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    Technical analysis and trading recommendation for USD against CAD&YEN for April 02, 2015

    ADP data disappointed markets at yesterday's session. According to the March ADP National Employment Report, employment rate in the private sector increased by 189,000 in March against its reading in February. Data was printed far below expectations of 225,000. Today, traders eye on data about unemployment claims. We expect upbeat data this time. ISM manufacturing was another disappointing data printed yesterday. Economic activity in the manufacturing sector expanded in March for 27 consecutive months and the overall economy grew for 70 consecutive months. "The March PMI registered 51.5 percent, a decrease of 1.4 percentage points from February's reading of 52.9 percent, the nation's supply executives said in the latest Manufacturing ISM Report on Business.

    USD/CAD

    The pair gave a break of a 3-day winning streak at yesterday's session on the back of weak data. Higher levels attract buyers for profit booking again. The pair moved from 1.2410 to 1.2784 in 4 sessions. At yesterday's session, the pair fell and closed below 20Dsma. Today, at the Asian session the pair has faced resistance at 20Dsma again, moving towards the support line. Strong support is found at 1.2575 and 1.2550 50Dsma. In the H1 chart, we can observe the price forming lower lows and lower highs. Intraday resistance is seen at 1.2650. We recommend intraday buying above 1.2660 with targets at 1.2710 and 1.2735. We recommend selling below 1.2550 with targets at 1.2480 and 1.2430. The pair prepared a strong support base between 1.2350 and 1.2300 at 200MSMA. Until prices close above 1.2300, buying on dips remains in play. The pair has been consolidating at higher levels for more than 3 moths. In the bullish scenario, bullish breakout is likely to happen in the coming weeks. It's usual for bullish pair.

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    USD/JPY

    At yesterday's session, the pair rejected at 20Dsma again and closed above 50Dsma. Trading pattern is framed between 20Dsma and 50Dsma. Today, the pair opened on a bearish note. 50dsma is found at 119.40. The pair found supports at 118.90 100Dsma and 117.60 100Dema. Until the price closes above 117.60, buy on dips remains in play. In the H4 cahrt, we can see strong selling pressure at 120.36. We recommend buying above 119.80 with targets at 120.30 and 120.80. Above 120.40, we can expect 120.60 and 121.30 in a day or two. The price trading pattern is shifted between 120.40 and 119.40. A daily close below 117.50 leads to another leg down towards 116.00 and 115.00. Bulls are safe until the price closes above 117.50 100Dema.

    Trade: Buying above 119.80, strong momentum only above 120.40Risky traders can buy with sl 119.40
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    Uitgevoerd door, Analytische expert
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