USD/CAD intraday technical levels and trading recommendations for June 30, 2015

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Overview:

Since bulls pushed the price further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level, the market looks quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in a formation of a Triple-top pattern.

Successive lower highs were reached within the depicted consolidation zone enhancing the bearish side of the market.

Support levels around 1.2350 and 1.2300 (79.6% Fibonacci level) were broken after providing significant support on the daily and weekly charts for several weeks.

Daily fixation below 1.2300 opened a way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend) for the USD/CAD pair. Bullish support was offered around these levels. A bullish pullback took place shortly after.

Recently, the price zone of 1.2450-1.2500 constituted strong resistance (backside of the broken uptrend and the previous consolidation zone).

As anticipated, a daily candlestick closure below 1.2430 (previous week) enhanced further bearish decline. Since then, the price zone around 1.2400 has constituted solid intraday resistance for the USD/CAD pair.

However, the previous weekly candlestick closed at 1.2270 (reflecting lack of enough bearish momentum). That is why, an extensive bullish corrective movement is now being expressed on the chart.

On the other hand, the USD/CAD pair needs a frank weekly closure below 1.2300 to ensure further bearish decline in the long term.

However, persistence above the level of 1.2220 enhanced a bullish pullback towards 1.2400 (the key level depicted on the chart) where a valid sell entry may be offered.

The price level of 1.2450 should be defended by bears. A daily closure above 1.2450 invalidates the previously mentioned bearish scenario.

Conservative traders can wait for early closure below the level of 1.2300 to confirm the previously mentioned SELL position.

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Intraday technical levels and trading recommendations for EUR/USD for June 30, 2015

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The market was pushed lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously hit back in July 2012 and June 2010.

The EUR/USD pair has lost almost 850 pips since the beginning of 2015. Moreover, EUR/USD bears have already pushed the price slightly below the monthly demand level of 1.0550 (established on January 1997).

The previous monthly closure had a negative impact on the EUR/USD pair. However, April's candlestick came as a bullish engulfing candle on the chart.

In the long term, a bearish breakout of the monthly demand level at 1.0550 should not be excluded as the long-term breakout is projected with a target at 0.9450.

However, a bullish corrective movement towards 1.1500 may be executed if May's monthly high 1.1465 gets hit first (bulls have recently failed to step above price level of 1.1435).

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After such a long bearish rally (which started around the levels of 1.1300), bullish rejection took place at 1.0570 (monthly demand level).

Multiple ascending bottoms were established around the levels of 1.0470, 1.0550, and 1.0850. These levels corresponded to the daily uptrend depicted on the chart.

Further bullish pressure was observed until bearish rejection was applied around 1.1400 (Fibonacci Expansion 100% on the H4 chart - near the depicted daily supply level).

Fixation below the level of 1.1300 (the lower limit of the H4 channel) caused a quick bearish decline towards 1.1140 at the end of last week.

This week, the market opened around 1.1000 following the daily uptrend. That is why another ascending bottom is expected to be established around current levels.

As long as bulls keep trading above 1.1150, further bullish advancement should be expected.

An initial bullish target would be located at 1.1300 which is a prominent supply level to be watched.

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EUR/NZD : analysis for June 30, 2015

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Overview:

Recently, EUR/NZD is moving upwards. As we expected, the price tested the level of 1.6572 in a high volume. In the daily time frame, we can observe a demand bar, which is a sign that selling looks risky. The short-term trend is bullish. The closed the gap between the levels of 1.6300 and 1.6115. Bullish phase is in progress, so watch for a potential opportunities to buy on dips. Anyway, the price is testing the resistance level at 1.6572. If it breaks the level of 1.6572 in a high volume , we may see a test at the level of 1.6700.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6430

R2: 1.6520

R3: 1.6660

Support levels:

S1: 1.6140

S2: 1.6050

S3: 1.5910

Trading recommendations: The market is bullish. Watch for potential buying opportunities above the level of 1.6572.

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Technical analysis of USD/CHF for June 30, 2015

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Tools of chart:

  • We expect a range of the USD/CHF pair to be about 111 pips in coming days. The market will probably move between 0.9256 and 0.9367.
  • The risk of 74 pips must make a profit of 111 pips.
  • The value of 38.2% Fibonacci retracement levels is 0.9256.
  • The level of 0.9256 will confirm the bullish market because it is representing a strong support on the H1 chart.
  • Volatility on June 30, 2015 is 127.96. As a rule, the market is highly volatile if the last day had a huge volatility.

