Technical analysis of USD/JPY for March 30, 2015

In Asia, Japan is expected to release the Prelim Industrial Production m/m. The US will release economic data on Pending Home Sales m/m, Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So, there is a strong probability that the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.80.

Resistance. 2: 119.57.

Resistance. 1: 119.34.

Support. 1: 119.04.

Support. 2: 118.81.

Support. 3: 118.57.

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.

Read more: https://www.instaforex.com/forex_analysis/58590/

Technical analysis of GBP/CHF for April 01, 2015

Technical outlook and chart setups:

The GBP/CHF pair is seen to be stalled just above the level of 1.4400 as depicted on the 4H chart view. The pair could resume its downswing and target 1.4000 in the sessions to come. It is therefore recommended to take profits on long positions initiated earlier and remain flat for now. Immediate support is seen at 1.4200 (interim) followed by 1.4000, 1.3850, and lower, while resistance is seen at 1.4630 followed by 1.4800, 1.4950, and higher respectively. A bearish signal at the current levels would confirm that bears would resume the down swing.

Trading recommendations:

Book profits on long positions taken earlier.

Good luck!

Read more: https://www.instaforex.com/forex_analysis/58706/

Technical analysis of USD/JPY for April 07, 2015

In Asia, Japan is not expected to release any economic data. However, the US will publish data about Consumer Credit m/m, IBD/TIPP Economic Optimism, and JOLTS Job Openings. So, there is a strong probability that the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.18.

Resistance. 2: 119.94.

Resistance. 1: 119.71.

Support. 1: 119.42.

Support. 2: 119.19.

Support. 3: 118.95.

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.

Read more: https://www.instaforex.com/forex_analysis/58920/

Technical analysis of NZD/USD for April 08, 2015

Fundamental overview:

NZD/USD is expected to trade in a higher range. It is undermined by positive dollar sentiment (ICE spot dollar index last 97.91 versus 97.07 early Tuesday) as more-than-expected 5.133 million US job openings in February (versus forecast of 5.01 million), a rise in the US IBD/TIPP economic optimism index to 51.3 in April from 49.1 in March, and larger-than-expected $15.52 billion increase in the US February consumer credit (versus forecast +$12.0 billion) bolster belief that last Friday's weak US March non-farm payrolls report was an aberration and that the US economy will regain momentum after the first quarter, subdued investor risk appetite, weak dairy prices and kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the NZD-USD interest differential.

Technical comment:

The daily chart is mixed as the MACD is turning bearish, but stochastics is neutral.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as far as it remains above its pivot point. As long as the price keeps above its pivot point, long positions are recommended with the first target at 0.7620 and the second target at 0.7665. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7460. A break of this target would push the pair further downwards, and one may expect the second target at 0.7420. The pivot point is at 0.7510.

Resistance levels:

0.7620

0.7665

0.7695

Support levels:

0.7460

0.7420

0.7375

Read more: https://www.instaforex.com/forex_analysis/58994/

Technical analysis of GBP/JPY for April 09, 2015


Fundamental overview:
GBP/JPY is expected to trade in a lower range. It is undermined by the weak EUR/USD undertone and Japan exporter sales. But GBP/JPY losses are tempered by improved investor risk appetite and demand from Japan importers. GBP/JPY is supported by M&A news (Petroleum giant Royal Dutch Shell PLC agreed to buy BG Group PLC for GBP47 billion), improved investor risk sentiment, and sterling demand on soft EUR/GBP cross .

Technical comment:
The daily chart is mixed as the MACD is bullish, but stochastics is turned bearish.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 177.05. A break of that target will move the pair further downwards to 176.75. The pivot point stands at 178.45. 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 179.05 and the second target at 179.30.

Resistance levels:
179.05
179.30
179.75

Support levels:
177.05
176.75
176

Read more: https://www.instaforex.com/forex_analysis/59070/

Elliott wave analysis of EUR/NZD for April 10 - 2015


Technical summary:

The break below 1.4128 invalidated the possibility of a new impulsive rally being in motion. We changed our short-term count, which calls for a final decline closer to 1.3867 now and even 1.3687 before a firm bottom could be in place. In the short term, we will look for resistance at 1.4130 and again at 1.4193, which we expect to protect the upside for the next part of the decline closer to 1.3867 and likely even lower to 1.3687.

