05/05/15 ~ Best and Easy Analyst News

Tuesday 5 May 2015

USD/CAD intraday technical levels and trading recommendations for May 5, 2015 Market Analysis Review

Overview:

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

The market failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a Triple-top pattern.

Successive lower highs were established within the depicted consolidation zone, enhancing the bearish side of the market.

Support levels around 1.2350 and 1.2300 (79.6% Fibonacci level) were broken after providing significant support for several weeks on the daily and weekly charts.

A daily fixation below 1.2300 cleared the way for the USD/CAD pair towards the levels of 1.2000, 1.1940 (projection target of the recent range breakout), and 1.1870 (the depicted weekly uptrend) if enough bearish momentum is maintained. That is why these levels should be watched carefully for early signs of the bullish price action.

On the other hand, the price zone of 1.2320-1.2350 remains the significant intraday resistance zone for further retesting. This zone is likely to offer a low-risk sell entry for retesting.

Trading recommendations:

For those who missed the initial breakout below 1.2100, conservative traders should wait for a bullish pullback towards 1.2170-1.2200 for a low-risk sell entry.

T/P levels should be placed at 1.1950, 1.1860, and 1.1810 while S/L should be placed above 1.2170.

Risky traders can take a high-risk BUY entry around the price level of 1.2000. T/P is projected at 1.2100 and 1.2270 as long as USD/CAD bulls keep defending the recent low (1.1940).

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For detail explanation and best discovery on daily market trends and news you may visit via USD/CAD intraday technical levels and trading recommendations for May 5, 2015 . Thanks for your support.

Intraday technical levels and trading recommendations for EUR/USD for May 5, 2015 Market Analysis Review

The market was pushed lower after breaking below the 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 lost almost 1,500 pips since the beginning of 2015. Moreover, EUR/USD bears have already pushed the market slightly below the monthly demand level at 1.0550 (established on January 1997).

The previous monthly closure had a negative impact on the EUR/USD pair. However, April's monthly candlestick came as a bullish engulfing candle.

This may hinder further bearish decline for some time. On the other hand, it may enhance a short-term bullish corrective movement towards 1.1350 initially.

In the long term, bearish breakdown of the monthly demand level of 1.0550 should not be excluded as the long-term breakout target is roughly projected towards the level of 0.9450.

The obvious bearish breakout of the weekly demand level at 1.1100 enhanced the bearish side of the market exposing lower targets.

Full projection targets of the Flag pattern were successfully reached at 1.0800 and 1.0500.

After such a long bearish rally (which started around the levels of 1.1300), bullish rejection was expressed at 1.0570 (monthly demand level).

The price zone between 1.0750 and 1.0800 failed to neutralize the ongoing bullish momentum. Instead of it, an ascending bottom was established around the level of 1.0750.

This applied a strong bullish pressure to the level of 1.1050, exposing the DAILY supply zone at 1.1150-1.1240 where bearish rejection was expressed by the end of last week.

The current daily candlestick closure should be considered for further price analysis. Daily closure below 1.1110 pauses the ongoing bullish momentum in the short term.

Note that the nearest DEMAND levels of the EUR/USD pair are located at 1.1050 and 1.1000.

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Intraday technical levels and trading recommendations for GBP/USD for May 5, 2015 Market Analysis Review

Significant SUPPLY levels located around 1.5300 (weekly 38.2% Fibonacci level) and 1.5500 (weekly 50% Fibonacci level) have been providing significant bearish pressure over the GBP/USD pair for a few months.

Evident bullish recovery emerged off the price levels near 1.4550 where a significant bullish engulfing weekly candlestick was expressed.

As mentioned in the previous articles, persistence above the zone of 1.5000-1.5080 exposed the weekly supply zone at 1.5500-1.5550 (roughly corresponding to weekly 50% Fibonacci level) where significant bearish pressure was applied.

Sideways movement with slight bearish tendency was expressed on the daily chart until a bullish breakout took place above 1.4970-1.5000 (via a Full-body bullish candlesticks).