Technical levels:

  • It should be noted that the price will be moving between 0.9367 and 0.9256 today.
  • Projected high: 0.9395
  • Strong resistance (sell limit): 0.9380. The resistance will be at the price of 0.9380.
  • Current pivot: 0.9300.
  • Breakout (sell stop): 0.9255. The resistance will be at the price of 0.9255.
  • Projected low: 0.9245.

Observations:

  • If the trend is of an upside character, the strength of the currency will be defined as following: USD is an uptrend and CHF is in a downtrend.
  • Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a range trade. It looks like the trend is trapping and going up or down. If you sell or buy for a long term in this period, you will surely lose your profit.
  • Stop loss should never exceed your maximum exposure amounts.
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Technical analysis of EUR/USD for June 30, 2015

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Overview:

  • The EUR/USD pair will keep its bullish sentiment starting from the levels of 1.1115 and 1.1153, which are coinciding with ratios of 50% Fibonacci retracement level and 61.8% respectively. Equally important, the level of 1.1208 represents the daily pivot point. On the other hand, the resistances will set at the levels of 1.1240 and 1.1277. A double top is formed at the level of 1.1277 in the M15 and H1 charts. Accordingly, it will be a good sign to buy above 1.1115/1.1155 with the first target at 1.1230 to test the minor resistance. Then, if the price breaks this area, it will call for an uptrend in order to continue its bullish movement towards 1.2860 (the weekly support 1). Equally important, the resistance would set at the level of 1.1277. In addition, it should be noted that the range of 87 pips is expected, but we think that a larger range up to 480 pips can take place this week. However, the stop loss should be placed below the golden ratio at the level of 1.1105, so the stop loss should be set in 35 pips since the risk of 35 pips could make profit of 52 pips.
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Gold analysis for June 30, 2015

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Overview:

Gold has been trading sideways around $1,175.00. We can observe a gap zone between the levels of $1,175.00 and $1,181.00. Our gap zone is broken since the price has tested the level of $1,171.00. I am waiting for stronger price actions and a larger volume. In the daily time frame, we can observe a bearish bar in a volume above the average. Selling looks risky at this stage, because we got major support around $1,168.88 - $1,162.00. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the level of $1,183.00, Fibonacci retracement 50% at $1,188.00, and Fibonacci retracement 61.8% at %1,192.00. The short-term trend is bearish. Watch for selling opportunities if the price breaks major support.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,185.00

R2: 1,189.00

R3: 1,194.60

Support levels:

S1: 1,175.75

S2: 1,171.00

S3: 1,165.50

Trading recommendations:. Be careful when selling gold since we can observe a strong suppot level around the price of of $1,162.00. Watch for selling opportunities just below the level of $1,162.00.

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Technical analysis of EUR/GBP for June 30, 2015

Technical outlook and chart setups:

The EUR/GBP pair is trading around 0.7100 at the moment after having bounced back sharply from yesterdays' low of 0.7000. As seen on the daily chart (Monthly presented here for a larger picture), the pair has produced an engulfing bullish reversal candle. It is hence recommended to initiate fresh long positions at current levels with risk at 0.7000. Immediate support is seen at 0.7000 (interim) and lower while resistance is seen at 0.7350/7400 and higher respectively.

Trading recommendations:

Initiate fresh long positions now, stop is at 0.7000, a target is open.

Good luck!

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USDX wave analysis for June 30, 2015

The US Dollar Index was very weak yesterday as its main component, the EURUSD pair, made an impressive rally. The US Dollar Index completed an impulsive upward move with a complete set of 5 waves. The retracement has already reached the 61.8% retracement and the cloud support.

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The US Dollar Index is above the cloud support and is making a bounce from that area. As long as the price is above the cloud, the short-term trend will remain bullish. However a break below the cloud will increase chances for a new lower low below 94.60. Critical short-term support is found at 93.50.

