Worldwide macro introduction for 21/04/2017

By | April 21, 2017

International macro overview for 21/04/2017: The US Joblessness Claims information was a little above agreement forecasts, however the overall job market in the United States remains stable. The Preliminary Jobless Claims increased to 244,000 in the week ending April 15th from 234,000 previously, while the consensus was at the level of 242,000. The four-week moving typical declined to 243,000 from 247,250 previously and it was the 111th week when the claims were below a benchmark level of 300,000. In conclusion, the Unemployment Claims data still indicates a very low level of layoffs and underlying self-confidence in the labor market. Notably, the next nonfarm payrolls are expected to rebound highly from the lower than expected increase in March.

Let’s now take a look at the US Dollar index technical photo at the H4 time frame. After the bounce from the level of 99.37, the bulls are attempting to check the next technical resistance at the level of 100.00. The oversold market conditions and the bullish divergence between the momentum and the rate oscillator support the bullish predisposition. There is no genuine bounce without the 100.00 level offense. If this level is breached, then the level of 99.37 may be identified as a lower low.

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The material has actually been supplied by InstaForex Business – www.instaforex.com

Jonathon Alexander

Technical analysis of USD/CHF for April 21, 2017 888011000 110888 Overview: The USD/CHF pair faced resistance at the level of 1.0033, while minor resistance is seen at 0.9991. Assistance is discovered at the levels of 0.9949 and 0.9896. The USD/CHF set continued to move upwards from the level of 0.9949. The set rose from the level of 0.9949 to the leading around 0.9991. In effect, the USD/CHF set broke resistance, which became strong support at the level of 0.9949. Today, the level of 0.9949 is anticipated to serve as major support. Hence, we expect the USD/CHF set to continue relocating the bullish trend from the assistance level of 0.9949 to the target level of 1.0033. If the set prospers in passing through the level of 1.0033, the market will suggest the bullish chance above the level of 1.0033 in order to reach the 2nd target at 1.0093 to test the double top. The cost area of 1.0033-1.0093 stays a substantial resistance zone. Thus, the pattern will most likelybe rebounded once again from the double top as long as the level of 1.0093 is not breached.The material has been supplied by InstaForex Business-www.instaforex.com

By | April 21, 2017

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Overview:

  • The USD/CHF pair faced resistance at the level of 1.0033, while minor resistance is seen at 0.9991. Support is found at the levels of 0.9949 and 0.9896. The USD/CHF pair continued to move upwards from the level of 0.9949. The pair rose from the level of 0.9949 to the top around 0.9991. In consequence, the USD/CHF pair broke resistance, which turned into strong support at the level of 0.9949. Today, the level of 0.9949 is expected to act as major support. Hence, we expect the USD/CHF pair to continue moving in the bullish trend from the support level of 0.9949 towards the target level of 1.0033. If the pair succeeds in passing through the level of 1.0033, the market will indicate the bullish opportunity above the level of 1.0033 in order to reach the second target at 1.0093 to test the double top. However, the price spot of 1.0033 – 1.0093 remains a significant resistance zone. Thus, the trend will probably be rebounded again from the double top as long as the level of 1.0093 is not breached.

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

Jonathon Alexander

Technical analysis of NZD/USD for April 21, 2017 888011000 110888 Introduction: The NZD/USD pair has actually still set below the level of 0.7075. There are no changes in my technical outlook. The predisposition stays beairjs in nearest term testing 0.6889 or lower. The kiwi is still moving in between the levels of 0.7075 and 0.7004 because yesterday. The pattern is still set below the 0.7075 level. The resistance of the NZD/USD pair is seen at the levels of 0.7075 and 0.7132. The first resistance and 2nd one are seen at the levels of 0.7075 and 0.7132 respectively. The NZD/USD set is still relocating a downtrend channel. The cost area of 0.7075 stays a considerable resistance area. There is a possibility that the NZD/USD set will move drawback, and the structure of a fall does not look corrective. In order to indicate the bearish opportunity listed below the area of 0.7075 -0.7004, sell below 0.7075- 0.7004 with the first target at 0.6969. It must be kept in mind that assistance 1 is seen at the level of 0.6969 which coincides with the double bottom in the one-hour time frame. If the NZD/USD set has the ability to break out the bottom at 0.6969, the marketplace will decrease even more to 0.6825 in order to check the weekly support 2. On the other hand, the stop loss should be set above the level of 0.7132. The material has actually been offered by InstaForexBusiness-www.instaforex.com

