Bitcoin is about to drop - Analysis for April 22,2019

Investment banking giant JPMorgan Chase is planning to expand an existing blockchain project to include settlement features as it seeks to fend off competition from payments upstarts such as TransferWise and Ripple. We got some positive vibes from institutions about cryptos but the price action still suggest indecision.

Technical picture:

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According to the H4 time-frame, we found that that BTC is trading inside of the defined upward channel, which may be potential distribution channel for further lower prices. Anyway, we must be ready for both scenarios. Even we give more chances to the downside you can watch for upside in case that BTC breaks the resistance at $5.450. We give more chances to the down break of the channel and potential testing of $5.013 and $4.650.

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On the Futures market we found that after the strong push higher in the background and climatic action, there is the decreasing in the volume on the upside, which is sign that there is no big interest on the upside so selling may be a good option going further. Pay attention on the supports at $4.646 and $4.130, since these levels may be a very good levels to scale out our potential sell positions.

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EUR./USD analysis for April 22, 2019

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EUR/USD has been trading upwards in past few sessions. The price tested the level of 1.1250. According to the H4 time-frame, we found that there is the breakout of the larger upward channel in the background, which his sign that sellers are in control. We also found that bearish flag in creation, which is another sign of the EUR weakness. Support levels are seen at the price of 1.1226 and 1.1185. Resistance levels are seen at 1.1250 and 1.1277.

Our recommendation: We will sell EUR if we see breakout of the support at 1.1226 with target at 1.1185.

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

The gold is about to drop, 22.04.2019

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Gold has been trading downwards in past few sessions. The price tested the level of $1.270.80. According to the H4 time-frame, we found that there is the breakout of the 4-month long head and shoulders pattern in the background, which is sign that downward price is expected. Also, the rounding top formation is in the background together with the complex head and shoulders, which adds even more power on the downside. The key support at the price of $1.281.00 was broken and there is no significant support until $1.211.00 and $1.196.50.

Our recommendation: We sold Gold from $1.275.70 and we did put targets at $1.211.00 and $1.196.50. Protective stop is placed at $1.312.00.

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

"Canadian" took the lead

The announcement of the cancellation by Washington with the grace period for buyers of Iranian oil not only became a catalyst for more than 3% of Brent and WTI rally, but also allowed the currencies of black gold exporting countries to strengthen their positions in the race for the title of the best performer among the G10 monetary units. The Canadian dollar managed to intercept the leader's yellow jersey from the British pound but the presence of geopolitical risks and concerns about the central dovish rhetoric at the April 24 meeting did not allow the USD/CAD sellers to spread their wings.

The modest success of "Looney" against the background of more than 30% of the rally Brent and WTI since the beginning of the year at first glance look strange. However, the economy of the maple leaf country does not live on oil alone. Non-energy exports fell 4% in February to their lowest level in 12 months and coupled with a slowdown in GDP to 0.1% QoQ in the fourth quarter, which forces the Central Bank to be extremely cautious. Indeed, the consumer prices in March accelerated from 1.5% to 1.9% and core inflation from 1.9% to 1.97% y/y. This exceeds the forecast of Bloomberg experts by 1.8% but the first indicator increased the rate is due to oil and the second has barely moved from its 1.9% average last year. Inflation is not too high and not too low, which allows BoC to sit on the sidelines.

Dynamics of Canadian Inflation

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During its previous meeting, the regulator noted that the monetary policy in the current environment should remain stimulating and the value of the overnight rate of 1.75% to be below the neutral level between 2.5 and 3.5%. Stephen Poloz stressed that further decisions of the Bank of Canada will depend on incoming data and the presence of headwinds makes BoC sit on the sidelines. A significant shift in the world outlook of the central bank still counting on 2-3 acts of monetary restriction in 2019 at the end of 2018 should be viewed as a "bearish" factor for the loonies. If it were not for the rapid rally of oil, its positions would be significantly worse than the current ones.

Uncertainty about the ratification of the US agreement with Mexico and Canada by the US Congress as concluded by Donald Trump also exerts pressure on the Canadian. According to the study of the International Trade Commission, it will add 0.35 pp to GDP and increase the number of jobs by 176 thousand. If the lawmakers do not approve the contract, new negotiations will have to be held. Uncertainty about the outcome of the dialogue between Washington and Ottawa did not allow the Loonie to strengthen in the past year.

Thus, factors such as the reaction of oil to the decision of the United States to cancel the grace period for buyers of Iranian oil, rumors from the US Congress about the ratification of the NAFTA replacement agreement and the proximity of the Bank of Canada meeting allow loonies to claim the title of the most interesting currency of the week by April 26. If BoC decides to put pressure on its currency with the help of signals of a potential reduction in the overnight rate, then the USD/CAD quotes will be able to break through the upper limit of the consolidation range of 1.3295-1.3395.

Technically, it formed in the framework of the "splash and shelf" pattern. Moving the pair out of the trading range is fraught with target sales of 161.8% or 78.6% using the AB = CD or Gartley patterns.

USD / CAD daily chart

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Wave analysis of GBP/USD for April 22. The euro fell to the bottom line of the triangle

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Wave counting analysis:

On April 19, the pair GBP/USD gained only a few base points and remained near the bottom forming a narrowing triangle of the line. A highly anticipated scenario. Market activity is now almost zero, there is no news, and the triangle itself does not yet give grounds for more active behavior. Everyone is waiting for the breakthrough of which line the tool will perform, as well as news. I believe that in case of a break of the level of 0.0% on Fibonacci, the pair can return to the execution of the option with the construction of a downward wave. And the probability of this will be high. I also note the fact that the Conservative Party may soon announce a new vote of no confidence to Theresa May and ask her to resign. And Theresa May's resignation will definitely not have a positive impact on the pound. Therefore, we are waiting for the development of events.

Purchase goals:

1.3350 - 100.0% Fibonacci

1.3454 - 127.2% Fibonacci

Sales targets:

1.2961 - 0.0% Fibonacci

General conclusions and trading recommendations:

The wave pattern still involves the construction of a downward trend. And the markets still can not withdraw a pair from the triangle, so the trades are held with a small amplitude. Accordingly, I recommend expecting a pair out of the triangle to determine the market mood for the near future. A successful attempt to break the 0.0% mark on Fibonacci will be a strong signal to sell the pair GBP/USD.

