Technical analysis of EUR/USD for April 22, 2014 Trend News

When the European market opens, some economic news will be released such as the Consumer Confidence.The US will release the economic data too such as the HPI m/m, Existing Home Sales, Richmond Manufacturing Index, so amid the reports, EUR/USD will move with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3859.

Strong Resistance:1.3850.

Original Resistance: 1.3837.

Inner Sell Area: 1.3824.

Target Inner Area: 1.3791.

Inner Buy Area: 1.3758.

Original Support: 1.3745.

Strong Support: 1.3732.

Breakout SELL Level: 1.3723.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3745 and 1.3837. The rate is accompanied by strong support at 1.3732 and by 1.3850 as strong resistance.

If EUR/USD breaks out and closes below the 1.3723 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3859 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3758 and at 1.3824, a SELL position. In this case both targets should be placed at the level of 1.3791.

Best regards,

Arief Makmur

Official Analyst of InstaForexGroup

InstaForex Group

http://instaforex.com

For more analysis go to: blog.mt5.com/arief

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for April 22, 2014 Trend News

In Asia, Japan will not release any economic data, and the US will release some economic data such as HPI m/m, Existing Home Sales, Richmond Manufacturing Index. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with high volatility during the US session.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 103.17.

Resistance. 2: 102.97.

Resistance. 1: 102.77.

Support. 1: 102.52.

Support. 2: 102.32.

Support. 3: 102.12.

DESCRIPTION:

Please, pay attention to the levels of support 3 (102.12) and resistance 3 (103.17). Normally, when a level is touched, USD/JPY rebounds from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it is a sign that these currencies have found trends today.

Best regards,

Arief Makmur

Official Analyst of InstaForexGroup

InstaForex Group

http://instaforex.com

For more analysis go to: blog.mt5.com/arief

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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



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Daily analysis of USDX for April 22, 2014 Trend News

Daily chart: The USDX has had a bullish momentum during the yesterday's session, so it is very likely that the USDX will rise to the resistance level of 80.11. If the USDX manages to consolidate above this level, it would be expected to rise to 200 SMA. For now, we should wait for a breakout at that level to continue placing buy orders. The MACD indicator is in positive territory.

H4 chart: The USDX is trying to consolidate above the 79.93 level and SMA 200. Now, it is very likely that the USDX will start forming a bullish pattern to continue rising. However, if the USDX achieves consolidation below the level of 79.93, it's expected to fall to the level of 79.35. The MACD indicator is in positive territory.

H1 chart: The USDX has made a bullish rebound above the 200 SMA and now the USDX consolidates above the support level of 79.88 with the formation of a bullish pattern. If the USDX manages to consolidate above the 80.00 level, it is expected to rise to the level of 80.15. The MACD indicator is entering neutral territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 80.15, take profit is at 80.35, and stop loss is at 79.95.

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Daily analysis of GBP/USD for April 22, 2014 Trend News

Daily chart: The GBP/USD continues moving in a low range, so it is very likely that this pair will begin to make more extended corrective movements. If the pair manages to make a breakout of the support level of 1.6766, it's expected to fall to the level of 1.6663, which would be a trend change and we must be aware of that. The MACD indicator is entering neutral territory.

H4 chart: This pair has again found resistance at the level of 1.6822, so the GBP/USD is trying to make a breakout of the support level of 1.6785. If the pair manages to consolidate below that level, it would be expected to fall to the level of 1.6710, which would be very likely. However, it's advisable to keep putting buy orders above the resistance level of 1.6822. The MACD indicator is in negative territory.

H1 chart: The GBP/USD failed to make a breakout on the resistance level of 1.6800, and now it is very likely that this pair will fall to the support level of 1.6750, where the 200 SMA is located. However, if the pair manages to do. a breakout at the 1.6825 level, it's expected to rise to the level of 1.6850. The MACD indicator is in negative territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6850, take profit is at 1.6900, and stop loss is at 1.6800.

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Daily analysis of GBP/JPY for April 21, 2014 Trend News

Overview

As shown on today's H4 chart, the pair has opened this week below the resistance level of 173.00 which means the pair will almost reverse its bullish move this week. Today, the pair has already started its downward move approaching the support level 172.00. Currently, the pair is testing the support level. Therefore, we should stop selling now till breaking this support level and closing 4H below. In that case, the pair will continue its downward move and open the way towards the next support level of 171.50 to continue its bearish scenario, so we can suppose our first target a few pips above this level.

