Intraday technical levels and trading recommendations for EUR/USD for June 3, 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 hit back in July 2012 and June 2010.

The EUR/USD pair lost almost 850 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 projected towards the level of 0.9450.

A bullish corrective movement towards 1.1500 and 1.1600 is still possible provided that May's monthly candlestick high (1.1465) gets breached as soon as possible.

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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 to 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).

Last week, a bearish pullback took place towards 1.0800 -1.0830 where a bullish breakout pattern with an ascending bottom was established on the H4 chart.

That is why, a profitable BUY entry was suggested at retesting of 1.0820. S/L should be advanced to 1.1060 to offset the risk.

On the H4 chart, bullish persistence above the price level of 1.1190 is mandatory to pursue towards 1.1130 (Fibonacci Expansion 100%).

The price zone of 1.1000-1.1130 should be defended by bulls to keep enough bullish momentum. Otherwise, long-term bullish positions should be closed then.

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Gold analysis for June 03, 2015

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Overview:

Gold has been trading sideways around the price of $1,190.00. The price has returned to our trading range but since we got the sign of strength in the background, we may expect bullish momentum again. According to the daily time frame, we can observe demand bar in an average volume. The price has broken our supply trendline which is a sign that selling looks very risky. Key resistance is around the level of $1,203.00 (reistance cluster). Watch for potential buying opportunities on the dips. Major support is around the price of $1,184.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,196.25

R2: 1,198.75

R3: 1,202.00

Support levels:

S1: 1,188.15

S2: 1,185.65

S3: 1,181.60

Trading recommendations: The price has broke our trading range upside in the background and my advice is to watch for potential buying opportunities on the dips. Any demand in a high volume may confirm further bullish movement.

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Technical analysis of USD/CAD for June 3, 2015

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Overview:

  • The USD/CAD pair rebounded at the level of 1.2351 (50% of Fibonacci retracement levels). In the long term, the pair has showed signs of strength following the level of 1.2351. This morning, the level of 1.2351 is going to represent a minor support on the H4 chart. Additionally, the resistance has broken and turned into support at the level of 1.2351. Besides, the area of 1.2351 to 1.2360 is acting as a strong spot because the price is above the support since May 26th, 2015. Furthermore, the price has been still trapped between 1.2350 and 1.2599. Therefore, the USD/CAD pair started showing the signs of bullish market, so the market indicates the bullish opportunity at the level of 1.2350 with the first target of 1.2500 and continues towards the level of 1.2580 again in order to test the resistance. On the other hand, the stop loss should always be taken into account. So set your stop loss at the 1.2327 price.

Notes:

  • In the long term, the USD/CAD pair is going to move between 1.2350 and 1.2599.
  • The resistance will be at the level of 1.2599 and the support has been already placed at the price of 1.2350.
  • We expect a new range about 250 pips this week.
  • The key level will be at the level of 1.2452.
  • The level of 1.2360 will represent the double bottom.
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Technical analysis of GBP/USD for June 3, 2015

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Overview:

  • In the short term, the price of the GBP/USD pair has opened above the weekly support at the 1.5178 level on the M30 chart. Additionally, the double bottom has already been set at the point of 1.5169 in the same time frame. The market was in an uptrend since yesterday. Also, we should be aware that the resistance is at the price of 1.5378 which coincides with the ratio of 61.8% Fibonacci retracement levels today. Consequently, the market will probably indicate a bearish opportunity at the level of 1.5378 in the short term. Also, the weekly pivot point (1.5343) will act as minor resistance on June 3, 2015 because support becomes resistance after breaking it today at the London session. So, according to the previous events, the price is still moving between the levels of 1.5343 and 1.5169 (the double bottom). Subsequently, the area below 1.5343 (below the weekly pivot point) looks for further downside with the first target at the 1.5169 level in order to test the double bottom after testing support one. The stop loss should be placed at the price of 1.5383.
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EUR/NZD analysis for June 03, 2015

