EUR/NZD : analysis for May 29, 2015

EURNZDDaily29.pngEURNZDH129.png

Overview:

Recently, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5411 in a high volume. The short-term trend is bullish. According to the daily time frame, we can observe demand in a high volume with a strong price action. According to the H1 time frame, the price had tested the level of 1.5400 and we saw a weak price action, which is a sign of potential bearish correction. Buying looks risky since we are in the bullish trend and we got strong bullish activity in the background. Anyway, watch for potential buying opportunities after the bearish correction (buy on dips). Major resistance is at 1.5400. So, watch for buying opportunities above the level of 1.5400. If the price breaks the level of 1.5400 in a high volume, the resistance levels will be set at 1.5460 and 1.5800.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5280

R2: 1.5350

R3: 1.5460

Support levels:

S1: 1.5060

S2: 1.4990

S3: 1.4880

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

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

EUR/AUD intraday technical levels and trading recommendations for May 29, 2015

euraud.pngeurdily.png

The weekly chart illustrates a 10-month bullish swing that extended between price levels of 1.2200 and 1.5800.

For several times, Fibo level 50% of the same bullish swing has provided significant support for the EUR/AUD pair.

Successive signs of a bearish pressure have been shown on the chart. However, the bullish breakout above the depicted downtrend was executed on April 30.

For a few weeks, the EUR/AUD pair has been trapped between the levels of 1.4000 and 1.4350 (Prominent daily resistance corresponding to previous daily tops).

If price zone of 1.4350-1.4400 remains defended by bears, a bearish pullback should be expected towards 1.4000 shortly after.

On the other hand, daily fixation above 1.4350 (range breakout) is likely to pause the long-term bearish tendency of the market.

It exposes higher price levels such as 1.4444 and 1.4550 for a quick visit.

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

Gold : analysis for May 29, 2015

GOLDDaily29.pngGOLDH129.png

Overview:

Gold has been trading sideways around the level of $1,189.00. The short-term trend is neutral. I found strong trading range between the levels of $1,192.00 and $1,183.00. According to the daily time frame, we can observe a very high volume and weak price action. Also, the price is testing our demand trendline (support). Our Fibonacci retracement 50 % at the level of $1,187.00 was successfully held. If the price breaks the level of $1,183.00, the support levels will be at $1,178.00 and $1,167.00. Anyway, I found a strong shake-out in an ultra-high volume (false breakout) of our support at the level of $1,183.00, which is a sign that selling at this stage looks risky. I am still waiting for a clear breakout, but my selling looks more risky because of strong shake-out.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,192.00

R2: 1,195.00

R3: 1,200.00

Support levels:

S1: 1,182.45

S2: 1,180.00

S3: 1,174.50

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

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

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

gbppdaiiilyy.png

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, then successive higher highs were established.

As anticipated, the daily closure above 1.5060 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.

Moreover, a lower high was recently established at 1.5660 on Friday. That is why, the broken support zone (price zone of 1.5500-1.5450) failed to hold the current bearish momentum.

It should now be acting as an Intraday resistance when further retesting takes place.

On the other hand, price levels of 1.5150 and 1.5100 are now exposed to be visited very soon.

The nearest support zone to meet the pair is located around 1.5080-1.5100. It should be watched for low risk BUY entries. SL should be set as daily closure below 1.5080.

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

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

cadweek.pngcaddailyy.png

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, significant bullish support was offered around these price levels. Since then, a bullish pullback has been taking place.

The price zone of 1.2350-1.2400 remains significant Intraday resistance to be watched. Early signs of bearish reversal are now manifested on the chart (inverted hammer daily candlestick).

This price zone will probably offer a low-risk sell entry provided that the weekly candlestick closure comes below the price level of 1.2430.

Trading recommendations:

Risky traders have taken a suggested BUY entry near the level of 1.1950. All T/P levels have already been reached. S/L should be advanced to 1.2240 to offset any associated risk.

Conservative traders can take a valid SELL entry anywhere around 1.2400 (the current price levels are less risky). S/L should be set as WEEKLY candlestick closure above 1.2450.

