EUR/NZD : analysis for May 26, 2015

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Overview:

Recently, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.4930 in a high volume . The short-term trend is neutral. According to the daily time frame, supply is in a volume below the average and we got very weak price action. According to the 30-minute time frame, the price rejected from our Fibonacci expansion 100% (1.4950) in a high volume. Be careful when selling EUR/NZD since we may see bullish movements. First strong resistance is around the level of 1.5040.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5050

R2: 1.5065

R3: 1.5090

Support levels:

S1: 1.4995

S2: 1.4980

S3: 1.4955

Trading recommendations: Be careful when selling EUR/NZD at this stage since we can observe strong bullish activity (volume) in the background and rejection from our support.

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Daily analysis of USDX for May 26 2015

In the daily chart, the USDX continues trading with gains above the support zone of 95.74. Now, it's looking to do another rally towards the resistance level of 98.08, after a possible breakout around the level of 96.97. For now, we still want to see another bullish pattern formation before that rally mentioned above. the MACD indicator is at positive territory.

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Our short-term outlook is still very bullish, because the Index tries to stay above the key support level at 96.46 and the immediate resistance remains located at the level of 97.16. If the USDX does a breakout in that zone, the next target would be at 97.60 in the days to come. The MACD indicator remains in the neutral territory.

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Daily chart's resistance levels: 96.97 / 98.08

Daily chart's support levels: 95.74 / 95.00

H1 chart's resistance levels: 97.16 / 97.60

H1 chart's support levels: 96.90 / 96.46

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 97.16, take profit is at 97.60, and stop loss is at 96.71.

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Daily analysis of GBP/USD for May 26, 2015

Finally, GBP/USD is already testing the support zone around the level of 1.5346 on the daily chart because of weakness. That's why we would prefer to stay riding the bearish outlook in the medium and long term. One of the reasons is represented with dynamic resistance offered by the 200 SMA in this time frame. The price action is very bearish in pattern formations.

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The H1 chart is showing a bearish pattern formation taking place below the resistance level of 1.5443. Now it's trying to reach the support zone of 1.5358. If the pair achieves to break that level, it would be expected to test the level of 1.5259 in coming hours. Also, our intraday outlook remains very bearish.

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Daily chart's resistance levels: 1.5543 / 1.5745

Daily chart's support levels: 1.5346 / 1.5199

H1 chart's resistance levels: 1.5443 / 1.5513

H1 chart's support levels: 1.5358 / 1.5259

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5358, take profit is at 1.5259, and stop loss is at 1.5459.

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GBP/USD intraday technical levels and trading recommendations for May 26, 2015

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Overview:

On March 2, a bearish breakdown of the lower limit of the previous daily channel occurred enhancing the bearish side of the market.

Persistence below the zone of 1.4950-1.5000 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 was established.

Evident bullish recovery emerged at 1.4560 pushing the GBP/USD pair above the level of 1.4700. Since then, successive higher highs have been established.

As anticipated, the daily closure above 1.5060 (50% Fibonacci level) exposed the next resistance levels at 1.5400 and 1.5450 where extensive bearish pressure was previously applied.

This enhanced the bearish side of the market towards the levels of 1.5300, 1.5250, and 1.5100 where the most recent bullish swing was initiated on May 5.

On the other hand, the price zone of 1.5750-1.5800 (critical resistance zone) offered a valid sell entry almost two weeks ago. Final bearish target at 1.5450 was already reached.

IIntraday Support-1 (price zone of 1.5400-1.5450) is the most prominent support level to be watched for buy entries. However, signs of strong bearish pressure are observed on the chart today.

Initial bullish targets would be located at 1.5650 then 1.5750 if the current support zone remains defended by bulls.

On the other hand, daily closure below 1.5400 (previous weekly bottom) invalidates this bullish scenario exposing the levels around 1.5300 and 1.5150 to be visited shortly after.

That's why the current daily candlestick should be monitored by the end of today's trading sessions.

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USD/CAD intraday technical levels and trading recommendations for May 26, 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 looked quite overbought. That is why the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a Triple-top pattern.

Successive lower highs were established 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 for several weeks on the daily and weekly charts.