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Overview:

Recently, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5593 in a very high volume but with weak price action. The short-term trend is bullish. According to the daily time frame, we can observe demand in a high volume with strong price action in the background. According to the H4 time frame, the price was successfully rejected from the recent swing high zone (support). Selling looks risky since we are in the bullish trend and we have strong bullish activity in the background (re-accumulation). Watch for potential buying opportunities after the bearish correction (buy on dips). The next bullish objective point is around the level of 1.5800. Support level is at the price of 1.5510.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.5580

R2: 1.5645

R3: 1.5740

Support levels:

S1: 1.5390

S2: 1.5330

S3: 1.5235

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

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Technical analysis of Gold for June 03, 2015

Technical outlook and chart setups:

Gold is trading around the level of $1,190.00 at the moment after pulling back from $1,195.00 on the higher side. Please note that the metal has already tested the trend-line support twice earlier and also bounced from the fibonacci 0.786 level of the rally between $1,168.00 and $1,231.00. It is hence recommended to remain long now with risk around $1,168.00. Immediate support is seen at the level of $1,180.00 (interim) followed by $1,168.00, $1,162.00, 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:

Remain long for now, stop is at $1,168.00, a target is open.

Good luck!

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USDX technical analysis for June 3, 2015

The US Dollar Index pulled back after the impulsive move from 93.10 to 97.80. Yesterday's breakdown canceled the bullish scenario of another short-term new high as support at 96.70 was broken. The correction was deep and I expect reversal from the 61.8% retracement.

The US Dollar Index has been rising impulsively and has made a three wave corrective pullback towards the 50% retracement. I will not be surprised to see a deeper pullback towards the 61.8% retracement.

In the daily chart, the US Dollar Index got rejected at the Ichimoku cloud but found support at the kijun-sen price level. Reversal to the upside from current levels will be a very bullish signal. New highs above 97.80 will also be a very bullish signal. I will remain bullish in the long term as long as the price is above 93.10.

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Technical analysis of Silver for June 03, 2015

Technical outlook and chart setups:

Silver is trading around $16.70 now. The metal might be looking to form a base around $16.40 before resuming its rally. Please note that $16.40 is also fibonacci 0.618 support of the rally between $15.60 and $17.80 respectively. It is hence recommended to remain long for now and also look to add further at lower levels. Risk remains around $16.00. Immediate support is seen at $16.40/50 (interim) followed by $16.00, $15.60/80, and lower. Resistance is seen at $17.30/40 (interim) followed by $17.70 and higher respectively.

Trading recommendations:

Remain long, stop is at $15.80, a target is open.

Good luck!

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Gold technical analysis for June 3, 2015

Gold price continues to trade above the red trend-line support coming from $1,140. The —Āritical support trendline is held. However, the price is still below the Ichimoku cloud resistance. I believe we will see a break above or below the critical levels soon and Gold price will start a new trend.

Gold price has reached the 50% Fibonacci retracement of a decline from $1,307 to $1,140. The upward bounce from the March lows is corrective and in 3 waves. I believe we should expect the next impulsive move downwards towards the critical support at $1,130.

The weekly chart remains bearish. The price is below cloud resistance and below both the tenkan- and kijun-sen. As long as Gold price is below $1,230, I would remain bearish for all time frames. I expect Gold price to challenge $1,130 and break it in the long term. Downside targets at $1,000 and $900 are possible.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USDX for June 03, 2015

The USDX made a big intraday loss. April's US factory orders fell 0.4%.

The US Dollar Index fell below 50Dsma, managed to close at 100Dsma. The support is found at 95.50 and 95.00. Until the Index closes above 95.00, bulls will have the upper hand. The real bull strength ignites above 97.50 on a closing basis like 103.00 on the higher side. In the four-hour chart, the Index formed a double top between 97.78 and 97.68. Intraday support is found at 95.50. Intraday resistance is seen at 96.20 and 96.50. In case a dip took place, buying will be available between 95.50 and 95.00 with sl 94.80.

