Technical analysis of GBPJPY for April 29, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a higher range. It is supported by the positive investor risk appetite and bullish euro sentiment. But GBP/JPY gains are tempered by the sell-euro orders from the Japan exporters. Daily chart is positive-biased as bullish outside-day-range pattern was completed on Monday, MACD and stochastics are bullish, five-day moving average is above 15-day MA and is advancing.

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 172.80 and the second target at 171.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 171.40. A breach of this target will push the pair further downwards and one may expect the second target at 171. The pivot point is at 171.75.

Resistance levels:

172.80

173.15

173.65

Support levels:

171.40

171

170.50

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Technical analysis of USD/SGD for April 29, 2014 Trend News

Traders will eye tomorrow's Federal meeting. The central bank is virtually assured to cut its bond-buying program is meant to keep interest rates low by another $10 billion, to $45 billion a month. The pair has been in an uptrend from 1.2426 levels. It is facing strong resistance levels at 200EMA and 38.2 fib level. Currently, the trading pattern is set up between 1.2524-1.2570 levels. On the higher side, if the pair is trading above the 1.2570, it will push up to 1.2594, 1.2617 and 1.2626 levels. The key levels for the bulls are at 1.2594 and 1.2626. Until it trades below this level, please don't carry heavy positions. The RSI in the daily chart indicates the buy on dip strategy. On the lower side, if the pair breaks the 1.2524 levels, it will drift all the way towards 1.25, 1.2461 and 1.24 levels. The last week's high at 1.2571 is the crucial level for this week. If the pair crosses the 1.2571, it will fly up to 1.259, 1.26 and 1.2626 levels.

For intraday basis, the pair is facing strong resistance levels at 200EMa in H4 chart and taking support at 1.2524 (50SMA). On the upside, the pair has a rough road at 1.2571, 1.2579 and 1.2583 levels.

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Technical analysis of EUR/USD for April 29, 2014 Trend News

Technical view-

The pair has been trading in an uptrend from 1.3673 levels. It is facing selling pressure at higher levels. In Asia's trading session, the pair is trading at 1.3860 levels and trading below the descending trend line in the daily chart. Currently, it is trading between 1.3840-1.3880 levels, either side breakout will give a clear picture for today's trading pattern. On the up side, the pair has strong resistance at 1.3906. Safe traders can buy above 1.3906 for targets at 1.3950, 1.3964 and 1.40 levels. On the down side, if the pair breaks the 1.3840 level, it will drift up to 1.3812 and 1.3785 levels on an intraday basis.

Trading below 1.38 levels signs weakness in coming sessions. On the down side, the pair has strong support at 1.38 levels (50SMA in the daily chart), a break below this, 1.3785 is the immediate minor support. A day close below the 50SMA level, bulls will completely lose the grip for this week and bears will take up to 1.3785, 1.3737, 1.37, 1.3670 and 1.3643 levels. For the last couple of weeks, the pair is trading in a triangle. If the pair crosses the descending trend line (daily chart), it provides a fresh buy call for the rest of the week. We expect the pair to move to higher levels, until it trades above the 1.38 level.

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Intraday levels for gold for April 29, 2014 Trend News

Today traders eye the CB consumer confidence and the FOMC meeting (tomorrow). Consumers have grown more optimistic about the future. The latest report on consumer confidence is expected to reflect the hope that better days lie ahead. Economists surveyed by MarketWatch expect the Conference Board’s consumer confidence index to climb to 83.3 in April from 82.3 in March.

Review-

After a dismal winter, more buyers got an opportunity to consider purchases of homes last month. Contracts to buy previously owned U.S. homes rose in March for the first time in nine months, in the latest sign the housing market was stabilizing after a recent shake. The National Association of Realtors said on Monday its Pending Home Sales Index, based on contracts signed last month, increased 3.4 percent to 97.4. The increase beat economists' expectations for a 1.0 percent advance. Despite last month's surge, pending home sales were still down 7.9 percent compared to last March.

Technical view-

Review-

In yesterday's trading session the metal was beaten towards the support levels. We recommended "Sellers can enter short positions below $1,298 for targets at $1,293, $1,291.7, $1,289.50, and $1,282 (a break below $1,289.5, then only lower targets will come)" gold exactly hits the second target.