The price zone between 1.5000 and 1.5050 (daily 38.2% and 50% Fibonacci levels) constitutes a prominent DEMAND level for the GBP/USD pair. Hence, it will probably offer a valid buy entry at retesting.

On the other hand, daily closure below the level of 1.4970 invalidates the ongoing bullish scenario giving more time for indecisive sideway movement.

EUR/NZD analysis for May 05, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been trading downward. As we had expected, the price tested the level of 1.4720 in a volume below the average (finished bearish correction). The short-term trend is bullish. Be careful when selling EUR/NZD around the price of 1.4720. According to Fibonacci expansion, the next bullish objective point is at the price of 1.5000 (Fibonacci expansion 161.8%). According to the daily time frame, we can observe supply in a very low volume. I have placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the price of 1.4620, Fibonacci retracement 50% at the price of 1.4535 and Fibonacci expansion 61.8% at the price of 1.4450.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.4870

R2: 1.4905

R3: 1.4960

Support levels:

S1: 1.4760

S2: 1.4730

S3: 1.4670

Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after a retracement.

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

For detail explanation and best discovery on daily market trends and news you may visit via EUR/NZD analysis for May 05, 2015 . Thanks for your support.

Gold analysis for May 05, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upward. As we expected, the price tested the level of $1,196.08 in a high volume. According to the daily time frame, we can observe demand in a volume below the average. Our Fibonacci retracement 61.8% (support) at $1,174.00 was held successfully. Major resistance is seen around the level of $1,220.00. The short-term trend is bullish. According to the H4 time frame, we can observe demand in a high volume with strong price action. I placed Fibonacci expansion to find potential resistance levels and got Fibonacci expansion 61.8% at $1,220.00, Fibonacci expansion 100% at $1,250.00, and Fibonacci expansion 161.8% at $1,300.00. According to the 30-minutes time frame, we can observe inverted head and shoulders formation, which is a good sign for futher bullish movement.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,191.00

R2: 1,194.35

R3: 1,200.00

Support levels:

S1: 1,179.00

S2: 1,175.20

S3: 1,169.00

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities (buy on dips).

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

For detail explanation and best discovery on daily market trends and news you may visit via Gold analysis for May 05, 2015 . Thanks for your support.

Technical analysis of USD/CHF for May 5, 2015 Market Analysis Review

Overview:

The price of the USD/CHF pair is probably going to form strong support at the level of 0.9277 (00% of Fibonacci retracement levels on the H4 chart). According to what is generally assumed, the market has formed the last bearish wave this week around the weekly double bottom. As a result, it should be noted that the price is going to form a double bottom at this level (0.9277). The level of 0.9300 acts as strong support because it is representing the first weekly support. So, the saturation is likely to take place around 0.9277. Moreover, the RSI indicators are also going to call for an uptrend at the same level with indicated above. Therefore, it is possible that the market will start showing bullish signs. In other words, buy deals are recommended above 0.9277 with the first target seen at the level of 0.9370 and further at 0.9000 to test the weekly pivot point. Thus, the level of 0.9430 and then 0.7478 are going to form a strong resistance (23.6% of Fibonacci retracement levels) on May 5, 2015. Additionally, the level of 0.7478 will act as a major resistance.

Intraday technical levels:

Date: 5/05/2015

Pair: USD/CHF

R3: 0.9444
R2: 0.9413
R1: 0.9374
PP: 0.9343
S1: 0.9304
S2: 0.9273
S3: 0.9234

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

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CHF for May 5, 2015 . Thanks for your support.

Technical analysis of NZD/USD for May 5, 2015 Market Analysis Review

Overview:

The NZD/USD pair has been moving in the downtrend since last month. So, according to prior events, the price of NZD/USD is still trapped between the ratio of 78.6% Fibonacci retracement levels at the level of 0.7625 and 38.2% Fibonacci retracement at 0.7402. Moreover, the price opened below the ratio of 78.6% Fibonacci retracement levels (0.7605). Besides, it should be noted that the resistance is at the level of 0.7625 today. Therefore, it will be a good sign to sell below the level of 0.7625 with the first target of 0.7467. The minor support has been already set at the price of 0.7467 which coincides with the 50% of Fibonacci on the H4 chart. If the trend can break the minor support at 0.7467, the market will call for a bearish market towards the strong support around the area of 0.7402. On the contrary, in case a reversal takes place and the NZD/USD pair breaks through the resistance level of 0.7625, the market will head towards a further rise to 0.7678 this week in order to indicate a correctional movement at this level. Subsequently, on the same chart, the market represents strong resistance at 0.7678 and the double top will be at 0.7743.