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Technical analysis of USD/CAD for June 03, 2015

Ahead of the ADP non-farm employment changes and non- manufacturing data release, USD is trading lower against CAD. The pair formed a multiple tops between 1.2539 and 1.2563. At yesterday's session the pair managed to close at 100Dsma. It is trading below 20Wsma 1.2430. On a weekly basis, the pair has probably made a double top at 1.2454. The nearest support is found at 1.2350. The selling pressure is expected below 1.2350 towards 1.2320, 1.2300, 1.2285, 1.2250, and 1.2200. In case of a daily close below 1.2300, the pair will re-test 1.2215. Therefore, selling is available below 1.2350 with targets at 1.2320 and 1.2300. The selling pressure is expected to tighten below 1.2300 towards 1.2240 and 1.2220. Resistance is seen at 1.2420 and 1.2470. Until the pair closes below 1.2470, bears will have the upper hand and are likely to re-test 1.2300 and 1.2220.

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Technical analysis of GBP/USD for June 03, 2015

The cable rose strongly at Tuesday's session ceased a 7-day losing streak. The recent development in the Greek story lifted the sentiment.

The UK construction sector recovered from a slowdown, hit a 9-year high. UK construction companies recorded a slight rebound in the output growth during May. Markit and CIPS said the UK Construction PMI registered 55.9 in May, up from 54.2 in April.

Today's events: The UK services PMI data is due today. We expect other positive readings from the British economy.

Technical analysis: The cable probably made a double bottom and changed its direction towards north. The cable managed to hold the 50Dsma and closed above 100Dema. At today's Asian session, the cable was trading at 1.5338 compared to 1.5344 on Tuesday's close. Intraday support is found at 1.5300 and 1.5270. Intraday resistance is seen at 1.5370 and 1.5390. The cable has been making lower lows and lower highs in the four-hour chart. Supply zone looms at 1.5445 and 1.5515. Ahead of major economic events, multiple trading opportunities are available. Bulls can buy with sl 1.5250 with intraday targets at 1.5360, 1.5390, and 1.5440. Safe buying triggers above 1.5370 with targets at 1.5420 and 1.5440. Bears can sell below 1.5300 with targets at 1.5270 and 1.5250. The real selling ignites below 1.5250 towards 1.5220, 1.5200, and 1.5170. The panic will be triggered below 1.5160 towards 1.5130 and 1.5100.

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Technical analysis of EUR/USD for June 03, 2015

A rise in inflation readings ignites power to the euro bulls at yesterday's session. The Greek saga has been the central point for a while. The Greek PM Alexis is likely to head to Brussels tonight. These factors encouraged euro bulls.

The euro area's annual inflation is expected to be 0.3% up in May from 0.0% in April, according to a flash estimate from Eurostat.

Today's events: Today is understandably a busy day on the markets. A lot of significant macroeconomic reports are due for today. We expect positive readings except for Germany. The ECB will maintain interest rates unchanged. Retail sales and unemployment rate readings are expected to print positive data.

Technical analysis: The pair gave a strong close, rose by 2% at Tuesday's session. The euro bulls managed to close above 20,50 &100 moving averages. The parallel resistance is seen at 1.1210 and 1.1240 100Dema. To regain strength, bulls must close above 1.1240. If not, bears will try to re-test 1.1055 initially and 1.0980 later. The ECB needs a weak euro. At today's Asian session, the pair is trading at 1.1148 compared to 1.1151 on Tuesday's close. Intraday support is found at 1.1130 and 1.1110. For an intraday session, we expect limited upside. Risky buying is expected above 1.1160 with small targets at 1.1190, 1.1210, and 1.1230. Strong momentum for bulls is seen above 1.1240 in case the pair closes above that level. In this case, bulls will aim at 1.1325 and 1.1450. For sellers trade is available below 1.1110 with targets at 1.1090 and 1.1060 initially, later 1.0975.