Intraday forecast-

In Asia's trading session the metal is trading at $1,296 levels. As of now, the metal is taking support at $1,295 levels breaks this, it will drift to $1,293 and $1,291.70 levels. Yesterday's low of $1,291.70 is the very crucial for the rest of the week. On the down side, the metal has a strong support zone at $1,291.70-$1,290-$1,287.40 levels. We expect today as well, the metal has limited upside and again, it will back for support levels between $1,291.7-$1,287.40. The next major fall below only $1,287.40 for $1,282 and $1,277 levels. We expect the short-term bottom will be placed around $1,265-$1,240 levels and then it will move higher.

On the upside, the metal has strong resistance at the $1,300 mark. Until it trades below $1,300, bears will tighten their grip. Above the $1,300 mark, the resistance levels exist at $1,304 and $1,306.60. Short covering and safe buy will trigger only above $1,306.60 for $1,310, $,1311.60 and $1,320 levels.

Recommendations-

1. Short below $1,295 for targets at $1,293, $1,291.70, $1,290 and $1,288. Add more below $1,287.40 for $1,282.

2. Buy above $1,300 for $1,306.0, $1,310, $1,311.60 (above $1,306.60 only next targets will achieved).

Adopt a strategy and trade safe.

joseph.nz@mail2.instafxgroup.com

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Daily analysis of USDX for April 29, 2014 Trend News

Daily chart: The USDX continues to extend its bearish bias below the resistance level of 80.11 and the 200 SMA. For now, the USDX is making very slow movements that could last for the rest of the week, which aims to the support level of 79.19. If the USDX does make a breakout at that level, it would be expected to fall to the level of 78.12. The MACD indicator is entering negative territory.

H4 chart: The USDX has met resistance in the bearish trend line that has formed around current levels. It is very likely that the USDX to fall to the support level of 79.33, where another trend line is located. However, caution when placing sell orders at current levels is recommended. The MACD indicator is still in negative territory.

H1 chart: The USDX has consolidated again below the 200-day moving average after making one bearish rebound at the 200-day moving average. If the USDX does make a breakout at the support level of 79.55, it's expected to fall to the 79.39 level. The MACD indicator is in the overbought zone.

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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Daily analysis of GBP/USD for April 29, 2014 Trend News

Daily chart: The GBP/USD had a bullish momentum that allowed it to climb to the resistance level of 1.6851. If the pair manages to make a breakout at that level, the GBP/USD could be consolidated in bullish bias for several more days. However, caution should be exercised when placing orders in this pair as they remain within the low range. The MACD indicator is in the overbought zone.

H4 chart: This pair remains above the 200 SMA and the support level of 1.6785. During yesterday's session, the GBP/USD attempted to make a breakout on the resistance level of 1.6841 but failed. Now this pair is trying to make a breakout at the level of 1.6822. If successful, it is expected to rise to the level of 1.6841. The MACD indicator is in neutral territory.

H1 chart: The GBP/USD made a bearish rebound in the resistance level of 1.6850 which has formed a point of control. Now, this pair has made a bullish rebound at the support level of 1.6800. If the pair manages to make a breakout on the resistance level of 1.6850, it's expected to rise to the level of 1.6900. The MACD indicator is in neutral 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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Technical analysis of GBP/USD for April 29, 2014 Trend News

Today traders eye the UK prelim GDP. The UK Prelim GDP is probably the most important of the GDP releases. For the last 2 months, the released data showed a positive wave towards the GBP. The released data hinted the UK recovery in a full swing. Manufacturing, employment, retail sales and trade balance figures all printed positive waves, but the real estate sector is still deflated, industrial production fell short and the current account data revealed a much larger-than-expected deficit last month. We forecast the GDP at 0.9%, (previous at 0.7%). If the printed data beats the expectations, the strength of the currency could put pressure on Carney to tighten policy. The better-than-expected GDP could put pressure on the BOE to be considerably more active throughout the coming months.

Technical view-

Long term forecast- GBP/USD has been in an uptrend from 1.6465 levels, aiming at 1.6875, 1.70, and 1.7050 levels in the short term. The pair gave a long-term upside breakout on December 2013 targeting bigger targets in the years ahead. The bigger targets will come into existence once the pair crosses the 1.7043 levels. The major trend reversal is placed at 1.62 levels and major support is placed at 1.6465 and 1.6430 levels, based on the monthly charts. The pair is reaching to the crucial long-term key level (1.7043), so it is not a wise decision to enter fresh positional longs at higher levels. Kindly be patient for a dip or enter at a safe level once it crosses the 1.7043 levels, this is only for long-term traders.