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What to expect from the euro: will it grow to $1.16 or decrease to $1.05?

Despite the fact that the EUR / USD pair remains close to multi-month lows, experts of Nordea Bank believe that the current ratio of potential income and risk is quite attractive in opening long positions.

The reason for Nordea's upbeat sentiment on the euro was a message from the Middle Kingdom regarding the news in March where lending in the country has sharply jumped amid the growth of the M2 unit, which reached a 13-month high and amounted to 188.94 trillion yuan.

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"At some point, credit expansion may bring bitter rewards, but in the near future it implies a revival of the economy," representatives of the financial institute said.

According to experts, there is a steady correlation between financial conditions in Asia and the rate of the euro against the US dollar.

They believe that the accelerated development of the Chinese economy will lead to a surge in activity in other regions, which will contribute to reducing the difference in GDP growth in the United States and the rest of the world, which will be a positive moment for the euro.

Nordea currency strategists recommend buying the EUR / USD pair with a target of 1.1650 and a stop at 1.1187.

Meanwhile, analysts at Saxo Bank believe that Europe is in a losing fork in anticipation of the outcome of the trade negotiations between Washington and Beijing.

"The more friendly the agreement, the higher the likelihood that China will transfer part of the demand for imports from the Old World to America. However, no matter what the deal is - friendly or not - there are risks of de-globalization and a slowdown in global GDP, which is a double problem for the EU, the world's largest economic bloc with a trade surplus" noted by Saxo Bank foreign exchange strategies.

"If the global economy moves from slowing down to further deterioration, then Germany will surely be in the midst of a recession in the EU. The backlog of the country will again expose the Franco-German "front" and also lead to the fact that the debt problem from the dichotomy: "Germany - PIIGS countries" or "austerity - freedom of spending" will grow into a common European problem, "they added.

"With regard to the ECB, the regulator is in complete confusion in terms of new initiatives after a decade of zero interest rate policy and the lack of growth, which could boast of its result," the authorities said.

They admit that the EUR/USD pair could sink to the level of 1.05 in the second quarter.

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

Wave analysis of EUR / USD pair on April 22. Market activity is zero on Easter Monday

Wave counting analysis:

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With the bidding on Friday, April 19, the EUR/USD pair ended with an increase of 10 basis points. here are reasons to assume that the wave takes a full-fledged of 5-wave view and its internal wave 2 has completed its formation at the moment. If this is true, the tool will move to building an ascending wave 3 from current positions with targets located around 14 figures. However, updating the minimum of the assumed wave 2 in "s" will most likely need to clarify the current wave marking. However, the working version is the current option with an increase. The news background for today will be absent in honor of the celebration of Easter Monday. High activity from the market should not be expected today.

Sales targets:

1.1177 - 0.0% Fibonacci

Purchase targets:

1.1448 - 100.0% Fibonacci

1.1476 - 76.4% on the highest Fibonacci grid

General conclusions and trading recommendations:

The pair presumably remains within the framework of the construction of wave c and its internal wave 2 is probably completed. Thus, it is now a good opportunity to buy the pair based on the construction of wave 3 in "s". As mentioned before, I recommend buying in small lots at first and increase them as the execution is confirmed.

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Trading Plan for EUR / USD pair on 04/22/2019

Big Picture: Focus will be on the News from the US.

On Monday, trading will be sluggish in Europe and the United States as the celebration of Easter continues in the half of the day.

On Thursday and Friday, important news on the US economy will be released - orders for durable goods on Thursday - and the first GDP report for Q1 on Friday - we expect very weak data.

Important news on the US economy will be released on Thursday and Friday such as the orders for durable goods on Thursday and the first GDP report for Q1 on Friday, where we expect a very weak data.

EUR/USD: the consolidation of the pair continues.

We look forward to the breakthrough of the boundaries of the range and the beginning of the trend.

We buy from 1.1325.

We sell from 1.1180.

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

Gold production in 2019 could be a record – opinion

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According to the calculations of the analytical company S&P Global Market Intelligence, the volume of gold production in the current year can be impressive and reach 109.6 million ounces. Experts believe that in this case the record of 2018 will be broken when the volume of precious metal production amounted to 107.3 million ounces.

According to analysts, the level of production of the yellow metal is growing for the tenth year in a row. Over the past 10 years, gold production growth has reached an impressive 40%. According to the calculations of experts, in 2019, an increase in gold production is projected at 2.3 million ounces. This may be the most significant increase over the past three years, with 50% of the increase in gold production will be in new deposits, experts say

According to Christopher Galbright, an expert in the market of precious metals, the current stability in the production of the yellow metal will continue until 2022. It is expected that the new deposits, which will earn in the next five years, will be able to consistently bring 4.3 million ounces of gold per year. Such projects will be involved until 2024. In the case of a number of other promising projects, another 11.7 million ounces of precious metal can be obtained, experts believe.

However, some analysts do not share this optimism. They believe that since 2021, a reduction in the production of gold in old deposits may begin. In 2022, if this process grows, we can expect a decline in production of 3 million ounces, and in 2024 the decline will reach 5 million ounces of gold, experts warn.

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

Daily review on Indicator analysis for GBP / USD pair on April 22, 2019

Trend analysis (Fig. 1).

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On Monday, the technical analysis gives a downward movement. The first lower target is 1.2979 on a lower fractal and then a rollback at 50.0% level (blue dashed line).

Fig. 1 (daily schedule).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - up;

- trend analysis - down;

- Bollinger lines - down;

- weekly schedule - down.

General conclusion:

On Monday, the technical analysis gives a downward movement. The first lower target is 1.2979 on a lower fractal and then a rollback at 50.0% level (blue dashed line).

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

Higher oil prices will support commodity currencies with a high probability of a decline in AUD/USD and USD/CAD pairs

Part of the global trading floors is closed today due to the continuation of Easter holidays. A bright Monday is celebrated, which is clearly manifested in the low activity of investors. Although the United States will open tonight, it will undoubtedly revive the global financial market.

Evaluating the current situation in the markets, we still believe that the overall situation of uncertainty will continue. In our opinion, this supposition will remain in force until the Fed's position and the opinions of other world central banks that depend on it regarding the prospects for monetary policies becomes truly understandable.

