MT5 portal brings to youк attention the daily updated section of forex-analysis. All analytical materials, represented in this section, are prepared by the leading Russian and Western analysts of Forex market. We place qualitative analytical materials, which can undoubtedly provide benefits to every trader.
24 Apr 2015, 17:12 UTC+00
By the end of the last week, a bullish pullback towards 1.0750-1.0770 (neckline of the double-top pattern) took place. This week, EUR/USD bears failed to defend their recent supply zone between 1.0750-1.0800. Thus, invalidating the previously mentioned reversal pattern. The nearest bullish target should be located at 1.0950 - 1.0980 where the depicted reversal pattern was previously initiated.
24 Apr 2015, 16:55 UTC+00
As anticipated, a daily closure above 1.5060 (50% Fibonacci level) ended the ongoing bearish momentum. Thus, exposing the next resistance level at 1.5170 (R2) for re-testing. Recently, the zone between 1.5000-1.5050 turned to be Intraday support when further re-testing takes place. On the other hand, price action should be watched carefully whithin retesting of the level of 1.5170 (R2) for a possible sell entry.
24 Apr 2015, 16:49 UTC+00
The USDX is currently weak and it is looking to find a floor at the support level of 96.30. This could be possible in the next week, as the Index was rejected by the resistance zone at 97.83. But we are still supporting the idea of a rebound.
24 Apr 2015, 16:48 UTC+00
GBP/USD is breaking the resistance zone around 1.5125 and now it is looking to reach the next upside target placed at 1.5238. This move is supported by the current short and medium term structure in the lower time frames
24 Apr 2015, 16:45 UTC+00
A daily fixation below 1.2300 clears the way for the USD/CAD pair towards the zone between 1.2050-1.2000 (where the projection target of the recent range breakout is located) and 1.1800 where the depicted weekly uptrend is roughly located. The price zone at 1.2320-1.2350 remains a significant Intraday resistance zone. This is exactly where price actions should be watched for a low-risk sell entry at re-testing.
Mourad El Keddani
24 Apr 2015, 13:24 UTC+00
The double bottom of USD/CAD pair is likely to be set at 1.2087 in the hourly chart. Now, the pair is approaching to test it in order to start rising. So, the market is continuing to show signs of strength following the break at the level of 1.2087. Therefore, the USD/CAD pair resistance has broken and was turned to support since January 21, 2015 (look at the daily chart). The pair has already formed strong support at the level of 1.2087. Hence, the market indicates a bullish opportunity at the level of 1.2090 with the first target at 1.2170 and continues towards 1.2224. However, if the trend can break this level and close below 1.2080, then it will be a downside momentum rather convincing and the structure of the fall does not look corrective.
24 Apr 2015, 13:21 UTC+00
USD/JPY is expected to trade in lower range. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 97.31 versus 98.04 early Thursday) on the back of a larger-than-expected fall in the US new home sales (versus forecast -3.5%) by 11.4% in March, more-than-expected 295,000 US jobless claims in a week ended April 18 (versus forecast 290,000), weaker-than-expected April Markit US flash manufacturing PMI at 54.2 (versus forecast 55.7).
24 Apr 2015, 13:15 UTC+00
USD/CHF is expected to trade in a lower range. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 97.31 versus 98.04 early Thursday) on the back of a larger-than-expected fall in the US new home sales (versus forecast -3.5%) by 11.4% in March, more-than-expected 295,000 US jobless claims in a week ended April 18 (versus forecast 290,000), weaker-than-expected April Markit US flash manufacturing PMI at 54.2 (versus forecast 55.7) ,and franc demand on the retreating EUR/CHF cross. But USD/CHF losses are tempered by the negative Swiss interest rates, threat of the Swiss National Bank's CHF-selling intervention, and positions adjustment ahead of the weekend.
Mourad El Keddani
24 Apr 2015, 13:12 UTC+00
NZD/USD pair is likely to continue moving upwards from the level of 0.7542 (this level coincides with the 38.2% of Fibonacci retracement levels in the H1 chart). Accordingly, the pair is going to show signs of strength at the lowest price of 0.7542. It will be a good deal to buy above the level of 38.2% of Fibonacci retracement levels with the first target at 0.7580 and further at 0.7618 in order to test the double top (new project at the same time frame). We expect a new high of 0.7618 to act as strong resistance as it is going to be a good place to take profit. Briefly, if the trend succeeds to stay above 0.7542, the market will continue moving in the uptrend above the daily pivot point towards the level of 0.7618 to test the golden ratio of 61.8% Fibonacci retracement.
24 Apr 2015, 13:10 UTC+00
NZD/USD is expected to consolidate with a bearish bias after hitting a six-day low of 0.7535 on Thursday. Kiwi sentiment was hurt after RBNZ Governor John McDermott said the central bank is not considering any interest rate hikes at present and monetary policy should remain stimulatory for a prolonged period. NZD/USD is also weighed by the kiwi sales on buoyant AUD/NZD cross and soft dairy prices. But NZD/USD losses are tempered by the weaker dollar sentiment, positive investor risk appetite, and NZD-USD interest differential and positions adjustment ahead of weekend.
24 Apr 2015, 13:09 UTC+00
Strong buying pressure is observed on the market. Our Fibonacci retracement 61.8% at the level of 1.4290 is broken. The next resistance level is seen around1.4520. Be careful when selling and watch for potential buying opportunities after correction.
24 Apr 2015, 13:04 UTC+00
GBP/JPY is expected to trade in a higher range. It is undermined by less-dovish-than-expected minutes for the Bank of England MPC's meeting in April and positive investor risk appetite. But sterling sentiment is dented by a surprising 0.5% on-month drop in the UK retail sales in March (versus forecast +0.4% on-month), buoyant GBP/USD undertone, and demand from Japan importers. But GBP/JPY gains are tempered by the Japan export sales and positions adjustment ahead of the weekend.
24 Apr 2015, 12:56 UTC+00
Gold is trading in a range between $1,184.00 and $1,208.00. In case the price breaks up or down in a high volume, the direction will be confirmed.
24 Apr 2015, 11:52 UTC+00
Technical analysis and trading recommendations for Silver for April 24, 2015. Silver remains unchanged from yesterday. Now, it is trading around the level of $15.88.
24 Apr 2015, 11:46 UTC+00
The Dollar index is starting the day very weak as short-term support at 97 was broken. The Dollar index is making a Head and Shoulders pattern and is testing the neckline support at 96.80 now. If this support is broken, we should expect more selling to follow and a push much lower than 96 in the index.