April 19, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

Trading 19 avr 2019 Commentaire »

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On January 2nd, the market initiated the depicted uptrend line around 1.2380.

A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted recent bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line came to meet the pair.

Bearish rejection was anticipated around the mentioned price levels (1.3150-1.3180). However, the GBPUSD bullish pullback failed to pursue towards the mentioned zone.

Instead, significant bearish rejection was demonstrated earlier around the price level of 1.3120.

Hence, Short-term outlook has turned into bearish towards 1.2920-1.2900 where the lower limit of the depicted channel is located.

Trade Recommendations:

Any bullish pullback towards 1.3120-1.3140 should be considered for another SELL entry. TP levels to be located around 1.3100, 1.3020 then 1.2950 - 1.2920. S/L to be located above 1.3170.

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

Bitcoin is about to drop – Analysis for April 19,2019

Trading 19 avr 2019 Commentaire »

India's central bank, the Reserve Bank of India (RBI), has unveiled its framework for a fintech regulatory sandbox. While blockchain and smart contracts are welcomed, the bank stated that cryptocurrency and related services "may not be accepted for testing.". Price action still confirms indecision.

Technical picture:

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According to the H4 time-frame nothing changed since our yesterday's analysis. We found that there is rounding top formation in creation, which is sign that BTC is under the distribution process. Probably some bigger traders are looking to sell larger amount so the distribution is underway. Support at the price of $4.900 is very important for swing traders since the breakout of this level may confirm downward movement. Key resistance is seen at the price of $5.445. Keep in mind that period of low volatility is expected on Friday and Monday due to holidays.

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On the Futures market we found that after the strong push higher in the background and climatic action, there is the decreasing in the volume on the upside, which is sign that there is no big interest on the upside so selling may be a good option going further. Pay attention on the supports at $4.646 and $4.130, since these levels may be a very good levels to scale out our potential sell positions.

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

April 19, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

Trading 19 avr 2019 Commentaire »

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On January 10th, the market initiated the depicted bearish channel around 1.1570.

Since then, the EURUSD pair has been moving within the depicted channel with slight bearish tendency.

On March 7th, recent bearish movement was demonstrated towards 1.1175 (channel's lower limit) where significant bullish recovery was demonstrated.

On March 18, a significant bullish attempt was executed above 1.1380 (the upper limit of the Highlighted-channel) demonstrating a false/temporary bullish breakout.

On March 22, significant bearish pressure was demonstrated towards 1.1280 then 1.1220.

Two weeks ago, a bullish Head and Shoulders reversal pattern was demonstrated around 1.1200. This enhanced further bullish advancement towards 1.1300-1.1315 (supply zone) where recent bearish rejection was being demonstrated.

Short-term outlook turned to become bearish towards 1.1280 (61.8% Fibonacci) followed by further bearish decline towards 1.1235 (78.6% Fibonacci).

For Intraday traders, the current price zone around 1.1235 (78.6% Fibonacci) stands as a prominent demand area to be watched for a possible short-term BUY entry.

However, conservative traders should be waiting for a bullish pullback towards 1.1280-1.1290 (backside of the broken bullish channel) for a valid SELL entry.

Moreover, bearish breakdown below 1.1235 opens the way for further bearish decline towards 1.1180-1.1170.

Trade recommendations :

A valid SELL entry can be taken around 1.1280 - 1.1290 when a bullish pullback occurs.

TP levels to be located around 1.1250, 1.1235 and 1.1170. SL should be placed above 1.1320.

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

USD/CAD analysis for April 19, 2019

Trading 19 avr 2019 Commentaire »

USD/CAD has been trading upwards in past few sessions. The price tested the level of 1.3400. We are expecting more upside on this currency pair.

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According to the H4 time-frame, we found defined trading range between the price of 1.3400 (resistance) and 1.3285 (support). There is potential end of the downward correction (abc), which is sign that buying is on the way. Watch for potential breakout of the resistance (1.3400) to confirm further bullish continuation. The upward targets are seen at the price of 1.3447 and at the price of 1.3472.

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

Analysis of Gold for April 19, 2019

Trading 19 avr 2019 Commentaire »

Gold has been trading upwards in past 10 hours. The price tested the level of $1.276.50. We expect potential upward movement in our opinion selling looks extremely risky.

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According to the H1 time-frame on the Gold CFD we found that there is the bullish divergence on the 3/10 oscillator, which is sign that sellers losing their power and buyers react. Key resistance levels are seen at the price of $1.282.10 and at $1.289.40. Key support level is seen at the price of $1.270.9.

Situation on the futures market:

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On the futures market we found massive selling climax (excessive volume and range of the bar) in the background, which is strong sign of the strength and big warning for sellers. The climatic bar on the 2H time-frame got 115k contracts traded versus average 20k, which signaled us big difference. The next few bars after the climatic bar were with the narrow range and very high volume but we got high effort with no result, which is another sign of potential strength incoming. Finally, after the decline the downward channel got broken and the buyers did start to buy and accumulate their positions in our opinion. Our advice is to watch for buying opportunities with targets at $1.282.00 and $1.290.00.