So far, markets do not want to notice outright imbalances that manifest themselves in major economies after they are pumped with "cheap" money as a result of quantitative easing programs, which caused inadequate behavior of yield curves between short-term government bonds and long-term ones as manifested in the US. In particular, the US stock market continues to grow steadily currently, which is accompanied by a synchronous decline in market volumes. Here, it seems that the most important stimulating factor is the growth of expectations that the Fed will be forced not only to halt the process of raising interest rates but perhaps, even lowering them this year despite the slowdown of the American economy.

On Monday, oil prices soared by more than 2.0% due to the position of the US Administration, which will impose sanctions on all countries buying crude oil from Iran as reported by Bloomberg. Other news such as the Venezuelan crisis, events around Libya and by OPEC+ actions aimed at reducing oil production. It will stimulate inadequate price increases for "black gold". In this case, we should expect continued growth in commodity exchange rates, although limited.

With regard to the other currencies related to the major ones, we note that they will most likely remain in the range against the US dollar until trade disputes between the United States and China are resolved, as well as the position of the Fed regarding the prospects for monetary policy.

Forecast of the day:

The AUD/USD pair is likely to consolidate on Monday in the lateral range of 0.7135-0.7200. In case that the pair overcomes the level of 0.7135, it may continue to decline to 0.7090 in the opening of the US session.

The USD/CAD pair is not responding to a sharp rise in oil prices. However, if the pair overcomes the level of 1.3355, then it can continue to drop 1.3290 during the opening of in North American trading hours.

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GBP/USD. April 22nd. The trading system "Regression Channels". Theresa May can announce the third vote of no confidence

4-hour timeframe

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Technical details:

The upper linear regression channel: direction - up.

The lower linear regression channel: direction - down.

Moving average (20; smoothed) - down.

CCI: -84.3395

The volatility of the GBP/USD currency pair remains low, partly due to a weak fundamental background. To be precise, on Friday and today, this background is simply absent. As in the case of the euro currency, the pair dropped to an important support level of 1.3000, which is still holding it back from further decline. In connection with this key point for the next few days, it remains to be seen whether traders will be able to confidently overcome the level of 1.3000. If so, the downward movement will continue up to 1.2800 and 1.2500, as there is still little fundamental support from the pound sterling. Several positive reports from the UK last week did not even have a significant impact on the course of trading. Therefore, it is also possible to note a certain degree of ignoring by traders of any reports from the United Kingdom. Based on this, both fundamentally and technically, the pound sterling is likely to continue its decline. Meanwhile, in the UK, Theresa May Party members are preparing to resign their leader. The reasons for this call even makes no sense. The main thing is the inability to bring Brexit to its logical end, the inability to negotiate with the EU and the parliament. The second question is that this is not the first time that Theresa May can be dismissed. The two previous no-confidence votes resulted in the parliament refusing to dismiss the current prime minister. However, now there is information that Theresa May will be offered to resign voluntarily.

Nearest support levels:

S1 - 1.2985

S2 - 1.2970

Nearest resistance levels:

R1 - 1.3000

R2 - 1.3016

R3 - 1.3031

Trading recommendations:

The pair GBP/USD continues the downward movement, which is still limited by the level of 1.3000, which has already been tested. Since there will be no news today, the low volatility for the pair is likely to continue.

Buy positions will formally become relevant after the pair is fixed above the moving average line with a short target of 1.3123 - the upper limit of the side channel.

In addition to the technical picture should also take into account the fundamental data and the time of their release.

Explanations for illustrations:

The upper linear regression channel is the blue lines of the unidirectional movement.

The lower linear channel is the purple lines of unidirectional movement.

CCI is the blue line in the indicator regression window.

The moving average (20; smoothed) is the blue line on the price chart.

Murray levels - multi-colored horizontal stripes.

Heiken Ashi is an indicator that colors bars in blue or purple.

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

EUR/USD. April 22nd. The trading system "Regression Channels". The euro falls back to the important level of 1.1200

4-hour timeframe

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Technical details:

The upper linear regression channel: direction - down.

The lower linear regression channel: direction - up.

Moving average (20; smoothed) - down.

CCI: -80.3536

The EUR/USD currency pair on Monday, April 22, after a completely calm and macroeconomically empty Friday, also continues with absolutely low-volatile movements that cannot be called trend movements. Today, Easter is celebrated on Monday in many countries around the world, so no important macroeconomic reports are scheduled for today. Moreover, this means that market activity today will also be low, as many market participants today will be out of the market. Thus, most likely, the weakest movement around the Murray level "0/8" - 1.1230 will continue today. Once again, we draw attention to the fact that the pair has approached close to the lower boundary of the most important support area of 1.1200. This level has kept the pair above itself for several months already, but the price has returned to it again, so it seems that to overcome it is a matter of time. It seems that in the first 4 months of 2019, traders did not find compelling reasons for buying European currency in the medium and long term. And the threat of a trade war with America makes us worry about the state of the EU economy and the position of the euro in the future. Thus, we believe that traders will still be able to push the level of 1.1200.

Nearest support levels:

S1 - 1.1230

S2 - 1.1200

S3 - 1.1169

Nearest resistance levels:

R1 - 1.1261

R2 - 1,1292

R3 - 1.1322

Trading recommendations:

The EUR/USD currency pair continues a weak downward movement. Thus, it is now recommended to consider sell orders with the targets of 1.1230 and 1.1200. The reversal of the Heiken Ashi indicator to the top is very likely near the target levels.

It is recommended to open buy orders not earlier than fixing the pair above the moving with targets at 1.1292 and 1.1322. The calendar of macroeconomic events today is empty, so volatility can remain low.

In addition to the technical picture should also take into account the fundamental data and the time of their release.

Explanations for illustrations:

The upper linear regression channel is the blue lines of the unidirectional movement.

The lower linear regression channel is the violet lines of the unidirectional movement.

CCI - blue line in the indicator window.

The moving average (20; smoothed) is the blue line on the price chart.

Murray levels - multi-colored horizontal stripes.

Heiken Ashi is an indicator that colors bars in blue or purple.

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

Trading recommendations for the EURUSD currency pair - placement of trading orders (April 22)

By the end of the last trading week , the euro / dollar currency pair showed a low volatility of 19 points, where the quotation, to say the least, hung in one place. From the point of view of technical analysis, we have a temporary compression of the quotation 1.1235 / 1.1250, which occurred after the Thursday rally, where the quotation went down to the mark of 1.1226. Informational news background was absent due to the celebration of Good Friday in most countries.