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

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

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

gbpweekly.png

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 a significant bearish pressure was previously applied on February 22.

Two weeks ago, the market has already pushed above the weekly supply at 1.5530 (50% Fibo level) and slightly above 1.5720 (FE 100%) until the 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 swing. It gives more time for sideways movement with a bearish tendency.

1432893290_gbpdaily.png

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 1.5100 failed to keep prices below. Moreover, it constituted a prominent demand zone for the GBP/USD pair while trending within the depicted bullish channel.

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) where evident bearish pressure was applied.

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 1.5450 (lower limit of the broken channel) is needed to maintain the current bearish momentum.

A bullish pullback towards 1.5450, will probably offer a valid sell entry for those who missed the initial breakout.

Initial bearish targets would be located at 1.5250 and probably at 1.5100 (Depicted Demand Level) where a short-term buy entry may be offered.

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

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

eurmonth.png

The market was pushed lower after breaking below the 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 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.

On the other hand, a bullish corrective movement towards 1.1500 and 1.1600 is still possible.

1432893274_eurdaily.png

The obvious bearish breakout of the weekly demand level at 1.1100 allowed the price 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 until bearish pressure was applied around 1.1450 (just below the depicted supply level of 1.1500).

This week, a bearish pullback took place towards 1.0800 -1.0830 where a valid buy entry was suggested. S/L should be advanced to 1.0800 to offside any associated risk.

Note that the zone of 1.1000-1.1100 is the nearest supply zone to meet the EUR/USD pair. The price action around this zone should be considered for long-term positions.

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

Technical analysis of EUR/USD for May 29, 2015

Technical outlook and chart setups:

The EUR/USD pair bounced off 1.0865 yesterday, trying to hit 1.1032 on the higher side, as depicted on the hourly chart . The pair is trading at 1.0960/70 now. Bulls remain in control until prices stay above 1.0800. Also, please note that the pair has produced a bullish morning star candlestick pattern at the fibonacci 0.618 support on the daily chart. This indicates a potential reversal. It is hence recommended to remain long from yesterday with risk below 1.0800. Immediate support is seen at 1.0867 followed by 1.0818 and lower. Resistance is seen at 1.1200 and higher respectively.

Trading recommendations:

Remain long, stop is at 1.0700, a target is above 1.1450.

Good luck!

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

Technical analysis of Silver for May 29, 2015

Technical outlook and chart setups:

Silver tested lows around $16.50 yesterday again before pulling back sharply. The metal is trading around the level of $16.80 at the moment, trying to move higher towards fresh highs. Please note that the metal has bounced off its support trendline and also fibonacci 0.50 levels of the rally between $15.60 and $17.70. Immediate support is seen at $16.20 followed by $15.80, $15.30, and lower. Resistance is seen at $17.30 (interim) followed by $17.70, $18.40/50, and higher respectively.

Trading recommendations:

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

Good luck!

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

Technical analysis of USDX & USD/JPY for May 29, 2015

In the week ended on May 23, the advanced figure for seasonally adjusted initial claims was 282,000, showed an increase of 7,000 from the previous week's revised level. Pending home sales rose in April for the fourth straight month and reached their highest level in nine years, according to the National Association of Realtors.

On a monthly basis, the US Dollar Index managed to bag more than 2%. On a weekly basis, it added 0.75%. Earlier, we recommended buying at 94.00. The US Dollar Index made a double top at 97.30. Intraday support is found at 96.60 and 96.00.

USD/CAD

Today, we expect the pair to move actively ahead of GDP data from Canada and prelim GDP. The pair managed to gain approximately 3%. The pair managed to hold the 20Wsma found at 1.2400. In case of today's close above 1.2400, we will expect 1.2650 next week and 1.2800 later. On May 15, we advised buying initially at 1.2000 extending the target at 1.2500. The pair reached a high of 1.2539.

Today, the pair opened on a bearish note. The support is found at 1.2400 and 1.2380; resistance is seen at 1.2430 and 1.2455. The pair hit a lower low in the H1 chart after 15 days. The buying opportunity is seen above 1.2460, at 1.2490 and 1.2530. Selling opportunity is expected below 1.2380, at 1.2320 and 1.2300.