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Blue line- trend line resistance

The weekly chart remains in a bearish trend as the price did not manage to break above the blue downward sloping trend-line resistance.The weekly candle is seen around the Ichimoku indicators of tenkan and kijun-sen. A weekly close below 95.20 will be bearish. I still prefer a bearish wave count where we are in a deeper downward correction that will bring the Index to the level of 90.

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Gold technical analysis for June 30, 2015

Gold is trading around $1,175. The overall trend is neutral. Medium- and longer-term trends remain bearish. Critical support is at $1,160 while important resistance is at $1,230.

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Gold remains below the Ichimoku cloud and is still inside the triangle pattern. The price is trading near the lower triangle pattern boundaries. Critical support is at $1,160-$1,150.

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The weekly chart remains bearish in the long term as the price remains below the cloud resistance and both tenkan- and kijun-sen indicators. I would remain bearish and add to my short positions once we break below $1,130 with a tarteg at $1,000.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of AUD/USD for June 30, 2015

Technical outlook and chart setups:

The AUD/USD pair is trading around 0.7670/80 at the moment and might be looking far an opportunity to rally further higher. Please note that the pair has re-tested the level of 0.7600 and now bulls should be poised to remain in control until prices stay above at least 0.7575. It is hence recommended to initiate fresh long positions at current levels with risk at 0.7500 for now. Immediate support is seen at 0.7550 followed by 0.7520/30 and lower while resistance is seen at 0.7850 (interim) and higher respectively.

Trading recommendations:

Initiate fresh long positions at current levels, stop is at 0.7530, a target is open.

Good luck!

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Technical analysis of USD/CAD for June 30, 2015

The loonie falls against USD, GBP, and Euro on the back of recent dicline in crude prices. The Greek saga influenced crude oil prices. Maunting concerns about the economic situation in Dreece favor the US dollar . The optimism shifted to USD making crude oil prices dump. Today, traders eye the Canadian GDP . Data is expected to be printed between neutral and negative readings. We expect 0.0% or even 0.1%.

Technical view:

USD/CAD

The Greek sage supported the greenback and declining oil prices supported CAD bears. The pair regained lost daily moving averages and closed above them . The pair managed to erase most of its monthly loss trading with mild losses. The pair is trading above 20Wsma. All these factors support bulls. In the hourly and daily time frames, the pair has been approaching higher lows. At yesterday's session, we recommended buying above 1.2360. Today, ahead of the Canadian GDP and US consumer confidence data, the CAD is trading lower against USD. The intraday resistance is seen at 1.2425 and 1.2445. Intraday support is found at 1.2390 and 1.2360. The trend favours buying with sl 1.2300, whereas support base is found at 1.2200. The double top is at 1.2565. A high between 1.2445 and 1.2480 is likely to be hit today.

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Technical analysis of USD/JPY for June 30, 2015

The US Dollar Index closed more than 1% down. Traders prefer the safe haven currency. Until the Greek saga takes a back seat, no US economic data reacted accordingly. Greece is expected to deliver so many releases today that volatility is likely to continue. Choppy trades are unlikely to obey the support and resistance levels. Traders can be more cautious this week.

In addition, market participants eye ADP non-farm data, non-farm employment change and unemployment rate. Besides, data on Tankan manufacturing and non-manufacturing index is due today.

Technical view: The pair opened with a gap closing below 20Dsma. The pair made a double top at 124.40 breaching the support base at 122.48. The pair has been consolidating at 122.43 for more than 12 hours. It has been consolidating at the lower levels, indicating more room on the down side. The nearest support is found at 122.10, 121.80 50Dsma and 121.00 20Wsma. Bulls' last hope remains at 120.75. At yesterday's session, the pair managed to cover the gap. The weekly resistance is seen at 123.60 and 124.40. Until a close below these, bears have the upper hand this week. Intraday selling is available below 122.30 towards 122.15, 122.00, and 121.80. The selling pressure is expected to accelerate below 121.80 towards 121.00 or even 120.80. Safe selling is available below 121.80

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Technical analysis of GBP/USD for June 30, 2015

The cable managed to close with marginal gains erased half of its intraday gains. The cable is currently moving in a tight range.

At today's Asian session, Gfk consumer confidence is in the limelight. The UK Consumer Confidence Index increased by six points to 7 in June. Today, traders eye the final GDP on quarterly basis and current account data. Besides, US consumer confidence data is due.