Daily analysis of USDX for May 05, 2015 Market Analysis Review

The USDX is recovering from losses and looking to reach the resistance zone of 96.30 on the daily chart because the index is still strong and the structure is calling for more upside moves. As we noted in the recent articles, the correction move could have been finished on the USDX and that is why we want to look for bullish trades.

On the H1 chart, the USDX is still trading below the 200 SMA but it is approaching that zone as the index is getting supported by the level of 96.34 in the short term. We could expect testing of that moving average very soon because the bullish bias is still alive and the USDX could be reaching new short-term highs.

Daily chart's resistance levels: 96.30 / 97.29

Dailychart's support levels: 95.00 / 93.95

H1 chart's resistance levels: 95.87 / 96.23

H1 chart's support levels: 95.34 / 94.70

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 95.34, take profit is at 94.70, and stop loss is at 95.99.

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

For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for May 05, 2015 . Thanks for your support.

Daily analysis of GBP/USD for May 05, 2015 Market Analysis Review

There are no major changes in the current price action of GBP/USD at the moment as the pair is trading lower below the resistance level of 1.5238 and continues to look for the support zone of 1.5007. Currently, we could expect more downside moves and the MACD indicator is favoring this outlook. That is why we recommend to look for bearish patterns in lower time frames.

A sideways consolidation is still taking place on the H1 chart because GBP/USD is forming a lower low pattern below the 200 SMA, but it could fail. Remember that the support zone of 1.5102 is very strong and the overall bias on this pair is still calling us for upside moves. Furthermore, GBP/USD could break the resistance level of 1.5217.

Daily chart's resistance levels: 1.5238 / 1.5371

Dailychart's support levels: 1.5007 / 1.4874

H1 chart's resistance levels: 1.5155 / 1.5217

H1 chart's support levels: 1.5102 / 1.5060

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 1.5155, take profit is at 1.5217, and stop loss is at 1.5090.

#USDX technical analysis for May 5, 2015 Market Analysis Review

The US dollar index is bouncing as expected towards 96 where we find the 38% retracement of the decline from 98.50 to 94.40. Bulls need to be very cautious as the short-term trend remains bearish and we could still see a new low towards 93.

Green line = neckline resistance

The US dollar index remains below the Ichimoku cloud on the 4-hour chart and this confirms the bearish short-term trend. The upward bounce could just be a corrective bounce and not a full trend reversal. Resistance is strong at 96 and then at 97-97.20 where the Ichimoku cloud and the neckline are found.

On the daily chart we see that the index is trying to test the lower cloud boundary. If the price breaks inside the cloud, the next resistance will be the price levels of 96.35 and 97.15. A weekly close above 96.50 could be a trend reversal signal. All in all, I believe that soon we will see the end of this dollar weakness and the index will start its new upward move towards 103-104.

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

For detail explanation and best discovery on daily market trends and news you may visit via #USDX technical analysis for May 5, 2015 . Thanks for your support.

Gold wave analysis for May 5, 2015 Market Analysis Review

Gold price is bouncing from its recent low at $1,170. Gold price completed 5 waves down from $1,215 to $1,170 and is now making an upward corrective bounce that is most probably not going to break above the 61.8% retracement.

Gold price has already reached the 50% retracement and the Ichimoku cloud resistance. A move towards the 61.8% retracement and another touch of the cloud resistance could not be ruled out yet. However, if the price breaks below $1,182, we should not expect a bigger bounce.

The weekly chart remains bearish. The decline from $1,307 is impulsive whereas the upward bounce from $1,130 is corrective. There is a small chance that the decline from $1,224 is only wave B so we could see a new short-term high as wave C towards $1,250. The cloud resistance and the kijun-sen provide strong resistance levels so bulls need to be very cautious.

