EUR/NZD : analysis for May 28, 2015

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Overview:

Recently, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5256 in an very high volume. The short-term trend is bullish. According to the daily time frame, we can observe demand in a volume below average but with strong price action. According to the H1 time frame, the price has broken the major resistance (1.5060) and the key supply trendline. Be careful when selling EUR/NZD since we may see bullish movements. Resistance levels are at 1.5285 and 1.5400. Anyway, watch for potential buying opportunities after bearish correction (buy on the dips).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5090

R2: 1.5120

R3: 1.5200

Support levels:

S1: 1.4980

S2: 1.4950

S3: 1.4890

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

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Gold : analysis for May 28, 2015

Overview:

Gold has been trading sideways around the level of $1,186.00. The short-term trend is neutral. I found strong trading range between the levels of $1,192.00 and $1,183.00. I am waiting for a clear breakout with strong volume to confirm further direction. Our Fibonacci retracement 50 % at the level of $1,187.00 is on the test. If the price breaks the level of $1,183.00, support levels will be set at $1,178.00 and $1,167.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,190.00

R2: 1,192.00

R3: 1,195.40

Support levels:

S1: 1,184.50

S2: 1,183.00

S3: 1,179.90

Trading recommendations: Price is in trading range (sideways). Wait for a clear breakout in a high volume to confirm further direction.

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NZD/CAD preparing for corrective move up

After a steady uptrend started on September 30, 2014, and continued until the level of 0.9617, NZD/CAD reversed and declined even faster than it climbed up. The fall ended on May 13 hitting the bottom at 0.8790.

NZD/CAD started a correction and faced the resistance at the 23.6% Fibonacci retracement applied to a high hit on March 23 and a low reached on May 13. However, yesterday's daily close was above the high (0.9038) established near the 23.6% Fibonacci resistance. Now, this level should act as a support with potentially good buying point. Also, the RSI trendline breakout and recent exit from the oversold zone could be treated as an additional confirmation of bullish sentiment.

With all the facts, consider buying NZD/CAD near S1 (0.8986) or on the breakout of the most recent high (0.9054), which could be a safer approach. The target area is located near 62.8% (R3) Fibonacci retracement level and extends slightly higher. This is because the major resistance level is located at R4 (0.9355), which previously acted as resistance as well as support. Only a break below S2 (0.8895) could push the price lower forming a double bottom near S3.

Support: 0.8986, 0.8895, 0.8790

Resistance: 0.9106, 0.9203, 0.9301, 0.9355

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Technical analysis of GBP/USD for May 28, 2015

Overview:

  • Today, thThe GBP/USD pair moved from 1.5395 to 1.5319; the market opened at 1.5325. The downtrend represents the double bottom of the channel emerging at the level of 1.5325. It is equally important that the RSI has still been negative in the daily time frame. So, it calls for a new downward movement. Therefore, the price movement will be moved between the levels of 1.5330 and 1.5189 (50% Fibonacci retracement levels in H4 chart). Moreover, the pair has already formed major resistance at the level of 1.5395. The price was set below this level a day ago. The market will indicate a bearish opportunity at the level of 1.5330 with the first target at 1.5275. Thus, if it breaks the support at 1.5275, a breakout above this level will take place with the second target at 1.5189. On the other hand, the best location for placing a stop loss is seen above the last bullish wave 1.5395.

Technical levels:.

  • Projected high: 1.5395.
  • Strong resistance (sell limit): 1.5388.
  • Current Pivot: 1.5325.
  • Strong support (buy limit): 1.5266.
  • Projected low: 1.5189.
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Technical analysis of USD/CAD for May 28, 2015

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Overview:

