.90

S2: $1,297.65

S3: $1,291.03

Trading recommendations for today: watch for potential selling opportunities if you see a valid breakout of the bearish flag.

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Bitcoin analysis for May 04, 2018

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The Bitcoin (BTC) has been trading upwards.The price tested the level of $9.763. A digital asset smart banknote manufacturer has launched bitcoin banknotes at a store in Singapore. Designed to make owning and circulating cryptocurrencies as easy as using paper money, they are currently available in denominations of 0.01 and 0.05 BTC.Technical picture on Bitcoin looks bullish.

Trading recommendations:

According to the H1 time - frame, I found that the price did a successful breakout of bullish flag in the background, which is a sign that the downward correction has finished. I also found a potential smaller bullish flag in creation, which is a sign that buyers accumulate their long positions. My advice is to watch for potential bullsh breakout of flag to confirm further upward continuation. The major upward target is set at the price of $11.600.

Support/Resistance

$9.763 – Intraday resistance

$9.472– Intraday support

$11.600– Objective target

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Technical analysis of NZD/USD for May 04, 2018

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Overview:

As expected, the NZD/USD pair faced resistance at the level of 0.7089, while minor resistance is seen at 0.7049. Support is found at the levels of 0.6955 and 0.6906. Pivot point has already been set at the level of 0.7049. Equally important, the NZD/USD pair is still moving around the key level at 0.7049, which represents a daily pivot in the H1 time frame at the moment. Yesterday, the NZD/USD pair continued moving downwards from the level of 0.7049. The pair fell to the bottom around 0.7010 from the level of 0.7049. In consequence, the NZD/USD pair broke support, which turned into resistance at the level of 0.7010. The level of 0.7089 is expected to act as the major support today. We expect the NZD/USD pair to continue moving in the bullish trend towards the target levels of 0.6955 and 0.6906. The NZD/USD pair didn't make significant movement yesterday. There are no changes in my technical outlook. The bias remains bearish in nearest term testing 0.6906 or lower.

On the uptrend: If the pair fails to pass through the level of 0.7010, the market will indicate a bullish opportunity above the level of 0.7010. So, the market will rise further to 0.7049 and 0.7089 to return to the daily resistance. Moreover, a breakout of that target will move the pair further upwards to 0.7089 in order to form the double top.

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Technical analysis of USD/CHF for May 04, 2018

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Overview:

The USD/CHF pair is still trading between the levels of 0.9927 and 1.0003. The USD/CHF pair will continue to rise from the level of 0.9927. The support is found at the level of 0.9868, which represents the 61.8% Fibonacci retracement level in the H1 time frame. The price is likely to form a double bottom. Today, the major support is seen at 0.9868, while immediate resistance is seen at 1.0003. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of a high at 0.9961. So, buy above the level of 0.9961 with the first target at 1.0003 in order to test the daily resistance 1 and move further to 1.0048. Also, the level of 1.0048 is a good place to take profit because it will form a new double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CHF pair to climb from 0.9961 to 1.0048 today. At the same time, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9868, a further decline to 0.9826/0.9800 can occur, which would indicate a bearish market.

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Technical analysis: Intraday Level For EUR/USD, May 04, 2018

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When the European market opens, some economic data will be released such as Retail Sales m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, Spanish Services PMI, French Trade Balance, and French Gov Budget Balance. The US will release a series of importanrt data on the labor market such as Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.2049.

Strong Resistance:1.2042.

Original Resistance: 1.2030.

Inner Sell Area: 1.2018.

Target Inner Area: 1.1990.

Inner Buy Area: 1.1962.

Original Support: 1.1950.

Strong Support: 1.1938.

Breakout SELL Level: 1.1931.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or 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: Intraday level for USD/JPY, May 04, 2018

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In Asia, today Japan will not release any economic data. However, the US will release a major report on the labor market, including such data as Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So there is a probability the USD/JPY pair will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 109.74.

Resistance. 2: 109.52.

Resistance. 1: 109.31.

Support. 1: 109.04.

Support. 2: 108.83.

