Technical analysis of GBP/CHF for April 18, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF looks to pullback from current levels of 1.4800/20 before rallying higher towards 1.4860/70 and 1.4950/60, respectively. The minimum expectations of expected pullbacks are around 1.4700/50 levels. Recommendations are to remain flat for now and enter again at those levels. Only a break below 1.4700 and 1.4650 could be a reason to worry for bulls.

2. Supports are seen at 1.4650 (intermediary) followed by 1.4450 (intermediary), 1.450, 1.4200 and lower, while resistance is at 1.4850/60 (intermediary) followed by 1.4960 and 1.5120, respectively.

3. The structure indicates that GBP/CHF could rally further towards 1.4950 levels but after a small pullback towards 1.4700/50. Till the time 1.4650/40 levels remain intact, bulls shall remain in control.

Trading recommendations:

Remain flat for now, look to buy lower ahead of 1.4650.

Good luck!

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Intraday technical levels and trading recommendations for GBP/USD for April 17, 2014 Trend News

Previously, around the price zone of 1.6780-1.6800, a Double Top pattern scenario was established during February and March.

Daily fixation below 1.6600 (reversal pattern neckline) exposed price level 1.6530 (50% Fibonacci) that enabled the pair to hit the full projection target at 1.6464 (61.8% Fibonacci).

The recent lows at 1.6465 as well as 1.6555 (corresponding to the depicted uptrend line) prevented further bearish decline and provided enough buying pressure to keep fixing above 1.6630-1.6666 (corresponding to a prominent top established on January 24).

As long as the ascending bottom established at the uptrend around 1.6555 remains intact, the bulls will be consolidating around 1.6780-1.6800.

The nearest demand zone to meet the pair is located at 1.6660-1.6675. It's the most recently established top on the current bullish swing.

A bearish pull-back towards 1.6660 -1.6675 was considered for buying. This position is running in profits now (+150 pips).

As long as 1.6666 (most recent bottom) remains defended by the bulls, our long position remains valid. However, it is risky to take new long positions at these high levels so partial profits taking should be executed.

The 4H chart reveals more significance of the demand zone around the recently broken top mentioned above in the daily chart.

This demand zone corresponds to 50% and 61.8% Fibonacci levels which is a critical demand zone for the ongoing bullish swing which offered a valid BUY entry on the recent bearish pull-back as expected.

Stop loss should be advanced to 1.6680 to offset the risk of this profitable position and price action should be watched around 1.6820 for a possible bullish breakout.

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USD/CAD intraday technical levels and trading recommendations for April 17, 2014 Trend News

The depicted chart shows that the USD/CAD bulls failed to show enough bullish momentum above 1.1200. This exposed the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels).

Last week, the USD/CAD pair returned to test the previous support zone around 1.0900 (50% Fibonacci level) which previously provided a considerable support at retesting on February 19.

Daily closure below 1.0920 took place last Wednesday. However, it didn't take long time to get a bullish engulfing daily candlestick as a bullish reaction on the next day.

On the other hand, the price zone of 1.0990-1.1045 is expected to provide a considerable resistance as well. This price zone corresponds to the recently established resistance zone.

Any further visiting will probably offer a valid sell entry with stop loss located just above 1.1080.

It's important to note that the 4H chart reveals bullish pressure being applied over this resistance zone around 1.1000.

The bullish Head and Shoulders pattern is being expressed with the multiple ascending bottoms being established. This may threatens our SELL entry level so bears should watch price action carefully and stick to the mentioned stop loss level.

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EUR/AUD intraday technical levels and trading recommendations for April 17, 2014 Trend News

On March 24, by breakdown of 1.5175, the Double Top pattern could not only achieve its projection target at 1.4820-1.4800, but also confirm a bigger Head and Shoulders pattern as well.

The bears managed to break down 1.4950 corresponding to 50% Fibonacci level last week (the nearest Support level). This exposed the price level of 1.4750 (61.8% Fibonacci).

Trading above 1.4740 on a daily basis will probably hinder further bearish progression giving some time for sideway consolidation at least for retesting of 1.4945 (50% Fibonacci) which is a prominent resistance now.

On the other hand, daily closure below 1.4740 and a slide below 1.4675 will open the way towards 1.4350 as a projection target for the long-term bearish pattern.