  • The USD/CAD pair has already formed a strong support at the level of 1.2351. The same level is coinciding with a ratio of 50% Fibonacci retracement levels. It should be noticed that minor support will be set at the level of 1.2453 around the 61.8% Fibonacci retracement levels in the H4 chart. The price of the USD/CAD pair has moved between 1.2450 and 1.2570. The price moved higher to 1.2490 and turned lower. So, we expect a range about 257 pips this week. Additionally, the RSI and moving average (75) are still calling for an uptrend. The market is going to indicate bullish opportunities at the levels of 1.2450 with the first target at 1.2510 and continuing towards 1.2590 in order to test resistance at 1.2598. On the other hand, if the price closes below 1.2450. The price will call for a bearish market to go further towards the double bottom at 1.2351 to test it again.
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Technical analysis of EUR/JPY for May 28, 2015

General overview for 28/05/2015 11:25 CET

The immediate downward impulsive wave progression had been invalidated due to wave one and wave two overlap. The current count incorporates the new price action into new, slightly changed labeling. According to this new count, the market is at a crucial level right now. The recent drop might still be counted as a five-wave decline to the level of 133.09. So, an upward rally would be a corrective cycle that has been labeled as abc pattern ending into the Fibonacci zone between the levels of 135.47 - 135.67. This would be an ideal level for the market to resume the downtrend and a breakout below the weekly pivot point. On the other hand, any further rally continuation above the level of 135.66 will be considered bullish. There is a possibility that the recent high at the level of 136.95 might be tested soon. The near-term to mid-term outlook is still bearish and only a sustained breakout above the recent local swing high would be considered to be a bias change to bullish.

Support/Resistance:

136.12 - 78%Fibo

135.66 - 135.47 - Key Zone

135.34 - Intraday Support

135.23 - WR1

Trading recommendations:

Daytraders should consider opening sell orders from the current market levels with SL orders should be placed very tight above the level of 135.67 and TP orders should be placed at the level of 135.08 with a possible downside extension.

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GBP/NZD price drop can be expected

GBP/NZD moved up since April 21 without facing any significant resistance. Finally, the price topped the level of 1.1482 on May 21 followed by a large sell-off.

After testing the top level, the pair found the resistance area around 2.1260 (R1), which is currently being rejected again. Applying the fibonaccy retracement to a low of 2.0562 (the last poit where uptrend trendline has been rejected) made on May 8 and a high of 2.1482 established back on May 21, it can be seen that 23.6% Fibonaccy support ( R1) has been penetraded and is currently acting as a resistance that has been already mentioned. At the same time, the H4 candle closed below 38.2% retracement level (S1) and the DeMarker oscillator formed a berish divergence.

Everything poinys to a potental reversal of the trend where GBP/NZD should start moving lower. Consider selling GBP/NZD near R1 (2.1263) targeting previously tested area as support and resistance, which is 76.4% Fibonacci retraccement at 2.0778. A break above R2 (2.1482) will favor bulls. However, this seems to be unlikely scenario.

Support: 2.1129, 2.1022, 2.0913, 2.0778

Resistance: 2.1263, 2.1482

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Technical analysis of USD/CAD for May 28, 2015

General overview for 28/05/2015 09:20 CET

Diminishing momentum in this market shows that the recent up leg to the level of 1.2491 is just a part of a corrective cycle wave b purple and the market should continue to move lower in leg c purple soon. Two possible target levels for this sub-wave were projected on the intraday chart: one is a zone between the levels of 1.2356 - 1.2375 and the other is support at the level of 1.2321. Please notice the corrective cycle in wave 2 blue might get more complex and time-consuming than a simple abc irregular corrective cycle.

Support/Resistance:

1.2491 - Swing High

1.2456 - WR1

1.2395 - Intraday Support

1.2356 - 1.2376 - Support Zone

1.2321 - Technical Support

Trading recommendations:

Daytraders should consider opening sell orders only is the intraday support at the level of 1.2359 is violated. The SL orders should be placed very tight (20-30 pips) and TP orders should be placed at the level of 1.2321.

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#USDX wave analysis for May 28, 2015

The US Dollar Index is reversing lower as expected. I have turned neutral about the dollar in the short term as the price has made an extended impulsive move higher that reached important resistance levels. A pullback towards 96 is justified. However, my long-term view remains bullish targeting at 101-102.