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

For detail explanation and best discovery on daily market trends and news you may visit via Gold wave analysis for May 5, 2015 . Thanks for your support.

Technical analysis of EUR/JPY for May 5, 2015 Market Analysis Review

General overview for 05/05/2015 08:50 CET

As anticipated yesterday, after breaking the intraday support at the level of 133.69 the market is going to test the weekly pivot point at the level of 133.34. The decline is likely to continue lower to test the today's intraday support at the level of 132.55. Any breakout lower would prove the indication that the top for the wave B is in place and test of the level of 131.27 is due.

Support/Resistance:

135.26 - Swing High

133.69 - Intraday Resistance

133.32 - Weekly Pivot

132.55 - Intraday Support

131.43 - WS1

131.27 - Technical Support

Trading recommendations:

As long as the level of 135.26 is not violated, daytraders and swingtraders should consider opening sell orders from the current price levels with SL above the level of 134.83 and TP at the level of 132.89 with a possible extension downside to the level of 131.27 later this week.

Technical analysis of USD/CAD for May 5, 2015 Market Analysis Review

General overview for 05/05/2015 08:30 CET

Despite the fact that market is still trading inside the bearish zone, there are first clues that the mid-term bottom might be in place. After making five waves to the upside, the price had tested the golden trend line and now it is bouncing from it. Any breakout above the intraday resistance at the level of 1.2132 will be considered bullish and higher levels are expected later today.

Support/Resistance:

1.1944 - Swing Low

1.2029 - WR1

1.2089 - Intraday Support

1.2115 - Weekly Pivot

1.2132 - Intraday Resistance

1.2202 - Intraday Resistance

1.2286 - WR1

Trading recommendations:

The bias is still bullish. Buy orders opened last week should be still kept open as the market is approaching the key resistance at the level of 1.2325. A higher breakout means another buy orders should be opened with SL below the swing low at the level of 1.1943.

Technical analysis of EUR/JPY for May 05, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is seen to be pulling back lower after printing highs at 135.28 levels earlier. The pair is seen to be trading at 133.40/45 levels for now and could be looking to push higher towards 136.50/137.00 levels before producing a meaningful retracement. An aggressive trade setup could be to initiate long positions now, with risk around 132.50 levels while a more conservative way is to remain flat for now and look to buy on dips. Immediate support is seen at 132.50 levels, followed by 131.20/40 and lower while resistance is seen at 136.50/137.00 respectively.

Trading recommendations:

Remain flat for now OR aggressive trade setup is to go long, stop is at 132.50, a target is at 136.50.

Good luck!

Technical analysis of USD/JPY for May 05, 2015 Market Analysis Review

Fundamental outlook:

USD/JPY is expected to consolidate with a bullish bias. Liquidity is thin in Asia today as financial markets in Japan are shut for a public holiday. USD/JPY is underpinned by the positive USD sentiment (ICE spot dollar index last 95.44 versus 95.25 early Monday), helped by stronger-than-expected 2.1% increase in U.S. March factory orders (versus forecast +1.9%). USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 2.145% versus 2.117% late Friday) and ultra-loose Bank of Japan's monetary policy. But USD/JPY upside is limited by the buy-yen orders from Japan's exporters.

Technical comment:
The daily chart is mixed as MACD and stochastics are bullish, five-day moving average is above 15-day moving average and is advancing; but a bearish harami candlestick pattern was completed on Monday.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long 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 120.50 and the second target at 120.80. In the alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 119.55. A break of this target is likely to push the pair further downwards, and one may expect the second target at 119.20. The pivot point is at 119.90.

Resistance levels:
120.50
120.80
121.45

Support levels:
119.55
119.20
118.75

Technical analysis of USD/CHF for May 05, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade with a bearish tone. It is supported by the positive USD sentiment, negative Swiss interest rates, and threat of Swiss National Bank CHF-selling intervention. But Swissie sentiment is boosted by the stronger-than-expected Switzerland April PMI of 47.9 (versus forecast 47.7). USD/CHF gains are also tempered by the franc demand on soft EUR/CHF cross.