A daily fixation below 1.2300 cleared the way for the USD/CAD pair towards the levels of 1.2000 and 1.1940 (projection target of the recent range breakout and the depicted weekly uptrend).

That is why we expected these price levels to provide significant bullish support. A bullish pullback is currently taking place.

The price zone of 1.2350-1.2400 remains significant intraday resistance to be watched at further retesting. This price zone will probably offer a low-risk sell entry at retesting which is taking place today.

Trading recommendations:

Risky traders could have taken a suggested buy entry anywhere around 1.1950. All T/P levels have already been reached. S/L should be advanced to 1.2240 to offside any associated risk.

Conservative traders can take a low-risk sell entry around 1.2350-1.2400. S/L should be placed above 1.2450.

T/P levels should be placed at 1.2220, 1.2100 and 1.1950.

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Gold: analysis for May 26, 2015

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Overview:

Gold has been trading downwards. As we had expected, the price tested the level of $1,193.00. The short-term trend is beairsh. The price broke the strong support cluster at $1,201.00 and we may expect further bearish direction. We can observe a sign of weakness (SOW) after a breakout of trading range, which signals that buying looks risky. I have placed Fibonacci retracement to find potential support. I got Fibonacci retracement 61.8% at the level of $1,192.00 (on the test). If the price breaks the level of $1,192.00 in a high volume, we may see the level of $1,178.00 (demand zone) on test.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,208.70

R2: 1,210.00

R3: 1,212.25

Support levels:

S1: 1,204.00

S2: 1,203.00

S3: 1,200.00

Trading recommendations: Be careful when buying gold below the price of $1,225.00 and watch for selling opportunities after retracement.

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USD/CAD should test key resistance

After the downtrend, USD/CAD formed a triple bottom near 1.1940 with a low of 1.1918 tested on May 14. While forming the triple bottom, the pair was ranging between 1.1940 and 1.2140. The price broke out of the range sending pair higher on May 19.

This did put the beginning of further extension up resulted in a breakout of the descending channel. Applying Fibonacci to the breakout point, we can see that 38.2% level (1.2345) has been taken out and could act as a support. This could confirm that the uptrend is not over yet.

For more risky trade consider buying at the current rate, although to stay on a safer side perhaps it is better to wait for a pullback before going long. The target is very clear and it is pointing up to the R1 (1.2444) resistance level that previously acted as very strong support. Only a break below S2 (1.2263) might drop the price further to S3 (1.2181), however the R1 should be tested with a high probability, maybe not as soon as it appears.

Support: 1.2345, 1.2263, 1.2181

Resistance: 1.2444, 1.2608

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Intraday technical levels and trading recommendations for GBP/USD for May 26, 2015

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

As mentioned before, persistence above the levels of 1.5000-1.5080 exposed the weekly supply zone of 1.5500-1.5550 (roughly corresponding to weekly 50% Fibonacci level), where significant bearish pressure was previously applied on February 22.

Last week, the market has already pushed above the weekly supply at 1.5530 (50% Fibo level) and further above 1.5720 (FE 100%). However, evident bearish pressure was applied around 1.5800, resulting in the depicted bearish engulfing weekly candlestick.

Note that persistence below the weekly supply at 1.5530 (corresponding to 50% Fibo level) hinders the ongoing bullish trend for sometime.

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

The price zone between 1.5000 and 1.5050 (daily 38.2% and 50% Fibonacci levels) failed to hold. Moreover, it constitutes a prominent demand level for the GBP/USD pair now.

It offered a valid buy entry for retesting that took place last week.

A daily closure above the weekly supply zone of 1.5500-1.5530 exposed the next supply level located at 1.5720 (100% Fibonacci Expansion of the recent bullish swing).

Evident bearish pressure was applied around 1.5720 (100% FE and the upper limit of the depicted bullish channel). So, a bearish pullback took place towards 1.5500 on Tuesday.

Bearish breakout off the depicted bullish channel took place on Friday as a result of the evident bearish pressure that emerged at the level of 1.5660.

Persistence below 1.5530 (lower limit of the broken channel) is needed to pursue towards lower levels.

Initial bearish targets would be located at 1.5250 and possibly 1.5100 if enough bearish momentum is expressed.