The US Dollar Index is trading above the Ichimoku cloud in the 4-hour chart and the short-term trend is reversing to bearish as a rise from 93.10 seems to be complete. Support is found at 96.30 and 96. The 38% retracement will give us important information as whether we see a deeper correction or a shallow one.

A decline from this year's highs is represented in 3 corrective waves . The impulsive upward move in the US Dollar Index is overlapping March's lows confirming that this upward move is not a wave 4 type correction. The three-wave decline has most probably completed the longer-term wave 4 correction and we are now in the early stages of an upward wave 5 that will bring the index above 102. Wave 1 of 5 is most probably completed, so we need to see a pullback before we jump back into longs.

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Gold technical analysis for May 28, 2015

Gold price is above short-term support at $1,180-85 and we might see an upward pullback towards $1,200. Gold price has been mainly trading within a range of $1,220-$1,180 for some time now. As long as I do not see a weekly close outside of this range, I will remain neutral.

Red line = trend line support

Gold price touched the red line which acts as support for the 3rd time. The price is below the Ichimoku cloud in the 4-hour chart. I believe we could see a bounce towards $1,200 as long as we hold above $1,185.

The weekly chart remains bearish as the price has moved below the tenkan-sen (red line) support. The weekly chart remains below the cloud resistance and below the kijun-sen (yellow line) indicator. The long-term trend remains bearish and critical support is found at $1,130 and $1,170.

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Technical analysis of EUR/USD for May 28, 2015

Technical outlook and chart setups:

The EUR/USD pair dropped to the level of 1.0818 yesterday before pulling back sharply. The pair seems to have completed its counter trend (3 waves down) from 1.1450. Please also note that the pair bounced off the fibonacci 0.681 support of the rally between 1.0550 and 1.1450 respectively. Furthermore, the past resistance turned support is also passing through the same region (1.0800). It is hence recommended to initiate long positions now with risk around 1.0700. The upside extensions could cross the level of 1.1450 in coming weeks. Immediate support is seen at 1.0650 followed by 1.0550 and lower. Resistance is seen at 1.1200 (interim) followed by 1.1450 and higher respectively.

Trading recommendations:

Initiate long positions, stop at 1.0700, and a target above 1.1450.

Good luck!

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Technical analysis of Silver for May 28, 2015

Technical outlook and chart setups:

Silver seems to have finally formed bottom around $16.60 before bouncing back. The metal is trading around the level of $16.70 at the moment, bouncing off the trendline support as well. Also note that the past resistance turned support region is also around $16.60/70 levels. It is hence recommended to hold long positions for now and look to add further with risk at $16.20 at least. Immediate support is seen at $16.20 levels followed by $15.80, $15.30, and lower. Resistance is seen at the level of $17.30 (interim) followed by $17.70, $18.40/50, and higher respectively.

Trading recommendations:

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

Good luck!

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Technical analysis of Gold for May 28, 2015

Technical outlook and chart setups:

Gold seems to have finally bottomed out around the level of $1,183.00 yesterday before bouncing back. The metal is currently forming a bullish morning star candlestick pattern on the H4 chart indicating a potential reversal. Also note that the metal has bounced off its support trendline passing through the level of $1,183.00. It is hence recommended to remain long and also look to add fresh long positions with risk around $1,180.00. Immediate support is seen at $1,180.00 levels followed by $1,168.00, $1,143.00, and lower. Resistance is seen at $1,215.00 followed by $1,231.00, $1,240.00, and higher respectively.

Trading recommendations:

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

Good luck!

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Technical analysis of EUR/CAD for May 28, 2015

After the BoC's statement, the loonie is trading lower against the euro. Developments in Greece turned sentiments on the euro to positive. The cross managed to close above 50& 20Dsma at yesterday's session. At yesterday's session, we recommend buying above 1.3540 with targets at 1.3560, 1.3580, and 1.3600. The cross made a high at 1.3603. At today's Asian session, the cross managed to hold the 20Dsma trading at1.3592 compared to Wednesday's closing of 1.3576. Intraday support is found at 1.3565, 1.3560, and 1.3540. For an intraday session, we recommend fresh buying above 1.3605 with targets at 1.3640 and 1.3660. Bulls are likely to regaine control above 1.3675 towards 1.3700 and 1.3730.