USDCADH1.png

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

Technical analysis of GBP/USD for May 29, 2015

The cable has been extending losses for 5 consecutive days. At yesterday's session, the cable drifted below 100Dema, but close above that at the end of the day. The pair has been hovering at 10Dema for 2 days.

The UK GDP was estimated to increase by 0.3% in the first quarter of 2015, unrevised from the previous estimate of GDP published on April 28, 2015. Besides, US unveiled strong data.

Today does understandably a quiet day on the markets owing to lack of macroeconomic data. We have a number of high-impact US data releases to look forward to, starting with the US prelim GDP q/q.

Technical view: Ahead of today's major US data, the cable is trading at 1.5320 compared to Thursday's closing price of 1.5315. It lost 1.4% over this week. The weekly support is found at 1.5150 20Wsma. Monthly gains turn to losses. The cable lost more than 3%. On a monthly basis, resistance at 1.5555 looks strong. In the H1 and H4 charts, lower lows and lower highs formation is expanding. Today's close will provide clear picture for the near term.

Intraday support is found at 1.5300 and 1.5250. We recommend safe selling 1.5240 with targets at 1.5200/1.5190 and 1.5150.The selling pressure is expected below 1.5300, a stronger pressure is likely to take place below 1.5240. Risky traders can sell below 1.5300 with an immediate target at 1.5250. In case the US GDP misses the forecast, the pound bulls will aim at 1.5400 initially and at 1.5470/1.5500 later. In this case, buying is available above 1.5350 with targets at 1.5385 and 1.5400. In the extreme case, bulls are likely to aim at 1.5440 and 1.5470. There is a small probability of short covering ahead of the weekend.

GBPUSDH4.png

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

Technical analysis of EUR/USD for May 29, 2015

The pair managed to bounce from a 2-week low thanks to support at 1.0820. The pair managed to hit the resistance 50Dsma.

German import prices declined by 0.6%, less than forecasted. According to the Federal Statistical Office, the import prices index decreased by 0.6% in April 2015 compared with the corresponding month of the preceding year. Besides, data from the US was strongly positive.

Today's events: Today is a big day. German retail sales, Spanish flash CPI y/y, Italian CPI m/m, and private loans y/y are due today. German data is ambiguous. The Spanish readings improved a lot compared to recent data. The ECB intends to improve the private loans. Besides, the US prelim GDP q/q is due.

Technical view: The pair managed to hold the 1.8020 levels bounced from the lows. The support zone is found at 1.0820 and 1.0800. At yesterday's session, we recommended buying and selling, but buying trade triggered 30 pips only. Intraday support is found at 1.0950, 1.0925, and 1.0900. In the H1 chart, we observe higher low and higher high formation. We change our intraday trading view to buying with sl 1.0865 with targets at 1.1000, 1.1020, 1.1040, and 1.1050. At the Asian session, the pair was trading at 1.0958 compared to Thursday's closing price of 1.0948. For bears, selling opportunity will arise below 1.0860, at 1.0820 and 1.0800. The real selling will emerge only below 1.0785 towards 1.0730 and 1.0650. Weekly resistance is seen at 1.1075 20sma. Until bulls manage to hold 1.0800, they will aim at 1.1070 or even 1.1100. The trading pattern is framed between 1.0800 and 1.1075. Break into either side will provide further room towards 1.0550 or 1.1208/1.1250. On Wednesday and Thursday, we forecasted positive divergence in the hourly chart. It resulted in the recent 100 pips pullback.

.EURUSDH1.png

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

Technical analysis of Gold for May 29, 2015

The yellow metal managed to close with marginal gains at yesterday's session. For 2 sessions, the metal managed to close with mild gains after a strong decline on Tuesday. On a weekly basis, the metal lost 1.5% and managed to hold gains on a monthly basis. We expect big moves towards $1,230/$1,243 or $1,143.00 in June.

