Technical analysis of EUR/USD for May 18, 2015 Market Analysis Review

When the European market opens, economic data on the Italian Trade Balance and German Buba Monthly Report are due for release.The US will publish data on the NAHB Housing Market Index. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1498.

Strong Resistance:1.1491.

Original Resistance: 1.1480.

Inner Sell Area: 1.1469.

Target Inner Area: 1.1442.

Inner Buy Area: 1.1415.

Original Support: 1.1404.

Strong Support: 1.1393.

Breakout SELL Level: 1.1386.

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 May 18, 2015 Market Analysis Review

In Asia, Japan will release the Tertiary Industry Activity m/m, Revised Industrial Production m/m, and Core Machinery Orders m/m. The US is expected to publish economic data on the NAHB Housing Market Index. So, there is a big probabilitythat USD/JPY will move with low to medium volatility during a day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.28.

Resistance. 2: 120.05.

Resistance. 1: 119.81.

Support. 1: 119.53.

Support. 2: 119.30

Support. 3: 119.06.

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

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

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for May 18, 2015 . Thanks for your support.

GBP/AUD 500+ pips growth potential. Market Analysis Review

Since September 2014, after testing the low at 1.7210, GBP/AUD has been steadily rising. Following that, the pair produced consistent waves printing higher highs and higher lows, which could be treated as a separate of the uptrend.

Having plotted the uptrend, the pair has been rejecting it on several occasions. But the downtrend has been penetrated exactly a week ago, suggesting continuation of the long-term uptrend. According to the Fibonacci applied to the downtrend breakout point, it is clear that the GBP/AUD pair broke above R1 resistance (1.9606) throughout the last week while the S1 support (1.9457) was only tested and remained valid.

Consider buying GBP/AUD around the current level as no clear signs of reversal or correction downwards are presented at this point. Fibonacci retracement indicator points at 2.0100 area as a potential target –R3 (2.0089) and could be used for profit taking if the uptrend continues. Only a break below S2 (1.9308) would invalidate this forecast and send the price lower.

Support: 1.9457, 1.9308, 1.9122, 1.8822

Resistance: 1.9606, 1.9792, 2.0089

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Daily analysis of USDX for May 18, 2015 Market Analysis Review

The USDX is still trading lower and looking to reach the support zone of 92.64 on the daily chart. The current outlook still favors bears, but there are high odds of a rebound at that support level. Eventually, the USDX could test the resistance level of 93.95 again. If the USDX breaks that territory, it would be expected to rise until the psychological level of 95.00.

On the H1 chart, the support zone around the level of 93.07 is still solid and we should see a test of the resistance level of 93.85 in the short term again, because bears have faced a strong barrier on that support. Anyway, the 200 SMA is still pointing downwards and this time frame is still favoring the downside, but nothing is for sure at the moment.

Daily chart's resistance levels: 93.95 / 95.00

Dailychart's support levels: 92.64 / 91.41

H1 chart's resistance levels: 93.85 / 94.70

H1 chart's support levels: 93.07 / 92.37

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 93.07, take profit is at 92.37, and stop loss is at 93.80.

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Daily analysis of GBP/USD for May 18, 2015 Market Analysis Review

GBP/USD is still trading higher, but currently is doing a pullback to the level of 1.5800. Now, the pair could start to form a bullish pattern on the daily chart. However, we're still thinking about the possibility of a turning lower in this zone, because the overall trend (in major timeframes) is still bearish and GBP/USD could find dynamic resistance at this point.

The H1 chart is showing a strong rejection at the resistance level of 1.5794 and that's why we expect some falls at the start of the week. Currently, trading against the H1 chart trend could be short with a breakout at the support level of 1.5706, with a target at the level of 1.5597, which is located near to the 200 SMA.

Daily chart's resistance levels: 1.5907 / 1.6060

Dailychart's support levels: 1.5745 / 1.5543

H1 chart's resistance levels: 1.5794 / 1.5882

H1 chart's support levels: 1.5706 / 1.5597

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 1.5794, take profit is at 1.5882, and stop loss is at 1.5706.

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Elliott wave analysis of EUR/NZD for May 18 - 2015 Market Analysis Review

Technical summary:

We think the best way to count the price action since the top of 1.5247 is that an expanded flat is unfolding. In this case one final decline to just below 1.4913 should be seen before the next strong rally higher. In the short term, a break below minor support at 1.5221 and more importantly a break below 1.5104 will confirm the decline to the territory below 1.4913 before the next impulsive rally is expected.

That means we have to be aware that there is a small risk that the correction in wave (ii) ended with a wave c failure at 1.4970 and the next impulsive rally is already unfolding for a continuation higher towards at least 1.6335.

Trading recommendation:

We will wait for a EUR-buying opportunity around 1.4913.

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Elliott wave analysis of EUR/JPY for May 18 - 2015 Market Analysis Review

Technical summary:

The rally continues to unfold as expected. Now we have a wave five rally from a low of 126.02 and ideally this final rally higher will stop near 137.54 before a larger correction of the entire rally of 126.02 is to be seen.

In the short term, support at 135.29 is ideally likely to protect the downside for the rally closer to 137.54. However, a break below support at 135.29 is expected be the first good indication that the first impulsive rally of 126.02 is over and a correction of the entire rally of this rally towards 133.08 should be seen.

Trading recommendation:

We missed our buying opportunity around 133.15 and as we are in the final stages of the rally from 126.02, we will be neutral for now.

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