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Intraday technical levels and trading recommendations for EUR/USD for May 26, 2015

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

The EUR/USD pair lost almost 1,500 pips since the beginning of 2015. Moreover, the EUR/USD bears have already pushed the market 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 as depicted on the chart.

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

Meanwhile, a further bearish decline can be hindered for a few weeks.

On the other hand, a bullish corrective movement towards 1.1500 and 1.1600 is still probable especially if intraday demand zone (1.1150-1.1100) remains defended by bulls.

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The obvious bearish breakout of the weekly demand level at 1.1100 allowed the market to fall dramatically shortly afterwards.

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

A bullish continuation pattern with an ascending bottom was established around the level of 1.0650.

That is why, bears failed to hinder the ongoing bullish momentum around the key zone of 1.1150-1.1050 on April 29. Temporal bullish fixation above 1.1100 took place shortly after.

Further bullish advancement was enhanced by the multiple daily closures above the levels of 1.1150 and 1.1250 until bearish pressure was applied around 1.1450 (just below the depicted supply level of 1.1500).

This week, bearish pullback is taking place towards 1.0800 -1.0830 where a valid buy entry can be offered.

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Technical analysis of EUR/USD for May 26, 2015

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Overview:

  • In the H1 chart, the weekly pivot point of the EUR/USD pair is at the level of 1.1154. At the same time frame, the level of 1.0861 is representing the weekly support 1. The market is still calling for downward movement because the price has set below the weekly pivot point at 1.1154 since yesterday. If the trend fails to close above the level of 1.1154, it will be a good opportunity to sell below his area with the first target at 1.0861 in order to test the weekly support 1. However, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. Thus, the best location to set your stop loss is seen above the level of 1.1173.

Notes:

  • It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3. According to the previous events, the GBP/USD pair is going to move between 1.1154 and 1.0861.
  • The resistance will be set at the level of 1.1154 and the support has already been placed at the price of 1.0861.
  • We expect a new range about 348 pips this week.
  • The key level will set at the level of 1.1000 (psychological level).

The weekly technical analysis of EUR/USD pair:

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Technical analysis of GBP/USD for May 26, 2015

The weekly technical analysis of GBP/USD pair:

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Overview:

  • According to the previous events, the major support of GBP/USD pair is seen at the level of 1.5377. Moreover, the price hit the weekly pivot point and the support 1 last week. The level of 1.5445 is representing a daily pivot point on May 26, 2015. So, we expect a new range of 68 pips today. Therefore, the EUR/USD pair is going to move between 1.5377 and 1.5445. As a result, sell below the level of 1.5445 in the short term with the first target at 1.5410. If the trend is able to break a new double bottom at 1.5410,the pair might resume to 1.5377.
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Observations:

  • If the trend is upward, GBP is likely to be in an uptrend and USD is seen in a downtrend.
  • Major support is seen at the level of 1.5480.
  • Major resistance is seen at the level of 1.5377.
  • We expect a new range up to 68 pips today.
  • 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 trapped and going up or down. If you sell or buy in the long term in this period, you will surely lose your profit.
  • Stop loss should never exceed your maximum exposure amounts.
  • As a rule, the market is highly volatile if the last day had huge volatility.
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AUD/CHF intraday downside potential

AUD/CHF has been moving sideways for over a week now. Taking the Fibonacci applied to the 07.05 low and 14.05 high, after breaking 23.6% support the pair rushed down to test 50% retracement level. The following move was a comeback to test the previous 23.6% level, which became resistance. The resistance has been established near 0.74 and support is seen at 0.735.

Today, the pair has tested the resistance zone once again. It has been rejected again. The Demarker oscillator is signaling on a potential overbought area. At the same time, it is moving within the descending channel that could be a confirmation of the continuation of range trading. If that's the case, AUD/CHF could start falling to test one of the resistance areas, either 50% or 61.8%.

Consider selling AUD/CHF at the current level with a very tight stop loss, just above the most recent high (0.7421). A target could be at the area between S2 and S3, but it appears that the area of 0.7320 plays the key role and could be used as take profit.