Technical view: The cable managed to breach the falling bearish channel consolidating in a tight range of 138 pips between 1.5665 and 1.5803. The weekly resistance is seen at 1.5805, 1.5870, and 1.5950. Today's closing is likely to determine the situation for coming weeks. We recommend buying on every dip with sl 1.5170. The cable is fundamentally strong and technically well-built. The weekly support is found at 1.5650 50Wsma, 1.5550, and 1.5490. In case of a daily close above 1.5805, bulls will aim for 1.5860 and 1.5950 in a day or two.

Intraday resistance is seen at 1.5740, 1.5780, and 1.5805. Buying is available above 1.5740 towards the next resistance levels. Bullish strong momentum is expected above 1.5805. Intraday support is found at 1.5720, 1.5690, and 1.5665. The cable is likely to re-test 1.5700/1.5690 before making the next leg up. Buyers can open small buying positions with sl 1.5665. Selling is likely to get more active below 1.5660 with targets at 1.5635, 1.5620, and 1.5550. Safe selling is available below 1.5620.

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Technical analysis of EUR/USD for June 30, 2015

The euro rebounded from its lows managed to close above the gap. The pair managed to close with big gains.

The pair gave a strong recovery after 1.5% gap managed to regain the lost moving averages. On a closing basis, the pair was unable to close above 100Dema. At today's Asian session, it was trading at 1.1211 compared to Monday's closing price of 1.1236 rejected at 100Dema. The Germany inflation rate, measured by the consumer price index, is expected to be +0.3% in June 2015. Based on the results available so far, the Federal Statistical Office (Destatis) reported that the consumer price index is expected to decline by 0.1% in May 2015. Besides, data on German CPI flash estimate from INE, the annual inflation is due today.

As there was some improvements in the Greek situation, I guess there is some more room for talks to go further. If it happens, the euro will rally towards 1.1700 or 1.1900 immediately. Today traders eye German retail sales and unemployment data, euro CPI estimate and unemployment rate. Greek PM Alexis Tsipras called for a referendum this Sunday. So, we expect wild moves next Monday. This week, the volatility continues ahead of the weekend event.

Technical view: The pair managed to trade above 20Wsma at 1.1040. It closed above 100 and 50Dsma. These are bullish factors which influence the pair. Bears managed to hold 100Dema and 20Dsma seen at 1.1250 and 1.1260 respectively. On the down side, strong support is found at 1.0820, which is the previous daily swing low. Now, bulls must close above another swing high of 1.1460. In the daily chart, the pair made a double top with a lower high between 1.1437 and 1.1460. Until the pair closes above 1.1460, bears are seen to be trying to breach the support of 1.0820 initially and to re-test the level of 1.0550 later.

Intraday support is found at 1.1170 and 1.1140. Until the pair trades above 1.1140, bulls will try to close above 1.1260 20Dsma. The previous double top pattern is seen at 1.1380 and the parallel resistance is seen at 1.1460. Today bulls can aim for 1.1340, 1.1380, and 1.1410. Selling opportunity is available below 1.1160, safe selling is expected below 1.1130 with targets at 1.1110, 1.1060, and 1.1010.

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Technical analysis of GBP/USD for June 30, 2015

Technical outlook and chart setups:

The GBP/USD pair is seen to be trading at 1.5720 now looking for an opportunity to rally towards at least 1.6000. Please note that the pair has retraced towards Fibonacci 0.382 support around 1.5630 and bounced back higher again. Bulls should be poised to hit higher highs until prices remain above at least 1.5600. It is hence recommended to initiate long positions at current levels with risk at 1.5600. Immediate support is seen at 1.5630 (interim) followed by 1.5450, 1.5250, and lower. Resistance is seen at 1.5900/50 and higher respectively.

Trading recommendations:

Initiate long position now, stop is at 1.5600, a target is open.

Good luck!