Trading recommendation:

Sell EUR near 1.4193 with stop placed at 143.00 and place take profit at 1.3875.

Read more: https://www.instaforex.com/forex_analysis/59098/

Technical analysis of Gold for April 13, 2015

Technical outlook and chart setups:

Gold is seen to be trading at the levels of $1,204.00/05.00 for now and is likely to be pushed higher towards $1,240.00/50 in the coming sessions. Immediate intermediary support is seen at $1,192.00 followed by $1,178.00, $1,162.00, and lower, while resistance is seen at $1,240.00/50.00 followed by $1,285.00, and higher respectively. It is recommended to remain long for now, with risk below $1,170.00. Bulls should be poised to push at higher levels untill prices stay above $1,170.00 from here on.

Trading recommendations:

Remain long for now, stop at $1,170.00, target is open. Good luck!

Read more: https://www.instaforex.com/forex_analysis/59166/

Technical analysis of USD/CHF for April 14, 2015

Fundamental overview:

USD/CHF is expected to consolidate with risks skewed lower after hitting a three-week high of 0.9863 on Monday. It is undermined by the franc demand on cross trades versus major currencies. But USD/CHF losses are tempered by the broadly firm dollar undertone, negative Swiss interest rates, and threat of the Swiss National Bank CHF-selling intervention.

Technical comment:

The daily chart is still positive-biased as the MACD and stochastics are bullish, although the latter is at overbought levels, five-day moving average above is 15-day moving average and is advancing.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.9720. A break of that target will move the pair further downwards to 0.9665. The pivot point stands at 0.9810. 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 0.9870 and the second target at 0.9940.

Resistance levels:

0.9870

0.9940

0.9985

Support levels:

0.9720

0.9665

0.9595

Read more: https://www.instaforex.com/forex_analysis/59232/

Technical analysis of EUR/USD for April 15, 2015

When the European market opens, economic data about Minimum Bid Rate, ECB Press Conference, German 10-y Bond Auction, Trade Balance, French CPI m/m, and German Final CPI m/m are due for release.The US will publish economic data on the TIC Long-Term Purchases, Beige Book, Crude Oil Inventories, NAHB Housing Market Index, Industrial Production m/m, Capacity Utilization Rate, and Empire State Manufacturing Index. So, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0697.

Strong Resistance:1.0690.

Original Resistance: 1.0680.

Inner Sell Area: 1.0670.

Target Inner Area: 1.0645.

Inner Buy Area: 1.0620.

Original Support: 1.0610.

Strong Support: 1.0600.

Breakout SELL Level: 1.0593.

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.

Read more: https://www.instaforex.com/forex_analysis/59274/

Elliott wave analysis of EUR/NZD for April 16 - 2015

Technical summary:

We are very close to make new lows for the year. A decline from 1.4206 is not very pretty and can be described as a series of waves one and two. In this case, we should expect a powerful decline soon, as a series of wave three needs to unfold. Only a break above 1.4148 will invalidate this outlook and indicate that the decline from 1.4206 was corrective and we should see a new rally to at least 1.4206 and even to 1.4237.

Trading recommendation:

We sold EUR at 1.4145 and moved our stop lower to 1.4155. If you are not short EUR yet, sell near 1.4105 with the same stop at 1.4155 and place take profit at 1.3920 in both cases.

Read more: https://www.instaforex.com/forex_analysis/59334/

Elliott wave analysis of EUR/NZD for April 17 - 2015

Technical Summary:
We have seen a new low at 1.3979 and wave five decline can be counted from 1.4547. So, we are getting closer to the bottom. However, as long as minor resistance at 1.4105 is protecting the upside, we will be looking for a move lower towards 1.3867 and maybe even lower to 1.3687 before the final low is in place. A break above 1.4105 is likely to be the first indication that a bottom could be in place.