There's a state of indecision around 61.8% Fibonacci level (1.4750). The bulls were offering support around 1.4725. This price level kept the pair consolidating above for a while. However, the bears managed to achieve a bearish engulfing daily candlestick on Monday which was followed by another bullish candlestick on Tuesday. The state of indecision is still going on.

On the 4H chart, this indecisive state is manifested in the depicted consolidation zone on the 4H chart.

Breakthrough above its upper limit (1.4845) which is taking place now, invalidates the bearish scenario for the short-term prospective.

Projection target of the bullish breakout should be located near 1.4950 (50% Fibonacci level on the daily chart).

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Technical analysis of USD/JPY for April 17, 2014 Trend News

Overview:

USD/JPY is expected to trade in a higher range. It is underpinned by the reduced safe-haven appeal of the yen and yen-funded carry trades as global risk sentiment improves (VIX fear gauge eased 9.16% to 14.18; S&P surged 1.05% overnight) after data showed China's 1Q GDP had not slowed as much as feared (grew 7.4% versus 7.3% forecast) and comment from Finance Minister Taro Aso on Wednesday that the Government Pension Investment Fund will make "a move in June," the government pension fund will buy more shares and stronger-than-expected 0.7% increase in the U.S. March industrial production (versus +0.4% forecast) and capacity utilization of 79.2% (versus 78.7% forecast); the U.S. Federal Reserve Beige Book indicating activity had recovered across the U.S. as the weather improved; Fed Chairwoman Yellen is signaling that the central bank has no plans to raise interest rates ahead of schedule. USD/JPY is also supported by the demand from Japanese importers, higher U.S. Treasury yields and positive dollar sentiment (ICE spot dollar index last 79.82 versus 79.79 early Wednesday) on strong U.S. stocks and industrial production data. But USD sentiment is dented by the smaller-than-expected a 2.8% increase in the U.S. housing starts to 946,000 in March (versus 965,000 forecast) and 2.4% drop in building permits to 990,000 (versus 1.01 million forecast). The USD/JPY gains are also tempered by Japan's exports and diminished expectations of further easing from the Bank of Japan.

Technical сomment:
Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold zone.

Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 102.40 and the second target at 102.65. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.65. A breach of this target will push the pair further downwards and one may expect the second target at 101.45. The pivot point is at 101.85.

Resistance levels:

102.40

102.65

103

Support levels:

101.65

101.45

101.20

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Technical analysis of USD/CHF for April 17, 2014 Trend News

Overview:

USD/CHF is expected to trade in a higher range. It is supported by the positive dollar sentiment, a drop in Switzerland ZEW-Credit Suisse indicator of economic sentiment to 7.0 in April from 19.0 in March,dovish Swiss National Bank's monetary policy stance and franc sales on buoyant EUR/CHF cross. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross. Daily chart is positive-biased as bullish outside-day-range pattern was completed on Wednesday, stochastics is rising from the oversold zone, negative MACD histogram bars are contracting.

Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8820 and the second target at 0.8845. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8755. A breach of this target will push the pair further downwards and one may expect the second target at 0.8735. The pivot point is at 0.8775.

Resistance levels:

0.8820

0.8845

0.8870

Support levels:

0.8755

0.8735

0.8695

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Technical analysis of GBPJPY for April 17, 2014 Trend News

Overview:

GBP/JPY is expected to trade with bullish bias. It is supported by the positive investor risk sentiment and demand from Japan importers. But GBP/JPY gains are tempered by the Japan exporter sales and diminished expectations of further easing from the Bank of Japan. Daily chart is mixed as MACD is bearish, but stochastics is turning bullish.

Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 172.10 and the second target at 172.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 170.90. A breach of this target will push the pair further downwards and one may expect the second target at 170.55. The pivot point is at 171.25.

Resistance levels:

172.10

172.75

173.35

Support levels:

170.90

170.55

170.06

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Technical analysis of NZD/USD for April 17, 2014 Trend News

Overview:

NZD/USD is expected to consolidate after hitting a seven-day low at 0.8576 on Wednesday. It is supported by the Kiwi demand on NZD/JPY cross amid positive risk appetite and hawkish RBNZ monetary policy stance. But NZD/USD gains are tempered by the positive dollar sentiment and lower-than-expected New Zealand 1Q CPI and Kiwi sales on buoyant AUD/NZD cross. Daily chart is still negative-biased as MACD and stochastics is in bearish mode.

Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8570. A breach of this target will move the pair further downwards to 0.8545. The pivot point stands at 0.8630. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8660 and the second target at 0.8690.

Resistance levels:

0.8660

0.8690

0.8625

Support levels:

0.8570

0.8545

0.85

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GOLD analysis for April 17, 2014 Trend News

Overview:

Since our last analysis, gold has been trading sideways, around the price of 1,300.00, we are still waiting for a larger movement. According to the daily chart (Wednesday bar), we can observe doji bar on volume just above the average, which is sign for indecision. Anyway, if we take a look at 4H timeframe, we can observe weak demand around our Fibonacci retracement 38.2%, so be careful with buying at this stage. According to the short-term prospective, Gold is in progress of bearish corrective phase and I've placed Fibonacci Retracement to find the first down station. According to current downward leg, we've got Fibonacci retracement 38.2% at the price of 1,303.00 (successfully tested) and Fibonacci retracement 61.8% at the price of 1,313.00. If the price breaks the level of 1,279.00 on higher volume, we may see testing the level of 1,263.00. My advice is to watch for selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,306.57

R2: 1,309.69

R3: 1,314.73

Support levels:

S1: 1,296.49

S2: 1,293.37

S3: 1,288.33

Trading recommendation: Trading the metal, be careful with short-term buying at this stage since gold is in progress of major bearish corrective phase. Watch for selling opportunities after retracement.

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EUR/NZD analysis for April 17, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6080 on the volume just above the average, we are still waiting for a larger movement. According to the daily chart (Wednesday), we can observe demand bar (weak) on the volume just above the average, which is a sign that buying at this stage looks risky. According to the 4H timeframe, we've got rising price on volume below the average. As we already wrote in the previous analysis, EUR/NZD is in short- and mid-term bearish trend, so watch for selling opportunities after retracement. I placed Fibonacci expansion levels and I have got Fibonacci expansion 61.8% at the price of 1.6090 (currently on the test) and Fibonacci expansion 100% at the price of 1.6245. Buying looks risky, so watch for selling opportunities after retracement. Any larger supply on higher volume may confirm further bearish movement. Also, there is resistance at the price of 1.6175 (previous swing high).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6093

R2: 1.6128

R3: 1.6186

Support levels:

S1: 1.5977

S2 : 1.5942

S3: 1.5884

Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.

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Technical analysis of USD/CAD for April 17, 2014 Trend News

Overview :

• The support of the USD/CAD pair has broken and turned to resistance at the same key level (1.1160), so the resistance has already set at the price of 1.1160. Equally important, the trend saw a bearish market and the the price set below the resistance for three days. Another thought, we expect a range of 60 pips today. As expected, the price is going to move between 1.0960 and 1.1120. Therefore, the USD/CAD pair started showing the signs of bearish market from the level of 1.1160. Consequently, the market indicates the bearish opportunity at the level of 1.1160 with the first target of 1.1030, and continues towards the level of 1.0915. It should be noted that the level of 1.0915 is representing a strong support on April 17, 2014. Moreover, the same level is coinciding with the 11% Fibonacci retracement levels. Consequently, the pair is going to form a strong support at the 1.0915 price. On the other hand, the stop loss should always be taken into account, hence it will of the foresight to set your stop loss at the 1.1190 price.

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Elliott Wave Analysis of USD/CAD for April 17, 2014 Trend News

USD/CAD Elliott Wave
Since our last analysis, the USD/CAD pair has continued to trade upwards, impulsive wave iii (coloured black) of the bigger wave (iii) (coloured blue) has been developing. In the 1-hour chart of the pair above, we can observe that corrective wave ii (coloured black) has completed at the 1.0955 level, and from there we can see upward movement that make us believe that iii wave is going to become extended wave. While price remains above the 1.0955 level, we are going to look for the buying opportunity at the break above 1.1010 level, this will be a fresh entry signal. In accordance with our wave rules and taking into account that wave (iii) should extend 161.8% of wave (i), we can define the potential targets with measuring wave (i) with take profit at 1.1076 (161.8% of wave (i)).



Support and Resistance

(S3) 1.0896, (S2) 1.0927, (S1) 1.0970, (PP) 1.1001, (R1) 1.1044, (R2) 1.1075, (R3) 1.1118.



Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.1010 with stop loss at 1.0955 and take profit at 1.1076 are recommended.

