04/03/15 ~ Best and Easy Analyst News

Friday 3 April 2015

Daily analysis of USDX for April 03, 2015 Market Analysis Review

The USDX is already doing a pullback below the resistance level at 98.01. The instrument received the US NFP with a low bearish momentum, which is a part of the current corrective move in the overall trend. Also, we could expect a lower continuation towards the support level of 96.60 in the short term. The MACD indicator is still in negative territory.

Today, the USDX consolidated below the 200 SMA on the H1 chart. There is a strong possibility that it can reach the support zone around 97.30 in the very short term. By the way, we stay with the bullish idea for the long term, as the USDX is dealing with the supply zone offered by that moving average at the intraday charts.

Daily chart's resistance levels: 98.01 / 99.12

Dailychart's support levels: 96.60 / 95.19

H1 chart's resistance levels: 97.50 / 97.70

H1 chart's support levels: 97.30 / 97.08

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 97.50, take profit is at 97.70, and stop loss is at 97.30.

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Daily analysis of GBP/USD for April 03, 2015 Market Analysis Review

The GBP/USD pair received the recent US NFP release with a bullish momentum towards the resistance level of 1.4948. This pair could break that zone in order to reach the level of 1.5086. On the daily chat, we can still see a bearish pattern formation below of the 200 SMA, which is also pointing to the downwards during several months ago.

On the H1 chart, the bullish trend is strong in our intraday outlook, as the GBP/USD pair is consolidating above the 200 SMA. Also, it is looking to reach the resistance level of 1.4968. On the other hand, one could expect a fall to the support level at 1.4842, for a bearish continuation towards the support level of 1.4774.

Daily chart's resistance levels: 1.4948 / 1.5086

Dailychart's support levels: 1.4820 / 1.4649

H1 chart's resistance levels: 1.4921 / 1.4968

H1 chart's support levels: 1.4842 / 1.4774

Trading recommendations for today: Based on the H1 chart, place short (sell) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4842, take profit is at 1.4774, and stop loss is at 1.4912.

EUR/NZD : analysis for April 03, 2015 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading downwards. The price has tested the level of 1.4469 in a volume below average. We have faced very low volatility (due to bank holidays) today, so be careful when trading. The price has broken our resistance level at 1.4500. According to the price action on the H4 time frame, we can observe supply in an volume below average. The short-term trend turned from bullish to neutral. We are awaiting for a clear direction for better possibilities.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4529

R2: 1.4561

R3: 1.4613

Support levels:

S1: 1.4425

S2: 1.4393

S3: 1.4341

Trading recommendations: The trend is neutral so be careful when trading EUR/NZD at this stage. Anyway, buying opportunities are preferable because the price has broke our downward channel (35 days).

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For detail explanation and best discovery on daily market trends and news you may visit via EUR/NZD : analysis for April 03, 2015 . Thanks for your support.

GBP/USD intraday technical levels and trading recommendations for April 3, 2015 Market Analysis Review

Overview:

On February 5, temporary bullish breakout above 1.5220 (previous consolidation range) took place. Shortly after, an ascending channel was established at the levels of 1.5170-1.5200. This indicates bullish sentiment on the market.

A projected target for this bullish breakout has already been reached around 1.5550 where the previous daily bottoms were located (solid resistance).

Two weeks ago, the bearish breakdown of lower limit of the depicted channel occurred enhancing the bearish side of the market and confirming the Flag pattern as bearish.

Significant bearish pressure was applied at the level of 1.5200 (R2), and 1.4950 (R1 = broken weekly bottom).

Bearish persistence below 1.4950-1.5000 indicated a further bearish decline. Initial projection target for this bearish breakout was located at 1.4700.

Recently, GBP/USD bulls managed to defend the recent bottom at 1.4700. Evident bullish rejection was expressed around 1.4630 resulting in the formation of a bullish head and shoulders reversal pattern.

Fixation above 1.4980-1.5000 (neck-line) is likely to extend the pattern's projection target towards 1.5200.