By | April 21, 2017

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Overview:

  • The NZD/USD pair has still set below the level of 0.7075. There are no changes in my technical outlook. The bias remains beairjs in nearest term testing 0.6889 or lower. The kiwi is still moving between the levels of 0.7075 and 0.7004 since yesterday. The trend is still set below the 0.7075 level. The resistance of the NZD/USD pair is seen at the levels of 0.7075 and 0.7132. The first resistance and second one are seen at the levels of 0.7075 and 0.7132 respectively. The NZD/USD pair is still moving in a downtrend channel. The price spot of 0.7075 remains a significant resistance area. Therefore, there is a possibility that the NZD/USD pair will move downside, and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below the spot of 0.7075 – 0.7004, sell below 0.7075 – 0.7004 with the first target at 0.6969. It should be noted that support 1 is seen at the level of 0.6969 which coincides with the double bottom in the one-hour time frame. If the NZD/USD pair is able to break out the bottom at 0.6969, the market will decline further to 0.6825 in order to test the weekly support 2. On the other hand, the stop loss should be set above the level of 0.7132.

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

Jonathon Alexander

Trading plan for 21/04/2017

By | April 21, 2017

Trading plan for 21/04/2017: The marketplace is tradng with low volatility, no crucial data was published during the night. The third day in a row, EUR/USD will begin the European session from 1.0720 level. USD/JPY rebounded above 109.00. The marketplace is awaiting the preliminary of the French presidential election. The announcement of the reform of the tax system by the Trump administration, combined with the good results of the companies, has bolstered the Wall Street index (Nasdaq has reached the greatest levels in history). In Asia, a positive sentiment is seen first of all on the Tokyo exchange, where the Nikkei 225 is up 0.8%. WTI oil after Wednesday’s fall is unable to permanently return over $51 per barrel and the ounce of gold is valued at $1,280.

On Friday 21st of April, the event calendar is hectic with macroeconomic information from the Eurozone (Flash Manufacturing, Provider, and Composite PMI’s), Excellent Britain (Retail Sales with Auto Fuel), Canada (Consumer Price Index) and the USA (Flash Manufacturing, Services, and Composite PMI’s and Existing Home Sales).

EUR/USD analysis for 21/04/2017:

The bunch of PMI information from France, Germany, and Eurozone is scheduled for release from 07:00 am to 09:00 am GMT. The most crucial reading will be the Eurozone Composite PMI, which is expected at the level of 56.4, unchanged from a month earlier. This is still the greatest reading given that the second quarter of 2011– a six-year high. Lots of market individuals see the high readings as an excellent indication. Surprisingly, the previous highs in PMI Composite were right prior to the 2000 stock market peak, then in 2007 before the financial crisis and later in 2011 when the euro crisis will start.

Let’s now take a look at the EUR/USD technical image at the H4 timeframe. The marketplace is in the last stretch prior to the first round of the presidential elections in France over the weekend, so only an extremely bad data would flatten the positive belief. The rate, nevertheless, reversed from the 61%Fibo at the level of 1.0776 and now got back to the previous technical assistance zone at the level of 1.0705. There is a high possibility that the marketplace will be trading sideways today as the biggest danger will originate from the outcomes of the French election and those will be understood late on Sunday. The next support is seen at the level of 1.0569 and the next crucial technical resistance is seen at the level of 1.0904.

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GBP/USD analysis for 21/04/2017: The Retail Sales with Auto Fuel data are scheduled for release at 08:30 am GMT and market participants anticipate a moderate -0.3% decline after a 1.4% increase last month. On an annual basis, the sales decrease need to reach 0.4%, from 3.7% to 3.3%. The expectations are that the general financial activity will decline a little on monthly basis, however still looks pretty decent on the yearly basis – no real effect of the Brexit event in the information yet.Let’s now have a look at the GBP/USD technical picture at the H4 timeframe. The cost is still combining the gains above the technical support at the level of 1.2772, but the marketplace conditions look overbought. Nevertheless, as long as the technical support is not clearly violated the bias remains bullish. The next resistance is seen at the levels of 1.2845, 12856, and 12905.