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Elliott Wave Analysis of AUD/USD for April 17, 2014 Trend News

AUD/USD Elliott Wave
In our last analysis of the AUD/USD pair, we have presented two possible counts, and strong move lower in the last few days has made us go with alternate scenario. In the 30-minutes charts above, we can see three waves lower from the 0.9460 level, and this can be enough to call the corrective wave (iv) (coloured blue) complete cycle. While price remain above the low at the 0.9330 level, we are going to look for more upside movements in the iii of (v) wave. In accordance with our wave rules and taking into account that wave (iii) should extend 161.8% of wave (i), we can define the potential targets with measuring wave (i) with take profit at 0.9447 (161.8% of wave (i)).



Alternate count: Since yesterday's move has taken a shape of the diagonal pattern, we must be careful with the 0.9409 level, this is the place where corrective wave (iv) can extend and turn into a double three correction. If this count takes place, next buying area will come from the 0.9278 level.



Support and Resistance

(S3) 0.9282, (S2) 0.9307, (S1) 0.9338, (PP) 0.9363, (R1) 0.9394, (R2) 0.9419, (R3) 0.9450.



Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 0.9350 top loss at 0.9330 and take profit at 0.9448 are recommended.

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Technical analysis of EUR/JPY for April 17, 2014 Trend News

General overview for 17/04/2014 10:15 CET

The alternate count is getting more probable and if the price trades above the weekly pivot at the level of 140.91, then traders might see another rally, up to the first target at the level of 141.90. This would be the key level for any upside wave development now. On the other hand, a breakout below the weekly pivot means the top for wave 2 or B is in place.

Support/Resistance:

141.76 - 50%Fibo

140. 97 - Intraday Support

140.91 - Weekly Pivot

140.23 - Swing Low

Trading recommendations:

As long as the price is trading above the weekly pivot level, long positions are in favor with SL below the level of 140.90 and TP at the level of 141.90.

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#USDX Technical analysis for April 17, 2014 Trend News

The Dollar index has slid lower in the last couple sessions as expected since resistance was not broken. The Dollar index is finding it hard to break above 79.90-80 resistance. The trend is down. The Dollar index is more probable to head lower as it is being rejected by the resistance of the Ichimoku cloud.

Short- and intermediate-term trend remain down. If the Dollar index remains below 79.90, we should expect the price to move towards 79.50 at least. A break above 79.90 will push towards 80 and 80.10 where resistance is.

The longer-term downward sloping trend line remains above the current price. The Ichimoku cloud remains above the price in the daily chart. Bears continue to have the upper hand. Bulls will need to break above 80 at first and then above 80.70 to confirm trend reversal.

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Technical analysis of Silver for April 17, 2014 Trend News

Technical outlook and chart setups:

1. Silver is still hanging around the trend line support around $19.50 levels at the moment. Furthermore, the fibonacci 0.786 support is also around the same levels and the metal should resume rally soon towards $20.40 initially. Recommendations are to remain long for now, risk remains just below $19.00 levels.

2. Support is at $19.00, followed by $18.75, and lower, while resistance is at $20.40 (intermediary), followed by $21.70/80, $22.30 and higher up respectively.

3. The structure indicates that Silver remains in control of bulls till prices remain above $19.00 levels. Only a break below $19.00 would be encouraging to bears.

Trading recommendations:

Remain long, stop is at $19.00, target is open.

Good luck!

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Gold technical analysis for April 17, 2014 Trend News

Gold price has managed to reach $1,305 where the 38% Fibonacci retracement of the decline from $1,331 is found. This is important short-term resistance. Gold price has only moved sideways for the last couple of days and a bearish flag we can say has been formed.

The Ichimoku cloud in the 4-hour chart remains above the price. Gold bulls will need to break above $1,305 in order to challenge $1,315-20 resistance. This will also increase chances of reaching $1,340-50 which is our wave C target. Support is found at $1,280-75. Breaking below this support will most probably push Gold price much lower towards $1,250-$1,200.

Gold price is inside the daily Ichimoku cloud and this makes the trend neutral. Breaking below $1,275-70 will make the trend bearish again and will open the way towards $1,200. I feel it is more probable that the decline from $1,331 is wave B and I expect final upward wave C towards $1,340-50 to unfold until the end of the month. This scenario is canceled if the price breaks below support. Long-term view remains bearish towards new lows near $1,100.