Trade: Strong momentum is above 1.1240 on closing basis, intraday small trade is above 1.1210

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Technical analysis of USD/JPY for June 03, 2015

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Fundamental overview:

USD/JPY is expected to consolidate with a bearish bias after hitting a 12.5-year high of 125.07 on Tuesday. It is undermined by weaker dollar sentiment (ICE spot dollar index last 95.92 versus 97.42 early Tuesday) after bigger-than-expected 0.4% decrease in US April factory orders (versus forecast -0.1%), a fall in the US ISM-NY Current Business Index to 54.0 in May from 58.1 April, a drop in the US IBD/TIPP Economic Optimism Index to 48.1 in June from 49.7 In May, and a comment from Fed's Brainard that Q1 soft data raised some troubling questions and don't support an immediate liftoff in rates. USD/JPY is also weighed by diminished investor risk appetite (VIX fear gauge rose 1.93% to 14.24, S&P 500 closed 0.10% lower at 2,109.6 Tuesday) and Japan's exports. But USD/JPY losses are tempered by higher US Treasury yields (10-year rose 7.4 bps to 2.266% overnight) as bond prices tumbled broadly on a fresh sign of waning deflation threats in the eurozone; demand from Japanese importers and ultra-loose Bank of Japan's monetary policy.

Technical comment: The daily chart is mixed as the MACD is bullish, 5 and 15-day moving averages are advancing, but bearish outside-day-range pattern was completed on Tuesday, stochastic is turning bearish at overbought 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 123.60 and the second target at 122.90. In the alternative scenario, short positions are recommended with the first target at 125.25 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 125.80. The pivot point is at 124.55.

Resistance levels: 125.25 125.80 126

Support levels: 123.60 122.90 122.50

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Technical analysis of EUR/JPY for June 03, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around 138.14 now after reversing from 138.85 yesterday. The pair rose through the level of 137.00 (taking stops out), and reached 138.50 and above as expected. The pair seems to have completed 5 waves from 126.00 levels and a meaningful correction can be expected lower, in 3 waves. It is hence recommended to initiate short positions now with risk above 139.00. Immediate support is seen at the level of 135.00 followed by 133.00, 131.50, and lower while resistance is seen at 139.00 and higher respectively.

Trading recommendations:

Initiate short positions now, stop is at 139.30, a target is open.

Good luck!

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Technical analysis of USD/CHF for June 03, 2015

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Fundamental overview:

USD/CHF is expected to consolidate with bearish bias after hitting a seven-day low of 0.9307 on Tuesday. It is undermined by weaker dollar sentiment (ICE spot dollar index last 95.92 versus 97.42 early Tuesday) after bigger-than-expected 0.4% decrease in US April factory orders (versus forecast -0.1%), a fall in the US ISM-NY Current Business Index to 54.0 in May from 58.1 April, a drop in the US IBD/TIPP Economic Optimism Index to 48.1 in June from 49.7 In May, and a comment from Fed's Brainard that Q1 soft data raised some troubling questions and don't support an immediate liftoff in rates . But USD/CHF losses are tempered by franc sales on buoyant EUR/CHF cross, negative Swiss interest rates, and threat of the Swiss National Bank CHF-selling intervention.

The daily chart is tilting negative as stochastics falling from overbought levels, positive MACD histogram bars are contracting.

Technical comment:

The daily chart is tilting negative as stochastics falling from overbought levels, positive MACD histogram bars are contracting.

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 0.9290. A break of that target will move the pair further downwards to 0.9250. The pivot point stands at 0.9380. 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 0.9430 and the second target at 0.9480.