Technical comment:
The daily chart is mixed as MACD is bearish, 5 and 15-day moving averages are falling but stochastics is turning bullish at oversold levels.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9290. A break of that target will move the pair further downwards to 0.9220. The pivot point stands at 0.9380. 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 0.9420 and the second target at 0.9500.

Resistance levels:
0.9420
0.95
0.9575
Support levels:
0.9290
0.9220
0.9175

Technical analysis of NZD/USD for May 05, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to consolidate with a bearish bias. It is undermined by the positive USD sentiment, dovish Reserve Bank of New Zealand's monetary policy stance, and weak dairy prices. But NZD/USD losses are tempered by the NZD-USD interest differential.

Technical comment:
The daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day moving average and is declining, although inside-day-range pattern was completed on Monday.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7490. A break of that target will move the pair further downwards to 0.7435. The pivot point stands at 0.7585. 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 0.76635 and the second target at 0.7665.

Resistance Levels:
0.7635
0.7665
0.77

Support levels:
0.7490
0.7435
0.74

Technical analysis of GBP/CHF for May 05, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is trading at 1.4160/65 levels for now and is looking to stage a rally from here, after having formed a bottom around 1.4070 levels yesterday. This could either be a counter trend rally or an extension above 1.4700 levels. It is recommended to initiate long positions now, with risk below 1.4070 levels. Immediate support is seen at 1.4070, followed by 1.3850 and lower while resistance is seen at 1.4350, followed by 1.4500, 1.4700 and higher respectively. Bulls are poised to remain in control till prices stay above 1.4070 levels.

Trading recommendations:

Initiate fresh long positions, stop at 1.4060, a target is open.

Good luck!

Technical analysis of GBP/JPY for May 05, 2015 Market Analysis Review

Fundamental outlook:

GBP/JPY is expected to trade in a lower range. It is undermined by the weaker GBP/USD undertone and continued impact from Friday's weak U.K. April manufacturing PMI data amid uncertainty over outcome of U.K. May 7 general election. But GBP/JPY losses are tempered by the buy-euro orders from Japan's importers.

Technical comment:
The daily chart is mixed as MACD is bullish, 5 and 15-day moving averages are advancing but stochastics is turned bearish at overbought levels.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 180.75. A break of that target will move the pair further downwards to 180. The pivot point stands at 182.40. 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 183 and the second target at 184.50

Resistance levels:
183
184.50
185

Support levels:
180.75
180
179.35

Technical analysis of Silver for May 05 , 2015 Market Analysis Review

Technical outlook and chart setups:

Silver had rallied through $16.76 levels yesterday before pulling back lower and is looking to extend its rally higher for now. The metal seems to be better poised to push through $17.40/50 levels and subsequently towards $18.40/50. Immediate support is seen at $15.80 levels, followed by $15.60, $15.30 and lower while resistance is seen at $17.40/50, followed by $18.40/50 and higher respectively. It is recommended to hold long positions for now and also look to add further on dips. Bulls are poised to remain in control till prices stay above $15.30 levels.

Trading recommendations:

Remain long stop at $15.30, a target is open.

Good luck!

Technical analysis of Gold for May 05, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold had raised to $1,192.00 levels yesterday before retracing lower, but the rally is set to continue further. The metal has turned buy on dips for now till prices stay above $1,168.00 levels. Immediate resistance is seen at $1,215.00 levels, followed by $1,225.00, $1,235.00/40.00 and higher while support is seen at $1,168.00, followed by $1,162.00, $1,145.00 and lower respectively. It is recommended to remain long for now and also look to take fresh long positions on dips, with risk at $1,165.00 levels for now. Bulls seem to be in control, at least till prices stay above $1,168.00 levels from here on.

Trading recommendations:

Remain long stop at $1,265.00, a target is open.

Good luck!