Support: 0.7375, 0.7344, 0.7321, 0.7311

Resistance: 0.7414, 0.7478

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Technical analysis of Silver for May 26, 2015

Technical outlook and chart setups:

Silver is trading around the level of $16.80. It is expected to find support around $16.60/70, which is also the fibonacci 0.618 support of the rally $16.10 and $17.80. Please note that an intermediary support trendline is passing through the same region. It is hence recommended to remain long for now and add further long positions with risk at $16.20. Immediate support is seen at $16.60/70 (interim) followed by $16.20/00, $15.80, $15.30, and lower. Resistance is seen at $17.30 (interim) followed by $17.80, $18.40/50, and higher respectively.

Trading recommendations:

Remain long, stop at $16.20, a target is open.

Good luck!

Remain

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Technical analysis of Gold for May 26, 2015

Technical outlook and chart setups:

Gold is trading around $1,195.00/96.00 at the moment. It is looking for an opportunity to test the level of $1,193.00 soon, which is fibonacci 0.618 support of a rally between $1,168.00 and $1,231.00 as depicted here. Please note that a short-term support trendline is also offering the required support and bounce to the metal. It is recommended to hold long positions for now and add fresh around the current levels with risk at $1,180.00. Immediate support is seen at $1,193.00 (fibonacci) followed by $1,180, $1,170.00, and lower while resistance is seen at $1,215.00 followed by $1,231.00, $1,235.00/40.00, and higher respectively.

Trading recommendations:

Remain long for now and also add further, stop at $1,180.00, a target is open.

Good luck!

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#USDX technical analysis for May 26, 2015

The US Dollar Index continues its rally higher as expected after the reversal on May 19. The US Dollar Index gave a buy/reversal signal when it broke above the downward sloping wedge. I have been calling for this reversal as the index approached very close to the support of the 38% Fibonacci retracement on a weekly basis.

The US Dollar Index is approaching the 61.8% retracement of a decline from 100. Strong resistance is found at this Fibonacci retracement and I will not be surprised to see a pause of the rise. Important support is at 94.80. The Ichimoku cloud remains below the current price confirming that trend is bullish.

Red line = resistance

The US Dollar Index has also reached the Ichimoku cloud resistance on the daily chart. The red line resistance was broken and the price is testing the lower cloud boundary now. If bulls manage to push the price into the cloud, this will be an important step into changing the Ichimoku trend to neutral on the daily chart. My view remains bullish in the longer term.

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Technical analysis of EUR/JPY for May 26, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around 133.50/60 after printing lows at 133.10 during the day. The pair seems to be ready to get higher from the current levels and is producing an engulfing bullish candlestick signal on the H4 chart view. It is hence recommended to remain long from yesterday with risk below 133.00. Bulls seem to be poised to stage a rally until prices stay above 132.80/133.00. Immediate support is seen at 133.00 (interim), followed by 131.50, 129.00, 128.00, and lower while resistance is seen at 135.50 followed by 136.50, 137.00 and higher respectively.

Trading recommendations:

Remain long, stop at 132.80, a target is open.

Good luck!

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Gold technical analysis for May 26, 2015

Gold price has broken through the support at $1,200 and bears continued to retain control of the longer-term trend. The weekly chart remains bearish as the price got rejected once again in the area of $1,220-30. Bulls do not seem to be strong enough to reverse the trend just yet. The level of $1,130 is likely to be tested.

Red line = support

Gold price has broken below the short-term Ichimoku cloud support at $1,200 and is heading towards the upward sloping trend-line support at $1,180. Bulls will need to retake $1,200 for the short-term trend to change to neutral.

The weekly chart remains bearish. Price is breaking below the tenkan-sen and remains below the cloud resistance. I remain longer-term bearish expecting the important lows at $1,130 to be tested. Bears should use $1,230 as stop and should target a break below $1,130 towards $1,000.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for May 26, 2015

General overview for 26/05/2015 08:30 CET

The count had been slightly changed to incorporate more bearish view on this pair as the wave 3 blue might be unfolding in full five wave cycle labeled as waves (i) and (ii) green on the chart. The invalidation of this count comes with violation of the level of 135.30 . There is key technical resistance at the level of 133.92 that might put a lid on any market rally and it is a good reversal level. Please notice that the market must break below the level of 133.09 to confirm the top is in place.