Medium term-

Safe traders can enter longs only above 1.6875 in the near term, target is 1.70 and 1.7050 levels. The weekly charts are showing a limited upside at this current juncture (may be 1.6875 or 1.70 levels).

Intraday-

In Asia the pair is trading at 1.6810 levels. It is taking support at 1.68 (50SMA) in H4 chart. Once the trades are below the 50SMA, the next minor support exists at 1.6778, 1.6763, 1.6696, and 1.6660 levels. Safe traders can enter long positions only above 1.6875. We expect the pair will go back again to get enough support at 1.6763 or 1.67 levels before moving further up. The pair looks safe only above 1.6823.

Buy above 1.6875 for targets at 1.6910, 1.6975, and 1.70 levels.

Sell with sl 1.6875 on a closing basis.

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Technical analysis of EUR/USD for April 29, 2014 Trend News

When the European market opens, some economic news will be released such as GfK German Consumer Climate, Spanish Unemployment Rate, German Prelim CPI m/m, M3 Money Supply y/y, Private Loans y/y, Italian Retail Sales m/m, Italian 10-y Bond Auction.The US will release the economic data too such as the CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3920.

Strong Resistance:1.3911.

Original Resistance: 1.3898.

Inner Sell Area: 1.3885.

Target Inner Area: 1.3852.

Inner Buy Area: 1.3819.

Original Support: 1.3806.

Strong Support: 1.3793.

Breakout SELL Level: 1.3784.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3806 and 1.3898. The rate is accompanied by strong support at 1.3793 and by 1.3911 as strong resistance.

If EUR/USD breaks out and closes below the 1.3784 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3920 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 1.3819 and at 1.3885, a SELL position. In this case both targets should be placed at the level of 1.3852.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group http://instaforex.com For more analysis go to: blog.mt5.com/arief Yahoo Messenger & Skype: Arief.ifx_jakarta

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 29, 2014 Trend News

In Asia, Japan will not release any economic data because of the Bank Holiday, and the US will release some economic data such as CB Consumer Confidence, S&P/CS Composite-20 HPI y/y. So there is a big probability the USD/JPY will move with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 103.02.

Resistance. 2: 102.82.

Resistance. 1: 102.61.

Support. 1: 102.37.

Support. 2: 102.16.

Support. 3: 101.96.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.96) and resistance 3 (103.02). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.


Best regards,

Official Analyst of InstaForex Group

InstaForex Group

Yahoo Messenger & Skype: Arief.ifx_jakarta

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/CAD for April 28, 2014 Trend News

General overview for 28/04/2014 17:15 CET:

This market is still range-bound and until one of the level is broken, there is not much certainty about further price movement. Please notice that the correction might go even more complex as the farther wave development might progress into WXYXXZ black complex and time consuming cycle. There are not so many trading opportunities on this pair for now. Patience is required.

Support/Resistance:

1.1084 - WR2

1.1063 - WR1

1.1052 - Swing High

1.1032 - Weekly Pivot

1.1011- WS1

1.0979 - WS2

Trading recommendations:

Refrain from trading on this pair for now as correction has not been finished yet.

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Technical analysis of USD/JPY for April 28, 2014 Trend News

Overview:

USD/JPY is expected to trade with bearish bias. It is undermined by the flows to haven yen and unwinding of yen-funded carry trades amid increased risk aversion (VIX fear gauge rose 5.56% to 14.06) on weak U.S. stocks (S&P 500 closed 0.81% lower at 1,863.4 Friday), deepening crisis in Ukraine and prospects of further Western sanctions on Russia. USD/JPY is also weighed by Japan's exports and soft dollar sentiment on lower U.S. Treasury yields and drop in Markit flash U.S. April services PMI to 54.2 from 55.3 in March. But USD sentiment is soothed by the higher-than-expected final April University of Michigan consumer sentiment index of 84.1 (versus 83.0 forecast and preliminary reading of 82.6). USD/JPY losses are also tempered by demand from Japan's importers; caution ahead of Federal Reserve's interest rate announcement on Wednesday.