Trading recommendation:

We are short EUR from 1.4145 and will move our stop+reverse of the EUR position lower to 1.4115. If our stop+reverse is hit at 1.4115 our new stop will be placed 5 pips below the bottom.

Read more: https://www.instaforex.com/forex_analysis/59410/

Technical analysis of Gold for April 20, 2015

Technical outlook and chart setups:

Gold is seen to be trading around the level of $1,204.00 at the moment and could be preparing to break higher. The metal seems to have a higher low around $1,182.00/83.00 already formed and bulls are likely to be poised to remain in control until prices stay above that level. It is recommended to remain long with risk at the level of $1,170.00 . Immediate support is seen at $1,183.00 (interim), followed by $1,178.00, $1,162.00, and lower while resistance is seen through $1,240.00/50.00 followed by $1,180.00 and higher respectively.

Trading recommendations:

Remain long, stop at $1,170.00, a target is open.

Good luck!

Read more: https://www.instaforex.com/forex_analysis/59464/

Elliott wave analysis of EUR/NZD for April 21 - 2015


Technical summary:

we will be looking for a decline closer to 1.3867 and maybe even lower to 1.3687 as long as minor resistance at 1.4082 keeps protecting the upside. But a decline from 1.5821 is observed in five waves now and is well advanced, so a bottom could be found anytime soon. In the short term, we will focus on the downside as long as minor resistance at 1.4082 keeps protecting the upside. Any break above 1.4082 will shift our attention towards the upside for a strong rally towards 1.4569 as the first upside target.

Trading recommendation:

We are short EUR from 1.4145 and will move our stop+reverse lower to 1.4090.

Read more: https://www.instaforex.com/forex_analysis/59522/

Technical analysis of Gold for April 27, 2015

Technical outlook and chart setups:

Gold dropped lower to $1,175.00 on Friday before pulling back higher. The metal is seen to be trading around $1,182.00/83.00 for now. The hourly chart view has been depicted here, indicating interim support at $1,175.00 and lower, while resistance is seen at $1,198.00 followed by $1,204.00/08.00 and higher up respectively. If the metal drops below $1,175.00, it should test the levels of $1,171.00/73.00 at least, which is fibonacci 0.618 support of the rally between $1,140.00 and $1,224.00 respectively. A drop below $1,170.00 could prove to be extremely bearish though.

Trading recommendations:

Remain long, stop at $1,170.00, a target is open.

Good luck!

Read more: https://www.instaforex.com/forex_analysis/59766/

Elliott wave analysis of EUR/JPY for April 28 - 2015

Technical summary:

We keep looking for support near 128.75 to protect the downside for a break above the minor top at 130.20 and more importantly the base channel resistance-line, which should add acceleration to red wave iii for a rally towards 131.90. A break below 128.75 will be of concern, but only a break below the support at 127.83 will invalidate the bullish count and leave an impression of a corrective rally from a low of 126.02.

Trading recommendation:

We are long EUR from 128.85 and will our stop higher to 128.55. If you are not long EUR yet, then buy near 128.75 or upon a break above 130.20 with the same stop at 128.55.

Read more: https://www.instaforex.com/forex_analysis/59812/

Technical analysis of GBP/CHF for April 29, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading around 1.4673 at the moment, around the fibonacci 50% resistance as depicted here. The pair could be pushed higher towards 1.4780/1.4800 levels which are the fibonacci 0.618. It is recommended to book partial profits from long positions taken yesterday and also move stop to break even levels so that there is no risk. Immediate support is seen at 1.4500 followed by 1.4200, 1.4100, and lower, while resistance is seen at 1.4800/30, followed by 1.4900 and higher respectively.

Trading recommendations:

Book partial profits in long positions taken yesterday. Bring stop to break even levels, target 1.4800.

Good luck!