Today, in terms of news and events, we again have a day off Bright Monday in the UK and Europe. It is only in the United States where there are statistics on sales in the secondary housing market, and they expect a decline.

United States 17:00 MSK - Sales in the secondary housing market (Mar): Prev. 5.51M ---> Forecast 5.311

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Further development

Analyzing the current trading chart, we see that the accumulation of 1.1235 / 1.1250 still takes place on the market, and the pullback that many are waiting for has not yet come. Traders, in turn, occupy a waiting position, tracking clear breakdown of the accumulation boundaries of 1.1235 / 1.1250 while maintaining the inertial move.

- Positions for the purchase are considered in the case of a clear price fixing higher than 1.1255, with preservation of bullish interest. The primary outlook is 1.1270.

- Positions for sale in the case of a clear price fixing lower than 1.1225 with preservation of bearish interest. The primary perspective is 1.1180.

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Indicator Analysis

Analyzing a different sector of timeframes (TF ), we see that in the short term there is an upward interest, which reflects our stagnation with the attempt to rollback. Intraday and mid-term prospects are focused on the downward course, against the backdrop of a recent rally. It should be understood that today trading volumes have been reduced, and the price, after all, is in a range of clusters, thus indicators indicators can be changeable.

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Weekly volatility / Measurement of volatility: Month; Quarter; Year

Measurement of volatility reflects the average daily fluctuation , based on monthly / quarterly / year.

(April 22, was based on the time of publication of the article)

The current time volatility is 13 points. It is likely to assume that due to reduced volumes, the volatility of the day may be low.

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Key levels

Zones of resistance: 1.1300 **; 1.1440; 1.1550; 1.1650 *; 1.1720 **; 1.1850 **; 1.2100

Support areas: 1.1180; 1.1000

* Periodic level

** Range Level

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EUR/USD, GBP/USD, AUD/USD. Simplified wave analysis and forecast for April 22

EUR/USD

The unfinished wave of the euro started on March 20th. In the bearish construction, the first parts (A + B=B) are completed, the zigzag of the final part (C) is formed. The price is at the upper limit of strong support.

Forecast:

Before the end of the middle part of the current wave, the price needs to work out a rebound upwards. The most probable site of the forthcoming rise is in the area of settlement resistance. Before the start of price growth today, a rebound in the price is not out of the question.

Recommendations:

Sales of euros in the next day are high-risk. With intraday trading style, traders are advised to track reversal signals to search for entry into long positions.

Resistance zones:

- 1.1295 / 1.1325

Support zones:

- 1.1230 / 1.1200

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GBP/USD

In the short term, on the British pound chart from March 13, a downward wave is developing. It has a pronounced correctional nature. At present, the first parts of the wave structure have been formed. Last week's price breakout gave rise to the final part.

Forecast:

Before an active price breakthrough, the price needs to work out an intermediate pullback. In the upcoming trading sessions, a flat mood of the pair's fluctuations between the nearest price zones is expected.

Recommendations:

The upcoming price rise of the pound has a small potential for movement, so purchases are possible only on the smallest TF within the "scalping". Trading on a larger scale is recommended to refrain from entering the market of the pair and wait for the completion of the upcoming price rollback.

Resistance zones:

- 1.3030 / 1.3060

Support zones:

- 1.2980 / 1.2950

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AUD/USD

The last unfinished wave model "Aussie" is a bearish one of January 31st. The first part (A) is formed in the wave structure, from March 8 an upward correction is formed (B). Last week, the price reached the estimated milestone of completion. The structure of the bull wave looks completely finished, the proportions of all parts are observed. There are no reversal signals yet.

Forecast:

The decline that began on April 17 with a high probability can become a reversal structure before the change of the course of the interday trend. The price reached the support zone. In the coming sessions, an upward trend is expected, with a re-rise of quotations in the area of the resistance zone.

Recommendations:

Within the framework of intra-session trading, the pair purchases will be relevant today, while it is more reasonable to reduce the lot. To open longer trades, it is recommended to refrain from entering the market and wait for confirming reversal signals.

Resistance zones:

- 0.7200 / 0.7230

Support zones:

- 0.7140 / 0.7110

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Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A – B – C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.

Note: The wave algorithm does not take into account the duration of tool movements over time.

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

Analysis of EUR/USD divergence for April 22. The fall is more preferable, but the question is the bears' strength

4h

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As seen on the 4-hour chart, the EUR/USD pair performed a fall to the retracement level of 76.4% (1.1241), and even closed below it for a short time. However, it has now closed above the Fibo level of 76.4%, which allows traders to expect some growth in the direction of the retracement level of 61.8% (1.1281). There are no emerging divergences on the current chart in any indicator. Closing the pair under the Fibo level of 76.4% (1.1241) will work in favor of the US dollar and the resumption of the fall in the direction of the retracement level of 100.0% (1.1177).

The Fibo grid was built on extremums from March 7, 2019, and March 20, 2019.

Daily

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As seen on the 24-hour chart, the pair reversed in favor of the American currency after the formation of a bearish divergence at the CCI indicator, and the close below the Fibo level of 127.2% (1.1285). Thus, on the current chart, quotes are also expected to fall in the direction of the retracement level of 161.8% (1.0941), but there is still reason to doubt that the pair will be able to close under the previous two low prices. The consolidation of quotations above the Fibo level of 127.2% can be interpreted as a reversal in favor of the European currency and expect a resumption of growth in the direction of the retracement level of 100.0% (1.1553).

The Fibo grid was built on extremes from November 7, 2017, and February 16, 2018.

Forecast for EUR/USD and trading recommendations:

Buy deals on EUR/USD pair can be opened with the target at 1.1281 as the pair completed closing above the retracement level of 76.4%. The stop loss order should be placed below the level of 1.1241.

Sell deals on EUR/USD pair can be carried out with the target at 1.1177 if the pair closes below the level of 76.4%. The stop loss order should be placed above the level of 1.1241.

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Indicator analysis. Daily review on April 22, 2019 for the pair EUR / USD

On Monday, the market will continue to move down. Monday is festive, and so as the side channel. The first lower target is 1.1218. The recoiling level is 76.4% (blue dotted line).

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Fig. 1 (daily schedule).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - up;

- trend analysis - down;

- Bollinger lines - down;

- weekly schedule - down.

