Daily analysis of major pairs for April 13, 2015 Market Analysis Review

EUR/USD: This pair is very weak right now, owing to a deep weakness in EUR and a great strength of USD. In fact, EUR is one of the weakest currencies among the majors and so are most EUR pairs. A rally of 400 pips is significant enough to result in a clean Bearish Confirmation Pattern and further plunge is expected this week.

USD/CHF: This pair rose throughout last week, enabling a clean bullish bias on the market. There are support levels at 0.9700 and 0.9650, which should do a good job in arresting any bearish plunges along the way. There are also resistance levels at 0.9900 and 0.9950, which should serve as next targets for bulls.

GBP/USD: Just like its EUR/USD counterpart, the cable journeyed downwards last week. The downward journey has enabled the end of the recent tight consolidation phase in the market, allowing bears to reign. Thus, the price could reach the accumulation territories at 1.4600 and 1.4550 this week; although a possibility of another rally cannot be ruled out.

USD/JPY: As for this currency trading instrument, bulls have fought to keep the price upbeat. However, the bullish outlook is unstable. It is safe to assume that the bullish outlook will be valid as long as the price is above the demand level of 119.00.

EUR/JPY: The EUR/JPY plunged by roughly 350 pips last week as forecasted. The price reached a high of 131.29 and a low of 127.20. The outlook for this week is also bearish as long as the EUR is weak. The next targets for bears are located at the demand levels of 127.00 and 126.50.

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#USDX technical analysis for April 13, 2015 Market Analysis Review

The Dollar index has short-term target of 100.50. Short-term trend is bullish. The break out above 98.20-98.50 resistance gave last week a buy signal and combined with the double bottom around 96, bulls continue to have the upper hand.

Red line = support

Green line = resistance

The blue lines are projecting an equal move after the break out with 100.50 as a target for the Dollar index. The price got broken above the Ichimoku cloud. The trend is bullish now. Support is found at 97.50. Resistance is at 100.50 where the previous highs were set.

Orange lines= bullish channel

The Dollar index made an impressive weekly candle off the lower channel boundary as expected from last Monday when prices opened with a gap down due to the miss in NFP announcement. The Dollar index closed above the tenkan-sen confirming support at 96.20. The long-term trend remains bullish. The upper boundary channel resistance is at 102.50-103. I remain bullish as long as we trade above last weeks low.

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Gold technical analysis for April 13, 2015 Market Analysis Review

Gold price managed to hold short-term support on Friday and bounced back above $1,200, bringing bulls back into the game. The key levels for the next big move in gold price are at $1,222 and at $1,190.

Red line = horizontal support

Yellow line = upward sloping trend line

Blue line = horizontal resistance

Gold price has managed to push above the yellow trend line support and above the Ichimoku cloud in the 4-hour chart. Gold price held short-term support on Friday and as long as the price is above $1,190, bulls will have more chances to push the price to $1,250-60.

The weekly chart was not looking good all week but on Friday bulls managed to hold above the tenkan-sen indicator (red line). Support was held but the price remains below the kijun-sen (yellow line) indicator. The longer-term trend remains bearish since the price is below the Ichimoku cloud. Good levels to sell are at the 61.8% retracement and at the Ichimoku cloud. A weekly close below the last week closes is a sell sign. Until then I prefer to stay neutral.

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Elliott wave analysis of EUR/NZD for April 13 - 2015 Market Analysis Review

Technical summary:

We have seen a downward decline in wave v continue towards the 38.2% target at 1.4048, which calls for an extended wave v lower to 1.3867 and even lower to 1.3687 before a firm bottom is in place. In the short term, we are likely to see minor resistance at 1.4045 protecting the upside for a move closer to 1.3956 as the next downside target and a possible end of red wave iii. Once red wave iii is in place, it will be time for a correction back towards 1.4081 before renewed downside pressure should be expected towards 1.3867 and even lower.

Trading recommendation:

Here, we missed our EUR-selling order by a small margin and here we should not play catch with already well advanced market.

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Elliott wave analysis of EUR/JPY for April 13 - 2015 Market Analysis Review

Technical summary:

The triangle count has worked perfectly and it should just be a matter of time, before the former low at 126.87 is broken and new lows for the year is seen. The ideal downside target is found at 125.98, where wave C of the expanded flat correction from late December will have corrected 38.2% of the rally from 94.10 to 145.69. This this correction is over and new impulsive rally is expected to above 149.55.

Trading recommendation:

We missed our EUR/selling order by a little margin and will not try to play catch with this cross as it's close to a potential turning point.

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USDCAD Daily Analysis - April 13, 2015 Forex Analysis

USDCAD continued its sideways movement in a range between 1.2352 and 1.2835. The price action in the range is likely consolidation of the long term uptrend from 1.0619 (Jul 3, 2014 low). Another rise to test 1.2835 resistance would likely be seen, a break of this level will signal resumption of the uptrend, then the following upward movement could bring price to 1.3500 area.

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USDJPY Daily Analysis - April 13, 2015 Forex Analysis

USDJPY is now in uptrend from 118.33. Further rise could be expected after a minor consolidation, and next target would be at 121.50 area. Support is at 119.50, only break below this level could trigger another fall to 116.50 area.

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AUDUSD Daily Analysis - April 13, 2015 Forex Analysis

AUDUSD's bounce from 0.7532 extended to as high as 0.7738. As long as 0.7750 resistance holds, the bounce could be treated as consolidation of the downtrend from 0.7938, another fall to 0.7400 area could be expected after consolidation.

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GBPUSD Daily Analysis - April 13, 2015 Forex Analysis

GBPUSD broke below 1.4634 support. Further decline could be expected, and next target would be at 1.4400 area. Resistance is at 1.4735, only break above this level will indicate that the downtrend from 1.4994 is complete, then another rise to 1.5000 area could be seen.

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EURUSD Daily Analysis - April 13, 2015 Forex Analysis

EURUSD's downward movement from 1.1052 extended to as low as 1.0567. Further decline to test 1.0462 support is possible, a breakdown below this level will confirm that the long term downtrend from 1.3993 (May 8, 2014 high) has resumed, then the following downward movement could bring price to 1.0000 area. Resistance is at 1.0700, only break above this level could bring price back to 1.0950 zone.

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