Elliott wave analysis of EUR/NZD for April 14 - 2015 Market Analysis Review

Technical summary:

We saw a sharp rally towards 1.4237 yesterday, which is just below the 50% corrective target for red wave iii and therefore it is more than likely that red wave iv ended at 1.4237.Red wave v is likely to move lower towards 1.3867 and possibly even lower to 1.3687 before a firm bottom is found. In the short term, I would be looking for a break below minor support at 1.4130 as a confirmation that red wave v is unfolding a decline to 1.4011 on the way lower to 1.3867. Ideally, minor resistance at 1.4170 will protect the upside for the break below 1.4130 for a strong move lower.

Trading recommendation:

The decline in wave v is well advanced, but we will buy and sell EUR at 141.65 with a stop at 142.10 and take profit at 1.3875, this will be a nice risk/reward trade.

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Elliott wave analysis of EUR/JPY for April 14 - 2015 Market Analysis Review

Technical summary:

We can observe a correction in red wave iv, which could be some kind of triangle consolidation before the final decline closer to 125.98 to terminate wave C of the expanded flat correction, which has dominated the picture since late December 2013. After this decline in wave C is over, we should see a new impulsive rally to above 149.55.

Trading recommendation:

Now, wave (v) C is advanced so well that a bottom could be found at anytime. So, we will be looking for EUR buying opportunity around 125.98.

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Technical analysis of EUR/USD for April 14, 2015 Market Analysis Review

When the European market opens, some economic data on Industrial Production m/m and German WPI m/m are dou for release. The US is expected to publish data on the Business Inventories m/m, NFIB Small Business Index, Core PPI m/m, Retail Sales m/m, PPI m/m, and Core Retail Sales m/m. So, EUR/USD will move low to medium volatility during this day amid the reports.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0622.

Strong Resistance:1.0615.

Original Resistance: 1.0605.

Inner Sell Area: 1.0595.

Target Inner Area: 1.0570.

Inner Buy Area: 1.0545.

Original Support: 1.0535.

Strong Support: 1.0525.

Breakout SELL Level: 1.0518.

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 April 14, 2015 Market Analysis Review

In Asia, Japan is not expected to release any economic data. But the US will publish data on Business Inventories m/m, NFIB Small Business Index, Core PPI m/m, Retail Sales m/m, PPI m/m, and Core Retail Sales m/m. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.51.

Resistance. 2: 120.28.

Resistance. 1: 120.04.

Support. 1: 119.76.

Support. 2: 119.52.

Support. 3: 119.28.

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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Daily analysis of major pairs for April 14, 2015 Market Analysis Review

EUR/USD: This market was simply volatile yesterday, without going upwards or downwards. The general outlook remains bearish and it is expected that the market would continue trading downwards, reaching the support lines at 1.0500 and 1.0450.

USD/CHF: The USD/CHF was indecisive for most part of Monday. Today or tomorrow, there ought to be a continuation of a bullish journey, taking the price towards the resistance levels at 0.9850 and 0.9900. The resistance level at 0.09850 has been tested this week, and it could be retested again.

GBP/USD: The cable made some attempt to rally on Monday, all in the context of downtrend. The dominant bias is bearish and it assumes that the present rally proffers a wonderful opportunity to go short at a better price. The only thing that can render this assumption invalid is an event that causes the cable to go above the distribution territory at 1.4850.

USD/JPY: The price action on this currency trading instrument testifies to the desperate struggle between bulls and bears. Until the price closes below the demand level at 119.00, it cannot be said that bears gain the upper hand. The bias remains bullish as long as the price is above the aforementioned demand level.

EUR/JPY: This cross made further bearish attempts on Monday, almost reaching the demand zone at 126.50. There is a shallow upwards bounce in the market, but there is also a strong possibility that the demand zone at 126.50 would be reached, owing to the deep weakness in the euro.

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GBP/USD intraday technical levels and trading recommendations for April 13, 2015 Market Analysis Review

Overview:

On February 5, a temporary bullish breakout above 1.5220 (previous consolidation range) took place. Shortly after, an ascending channel was established at the levels of 1.5170-1.5200. This indicates bullish sentiment on the market.

A projected target for this bullish breakout has been already reached around 1.5550 where the previous daily bottoms were located (solid resistance).

One month ago, the bearish breakdown of the lower limit of the depicted channel occurred enhancing the bearish side of the market and confirming the Flag pattern as bearish.

Significant bearish pressure was applied over the levels of 1.5200 (R2), and 1.4950 (R1 = broken weekly bottom) leading to a quick breakdown.

Bearish persistence below 1.4950-1.5000 indicated a further bearish decline. The initial projection target for this bearish breakout was located at 1.4700.

Fixation above 1.5000 (R1) was needed to extend the pattern's projection target towards 1.5200. However, GBP/USD bulls failed bringing the pair back to the long-term downtrend as depicted on the daily and weekly charts.

Bearish breakdown of the level of 1.4700 enables the pair to resume its bearish scenario towards 1.4500 and 1.4450.

Bullish pullback towards 1.4700 will probably offer a valid SELL entry with S/L as daily closure above 1.4750.

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USD/CAD intraday technical levels and trading recommendations for April 13, 2015 Market Analysis Review

Overview:

Since bulls have pushed further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level, the market looks quite overbought.

However, bullish pressure is still placed above 1.2550 (consolidation zone mid-line) compared to the previous week.

Successive lower highs were established within the wedge pattern. However, the market experienced a bullish breakout above 1.2550-1.2600 shortly after.

The market failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a double-top pattern that calls for confirmation (daily closure below 1.2350).

On the other hand, the support level around 1.2350 (lower limit of the wedge pattern) and 1.2300 (79.6% Fibonacci level) have been providing support for successive weeks on the daily and weekly charts.

On a daily basis, as long as the USD/CAD pair keeps trading above 1.2550 (intraday support level), an initial bullish swing towards 1.2800 should be expected (upper limit of the current consolidation range).

In the long term, a projected target for the USD/CAD wedge pattern would be located near the level of 1.3050 (the origin of the last bearish swing initiated on March 2009 = 100% Fibonacci level).

Trading recommendations:

As anticipated, risky traders should wait for bullish breakout above 1.2550 for a continuation of buy entry.

T/P to be placed at the price levels of 1.2740, 1.2800, and finally 1.3040.

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