Otherwise, the GBP/USD pair remains in the long-term downtrend as depicted on both the daily and weekly charts. If so, bearish breakdown of 1.4700 is needed to resume this bearish scenario.

Trading recommendations:

Conservative traders should wait for bullish momentum to emerge the H4 closure above 1.5000 to occur for a short-term buy entry.

TP levels should be set at 1.5080, 1.5120, and finally at 1.5200.

SL should be set as daily closure below 1.4900.

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USD/CAD intraday technical levels and trading recommendations for April 3, 2015 Market Analysis Review

Overview:

Since bulls have pushed further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level, the market looks quite overbought.

However, bullish pressure is still expressed as the previous weekly closure came above 1.2550 (consolidation zone mid-line).

Successive lower highs were established within the wedge pattern. However, the market expressed a bullish breakout above 1.2550-1.2600 shortly after.

The market failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a double-top pattern that calls for confirmation (daily closure below 1.2350).

On the other hand, the support level around 1.2350 (lower limit of the wedge pattern) and 1.2300 (79.6% Fibonacci level) have been providing support for successive weeks on the daily chart.

In the long term, a projected target for USD/CAD wedge pattern would be located near the level of 1.3050 (the origin of the last bearish swing initiated on March 2009).

The current weekly candlestick indicates bearish rejection at retesting of the weekly resistance at 1.3000 (consolidation zone upper limit).

Weekly closure below the price level of 1.2550 (Intraday support level) indicates quick bearish decline again towards 1.2350 (significant Fibonacci level as well as the lower limit of the wedge pattern).

Trading recommendations:

Daily closure below the price level of 1.2550 is likely to offer a valid sell entry with T/P at 1.2350. S/L should be set as reclosure above 1.2560 again.

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Intraday technical levels and trading recommendations for GBP/USD for April 3, 2015 Market Analysis Review

The market has previously established a consolidation zone around 1.5000, which extended up to 1.5280. This was followed by a transient uptrend maintained within the depicted channel.

Bulls managed to push towards higher levels, including 1.5550 (just below the weekly supply level).

Significant bearish pressure was applied around 1.5550 resulting in the formation of multiple bearish engulfing daily candlesticks.

Demand levels located around 1.5200 and 1.5000 failed to provide enough support for the GBP/USD pair. This was followed by a bearish decline towards 1.4700.

Strong bullish rejection was expressed around 1.4700 (weekly low). A significant bullish weekly candlestick was expressed by the end of the week.

The price zone around 1.4960-1.5000 was expected to provide supply at retesting as it corresponds to the upper limit of the long-term depicted channel, 38.2% Fibonacci level, and a broken weekly demand, which goes back to January 2015.

Transient sideways movement with slight bearish tendency is being expressed on the daily chart as anticipated.

Note that daily persistence above the price level of 1.5090 (50% Fibonacci level) is needed to confirm the bullish flag pattern. Estimated targets are projected towards 1.5150 then 1.5380.

Recently, GBP/USD bulls failed to defend their demand zone around 1.4960-1.5000, which was breached two weeks ago.

Evident bullish recovery was manifested on the H4 chart near the price levels at 1.4700 (weekly low).

Fixation above 1.4700-1.4720 enhanced a bullish side of the market allowing another bullish swing towards 1.4990 to take place.

Recently, the GBP/USD pair failed to trade above the price level of 1.4970 as a flag pattern has been expressed since the price levels of 1.4970-1.5000 were visited.

Conservative traders should note that the GBP/USD pair remains trapped between 1.4700 and 1.4970 until a breakout occurs in either direction (the current consolidation range was anticipated in the previous articles).

However, a quick bearish pullback towards the price level of 1.4720 (daily demand level) may be considered for a counter-trend buy entry. Stop loss should be located below 1.4625.

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Intraday technical levels and trading recommendations for EUR/USD for April 3, 2015 Market Analysis Review

The market was aggressively pushed lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

The EUR/USD pair has lost almost 1600 pips since the beginning of 2015. Moreover, EUR/USD bears have already pushed slightly below the monthly demand level around 1.0550 (established on January 1997) where some bullish recovery was applied for retesting.