General conclusion:

On Monday, the market will continue to move down. Monday is festive, and so as the side channel. The first lower target is 1.1218.

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Analysis of GBP/USD divergences for April 22. The pound is still prone to fall

4h

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As seen on the 4-hour chart, the GBP/USD pair completed a fall to the retracement level of 61.8% (1.2969), but neither the end of time nor the close occurred below. As a result, traders need to wait for either the first or the second to start trading on Monday, April 22. The strengthening of the pair under the Fibo level of 61.8% will work in favor of the American dollar and the continuation of the fall in the direction of the retracement level of 50.0% (1.2868). The rebound from the level of 61.8% will allow us to expect a reversal in favor of the British pound and some growth in the direction of the retracement level of 76.4% (1.3094).

The Fibo grid is built according to the extremes of September 20, 2018, and January 3, 2019.

1h

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As seen on the hourly chart, the GBP/USD pair, after rebounding from the Fibo level of 100.0% (1.2976), performed a reversal in favor of the pound sterling and retains chances of growth to the retracement level of 76.4% (1.3028). There are no emerging divergences on the current chart in any indicator. The consolidation of quotations under the Fibo level of 100.0% can be interpreted in favor of the US currency and expect a resumption of the fall in the direction of the retracement level of 127.2% (1.2917).

The Fibo grid is built according to the extremes of March 29, 2019, and April 3, 2019.

Forecast for GBP/USD and trading recommendations:

Buy deals on GBP/USD pair can be opened with the target at 1.3028 and a stop loss order under the retracement level of 100.0% since the pair completed the rebound from 1.2976 (hourly chart).

Sell deals on GBP/USD pair can be opened with the target at 1.2917 and a stop loss order above the level of 100.0% if the pair closes below the level of 1.2976 (hourly chart).

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Fundamental Analysis of USDJPY for April 22, 2019

The USD/JPY pair has been consolidating at the edge of the 112.00 area for a few days now. Later, it is likely to have a Bearish Counter as well as a strong bullish trend.

The US dollar seems to be quite indecisive ahead of GDP reports that are due this week. The US Advance GDP is anticipated to remain unchanged at 2.2%, while the Advance GDP Price Index – to drop to 1.3% from the previous value of 1.8%. According to Atlanta Federal Reserve GDPNOW Forecast model, the US economy expanded at 2.8% annualized rate in the first quarter as domestic retail sales grew at their strongest pace in March. US President Donald Trump and Japanese Prime Minister Shinzo Abe are going to meet in the White House for the US-Japan trade talks. The outcome may impact on the stability of the US economy. Moreover, the US Core Durable Goods Orders report is going to be published this week. It is expected to rise to 0.2% from the previous negative value of -0.1%, and Durable Goods Orders index is to grow to 0.7% from the previous negative value of -1.6%.

Today's US Existing Home Sales report is going to show a decrease to 5.31M from the previous figure of 5.51M. In this case USD may struggle to sustain the momentum over JPY in the coming days.

On the other hand, the Bank of Japan will release its Policy Rate Decision along with the Outlook Report and the Monetary Policy Statement this week. However, these news are not likely to have any major impact. The bank predicts the inflation to remain below 2% target through the fiscal year that ends in March 2022. Such an estimate reflects the confusion of the regulator as subdued inflation forces it to maintain the ultra-loose policy.

Japan's economy minister Motegi recently stated that the US-Japan trade deal was expected to lower its trade deficit and help the economy to gain a momentum. Japan's March factory output is forecast to slip for the first time in two months, although the central bank is expected to keep its policy unchanged as it bets on a gradual economy's recovery despite rising risks. Tomorrow's BOJ Core CPI report is forecast to inch up to 0.5% from the previous value of 0.4%, and Wednesday's SPPI report is to be unchanged at 1.1%.

As of the current scenario, the pair is likely to be quite volatile this week amid the BOJ's Policy Rate report and US Advance GDP report. If the US economic reports bring any negative outcome, the yen is expected to strengthen.

Now, let us look at the technical view. The pair is currently trading at the edge of 112.00 resistance area, it has been trying to break above for a few days now. The price recently formed Bearish Regular Divergence indicating certain bearish sentiment in the coming days. Thus, the pair is anticipated to move lower towards the 111.50 support area and later towards the 110.50 area. As far as the price remains below 112.00 area, the bearish bias is expected to continue.

analytics5cbd58b9dd901.png

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Weekly review for the GBP/USD pair from April 22 to April 27, 2019

Trend analysis (Fig. 1).

In the coming week, the price will move down with the first target of 1.2908 – a pullback level of 50.0% (blue dotted line).

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Fig. 2 (weekly schedule).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis is neutral;

- Trend analysis - down;

- Bollinger lines - down;

- Monthly schedule - up.

The conclusion from the complex analysis is the downward movement.

The overall result of the calculation of the GBP/USD currency pair candle on the weekly chart: the price for the week is likely to have a downward trend with the absence of the first upper shadow of the weekly black candle (Monday – down) and the absence of the second lower shadow (Friday – down).

In the coming week, the price will move down with the first target of 1.2908 – a pullback level of 50.0% (blue dotted line).

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Weekly review for the EUR/USD pair from April 22 to April 27, 2019

Trend analysis (Fig. 1).

In the coming week, the price will move down with the first target of 1.1198 – support line (blue thick line).

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Fig. 2 (weekly schedule).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - neutral;

- Volumes - up;

- Candlestick analysis is neutral;

- Trend analysis - down;

- Bollinger lines - down;

- Monthly schedule - up.

The conclusion from the complex analysis is the upward movement.

The overall result of the calculation of the EUR/ USD currency pair candle on the weekly chart: the price of the week is likely to have an upward trend with the presence of the first lower shadow of the weekly white candle (Monday – down) and the absence of the second upper shadow (Friday – up).

When moving up, the first upper target of 1.1280 is the resistance line (red bold line).

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Trading recommendations for the currency pair GBPUSD - placing trade orders (April 22)

By the end of the last trading week, the currency pair pound / dollar was in the same position, showing a volatility of 28 points. From the point of view of technical analysis, we have a compression of 1.2970 / 1.3000. This is the framework of the range level where the quote came earlier. Informational news background was absent due to the celebration of Good Friday in most countries.

Today, in terms of news and events , we again have a day off, Bright Monday in the UK and Europe. As compared to most countries, it is only in the United States where there are statistics on sales in the secondary housing market, and they've been waiting for a decline.