Mixed US data provided mild support to the gold bulls. In the week ended May 23, the figure for seasonally adjusted initial claims was 282,000, printing an increase of 7,000 from the previous week's revised level. Pending home sales rose in April for the fourth straight month and reached their highest level in nine years, according to the National Association of Realtors.

Today, traders eye the prelim GDP q/q. Ahead of the major event, the metal opened on a bullish note. The trading pattern at the level of $1,187 acts as the key level. The strong support is found between $1,180.00 and $1,178.00. Intraday resistance is seen at $1,190.00 and $1,192.00. The selling opportunity is seen below $1,183.00 at $1,180.00 and $1,177.00. The real selling ignites below $1,177.00 towards $1,172.00 and $1,170.00. The key support is found at $1,165.00. In case bears manage to break $1,165.00 in the next week or two, we expect $1,144.00. For bulls, buying opportunity is likely to arise above $1,192.00 with targets at $1,195.00, $1,197.50, and $1,200.00. Bulls are likely to regain strength above $1,204.50 towards $1,208.00,$1,211.00, and $1,214.00. We can observe positive divergence in the four-hour chart.

GOLDH4.png

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

#USDX technical analysis for May 29, 2015

The US Dollar Index reversed lower as expected. There were signs of a pending reversal a couple of days ago as the extended rise in the US Dollar Index was reaching important resistance levels. The area around 93.10 is of great importance for the bullish scenario. I believe that the pullback will help the price reach 96 and the uptrend will resume. I remain neutral for the short term.

The US Dollar Index is above the Ichimoku cloud in the 4-hour chart. The trend is bearish in the medium term. In the short term, we expect some weakness that could bring the index towards the 38% retracement of a rise from 93.10 that coincides with the 61.8% retracement of a rise from 94.80. This level is at 96. The area between 96.60 and 96 is important short-term support.

In the daily chart, the US Dollar Index paused its rise right at the lower cloud boundary resistance. The index is expected to pullback towards the black area of support, which used to be a resistance level. So, this back test should bring the index towards the area of 96.50-96.

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

Gold technical analysis for May 29, 2015

Gold price remains above the support area of $1,180-85, increasing chances to move towards $1,200. My longer-term view remains bearish. Critical long-term support is seen at $1,130.

Red line - support trend line

Gold price has held above the red upward sloping trendline from $1,140. Gold is showing signs of a possible bounce towards at least $1,200. Resistance by the Ichimoku cloud is at $1,200-$1,205. Support is at $1,185. The trend remains bearish as the price continues to make lower lows and lower highs.

The weekly chart remains bearish. The price remains below the cloud resistance and below both the kijun- and tenkan-sen indicators (yellow and red line). If this week closes below the red line, there will be increased chances of a push towards the bottom area of $1,130-$1,140. This is important support. If it gets broken, the way down towards $1,000 will be open.

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

Technical analysis of Gold for May 29, 2015

Technical outlook and chart setups:

Gold triggered stops at $1,180.00 yesterday before pulling back sharply. The metal is trading at the leve; of $1,188.00 at the moment. It tested its trendline support and fibonacci 0.786 levels yesterday. Bulls should remain poised to push prices higher from here on until the metal stays above $1,168.00. It is hence recommended to initiate 50% long positions again with risk below $1,168.00. Immediate support is seen at the level of $1,170.00 levels followed by $1,162.00, $1,143.00, and lower. Resistance is seen at $1,215.00 (interim) followed by $1,231.00, $1,235.00/40.00, and higher respectively.

Trading recommendations:

Initiate fresh long positions now, stop is at $1,168.00, a target is open.

Good luck!

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

Elliott wave analysis of EUR/NZD for May 29 - 2015

2015-05-29-EURNZD-4H.png

Technical summary:

A break above minor resistance at 1.5109 warned us that the correction in wave (ii) has already terminated at 1.4927 and a new impulsive rally in wave (iii) is developing. The first target for wave (iii) is seen at 1.6310 where the wave (iii) will be equal in length to the wave (i). This means that as an expanded flat wave (ii) is seen, we should look for an extension in wave (iii) with the first target at 1.7154. So, that will be the first target to look for.

