Forex analysis

Forex analysis
The Forex analysis section contains experts’ reviews of financial markets, daily online forecasts of currencies dynamics, and analysis of financial markets for a week ahead. Over two dozens of Russian and Western currency strategists share their forecasts for tomorrow and offer their advice on trading. A stream of fresh quality analytical materials on MT5 is one of essential instruments of successful trading.
Sebastian Seliga
2 May 2016, 06:37 UTC+00
There are two possible Elliott wave counts for the current situation and both of them are pointing out more gains. The main count indicates an (a)(b)(c) irregular flat corrective cycle with the (c) leg yet to unfold. The (b) leg of this cycle is currently completed with the bottom at the level of 121.68. The alternative count however indicates that the top for the big wave B is already in place at the level of 126.45 and since then the impulsive structure in big wave C started to develop to the downside. Wave 1 of this cycle is completed and now the market should develop an internal corrective cycle to the upside, targeting the levels of 122.97 and if broken, 124.30. Please notice, that the growing bullish divergence between the price and momentum oscillator supports both views at the time of writing.
Ahsan Aslam
2 May 2016, 05:34 UTC+00
USD/JPY is expected to trade with bearish bias with 106.20 in sight. Last Friday, the U.S. stock indices extended their losses weighed down by continued weakness in technology stocks, and also by profit-taking by investors who viewed stock valuation as stretched. The Dow Jones Industrial Average declined 0.3% to 17,773, the S&P 500 dropped 0.5% to 2,065, and the Nasdaq Composite was down 0.6% to 4,775.
Ahsan Aslam
2 May 2016, 05:27 UTC+00
USD/CHF is expected to trade in a lower range. The pair is heading downward within its intraday declining channel in place since April 27, 2016. The falling 20-period and 50-period moving averages also act as resistance levels, which should continue pushing the prices lower. Furthermore, the relative strength index lacks upward momentum. In these perspectives, as long as 0.9655 holds on the upside, look for further downsides to 0.9560 and 0.9530 in extension.
Ahsan Aslam
2 May 2016, 05:23 UTC+00
NZD/USD is expected to post further advance. The pair remains on the upside within a bullish channel, and it is more likely to challenge its nearest resistance at 0.7025 in the coming trading hours. The horizontal support at 0.6930 should limit any downward attempts. In addition, the relative strength index is still bullish above its neutrality area at 50. To sum up, as long as 0.6930 is not broken, pair is likely to advance to 0.7025 and 0.7055 in extension.
Ahsan Aslam
2 May 2016, 05:19 UTC+00
GBP/JPY is expected to trade with bearish bias. The pair still remains under pressure below its key resistance at 157.15. Meanwhile the relative strength index lacks strong upward momentum. As long as 157.15 is not broken up, the first target to the downside is set at 154. A break below this level would open the way to further weakness towards 153.15.
Alexandros Yfantis
2 May 2016, 05:02 UTC+00
The dollar index continues its downtrend as we expected towards 93. Longer-term support is found at 92.50 and as we have no reversal sign yet we could continue the move lower. Several indicators are oversold and this should raise our awareness and bears should be very cautious.
Alexandros Yfantis
2 May 2016, 04:56 UTC+00
Gold has broken above the important short-term resistance levels of $1,260-70 and has given new highs. A top around $1,300-$1,320 is still very probable as gold's bullish momentum is not as strong and oscillators enter overbought levels. I continue to believe upside potential is limited and I prefer to wait for a bigger pullback towards $1,150 to open long positions.
Harsh Japee
2 May 2016, 03:56 UTC+00
Silver is seen to be consolidating between $17.70 and $17.90 levels today, after hitting fresh highs at $17.95 levels last week. As seen on the daily chart view, the metal is producing a doji candlestick pattern.
Harsh Japee
2 May 2016, 03:43 UTC+00
Gold is seen to be trading above $1,293.00 levels at this moment, consolidating its recent rally. As depicted here, the yellow metal should be heading towards $1,307.00/10.00 resistance levels before producing a meaningful correction.
Harsh Japee
2 May 2016, 02:50 UTC+00
The EUR/JPY pair is seen to be trading higher at 122.24 levels, after hitting lows at 121.45/50 levels last week. The drop from 126.40 levels looks to be an impulse (5 waves).
Harsh Japee
2 May 2016, 02:28 UTC+00
The GBP/CHF pair dropped to 1.3917 levels today in early hours trade before pulling back sharply. The pair is trading above 1.4000 levels at the moment, looking to rally towards higher levels.
Torben Melsted
2 May 2016, 01:58 UTC+00
The very slow start of what we expect is a new major rally to above 1.6833 and much higher is still developing in a slow motion way. That said, we are currently looking for minor support at 1.6231 to protect the downside for a break above minor resistance at 1.6433 and, more importantly, resistance at 1.6592 to confirm the next rally to resistance at 1.6833 and above. Only a break below minor support at 1.6231 will yet again delay the expected recovery.
Torben Melsted
2 May 2016, 01:51 UTC+00
EUR/JPY has broken below the important support at 121.69 (a low has been seen at 121.66). The break below 121.69 does open a window for a decline all the way to the 117.37 - 117.99 area before the corrective low is finally in place. That said, we are seeing a clear loss of momentum which could mean that at least a reaction will be seen soon for a rally to 123.32 and maybe even higher to 124.60 before the final decline. It will take a break above 126.47 to confirm that an important low is in place.
Arief Makmur
1 May 2016, 23:28 UTC+00
EUR/USD will move with low to medium volatility during this day.
Arief Makmur
1 May 2016, 23:27 UTC+00
There is a probability the USD/JPY will move with low to medium volatility during this day.
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