Technical analysis of USD/JPY for May 04, 2015 Market Analysis Review

In Asia, Japan will not release any economic data. However, the US will release some macroeconomic reports such as Loan Officer Survey and Factory Orders m/m. So there is a big probability the 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: 120.74.

Resistance. 2: 120.51.

Resistance. 1: 120.27.

Support. 1: 119.99.

Support. 2: 119.76.

Support. 3: 119.51.

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Weekly technical levels for EUR/USD for May 4 - 8, 2015 Market Analysis Review

Overview

• The EUR/USD pair will set a minor support at the 1.1102 level (a weekly pivot point) considering strong support at 1.0914 which represents the weekly support this week (from the 4th to 8th of May) So, the strong support will set at the spot of 1.0914, 1.1050 and 1.1102 this week. Besides, you have to consider the price of 1.1289 which represents strong resistance and a double top at the same time. Thereupon, we expect a range about 187 pips in the coming days. Just like that, the market will probably indicate a bullish opportunity at the level of 1.1289 and the weekly pivot point will act as minor support around the area of 1.1102. So, according to the previous events, the price is going to move below the level of 1.1289 and above the 1.1102 level.
• From the source previously mentioned, the area above 1.1234 looks for a further upside move with the first target at the 1.3645 level and continue towards 1.1280.

The weekly technical levels for GBP/USD pair:

Definition:

• R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well on sideways markets, as the prices are most likely to be located between the R1 and S1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue the movement. If a breaking news affects the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.

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Weekly technical levels for GBP/USD for May 4 - 8, 2015 Market Analysis Review

The weekly technical levels for GBP/USD pair:

Overview:

• The GBP/USD pair has still been moving between resistance and support. These level are set at 1.5248 and 1.5000 respectively. It should be noted that the key price is set at the level of 1.5248 (the weekly pivot point). Equally important, a double top will be formed at the 1.5255 level. As it is known, history will probably repeat itself at this level again. Therefore, it will be a good idea to sell below 1.5255/1.5240 with the first target of 1.5106 in order to test the double bottom. Then, it will call for a downtrend to continue its bearish movement towards 1.5005. At the same time, the stop loss should never exceed your maximum exposure amounts, in consequence the stop loss should be placed above the weekly pivot point at the price of 1.5266.

Observations:

• The weekly pivot point sets at the level of 1.5248 (key level).
• We expect a range of 289 pips at least this week.
• If the trend is buoyant, then the strength of the currency will be defined as following: GBP is in an uptrend and USD is in a downtrend.
• As a rule, the market is highly volatile if the previous day or week had huge volatility (368.71).

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Elliott wave analysis of EUR/NZD for May 4 - 2015 Market Analysis Review

Technical summary:

The strong rally in wave iii higher towards at least 1.4983 and maybe even 1.5180 has developed nicely. In the short term, we are looking for a minor correction towards 1.4758 before the next rally higher to 1.4983 in wave iii. Even if the correction from 1.4895 proves larger than expected, it should just be a matter of time before the impulsive rally to above 1.4895 is seen.

Trading recommendations:

We are long EUR from 1.4645 and will keep our stop at 1.4745, but will move our stop higher to 10 pips below the most recent low if the top at 1.4895 is broken. If you are not long EUR yet, then buy near 1.4895 with the same stop at 1.4745.

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Elliott wave analysis of EUR/JPY for May 4 - 2015 Market Analysis Review

Technical summary:

The extended rally in red wave iii seems to have peaked between the 261.8% and the 300% extension target of red wave i. We should now be looking for red wave iv. As red wave ii was a simple zig-zag correction, we should expect a shallow but complex correction in red wave iv. A correction that likely will not move lower than the 132.95 - 133.45 area. Once the correction in red wave iv is over, a new rally higher towards 137.40 should be expected to end the first impulsive rally of the 126.02 low.

Trading recommendations:

We are long EUR from 128.85 and will move stop higher to 132.75. If you are not long EUR yet, then but EUR near 133.45 with the same stop at 132.75.

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Daily analysis of USDX for May 01, 2015 Market Analysis Review

The donwside is still present on the USDX as it is trading below the resistance level of 95.00 and we could expect more lower moves to the support zone of 93.95 if the Index forms a lower low pattern in this direction. The 200 SMA on the daily chart is turning to neutral territory and we could expect some kind of sideways consolidation on coming Monday.

The index is still finding strong support at the level of 94.70. It Is highly probable that it could test the resistance level of 95.34 during this rebound. Anyway, THE USDX could rally towards the 200 SMA if it makes a breakout at the level of 95.87. On the other side, the USDX could be looking for new lows if the Index breaks the support zone at the level of 94.05.

Daily chart's resistance levels: 95.00 / 96.30

Dailychart's support levels: 93.95 / 92.68

H1 chart's resistance levels: 95.34 / 95.87

H1 chart's support levels: 94.70 / 94.05

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 94.70, take profit is at 94.05, and stop loss is at 95.34.

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Daily analysis of GBP/USD for May 01, 2015 Market Analysis Review

On the daily chart, GBP/USD is already doing a deep pullback from the resistance level of 1.5371 after forming a fractal on the last high. Now, we could expect testing of the support zone of 1.5007 only if the pair does a breakout in the zone of 1.5238 to the downside. The MACD indicator is entering an overbought territory.

GBP/USD is already strong in the current bearish bias because the pair is trading on the 200 SMA on the H1 chart. It could be offering dynamic support or just another dynamic pivot that could accelerate the bearish momentum. In our outlook on the intraday basis, GBP/USD could start to trade in sideways during the next week.

Daily chart's resistance levels: 1.5238 / 1.5371

Dailychart's support levels: 1.5007 / 1.4874

H1 chart's resistance levels: 1.5217 / 1.5313

H1 chart's support levels: 1.5155 / 1.5102

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 1.5217; take profit is at 1.5313; and stop loss is at 1.5123.

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