Resistance and support levels: R3 (174.00), R2 (173.50), R1 (173.00), S1 (172.00), S2 (171.50), S3 (170.50)

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Technical analysis of USD/JPY for April 21, 2014 Trend News

Overview:

USD/JPY is expected to consolidate with bullish bias after hitting eight-day high at 102.57 on Friday. Liquidity was thin as financial markets in several countries were shut today for Easter holiday. USD/JPY is supported by the positive dollar sentiment on last week's Wall Street gains and upbeat U.S. data; yen-funded funded carry trades amid diminished investor risk aversion on low FX volatility, buoyant U.S. Treasury yields and demand from Japan importers. But USD/JPY upside is limited by Japan's exporter sales and diminished expectations of further easing from the Bank of Japan.

Technical сomment:
Daily chart is mixed as MACD is bearish, but stochastics is in bullish mode.

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 102.90 and the second target at 103.20. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.85. A breach of this target will push the pair further downwards and one may expect the second target at 101.65. The pivot point is at 102.30.

Resistance levels:

102.90

103.20

103.50

Support levels:

101.85

101.65

101.45

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Technical analysis of GBPJPY for April 21, 2014 Trend News

Overview:

GBP/JPY is expected to trade with bullish bias. It is supported by the diminished investor risk aversion and demand from Japan importers. But GBP/JPY upside is limited by Japan's exporter sales. Daily chart is mixed as MACD is bearish, but stochastics is in bullish mode.

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 172.75 and the second target at 173.15. 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 171.35.

Resistance levels:

172.75

173.15

173.65

Support levels:

170.90

170.55

170.06

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Technical analysis of NZD/USD for April 21, 2014 Trend News

Overview:

NZD/USD is expected to trade in a range.The financial markets in New Zealand were shut today for Easter holiday. NZD/USD is undermined by the positive dollar sentiment and continued impact from softer-than-expected New Zealand first-quarter CPI. But NZD/USD downside is limited by the hawkish RBNZ monetary policy stance and Kiwi demand on NZD/JPY cross amid receding investor risk aversion. Daily chart is still negative-biased as MACD and stochastics are 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 0.8650. A breach of this target will move the pair further downwards to 0.8690. The pivot point stands at 0.8610. 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 0.8545 and the second target at 0.8515.

Resistance levels:

0.8650

0.8690

0.8625

Support levels:

0.8545

0.8515

0.8475

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EUR/AUD intraday technical levels and trading recommendations for April 21, 2014 Trend News

On March 24, by breaking down 1.5175, the Double Top pattern could not only achieve its projection target at 1.4820-1.4800, but 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 hinders 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. The state of indecision is still going on until today.

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) 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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USD/CAD intraday technical levels and trading recommendations for April 21, 2014 Trend News

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

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 briefly. 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, on the 4H chart, the price zone of 1.0990-1.1045 ( 38.2% Fibonacci of the most recent bearish swing ) is expected to provide a considerable resistance as well. This price zone corresponds to a recently established resistance zone as well.

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 1.1000-1.1030 and there's little probability of bullish breakout.

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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Intraday technical levels and trading recommendations on EUR/USD for April 21, 2014 Trend News

In March, the failure of the bulls to fixate above 1.3870 allowed enough bearish pressure to be applied on the pair towards the recent demand zone around 1.3700.

At retesting of 1.3700, significant bullish pressure was applied pausing the recent slide off 1.3965 which led to another ascending impulse towards 1.3880.

On April 18, daily candlestick came as a bearish "Doji" indicating lack of enough bullish momentum above 1.6880. This was followed by bearish engulfing daily candlesticks aiming to apply bearish pressure on price level of 1.3800 which is still offering support so far.

At the same time, several bullish attempts took place to step above 1.6880. However, immediate bearish reaction is applied resulting in successive reversal daily candlesticks pushing again towards 1.6800.

Since the EUR/USD pair broke below 1.3855, the pair has roughly been moving sideways with slight bearish tendency until the depicted uptrend line came to meet the pair roughly at 1.3700-1.3680 enhancing this price zone as a significant intraday demand. This led to the recent bullish impulse above 1.3810 and 1.3855.

As suggested previously, price levels around 1.3880 provided a valid SELL entry. Profits should have been taken near 1.3820-1.3800.

For the bulls, price zone of 1.3810-1.3785 remains the nearest DEMAND zone to be watched for a valid BUY position. Stop Loss should be located below 1.3740.

On the other hand, 1.3880 remains the nearest supply level for the bears. It should be watched for early exit of the current bullish position in case bearish breakdown of 1.6800 takes place.