Technical сomment:
Daily chart is mixed as stochastics is neutral, MACD is turning bearish.

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 102. A breach of this target will push the pair further downwards and one may expect the second target at 101.85. The pivot point is at 102.15.

Resistance levels:

102.90

103.20

103.45

Support levels:

102

101.85

101.65

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Technical analysis of EUR/JPY for April 28, 2014 Trend News

General overview for 28/04/2014 17:00 CET:

The anticipated wave (c) blue to the upside has finally materialized and has hit the level of 61% Fibo as anticipated in previous analysis. Currently it looks like the corrective wave progression is over and downside trend should resume.

Support/Resistance:

1432.41 - WR2

142.16 - 61%Fibo

141.83 - WR1

141.74 - Intraday Support

141.45 - Weekly Pivot

140.97 - 141.06 - Supply Breakthrough Zone

140.89 - WS1

140.51 - WS2

Trading recommendations:

Short positions should be open from current price levels with SL above the level of 141.17 and TP below the level of 140.97 with a possible downside extension to the level of 140.00.

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Technical analysis of NZD/USD for April 28, 2014 Trend News

Overview:

NZD/USD is expected to trade with risks skewed lower. It is undermined by the Kiwi sales on NZD/JPY cross amid increased investor risk aversion and concerns over China's economy. But NZD/USD losses are tempered by the soft USD sentiment and NZD-USD interest differential. Daily chart is negatively-biased as MACD and stochastics are bearish.

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 0.8635. A breach of this target will move the pair further downwards to 0.8690. The pivot point stands at 0.8590. 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 0.8475 and the second target at 0.8430.

Resistance levels:

0.8635

0.8690

0.8750

Support levels:

0.8475

0.843

0.84

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Technical analysis of USD/CHF for April 28, 2014 Trend News

Overview:

USD/CHF is expected to trade with bearish bias. It is undermined by the flows to haven CHF as the crisis in Ukraine intensifies and soft USD sentiment. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy stance. Daily chart is mixed as MACD is bullish, but stochastics is neutral.

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 0.8770. A breach of this target will move the pair further downwards to 0.8755. The pivot point stands at 0.8830. 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 0.8845 and the second target at 0.8860.

Resistance levels:

0.8845

0.8860

0.8880

Support levels:

0.8770

0.8755

0.8720

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Technical analysis of GBPJPY for April 28, 2014 Trend News

Overview:

GBP/JPY is expected to trade with risks skewed lower. It is undermined by the increased investor risk aversion as Ukraine crisis deepens and Japan's exports. But GBP/JPY losses are tempered by the positive euro sentiment and demand from Japan's importers. Daily chart is mixed as MACD and stochastics both are in bullish mode, but five-day moving average is meandering sideways.

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 172.80 and the second target at 171.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 171.40. A breach of this target will push the pair further downwards and one may expect the second target at 171. The pivot point is at 171.75.

Resistance levels:

172.80

173.15

173.65

Support levels:

171.40

171

170.50

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Intraday technical levels and trading recommendations on GBP/USD for April 28, 2014 Trend News

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

The full projection target was hit at 1.6464 (61.8% Fibonacci) after the bears managed to fixate below 1.6600 (reversal pattern neckline).

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 remaining intact, the bulls will be consolidating at the recent highs around 1.6780-1.6800 as happening now.

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 (+160 pips).

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.

Failure of the bulls to apply enough bullish momentum above 1.6820 trapped the pair within a consolidation range extending between 1.6820-1.6750.

Today, the bulls are trying to express a bullish breakout which is manifested in the bullish spike above 1.6850.

Careful watching of price action should be considered around 1.6820-1.6800, in case the current breakout fails (60% of cases), this may provide a valid SELL signal with initial bearish target at 1.6750.

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Intraday technical levels and trading recommendations on EUR/USD for April 28, 2014 Trend News

In March, the failure of the bulls to fixate above 1.3880 applied enough bearish pressure 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 11, 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 (including today's bullish spike) took place to step above 1.3850-1.3880. However, immediate bearish reaction is applied resulting in successive reversal daily candlesticks pushing again towards 1.3800.

Daily breakdown of 1.3800 signals a strong bearish impulse probably towards 1.3740 initially.

