Technical analysis of EUR/USD for May 12, 2015 Market Analysis Review

When the European market opens, the results of the ECOFIN Meetings are due for release. The US is expected to release economic data on the Federal Budget Balance, JOLTS Job Openings, and NFIB Small Business Index. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1198.

Strong Resistance:1.1192.

Original Resistance: 1.1181.

Inner Sell Area: 1.1170.

Target Inner Area: 1.1144.

Inner Buy Area: 1.1118.

Original Support: 1.1107.

Strong Support: 1.1096.

Breakout SELL Level: 1.1090.

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 May 12, 2015 Market Analysis Review

In Asia, Japan will release Leading Indicators and 10-y Bond Auction. The US is expected to release economic data on Federal Budget Balance, JOLTS Job Openings, and NFIB Small Business Index. So, there is a strong probability that 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: 120.73.

Resistance. 2: 120.49.

Resistance. 1: 120.26.

Support. 1: 119.97.

Support. 2: 119.74.

Support. 3: 119.50.

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.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for May 12, 2015 . Thanks for your support.

GBP/USD intraday technical levels and trading recommendations for May 11, 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 towards 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) exposed the next resistance levels at 1.5400 and 1.5450 where extensive bearish pressure was applied.

Persistence below 1.5300 (the lower limit of the H4 channel) enhanced the bearish side of the market towards the levels of 1.5300, 1.5250 and 1.5100.

The price level of 1.5050 remains the most prominent support level to watch for long-term buy entries (corresponds to 50% Fibonacci level and the previous consolidation range's upper limit).

On the other hand, the price zone of 1.5550-1.5580 is now a critical zone to be watched for price action.

Obvious bullish breakout above 1.5550 indicates further bullish movement initially towards 1.5750 (backside of the broken channel) where a valid SELL entry can be taken.

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USD/CAD intraday technical levels and trading recommendations for May 11, 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:

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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EUR/NZD : analysis for May 11, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5185 in a high volume. The short-term trend is bullish. Our target at 1.5155 (Fibonacci retracement 50%) has been reached and we can observe a completed bearish corrective phase in the background. According to the daily time frame, we can observe supply in a volume just above average in the background. Our target is at the price of 1.5450. Watch for potential buying opportunities on the dips (after bearish correction).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5100

R2: 1.5150

R3: 1.5230

Support levels:

S1: 1.4950

S2: 1.4900

S3: 1.4826

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

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Intraday technical levels and trading recommendations for EUR/USD for May 11, 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 and 1.1600 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 allowed the market to fall dramatically shortly afterwards.

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 previously 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 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 price levels of 1.1150 and 1.1250 enhances the bullish side of the market. This exposes the nearest daily supply level at 1.1500 for a quick retesting.

On the other hand, failure to persist above 1.1150 indicates further sideway movement without significant bullish momentum.

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Intraday technical levels and trading recommendations for GBP/USD for May 11, 2015 Market Analysis Review

Significant supply levels located around 1.5300 (weekly 38.2% Fibonacci level) and 1.5500 (weekly 50% Fibonacci level) have been providing significant supply over the GBP/USD pair for a few months.

Evident bullish recovery emerged from the area around 1.4550 where a significant bullish engulfing weekly candlestick was expressed.

As mentioned in the previous articles, persistence above the levels of 1.5000-1.5080 exposed the weekly supply zone of 1.5500-1.5550 (roughly corresponding to weekly 50% Fibonacci level), where significant bearish pressure was previously applied on February 22.

The current weekly candlestick closure should be monitored to determine the next destination of the pair as persistence above the weekly supply at 1.5530 has been pausing the ongoing bearish trend for a few weeks.

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

The price zone between 1.5000 and 1.5050 (daily 38.2% and 50% Fibonacci levels) constitutes the prominent demand level for the GBP/USD pair.

As anticipated, it offered a valid buy entry at retesting that took place on Tuesday. S/L can be advanced to 1.5250 to secure some profits now.

A daily closure above the weekly supply zone 1.5500-1.5530 exposes the next supply level located at 1.5720 (100% Fibonacci Expansion of the recent bullish swing).

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