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Technical analysis of EUR/USD for June 30, 2015

Technical outlook and chart setups:

The EUR/USD pair is trading around 1.1165/70 at the moment and is looking to rally higher. As seen here, the pair rallied through the levels of 1.1275/80 yesterday following a drop lower to 1.0950. Please note that the structure still reveals that EUR/USD continues approaching higher highs and higher lows. It bounced off its intermediary support trendline yesterday. It is recommended to initiate fresh long positions at the current level with risk at 1.0930. Immediate support is seen at 1.0950 followed by 1.0810 and lower. Resistance is seen at 1.1436 followed by 1.1450 and higher respectively.

Trading recommendations:

Initiate long positions, stop is at 1.0930, a target is at 1.1500 and 1.1800.

Good luck!

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Technical analysis of Gold for June 30, 2015

Technical outlook and chart setups:

Gold has retraced lower from recent highs and is trading around the level of $1,177.00 at the moment. Please note that the metal has bounced off the fibonacci 0.786 support off the rally between $1,160 and $1,205 earlier and bulls should be poised to push it higher towards the level of $1,225.00 until prices stay above $1,165.00. It is therefore recommended to remain long with risk around $1,150.00. Immediate support is seen at $1,160.00 followed by $1,143.00 and lower. Resistance is seen at $1,205.00 followed by $1,225.00 and higher respectively.

Trading recommendations:

Remain long for now, stop is at $1,150.00, a target is open.

Good luck!

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Technical analysis of Silver for June 30, 2015

Technical outlook and chart setups:

Silver is trading around $15.70 levels now after bouncing off from intraday lows at $15.60. The metal has retraced from yesterday's highs and seems to be ready to resume its rally towards $16.40 and $16.90. Bulls should be poised to remain in control until prices stay above yesterday's lows ($15.50). It is hence recommended to remain long and also look to add further at current levels with risk at $15.30. Immediate support is seen at the level of $15.50 followed by $15.30 and lower while resistance is seen at $16.30/40 followed by $17.20/30 and higher respectively.

Trading recommendations:

Remain long for now, stop is at $15.30, targets are at $16.40 and $16.90.

Good luck!

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Technical analysis of EUR/JPY for June 30, 2015

General overview for 30/06/2015 07:30 CET

The whole weekend gap had been filled in and the weekly pivot resistance at the level of 138.04 had capped the rally. On the other hand, the main impulsive count was invalidated due to wave one and wave four overlaps. Currently, there are two possible counts on the intraday chart and the key level that will invalidate one of those counts is the impulsive count-invalidation line at the level of 135.68.

Support/Resistance:

133.75 - Swing Low

135.68 - Alternative Impulsive Count Invalidation Level

136.13 - Weekly Pivot

136.67- Intraday Support

138.04 - WR1

138.09 - Intraday Resistance

Trading recommendations:

Daytraders should still refrain from trading and wait for the important levels to be tested first: the intraday resistance at the level of 138.05 or the invalidation line at the level of 135.68.

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Technical analysis of EUR/JPY for June 30, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around 136.90 at the moment after hittin intraday highs at 138.00 yesterday. The pair has rallied sharply from yesterday's sub-level of 134.00 and it looks like the rally has potential to move higher. It is therefore recommended to hold long positions taken yesterday and also look to add further. Bulls should remain poised to be in control until prices stay above 133.00. Immediate support is seen at thre level of 134.00 (interim) followed by 133.00 and lower. Resistance is seen at 139.00 followed by 140.00/141.00 and higher respectively.

Trading recommendations:

Remain long for now, stop is at 133.00, a target is open.

Good luck!

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Technical analysis of USD/CAD for June 30, 2015

General overview for 30/06/2015 07:15 CET

The newest labeling had been slightly changed to incorporate the main impulsive count as s series of 1-2, (i)-(ii) wave progression and the alternative labeling of wave B blue: a double zig-zag pattern labeled as WXY brown. The current range is labeled as a part of a corrective cycle in wave ii blue or a part of wave XX. That would mean there is still a possibility for a double zig-zag to evolve into a triple zig-zag pattern as long as the level of 1.2215 is not violated. Please notice the near-term and longer-term outlook is still bullish.

Support/Resistance:

1.2128 - WS2

1.2245 - WS1

1.2275 - Intraday Support

1.2332 - Weekly Pivot

1.2420 - Intraday Resistance

1.2447 - WR1

1.2537 - WR2

Trading recommendations:

Daytraders should still refrain from trading and wait for the important levels to be tested first: the intraday resistance is seen at the level of 1.2420 and intraday support is expected at the level of 1.2275.