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 significant intraday demand. This led to the recent bullish impulse above 1.3810 and 1.3855.

For the bulls, price zone of 1.3810-1.3785 remains the nearest DEMAND zone which provided a valid BUY entry previously. It corresponds to the lower limit of the ongoing consolidation range.

On the other hand, 1.3880 remains the nearest supply level for the bears. It should be watched for early exit from the current bullish position in case significant bearish momentum is expressed. . Stop loss for the bullish position should be advanced to 1.3770 to secure some profits.

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GOLD analysis for April 28, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,306.28 on volume below the average according to the 4H timeframe. As we already posted in the previous analysis, we got submajor Fibonacci retracement 61.8% at the price of 1,307.00 (currently on the test). Gold is in progress of bullish corrective phase and I've placed Fibonacci retracement to find potential end of bullish corrective phase. I got major Fibonacci retracement 38.2% at the price of 1,315.00 and Fibonacci retracement 61.8% at the price of 1,344.00. If the price breaks the level of 1,307.00 on higher volume, we may see testing the level of 1,315.00. My advice is to watch for selling opportunities after bullish corrective phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,305.21

R2: 1,305.89

R3: 1,307.00

Support levels:

S1: 1,302.99

S2: 1,302.31

S3: 1,301.20

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 near term bullish corrective phase.

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EUR/NZD analysis for April 28, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6241 on volume above the average. We can observe that our Fibonacci expansion level 100% at the price of 1.6244 got tested, so buying at this stage looks risky. There is an also previous swing low zone (1.6240), which is another good resistance zone. 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. Any larger supply on a higher volume may confirm further bearish movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6158

R2: 1.6175

R3: 1.6201

Support levels:

S1: 1.6105

S2 : 1.6088

S3: 1.6061

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

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Elliott Wave Analysis of AUD/USD for April 28, 2014 Trend News

AUD/USD Elliott Wave
For the last couple of days, the AUD/USD pair has been trading downwards, corrective wave [iv] (coloured green) of the bigger wave C (coloured red) has been developing. In the 60-minutes charts above, we can observe that down cycle from the 0.9461 level is over at 0.9247, and from there the price is trading above 0.9270 again. While the price remains above the previous low at 0.9247, we are going to look for the buying opportunity in the [v] wave (colored green). In accordance with our wave rules and taking into account that wave [v] should extend 123.6% of wave [iv], we can define the potential targets with measuring wave [iv] with take profit at 0.9511 (123.6% of wave [iv]).

Support and Resistance
(S3) 0.9205, (S2) 0.9229, (S1) 0.9249, (PP) 0.9273, (R1) 0.9293, (R2) 0.9317, (R3) 0.9337.

Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 0.9300 with stop loss at 0.9247 take profit at 0.9511 are recommended.

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Elliott Wave Analysis of USD/CAD for April 28, 2014 Trend News

USD/CAD Elliott Wave
From the start of April, the USD/CAD pair has been trading steadly upwards, corrective wave [a] (coloured green) of the bigger wave Z (coloured red) has been developing. In the 1-hour chart of the pair above, we can observe that (c) of [a] wave have finished at the 1.1053 level, and from there we are tracking the [b] wave pullback. While price remain below the 1.01053 high, our main focus will be to sell this currency pair. In accordance with our wave rules and taking into account that wave [b] should extend 50% of wave [a], we can define the potential targets with measuring wave [a] with take profit at 1.0954 (50% of wave [a]).

Alternate count: We are still inside of the Ending Diagonal (c) of [a] wave, and if we see a break above the 1.1053 level again, next resistance area will be between the 1.1110 level.

Support and Resistance
(S3) 1.0985, (S2) 1.0999, (S1) 1.1018, (PP) 1.1032, (R1) 1.1051, (R2) 1.1065, (R3) 1.1084.

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin downward movements. That is why short positions at the level of 1.1010 with stop loss at 1.1053 and take profit at 1.0954 are recommended.

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Weekly technical levels of GBP/USD for April 28, 2014 Trend News

Weekly technical levels of the GBP/USD pair.

Trading recommendations :

• The support of the GBP/USD pair has set at the price of 1.6800 and this price is coinciding with the weekly pivot point.