Short-term minor support at 1.5277 will ideally protect the downside for a break above 1.5405.

Wave (i) was a textbook five wave rally. But it's wave three where the real money is made, as this wave is normally very powerful and corrections tend to be small. Wave three is the wonder to behold!

Trading recommendation:

We are long EUR from 1.5080 and will move our stop higher to 1.5180. If you are not long EUR yet, then buy EUR near 1.5277 with the same stop at 1.5180.

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

Elliott wave analysis of EUR/JPY for May 29 - 2015

2015-05-29-EURJPY-4H.png

Technical summary:

The rally of a low of 133.07 continues to unfold impulsively. In the short term, we will ideally see minor support at 135.43 protecting the downside for a continuation higher to 136.50 and even 137.17 before a correction of the first impulsive cycle, which is expected.

Even if the minor support at 135.43 gets broken, back-up support is found just below at 135.11, which should be able to protect the downside for the next move higher.

Trading recommendation:

We are long EUR from 134.20. Will move our stop higher to 134.65. If you are not long EUR yet, then buy near 135.43 with the same stop at 134.65. Take profit should be placed at 137.00 in both cases.

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

Technical analysis of EUR/JPY for May 29, 2015

Technical outlook and chart setups:

The EUR/JPY pair pulled back marginally from 136.00 levels and is trading around 135.60/70 levels for now. The pair is expected to resume its down swing extension up to at least 130.00 or lower. A break below 135.00 could accelerate downside momentum. It is hence recommended to remain short from yesterday and also look to move further to the area around 136.00 again, with risk at 137.00. Immediate support is seen at 135.00 (interim) followed by 134.00, 133.00, 131.50, and lower. Resistance is seen at the level of 136.50 (interim) followed by 137.00 and higher respectively.

Trading recommendations:

Remain short for now, stop is at 137.00, a target is open.

Good luck!

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

Technical analysis of EUR/JPY for May 29, 2015

General overview for 29/05/2015 08:00 CET

Apart from the Elliott wave count there is another important pattern emerging in the H4 time frame: head and shoulders reversal pattern with clearly defined levels. Currently, the price is consolidating around the left shoulder and 61%Fibo zone. So, the possibility of a downside move from the current level is quite high. Only a clear breakout above the recent high at the level of 136.94 invalidates both the count and technical pattern.

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 135.97 and TP orders should be placed at the level of 135.08 with a possible downside extension.

eurjpy_h4.jpg

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

Technical analysis of USD/CAD for May 29, 2015

General overview for 29/05/2015 07:45 CET

A corrective cycle has been extended to the upside a little bit, but overall wave progression is still indicating an uncompleted downward cycle labeled as wave c purple on the chart. Two first target levels are already projected: the first one is the intraday support at the level of 1.2395 and the second one is grey rectangle area between the levels of 1.2356 - 1.2376. Any breakout lower would mean that the technical support at the level of 1.2312 will be tested.

Support/Resistance:

1.2546 - WR2

1.2458 - WR1

1.2395 - Intraday Support

1.2356 - 1.2376 - Support Zone

1.2312 - 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.

usdcad_h1.jpg

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

Technical analysis of GBP/CHF for May 29, 2015

Technical outlook and chart setups:

The GBP/CHF pair is s trading at the elevel of 1.4450 now after having bounced off the lows around 1.4400. Please note that the pair bounced off the backside of resistance, which turned support trendline, passing through the levels of 1.4420/30. It is hence recommended to book profits on short positions taken earlier and initiate 50% long positions with risk around 1.4400. Immediate support is seen at the level of 1.4350 followed by 1.4150, 1.4000, and lower. Resistance is seen at 1.4650 (interim) followed by 1.4700/10 and higher respectively.

Trading recommendations:

Book profits on short positions. Initiate 50% long positions now, stop is at 1.4400, a target is open.

Good luck!