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

U.S. Housing Starts Unexpectedly Dip 0.3% In March

Trading 19 avr 2019 Commentaire »

A report released by the Commerce Department on Friday unexpectedly showed a modest decrease in new residential construction in the U.S. in the month of March.

The Commerce Department said housing starts dipped by 0.3 percent to an annual rate of 1.139 million in March from the revised February estimate of 1.142 million.

The drop came as a surprise to economists, who had expected housing starts to surge up by 5.9 percent to a rate of 1.230 million from the 1.162 million originally reported for the previous month.

Single-family housing starts fell by 0.4 percent to a rate of 785,000, while multi-family starts were unchanged at a rate of 354,000.

The report said building permits also tumbled by 1.7 percent to an annual rate of 1.269 million in March from the revised February rate of 1.291 million.

Building permits, an indicator of future housing demand, had been expected to rise by 0.3 percent to a rate of 1.300 million from the 1.296 million originally reported for the previous month.

While single-family building permits slumped by 1.1 percent to a rate of 808,000, multi-family permits plunged by 2.7 percent to a rate of 461,000.

Compared to the same month a year ago, housing starts were down by 14.2 percent and building permits were down by 7.8 percent.

On Tuesday, the National Association of Home Builders released a separate report showing a modest improvement in U.S. homebuilder confidence in the month of April.

The report said the NAHB/Wells Fargo Housing Market Index inched up to 63 in April after holding at 62 in March, with the uptick matching expectations.

"Builders report solid demand for new single-family homes but they are also grappling with affordability concerns stemming from a chronic shortage of construction workers and buildable lots," said NAHB Chairman Greg Ugalde.


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

*U.S. Housing Starts Drop 0.3% In March, Building Permits Tumble 1.7%

Trading 19 avr 2019 Commentaire »

U.S. Housing Starts Drop 0.3% In March, Building Permits Tumble 1.7%


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

Technical analysis of AUD/USD for April 19, 2019

Trading 19 avr 2019 Commentaire »

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Overview:

The AUD/USD pair is set above strong support at the levels of 0.7046 and 0.7168. This support has been rejected four times confirming the uptrend. Hence, the major support is seen at the level of 0.7046, because the trend is still showing strength above it. Accordingly, the pair is still in the uptrend in the area of 0.7046 and 0.7168. The AUD/USD pair is trading in the bullish trend from the last support line of 0.7112 towards thae first resistance level of 0.7168 in order to test it. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 0.7168 and further to the level of 0.7290. The level of 0.7389 will act as the major resistance and the double top is already set at the point of 0.7389. At the same time, if there is a breakout at the support levels of 0.7112 and 0.7046, this scenario may be invalidated.

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

Technical analysis of USD/CAD for April 19, 2019

Trading 19 avr 2019 Commentaire »

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Overview:

The USD/CAD pair continues to move upwards from the level of 1.3228. Yesterday, the pair rose from the level of 1.3228 (the level of 1.3228 coincides with a ratio of 38.2% Fibonacci retracement) to a top around 1.3357. Today, the first support level is seen at 1.3228 followed by 1.3311, while daily resistance 1 is seen at 1.3377. According to the previous events, the USD/CAD pair is still moving between the levels of 1.3228 and 1.3402; for that we expect a range of 174 pips (1.3402 - 1.3228). On the one-hour chart, immediate resistance is seen at 1.3357, which coincides with the double top. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100), Therefore, if the trend is able to break out through the first resistance level of 1.3357, we should see the pair climbing towards the daily resistance at the levels of 1.3377 and 1.3402. It would also be wise to consider where to place stop loss; this should be set below the second support of 1.3282.

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

Technical analysis for EURUSD for April 19, 2019

Trading 19 avr 2019 Commentaire »

EURUSD broke below support at 1,1280 yesterday and exited the short-term bullish channel turning short-term trend to bearish again. The inability to break above the medium-term resistance of 1.1330 lead to a rejection and a move towards 1.1250 and lower. Bulls need to react now or we might see new lows below 1.12-1.1170 soon.

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Red lines - medium-term bearish channel

Black lines - bullish wedge pattern

EURUSD got rejected once again at the upper channel boundary. Medium-term trend remains bearish and after yesterday's reversal and failure to hold above 1.1250 is a bearish short-term sign. The bigger picture in EURUSD however as shown in the weekly chart above remains bearish. As long as price is inside the downward sloping wedge pattern and inside the red bearish channel, trend will remain bearish. Major support is at 61.8% Fibonacci retracement that we already reached and so far support is being respected. A major turning point could be around the corner but bulls need to see more signs of strength. Bulls need to recapture 1.13 fast and stay above it. Major trend reversal will be confirmed on a break above 1.14-1.1450.

Until then price is vulnerable to a move below 1.12.

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