Trading plan for 19/05/2017

By | May 19, 2017

Trading prepare for 19/05/2017: Monetary markets were calm over night, which can be attributed to the lack of events today. After the US stock markets managed to bounce, the over night session in Asia was calm also. Shanghai Composite lost 0.1%, however Nikkei was up 0.3 %. The currency market moves in flat drifts, only Crude Oil gains slightly.On Friday 19th of May, the event calendar is light in crucial economic releases, but market individuals will take note of Customer Cost Index and Retail Sales from Canada.

Commodity traders will wait for Baker Hughes U.S. Rig Count later in the day.USD/ CAD analysis for 19/05/2017: The Consumer Price Index and Retail Sales data from Canada are arranged for release at 12:30 pm GMT. Worldwide investors expect the CPI to increase from 0.2 %to 0.5%on a month-to-month basis and

from 1.6 %to 1.7%on a yearly basis. The Retail Sales are likewise expected to increase after a 0.6% drop last month and the anticipated reading is 0.4%. The bigger advance in CPI means that more space is left for Bank of Canada to keep the low-interest rate policy for a longer time period. The existing BoC inflation forecasts are at the level of 2.0 %or above, so there is still a long time to await more data while keeping the wait-and-see approach.Let’s now take a look at the USD/CAD technical photo on the H4 timeframe. The marketplace is still trading within a tight horizontal zone in between the levels of 1.3575 -1.3668, however the market conditions are oversold, so there is still a chance for another test of the resistance.

The momentum is rather flat, but the cost is still trading above the 200-period moving average. In case of a further downside breakout, the next technical assistance is seen at the level of 1.3529 at the 61%Fibo at the level of 1.3508. Market picture: Crude Oil erases the losses Crude Oil is trading simply listed below the crucial technical resistance at the level of $49.93. Any breakout above this level will cause

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the test of the next technical resistance at the level

of$50.23. This is the line in the sand for bears, as any offense of this level will show the bullish camp remains in control over this market. The next target for them would be at the level of $51.61. Market picture: Gold declined at technical resistance

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The costs of Gold are now evaluating the 38%Fibo at the level of$

1,245 after being declined at the technical resistance at the level of $1,264. The instant resistance is seen at the level of $1,253 and due to the weak upside momentum, the predisposition remains to the disadvantage up until the market will strike the oversold levels again. Market snapshot: SPY is bouncing after sell-off The prices

of SPY (SP500 ETF)are now bouncing greater

after the sell-off to the level of 235.39. The cost is trading in a variety between the levels of 237.71 and 235.39 in oversold market conditions. More horizontal rate action is expected in this market unless the political circumstance in the United States gets worse. The material has been provided by InstaForex Company-www.instaforex.com

Jonathon Alexander

Ichimoku indication analysis of USDX for May 19, 2017 888011000 110888 The Dollar index is greatly oversold. The other day I expected a bounce off the day lows and we managed to see such a bounce however not as strong as initially anticipated. This implies that the down pressures stay very strong and in control of the trend. I think traders will get much better rates for shorting the Dollar index. The Dollar index is trading well listed below the 4-hour cloud and just above the 4-hourtenkan-sen. Next short-term resistance is at 98.30, while I can see over the next week the Dollar index to bounce towards the cloud resistance at 99 a minimum of. The Dollar index is checking important weekly assistance. The weekly candle light is just above the Kumo(cloud)support. I expect at least a bounce from current levels prior to more drawback is possible. The upside potential could push the index even to 100.50 however still there is no confirmation in the lower amount of time of a bullish reversal.The material has been supplied by InstaForex Company -www.instaforex.com

By | May 19, 2017

The Dollar index is heavily oversold. Yesterday I expected a bounce off the day lows and we managed to see such a bounce but not as strong as initially expected. This means that the downward pressures remain very strong and in control of the trend. However I believe traders will get better prices for shorting the Dollar index.

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The Dollar index is trading well below the 4-hour cloud and just above the 4-hour tenkan-sen. Next short-term resistance is at 98.30, while I can see over the next week the Dollar index to bounce towards the cloud resistance at 99 at least.

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The Dollar index is testing important weekly support. The weekly candle is just above the Kumo (cloud) support. I expect at least a bounce from current levels before more downside is possible. The upside potential could push the index even towards 100.50 but still there is no confirmation in the lower time frames of a bullish reversal.The material has been provided by InstaForex Company – www.instaforex.com

Jonathon Alexander

Ichimoku indication analysis of gold for May 19, 2017 888011000 110888 Gold rate as anticipated is pulling back from the important weekly resistance at $1,260. Bulls now we have to see a greater low loved one to the May lows at $1,214. A restorative pullback that will not injure the bullish circumstance ought to hold above $1,234. Gold rate is trading above the 4-hour cloud. Trend is bullish. Gold price could bounce from present levels as cost has found assistance at the 38%Fibonacci retracement of the increase from$ 1,214. Next essential support is at$1,234 where the 61.8 %and the cloud supports are found. Bulls must not lose that level.On the other hand bears stopped therise right at the important resistance of $1,260. Now they need to break back below the cloud for the move towards$1,150-60 to start. Red line-long-term resistance Gold remains inside the weekly Kumo(cloud). Weekly trend stays neutral. Rate stays listed below the weekly pattern line resistance. However the bounce off the lower cloud limit was a bullish indication. Bulls nevertheless need to break above the weekly cloud at $1,280 for the bull pattern to be confirmed.The product has actually been provided by InstaForex Business -www.instaforex.com

By | May 19, 2017

Gold price as expected is pulling back from the important weekly resistance at $1,260. Bulls now we need to see a higher low relative to the May lows at $1,214. A corrective pullback that will not hurt the bullish scenario should hold above $1,234.