Daily analysis of major pairs for May 5, 2015 Market Analysis Review

EUR/USD: This pair has been moving gradually downwards – an attempt that pales into insignificance when compared to the overall bullish bias. There are resistance lines at 1.1250 and 1.1300, which must be crossed to the upside, for the bullish trend to continue. There are also support lines at 1.1050 and 1.1000. Should the price cross the support lines to the downside, there would be a threat to the extant bullish bias.

USD/CHF: This is a bear market and there has been only sideways movement so far this week. The market would be under some downward pressure as long as the EUR/USD pair is strong. Only a serious weakness in EUR/USD could cause USD/CHF to experience any noteworthy rally. Whether there would be a movement in favor of bulls or bears, a breakout is expected in this market.

GBP/USD: The weakness that started last week (on April 29, 2015, to be precise) has brought the Cable downwards by 330 pips. This plunge has been significant enough to threaten the recent bullish bias. In fact, everything in the market would turn bearish as soon as the accumulation territory at 1.5050 is crossed to the downside.

USD/JPY: The USD/JPY pair has been able to maintain its recent bullish signal, and the price has now crossed above the demand level at 120.00. The supply levels at 120.50 and 130.00 can also be tested, but one thing must be taken into account: the market might tumble if the Yen becomes strong.

EUR/JPY: This cross is also sliding slowly. Further weakness in the Euro could cause the downwards movement to be faster, though the bearish attempt cannot overturn the existing bullish outlook until the demand zone at 131.50 is breached to the downside.

Elliott wave analysis of EUR/NZD for May 5, 2015 Market Analysis Review

Technical summary:

The correction from 1.4903 is becoming deeper than the first expected. It indicates that wave iii has completed just below the ideal target at 1.4983 and wave iv currently is unfolding. The correction in wave iv is approaching the 23.6% corrective target at 1.4732. A break below here will call for a continuation towards 1.4675 and possibly even lower to the 38.2% corrective target at 1.4629 before moving higher in wave v. In the short term, it will take a break above 1.4819 to confirm that the correction in wave iv is over.

Trading recommendations:

As we saw a break above 1.4895, our stop was raised to 1.4793 (10 pips below the most recent low), this stop has been hit for yet another nice profit. We will be looking for a new buying opportunity at 1.4680 or upon a break above minor resistance at 1.4819 with a stop at 1.4580.

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

For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for May 5, 2015 . Thanks for your support.

Elliott wave analysis of EUR/JPY for May 5, 2015 Market Analysis Review

Technical summary:

EUR/JPY is currently in a red wave iv correction towards the corrective target at 133.43, which will be the first estimated support. It will take a break above minor resistance at 134.21 and more importantly a break above resistance at 134.73 to confirm that red wave iv is over and red wave v towards 137.40 is unfolding. In the short term, look for a test of 133.43 and maybe even lower to 132.28 as long as minor resistance at 134.21 protects the upside.

Trading recommendations:

We are long EUR from 128.85 and will keep our stop at 132.75. If you are not long EUR yet, then buy a break above 134.21 with a stop 10 pips below the most recent low.

Technical analysis of EUR/USD for May 05, 2015 Market Analysis Review

!EURUSD.jpg

When the European market opens, some economic news will be released such as PPI m/m, EU Economic Forecasts, Spanish Unemployment Change, and French Gov Budget Balance. The US will release several macroeconomic reports too such as the IBD/TIPP Economic Optimism, ISM Non-Manufacturing PMI, Final Services PMI, and Trade Balance. Thus, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1201.

Strong Resistance:1.1195.

Original Resistance: 1.1184.

Inner Sell Area: 1.1173.

Target Inner Area: 1.1147.

Inner Buy Area: 1.1121.

Original Support: 1.1110.

Strong Support: 1.1099.

Breakout SELL Level: 1.1093.

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.

Technical analysis of USD/JPY for May 05, 2015 Market Analysis Review

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In Asia, Japan will not release any economic data. The US will publish some macroeconomic reports such as IBD/TIPP Economic Optimism, ISM Non-Manufacturing PMI, Final Services PMI, and Trade Balance. So there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.78.

Resistance. 2: 120.55.

Resistance. 1: 120.31.

Support. 1: 120.02.

Support. 2: 119.79.

Support. 3: 119.54.