Wave Analysis by InstaForex

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Intraday technical levels and trading recommendations for GBP/USD

Strong
bullish rejection was expressed around 1.4700 (previous weekly low). A
significant bullish weekly candlestick was expressed by the end of the
week. Shortly after, an evident bearish pressure was applied around
1.4960-1.5000. This price zone corresponds to 38.2% Fibonacci level as
well as the previous weekly demand, which was broken back in January
2015. Transient sideways movement with slight bearish tendency has been
expressed on the daily chart until bearish breakdown of the daily demand
level at 1.4700 took place last week. Projection target for this
consolidation breakout would be located around the price level of
1.4440.


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Technical analysis of Crude for April 15, 2015[/B]

CRUDE: Iran
Oil minister Bijan Namdar wants to cut OPEC production by 5% to 30mn
barrels a day. The OPEC meeting is going ahead in June 05, in Vienna.
Today, OPEC secretariat is going to release the monthly market report.
This can reveal individual data for countries' oil production the March.
The overall OPEC oil production stands at 30.72 million barrels per day
in March. We didn't expect OPEC to cut production in the coming June
meeting. It's going to be a big thump up. In the context of technical
analysis, crude oil gave an upside breakout from the inverse head and
shoulder. Parallel resistance is seen at $54.22. A daily close above
$54.22 is likely to lead to $57.00, $58.50, and $59.00 in the coming
weeks. A break below $47.00 will cancel the view. In the four-hour
chart, the higher highs and higher lows formation takes place. Intraday
support is found at $53.07 and resistance is seen at $54.22. Weekly
resistance is seen at $55.65. In the daily chart, the prices closed
above 20, 50 and 100Dsma. It turned me to bullish side. In case of a
close above $55.65 100Dema, the price can move towards the given upside
targets. On a positional view, we recommend buying between the current
market price and $50.00 with sl 47.00 and targets at $55.50, $57.00,
$58.00, $59.00, and $62.00. NUTSHEEL In case the price closes above
$54.22, it is likely to touch $55.50 and $57.00 In case the price closes
above $55.65, it is likely to touch $59.00 and $62.00

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Technical analysis of USD/JPY for April 16, 2015

In Asia, Japan
is not expected to release any ecnomic data. The US will publish data on
Natural Gas Storage, Philly Fed Manufacturing Index, Housing Starts,
Unemployment Claims, and Building Permits. So, there is a strong
probability that the USD/JPY will move with low volatility during the
Asian session but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:
Resistance. 3: 119.52.
Resistance. 2: 119.29.
Resistance. 1: 119.05.
Support. 1: 118.78.
Support. 2: 118.54.
Support. 3: 118.30.

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Technical analysis of EUR/USD for April 20, 2015

When the
European market opens, economic data on German Buba Monthly Report and
German PPI m/m are due for release.The US will not publish any economic
data. So, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.0861.
Strong Resistance:1.0855.
Original Resistance: 1.0844.
Inner Sell Area: 1.0833.
Target Inner Area: 1.0808.
Inner Buy Area: 1.0783.
Original Support: 1.0772.
Strong Support: 1.0761.
Breakout SELL Level: 1.0755.


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Technical analysis and trading recommendation for EUR/USD for April 21, 2015[