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Gold price is trading above the 4-hour cloud. Trend is bullish. Gold price could bounce from current levels as price has found support at the 38% Fibonacci retracement of the rise from $1,214. Next important support is at $1,234 where the 61.8% and the cloud supports are found. Bulls should not lose that level. On the other hand bears stopped the rise right at the important resistance of $1,260. Now they need to break back below the cloud for the move towards $1,150-60 to start.

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Red line -long-term resistance

Gold remains inside the weekly Kumo (cloud). Weekly trend remains neutral. Price remains below the weekly trend line resistance. However the bounce off the lower cloud boundary was a bullish sign. Bulls however need to break above the weekly cloud at $1,280 for the bull trend to be confirmed.

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

Jonathon Alexander

Fundamental Analysis of AUD/JPY for May 19, 2017 888011000 110888 Just recently, AUD/JPY has actually been in a volatile restorative structure. The other day, in spite of favorable reports from Australia AUD might not dominate JPY. Australia released Work Change report which revealed a boost of 37.4 k, far better than the projection for moderate 4.5 k development. Unemployment Rate decreased to 5.7% from 5.9%, analysts forecasted a flat reading. On the other hand, Japan had favorable Prelim GDP at 0.5% which was anticipated to be at 0.4% and negative Prelim GDP Rate Index at -0.8% which was expected to be at -0.7%. In the middle of mixed economic reports from Japan, JPY dominated AUD regardless of positive economic reports yesterday. This resulted in an indecision day-to-day candle light, but in the coming days AUD is anticipated to climb greater against JPY.Now let us take a look at the technical chart. The cost is currently under the crucial level of 82.90 while filling up the French Election GAP the other day. At present, a bullish move is anticipated in this pair if the price closes above 82.90 with an everyday close. We will target 84.50 as the very first target and 86.10 as the 2nd target for the bullish trade. The bais will keep the bullish predisposition up until the rate takes out 81.50 with a bearish day-to-day candle light. The material has been supplied by InstaForex Company- www.instaforex.com

By | May 19, 2017

Recently, AUD/JPY has been in a volatile corrective structure. Yesterday, despite positive reports from Australia AUD could not dominate JPY. Australia released Employment Change report which showed an increase of 37.4k, much better than the forecast for moderate 4.5k growth. Besides, Unemployment Rate declined to 5.7% from 5.9%, analysts projected a flat reading. On the other hand, Japan had positive Prelim GDP at 0.5% which was expected to be at 0.4% and negative Prelim GDP Price Index at -0.8% which was expected to be at -0.7%. Amid mixed economic reports from Japan, JPY dominated AUD despite upbeat economic reports yesterday. This resulted in an indecision daily candle, but in the coming days AUD is expected to climb up higher against JPY.

Now let us look at the technical chart. The price is currently under the important level of 82.90 while filling up the French Election GAP yesterday. At present, a bullish move is expected in this pair if the price closes above 82.90 with a daily close. We will target 84.50 as the first target and 86.10 as the second target for the bullish trade. The bais will keep the bullish bias until the price takes out 81.50 with a bearish daily candle.

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

Jonathon Alexander

Elliott wave analysis of EUR/NZD for May 19, 2017 888011000 110888 Wave summary: We continue to try to find a strong break above minor resistance seen at 1.6154 to include upside velocity towards the next target seen at 1.6655. Short-term, we expect small support near 1.6033 max.1.5987 to beable to secure the downside forthe break above1.6154. Just a direct break below assistance at 1.5987will delay the anticipated rally higher.R3: 1.6354 R2: 1.6200 R1: 1.6154 Pivot: 1.6100 S1: 1.6033 S2: 1.5987 S3: 1.5803 Trading suggestion: We are long EUR from 1.5665 with stop put at 1.5800. If you are shortly EUR yet, then buy a break above 1.6154 and position your stop at 1.5985. The material has actually been provided by InstaForex Company- www.instaforex.com

By | May 19, 2017

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Wave summary:

We continue to look for a strong break above minor resistance seen at 1.6154 to add upside acceleration towards the next target seen at 1.6655. Short term, we expect minor support near 1.6033 max. 1.5987 to be able to protect the downside for the break above 1.6154.

Only a direct break below support at 1.5987 will delay the expected rally higher.