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USD/CAD analysis for 21/04/2017: The Consumer Rate Index data are scheduled for release at 12:30 pm GMT and market participants anticipate a slight indication of inflationary pressure. The CPI Index is anticipated to increase from 0.2% to 0.4% on a monthly basis and the Core CPI need to beat the previous 0.4% reading. The CPI Index is the crucial gauge for inflation in Canada, so any information better than expected will send out a clear message to the Bank of Canada concerning an additional rate of interest policy (because case the rates of interest walking would be a proper response).

Let’s now have a look at the USD/CAD technical picture at the H4 time frame. The cost is trading simply listed below the crucial technical resistance at the level of 1.3534 in overbought market conditions. There is still no unfavorable divergence in between the rate and the momentum oscillator, so it is still possible for the cost to aim to evaluate that level. The next support is seen at the levels of 1.3455 and 1.3400.

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Market photo: Gold consolidating gains around 61%Fibo

The rate of the yellow metal still does not wish to decrease despite the overbought market conditions in the everyday amount of time. The preliminary breakout above the golden trend line was a fake one, but bulls have managed to bounce from the closest assistance at the level of $1,271. Currently, gold is anticipated to trade within the trading range between the levels of $1,270 – $1,263 and $1,295 – $1,308.

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

Jonathon Alexander

Ichimoku indicator analysis of USDX for April 21, 2017 888011000 110888 The Dollar index stays in a bearish pattern. Price is heading to 99 where important medium-term assistance is found. Just a break above 100.80 might change short-term pattern to bullish again. Red line-resistance The Dollar index is trading below the 4-hour Kumo which suggests pattern is bearish. Rate is revealing rejection signs at the redpattern line resistanceand at the 4-hour kijun-sen(yellow line sign). Short-term assistance is at the tenkan-sen(red line sign)at 99.60. Red line- resistance Black line-assistance Green line-long-lasting assistance The Dollar index is still inside the triangle pattern in the weekly chart. Rate is checking weekly kijun-sen assistance. A weekly close listed below it will open the way for a push to 99 and why not a break listed below the green and black trend line for a push at least towards the weekly cloud assistance at 96-97. Just a break above the red trend line will revive the bullish expect brand-new highs towards 110. The product has been provided by InstaForexBusiness – www.instaforex.com

By | April 21, 2017

The Dollar index remains in a bearish trend. Price is heading towards 99 where critical medium-term support is found. Only a break above 100.80 could change short-term trend to bullish again.

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Red line – resistance

The Dollar index is trading below the 4-hour Kumo which implies trend is bearish. Price is showing rejection signs at the red trend line resistance and at the 4-hour kijun-sen (yellow line indicator). Short-term support is at the tenkan-sen (red line indicator) at 99.60.

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Red line – resistance

Black line -support

Green line – long-term support

The Dollar index is still inside the triangle pattern in the weekly chart. Price is testing weekly kijun-sen support. A weekly close below it will open the way for a push towards 99 and why not a break below the green and black trend line for a push at least towards the weekly cloud support at 96-97.Only a break above the red trend line will revive the bullish hopes for new highs towards 110.

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

Jonathon Alexander

Ichimoku sign analysis of gold for April 21, 2017 888011000 110888 Gold cost continues to move sideways in a corrective way. The relocation that started from current highs is part of a correction and we are simply above the 38% Fibonacci retracement of the increase from $1,246. I remain longer-term bullish however can not rule out a high decline towards $1,250 prior to the resumption of the up pattern. Blue line-assistance trend line Gold cost is trading above the Ichimoku cloud in the 4-hour chart. Price is trading listed below the kijun-sen and the tenkan-sen. Oscillators are now once again ina neutral zone. Rate is generally moving sideways above the 38%Fibonacci retracement. Short-term support is at$1,275. Resistance is at$1,285. Black line-long-lasting resistance Blue line -long-lasting assistance Gold cost has stopped its up trend just listed below the long-lasting black pattern line resistance and the upper cloud boundary. This is an important resistance area. The trend line returns from the perpetuity highs in Gold, so breaking it will be an important bullish signal for a bigger move higher and not just 20-30 $. I stay longer-term bullish.The material has been provided by InstaForex Company- www.instaforex.com

By | April 21, 2017

Gold price continues to move sideways in a corrective manner. The move that started from recent highs is part of a correction and we are just above the 38% Fibonacci retracement of the rise from $1,246. I remain longer-term bullish but cannot rule out a steep decline towards $1,250 before the resumption of the up trend.