In
March 2015, theGerman Producer Price Index for industrial products fell
by 1.7% compared with the corresponding month of the preceding year. In
February 2015, the annual rate of changes all over was �2.1%. The euro
edged lower against USD at yesterday's session. The pair rejected at
20Dsma and closed below that. The nearest strong support is found at
1.0700 rounded and 1.0680 34hrsma.Concerns over Greek issue added the
new factor into the bearish view. The euro is likely to remain under
pressure on the back of growing concerns about Greece as no agreements
between Greece and its creditors had been reached. The Greek exit from
the eurozone is the most likely scenario. The euro group of finance
ministers meets this Friday on April 24. Bulls' last hope exists between
1.0690-1.0680. Sustaining below these levels leads to a fresh new low.
Eventually, the euro looks weak moving towards 0.9000 against USD.
Intraday: The pair erased a higher low and higher high strategy in the
hourly chart. The hourly resistance is seen at 1.0770. The intraday
strategy favors bears with sl 1.0770 and targets at 1.0700, 1.0680
1.0650, and 1.0625. The strong sell will emerge below 1.0680 towards
1.0650 and 1.0625 immediately. Today, traders eye on ZEW German economic
sentiment and ZEW economic sentiment. At February and March, the German
ZEW readings are in negative mode. We expect the same bias in April as
well. But the ZEW economic sentiment has been ticking up for five
consecutive months. From November 2014, onwards the readings turned to a
positive note. In April, we expect positive readings. In this case, we
recommend buying above 1.0780 with targets at 1.0800, 1.0820, and
1.0845.

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Daily analysis of major pairs for April 22, 2015


EUR/USD: The
bearish run started on Monday nearly rendered the recent bullish
outlook useless, but the price was able to shrug off further bearish
sentiment, going above the EMA 56. The recent bullish outlook is
supported and further northward movement may lead to more support for
the bullish outlook.


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Technical analysis and trading recommendation for EUR/USD for April 24, 2015


The euro paused its 3-day losing streak gave a strong pullback
towards the resistance zone. After the dismissal PMI data, the euro
slipped towards 1.0666 made a double bottom at 1.0660 flew to the
previous swing high 1.0850. The pair rejected at the resistance level,
managed to close at 1.0824. The price has been consolidating 190 pips
between 1.0660 and 1.0850. A side breakout is likely to provide room for
trade. The double top and double bottom was place between the tight
ranges. The soft US data helped the pair to move higher. Developments in
Greece helped the euro to strengthen. Greek Prime Minister says "Group
of negotiations with Brussels has made "significant progress" will soon
reach an agreement for optimism". French and German PMI data was
disappointed in April compared to data released in March. At today's
Asian session, the euro is trading at 1.0808 against USD compared to the
previous day close 1.0824. Ahead of today's major event, the
Eurogroup's meeting, the euro is trading lower against USD. Intraday
support is found at 1.0800. The support level at 1.0750 is the key
driver for today's session. We recommend intraday selling below 1.0790
with targets at 1.0750, 1.0720, 1.0700, and 1.0670. The 61.8 fib
expansion level of 1.0865 acts as intraday strong resistance. We
recommend buying above 1.0870 with targets at 1.0890, 1.0950, and
1.0990. Whereas, 1.0910 50Ddsma acts as a major hurdle for bulls to
cross for the next higher targets. Trade: Buying above 1.0870 Selling
below 1.0790

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Technical analysis of Silver for April 27, 2015

Technical outlook
and chart setups: Silver had dropped to the level of $15.60 on Friday
but it recovered to $15.85 as seen here. The metal produced a bullish
morning star pattern on the 4-hour chart view indicating a potential
rally ahead. It is hence recommended to remain long with risk below
$15.30. Bulls might be poised to drag prices higher until the metal
remains above $15.30 from here on. A push through the levels of $16.00
would confirm the same. Immediate support is seen at $15.60 followed by
$15.30/40 and lower, while resistance is seen at $16.00 followed by
$16.40/50, $17.40/50, and higher respectively.

Trading recommendations: Remain long, stop is at $15.30, a target is open.


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Technical analysis and trading recommendation for GBP/USD for April 28, 2015