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Technical analysis of GBP/CHF for June 30, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading lower around the level of 1.4630 at the moment after having formed an intermediary top near 1.4800. Please note that the pair might be preparing for a deeper correction into 1.4400 as depicted here, before resuming its rally. It is hence recommended to remain short with risk above the level of 1.4800 now. Immediate support is seen at 1.4500 followed by 1.4400, 1.4250, and lower. Resistance is seen at 1.4800 levels (interim) and higher respectively.

Trading recommendations:

Remain short for now, stop is at 1.4830, a target is 1.4400.

Good luck!

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Daily analysis of major pairs for June 30, 2015

EUR/USD: The EUR/USD pair opened with a large gap this week as did other EUR pairs. These gaps signify a high volatility this week, which has already started. The gaps have been filled. This means that most EUR pairs would go upwards this week. The EUR/USD went upwards on Monday.

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USD/CHF: This pair had opened with a small gap and went downwards later on Monday. The pair went downwards by over 120 pips. This could cause a threat to the recent bullish outlook. A movement below the support level of 0.9200 could result in a bearish bias.

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GBP/USD: The outlook for this pair is bullish as it was not affected by the gaps occurred at the beginning of the week. The bullish outlook would be valid as long as the accumulation territory around 1.5650 is not broken to the downside. Once the accumulation territory is breached to the downside, the outlook would become bearish. This scenario is more likely this week. This would also affect other GBP pairs.

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USD/JPY: This currency trading instrument gapped down after the openning bell and the price trended downwards. Amid bearish expectation for this month, the price is likely to continue trending further downwards.

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EUR/JPY: Just like the EUR/USD pair, EUR/JPY gapped down when the market opened. The price dropped by 400 pips testing the demand zone at 134.00 and bounced upwards by over 350 pips later. Further upward movements could result in a Bullish Confirmation Pattern.

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Daily analysis of USDX for June 30, 2015

On the daily chart, the USDX has pulled back from its highs after a bullish gap, which was formed on the back of developments in Greece. The support zone around 94.66 is still the closest one on the downside, but the USDX could start trading higher if it does a rebound at that support. In case of success, it will test the next resistance at the level of 95.74.

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Index closed the bullish gap falling below the 200 SMA on the H1 chart. Now, the USDX is forming a lower low pattern and looking for an opportunity to break the support level of 94.77. Anyway, a rebound at the current levels will help the USDX consolidate again above the moving average mentioned before. The MACD indicator is reaching the oversold territory.

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Daily chart's resistance levels: 95.74 / 96.57

Daily chart's support levels: 94.66 / 93.63

H1 chart's resistance levels: 95.09 / 95.48

H1 chart's support levels: 94.77 / 94.40

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 95.09, take profit is at 95.48, and stop loss is at 94.71.

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Daily analysis of GBP/USD for June 30, 2015

GBP/USD closed the bearish gap. On the daily chart, we still can observe a test at the resistance level of 1.5755 and if the pair does a breakout over there, it would be expected to test the next key high around the level of 1.5898. Also, bulls are getting stronger, but bear in mind the current situation in Greece.

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At the H1 chart, GBP/USD has been trading sideways, but remains above the 200 SMA. The current situation in Greece makes us think about the possibility to take long positions at this stage. GBP/USD is expected to rally towards new highs, as 200 SMA provides dynamic support, but be cautious anyway.

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Daily chart's resistance levels: 1.5755 / 1.5898

Daily chart's support levels: 1.5543 / 1.5450

H1 chart's resistance levels: 1.5740 / 1.5789

H1 chart's support levels: 1.5687 / 1.5650

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5740, take profit is at 1.5789, and stop loss is at 1.5693.

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Technical analysis of EUR/USD for June 30, 2015

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When the European market opens, economic data on Eurogroup Meetings, Italian 10-y Bond Auction, Italian Prelim CPI m/m, Unemployment Rate, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Italian Monthly Unemployment Rate, German Unemployment Change, French Consumer Spending m/m, and German Retail Sales m/m is due. The US will release data on CB Consumer Confidence, Chicago PMI, and S&P/CS Composite-20 HPI y/y. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1270.