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Elliott wave analysis of EUR/NZD for April 21, 2014 Trend News

Today's Support and Resistance Levels:

R3: 1.6232

R2: 1.6180

R1: 1.6135

Current Spot: 1.6128

S1: 1.6097

S2: 1.6055

S3: 1.5989

Technical Summary:

We are still looking for wave d of the triangle consolidation lower towards the area between 1.5908 to 1.5936. Ideally resistance at 1.6135 will protect the upside for a break below support at 1.6097 confirming the decline towards 1.5936 and maybe even slightly lower before the final wave e towards 1.6122 to end the triangle consolidation that has dominated the picutre over the last couple of weeks.

Trading Recommendation:

Stay short EUR from 1.6049 with a stop and reverse at 1.6185. If you are not short EUR yet, then sell EUR at 1.6130 or upon a break below 1.6097 with the same stop and reverse at 1.6185.

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Elliott wave analysis of EUR/JPY for April 21, 2014 Trend News

Today's Support and Resistance Levels:

R3: 142.52

R2: 142.17

R1: 141.82

Current Spot: 141.78

S1: 141.64

S2: 141.23

S3: 140.98

Technical Summary:

As long as support at 141.64 and more importantly as long as support at 141.55 protects the downside, we will be looking for the finally rally higher towards 142.17 before red wave iii lower towards 136.33 takes over. Only a direct break below 141.55 indicates that red wave ii ended early and red wave iii lower already is developing. A break below support at 141.23 confirms that red wave iii is under way towards 136.33

Trading Recommendation:

We will sell EUR at 142.05 or upon a break below 141.63 with a stop at 143.50 expecting to be able to lower the stop soon.

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GOLD analysis for April 21, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards, as we expected, the price tested the level of 1,281.75 on volume above the average. If we take a look at 4H timeframe, we can observe supply bar on volume above the average and that is a good sign for potential downward movement. Price is testing previous swing low (1,286.00). 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. Our Fibonacci retracement 38.2% at the price of 1,303.00 held successfully and that caused price to start bearish movement. If the price breaks the level of 1,279.00 on a higher volume, we may see it testing the level of 1,263.00. My advice is to watch for selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,294.40

R2: 1,297.20

R3: 1,299.00

Support levels:

S1: 1,289.80

S2: 1,288.00

S3: 1,285.20

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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Technical analysis on silver for April 21, 2014 Trend News

Technical outlook and chart setups:

1. Silver is testing recent swing lows at $19.20/30 levels again. The metal remains bullish till price stay above a level of $19.00. A successful test here should bring back the bulls into action again and drag prices towards $20.40 levels at least. On the flip side a break below $19.00 could be extremely bearish. High probability remains for bullish setup to resume, risk remains at $19.00.

2. Support is at $19.00, followed by $18.75, and lower while resistance is at $20.40, followed by $21.60/70, $22.30 and higher respectively.

3. The structure indicates that silver could still resume rally if $19.00 levels remain intact. A bullish reversal here should be encouraging for bulls.

Trading recommendations:

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

Good luck!

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Technical analysis on Gold for April 21, 2014 Trend News

Technical outlook and chart setups:

1. Gold remains in control of bulls till it remains above $1,277.00 level for now. Prices are retracing at the moment and expected to resume rally towards at least $1,350.00/60.00 levels, if not higher. Recommendations are to remain long for now, risk remains at $1,275.00.

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 (temporary), followed by $1,350.00/60.00, $1,388.00 respectively.

3. The structure indicates that gold rally could resume any time till prices stay above $1,277.00. Buying on dips remains the trade strategy for now.

Trading recommendations:

Remain long, stop at $1,275.00, target is open.

Good luck!

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Technical analysis on EUR/JPY for April 21, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY is still close to the trend line support near 141.50 levels for now. A reversal can be expected any time till prices remain below 144.00. Trend line resistance is at 142.20/30 for now and a break above that could challenge 144.00 again. Only a sustained break above 144.00 is a threat to bears.

2. Support is at 140.00 (intermediary), followed by 138.50, 136.00, 134.00 and lower while resistance is seen at 142.50/143.00, followed by 144.00 and 145.50 respectively.

3. The structure indicates that EUR/JPY would remain in control of bears till prices are below 144.00 but a break below 140.00 is required to confirm further downside. High probability is for the bearish trend to resume.

Trading recommendations:

Remain short, stop at 144.00 target is open.

Good luck!

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Technical analysis on GBP/CHF for April 21, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair is just stalling ahead of 1.4850 levels for now. Implication from here is a dip into 1.4650/00 or 1.4700 before the next rally resumes. It is recommended to buy on dips for now. If 1.4850/60 level is taken out first, the retracement shall be more meaningful.