United States 17:00 MSK - Sales in the secondary housing market (Mar): Prev. 5.51M ---> Forecast 5.311

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Further development

Analyzing the current trading schedule, we see a distinct stagnation within the range of 1.2970 / 1.3000. Traders took a waiting position and monitor clear fixations outside the limits of the 1.2970 / 1.3000 cluster, after which they will enter the market. At the same time, we do not forget that today is the day off in most countries and trading volumes may be reduced.

- Positions for the purchase are considered in the case of a clear price fixing higher than 1.3000, with preservation of bullish interest. The primary outlook is 1.3030-1.3050.

- Positions for sale, in the case of a clear price fixing lower than 1.2970, while maintaining bearish interest. Primary perspective 1.2960-1.3030.

Trading method - break the boundaries.

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Indicator Analysis

Analyzing a different sector of timeframes (TF ), we see that in the short, intraday and medium term there is a downward interest. It should be understood that today, the trading volumes are reduced, and the price, after all, but is in a range of clusters, thus indicators can be changed.

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Weekly volatility / Measurement of volatility: Month; Quarter; Year

Measurement of volatility reflects the average daily fluctuation , based on monthly / quarterly / year.

(April 22, was based on the time of publication of the article)

The current time volatility is 11 points. It is likely to assume that due to reduced volumes, the volatility of the day may be low. As soon as the boundaries of the 1.2970 / 1.3000 cluster fall, we can see a splash.

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Key levels

Zones of resistance: 1.3000 **; 1.3220 *; 1,3300 **; 1.3440; 1.3580 *; 1.3700

Support areas: 1.3000 **; 1.2920 *; 1.2770 (1.2720 / 1.2770) **; 1.2620; 1,2500 *; 1.2350 **.

* Periodic level

** Range Level

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Bitcoin. The volatile situation for Bitcoin

Despite the fact that the Bitcoin rate remains above 5000 USD, the situation for buyers is not for the better.

Over the weekend, it was not possible to update the highs, which led to the formation of a smooth reversal, which gradually increases the pressure on Bitcoin. If we talk about more long-term prospects, then a number of companies' studies indicate that Bitcoin accumulates a position for a further upward trend. In particular, this is stated in the report of Adamant Capital, where they are confident that the bearish cycle of the cryptocurrency market ends and the accumulation phase begins.

Bitcoin buy signal (BTC):

Buyers failed to get above the resistance of 5 330, from which a smooth bearish turn is formed. All that is required for the bulls is to break above this range today, which will open a real prospect for a further upward trend with an update of the highs of 5450 and 5680, where I recommend fixing the profits. In the scenario of Bitcoin exchange rate decline, to open long positions, an interesting level will be the region of 5220, as well as a larger level in the area of 5100.

Bitcoin sell signal (BTC):

The main task of the bears is to consolidate under the intermediate support level of 5220, and update the minimum of 5 150, which will lead to the demolition of stop orders of buyers and increase the pressure on Bitcoin. In this scenario, we can expect a decrease in the cryptocurrency to the area of 5000 and 4890, where I recommend fixing the profit. In the scenario of continued growth, you can look at the meek positions during the formation of a false breakdown in the area of 5330 or a rebound from a large resistance of 5440.

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Fundamental Analysis of EUR/USD for April 22, 2019

This week EUR is expected to struggle further against USD as the economic calendar contains few market-moving data from the eurozone. USD is going to extend impulsive gains.

The eurozone is going through an economic slowdown. Besides, Brexit is to blame for uncertainty in the long term. EUR finds it difficult to maintain the momentum it had in the market earlier. This week trading activity is going to be quiet because of holidays like Easter Monday and Liberation Day in Italy. In this context, EUR has no reasons to grow versus USD this week. Additionally, the eurozone's Consumer Confidence report is going to be published tomorrow which is expected to be unchanged at -7. On Wednesday German Ifo Business Climate report along with the ECB Economic Bulletin will trigger higher volatility in EUR/USD.

Europe is getting ready for the trade talks with the US. So, market sentiment is going to indecisive in the coming days. Recently, an influential US Congressman has warned the EU that any Brexit arrangement that undermines Northern Ireland's 1998 peace agreement could make a negative impact on the EU-US trade deals.

On the other hand, USD growth is subdued by the dovish stance of the Federal Reserve and its intention to make a pause in the cycle of monetary tightening. Nevertheless, USD managed to sustain overall gains versus EUR. This week Advance GDP for Q1 2019 is going to be published which is expected to be unchanged at 2.2%. As the visible US trade deficit narrowed in February and Chinese trade affected the US trade and commerce, the US aims to build the pace to dominate. Moreover, US President Donald Trump and Japanese Prime Minister Shinzo Abe are due to meet in the White House for the talks on the US-Japan trade deal.

Moreover, this week US Core Durable Goods Orders report is going to be published which is expected to rise to 0.2% from the previous negative value of -0.1% and Durable Goods Orders is expected to rebound to 0.7% from the previous negative value of -1.6%. Today US Existing Home Sales report is going to be published which is expected to decrease to 5.31M from the previous figure of 5.51M.

Meanwhile, investors have optimistic expectations of the upcoming economic reports. So, USD is more advantageous to investors. USD is expected to sustain the bearish momentum in the pair.

Now let us look at the technical view. The price is currently trading below 1.1250 area after a day of indecision on Friday following the impulsive bearish pressure off the 1.1300 area. The price is expected to sink much lower towards 1.1050 support area in the coming days as the current bearish pressure persists and price resides below 1.1300 area with a daily close.

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Technical analysis for EURUSD for April 22, 2019

EURUSD has broken out of the short-term bullish channel and has retraced 61.8% of the last leg up. So far bulls still have hopes but they will need to recapture 1.13 soon. Otherwise there is big danger of breaking below 1.12 and falling as low as 1.11.

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Black lines - bullish wedge pattern

Red lines - bearish channel

EURUSD remains inside the bearish red channel after getting rejected at 1.1330 and inside a longer-term wedge formation. Trend remains bearish. Bulls need to recapture 1.13 and stay above it in order to have hopes for a bigger move higher and a major trend reversal if price breaks out and above the wedge pattern. The resistance of the wedge pattern is at 1.1430-1.1450. The red channel resistance is at 1.13. Support is found at 1.1235 and next at 1.12.

