Intraday technical levels and trading recommendations for GBP/USD for April 30, 2015 Market Analysis Review

Transient bearish pressure has previously been applied around 1.4960-1.5000 (daily 38.2% Fibonacci level as well as previous weekly demand level).

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).

Persistence above the zone of 1.5000-1.5080 exposes the weekly supply zone at 1.5500-1.5550 (also corresponding to weekly 50% Fibonacci level).

On the other hand, the recent demand zone between 1.5000 and 1.5080 (daily 38.2% and 50% Fibonacci levels) will probably offer a valid long-term buy entry as soon as retesting takes place

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Intraday technical levels and trading recommendations for EUR/USD for April 30, 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 1600 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 in the long term. However, some bullish rejection is expressed by the ongoing monthly candlestick.

On the long-term, bearish breakdown of the monthly demand level at 1.0550 shouldn't be excluded as 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 levels of 1.1300), bullish rejection was expressed at 1.0570 (monthly demand level).

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

This applied strong bullish pressure over the level of 1.1050, exposing the next supply zone at 1.1150-1.1240 where the price action should be watched carefully for a valid sell entry if the current daily candlestick comes as a reversal one by the end of the day.

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GBP/USD intraday technical levels and trading recommendations for April 30, 2015 Market Analysis Review

Overview:

On March 2, bearish breakdown of the lower limit of the previous daily channel occurred enhancing the bearish side of the market.

Persistence below the zone of 1.4950-1.5000 indicated a further bearish decline.

Initial projection target for this bearish breakout was located at 1.4700. Shortly after, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was established.

Evident bullish recovery emerged at 1.4560 pushing the GBP/USD pair above the level of 1.4700. Since then, successive higher highs have been established on the H4 chart.

As anticipated, daily closure above 1.5060 (50% Fibonacci level) ended the ongoing bearish momentum. This exposed the next resistance levels at 1.5350 and 1.5400 (upper limit of the ongoing H4 channel).

In the short term, the zone of 1.5240-1.5200 (lower limit of the H4 channel and previous consolidation range) constitutes a significant intraday support when further bearish pullback occurs.

Persistence below 1.5400 (the upper limit of the H4 channel and previous prominent resistance) enhances the bearish side of the market towards the levels of 1.5300, 1.5250, and 1.5150 if enough bearish momentum is expressed below 1.5240.

On the other hand, the level of 1.5050 remains the most prominent support level to watch for long-term buy entries (corresponds to 50% Fibonacci level and a previous consolidation range's upper limit)

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USD/CAD intraday technical levels and trading recommendations for April 30, 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's why these levels should be watched carefully for early signs of 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 at retesting.

Trading recommendations:

For those who missed the initial breakout below 1.2100, conservative traders should wait for 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 current prices.T/P is projected at 1.2100 and 1.2270 as long as USD/CAD bulls keep defending Today's low (1.1940).

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EUR/NZD : analysis for April 30, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been trading upwards. As we had expected, the price tested the level of 1.4766 in a high volume. The short-term trend is bullish. Be careful when selling at this stage and watch for potential buying opportunities after a bearish correction. According to the H4 time frame, we can observe that our Fibonacci retracement 38.2% at 1.4200 was held successfully. It caused the price to start moving upwards. Our objective points at the levels of 1.4385, 1.4490, and 1.4525 are met. According to Fibonacci expansion, the next bullish objective point is at the level of 1.5000 (Fibonacci expansion 161.8%). According to the daily time frame, we can observe demand in a high volume, which is a sign that selling looks risky.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.4500

R2: 1.4571

R3: 1.4685

Support levels:

S1: 1.4268

S2: 1.4200

S3: 1.4081

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

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Gold : analysis for April 30, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the level of $1,202.00. According to the daily time frame, we can observe a supply in a high volume but with very weak price action (weak supply). Our Fibonacci retracement 61.8% (support) at $1,174.00 was held successfully. It caused the price to start an upward movement. Major resistance is seen around the level of $1,220.00. The short-term trend is neutral. According to the H4 time frame, we can observe supply in an average volume but with weak price action. I had placed Fibonacci expansion to find potential resistance levels and got Fibonacci expansion 61.8% at $1,225.00, Fibonacci expansion 100% at $1,256.00, and Fibonacci expansion 161.8% at $1,306.00. I had also placed Fibonacci retracement from the most recent upward leg to find potential support levels and got Fibonacci retracement 38.2% at $1,200.00 and Fibonacci retracement 61.8% at $1,190.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,212.95

R2: 1,216.00

R3: 1,220.90

Support levels:

S1: 1,203.00

S2: 1,200.00

S3: 1,195.00

Trading recommendations: Watch for potential buying opportunities after bearish correction. The first major resistance is around the level of $1,224.00.

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Daily analysis of GBP/USD for April 30, 2015 Market Analysis Review

GBP/USD got another bullish momentum within the Wednesday session, trying to reach the level of 1.5538, which is the closest resistance on the upside. Now, we could expect a bullish consolidation with a higher high pattern formation at the daily time frame. Don't forget that the 200 SMA in the resistance zone of 1.5538 could act as dynamic resistance.

In the H1 chart, we can observe some kind of bullish pattern formation below the level of 1.5439. The pair is trying to test the resistance zone of 1.5496 again. In an intraday outlook, GBP/USD is still supported by 1.5396 and if it does a breakout in this zone, it would be expected to fall to the support at 1.5346.

Daily chart's resistance levels: 1.5538 / 1.5778

Dailychart's support levels: 1.5371 / 1.5238

H1 chart's resistance levels: 1.5439 / 1.5496

H1 chart's support levels: 1.5396 / 1.5346

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 1.5439, take profit is at 1.5496, and stop loss is at 1.5383.

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