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Blue line – support trend line

Gold price is trading above the Ichimoku cloud in the 4-hour chart. Price is trading below the kijun-sen and the tenkan-sen. Oscillators are now again in a neutral zone. Price is mainly moving sideways above the 38% Fibonacci retracement. Short-term support is at $1,275. Resistance is at $1,285.

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Black line -long-term resistance

Blue line – long-term support

Gold price has stopped its up trend just below the long-term black trend line resistance and the upper cloud boundary. This is an important resistance area. The trend line comes back from the all time highs in Gold, so breaking it will be an important bullish signal for a bigger move higher and not just 20-30$. I remain longer-term bullish.

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

Jonathon Alexander

Elliott wave analysis of EUR/NZD for April 21 – 2017 888011000 110888 Wave summary: EUR/NZD is testing resistance at 1.5347 showing that the wave ii correction completed the test of 1.5054 and wave iii higher now is unfolding. Usually 3rd waves end up being the prolonged wave and if this is the case here, we must look for wave iii to reach a minimum of 1.6656.Short-term, we might see a small set-back toward 1.5171 before the next impulsive rally takes out resistance at 1.5347 and more notably resistance at1.5486 validatingwave iii is developing.R3: 1.5486R2: 1.5439R1: 1.5375 Pivot:1.5300 S1: 1.5266 S2: 1.5234 S3: 1.5171 Trading suggestion: We have actually purchased EUR at 1.5350 and have actually placed our stop at 1.5045. If you are not long EUR yet , then purchase near 1.5175 and use the exact same stop at 1.5045. The product has been supplied by InstaForex Company-www.instaforex.com

By | April 21, 2017

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Wave summary:

EUR/NZD is testing resistance at 1.5347 indicating that the wave ii correction completed the test of 1.5054 and wave iii higher now is unfolding. Normally third waves become the extended wave and if this is the case here, we should look for wave iii to reach a minimum of 1.6656.

Short-term, we could see a minor set-back toward 1.5171 before the next impulsive rally takes out resistance at 1.5347 and more importantly resistance at 1.5486 confirming wave iii is developing.

R3: 1.5486

R2: 1.5439

R1: 1.5375

Pivot: 1.5300

S1: 1.5266

S2: 1.5234

S3: 1.5171

Trading recommendation:

We have bought EUR at 1.5350 and have placed our stop at 1.5045. If you are not long EUR yet, then buy near 1.5175 and use the same stop at 1.5045.

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

Jonathon Alexander

Elliott wave analysis of EUR/JPY for April 21 – 2017 888011000 110888 Wave summary: Small assistance at 116.45 protected the disadvantage, which required a direct extension greater to 117.99(the peak ofwave iii/ has actually been seen at 117.82). and a correction in wave iv/ is now unfolding toward 116.52 before greater again towards 119.35 to total wave i.It’s possible to count the rally from 114.82 as a complete five-wave rally at 117.82 and if this holds true, we need tostill try to find a somewhat deepercorrection, that will overlap with the top of wave i/ at115.88 closer to115.82 before turning greater again.R3: 117.82 R2: 117.40 R1: 117.25 Pivot: 117.00 S1: 116.95 S2: 116.63 S3: 116.52 Trading recommendation: We are long EUR from 115.25 with a stop placed at 114.75. If you are shortly EUR yet, then buy near 116.55 and start by utilizing the same stop anticipating to move it higher soon. The product has actually been offered by InstaForex Company- www.instaforex.com

By | April 21, 2017

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Wave summary:

Minor support at 116.45 protected the downside, which called for a direct extension higher to 117.99 (the peak of wave iii/ has been seen at 117.82). and a correction in wave iv/ is now unfolding toward 116.52 before higher again towards 119.35 to complete wave i.

It’s possible to count the rally from 114.82 as a complete five-wave rally at 117.82 and if this is the case, we should still look for a slightly deeper correction, that will overlap with the top of wave i/ at 115.88 closer to 115.82 before turning higher again.

R3: 117.82

R2: 117.40

R1: 117.25

Pivot: 117.00

S1: 116.95

S2: 116.63

S3: 116.52

Trading recommendation:

We are long EUR from 115.25 with a stop placed at 114.75. If you are not long EUR yet, then buy near 116.55 and start by using the same stop expecting to move it higher soon.

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

Jonathon Alexander