• As it is known, buyers bid at a lower price. Therefore, the first key level will set at the level of 1.6800 and the second key level will set at the 1.6833 level today.


• Moreover, it should be noted that the area between 1.68 and 1.6833 is representing strong support in H1 chart.


• Equally important, the price of the GBP/USD pair is still moving between 1.6838 and 1.6810.


• Additionally, it should be noticed that the range was about 80 pips last week, but we expect a large range this week.


• Furthermore, the trend was very clear and indicating uptrend. Accordingly, we expect that the trend is going to call for the bullish market at the level of 1.6800 or 1.6833.


• As a result, buy at the price of 1.6800 with the first target of 1.6640, it might resume to 1.6675 in order to test the weekly resistance 2.


• On the other hand, your stop loss should be placed below the 1.6800 level, hence it will helpful to set it at the price of 1.6750 this week.

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Weekly technical levels of EUR/USD for April 28, 2014 Trend News

Weekly technical levels of the EUR/USD pair.

Observations :

• If there is no significant news to influence, the market price will be moving from pivot point to resistance 1 (1.3863). But if there is significant news to influence, the market price may go straight through resistance 1 (1.3863) and reach resistance 2 (1.3892) or weekly pivot point (1.3824) and even resistance 3 (1.3931).


• If the trend is upward, then the strength of the currency will be defined as follows: EUR is in an uptrend and USD is in 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 trapped and going up or down. If you sell or buy in the long term, you will surely lose your profit.

Notes :

• Major support on April 28, 2014: 1.3824


• The level of 1.3824 is representing the weekly pivot point.


• Major resistance has already set at the price of 1.3892.


• We expect a new range about 200 pips.


• It should be noted that for the last fifteen days the weekly range was very small between 74 pips and 68 pips.

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#USDX technical analysis for April 28, 2014 Trend News

The Dollar index has broken below the Ichimoku cloud support and is showing bearish signs of exiting the neutral sideways trading range of last few days. This downward breakdown is expected to bring the index back near 79 important support level. The short-term chart is very bearish. Specially if support at 79.30 is broken, we should expect heavy selling pressures that could push the index towards 78. We warned last week that the rejectiong at the 50% retracement was not a good sign for bulls.

The Ichimoku cloud support is now above current price although we should let the rest of the day unfold as it is still too early. The initial signs are bearish and favorable of a downward move to test 79.20-.30 lows.

The daily chart only comes to confirm why trend is down. Price is below Ichimoku cloud and resistance trend line. The multiple rejection at the trend line and at the Ichimoku cloud is not faovrable for the long-term. The index could accelerate lower towards 75-76 in the next couple of months if price remains below 80.70. So this price level could be used as a stop. Breaking above 80.70 wll increase the chances of a trend reversal.

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Gold technical analysis for April 28, 2014 Trend News

Gold price continued its reversal from Thursday lows at $1,268. Gold price has broken the short-term downward sloping trend channel and is now testing resistance at $1,305 where the previous high is and the Ichimoku cloud resistance.

Gold price has made a short-term reversal and is looking higher towards $1,330. I will be more confident of reaching $1,330 if resistance at $1,305 is broken. Rejection at $1,305 will mean a pull back towards $1,280 is very possible. In other words new long positions are favored above $1,305 after resistance is broken. Next short-term resistance is found at $1,330. Short-term support is found at $1,300.

In the daily chart above you can see my short-term preferred elliot wave count. I believe best strategy for longer-term traders is to wait for $1,340-50 before selling with $1,200-$1,100 as target. Otherwise a break below $1,268 will be a sign that we cannot go above $1,330 and we are going straight to $1,200.

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Elliott wave analysis of EUR/NZD for April 28, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6232

R2: 1.6180

R1: 1.6141

Current spot: 1.6122

S1: 1.6104

S2: 1.6083

S3: 1.6055

Technical summary:

After a complex wave c, which became a double zig-zig combination we are currently in wave d of the triangle. This d wave should be more simple as it is normal for one of the waves within a traingle to be complex and it is normally wave c, which also was the case here. We are looking for wave d lower towards 1.5912 as the ideal target, before wave e takes over for the final rally towards 1.6030.

Trading recommendation:

Stay short from 1.6049 and keep you stop and revers at 1.6185. If you are not short in EUR yet, then sell near 1.6140 or upon a break below 1.6097 with the same stop and revers at 1.6185.