The recent monthly closure remains negative for the EUR/USD pair.

Bearish breakdown of the monthly demand level at 1.0550 should be anticipated as theoretical long-term targets are projected around 0.9450.

Obvious bearish breakdown of the weekly demand level at 1.1100 enhanced the bearish side of the market exposing lower targets.

Full projection targets for the Flag pattern were successfully reached around 1.0800 and 1.0500.

As we anticipated, after such a long bearish rally (which started off 1.1300) bullish rejection was around 1.0570 (monthly demand level).

Daily persistence above the zone of 1.0850-1.0860 (recent demand zone) is mandatory to maintain the bullish corrective movement towards 1.1100 where a long-term sell position can be offered.

On the other hand, If bears keep defending their recent SUPPLY level around 1.0850 (breakdown occurred on previous Monday), the EUR/USD pair is likely to move back towards 1.0650-1.0600 (weekly low).

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Technical analysis of USD/CAD for April 3, 2015 Market Analysis Review

General overview for 03/04/2015 12:40 CET

The corrective cycle is getting more extended in price and time, but the overall structure still looks like a solid zig-zag corrective pattern. There is one more wave downward missing here and the projected support zone for this wave is seen between the levels of 1.2473 - 1.2492. Any break out lower would mean the level of 1.2408 and 1.2387 is likely to be tested (black and green impulsive counts invalidation levels) and if one of those levels of gets broken, the impulsive wave progression is invalidated.

Support/Resistance:

1.2387 - Green Impulsive Count Invalidation Level

1.2408 - Black Impulsive Count Invalidation Level

1.2473 - 1.2492 - Projected Target Zone

1.2503 - WS1

1.2554 - Intraday Support

1.2561 - Weekly Pivot

1.2603 - Intraday Resistance

Trading recommendations:

Daytraders should consider to open buy orders around 1.2473 - 1.2492 with SL below the level of 1.2408 and TP is open now.

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for April 3, 2015 . Thanks for your support.

Technical analysis of EUR/JPY for April 3, 2015 Market Analysis Review

General overview for 03/04/2015 12:30 CET

Pre NFP wave development is quite clear in this pair. The market has made four impulsive waves to the upside and there is one more wave missing here to complete the impulsive cycle. The projected target is at the level of 131.00 with a possible extension upwards to the level of 131.85. Only a sustained violation of the level of 128.97 would invalidate this scenario.

Support/Resistance:

126.89 - Swing Low

127.55 - WS2

128.44 - WS1

129.55 - Intraday Support

130.02 - Weekly Pivot

130.49 - Intraday Resistance

131.00 - WR1

131.85 - Technical Resistance

Trading recommendations:

Buy orders from yesterday should be closed with profit as the projected TP was hit and currently daytraders should consider opening buying the dips in the corrective cycle of wave -iv- with very tight SL (20-30 pips max) and TP at the level of 131.85.

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for April 3, 2015 . Thanks for your support.

Gold: analysis for April 03, 2015 Market Analysis Review

Overview :

Since our last analysis, gold has been trading upwards. As we expected, the price has tested the level of $1,202.69 in a volume below the average. According to the daily time frame, we can observe weak demand in a volume below average. The short-term trend is neutral, so we need a clear direction for better possibilities. If the price breaks the level of $1,196.00 in a high volume, we may see potential testing of the level of $1,190.00. Anyway, since the price has broken the downward channel (daily), buying opportunities are preferable. I have placed Fibonacci expansion to find potential resistance levels and I got Fibonacci expansion 61.8% at $1,213.00, Fibonacci expansion 100% at $1,225.00, and Fibonacci expansion 161.8% at $1,243.00.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,209.90

R2: 1,216.60

R3: 1,227.33

Support levels :

S1: 1,188.30

S2: 1,181.70

S3: 1,170.93

Trading recommendations: Be careful when selling gold at this stage since we have a weak supply in the background and rejection from our Fibonacci retracement 38.2%.