Support/Resistance:

133.09 - Technical Support|Key Level|

133.48 - Intraday Resistance

133.92 - Technical Resistance

134.29 - Weekly Pivot

Trading recommendations:

Daytraders should still consider opening sell orders as close to the level of 133.92 as possible with a very tight SL ( 20-30 pips) and set TP orders at the level of 133.09 with a possible extension downward to the level of 131.60.

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Technical analysis of USD/CAD for May 26, 2015

General overview for 26/05/2015 08:10 CET

Yesterday's slow and time-consuming up move had been labeled as wave b purple of the overall corrective cycle that should develop even more to the downside. If this labeling is correct, the intraday support at the level of 1.2275 will be tested soon and violated together with technical support at the level of 1.2256. Please notice the bearish divergence is supporting our view for a corrective cycle to develop to the downside.

Support/Resistance:

1.2320 - Swing High

1.2275 - Intraday Support

1.2256 - Technical Support

1.2234 - Weekly Pivot

Trading recommendations:

Daytraders should still consider opening sell orders as close to the level of 1.2320 as possible with a very tight SL ( 20-30 pips) and set TP orders at the level of 1.2256 with a possible extension downward to the level of 1.2234.

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Technical analysis of GBP/CHF for May 26, 2015

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading around 1.4640/50 at the moment, preparing to produce a meaningful retracement lower. The pair is expected to drop from the current levels or after taking out resistance at 1.4700/10. It is hence recommended to remain short from yesterday and also look to add further short positions with risk around 1.4750 for now. Immediate support is seen at the level of 1.4550, followed by 1.4400, 1.4300, and lower while resistance is seen at 1.4700/10, followed by 1.4850, 1.4900, and higher respectively. Shor-term downside is expected soon before the rally could resume.

Trading recommendations:

Remain short, stop at 1.4750, a target is open.

Good luck!

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Daily analysis of major pairs for May 26, 2015

EUR/USD: The EUR/USD pair is weak now, going below the resistance line at 1.1000. Further weakness in the price could cause the support line at 1.0900 and 1.0850 to be tested this week. On the other hand, there are resistance lines at 1.1050 and 1.1100.

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USD/CHF: This pair is gaining strength at the moment as a result of stamina in USD. The pair moved upwards by 300 pips last week and it is threatening to breach the resistance level at 0.9450: it would break it to the upside. In case this occurs, the next bulls' target would be the resistance level at 0.9550.

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GBP/USD: The cable is weak now, generating a “sell” signal. The accumulation territory at 1.5450 could be breached to the downside as the price trends further downwards towards another accumulation territory at 1.5400. A new bearish signal would be valid as long as the distribution territory at 1.5700 is not breached to the upside.

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USD/JPY: The USD/JPY pair consolidated on Monday – in the context of an uptrend. There is a Bullish Confirmation Pattern in the market and the probability that the market will go further upwards is greater than the probability that the market will go southwards.

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EUR/JPY: This cross, which consolidated last week while trending downwards, is still weak. On Monday, the price trended further downwards, just going below the supply zone at 133.50. The next target is the demand zone at 133.00, which would be breached to the downside. The cross would rally providing that the euro amasses energy.

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Technical analysis of USDX & USD/CAD for May 26, 2015

The USDX extended the bullish foot print yesterday. The index approached the 50Dsma at early Asian session today. The US is preparing for the first rate hike forecasted for September or the end of 2015. As of now, the date is not clearly singled but the hike is imminent. This factor made the USDX and USD related pairs bullish like USD/JPY, USD/CAD, and USD/SGD. Today, traders eye on the US core durable goods orders. Manufacturing data returned back in March after seven months of negative readings. We expect April's readings to stay above 0.4%. The CB consumer confidence is due for today. April's readings were lower, 95.2, compared to 101.40 in March. In May, we expect a positive reading above April's data. In case readings meet our expectations, the USDX will extend to 97.30 and 98.40 in a day or two. We initiated bullish view at 93.50 earlier (May 15th article).