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Elliott wave analysis of EUR/JPY for April 28, 2014 Trend News

Today's Support and Resistance levels:

R3: 141.61

R2: 141.49

R1: 141.37

Current spot: 141.33

S1: 141.14

S2: 140.99

S3: 140.60

Technical summary:

The decline from 142.00 has been very messy and hard to read and the rejection from 140.99 indicates that we have seen a small leading diagonal as wave i, and we are currently in wave ii towards minor resistance at 141.49 and maybe even higher towards 141.61, before the next impulsive decline in wave iii should be seen towards 139.86. Only a break above 142.00 will invalidate our bearish count and call for an even more complex correction unfolding.

Trading recommendation:

Stay short in EUR from 141.63 and keep your stop at 143.50. If you are not short in EUR yet, then sell near 141.49 with the same stop at 143.50.

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Weekly analysis of JPY/USD for April 28-May 02, 2014 Trend News

The BOJ meets on Wednesday and, while it stands ready to provide more stimulus; it is not yet convinced this will be necessary. The opinion surveys find more than a 2/3 majority expect more action before the end of July. The March retail sales report and industrial output figures are likely to be inflated by efforts to front-run the sales tax hike.

Weekly forecast-

For the longer term view, USD/JPY has been in an up trend with a bullish flag pattern. Currently the pair is trading in a zig zag pattern for the last 4 weeks taking support at 101.3 levels. As of now, this week's first trading session, the pair opened in a bearish note. The pair is trading at the lower levels of the bullish flag patter in the weekly charts. It has been consolidating for the last 4 weeks at the lower levels. In the weekly chart, the RSI is also witnessing the consolidation pattern. On the downside, the pair has strong support at 101.97, below this, 101.33 and 100.60 (50-week sma). Once it breaks below the 50SMA, we expect a steep fall up to 98 levels immediately. On the upside, 102.72 is the initial resistance level, above this it will fly up to 103.4 and 104.1 levels.

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Technical analysis of Gold for April 28, 2014 Trend News

Technical outlook and chart setups:

1. Gold has pulled back sharply towards $1300.00/04.00, after printing lows last week. As seen here, the resistance line is being tested at $1,304.00/05.00 levels; a bullish break out would test $1,330.00 levels. Recommendations are to exit long positions, if any, and remain flat for now.

2. Support is at $1,230.00/40.00, followed by $1,210.00 and lower while resistance is at $1,330.00, followed by $1,388.00 and higher up respectively.

3. The structure indicates that Gold needs to break $1,330.00 levels to confirm further upside. A push lower from current levels could print fresh lows.

Trading recommendations:

Exit long positions if any are opened. Remain flat for now.

Good luck!

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Technical analysis of EUR/JPY for April 28, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair is still holding the 141.00 levels as seen here. Please note that a break of 140.00 would confirm that the pair is headed further south. Recommendations are to hold short positions for now, risk remains at 144.00. Only a break above 142.50 and subsequently 143.50 would be favorable for bulls.

2. Support is at 140.00 (intermediary), followed by 138.50, 136.00, 134.00 and lower while resistance is at 143.50, 144.00, 145.50 respectively.

3. The structure indicates that EUR/JPY bears would regain control below 140.00 levels. On the flip side, a break of 143.50 levels would be a concern for bulls.

Trading recommendations:

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

Good luck!

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Weekly forecast and intraday recommendations of GOLD for April 28-May 02, 2014 Trend News

GOLD weekly forecast

U.S. policymakers have the chance this week to give clearer guidance on the future path of interest rates and settle markets that are uncertain over how and when a hike would occur. The Federal Reserve's Open Market Committee meets from Tuesday to Wednesday. The U.S. central bank is likely to announce a further $10 billion reduction of its monthly bond purchases, but markets will read its Wednesday statement closely for clues to when interest rates might start rising.