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Technical analysis of USD/CHF for April 3, 2015 Market Analysis Review

Overview :

According to the previous events, the USD/CHF pair is still moving between the levels of 0.9568 and 0.9633. So, we expect a large range about 65 pips on April 3, 2015. The breakout is seen at the ratio of 50% Fibonacci retracement level (0.9415); for that, the key level is set at 0.9583 because it represents minor support and it is coinciding with the 61.8% Fibonacci retracement level. The history is likely to repeat itself at this level again. Therefore, it will be a good sign to buy above 0.9580 with the first target at 0.9633. It will call for uptrend in order to continue its bullish movement towards 0.9704. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed below the double top at 0.9404.

Intraday technical levels :

Date and Time: 3/04/2015 11:24

Pair: USD/CHF

R3: 0.9768

R2: 0.9720

R1: 0.9657

PP: 0.9609

S1: 0.9546

S2: 0.9498

S3: 0.9435

It should be noted that if there is no significant news influence the market, the price is likely to be moving from pivot point to resistance 1 or support 1. But if there is significant news, the price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.

Technical analysis of AUD/USD for April 3, 2015 Market Analysis Review

Overview :

The AUD/USD pair fell from the level of 0.7647 and moved further to 0.7592. The price has been keeping the position below 23.6% of Fibonacci retracement levels since last week. Furthermore, it should be noted that the price formed strong resistance at the level of 0.7650. This strong level has still trapped between 23.6% of Fibonacci retracement levels and 00%. The ratios of Fibonacci are coinciding with the prices of 0.7648 and 0.7532 respectively in the H4 chart. Consequently, there is a possibility that the market will start showing bearish signs again in order to indicate a bearish opportunity at the level of 0.7647 with the first target at 0.7581 and continue towards 0.7535. Bears were forced to pull back above the level of 0.7532 (double bottom at the same time frame). Therefore, this level is seen to be strong resistance for indicating the bullish opportunity above the support level. As a result, it will be a good sign to buy above the level of 0.7532 with a target at 0.7575. It also might resume to 0.7626. Otherwise, the stop loss should be set at 0.7510.

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of AUD/USD for April 3, 2015 . Thanks for your support.

Daily analysis of major pairs for April 3, 2015 Market Analysis Review

EUR/USD: The EUR/USD continued to make commendable bullish effort, which enabled the price to go above the support line at 1.0850. Further bullish strengthening can cause the price to go above the resistance lines at 1.0900 and 1.0950. The support lines at 1.0850 and 1.0900 should do a good job in checking any bearish plunge on the market.

USD/CHF: This pair is still weak and the weakness is currently increasing. The increase of the weakness has led to a renewal of the Bearish Confirmation Pattern on the market. The EMA 11 is below the EMA 56 and the Williams' % Range period 20 has sauntered into the oversold territory. The support level at 0.9550 may be easily breached to the downside.

GBP/USD: The cable is currently trading in a tight zone, which is located between the distribution territory at 1.4900 and the accumulation territory at 1.4750. There could be a serious breakout in this market today or next week (irrespective of bank holiday in some countries). We should note that the cable fell by 300 pips on December 31, 2014, which was a day when most banks were on holiday.

USD/JPY: This pair has only been consolidating so far and it would be ok to stay away from it until there is a clean directional movement. There is no clear signal now and we would wait for a breakout so that we can follow suit.

EUR/JPY: EUR/JPY is trying to make some bullish attempt. In fact, EUR pairs are mostly strong at the moment. A movement above the supply zones at 140.00 and 140.50 would lead to a confirmation of bullish efforts in the market.