Resistance levels: 0.9430 0.9480 0.9500

Support levels: 0.9290 0.9250 0.92

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Technical analysis of NZD/USD for June 03, 2015

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Fundamental overview: NZD/USD is expected to trade with bullish bias. It is underpinned by weaker dollar sentiment and NZD-USD interest differential. But tiwi sentiment is dented by the 4.3% drop in the Fonterra's GDT Price Index and 3.1% drop in an average price for whole milk powder to $2,309/mt at latest Global Dairy Trade auction. NZD/USD gains are also tempered by the speculation that the Reserve Bank of New Zealand would cut interest rates in coming months, kiwi sales on buoyant AUD/NZD cross, and diminished investor risk appetite.

Technical comment: The daily chart is mixed as the MACD is bearish, but stochastics is turning 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 0.7210 and the second target at 0.7270. In the alternative scenario, short positions are recommended with the first target at 0.7080 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 0.7030. The pivot point is at 0.7120.

Resistance levels: 0.7210 0.7270 0.73

Support levels: 0.7080 0.7030 0.7

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Technical analysis of GBP/CHF for June 03, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading around 1.4340 now after hitting lows at 1.4250 yesterday. It looks like bulls are poised to rally towards at least 1.4600 before correcting further lower. It is hence recommended to initiate long positions now with risk at 1.4200. Immediate support is seen at the level of 1.4250 (interim) followed by 1.4150, 1.3900, and lower. Resistance is seen at 1.4650 followed by 1.4700 and higher respectively. Please note that prices have bounced off the fibonacci 50% retracement of the rally between 1.3800 and 1.4650 broadly.

Trading recommendations:

Initiate long positions now, stop is at 1.4200, a target is 1.4600\

Good luck!

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Technical analysis of GBP/JPY for June 03, 2015

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Fundamental outlook: GBP/JPY is expected to consolidate with bullish bias. It is underpinned by improved euro sentiment and demand from Japanese importers. Sterling sentiment is boosted by the stronger-than-expected UK May CIPS / Markit construction PMI of 55.9 (versus forecast 55.0). But GBP/JPY gains are tempered by Japan's exports.

Technical comment: The daily chart is positive-biased as the MACD and stochastics are bullish. The latter is at overbought levels, five-day moving average is above 15-day moving average and is 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 190.70 and the second target at 191.20. In the alternative scenario, short positions are recommended with the first target at 189.10 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 188.60. The pivot point is at 189.65.

Resistance levels: 190.70 191.20 191.75

Support levels: 189.10 188.60 187.80

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Technical analysis of GBP/AUD for June 03, 2015

The cross extends falling for a third consecutive day. The aussie dominated against GBP and EUR. At today's Asian session, the Australian GDP data hits the wires. Readings for GDP q/q ignite fresh bull power across GBP, EUR, NZD, and USD at the Asian session. In seasonally adjusted terms, GDP increased by 0.9% in first three months led by mining, information media, and telecommunications.

Technical analysis: At yesterday's session, we forecasted that the cross is likely to test 1.9730 in a day or two. But the cross hit a low at 1.9716 on Tuesday. We recommended selling below 1.9860. Today, after the GDP data release, the cross extends its fall below 20Dsma. The cross is trading at 1.9661 compared to Tuesday's closing price of 1.9736. The intraday support is found at 1.9630 and 1.9600. We recommend fresh selling only below 1.9600 with targets at 1.9520 and 1.9465. Intraday resistance is seen at 1.9706 and 1.9740. The cross aims at a lower low in the four-hour chart. Safe buying is available only above 1.9760 with targets at 1.9830 and 1.9860.

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Technical analysis of EUR/AUD for June 03, 2015

The cross probably made a double bottom between 1.3735 and 1.3685 changed the direction towards north. The cross is trading at 1.4325 compared to 1.4352 during Tuesday's session. The strong resistance is seen at 1.4450. Fresh buying is expected above 1.4450 with a target at 1.4580. Intraday resistance is seen at 1.4350 and 1.4391. At yesterday's session, the cross took the support at 100Dema 1.4210, 1.4195 20Wsma was found below this. In the hourly chart, the cross made a double top at 1.4405. Intraday support is found at 1.4270 and 1.4240. Ahead of a series of economic data from the eurozone, we expect positive readings. The ECB is likely to maintain the interest rates unchanged. The ECB wants to lower the euro.