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Technical analysis of EUR/JPY for May 28, 2015

The cross managed to hold the last support level available at 133.00. On Tuesday, the cross made a low at 133.09 and changed the direction. The cross managed to close above 100Dema and 20Dsma. Developings in Greece turned sentiments on the euro to positive. Today, the cross is driven by inflation data from Japan. The cross was trading at 134.80 at the Asian session. The cross managed to hold the 20Dsma 134.69. Bulls have an opportunity to aim at 135.35 initially and 135.50 later. The nearest resistance is seen at 135.55 200Dema and parallel resistance is seen at 135.35. The cross rejected at 200Dsma 137.00 on May 18. The same level acts as the trend-change level. The cross has been trading between 133.00 and 137.00. In case of a daily close above 137.20, bulls will aim at 141.00 initially. We expect a clear direction in a day or two. Intraday support is found at 134.75,134.40, and 134.00. The selling pressure is expected below 134.75.

Trade: Fresh buying is seen above 135.60 with a target at 136.00 initially, 136.40 and 137.00 later.

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Technical analysis of EUR/USD for May 28, 2015

The euro rebounded a bit from a 3-week low. Developments in Greece initially supported the euro in US session. The German and Belgium data reads mild positive.

German consumer climate increased slightly again. Developments in consumer mood in Germany have not been uniform in May. After 10.1 points in May 2015, the overall indicator is forecasted to hit the level of 10.2 points in June. The National Bank of Belgium's business barometer rose further in May, posting an increase for the fourth consecutive month.

Today, the trend is likely to depend on the US data. Unemployment claims and pending home sales m/m are due. We expect positive readings from the US.

Technical view: The par managed to hold the parallel support at 1.0820, a low was made at 1.0819. The pair managed to closed with mild gains, paused the 3-days losing streak. The bearish still continues. The pair has been facing strong resistance at 1.0911 for 10 hours. Intraday resistance is seen at 1.0927.The safe small buying will trigger above 1.0930 for a small target at 1.0960. Strong bullish momentum is seen only above 1.0970, where the 1.0965 50Dsma lies. In case bulls manage to sustain above 1.0970, they will aim at 1.1000, 1.1030, and 1.1050. Intraday support is found at 1.0860, 1.0820, and 1.0800. At Asian session, the pair is trading at 1.0893 compared to Wednesday's closing price of 1.0904. The pair gave a bearish break earlier and closed below the ascending trendline. Sell on a rise. Bulls' last hope remains at 1.0820 and 1.0800. Intraday selling is available below 1.0860 to 1.0820 and 1.0800. The panic will be triggered below 1.0800. We expect another 150 and 250 pips down. Each spike added to be on the selling side. More room is available for bears. Use every rise to sell with sl 1.1070 on a closing basis. We forecasted 1.0800 this week and 1.0550 later. The first part of our forecast (1.0819) is already done.

Trade: Selling below 1.0860

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Elliott wave analysis of EUR/NZD for May 28 - 2015

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Technical summary:

We still favor more downside movment towards 1.4725 in wave c of the expanded flat correction that has been unfolding since wave (i) topped at 1.5467. That said, it will only take a break above 1.5109 and more importantly a break above resistance at 1.5208 to indicate that wave (ii) ended at 1.4927 and wave (iii) higher towards at least 1.6300 is developing. As long as resistance at 1.5109 is able to protect the upside, we will look for a final decline in wave c closer to 1.4725 to terminate the expanded flat. It will only take a break above 1.5109 to indicate that wave (ii) has terminated and wave (iii) higher is developing.

Trading recommendation:

Our stop and revers at 1.5080 was hit. Now, we are long on EUR. As we still can see more downside pressure, we will place our stop at 1.5020. If our stop gets hit, we will re-buy EUR at 1.4750.