USD/CAD

Ahead of the BOC statement, the pair is trading on a verge of bullish break. We expect the BOC to deliver unchanged stance. After inflation data release, USD gained strong momentum against most majors and USD related pairs. The pair has been facing strong resistance at 50Dsma 1.2350 and 1.2365 100Dsma. The fresh breakout is available above 1.2365 towards 1.2650 initially, and a new high later. We recommended buying at 1.2000 (refer article May 15th) as of now 300 pips mined. Those who bought earlier can book profit at the current levels. We will advise fresh buy in case the price manages to close above 1.2400. Intraday buying opportunity is seen above 1.2325 with targets at 1.2350, 1.2365, and 1.2400. In case of a daily close above 1.2365, bulls will aim at 1.2650. If the price closes the week above 1.2400, bulls will aim at 1.2800. Intraday support is found at 1.2300 and 1.2275.

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Technical analysis of EUR/USD for May 26, 2015

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The eurozone is not expected to publish economic data when the European market opens. The US will release data on the Richmond Manufacturing Index, New Home Sales, CB Consumer Confidence, Flash Services PMI, S&P/CS Composite-20 HPI y/y, HPI m/m, Durable Goods Orders m/m, and Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1022.

Strong Resistance:1.1016.

Original Resistance: 1.1005.

Inner Sell Area: 1.0994.

Target Inner Area: 1.0969.

Inner Buy Area: 1.0944.

Original Support: 1.0933.

Strong Support: 1.0922.

Breakout SELL Level: 1.0916.

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 May 26, 2015

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In Asia, Japan will release the SPPI y/y. Tthe US is expected to publish economic data on the Richmond Manufacturing Index, New Home Sales, CB Consumer Confidence, Flash Services PMI, S&P/CS Composite-20 HPI y/y, HPI m/m, Durable Goods Orders m/m, and Core Durable Goods Orders m/m. So, there is a strong probability that USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.87.

Resistance. 2: 121.63.

Resistance. 1: 121.39.

Support. 1: 121.11.

Support. 2: 120.89.

Support. 3: 120.62.

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 GBP/USD for May 26, 2015

The cable fell below the ascending trendline formed from lows. At yesterday's muted session, the cable rejected at the trendline made a lower low. Today, the cable rejected at 20Dsma trading below the previous 2-day low. In the four-hour chart, the cable has been making lower highs.Today, traders eye on the US core durable goods orders. The March manufacturing data returned back after seven months of negative readings. We expect the April readings to stay above 0.4%. Ahead of data release, the pound is trading lower against USD. The parallel support is found at 1.5446 and 1.5393, which weeks' lows. Before starting the next leg up, we expect the cable to touch 1.5330 and 1.5300. In case bulls lose control at 1.5300, another leg down is expected towards 1.5220 where buying is available. The cable favors buying on dips with sl 1.5100. Bottom fishing is seen between 1.5220 and 1.5150 with sl 1.5100. The lower levels of 1.5220 and 1.5150 are expected in case the price closes below 1.5393.

Intraday: The nearest support is found at 1.5446. Bears have a selling opportunity below 1.5440 aiming at 1.5390, 1.5355, 1.5340, and may be 1.5300 with sl 1.5510. Intraday resistance is seen at 1.5475, 1.5510, and 1.5550. Until the price closes below 1.5700, bears will have the upper hand. The selling pressure will be turned heavily below 1.5390 towards 1.5350 and 1.5340. Bulls have a buying opportunity above 1.5525 aiming at 1.5550, 1.5570, and 1.5600. In the extreme case bulls can aim at 1.5660. Bulls will regain their strength above 1.5700.

Trade: Selling below 1.5440, panic below 1.5390

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Technical analysis of Gold for May 26, 2015

The metal made a 2-day losing streak at yesterday's session, gained marginally. The yellow metal has been consolidating at 100Dema. The stronger USD hurts the gold bulls. The metal made a double top at $1,224.00 on a weekly closing basis. Weekly resistance is seen at $1,212.00. Fresh buying momentum is likely to arise above the weekly resistance towards $1,222.00. At today's Asian session, the metal was unable to breach the previous daily high of $1,208.30. Intraday resistance is seen at $1,208.50, $1,213.50, and $1,214.50. Intraday support is found at $1,204.00, $1,202.50, and $1,200.00. The metal made a double bottom at $1,201.20. A trading range is framed between $1,214.50 and $1,200.00 until the metal holds the $1,200.00. In case $1,200.00 gets taken off, the lower end will shift to 1196.00. The panic will be triggered below 1196.00 towards 1191.00, 1185.00, 1182.00, and 1178.00. We forecasted the level of $1,165.00 to be the key level for further downward fall towards new lows. Until the metal holds the double bottom in the hourly chart, bulls challenge $1,209.00 and $1,213.00 in a day. For an intraday session, buying is available above $1,208.50 with target at $1,209.50 and $1,212.00/$1,213.00.