For bears- The cross has been forming a multi top between 1.4405 and 1.4391. On the downside, intraday bulls' fate remains at 1.4230 and 1.4190. Sell opportunity will arise below 1.4180 with targets at 1.4150, 1.4130, and 1.4080. Panic will be triggered below 1.4080 towards 1.3960 and 1.3920. In case the level of 1.4210 is taken, bears will aim at 1.4160 immediately.

For bulls- Buying opportunity is seen above 1.4350 with targets at 1.4370, 1.4390, and 1.4400. An hourly candle is likely to close above 1.4405 with an immediate target at 1.4450 and at 1.4480 later. Until the cross holds 1.4210, bulls will aim at 1.4480 and 1.4580 in the near term.

Bunch of support levels:

100Dema- 1.4210, 20Wsma 1.4197, 20Dsma 1.4170, 50Dsma 1.4080

Resistance: 1.4330, 1.4390-1.4405, 1.4450

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Technical analysis of EUR/JPY for June 3, 2015

General overview for 03/06/2015 08:30 CET

As anticipated yesterday, the 261%Fibo at the level of 138.72 was hit, but it looks like this local top is wave -iii- blue top and not wave -v- blue top. In that case, there is another projected target zone (orange rectangle) between the levels of 139.38 and 139.71 that will act as resistance and a target for wave -v- blue. This zone might be even a pivot point for this pair as the main count wave C black of the irregular correction might terminate at these levels.

Support/Resistance:

139.38 - 139.71 - Target Zone For Wave C

138.87 - Intraday Resistance

138.72 - 261%Fibo

138.55 - WR2

137.95 - WR1

137.84 - Intraday Support

136.59 - Invalidation Level

Trading recommendations:

All yesterday's target levels has been met and now the higher time frame counts are pointing to a possibility of reversal. In that case, traders should wait for market responce in the projected target zone (139.38 - 139.71). They should refrain from trading and wait for reversal confirmation.

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Technical analysis of USD/CAD for June 3, 2015

General overview for 03/06/2015 08:00 CET

The anticipated wave c purple to the downside has finally materialized and the first leg of the corrective cycle in wave 2 blue looks completed. Currently, there is still a possibility that the market will be in the corrective cycle for some time as correction might get more complex and time-consuming. The long-term bias is still bullish.

Support/Resistance:

1.2575 - WR1

1.2561 - Local Swing High

1.2489 - Intraday Resistance

1.2422 - Weekly Pivot

1.2395 - Technical Support (weak)

1.2321 - Technical Support

1.2313 - WS1

Trading recommendations:

The projected TP targets from yesterday has been met. Now, it is better to stay aside and wait for the corrective cycle to complete. Buying on dips during the corrective cycle is the way to trade on this market at the moment.

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Elliott wave analysis of EUR/NZD for June 3, 2015

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Technical summary:

The expected a target at 1.5640 to be tested. We expect minor correction from 1.5640 down to 1.5290 before the next strong impulsive rally towards 1.6477 and even higher if red wave iii extends strongly. As wave (ii) was flat, we are looking for an extension in wave (iii) and that would call for a rally at least to 1.7154, where wave (iii) will be 161.8% the length of wave (i).

Be aware that a clear break above 1.5640 is likely to call for much more upside pressure towards 1.6027 as the first minor target.

Trading recommendation:

We are long EUR from 1.5080 and will move our stop higher to 1.5450 and take profit at 1.5630. We will re-buy EUR at 1.5305.