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Technical analysis of Gold for April 17, 2014 Trend News

Technical outlook and chart setups:

1. Gold is unchanged from yesterday, and has produced an indecision candle on the daily chart around $1,290.00 levels. Please also note that $1,290.00 is the fibonacci 0.618 support of the recent rally from $1,277.00 to $1,330.00 levels. Indications from here are that Gold may resume rally towards $1,350.00/60.00 levels from here on.

2. Support is at $1,277.00 (intermediary), followed by $1,230.00/40.00, $1,210.00 and lower, while resistance is at $1,330.00, followed by $1,350.00/60.00, $1,388.00 and higher respectively.

3. The structure indicates Gold remains in control of bulls till $1,277.00 levels remain intact. Minimum expectations for the rally is around $1,350.00/60.00.

Trading recommendations:

Remain long, stop is at $1,277.00, a target is at least at $1,350.00/60.00.

Good luck!

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Technical analysis of EUR/USD for April 17, 2014 Trend News

It should note the following important observations:

• The double top will set at the level of 1.3905.


• The minor support is going to set at 1.3828. And this level is going to represent the weekly pivot point on April 17, 2014.


• The major support had already set at the price of 1.3751. But the double bottom is not coinciding with the major support because it has set at the 1.3695 price.


• The price hit the weekly pivot point this week. For now, it has been around it since April 14, because of the series of relatively equal highs and equal lows.


• We expect a range about 73 pips today.

Trading recommendations :

• According to the previous events, the price of the EUR/USD pair has still been trapped between 1.3800 and 1.3860.


• Buy above the level of 1.38 with the first target at 1.3863 then 1.3905 in order to test the double top.


• Sell below the level of 1.13960 (the weekly resistance 1) with the first target at 1.3905, then it will be continued towards 1.3830 for testing to test the weekly pivot point.


• Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.

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Technical analysis of USD/CAD for April 17, 2014 Trend News

General overview for 17/04/2014 10:00 CET

The corrective count has been slightly changed as the price made one more swing to the upside after yesterday's news release. The top of the wave A green has been moved higher, just above the 78%Fibo at the level of 1.1023. Currently, the wave development suggests more downside progression in corrective wave B green (for more complex wave X black) or straight impulsive wave development to the downside (if the top for wave X black is in place as an alternate count). The key level for the count is the demand zone between the levels of 1.0937 - 1.0942. If this area is broken, then the red trendline will be tested. Break of this trendline is the final confirmation that's the top for wave X black is in place.

Support/Resistance:

1.1032 - Swing High

1.1020 - Intraday Resistance

1.0995 - Intraday Support

1.0955 - Weekly Pivot

1.0937 - 1.0942 - Demand Zone

Trading recommendations:

Sell orders should be opened from the current market levels with Sl above the level of 1.1033 and TP at the level of 1.0942.

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Technical analysis of EUR/JPY for April 17, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair rallied close to 142.00 levels before pulling back. Currently trading above 141.00 levels, the pair could further rally towards 142.50 before reversing. The pair needs to clear 144.00 levels before it can be confirmed that bulls are in control and would drag prices towards new highs. Recommendations for now are to remain short, risk remains at 144.00.

2. Support is at 140.00 (intermediary), followed by 138.50, 136.00 and lower while resistance is at 143.50/144.00 followed by 145.50 respectively.

3. The structure indicates that EUR/JPY pair needs to either break below 140.00 or above 144.00 to confirm the next big move.

Trading recommendations:

Remain short for now, stop is at 144.00 target is open.

Good luck!

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Technical analysis of GBP/CHF for April 17, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair remains just shy of 1.4850 levels after yesterdays' rally. Recommendations are to exit long positions for now and look to enter lower on a bounce. It remains possible that the pair may reverse lower before rallying further up towards 1.4850 and 1.4950 respectively. As seen here, the fibonacci 0.618 support is at 1.4606, which could be the next level to go long.

2. Support is a 1.4600 (intermediary), followed by 1.4450, 1.4350, 1.4200 and lower, while resistance is at 1.4850 (intermediary), followed by 1.4950/60 and 1.5120 respectively.

3. The entire structure indicates that GBP/CHF could reverse lower from here, if bulls fail to take out 1.4850/60 levels.

Trading recommendations:

Exit long positions taken.

Good luck!

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



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