Technical analysis and trading recommendation for EUR/USD for April 23, 2015 Market Analysis Review

In April 2015, the DG ECFIN flash estimate of the consumer confidence indicator decreased in both the EU (by 0.4 points to -2.2) and the euro area (by 0.9 points to -4.6) compared to March.

Today, the euro macro calendar offered a data-heavy day. French and German's flash manufacturing PMI, services PMI are due for release. Data on the Spanish unemployment rate, flash manufacturing PMI, and flash services PMI are likely to be published too. The French flash manufacturing PMI data printed negative readings for February and March. But we can observe an improvement in the monthly basis. The Spanish unemployment rate showed a kind of improvement for 3 consecutive quarters. Last quarter was muted at 23.7%. The Germany flash manufacturing PMI readings were positive in March. The Germany and France economies are the largest in the eurozone. The Germany flash services are muted at 55.3 in March. This time, we are expecting an uptick above 55.5. The euro flash manufacturing PMI has been disappointed or muted for six months but services PMI showed an improvement in February and March. In April, we expect it to move above 54.5. Data on the US employment claims can disappoint again, the flash manufacturing PMI and new home sales data can show strengthing of the economy.

Technical view:

The pair extended losses for the third consecutive day. The euro is trading at 1.0706 at Thursday's Asian session, compared to 1.0725 Wednesday's closing price. Ahead of today's data, the euro is trading lower against USD. The price managed to hold the ascending trend line in the hourly chart. In the one-hour chart, lower lows and lower highs formation has been forming. The crucial bull-support zone is found between 1.0700 and 1.0690. In the four-hour chart, 200Dsma is found at 1.0690. 50Dsma is seen at 1.0690 in the h1 chart. Below the given support zone, the pair can extend its fall towards 1.0685, the fib level of 50.0, and the recent low of 1.0660. The real panic will be triggered below 1.0660 with an immediate target at 1.0625 and at 1.0600, 1.0585, and 1.0570 later. Intraday resistance is found at 1.0740 21hrsma and 1.0760 20Dsma. Buying will emerge above 1.0770 with small targets at 1.0800, 1.0820, and 1.0845. Aggressive buying is not available at the current levels. Fundamental and technical aspects favor bears. Each spike leads to new sell trades.

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Elliott wave analysis of EUR/NZD for April 23 - 2015 Market Analysis Review

Technical summary:

The very complex wave B of the expanded flat correction, which has been unfolding from a high of 1.7274, finally seems to come to the end. A break above 1.4237 is needed to confirm that the bottom is in place. If we zoom in on the shorter time frame, we can see the rally from 1.3867 is strong and looks impulsive calling for more upside in the near term. The first hurdle to clear is resistance at 1.4237. Above here, will call for a continuation towards the top of wave v at 1.4547.

Trading recommendation:

Our stop and reverse at 1.4055 was hit for a nice profit. We are long EUR from 1.4055 now and we will place our stop at 139.65. If you are not long EUR already, then buy EUR near 1.4055 with the same stop at 1.3965.

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Elliott wave analysis of EUR/JPY for April 23 - 2015 Market Analysis Review

Technical summary:

With a break above 128.80, the odds favor that red wave ii did end at the 50% corrective target at 127.42 and that new impulsive rally in red wave iii is developing higher towards 131.90. If we look at the long-term picture, the very complex correction that has been developing from a high of 145.69 in late December 2013 is most likely to end at 126.02, just 4 pips above the ideal target at 125.98, which marked the 38.2% correction of a rally from 94.10 to 145.69 and a new impulsive rally is expected to unfold soon. A rally that will take us away from a high of 149.55.

Trading recommendation:

We are long EUR from 128.85 and we will place stop at 127.35. If you are not long EUR already, then buy EUR near 128.00 or upon a break above 128.97 with the same stop at 127.35.