Support. 3: 108.61.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or 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 on USDX for May 4, 2018

The Dollar index has broken out of the bullish channel. Price has been giving bearish divergence signs in the RSI for the last few days while it was making higher highs and higher lows. With Non Farm Payrolls expected today, traders should be very cautious and wait to act until after the announcement.

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Blue lines - bullish channel

The Dollar index above the Ichimoku cloud. Trend remains bullish. However we have two warning signs. The break below the channel and the bearish divergence in the RSI. Short-term support is at 92.15 and next at 91.40. I expect a major trend reversal to occur today or early next week to the downside. I would not be buying the index around current levels but look for selling.

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Technical analysis on Gold for May 4, 2018

Gold price remains inside the bearish channel. Price bounced yesterday but was unable to break out of the bearish channel. Price got rejected and is pulling back. I expect price to make new lows towards $1,300-$1,290 today and reverse to the upside.

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Blue lines - bearish channel

Blue upward sloping line - bullish divergence

Yellow rectangle - target for reversal

Gold price has short-term resistance at $1,319 and support at $1,295. The RSI continues to diverge and a new lower low might provide the final divergence signal. I'm medium-term bullish Gold looking for a new low with divergence in the RSI to be bought for a reversal at least towards $1,330.

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Trading plan for 04/05/2018

Traditionally, on the day of the report on the US labor market, financial markets are in a state of calm anticipation, and today it was even easier with a day off in Japan. USD slightly lost in relation to AUD, JPY and SEK, but NZD is doing the worst today. However, the changes are small, within 0.25%. The stock market in Asia is dominated by falls, flat trading is related to oil and gold.

On Friday 4th of May, the main event of the day will be the US job market data release in form of NFP-Payrolls, Average Hourly Earnings Unemployment Rate, and Participation Rate. Moreover, is it worth to keep an eye on the bunch of Services PMI data release from the Eurozone as well.

AUD/USD analysis for 04/05/2018:

The Reserve Bank of Australia has issued the Monetary Policy Statement from its last meeting. AUD found little relevant information in the RBA report. The bank has maintained inflation forecasts, though with downward correction of 3.0%. Some support to this confident growth outlook relative to February is that the forecasts include more stimulatory financial conditions with the AUD TWI 3% lower than in February and interest rates not expected to rise until the middle of next year. Forecasts for the exchange rate and 11% upward for oil prices one would expect a higher CPI projection. This suggests the RBA's doubt in inflationary pressure as the inflation and unemployment forecast changes seem somewhat inconsistent. This might result in tightening the monetary policy over the course of 2018 and 2019 and further AUD depreciation.

Let's now take a look at the AUD/USD technical picture at the H4 time frame. The market has retraced 23% of the previous swing down after the local bottom has been found at the level of 0.7472. The key technical resistance is seen at the level of 0.7578 - 0.7589, so any bullish rally must break above this level in order to sustain the growth. So far neither the momentum nor the market conditions are supporting the move up, so the price might now consolidate horizontally for some time.

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Bitcoin analysis for 04/05/2018

Bitcoin analysis for 04/05/2018:

The Reddit social platform plans to restore the cryptocurrency as a payment option for its golden members - this time Bitcoin will not be the only option. Chief Technology Officer, Chris Slowe, said in an interview that while increasing Bitcoin transaction fees and the problem of integrating with its Coinbase cryptocurrency payment processor, Reddit gave up Bitcoin in March as a payment method, this option will most likely return after finishing the platform redesign. What's more, Slowe said that this time the site is trying to add more cryptographic options than just Bitcoin: "We were looking at other cryptocurrencies. In fact, this was part of the problem with high fees in the Bitcoin network. We are considering Ethereum and Litecoin, which are provided by Coinbase".

Reddit explained in March that Coinbase's decision to disable the Merchant Tool and replace it with the new Coinbase Commerce product was in part the reason for giving up Bitcoin on the site. There were also billing errors that affected some users.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has made a new marginal high at the level of $9,800, still just under the technical resistance at the level of $9,826. Nevertheless, the upward momentum is growing and the next target for bulls is seen at the level of $10,000 and $10,318.

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NZD/USD Intraday technical levels and trading recommendations for for May 4, 2018

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The price zone of 0.7320-0.7390 stood as a significant supply zone during recent bullish pullback. The bulls failed to execute a successful Bullish breakout above 0.7400 during the previous week's consolidations.