The
UK economic weekly calendar started a bit slow. On Monday, the report
on monthly CBI industrial trends survey was released. According to the
report, the UK manufacturing advanced in three months. But the export
orders remains contracted. Today, traders eye the GDP growth rate q/q.
The forecast for the Q4 is 0.5%. In the Q3, it dropped to 0.5%. The UK
is approaching the next big event. On May 07, 2015, general election
should pressure the cable. From an April low of 1.4566 the cable managed
to gain approximately 700 pips. The cable managed to close above
100Dema and 100sma. The cable managed to close above 20Wsma after
10months. Ahead of the big event, the FOMC meeting and general election,
we expect wild moves. The strong resistance is seen at 1.5440 and
1.5560 200Dsma. The cable has found the weekly support at 1.5200. As we
analyzed earlier, big moves are likely to be observed above 1.5000. We
recommended to target 1.5185 and 1.5210 on Friday. Both targets were
completed. The cable gave a bullish inverse head and shoulder break
targeting 1.5340. Intraday view: Intraday support is found at 1.5200 and
1.5190. Resistance is seen at 1.5240 and 1.5270. We recommend buying
above 1.5270 with targets at 1.5300 and 1.5340. On the downside, we
recommend selling below 1.5190 with targets at 1.5160, 1.5110, and
1.5080. In the four-hour chart, 34hrsma is found at 1.5050 and 50Dsma is
found at 1.5020. These are the key support levels to be hold by bulls
to extend the rally.

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Daily analysis of major pairs for April 29, 2015[

EUR/USD: The
EUR/USD pair has continued its upward journey moving further up by 110
pips on Tuesday. The bullish signal still has much room to run, and the
resistance lines at 1.1000 and 1.1050 are the next targets. The euro is
unlikely to lose its stamina in case it happens .

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Technical analysis and trading recommendation for EUR/USD for April 30, 2015

EUR/USD
EURO:The annual growth rate of the broad monetary aggregate M3
increased to 4.6% in March 2015 from 4.0% in February 2015. The
three-month average of the annual growth rates of M3 in the period from
January 2015 to March 2015 increased to 4.1%, from 3.8% in the period
from December 2014 to February 2015. The inflation rate in Germany is
expected to be 0.4% in April 2015. Based on the results available so
far, the Federal Statistical Office also reported that the consumer
prices are expected to decline by 0.1% on March 2015. Upcoming data: The
eurozone macro calendar offered a data-heavy day. Today, traders eye
German retail sales data, French consumer spending, Spanish flash CPI on
Y/Y, Spanish flash GDP q/q, Germany unemployment change, CPI flash
estimate y/y, core CPI flash estimate y/y, and unemployment changes.
Things should pick up rapidly by today however as we have a number of
high-impact data releases to look forward to. We expect positive data
from Germany and Spanish. The euro CPI and unemployment are likely to
show positive readings as well. Technical view: The pair has been
extending its bullish footprints for five consecutive days. The pair was
rejected at 161.8 FE, 1.1191 in the daily chart. At yesterday's
session, the pair made a high at 1.1188 but closed at 1.1128. Today, the
pair opened on a bearish note. The euro is trading at 1.1115 against
USD compared to Wednesday's close price of 1.1128. The pair managed to
give a break on the upside in the strong supply zone around 1.1055 and
closed above that. The immediate resistance was found at 1.1250 20Wsma.
We expect the near-term cap between 1.1250 and 1.1315. As of now, the
pair gained 380 pips with our correction. In case the price breaches
above 1.1250 2Dsma, another strong resistance zone will be found at
1.1300 and 1.1315 10Dsma and 100Dema respectively. Technically speaking,
until the price closes below 100dsma/ema, the bearish views remain in
play. Bulls have only 100 to 150 pips on the upside. Further spikes will
favor new sell trades with sl 1.1250 on a weekly closing basis or use
sl 1.1315 and start selling. Intraday view:Intraday resistance is seen
at 1.1191 and weekly resistance is seen at 1.1250. Intraday support is
found at 1.1110 and 1.1067. Today and tomorrow's trading pattern is
framed between 1.1030 and 1.1250. Either side break will provide further
room to trade aggressively. The previous supply zone at 1.1030 and
1.1055 is currently acting as a support zone. For risky traders we
recommend selling with sl 1.1129 for targets at 1.1070 and 1.1050. Panic
will be triggered below 1.1030. In case German and European data print
positive readings, we will recommend buying above 1.1130 with targets at
1.1150, 1.1190, 1.1230 whereas 1.1250 is the crucial trend-change level
on a weekly closing basis. Trade: Selling with sl 1.1129 Buying above
1.1130

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Technical analysis of USD/JPY for May 05, 2015

In Asia, Japan
will not release any economic data. The US will publish some
macroeconomic reports such as IBD/TIPP Economic Optimism, ISM
Non-Manufacturing PMI, Final Services PMI, and Trade Balance. So there
is a big probability the USD/JPY pair will move with low volatility
during the Asian session, but with low to medium volatility during the
US session.