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Technical analysis of GBP/USD for May 28, 2015

It is understandably a quiet day on the markets owing to a lack of macroeconomic data. Things should pick up rapidly from today. We have a number of high-impact data releases to look forward to, starting with the UK GDP estimates q/q. We expect data to expand 0.4%, but remains below the previous estimates. Beside, Unemployment claims and pending home sales m/m are due. We expect positive readings from the US.

Technical view: The cable has been falling for 4 consecutive days. At yesterday's session, the cable managed to hold the 200Dsma closed above that. At today's Asian session, the cable was trading at 1.5350 compared to Wednesday's closing price of 1.5354. We advised selling for 1.5300. At yesterday's session we advised selling for 1.5300 and 1.5260 again, a low was made at 1.5302. Intraday resistance is seen at 1.5360, 1.5390, and 1.5460. Intraday support is found at 1.5320 and 1.5300. We recommend buying above 1.5390 with targets at 1.5440 and 1.5460. For today's trade, selling is available below 1.5280 with targets at 1.5240, 1.5200, and 1.5170. The weekly support is found at 1.5150 and 1.5100.

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Elliott wave analysis of EUR/JPY for May 28 - 2015

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Technical summary:

A break above the minor resistance line from the wave (i) high at 136.96 has been broken. The top of wave b at 135.35 has been broken too, indicating that the next impulsive rally higher in wave (iii) towards at least 144.03 is developing.

In the short-term, we will look for minor support at 134.72 to protect the downside for a break above 135.49 on the way higher to 136.96 and above towards 144.03. A break above the base channel resistance line near 139.00 will call for acceleration higher as wave (iii) is likely to extend beyond a target at 144.03.

Trading recommendation:

We are long EUR from 134.20 and will place our stop at 133.60. If you are not long EUR yet, buy near 135.00 or upon a break above 135.49 with the same stop at 133.60.

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Technical analysis of Gold for May 28, 2015

The yellow metal is extending losses for 2 consecutive weeks. After a big fall at Tuesday's session, it was mild gains at the end of yesterday's session. Stronger USD puts pressure on the metal. Today, data on US unemployment claims and pending home sales are due. We expect positive readings from the US. Greece is another major factor. In June, Greece must repay 1.6 billion euros to IMF. Greece is unlikely to be able to repay without a deal.

Yesterday, the metal held the support at $1,183.00 bounced a bit. At today's Asian session, the metal was trading at $1,187.00 compared to Wednesday's closing price of $1,187.50. The support is found at $1,183.50 100.00FE, low made $1,183.40. At our Tuesday's article, we advised selling below $1,198.00 with targets at $1,191.00, $1,185.00, $1,182.00,$1,178.00,$1,173.00, and $1,166.00. We recommend fresh selling below $1,182.00. Optically the metal has been making positive divergence in the hourly chart. Intraday resistance is seen at $1,191.00, $1,195.00, and $1,197.50. Risk buying trade is available above $1,192.00 aiming at $1,195.00 and $1,197.00.

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To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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Technical analysis of EUR/JPY for May 28, 2015

Technical outlook and chart setups:

The EUR/JPY had raised through the level of 135.50 before pulling back as discussed and expected earlier. Please note that the pair has rallied through the fibonacci 0.618 resistance levels of the entire drop from 137.00 to 133.00. The pair is expected to reverse lower from current levels towards 130.00 and subsequently to 129.00 in coming trading sessions. It is recommended to book profits in long positions and initiate 50% short positions with risk at the level of 137.00 for now. Immediate support is seen at 134.00 levels (interim), followed by 133.00, 131.50, 127.50, and lower. Resistance is seen at the level of 136.50, followed by 137.00 and higher respectively.

Trading recommendations:

Book profits on long positions. Initiate 50% short positions, stop at 137.00, a target is open.

Good luck!