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GBP/USD: plan for the European session on April 22. The pound will remain in the side channel

To open long positions on GBP/USD, you need:

Today, it is Easter Monday in many countries in the eurozone, and the markets will be closed again. At the moment, the buyers' task is to return to the resistance level of 1.3009, which will lead to an upward correction in the maximum area of 1.3036, where I recommend fixing the profits. In the scenario of reducing the pair in the first half of the day, long positions can be viewed from the level of 1.2977, but only if a false breakdown is formed. In the absence of demand in the area of 1.2977, you can look at the purchases on the rebound from the area of 1.2940.

To open short positions on GBP/USD, you need:

In the first half of the day, the bears will need to form a false breakdown in the resistance area of 1.3009, which will increase the pressure on the pair and lead to another wave of sales with an update of last week's low in the support area of 1.2970, where I recommend fixing the profits. In the absence of growth in the area of 1.2970, the bears will try to push the pair even lower to the level of 1.2940. In the scenario of breakout and consolidation above the resistance of 1.3009, it is best to expect short positions to rebound from the maximum of 1.3036.

Indicator signals:

Moving Averages

Trading is conducted below 30 and 50 medium moving averages, which indicates the preservation of the bearish market.

Bollinger Bands

The volatility of the Bollinger Bands indicator is very low, which does not give signals to enter the market.

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Description of indicators

  • MA (moving average) 50 days - yellow
  • MA (moving average) 30 days - green
  • MACD: fast EMA 12, slow EMA 26, SMA 9
  • Bollinger Bands 20
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Technical analysis for Gold for April 22, 2019

Gold price despite having broken below the major support area of $1,280, it remains resilient and has not accelerated the decline towards $1,250-60. The oversold short-term conditions justify a bounce towards $1,300 as we mentioned in a previous post and we remain bearish as long as price is below that area.

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Green rectangle - major support

Red rectangle - target

Black line - major resistance trend line

Red line - expected move

Blue line - RSI expected move

RSI is turning upwards from oversold levels and this implies we could see price of Gold back test the $1,280-90 previous support now resistance area, before moving lower towards $1,250-60 which is our first target as long as price is below the black downward sloping trend line. Trend remains bearish. Any upside bounce with price below $1,300 is currently considered a selling opportunity. Breaking above $1,300 and holding above it would be a bullish sign.

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EUR / USD: main events of the trading week

The euro-dollar pair started the trading week quietly and inconspicuously. In fact, the level closed on Friday. Such phlegmatism is quite justified, because the weekend is relatively quiet (in the context of the foreign exchange market). Many trading floors of the world will still be closed for today. Thus, in most countries of Europe, as well as in New Zealand and Australia, Catholics will celebrate Easter Monday, so the economic calendar of the foreign exchange market is virtually empty today.

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Only during the American session, we learn the dynamics of sales of American housing in the secondary market. After a strong increase in February (+ 11.8%), the same significant decline is expected in March (-3.8%). Given the absence of other macroeconomic reports, this release may affect the volatility of eur / usd, however, this impact will be limited, due to the secondary importance of the indicator. In other words, the truncated trading week is waiting for us again - the main events will unfold from Tuesday to Friday. However, the next few days cannot be called saturated for eur / usd traders.

For example, tomorrow, on Tuesday, only a few indicators will be published, which are also of a secondary nature. During the European session, we learn the indicator of consumer confidence in the eurozone. It is calculated based on the results of household surveys on their level of confidence in the current state of the economy and future development. Since May last year, the indicator has been in the negative area: having reached its peak in December (-8.3 points), it is gradually recovering, reaching -7.2 points in March. In April, a positive trend is also expected, albeit a minimal one: the indicator should rise to -7.0 points. As a rule, it has little effect on the dynamics of the pair, but if it deviates from the forecast level, it can cause a certain volatility. During the American session on Tuesday, we will find out the level of home sales in the US in the primary market. In contrast to the "secondary", this indicator has a more significant impact on the dollar. After a strong increase in January (+ 8%), in February the volume of sales of new buildings fell (+ 4%), and today negative dynamics is also expected, and, of a very significant nature: For the first time since October last year, the indicator may fall into the negative area, having reached 3%. Against the background of a half-empty calendar, this fact will put downward pressure on the US currency, allowing the pair bulls to withdraw to a short-term correction, reaching -3%.

On Wednesday, the European currency will react to the dynamics of the German indicator of business environment conditions from the IFO. This indicator is a good addition to the already published reports from ZEW and PMI. It is worth recalling that the sentiment index in the business environment of Germany from the ZEW institute (which was published last week) came out of the negative area for the first time in 11 months, demonstrating a significant increase - up to 3.1 points. But PMI indices turned out to be very controversial: in the German manufacturing sector, the indicator showed a minimal increase of up to 44.5 points (thus remaining below the key 50th mark), and in the service sector it rose to 55.6. Germany's composite PMI also turned out to be better than expected, being at around 52.1. If this week's IFO figure confirms positive momentum, then the single currency will receive some support. According to forecasts, the indicator should rise to 99.9 points.

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On Thursday, the economic calendar for the eur / usd pair is almost empty. Of interest is perhaps the Economic Bulletin of the ECB. This document is published 2 weeks after the meeting of the regulator which has a limited impact on the pair. During this time, traders could repeatedly hear not only Mario Draghi, but also other representatives of the European Central Bank. However, this ECB protocol is interesting in another aspect. So, according to American journalists, some members of the European regulator do not share the opinion of their colleagues about the recovery of the eurozone economy in the second half of this year. In their opinion, the economic forecasts of the Central Bank are too optimistic, since the slowdown in China's key indicators and the ongoing trade conflicts will continue to have a negative impact on the growth dynamics of Europe. They also questioned the accuracy of the forecast models that are used by the regulator - in their opinion, this model gives a distorted picture and does not fully take into account the revised macroeconomic indicators. This information, which was published last week, alarmed market participants. If the ECB protocol confirms their concerns, the euro will be under considerable pressure, because if the regulator suddenly reconsiders its forecasts and / or the formula for calculating the forecasts, then the approximate period of the rate increase can be postponed to a later date. There are alarmed market participants.