Read more: https://www.instaforex.com/forex_analysis/59888/

Technical analysis of EUR/JPY for April 30, 2015

Technical outlook and chart setups:

The EUR/JPY cleared the resistance at 131.50 yesterday as we can see on the 4-hour chart view. We recommend to buy on dips from here on. The area of interest to initiate long positions is seen around 128.00/129.00. Also note that fibonacci 0.618 support and the resistance turned support trend-line is also converging around the same region. It is recommended to initiate long positions around 128.00/129.00 on a bullish bounce. Immediate support is seen at 130.30 followed by 128.00 and lower while resistance is seen at 134.00 and higher respectively.

Trading recommendations:

Flat for now. Looking to buy lower.

Good luck!

Read more: https://www.instaforex.com/forex_analysis/59950/

Technical analysis of USD/JPY for May 04, 2015

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.

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.

Read more: https://www.instaforex.com/forex_analysis/60061/

Technical analysis of NZD/USD for May 06, 2015


Fundamental overview:

NZD/USD is expected to trade in a lower range. It is undermined by higher-than-expected New Zealand 1Q unemployment rate of 5.8% (versus forecast 5.5%) and 3.5% drop in Fonterra's GDT Price Index and a 1.8% fall in an average price for whole milk powder to $2,386/mt at the latest Global Dairy Trade auction, increased risk aversion, and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the weaker USD sentiment and NZD-USD interest differential.

Technical comment:

The daily chart is negative-biased as 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 0.7435. A break of that target will move the pair further downwards to 0.7410. The pivot point stands at 0.7580. 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 0.7635 and the second target at 0.7665.

Resistance Levels:

0.7635

0.7665

0.77

Support levels:

0.7435

0.7410

0.7365

Read more: https://www.instaforex.com/forex_analysis/60174/

Technical analysis of USD/JPY for May 07, 2015


Fundamental outlook:

USD/JPY is expected to trade in a lower range. It is undermined by the negative USD sentiment (ICE spot dollar index last 94.14 versus 95.10 early Wednesday) after fewer-than-expected 169,000 increase in ADP U.S. April private sector jobs (versus forecast +205,000), bigger-than-expected 1.9% drop in U.S. 1Q preliminary productivity (versus forecast -1.8%). USD/JPY is also weighed by Japan's export sales and flows to haven JPY amid increased risk aversion (VIX fear gauge rose 5.87% to 15.15, S&P 500 closed 0.45% lower at 2,080.15 overnight) after the weak U.S. ADP jobs data. Besides, the pair's dynamic is affected by comments from Federal Reserve Chairwoman Janet Yellen that equity valuations are "generally quite high," and caution ahead of the U.S. April nonfarm payrolls report Friday. But the USD sentiment is soothed by the larger-than-expected 5.0% increase in U.S. 1Q unit labor costs (versus forecast +4.3%). USD/JPY losses are also tempered by higher U.S. Treasury yields (10-year at 2.252% versus 2.176% late Tuesday), demand from Japan's importers, and ultra-loose Bank of Japan's monetary policy.

Technical comment:

The daily chart is mixed as MACD is bullish, but stochastics is in a 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 119.20. A break of that target will move the pair further downwards to 118.75. The pivot point stands at 120.05. 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 120.50 and the second target at 120.80.

Resistance levels:

120.50

120.80

121.45

Support levels:

119.20

118.75

118.30

Read more: https://www.instaforex.com/forex_analysis/60232/

Technical analysis of EUR/USD for May 08, 2015

When the European market opens, economic data on Italian Industrial Production m/m, German Trade Balance, and German Industrial Production m/m are due for release.The US is expected to publish data on Wholesale Inventories m/m, Average Hourly Earnings m/m, Unemployment Rate, and Non-Farm Employment Changes. So amid the reports, EUR/USD will move medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1297.

Strong Resistance:1.1291.

Original Resistance: 1.1280.

Inner Sell Area: 1.1269.

Target Inner Area: 1.1243.

Inner Buy Area: 1.1217.

Original Support: 1.1206.

Strong Support: 1.1195.

Breakout SELL Level: 1.1189.

Read more: https://www.instaforex.com/forex_analysis/60278/

Technical analysis of USD/JPY for May 12, 2015

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.