TODAY TECHNICAL LEVELS: Resistance. 3: 120.78.
Resistance. 2: 120.55. Resistance. 1: 120.31. Support. 1: 120.02.
Support. 2: 119.79. Support. 3: 119.54.


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Technical analysis and trading recommendation for EUR/USD for May 11, 2015

The
new week starts with a big event, the Eurogroup's meeting. The Finance
Minister of Germany expected difficulties in reaching an agreement on
Greece within today's Eurogroup's meeting. But the Greek government
expects progress in negotiation with Greece lenders. After today's big
event, major economic data fall on Wednesday. French, Italian, and
German prelim GDP q/q, French prelim non-farm pay roll q/q, French CPI
m/m, German final CPI m/m, Flash GDP q/q, Industrial production m/m, and
ECB monetary policy meeting accounts due. Wednesday is another big data
for this pair. We expect the German GDP to be in the expansion side and
Italy and France are likely to be stagnant. Technical view:The pair was
unchanged over the previous week. The pair has been developing the
technical bullish signs for 4 consecutive weeks. The divergence between
the ECB and Fed favors the long-term bearish view for this pair. The
pair managed to close above 20Wsma after 52 weeks. Last week, the pair
rejected at weekly parallel resistance of 1.3997 and made a high at
1.3992. The pair fell and closed below 100Dema& 100Dsma.On Friday's
session, the pair rejected exactly at 100Dsma. Until the pair closes
below 1.1300 100Dsma, bulls will be losing the grip. The parallel
support is found at 1.1175; below this 1.1145 is another minor support.
The strong bullish support base is found at 1.1050. Until the pair
closes above 1.1030, bullish view remains in play. The near term will be
capped, in case the price closes below 1.1050. The lower low formation
will be launched in case the event takes place. The daily chart
indicates the weekly trading pattern framed between 1.1300 and 1.1050.
Further bullish will re-ignite in case the price closes above 1.1300.
The real panic will be triggered below 1.1030 towards 1.0890. In case
the price closes above 1.1300, it can skyrocket towards 1.1397 and
1.1475, whereas 1.1392 is median resistance. Negative divergence has
been developing in the daily chart. Intraday view: In the hourly and
four-hour chart, the price was closed and trading below the hourly
moving averages 34hrsma. In the H1 chart, 34hrsma is found at 1.1225,
until the price remains below 34hrsma, bearish view is likely to move
towards 1.1150, 1.1110, and 1.1100. We expect 1.1050 and 1.1030 as well
in a day or two. Bulls are strengthening looms above 1.1230 with minor
upside possibility at 1.1250, 1.1275, and 1.1300. The real strength is
seen only above 1.1300 towards 1.350, a previous high of 1.1392 and
1.1475. Trade: Selling below 1.1175 buying above 1.1230

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Daily analysis of USDX for May 13, 2015

We have already called
for a possible recover from lows regarding this Index, but the USDX is
already making a lower low pattern formation. This lower swing could
cause a correction in the coming hours until the resistance zone of
95.00 at least. If the USDX makes a breakout at this level, it would be
expected to rise to the level of 96.30.


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Daily analysis of major pairs for May 14, 2015

EUR/USD: The
strength in EUR is very important as that it keeps the EUR/USD pair (as
well as certain EUR pairs) strong. It also keeps the USD/CHF under
selling pressure. The price has already moved upwards by 230 pips this
week and the resistance line at 1.1400 is likely to be tested easily.


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