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

Daily analysis of USDX for May 29, 2015

As we have been expecting, USDX is currently doing a corrective move in favor of the bullish trend at the daily chart. it also formed a fractal around the resistance level at 98.08, which could be advising us about a possible sideways consolidation for a few days. Now, 200 SMA is still bullish and the MACD indicator is in positive territory.

USDXDaily.png

The USDX still has support at the level of 96.90 where it could perform an intraday rebound until the resistance level at 97.60. The resistance is located around a weekly high. For now, we should expect more corrective movments, but the bullish trend is still alive and we should find some bullish patterns in a coming week to trade.

USDXH1.png

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 / 97.60

H1 chart's support levels: 96.90 / 96.53

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 97.16, take profit is at 97.60, and stop loss is at 96.70.

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

Daily analysis of GBP/USD for May 29, 2015

GBP/USD is still trading lower, but there are no clear bearish patterns on the daily chart. That's why we would like to see a consolidation before a fall to the support level at 1.5199 in the medium term.

GBPUSDDaily.png

During the Thursday session, GBP/USD did a drop below the level of 1.5358. Now, it's trying to rise until the resistance zone of 1.5358, where it could find strong sellers reaction and test the support level at 1.5259 again. Of course, if the pair does a breakout in that zone, the lower continuation to 1.5158 will take place.

GBPUSDH1.png

Daily chart's resistance levels: 1.5346 / 1.5543

Daily chart's support levels: 1.5199 / 1.5090

H1 chart's resistance levels: 1.5358 / 1.5443

H1 chart's support levels: 1.5259 / 1.5158

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 1.5259, take profit is at 1.5158, and stop loss is at 1.5358.

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

Daily analysis of major pairs for May 29, 2015

EUR/USD: This pair slashed through the support line at 1.0850, but it could not reach the support line at 1.0800. From there, the price has bounced upwards, and that could be another good short-selling opportunity, unless the price manages to go above the resistance line at 1.1100. That is the only thing that can signify that the bearish bias has gone invalid.

1.png

USD/CHF: This currency trading instrument has nearly lost all its bullish gains. One might see the current bearish retracement as an opportunity to go short in the context of an uptrend. The bullish bias would not be over until the support level at 0.9300 is breached to the downside.

2.png

GBP/USD: There is still a Bearish Confirmation Pattern in this market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. The price has gone down by 200 pips this week and this could continue unless there is great weakness in USD.

3.png

USD/JPY: The latest price action on the USD/JPY pair is choppy. The bias is bullish and the price may continue its northward journey owing to the ongoing weakness in the yen. There are demand levels at 123.00 and 122.50. There are also supply levels at 124.00 and 124.50.

4.png

EUR/JPY: The EUR/JPY pair got above the demand zone at 135.00 generating a 'buy' signal. Bulls have started pushing the price upwards and they could attain the supply zones at 136.00 and 136.50. This could be the beginning of a long-term rally.

5.png

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

NZD/USD potential reversal up after triple bottom

NZD/USD has been falling all the way from 0.8836 until the most recent low at 0.7129. It lost 1700 pips in a year. This is a very interesting moment on NZD/USD since it formed a triple bottom around 0.7200. Yesterday, the price has tested a 12-year low.

In addition to the triple bottom, the pair tested the downside target of the channel breakout. You can see more detailed analysis on that particular channel in my previous forecast for NZD/USD. This makes significant support and could result in a beginning of another corrective move up. The additional confirmation could be bullish divergence on the Demarker Indicator as well as a potential bounce of the uptrend trendline.

Consider buying NZD/USD at the current level with targets at the area of 0.7782-0.7833 that is also a 38.2% Fibonacci retracement level applied to a high of 0.8836 and the most recent low. A daily close below 0.7129 will invalidate this forecast.

Support: 0.7129

Resistance: 0.7534, 0.7782

nzdusd-d1-instaforex-group-5.png

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

EUR/NZD offering good risk/reward

Following our previous technical analysis of EUR/NZD, I have mentioned that it might be too early to go short that time. Yesterday, we had a very strong pullback up that potentially is offering an excellent risk/reward sell trade for this pair.