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Technical analysis of EUR/USD for April 23, 2015 Market Analysis Review

When the European market opens, economic data on Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, Spanish Unemployment Rate, French Flash Services PMI, and French Flash Manufacturing PMI are due for release today.The US will publish economic data on the Natural Gas Storage, New Home Sales, Flash Manufacturing PMI, and Unemployment Claims. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0777.

Strong Resistance:1.0771.

Original Resistance: 1.0760.

Inner Sell Area: 1.0749.

Target Inner Area: 1.0724.

Inner Buy Area: 1.0699.

Original Support: 1.0688.

Strong Support: 1.0677.

Breakout SELL Level: 1.0671.

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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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for April 23, 2015 . Thanks for your support.

Technical analysis of USD/JPY for April 23, 2015 Market Analysis Review

In Asia, Japan will release data on the Flash Manufacturing PMI. The US will publish some economic data about Natural Gas Storage, New Home Sales, Flash Manufacturing PMI, and Unemployment Claims. So, there is a strong probability that USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.62.

Resistance. 2: 120.38.

Resistance. 1: 120.15.

Support. 1: 119.86.

Support. 2: 119.63.

Support. 3: 119.39.

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 April 23, 2015 . Thanks for your support.

Technical analysis and trading recommendation of GBP/USD for April 23, 2015 Market Analysis Review

The Monetary Policy Committee meeting held on 8 and 9 April 2015. A fall in energy prices had been the largest single contributor to declines in headline inflation in the United Kingdom and in many other countries since summer 2014. The Committee set monetary policy to meet the 2% inflation target in the medium term and in a way that helped to sustain growth and employment. The Committee's guidance on the likely pace and extent of interest rate rises was an expectation, not a promise. Before the general election on May 07, 2015 the BoE officials voted unanimously to keep interest rate at 0.5%. Until the new government has been formed we cannot expect news from the monetary policy committee.

Today, traders eye on the UK retail sales. The March readings gave an optimistic look on the retail sale.

Technical view:

The pound surged against USD towards 50Dsma. At yesterday's session, the cable breached the 50dsma in intraday, but was unable to close above that. The pound is trading at 1.5024 at Thursday's Asia's session; compare to 1.5037 Wednesday's closing. In the four-hour chart, the cable has been making bullish inverse head and shoulder pattern. The price has been trading at the verge of the breakout. At yesterday's session, the cable exactly rejected the upper end of the neckline. In case, if the price taken out the neckline we can expect further bullish bias towards 1.5160 March 18 high initially. Intraday support finds at 1.5010. We recommend selling below 1.5000 with targets at 1.4975 and 1.4940. The 34hrsma finds at 1.4935 below this 1.4850 is the major support for coming days. On the higher side, we recommend buying above 1.5080 with targets at 1.5100, 1.5150, and 1.5160 initially, and at 1.5190 and 1.5210 later.

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Intraday technical levels and trading recommendations for EUR/USD for April 22, 2015 Market Analysis Review

The market was aggressively 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 1600 pips since the beginning of 2015. Moreover, EUR/USD bears have already pushed the market slightly below the monthly demand level of 1.0550 (established on January 1997).

The recent monthly closure still indicates negativity for the EUR/USD pair in the long term.

Bearish breakdown of the monthly demand level at 1.0550 should be anticipated as theoretical long-term targets are projected towards 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 off 1.1300) bullish rejection was expressed at 1.0570 (monthly demand level).

Shortly after, the EUR/USD pair failed to keep pushing above the depicted uptrend line. Hence, a double-top reversal pattern was executed around 1.1030.

Daily persistence below the level of 1.0750 (neck-line) confirmed the reversal pattern, thus extending the projection target for the EUR/USD pair towards the level of 1.0330.

On Friday, a bullish pullback towards 1.0750-1.0770 (neckline of the double-top pattern) took place. Hence, a valid sell position was offered around this price zone. Stop Loss should be set as DAILY closure above 1.0800.

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