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Technical analysis of EUR/AUD for May 26, 2015

All time intervals favor bears. Bulls' last hope is at 1.3680. The 50Msma is found at 1.3688, 200Wsma is seen at 1.3684. April's low is made at 1.3685. The euro is depressed by the ECB's QE and Greek saga. In the monthly and weekly charts, lower high formation is taking place. We can observe multi lows between 1.3735 and 1.3685 in the daily chart. Lower lows formation has been extending in the daily chart as well. The pair closes below near and medium-term moving averages. Early at today's Asian session, the cross has rejected at 50Dsma. The nearest support is found at 1.4000. Ideal selling is available below 1.4000 with targets at 1.3980, 1.3950, and 1.3920 initially. Risky traders can use sl 1.4045 and sell at the current level of 1.4029. Safe selling is available below 1.3980. Until the cross closes below 1.4205, bears will aim at 1.3920, 1.3810, and 1.3750.

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Technical analysis of EUR/USD for May 26, 2015

GGreek Interior Minister Nikos Voutsis warned that it is likely to be hard to make upcoming payments unless they reach a deal. Currently, the Greek issue is major concern. It was a muted session yesterday owing to bank holidays in France, Germany, and the US. Because of lack of economic data, the trading pattern will be determined by news from the US. The Greek debt drama will be the main focus over coming days. The pair closed below 20Wsma. The pair closed below the strong support zone at 1.1050 and 1.1030 provided more strength to the euro bears. The pair broke the bearish head and shoulder pattern aiming at 1.0800 in coming days and at 1.0550 later. These targets will be cancelled in case bulls manage to close above 1.1210. These factors favor further bearish views in the days to come. A divergence between the ECB and Federal Reserve favors bears in the long term. The weekly support is found at 1.0960, which is the last hope for the euro bulls. Monthly gains are completely erased. At yesterday's session, the pair managed to hold the 50Dsma.

Intraday: The last bulls' hope lies at 1.0960 50Dsma. A daily close is seen below 1.0960, bears are aiming at 1.0860, 1.0820, and 1.0800 this week. The intraday trading pattern is found between 1.1050 and 1.0940. An ideal selling opportunity is available below 1.0960 with targets at 1.0930, 1.0900, and 1.0860, stop loss is around 1.1010. In all time intervals, selling below the support or selling on rises is preferable within a day. Today, traders eye on the US core durable goods orders. The March manufacturing data returned back after seven months of negative readings. We expect the April readings to stay above 0.4%. In case readings meet our expectations, use the given selling opportunity. In case negative readings take place, sell on rises. Resistance is seen at 1.1010 and 1.1050.

Support: 1.0940, 1.0900, and 1.0860. Resistance: 1.1010, 1.1050, and 1.1100.

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Technical analysis of USD/JPY for May 25, 2015

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Fundamental Overview: USD/JPY is expected to consolidate with bullish bias after hitting the 2.5-month high of 121.60 this morning. Liquidity was thin as financial markets in the US and the UK were shut for public holidays. USD/JPY is underpinned by the positive dollar sentiment (ICE spot dollar index last 96.18 versus 95.39 early Friday) after higher-than-expected US core CPI of +0.3% on-month in April that was the largest increase since January 2013 (versus forecast +0.2%). Fed Chairwoman Yellen reiterated the US central bank is on track to raise short-term interest rates this year. USD/JPY is also supported by the higher US Treasury yields (2-year at 0.626% versus 0.577% late Thursday), demand from Japan's importers, and the ultra-loose Bank of Japan's monetary policy. But USD/JPY gains are tempered by the Japanese exports and diminished investor risk appetite (S&P 500 closed 0.22% lower at 2,126.06 Friday).

