Daily analysis of USDX for May 20, 2015 Market Analysis Review

The USDX is still riding the current bullish momentum above the support level of 95.00 and we're expecting a test of the resistance level at 95.74. If the index consolidates upwards, it would face strong resistance at the level of 96.97, which gives the USDX enough room to trade in favor of the bullish bias.

On the H1 chart, the USDX is forming a bullish pattern above the support level of 95.18. Now, the focus remains on the upside, exactly at the 95.82, where the Index should do a breakout in order to rise until the resistance level at 96.21. Currently, the bullish consolidation above the 200 SMA tells us about the bullish trend, which could last for several days more.

Daily chart's resistance levels: 95.74 / 96.97

Dailychart's support levels: 95.00 / 93.95

H1 chart's resistance levels: 95.82 / 96.21

H1 chart's support levels: 95.18 / 94.70

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 93.85, take profit is at 93.07, and stop loss is at 94.63.

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Daily analysis of GBP/USD for May 20, 2015 Market Analysis Review

GBP/USD is extending losses on the daily chart, because we observe a kind of consolidation below the 200 SMA. The pair is pointing to a fall until the support level of 1.5346 in coming days. That pullback, mentioned in the recent articles, has already advised us about the possibility of a bearish continuation for the medium term.

The short-term outlook remains unchanged, because GBP/USD continues to trade lower below the resistance zone of 1.5513. Currently, in the H1 time-frame, it's forming a lower low pattern which could give us more short trades opportunities to execute during the rest of the week. Of course, bear in mind support around the levels of 1.5443 and 1.5355.

Daily chart's resistance levels: 1.5543 / 1.5745

Dailychart's support levels: 1.5346 / 1.5199

H1 chart's resistance levels: 1.5513 / 1.5597

H1 chart's support levels: 1.5443 / 1.5355

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5443, take profit is at 1.5355, and stop loss is at 1.5533.

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Technical analysis of Gold for May 20, 2015 Market Analysis Review

The strong housing data pushed the commodities like gold and crude to lower levels from the recent highs. The metal closed at the lowest level in a week after the strong US dollar. Today, ahead of the FOMC meeting, the yellow metal is trading at $1,208.50 compared to $1,207.40 Tuesday's close. The nearest support is found at $1,205.50 rounded to $1,205.00. Intraday resistance is seen at $1,212.00, $1,217.50, and $1,223.00. The weekly resistance is seen at $1,233.00 100Wema. We advised buying above $1,200.00 again at $1,210.00 and $1,220.00 with a final target at $1,233.00 (ref: May 14th article). The metal made a high at $1,232.00 rejected at 100Wema and fell to 100Dema. Today, we expect wild moves ahead of the FOMC meeting. The level of $1,205.00 acting as trend decider because100Dema and descending trend-line is found there. At yesterday's session, the metal pauses the 5-day winning streak. In case the key support level is taken off $1,200, the price fill reach $1,198.00 and $1,192.00 in a day or two. The metal is trading below 20Wsma $1,213.00. For bulls, safe buying will trigger above $1,212.00 at $1,217.00, $1,219.00, and $1,223.00. Risky traders can buy with sl $1,205.00 cmp $1,208.50.

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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Technical analysis of USDX & USD/JPY for May 20, 2015 Market Analysis Review

The USDX has paused the four-day falling streak. The index made a double bottom at 93.13. The level of 93.13 is the 161.8FE entire fall from the peak. At yesterday's session, the index managed to close above 100Dema and 20Dsma. The index rejected at 100Dsma at 95.50. The index rejected at the 100Dsma within the recent pullback. In case the index closes above 95.50, the rally will extend towards 95.80/95.90 and 97.00. The 20Wsma is seen at 95.80. Support is found at 95.00 and 94.60. The panic will be triggered below 94.60 aiming to retest the previous low. In case of a daily close below 93.00, bears will aim at 91.50 and 90.70. The index has been consolidating at the level of 95.47 for 12 hours. Intraday strong momentum is expected above 95.70 towards 95.95 and 96.40. Today's key support for bulls to hold is found at 93.88. Ahead of the FOMC meeting, the greenback is trading higher against most majors and USD related pairs. The yen is trading lower against the greenback. We expect the FOMC to eliminate uncertainty. The labor market supported the rate hike and yesterday's housing data raised hope for the rate hike. But we don't expect a hike to take place in June, as it is likely to happen in December 2015.

USD/JPY

At the Asian session, Japan released better-than-expected prelim GDP q/q led by stronger domestic demand. In January- March quarter, the economy expanded 0.6%.The pair extended the winning streak for 4 consecutive days. It gave a strong close for the second day. In case the price closes above 120.50, bulls will aim at 122.0. We expect strong momentum above 121.00 towards 122.00. Earlier, we recommended buyingbetween 119.00 and 118.60 sl 118.50. At yesterday's session, we advised bulls to aim at 120.90 in a day or two until the pair closes above 119.20. Today, the pair is likely to touch the level of 121.00. Buying on dips is seen to be preferable. Fresh intraday buying is advised above 121.00. Support is found at 120.50 and 119.80.

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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Technical analysis of USD/CAD for May 20, 2015 Market Analysis Review

We advised buying earlier. The pair moved 330 pips from lows. Bulls have been extending the winning streak for the fourth consecutive day. At yesterday's session, the pair managed to close above 100Dema. The trend-change level lies at 1.2350. In case of a daily close above 1.2350, bulls will aim at new highs. Last Friday, we covered a complete technical picture of this pair. The USD related pairs have been correcting for more than 2 months. On the downside, support is found at 1.2175 100Dema and 1.2090 200Dsma. In the daily chart, the pair has been forming the bottom around 1.1940, whereas the strong support is found at 1.1875. The intraday resistance is seen between 1.2250 and 1.2280. The strong resistance is seen at 1.2350. In the daily chart, we can observe positive divergence. The bottoming process is a very painful process after a sharp fall in the price. In case the FOMC's decision remains unchanged, the pair will correct with higher low formation. In the daily hourly chart, the double top was formed at 1.2250. We recommend fresh buying only above 1.2250 with targets at 1.2280, 1.2300, and 1.2350.

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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Technical analysis of EUR/USD for May 20, 2015 Market Analysis Review

When the European market opens, economic data on the German PPI m/m are due.The US will release the FOMC Meeting Minutes and Crude Oil Inventories. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1197.

Strong Resistance:1.1191.

Original Resistance: 1.1180.

Inner Sell Area: 1.1169.

Target Inner Area: 1.1143.

Inner Buy Area: 1.1117.

Original Support: 1.1106.

Strong Support: 1.1095.

Breakout SELL Level: 1.1089.

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 20, 2015 Market Analysis Review

In Asia, Japan will release data on the Prelim GDP Price Index y/y and Prelim GDP q/q. The US is expected to publish the FOMC Meeting Minutes and data on Crude Oil Inventories. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.51.

Resistance. 2: 121.28.

Resistance. 1: 121.04.

Support. 1: 120.74.

Support. 2: 120.51.

Support. 3: 120.27.

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 20, 2015 . Thanks for your support.