The NZD/USD pair had been trapped between the price levels of 0.7170 and 0.7350 until bearish breakdown of 0.7200 occurred Yesterday.

Since April 13, significant bearish pressure has been applied. This probably turns the short-term outlook for the NZD/USD pair into bearish giving considerable significance to the multiple-top reversal pattern.

That's why, bearish breakdown of 0.7220-0.7170 (neckline zone) was needed to confirm the depicted reversal pattern. Bearish projection target would be located around 0.7050 and 0.7000.

The bearish scenario needs obvious bearish persistence below 0.7050 to maintain significant bearish momentum towards 0.7000 and 0.6860. That's why, the price level of 0.7050 is currently considered a key-level for the NZD/USD bears.

Any bullish breakout above the price level of 0.7050 hinders further bearish decline allowing bullish pullback to occur towards 0.7170-0.7220.

On the other hand, conservative traders should wait for a bullish pullback towards the price zone of 0.7220-0.7170 (neckline zone) (significant supply zone) for a valid SELL entry. S/L should be placed above 0.7260.

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Intraday technical levels and trading recommendations for EUR/USD for May 4, 2018

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Daily Outlook

The EUR/USD pair remains trapped between the price levels of 1.2200 and 1.2500 until breakout occurs in either directions.

Daily persistence above 1.2470-1.2500 was needed to confirm a recent bullish flag continuation pattern with projected targets around the price level of 1.2750.

However, significant signs of bearish reversal were manifested around the price levels of 1.2400.This was manifested in the bearish engulfing daily candlestick of April 20.

The short-term outlook turns to become bearish as long as the EUR/USD pair keeps trading below the broken uptrend as well as the lower limit of the depicted consolidation range remains broken.

The depicted Multiple-Top pattern needs the current bearish breakdown of the level of 1.2200 to be maintained on a daily basis. Bearish Projection target would be located around 1.1990 then 1.1880.

Trade Recommendation:

Conservative traders should wait for a bullish pullback towards 1.2190-1.2200 for a valid low-risk SELL entry.

T/P levels should be located around 1.2070-1.1990 while S/L should be placed above 1.2250.

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

Technical analysis of USD/JPY for May 03, 2018

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USD/JPY is under pressure and turned back after hitting 110.00. The pair is accelerating on the downside, capped by its descending 20-period and 50-period moving averages. The key resistance at 109.50 maintains the strong selling pressure on the prices. Last but not least, the relative strength index is bearish, and calls for further downside. In these perspectives, as long as 109.50 is not surpassed, likely decline to 108.75 and 108.50 in extension.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: SELL, stop loss at 109.50, take profit at 108.75.

Resistance levels: 109.75, 110.00, and 110.75

Support levels: 108.75, 108.50, and 108.00.

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

Technical analysis of USD/CHF for May 03, 2018

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Our first upside target which we predicted in previous analysis has been hit. The pair is heading upward now, and is challenging its key psychological level at 1.0000. An upside breakout of this threshold seems more likely to occur, as the ascending 50-period moving average acts well as a support role, and should push the prices higher. Additionally, the relative strength index is still bullish above its neutrality area at 50. To conclude, as long as 0.9935 is not broken, look for a new rise to 1.0040 and 1.0060 in extension.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: BUY, stop loss at 0.9935, take profit at 1.0040.

Resistance levels: 1.040, 1.0060, and 1.0080

Support levels: 0.9900, 0.9865, and 0.9830.

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

Technical analysis of NZD/USD for May 03, 2018

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NZD/USD is expected to trade with bearish outlook. Although the pair is rebounding from around 0.6990, but its extent should be limited. The pair remains under pressure below its nearest key resistance at 0.7050, and is now testing the support at 0.6985. The process of lower highs and lows remains intact on the prices, which should confirm a negative outlook. Last but not least, a bearish cross has been identified between the 20-period and 50-period moving averages. In which case, as long as 0.7030 is not surpassed, it is likely to decline to 0.6990 and 0.6960 in extension.

Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point, which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7075, 0.7095, and 0.7120. Support levels: 0.6990, 0.6960, and 0.6920.

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