Technical comment: The daily chart is positive-biased as bullish outside-day-range pattern was completed on Friday. The MACD is bullish; stochastics stays elevated at overbought levels; 5- and 15-day moving averages are advancing.

Trading recommendations: The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 122 and the second target at 122.40. In the alternative scenario, short positions are recommended with the first target at 120.60 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 120.30. The pivot point is at 121.

Resistance levels: 122 122.40 123

Support levels: 120.60 120.30 120

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Technical analysis of USD/CHF for May 25, 2015

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Fundamental overview: USD/CHF is expected to consolidate with bullish bias after hitting almost a one-month highof 0.9457 on Friday. Financial markets in Switzerland were closed for a public holiday. USD/CHF is underpinned by the positive dollar sentiment, the negative Swiss interest rates, and the threat of the Swiss National Bank to carry out CHF-selling intervention. But USD/CHF gains are tempered by the franc demand on the soft EUR/CHF cross.

Technical comment: The daily chart is positive-biased as bullish outside-day-range pattern was completed on Friday. The MACD and stochastics are bullish, although the latter is at overbought levels. Five-day moving average is rising above 15-day moving average.

Trading recommendations: The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.95 and the second target at 0.9550. In the alternative scenario, short positions are recommended with the first target at 0.9280 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9215. The pivot point is at 0.9350.

Resistance levels: 0.95 0.9550 0.96 Support levels: 0.9280 0.9215 0.9175

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Technical analysis of NZD/USD for May 25, 2015

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Fundamental overview: NZD/US is expected to trade with bullish bias. It is undermined by the positive dollar sentiment, soft dairy prices, decreased investor risk appetite and speculation that the RBNZ would cut interest rate in the coming months. But NZD/USD losses are tempered by the kiwi demand on the soft AUD/NZD cross and NZD-USD interest differential.

Technical comment: The daily chart is negative-biased as the MACD is bearish; stochastics stays suppressed at oversold levels; 5 and 15-day moving averages are falling.

Trading recommendations: The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.7370 and the second target at 0.7395. In the alternative scenario, short positions are recommended with the first target at 0.7230 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7195. The pivot point is at 0.7280.

Resistance levels: 0.7370 0.7395 0.7435

Support levels: 0.7230 0.7195 0.7150

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Technical analysis of GBP/JPY for May 25, 2015

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Fundamental outlook: GBP/JPY is expected to consolidate with bearish bias. It is undermined by the weak euro sentiment, diminished investor risk appetite, and Japan's exports. But GBP/JPY losses are tempered by the demand from the Japanese importers.

Technical comment: The daily chart is negative-biased as the MACD and stochastics are bearish. Five-day moving average is below 15-day moving average and is declining.

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 187.05. A break of that target will move the pair further downwards to 185.90. The pivot point stands at 189.35. 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 190 and the second target at 190.60.

Resistance levels: 190 190.60 191.35

Support levels: 187.05 185.90 185

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Elliott wave analysis of EUR/NZD for May 26 - 2015

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Technical summary:

Wave c of the expanded flat correction continues to unfold as expected. We are looking for a bottom for wave c at 1.4725. Short term, we expect minor resistance near 1.5062 will protect the upside for a break below support at 1.4995 for a continuation lower to 1.4725.

It will take an unexpected break above resistance at 1.5208 to indicate a bottom for wave (ii) already is in place.

Trading recommendation:

We will sell EUR at 1.5050 or upon a break below 1.4995 with stop placed at 1.5195.

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Elliott wave analysis of EUR/JPY for May 26 - 2015

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Technical summary:

The correction in wave (ii) from 136.96 continues to unfold as we expected. Wave c of (ii) is currently unfolding towards the target area of 132.79 - 133.08, this area could terminate the correction in wave (ii), but we don't yet have any signs of a possible bottom being in place.

In the short term, we expect minor resistance at 133.83 to protect the upside for the continuation lower to 133.08 and likely even closer to 132.79 before a possible bottom is in place.

Trading recommendation:

We are looking for a EUR-buying opportunity near 132.79, but will wait for a more proper buying signal.

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