Read more: https://www.instaforex.com/forex_analysis/60378/

Technical analysis of USD/JPY for May 13, 2015

In Asia, Japan will release data on the Economy Watchers Sentiment, Bank Lending y/y, and Current Account. The US will release some economic data on 10-y Bond Auction, Crude Oil Inventories, Business Inventories m/m, Import Prices m/m, Retail Sales m/m, and Core Retail Sales m/m. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.43.

Resistance. 2: 120.19.

Resistance. 1: 119.96.

Support. 1: 119.67.

Support. 2: 119.44.

Support. 3: 119.20.

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.

Read more: https://www.instaforex.com/forex_analysis/60446/

Technical analysis of USD/JPY for May 21, 2015

In Asia, Japan will release the All Industries Activity m/m and Flash Manufacturing PMI. The US will release economic dataon the Natural Gas Storage, CB Leading Index m/m, Existing Home Sales, Philly Fed Manufacturing Index, Flash Manufacturing PMI, and Unemployment Claims. So, there is a strong probability that USD/JPY will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.75.

Resistance. 2: 121.51.

Resistance. 1: 121.27.

Support. 1: 120.99.

Support. 2: 120.75.

Support. 3: 120.51.

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.

Read more: https://www.instaforex.com/forex_analysis/60825/

Technical analysis of EUR/USD for May 22, 2015

When the European market opens, economic data one ECB President Draghi's speech, Italian Retail Sales m/m, German Ifo Business Climate, and German Final GDP q/q are on due. The US will release data on the Core CPI m/m and CPI m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1163.

Strong Resistance:1.1157.

Original Resistance: 1.1146.

Inner Sell Area: 1.1135.

Target Inner Area: 1.1109.

Inner Buy Area: 1.1083.

Original Support: 1.1072.

Strong Support: 1.1061.

Breakout SELL Level: 1.1055.

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.

Read more: https://www.instaforex.com/forex_analysis/60879/

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Technical analysis of Silver for May 25, 2015

Technical outlook and chart setups:

Silver is trading at $17.00/10 levels at the moment, for an opportunity to resume its rally. Please note that the metal has been well supported around the fibonacci 0.50 levels at $16.90. It is still possible that the metal drops up to fibonacci 0.618 support at the level of $16.75 before resuming its rally further. It is recommended to remain long for now with stop around the level of $16.30/40, leaving more room for a correction. Immediate support is seen at $16.90 (interim) followed by $16.20, $15.80, and lower. Resistance is seen at $17.70/80 followed by $18.40/50 and higher respectively.

Trading recommendations:

Remain long for now, stop at $16.30, a target is open.

Good luck!

Read more: https://www.instaforex.com/forex_analysis/60953/

Technical analysis of GBP/CHF for May 26, 2015

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading around 1.4640/50 at the moment, preparing to produce a meaningful retracement lower. The pair is expected to drop from the current levels or after taking out resistance at 1.4700/10. It is hence recommended to remain short from yesterday and also look to add further short positions with risk around 1.4750 for now. Immediate support is seen at the level of 1.4550, followed by 1.4400, 1.4300, and lower while resistance is seen at 1.4700/10, followed by 1.4850, 1.4900, and higher respectively. Shor-term downside is expected soon before the rally could resume.

Trading recommendations:

Remain short, stop at 1.4750, a target is open.

Good luck!

Read more: https://www.instaforex.com/forex_analysis/61006/

Elliott wave analysis of EUR/JPY for May 28 - 2015

Technical summary:

A break above the minor resistance line from the wave (i) high at 136.96 has been broken. The top of wave b at 135.35 has been broken too, indicating that the next impulsive rally higher in wave (iii) towards at least 144.03 is developing. In the short-term, we will look for minor support at 134.72 to protect the downside for a break above 135.49 on the way higher to 136.96 and above towards 144.03. A break above the base channel resistance line near 139.00 will call for acceleration higher as wave (iii) is likely to extend beyond a target at 144.03.

Trading recommendation:

We are long EUR from 134.20 and will place our stop at 133.60. If you are not long EUR yet, buy near 135.00 or upon a break above 135.49 with the same stop at 133.60.

Read more: https://www.instaforex.com/forex_analysis/61146/