EUR/NZD : analysis for May 08, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been trading downwards.The price tested the level of 1.5002 in a high volume. The short-term trend is bullish. Our objective point at 1.5155 (Fibonacci retracement 50%) has been reached and we can observe bearish corrective phase in progress. According to the daily time frame, we can observe weak demand. I placed Fibonacci retracement from the most recent bullish leg to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.5040, Fibonacci retracement 50% at 1.4980, and Fibonacci retracement 61.8% at 1.4920. Watch for potential buying opportunities on the dips (after bearish correction).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5215

R2: 1.5260

R3: 1.5333

Support levels:

S1: 1.5060

S2: 1.5010

S3: 1.4940

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

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Gold : analysis for May 08, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,178.67 in a high volume. According to the daily time frame, we can observe supply in a volume below average. The short-term trend is neutral. According to the H4 time frame, we can observe supply in a high volume. Our Fibonacci retracement 61.8% at the level of $1,181.00 was held successful. I am still expecting bullish movement, so my advice is to focus on buying positions. The first resistance level is around $1,200.00. According to the 30-minute time frame, there is still a valid inverted head and shoulders formation (bullish). I found corrective downward channel according to 30min timeframe, and the price broke and re-tested that channel, which is sign for potential bullish movement.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,189.00

R2: 1,192.75

R3: 1,198.13

Support levels:

S1: 1,178.65

S2: 1,175.30

S3: 1,170.10

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities (buy on dips).

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Daily analysis of major pairs for May 8, 2015 Market Analysis Review

EUR/USD: This is a bullish market, though the present price action is a threat to the bullish scenario. As long as the price stays above the support line at 1.1050, the bullish outlook is likely to be rational. Thus, dips on the market could be amounted to opportunities to buy long.

USD/CHF: This week, this currency trading instrument went down by 200 pips and moved upwards by 150 pips. The outlook remains bearish and as long as EUR/USD is strong, this instrument would be weak. This present rally should be considered as an opportunity to sell short at a better price.

GBP/USD: The GBP/USD pair rallied massively yesterday, including most GBP pairs. From the accumulation territory around 1.5250, the price moved upwards, testing the distribution territory at 1.5500. This is a movement of 300 pips. From the distribution territory at 1.5500, the price has been corrected lower, but the overall bias remains bullish. While the distribution territory may be tested again, any movement below the accumulation territory at 1.5150 would cause a threat to the extant bullish bias.

USD/JPY: the signal that is on this pair is a “buy" signal. The price is above the EMA 56 and the RSI period 14 is above the level of 50. There is a probability of further northward attempts.

EUR/JPY: This is also a bulishl market and the cross should be strong as long as the euro is strong. The Bullish Confirmation Pattern in the market would be valid as long as the price is unable to break the demand zones at 133.00 and 132.50 to the downside.

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Daily analysis of USDX for May 08, 2015 Market Analysis Review

The index is calling for the changed current bias, which is bearish, because the level of 93.95 has already provided a good bottom for the USDX. We can confirm this idea only if it does a breakout at the resistance zone of 95.00 and a rally towards thelevel of 96.30 in the medium term. Also, the 200 SMA is still slightly bullish.

In the H1 chart, the USDX is trying to reach the 200 SMA, where it should find solid resistance for the short term. Remember that the zone of 93.85 is a good bottom and the place where the losses were contained. For now, we should remain cautious, as the bearish risk is still there, but it could be invalidated with a breakout at the level of 95.34.

Daily chart's resistance levels: 95.00 / 96.30

Dailychart's support levels: 93.95 / 92.64

H1 chart's resistance levels: 95.34 / 95.94

H1 chart's support levels: 94.70 / 93.85

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 93.85, and stop loss is at 95.56.

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Daily analysis of GBP/USD for May 08, 2015 Market Analysis Review

The GBP/USD pair is likely to find strong dynamic resistance at the 200 SMA in the daily chart. That could give a good opportunity for mid-term traders to sell the pair on a pullback and ride the overall bearish trend. Anyway, the cautioin should be there yet, because GBP/USD could rally towards the resistance zone of 1.5745.

In the H1 chart, GBP/USD found strong resistance at the level of 1.5530, because sellers are very active in this territory. Now, we could talk about a higher high pattern formation above the 200 SMA, but the fact is that the pair is trying to find a solid bottom and it could be the support level of 1.5307 in the short term.

Daily chart's resistance levels: 1.5543 / 1.5745

Dailychart's support levels: 1.5371 / 1.5238

H1 chart's resistance levels: 1.5472 / 1.5533

H1 chart's support levels: 1.5392 / 1.5307

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 1.5472, take profit is at 1.5533, and stop loss is at 1.5415.

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USD/CAD intraday technical levels and trading recommendations for May 8, 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. That is why 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.

Daily fixation below 1.2300 cleared the way for the USD/CAD pair towards the levels of 1.2000 and 1.1940 (projection target of the recent range breakout and the depicted weekly uptrend).

That is why we expected these price levels to provide significant signs of bullish price action.

On the other hand, the price zone of 1.2330-1.2350 remains a significant intraday resistance zone at further retesting. This zone is likely to offer a low-risk sell entry while retesting.

Trading recommendations:

As it was suggested yesterday, risky traders could have taken a buy entry anywhere around the price level of 1.1950. T/P is projected at 1.2100, 1.2270 and 1.2320 as long as USD/CAD bulls keep defending the recent low (1.1940).

On the other hand, conservative traders should wait for a bullish pullback towards the price zone of 1.2300-1.2340 for a low-risk sell entry. T/P levels should be placed at 1.2220, 1.2100, and 1.1950 while S/L should be placed above 1.2250.

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Intraday technical levels and trading recommendations for EUR/USD for May 8, 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 1,500 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. However, April's monthly candlestick came as a bullish engulfing candle as depicted on the chart.

This probably hinders further bearish decline for some time. On the other hand, it enhances a bullish corrective movement towards 1.1500 if a daily closure persists above the level of 1.1250.

In the long term, bearish breakdown of the monthly demand level of 1.0550 should not be excluded as the 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.

After such a long bearish rally (which started around the levels of 1.1300), bullish rejection was expressed at 1.0570 (monthly demand level).

The price zone between 1.1050 and 1.1150 failed to neutralize the ongoing bullish momentum. Moreover, a bullish continuation pattern with an ascending bottom was established around the level of 1.0650.

This applied a strong bullish pressure over the prominent supply levels at 1.1150 and 1.1240. Thus, bears have failed to pause the ongoing bullish momentum of the EUR/USD pair.

The current daily candlestick closure should be monitored for further price analysis.

Daily persistence above the level of 1.1250 directly exposes the daily supply level located at 1.1500 for a quick retesting.

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