2. Support is at 1.4650, followed by 1.4450, 1.4350 and lower while resistance is a 1.4850, followed by 1.4950/60 and 1.5120 respectively.

3. The structure indicated that GBP/CHF bulls remain in control for now. Fresh long positions can be taken on dips.

Trading recommendations:

Remain flat for now. Buy on dips.

Good luck!

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Weekly technical levels of GBP/USD for April 21-25, 2014 Trend News

Weekly technical levels of the GBP/USD pair.

Trading recommendations :

• According to previous events, the price of GBP/USD pair has still been trapping between 1.6835 and 1.6775.


• Buy above the level of 1.6745 (this level is representing the weekly pivot point) with the first target of 1.6841, it might resume to 1.6866 today in order to test the weekly resistance 1.


• Also, it should be noted that the market was so stable and trend was also so clear (upward) last week.


• However, the stop loss should be always be into account, therefore it will be very useful to set your stop loss at the price of 1.6750

General idea about resistance and support :

• R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.


• Pivot lines work well on the sideways markets as the prices are most likely to be located between the R1 and S1 lines.


• Within a strong trend, the price is expected to be lower than the pivot point line and to continue moving.


• If the breaking news released affects the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.

Observations :

• If the trend is of an upside character, then the strength of the currency will be defined as following: GBO is an uptrend and USD is a downtrend.


• Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a range trade; it looks like the trend is trapping and going up or down. If you sell or buy for a long term in this period, you will surely lose your profit.


• A breakout strategy that looks to go long when a currency pair breaks above its 24-hour trading range, short on a break below. Unlike a raw channel breakout strategy,

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Weekly technical levels of EUR/USD for April 21-25, 2014 Trend News

Weekly technical levels of the EUR/USD pair.

Overview :

• The EUR/USD pair has broken a major resistance at the level of 1.3894. Additionally, it should be noted that the gap had opened below the major resistance last week. Moreover, the weekly pivot point calculated at 1.3820 this week and it is now approaching from it in order to test it. Therefore, it will probably start upside movement at this area and recover again. So the market will indicate a bullish opportunity above the weekly pivot point (1.3820 ) for that it will a good sign to buy at this spot with a first target of 1.3863 (the double top), and continue towards 1.3890. On other hand, if there is a break at the price of 1.3805, then it will be a good location for placing the stop loss.

Notes :

• The daily support will set at the level of 1.3746.


• The major resistance is going to set at the 1.3894.


• We saw an insignificant range of 74 pips last week because the volatility was not high. But, this week we expect the large range of 180 pips.

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Gold wave analysis for April 21, 2014 Trend News

Gold price was unable to break above the consolidation range at $1,305 and is pushing lower. Trend is down. Gold price makes lower lows and lower highs. Important short-term support is found at $1,279-75. Short-term resistance is found at $1,300-$1,305.

Gold price is below Ichimoku cloud and below the blue downward sloping trend line. Bulls want to hold above the green trend line and break firstly above the blue trend line and the red trend line. Bears on the other hand want to break below the green trend line and hold below the red trend line.

Gold price is moving lower with lower lows and lower highs. This move down from $1,331 could the 3rd wave down unfolding. But until $1,275 holds, this could also be wave B down before the final upward corrective wave C that can reach $1,340-50. Our longer-term view remains bearish looking towards $1,100. If $1,275 support fails, then we should expect $1,250-$1,200 to be challenged. If support at $1,275 holds, we could anticipate an upward bounce towards $1,330-40 to unfold.

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Daily analysis of USDX for April 21, 2014 Trend News

Daily chart: The USDX sideways movements continue, below the resistance level of 80.11, so that the bearish outlook remains intact in the USDX. However, keep in mind that the USDX could be performing a corrective movement for bearish bias. If the USDX makes a bearish rebound at current levels, it would be expected to fall to a support level of 79.19. The MACD indicator is moving into positive territory.

H4 chart: The USDX remains below the 200-day moving average, so it is very likely that the USDX continue making bearish movements. For now, we would have to wait for a breakout on the resistance level of 79.93, so the USDX can rise to the level of 80.09. The MACD indicator is moving into positive territory.

H1 chart: The USDX is trying to make a breakout on the resistance level of 79.88. For now, we would have to wait for the breakout occurs to keep putting buy orders on the USDX. On the other hand, if the USDX makes a breakout in the support level of 79.64, it's expected to fall to the level of 79.39. The MACD indicator is in negative territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 79.64, take profit is at 79.39, and stop loss is at 79.90.

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