R3: 1.6354

R2: 1.6200

R1: 1.6154

Pivot: 1.6100

S1: 1.6033

S2: 1.5987

S3: 1.5803

Trading recommendation:

We are long EUR from 1.5665 with stop placed at 1.5800. If you are not long EUR yet, then buy a break above 1.6154 and place your stop at 1.5985.

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

Jonathon Alexander

Elliott wave analysis of EUR/JPY for May 19, 2017 888011000 110888 Wave summary: As long as the small resistance at 124.11 is able to cap the advantage, a deeper corrective decline inwave B might be seen towards 120.69. When this B-wave correction is complete, a new strong rally will be anticipated in wave C to 138.52. In the short-term, a break below minor support at 123.42 will add restored drawback pressurehere for a test of122.53. A breaklisted below here will validate a decrease to120.69. R3: 124.93 R2:124.33 R1: 124.11 Pivot: 124.00 S1: 123 24 S2: 122.89 S3: 122.53 Trading recommendation: Our take earnings was struck at 123.00 for a great earnings of 225 pips. We will offer EUR again at 124.00 or upon a break below 123.24 with stop placed at 125.00 The material has been provided by InstaForex Business-www.instaforex.com

By | May 19, 2017

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Wave summary:

As long as the minor resistance at 124.11 is able to cap the upside, a deeper corrective decline in wave B could be seen towards 120.69. Once this B-wave correction is complete, a new strong rally will be expected in wave C towards 138.52.

In the short term, a break below minor support at 123.42 will add renewed downside pressure here for a test of 122.53. A break below here will confirm a decline to 120.69.

R3: 124.93

R2: 124.33

R1: 124.11

Pivot: 124.00

S1: 123 24

S2: 122.89

S3: 122.53

Trading recommendation:

Our take profit was hit at 123.00 for a nice profit of 225 pips. We will sell EUR again at 124.00 or upon a break below 123.24 with stop placed at 125.00

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

Jonathon Alexander

Technical analysis of EUR/USD for May 19, 2017 888011000 110888 When the European market opens, the eurozone will publish the reports on customer self-confidence, bank account, and German PPI.At the very same time, the United States will not launch any crucial econmic data. In the middle of the reports EUR/USD will move with a low to medium volatilityduring this day.TODAY’S TECHNICAL LEVELS: Breakout BUY Level: 1.1166. Strong Resistance:1.1159. Original Resistance: 1.1148. Inner Sell Location: 1.1137.Target Inner Location: 1.1111.Inner Buy Area: 1.1084. Initial Support: 1.1073. Strong Assistance: 1.1062. Breakout SELL Level: 1.1055. Disclaimer: Trading Forex(forex)on margin carries a high level of risk, and might not be suitable for all financiers. The high degree of take advantage of can work against you along with for you. Before deciding to purchase foreign exchange you need to carefully consider your financial investment objectives, level of experience, and risk cravings. The possibility exists that you might sustain a loss of some or all of your initial investment and for that reason you need to not invest cash that you can not manage to lose. You ought to understand all the dangers related to foreign exchange trading, and seek advice from an independent monetary advisor if you have any doubts.The product has actually been supplied by InstaForex Business-www.instaforex.com

By | May 19, 2017

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When the European market opens, the eurozone will post the reports on consumer confidence, current Account, and German PPI. At the same time, the US will not release any key econmic data. So, amid the reports EUR/USD will move with a low to medium volatility during this day.

TODAY’S TECHNICAL LEVELS:

Breakout BUY Level: 1.1166.

Strong Resistance:1.1159.

Original Resistance: 1.1148.

Inner Sell Area: 1.1137.

Target Inner Area: 1.1111.

Inner Buy Area: 1.1084.

Original Support: 1.1073.

Strong Support: 1.1062.

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.

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

Jonathon Alexander

Technical analysis of USD/JPY for May 19, 2017 888011000 110888 Today, the economic calendars of Japan and the United States arebereft of any first-tier news, so there is a probability theUSD/JPY set will move with low volatility throughout this day.TODAY’S TECHNICAL LEVELS: Resistance. 3:111.75. Resistance. 2: 111.53. Resistance. 1: 111.31. Assistance. 1: 111.04. Assistance. 2: 110.83. Assistance. 3: 110.61. Disclaimer: Trading Forex(forex)on margin brings a high level of risk, and might not appropriate for all investors. The high degree of leverage can work against you along with for you. Prior to choosing to invest in foreign exchange you need to carefully consider your financial investment objectives, level of experience, and risk cravings. The possibility exists that you could sustain a loss of some or all of your initial financial investment and therefore you need to not invest money that you can not afford to lose. You ought to be aware of all the risks associated with forex trading, and consult from an independent financial advisor if you have any doubts.The material has actually been offered by InstaForex Business-www.instaforex.com

By | May 19, 2017

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Today, the economic calendars of Japan and the US are bereft of any first-tier news, so there is a probability the USD/JPY pair will move with low volatility during this day.

TODAY’S TECHNICAL LEVELS:

Resistance. 3: 111.75.

Resistance. 2: 111.53.

Resistance. 1: 111.31.

Support. 1: 111.04.

Support. 2: 110.83.

Support. 3: 110.61.

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

Jonathon Alexander