Technical analysis of USD/JPY for April 02, 2013 Market Analysis Review

Fundamental Outlook:
USD/JPY is likely to consolidate with bearish bias. It is trading with lower liquidity as the US financial floors are closed for the Easter holiday and market is waiting for Non Farm payroll data due to come out later today. It is underpinned by positive dollar sentiment (ICE spot dollar index last 97.94 versus 97.42 early Monday) after stronger-than-expected 3.1% increase in US pending home sales index to 106.9 in February (versus forecast +0.5%) and larger-than-expected 0.4% rise in US February personal income (versus forecast +0.3%). USD/JPY is also supported by the demand from Japan importers and ultra-loose Bank of Japan's monetary policy. Yen-funded carry trades increased amid positive investor risk appetite (VIX fear gauge eased 3.72% to 14.51; S&P 500 closed up 1.22% at 2,086.24 overnight) and optimism that any interest rate hike from the Federal Reserve would be gradual, while People's Bank of China Governor Zhou Xiaochuan said China is ready to launch additional monetary easing if inflation continues to slip.

Technical comment:
USD/JPY gains are also tempered by the Japan exporter sales. The daily chart is mixed as the MACD is bearish, but stochastics is rising towards oversold levels.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 119.25. A break of that target will move the pair further downwards to 118.85. The pivot point stands at 120. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 120.30 and the second target at 120.55.

Resistance levels:

120.30

120.55

120.85

Support levels:

119.25

118.85

118.30

Technical analysis of USD/CHF for April 03, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade with bearish bias. It is trading with lower liquidity as the US financial floors are closed for the Easter holiday and market is waiting for Non Farm payroll data due to come out later today. It is underpinned by negative dollar sentiment, negative Swiss interest rates, and threat of Swiss National Bank CHF-selling intervention. But Swiss franc sentiment is boosted by the stronger-than-expected Switzerland March KOF economic barometer of 90.8 (versus forecast 89.1). USD/CHF gains are also tempered by the franc demand on buoyant CHF/JPY cross.

Technical comment:
The daily chart is mixed as the MACD bearish, but stochastics is in a bullish mode.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.9550. A break of that target will move the pair further downwards to 0.9525. The pivot point stands at 0.9635. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9705 and the second target at 0.9765.

Resistance levels:

0.9705

0.9765

0.9810

Support levels:

0.9550

0.9525

0.9490

Technical analysis of NZD/USD for April 03, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to consolidate with bullish bias. It is trading with lower liquidity as the US financial floors are closed for the Easter holiday and market is waiting for Non Farm payroll data due to come out later today. It is undermined by positive dollar sentiment, weak commodity prices (CRB spot index closed down 0.42% at 214.25 Monday), and 6.3% drop in New Zealand building consents issued in February. But NZD/USD losses are tempered by the kiwi demand on soft AUD/NZD cross, positive investor risk appetite, and positions adjustments before weekend.

Technical comment:

The daily chart is mixed as the MACD is bullish, but stochastics is falling from overbought levels.

Trading recommendations:
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 long as the price keeps above its pivot point, long positions are recommended with the first target at 0.7545 and the second target at 0.7590. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7425. A break of this target would push the pair further downwards, and one may expect the second target at 0.7390. The pivot point is at 0.7475.

Resistance levels:

0.7545

0.7590

0.7645

Support levels:

0.7425

0.7390

0.7370

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of NZD/USD for April 03, 2015 . Thanks for your support.

Technical analysis of GBP/JPY for April 03, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to trade in a higher range. It is trading with lower liquidity as the US financial floors are closed for the Easter holiday and market is waiting for Non Farm payroll data due to come out later today. It is undermined by diminished investor risk appetite, weaker GBP/USD undertone, and Japan exporter sales. But GBP/JPY losses are tempered by the demand from Japan importers and positions adjustment ahead of weekend.

Technical comment:

The daily chart is mixed as the MACD is bullish but stochastics is turning neutral.

Trading recommendations:

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 long as the price holds above its pivot point, long positions are recommended with the first target at 177.75 and the second target at 178.25. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 176.85. A break of this target is likely to push the pair further downwards, and one may expect the second target at 176.45. The pivot point is at 177.15.

Resistance levels:

177.75

178.25

179.30

Support levels:
176.85

176.45

176

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/JPY for April 03, 2015 . Thanks for your support.