Consider selling EUR/NZD at the current level (1.5266), targeting either S2 (1.4819) or S3 (1.4636), or even a double bottom near 1.3873. Only a break above R1 (1.5398) should result in continuation of the corrective move up.

Support: 1.5039, 1.4819, 1.4636, 1.4456

Resistance: 1.5398, 1.5679

eurnzd-d1-instaforex-group-3.png

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

Technical analysis of EUR/USD for May 29, 2015

!EURUSD.jpg

When the European market opens, economic data on the Italian Prelim CPI m/m, Private Loans y/y, M3 Money Supply y/y, Spanish Flash CPI y/y, French Consumer Spending m/m, are German Retail Sales m/m are due today.The US will release economic data on the Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Prelim GDP Price Index q/q, Prelim GDP Price Index q/q, and Prelim GDP q/q. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1016.

Strong Resistance:1.1010.

Original Resistance: 1.0932.

Inner Sell Area: 1.0988.

Target Inner Area: 1.0963.

Inner Buy Area: 1.0938.

Original Support: 1.0927.

Strong Support: 1.0916.

Breakout SELL Level: 1.0910.

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

Technical analysis of USD/JPY for May 29, 2015

!USDJPY.jpg

In Asia, Japan will release the Housing Starts y/y, Prelim Industrial Production m/m, Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, and Household Spending y/y. The US is expected to publish data on Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Prelim GDP Price Index q/q, Prelim GDP Price Index q/q, and Prelim GDP q/q. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.36.

Resistance. 2: 124.12.

Resistance. 1: 123.88.

Support. 1: 123.57.

Support. 2: 123.33.

Support. 3: 123.09.

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

Technical analysis of EUR/USD for May 29, 2015

EURUSDH4.2.png

Overview:

  • The resistance of the EUR/USD pair has been already set at 1.0993 (50% of Fibonacci retracement level). Also, it should be noted that the level at 1.0993 represents the daily pivot point. Furthermore, it will be very profitable to sell below this level for retesting this level in the short term. Therefore, sell deals are recommended below the daily pivot point (1.0993) with targets at 1.0881 (the level of 1.0881 is representing the daily support 1) and 1.0820 to reach the double bottom. On the contrary, the support is going to set at the level of 1.0820 today. As a result, the ascendant movement will probably be higher than the 1.0820 level with a target at the daily pivot point (1.0993). Moreover, if the trend is able to break the level of 1.0993, the market will continue straightly towards the second target at 1.1105, which is a golden ratio in the H4 chart.

Comment:

  • The weekly key level sets at 1.1000 and this level could not hit the moving average (100).
  • The value of 50% Fibonacci retracement levels: 1.0993. The area aroiund 1.0993 is a useful spot to buy above it in the long term today.
  • We expect a range of 110 pips.
  • Stop loss should never exceed your maximum exposure amounts.
  • As a rule, the market is highly volatile if the lprevioust day had a huge volatility.
1432849328_EURUSDH1.png
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for May 29, 2015

1432849421_USDCHFH4.png

Overview:

  • According to the previous events, the price of the USD/CHF pair has been trading between 0.9556 and 0.9374. The level of 0.9556 represents the weekly pivot point. It should be noted that the weekly pivot point is coinciding with a ratio of 61.8% Fibonacci retracement level. In consequence, sell below 0.9556 in the short term with the first target at 0.9374 in order to test support 1. If the trend is able to break the support 1 at 0.7374; then it might resume to 0.9287 with a view to form the double bottom. Hence, the market will indicate a bearish opportunity at the level of 0.9556 and continue towards the last bearish wave at 0.9287. However, the best location for placing your stop loss should be set at 0.9575 because the stop loss should never exceed your maximum exposure amounts.