Strong Resistance:1.1264.

Original Resistance: 1.1253.

Inner Sell Area: 1.1242.

Target Inner Area: 1.1216.

Inner Buy Area: 1.1190.

Original Support: 1.1179.

Strong Support: 1.1168.

Breakout SELL Level: 1.1162.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for June 30, 2015

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In Asia, Japan will release data on Housing Starts y/y and Average Cash Earnings y/y. The US will unveil data about CB Consumer Confidence, Chicago PMI, and S&P/CS Composite-20 HPI y/y. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.12.

Resistance. 2: 122.88.

Resistance. 1: 122.64.

Support. 1: 122.35.

Support. 2: 122.11.

Support. 3: 121.87.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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

GBP/USD intraday technical levels and trading recommendations for June 29, 2015

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Overview:

On March 2, a bearish breakout of the lower limit of the previous daily channel occurred enhancing the bearish side of the market. Persistence below the zone between 1.4950 and 1.5000 indicated a further bearish decline towards 1.4700.

Shortly after, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom (which initiated the ongoing bullish swing) was reached. A daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where a temporary bearish pullback took place on April 29.

The next bullish swing extended up to the levels of 1.5750-1.5800 which offered a valid sell entry. The final bearish target at 1.5450 was already reached.

Recently, higher highs around the level of 1.5200 were hit. That applied strong bullish pressure over the resistance level around 1.5800 via the ongoing bullish swing.

That is why, the resistance level at 1.5800 was temporarily breached by the strong bullish momentum. Hence, GBP/USD bulls pursued towards 100% Fibonacci Expansion located around 1.5900.

Risky traders could have taken a valid sell entry anywhere around 1.5900-1.5930. It is already running in profits now.

Trading Recommendations:

Conservative traders can wait for a pullback towards 1.5780 for a low-risk sell entry. Initial T/P levels are located at 1.5780, 1.5700 and 1.5600 while S/L should be set above 1.5900.

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USD/CAD intraday technical levels and trading recommendations for June 29, 2015

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Overview:

Since bulls pushed the price further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level, the market looks quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in a formation of a Triple-top pattern.

Successive lower highs were reached within the depicted consolidation zone enhancing the bearish side of the market.

Support levels around 1.2350 and 1.2300 (79.6% Fibonacci level) were broken after providing significant support on the daily and weekly charts for several weeks.

Daily fixation below 1.2300 opened a way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend) for the USD/CAD pair. Bullish support was offered around these levels. A bullish pullback took place shortly after.

Recently, the price zone of 1.2450-1.2500 constituted strong resistance (backside of the broken uptrend and the previous consolidation zone).

As anticipated, a daily candlestick closure below 1.2430 (previous week) enhanced further bearish decline. Since then, the price zone around 1.2400 has constituted solid intraday resistance for the USD/CAD pair.

However, the previous weekly candlestick closed at 1.2270 (reflecting lack of enough bearish momentum). The USD/CAD pair needs a frank weekly closure below 1.2300 to ensure further bearish decline in the long term.

However, persistence above the level of 1.2220 enhanced a bullish pullback towards 1.2400 (the key level depicted on the chart) where a valid sell entry may be offered if enough bearish rejection is expressed on the short-term charts.

On the other hand, conservative traders can wait for an early re-closure below the level of 1.2300 to confirm the previously mentioned sell entry.

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Intraday technical levels and trading recommendations for GBP/USD for June 29, 2015

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Evident bullish recovery emerged from the area around 1.4550 where a significant bullish engulfing weekly candlestick was expressed.

Shortly after, persistence above the levels of 1.5000-1.5080 exposed the weekly key zone of 1.5500-1.5550 where significant bearish pressure was previously applied on February 22.

Last month, the market has been pushed above this weekly key zone at 1.5550 in an attempt to reach the area around 1.5900 (100% Fibonacci Expansion) which provided evident supply for the GBP/USD pair.

This SUPPLY level will probably enhance a bearish pullback towards 1.5550 if the level of 1.5900 remains intact on a weekly basis (no weekly closure should occur above 1.5900).

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Sideways movement with a slight bearish tendency had been expressed on the daily chart until a bullish breakout above 1.4970-1.5000 (through a long-term bullish reversal pattern) took place.