Technical view- April 28-May 02

Weekly over view-

The metal has been in a down trend from $1,390 levels, but on a weekly basis it has been in an uptrend. The RSI in the weekly charts speaking some more up steam left. Currently the metal is trading at $1,304 levels in Asia's trading session. As of now, it opened this week on a positive note. It is facing strong resistance at the 50 week SMA. Last week, it touched the 50-week SMA, but unable to close above that. As of now, it crosses the 50 week SMA, but it is unable to sustain above that. This week's key is at 50 week SMA at $1,305. Trades above this level, it will shoot up to $1,310.5, $1,324 and $1,330.0 levels. On the down side, it has weekly support at $1,300 (200SMA), below $1,300 it will drift all the way towards $1,295, $1,285, $1,280 and $1,277. We are completely in a bearish mode once the metal closes below the $1,277 levels on a weekly basis.

Weekly forecast-

We are recommending to go long only above $1,305.5 for targets at $1,310.5, $1,320, $1,324 and $1,330 levels. The bulls will take charge completely only above $1,330, until selling will take place on every rise. On the down side, the weekly support levels exist at $1,300, below this, $1,290 will act as another major support. In the daily chart, the RSI is giving an initial break out towards $1,319 and $1,324. Safe traders can enter longs only above $1,306.60 (April 16 high).

Intraday-

The metal is facing strong resistance at $1,306.60 (April 16 high). As we recommended last Thurday, buy and hold patiently, it paid the price exactly hit our targets $1,305. Today we expect the upside momentum is limited and the metal will go for some correction up to $1,300 and $1,293, cmp $1,305. If the metal sustains above $1,306.60, safe traders can again buy for $1,310, $1,311.60 as intraday targets or even $1,320. Sellers can enter short positions below $1,298 for targets $1,293, $1,291.7, $1,289.50 and $1,282 (break below $1,289.5, then only lower targets will come)

Intraday recommendations- cmp $1,305.

Risky traders, sell with sl $1,307.

Safe traders, buy above $1,306.60.

joseph.nz@mail2.instafxgroup.com

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Technical analysis of GBP/CHF for April 28, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair is trading close to the 1.4800 levels for now.The minimum level of interest to initiate fresh long positions is around 1.4730/50, which is the 0.382 fibonacci retracement of the entire rally from 1.4450 to 1.4900. Recommendations are to remain flat for now and watch for lower levels.

2. Support is at 1.4630, followed by 1.4525, 1.4450, 1.4350 and lower while resistance is at 1.4950 and 1.5120 respectively.

3. The structure indicates that GBP/CHF retracement/pullback could continue till 1.4750 levels. Bulls may regain control from there on to push higher towards 1.4950 levels. On the flip side, a break of 1.4630 would indicate further bearishness.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of EUR/USD for April 28, 2014 Trend News

When the European market opens, some economic news will be released such as German Import Prices m/m, German Buba Monthly Report.The US will release the economic data too such as the Pending Home Sales m/m, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3905.

Strong Resistance:1.3896.

Original Resistance: 1.3883.

Inner Sell Area: 1.3870.

Target Inner Area: 1.3837.

Inner Buy Area: 1.3804.

Original Support: 1.3791.

Strong Support: 1.3778.

Breakout SELL Level: 1.3769.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3791 and 1.3883. The rate is accompanied by strong support at 1.3778 and by 1.3896 as strong resistance.

If EUR/USD breaks out and closes below the 1.3769 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3905 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 1.3804 and at 1.3870, a SELL position. In this case both targets should be placed at the level of 1.3837.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group http://instaforex.com For more analysis go to: blog.mt5.com/arief Yahoo Messenger & Skype: Arief.ifx_jakarta

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Daily analysis of USDX for April 28, 2014 Trend News

Daily chart: The USDX remains below the resistance level of 80.11 and for now, the USDX is trying to make corrective movements in favor of the bullish bias. However, this could always change as the USDX make a breakout at the support level of 79.50. On the other hand, if the USDX does make a breakout at the level of 80.11, it's expected to rise to the level of 80.62. The MACD indicator is in neutral territory.

H4 chart: The USDX remains below the 200 SMA and the resistance level of 79.93. The bearish outlook could stay alive during this week, as the USDX continues to encounter resistance at the 200 SMA. If the bearish road continues, the USDX could fall to the support level of 79.33. The MACD indicator is in neutral territory.

H1 chart: The USDX is trying to consolidate above the resistance level of 79.88. However, the bearish bias remains in the USDX, so that the next target would be the support level of 79.64. If the USDX does make a breakout on the resistance level of 79.88, it's expected to rise to the level of 80.15. The MACD indicator is in positive 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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