If the ECB protocol confirms their concerns, the euro will be under considerable pressure, because if the regulator suddenly reconsiders its forecasts and / or the formula for calculating the forecasts, then the approximate period of the rate increase can be postponed to a later date for the alarmed market participants. If the ECB protocol confirms their concerns, the euro will be under considerable pressure, because if the regulator suddenly reconsiders its forecasts and / or the formula for calculating the forecasts, then the approximate period of the rate increase can be postponed to a later date.

At the end of the trading week we will have an important release:

we will learn a preliminary assessment of the growth of the American economy in the first quarter of this year. Let me remind you that in the second quarter of last year, US GDP reached its peak (4.2%), after which it began to decline gradually. . In the 4th quarter of 2018, it came out at the level of 2.2% - and according to the forecasts of most experts, in the first quarter of this year the American economy will show a similar result. If the real numbers do not coincide with the forecast, then the dollar will fall into the zone of price turbulence - especially if the result is below expectations. In this case, the rhetoric of Fed members may soften again, and the question of lowering the rate will again be on the agenda (at least in the mouth of many politicians and some representatives of the Federal Reserve). Also pay attention to the price index of GDP - according to forecasts, it should decrease significantly (from 1.7% to 1.3%). This fact may have a strong pressure on the dollar, even if GDP growth will be at the forecast level.

analytics5cbd5a0c50238.jpg

In addition to macroeconomic reports, eur / usd traders will monitor the negotiation process between Beijing and Washington (another round of negotiations will begin this week) and the behavior of North Korea, which unexpectedly conducted military tests last week. External fundamental background will play an important role for the pair.

From a technical point of view, eur / usd bulls need to be kept above the support level of 1.1190 (the bottom line of the Bollinger Bands indicator on the daily chart) in order to avoid stalling to the bottom of the 10th figure. If buyers exceed the level of 1.1280, they will turn the tide in their favor and will be able to return the price to the area of the 13th figure.

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BITCOIN stalling above $5,250. April 22, 2019

Bitcoin is currently consolidating above $5,250 following a period of higher volatility and spikes. The bulls are still quite strong. Rejecting off the trend line indicates further upward momentum upon its break higher.

Bitcoin has following a clear path to $5,500 but first it needs to hold firmly above $5,300 which will also clear the trend line resistance. As the price has no Bearish Divergence supports, it will reinforce further upward pressure. However, being above $5,000 indicates the sustainability of the impulsive bullish bias.

No fundamentals have been released about the market of crypto currencies. The important event was the recent million dollar investment in US exchanges that attracted the Bitcoin bulls who have managed to sustain momentum it gained along the way. The dynamic levels of Tenkan line, Kijun line, and 20 EMA are holding the price as support. As support is protected, BTC will maintain upward pressure in the short term.

SUPPORT: 5,000, 5,250

RESISTANCE: 5,300, 5,500, 6,000

BIAS: BULLISH

MOMENTUM: VOLATILE

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EUR/USD: plan for the European session on April 22. Easter Monday

To open long positions on EURUSD, you need:

Today, it is Easter Monday in many countries in the eurozone, and the markets will be closed again. Buyers of the euro are best to wait for the support update in the area of 1.1227, where the formation of a false breakdown will allow you to count on a rebound from this range and return to the upper border of the channel 1.1250. In the case of the EUR/USD growth scenario in the first half of the day, the only consolidation above the level of 1.1250 will be a signal to open long positions, the main purpose of which will be the large resistance of 1.1269, where I recommend fixing the profits.

To open short positions on EURUSD, you need:

Volatility is going to be very low. The formation of a false breakout in the first half of the day at 1.1250, with a rebound from the 50 days moving average, will be a direct signal to open short positions in EUR/USD, the main goal of which will be to update the minimum in the area of 1.1227, as well as to update the support of 1.1207, where I recommend fixing the profit. With the growth scenario above 1.1250, you can safely return to short positions to rebound from a maximum of 1.1269.

Indicator signals:

Moving Averages

Trading is below 30 and 50 moving averages, which indicates the bearish nature of the market.

Bollinger bands

The volatility of the Bollinger Bands indicator is very low, which does not give signals to enter the market.

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Description of indicators

  • MA (moving average) 50 days - yellow
  • MA (moving average) 30 days - green
  • MACD: fast EMA 12, slow EMA 26, SMA 9
  • Bollinger Bands 20
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Forecast for EUR / USD pair on April 22, 2019

EUR / USD pair

On Friday, the markets were trading in small volumes. The volatility was reduced due to the beginning of the Catholic Easter weekend. Today, European markets are also closed but the US marketplaces will operate. The price is kept below the MACD line at 1.1252 on the daily chart while the price is also below the balance lines and MACD on the four-hour chart. We are waiting for the gradual decline of the euro towards the goal of 1.1155, which is the 110.0% Fibonacci reaction line.

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Trading plan for EUR/USD for April 22, 2019

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Technical outlook:

The EUR/USD pair reversed sharply from over 1.1324 last week, breaking below the counter trend line support as presented here. If prices hold below 1.1324 in the sessions to come, bears are expected to continue pushing lower towards 1.0900 levels. Once can expect a pullback rally to materialize towards 1.1285 at least before the drop could continue further. Besides, note that prices are finding some support around the fibonacci 0.618 support of its previous rally between 1.1183 and 1.1324 levels respectively. Looking at the wave counts, the EUR/USD pair could print yet another low below 1.1126 levels before producing the anticipated counter trend rally. Trading opportunities seem to be present on both sides; aggressive approach would be to play long and then short while a conservative approach could be to sell on rallies. Interim price support is at 1.1183 while resistance is seen at 1.1324 levels respectively.

Trading plan:

Aggressive traders may want to remain long against 1.1183 levels targeting 1.1285 levels. Conservative traders prepare to sell on rallies.

Good luck!

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Forecast for GBP / USD on April 22, 2019

GBP / USD pair

Since Friday, the pound sterling is trading on a narrow range of 1.2978-1.3012 (minimum of April 2). Given the holiday In the UK and Europe, more active trading can begin with the opening of the American session. On the daily chart of the instrument, the downward trend remains. There are no reversal signs. On the four-hour chart, the signal line of the leading oscillator marlin is moving up sharply. Perhaps, the price will go up from the local trading range but soon we are waiting for a return with an exit below its lower limit. The medium-term goal is retained as supporting the nested line in the price channel around 1.2832. A break through to this support and decrease in the range of 1.2772-1.2814 is possible.

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