The zone between 1.5000 and 1.5100 failed to keep prices below. Moreover, the GBP/USD pair formed a prominent demand zone while trending within the depicted bullish channel.

A daily closure above the weekly supply zone of 1.5500-1.5550 exposed the next supply level located at 1.5780 (61.8% Fibonacci level) where the evident bearish pressure was applied.

A bearish breakout of the depicted bullish channel took place as a result of the bearish pressure applied around 1.5780 and 1.5660 (bearish engulfing candlesticks and lower highs).

After a bearish breakout of 1.5500-1.5550 (lower limit of the broken channel), the market failed to gather enough bearish momentum towards the intraday demand level at 1.5100.

Significant bullish pressure was observed around 1.5200. Hence, a bullish swing was established towards 1.5780 (61.8% Fibonacci level) and 1.5880 (FE 100%).

The price zone (1.5800-1.5880) remains a significant supply zone. It should be watched for a valid sell entry at retesting.

T/P levels should be set at 1.5700, 1.5650, and 1.5600 while S/L should be placed above 1.5900.

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Intraday technical levels and trading recommendations for EUR/USD for June 29, 2015

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The market was pushed lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously hit back in July 2012 and June 2010.

The EUR/USD pair has lost almost 850 pips since the beginning of 2015. Moreover, EUR/USD bears have already pushed the price slightly below the monthly demand level of 1.0550 (established on January 1997).

The previous monthly closure had a negative impact on the EUR/USD pair. However, April's monthly candlestick came as a bullish engulfing candle on the chart.

In the long term, a bearish breakout of the monthly demand level at 1.0550 should not be excluded as the long-term breakout is projected with a target at 0.9450.

However, a bullish corrective movement towards 1.1500 may be executed if May's monthly high (1.1465) gets breached first (bulls have recently failed to step above price level of 1.1435).

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After such a long bearish rally (which started around the levels of 1.1300), bullish rejection took place at 1.0570 (monthly demand level).

Multiple ascending bottoms were established around the levels of 1.0470, 1.0550, and 1.0850. These levels corresponded to the daily uptrend depicted on the chart.

Further bullish pressure was observed until bearish rejection was applied around 1.1400 (Fibonacci Expansion 100% on the H4 chart - near the depicted daily supply level).

Fixation below the level of 1.1300 (the lower limit of the H4 channel) caused a quick bearish decline towards 1.1140 by the end of last week.

This week, the market opened around 1.1000 which comes to meet the depicted daily uptrend. That is why, another ascending bottom is expected to be established around the current price levels

Daily persistence above 1.1150 must pursue towards higher targets. An initial bullish target would be located at 1.1300.

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Technical analysis of USD/JPY for June 29, 2015

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USD/JPY is expected to trade with a bearish bias. It is undermined by the flows to haven JPY amid increased risk aversion as the Greece crisis escalates after Greek PM Tsipras on Friday called for a snap referendum to be held on July 5, eurozone's finance ministers refused the Greek request to extend the current bailout program beyond its expiry on June 30, while the European Central Bank said it will freeze the level of emergency loans for Greek banks at Friday's level of EUR89 billion, paving the way for Greek authorities to close banks and impose capital controls. But USD/JPY losses are tempered by higher US Treasury yields and positive USD sentiment (ICE spot dollar index last 96.21 versus 95.21 early Friday) on flows to haven dollar and healthier-than-expected US June final University of Michigan consumers sentiment index of 96.1 (versus forecast 95.0), demand from Japanese importers, andultra-loose Bank of Japan's monetary policy. "We expect a very strong risk averse tone to pervade global markets as soon as Asian opens for trading and throughout much of the week: equities lower (perhaps 2-4% for key markets), bond yields lower (perhaps 15-25bp for core markets) and the likes of the USD, JPY, and CHF to be very well supported," Westpac says.

Technical comment:

The daily chart is negative-biased as the MACD is in bearish mode, stochastics is turning bearish.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 122.55. A break of that target will move the pair further downwards to 122.10. The pivot point stands at 123.30. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 124 and the second target at 124.60.

Resistance levels: 124 124.30 124.60

Support levels: 122.55 122.10 121.75

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