GBP/USD intraday technical levels and trading recommendations for April 28, 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 price 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, thus exposing the next resistance level at 1.5350 (upper limit of the ongoing H4 channel) for retesting.

Recently, the zone between 1.5000-1.5050 (lower limit of the H4 channel and 50% Fibonacci) turned to be an intraday support when further retesting takes place.

On the other hand, the price action should be watched around the current price levels (1.5300-1.5350) for a low-risk sell entry.

Bearish targets would be located at 1.5200, 1.5110 and possibly 1.5050 if enough bearish momentum is expressed.

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USD/CAD intraday technical levels and trading recommendations for April 28, 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.

Moreover, 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 clears the way for the USD/CAD pair towards the zone between 1.2000-1.1950 (where the projection target of the recent range breakout is located) and 1.1800 where the depicted weekly uptrend is roughly located.

On the other hand, the price zone of 1.2320-1.2350 remains a significant intraday resistance zone at further retesting. This is where the price action should be watched for a low-risk sell entry.

Trading recommendations:

For those who missed the initial breakout below 1.2100, conservative traders should wait for bullish pullback towards 1.2100-1.2130 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.

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Technical analysis of USD/JPY for April 28, 2015 Market Analysis Review

Fundamental outlook:
USD/JPY is expected to trade with risks skewed lower. It is undermined by the softer dollar sentiment (ICE spot dollar index last 96.85 versus 96.94 early Monday) on weaker-than-expected Markit US April flash services PMI of 57.8 (versus forecast 59.5), while expectations prevailed that the Federal Reserve would remain patient about raising interest rates in its Wednesday's policy statement following a number of disappointing releases on US new jobs, retail sales, and manufacturing activities. USD/JPY is also weighed by the Japan export sales and flows to haven the yen amid decreased investor risk tolerance (VIX fear gauge rose 6.75% to 13.12, S&P 500 closed 0.41% lower at 2,108.92 overnight). But USD/JPY losses are tempered by the demand from Japan importers, ultra-loose Bank of Japan's monetary policy, and higher US Treasury yields (2-year at 0.524% versus 0.512% late Friday), Fitch on Monday downgrading Japan's long-term foreign and local credit issuer rating by one notch to A from A-plus.

Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish, five-day moving average is below 15-day moving average and is declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 118.50. A break of that target will move the pair further downwards to 118.30. The pivot point stands at 119.45. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 119.75 and the second target at 120.10.

Resistance levels:
119.75
120.10
120.45

Support levels:
118.50
118.30
117.75

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Intraday technical levels and trading recommendations for GBP/USD for April 28, 2015 Market Analysis Review

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

Sideways movement with slight bearish tendency had been expressed on the daily chart until a bullish breakout took place above 1.4970-1.5000 (via a Full-body bullish candlesticks).

The recently-established demand zone at 1.5000-1.5080 (38.2% and 50% Fibonacci levels) will probably provide significant bullish pressure for further retesting offering a valid long-term buy entry.

Persistence above price zone of 1.5000-1.5080 exposes the next weekly supply zone at 1.5500-1.5550 as depicted on the chart.

The GBP/USD pair has been trapped between the levels of 1.4700 and 1.4500. A false bearish breakout took place below 1.4700, then GBP/USD bulls came back to trade above 1.4700.

Four-hour candlestick fixation above 1.4970-1.5000 (reversal pattern's upper limit) has confirmed the ongoing bullish scenario with projection target located in the daily supply zone around 1.5500.

Note that the price zone between 1.5300-1.5350 corresponds to a previous consolidation range (February 2015). The valid Intraday sell entry can be retested.

On the other hand, the recent demand zone between 1.5000-1.5080 (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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Technical analysis of USD/CHF for April 28, 2015 Market Analysis Review

Fundamental overview:

USD/CHF is expected to trade lower. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 96.85 versus 96.94 early Monday) on weaker-than-expected Markit US flash services PMI of 57.8 (versus forecast 59.5) in April, while expectations prevailed that the Federal Reserve would remain patient about the interest rate hikes in its statement following a number of disappointing releases on the US new jobs, retail sales, and manufacturing activities. But USD/CHF is limited by the franc sales (on buoyant EUR/CHF cross and negative Swiss interest rates) and the threat of the Swiss National Bank CHF-selling intervention.

Technical comment:
The daily chart still is negative-biased as the MACD and stochastics are in bearish mode.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9480. A break of that target will move the pair further downwards to 0.9440. The pivot point stands at 0.9620. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9670 and the second target at 0.9720.

Resistance levels:
0.9670
0.9720
0.9760

Support levels:
0.9480
0.9440
0.94

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Technical analysis of NZD/USD for April 28, 2015 Market Analysis Review

Fundamental overview:

NZD/USD is expected to trade in a higher range. Financial markets in New Zealand are shut for a public holiday on Monday. NZD/USD is supported by the weaker dollar sentiment and positive investor risk appetite. But NZD/USD gains are tempered by the comments from RBNZ Assistant Governor John McDermott who said the cash rate would be on hold for some time with an increasing risk of a rate cut and kiwi sales on buoyant AUD/NZD cross and soft dairy prices.

Technical comment:
The daily chart is mixed as the MACD is bullish but stochastic is neutral.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.7735 and the second target at 0.7770. In the alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7590. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7540. The pivot point is at 0.7615.

Resistance levels:
0.7735
0.7770
0.78

Support levels:
0.7590
0.7540
0.75

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Technical analysis of GBP/JPY for April 28, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to trade in a higher range. GBP/JPY is underpinned by the polls showing Conservatives leading Labour ahead of the UK general election scheduked for the next month and sterling demand on soft EUR/GBP cross. But sterling sentiment is dented by the weaker-than-expected rise in the UK CBI industrial order book balance to +1 in April from zero in March (versus forecast +4). It is also supported by the improved euro sentiment and demand from Japan importers.

Technical comment:
The daily chart is still positive-biased as the MACD and stochastics are bullish, five-day moving average is above 15-day moving average and is advancing, although the inside-day-range pattern was completed on Monday.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 182.70 and the second target at 183.25. In the alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 181.15. A break of this target is likely to push the pair further downwards, and one may expect the second target at 180.50. The pivot point is at 181.60.

Resistance levels:
182.70
183.25
184
Support levels:
181.15
180.50
180

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