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Technical analysis of GBP/CHF for May 28, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading lower around the levels of 1.4550/60 for now as expected. The pair might still want to test the level of 1.4650, the upper boundary of recent trading range, before reversing lower. It is recommended to remain short and also look to add further positions on higher levels. Immediate support is seen at rhe level of 1.4550 followed by 1.4400/1.4350, 1.4150, and lower. Resistance is seen at 1.4650 (range) followed by 1.4700, 1.4850/1.4900, and higher respectively.

Trading recommendations:

Remain short for now, stop at 1.4760, a target is open.

Good luck!

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Technical analysis of EUR/USD for May 28, 2015

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When the European market opens, economic news on Italian 10-y Bond Auction and German Import Prices m/m are due. The US is expected to release economic data on Crude Oil Inventories, Natural Gas Storage, Pending Home Sales m/m, and Unemployment Claims. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0949.

Strong Resistance:1.0943.

Original Resistance: 1.0932.

Inner Sell Area: 1.0921.

Target Inner Area: 1.0896.

Inner Buy Area: 1.0871.

Original Support: 1.0860.

Strong Support: 1.0849.

Breakout SELL Level: 1.0843.

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 28, 2015

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In Asia, Japan will release the Retail Sales y/y and the US will release economic on Crude Oil Inventories, Natural Gas Storage, Pending Home Sales m/m, and Unemployment Claims. So, there is a big probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.26.

Resistance. 2: 124.02.

Resistance. 1: 123.78.

Support. 1: 123.47.

Support. 2: 123.23.

Support. 3: 122.99.

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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Daily analysis of USDX for May 28, 2015

The daily outlook is telling us about the possibility of a sideways consolidation in favor of a bullish bias. Currently, the USDX is doing a kind of pullback and is testing the support zone of 96.97. From that level, it could start another rally which could last until the resistance level of 98.08, where another strong resistance is located.

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In our short-term outlook, the Index is still doing some corrective moves in favor of a very strong bullish bias in the H1 chart. The current structure is still calling to the upside, as the USDX is trading above the 200 SMA. For now, we should expect a test of the resistance level of 97.60, but it won't be strange to see a pullback until the level of 96.90.

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Daily chart's resistance levels: 98.08 / 98.64

Daily chart's support levels: 96.97 / 95.74

H1 chart's resistance levels: 97.16 / 97.97

H1 chart's support levels: 97.16 / 96.90

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 97.60, take profit is at 97.97, and stop loss is at 97.25.

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Daily analysis of GBP/USD for May 28, 2015

At the daily chart, GBP/USD is still trading in favor of the bearish bias, testing the support zone of 1.5346. We're still expecting more lower continuation because the pair is about to consolidate in the downwards view, at least in the medium term. For now, there is still a high risk of a possible rebound at the current levels.

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GBP/USD is trying to consolidate below the level of 1.5358 because it could fall until the support level of 1.5259. Also, the pair is about to form another lower low pattern again, because the bearish bias in an intraday outlook remains very strong. The 200 SMA at the H1 chart is pointing to the downwards and the MACD indicator is still in positive territory, but showing signs of weakness.

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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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Daily analysis of major pairs for May 28, 2015

EUR/USD: This pair is in a downtrend and the present upwards bounce in the market would be seen as an opportunity to sell short when the price rallies and in the context of a downtrend. With the continuation of the current bias, the support line at 1.0800 may be attained this week or next week.

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USD/CHF: This currency trading instrument has maintained its upwards journey, and irrespective of any equilibrium phase and/or correction along the way, the price could continue going upwards as long as USD has stamina. In addition, some fundamental figures are expected today and they may have some impact on the market.

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GBP/USD: The cable is also weak with a clean Bearish Confirmation Pattern in the market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. The price is likely to continue its downward journey.

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USD/JPY: The USD/JPY pair has continued its significant journey to the upside, battering the supply level at 124.00. This supply level could even be breached to the upside as the price targets another supply level at 125.00. The expectation would be valid as long as USD has stamina.

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EUR/JPY: The price action has made the market situation dicey. There is a threat to the recent bearish bias and it would be worthwhile to wait and see what the price would do next. A break above the supply zone at 136.00 would invalidate the existing bearish outlook.

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