Intraday technical levels:

Date: 29/05/2015

Pair: USD/CHF

  • R3: 0.9611
  • R2: 0.9577
  • R1: 0.9535
  • PP: 0.9501
  • S1: 0.9459
  • S2: 0.9425
  • S3: 0.9383
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for May 28, 2015

USDJPYM30.png

Fundamental overview:

USD/JPY is expected to consolidate with bullish bias after hitting almost an 8-year high of 124.09 on Wednesday. USD/JPY is underpinned by the positive dollar sentiment (ICE spot dollar index last 97.29 versus 97.24 early Wednesday) on expectations that the Fed would increase interest rates later this year. USD/JPY is supported by the higher shorter-dated US Treasury yields (2-year at 0.648% versus 0.618% late Tuesday), demand from Japan's importers, and the Bank of Japan's ultra-loose monetary policy as well. The pair is also boosted by reduced safe-haven appeal of the yen and the yen-funded carry trades as global risk sentiment improved (VIX fear gauge eased 5.62% to 13.27; S&P 500 closed up 0.92% at 2,123.48 overnight) after Greek Prime Minister Tsipras said the country is close to an agreement with its international creditors over its rescue program. However, The Wall Street Journal reported that one European Union official is doubtful of Greece's ability to close a deal quickly. But USD/JPY gains are tempered by the Japanese exports.

Technical comment:

The daily chart is positive-biased as 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 124.80 and the second target at 125.50. In the alternative scenario, short positions are recommended with the first target at 122.85 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 122.45. The pivot point is at 123.40.

Resistance levels: 124.80 125.50 126

Support levels: 122.85 122.45 121.70

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

Technical analysis of USD/CHF for May 28, 2015

USDCHFM30.png

Fundamental overview:

USD/CHF is expected to consolidate in a lower range after hitting almost a monthly high of 0.9545 on Wednesday. It is undermined by the franc demand on cross trades versus major currencies. But USD/CHF losses are tempered by the positive dollar sentiment, the negative Swiss interest rates, and the threat of the Swiss National Bank to carry out CHF-selling intervention.

Technical comment:

The daily chart is mixed as the MACD is bullish, five-day moving average is above 15-day moving average and is advancing. Stochastics is turning bearish at overbought levels, bearish dark-cloud-cover candlestick pattern was completed on Wednesday.

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 0.94. A break of that target will move the pair further downwards to 0.9650. The pivot point stands at 0.9545. 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 0.96 and the second target at 0.9650.

Resistance levels: 0.96 0.9650 0.97

Support levels: 0.94 0.9335 0.93

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

Technical analysis of NZD/USD for May 28, 2015

NZDUSDM30.png

Fundamental overview:

NZD/USD is expected to trade in a higher range after hitting the 2.5-month low of 0.7208 on Wednesday. The kiwi sentiment is boosted after Fonterra said it will pay its 10,600 farmer shareholders NZ$5.25 per kilo of milk solids for the season starting June 1 versus downwardly revised NZ$4.40 (from prior forecast of NZ$4.50) for the season ending May 31. NZD/USD is also supported by the kiwi demand on the buoyant NZD/JPY cross amid reduced risk aversion and kiwi demand on the soft AUD/NZD cross and NZD-USD interest differential. But NZD/USD gains are tempered by the positive dollar sentiment, soft dairy prices, and speculation that the RBNZ would cut interest rate in the coming months.

Technical comment:

The daily chart is still 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 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 0.7120. A break of that target will move the pair further downwards to 0.7090. The pivot point stands at 0.7225. 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 0.7270 and the second target at 0.730.

Resistance levels: 0.7270 0.73 0.7350

Support levels: 0.7120 0.7090 0.7050

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

Technical analysis of GBP/JPY for May 28, 2015

1432826231_GBPJPYM30.png

Fundamental outlook:

GBP/JPY is expected to trade in a higher range. It is underpinned by the improved euro sentiment as Greece worries subside and reduced safe-haven appeal of the yen amid better investor risk appetite and demand from Japan's importers. But GBP/JPY gains are tempered by the Japanese exports.

Technical comment:

The daily chart is mixed as the MACD is bearish, but stochastics is turned bullish at oversold levels.

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 190 and the second target at 190.60. In the alternative scenario, short positions are recommended with the first target at 188.60 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 187.80. The pivot point is at 189.20.

Resistance levels: 190.60 191.20 191.75

Support levels: 188.60 187.80 187

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