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Elliott wave analysis of EUR/JPY for June 3 - 2015

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Technical summary:

The rally has been much stronger than we expected and we have changed our short-term count as the structure did not support our previous short-term forecast. This new count is more bullish and indicates that red wave iii is already developing. If this count is correct, the base-channel resistance line near 139.55 should be broken to the upside soon. We expect acceleration towards the first target at 144.03.

A large inverse S/H/S bottom has been triggered. It calls for a continuation higher towards 144.03.

Short-term support is found at 137.80 now.

Trading recommendation:

With this new much more bullish short-term count, we will buy EUR at 136.75 with a stop at 135.00.

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Technical analysis of EUR/USD for June 03, 2015

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When the European market opens, economic data on ECB Press Conference, Minimum Bid Rate, Unemployment Rate, Retail Sales m/m, Italian Quarterly Unemployment Rate, Italian Monthly Unemployment Rate, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI is due. The US will release data on Beige Book, Crude Oil Inventories, ISM Non-Manufacturing PMI, Final Services PMI, Trade Balance, and ADP Non-Farm Employment Change. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1202.

Strong Resistance:1.1196.

Original Resistance: 1.1185.

Inner Sell Area: 1.1174.

Target Inner Area: 1.1148.

Inner Buy Area: 1.1122.

Original Support: 1.1111.

Strong Support: 1.1100.

Breakout SELL Level: 1.1094.

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 June 03, 2015

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In Asia, Japan will not release economic data today. The US is expected to publish data on Beige Book, Crude Oil Inventories, ISM Non-Manufacturing PMI, Final Services PMI, Trade Balance, and ADP Non-Farm Employment Change. So, there is a strong probability taht 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: 124.64.

Resistance. 2: 124.40.

Resistance. 1: 124.15.

Support. 1: 123.86.

Support. 2: 123.61.

Support. 3: 123.37.

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

Daily analysis of major pairs for June 3, 2015

EUR/USD: This pair has skyrocketed as a result of stamina in the euro. This has affected other EUR pairs, like EUR/CAD and EUR/JPY. The market could continue its bullish journey because the Bullish Confirmation Pattern in the market is very strong now.

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USD/CHF: There is a new sell signal on the USD/CHF pair. The EMA 11 is below the EMA 56 and the Williams' % Range period 20 is in the oversold situation. This means that current weakness in the market is formidable enough to allow further southward continuation.

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GBP/USD: There is a strong bullish attempt in a context of a downtrend now. Two things are possible: a movement above the distribution territory at 1.5500 would mean that the current downtrend is over or a movement below the accumulation territory at 1.5300 would result in a continuation of the downtrend, which would mean that the current bullish attempt is just a good opportunity to sell short.

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USD/JPY: This market has corrected lower, resulting in forfeiture of bullish gains made this week. The bias is still bullish and this would be valid unless the demand level at 122.00 is breached to the downside. This would require a very strong bearish pressure.

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EUR/JPY: Since the current bullish journey started from the demand zone of 133.50, the EUR/JPY pair has been moving upwards by 500 pips, closing above the demand zone of 138.00 and coming very close to the supply zone around 138.50. Except for some occasional dips, the price is expected to continue its strong bullish journey.

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Daily analysis of USDX for June 03, 2015

The US Dollat Index is testing the support level of 95.74 now. If it does a breakout in that zone, the USDX will fall to the level of 94.66. Anyway, we think this corrective move is a short-term bearish bias, because the USDX aims at the upside and the immediate resistance is seen around the level of 96.97.

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In the H1 chart, the Index is forming a lower low pattern below the resistance level of 96.16 and now, the risk to the downside is still there, but in a short term basis. The USDX is trading below the 200 SMA, but this Index will try to follow possible bullish momentum which could come soon. The MACD indicator is oversold.

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Daily chart's resistance levels: 96.97 / 98.08

Daily chart's support levels: 95.74 / 94.66

H1 chart's resistance levels: 96.16 / 96.53

H1 chart's support levels: 95.71 / 95.26

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 96.16, take profit is at 96.53, and stop loss is at 95.78.

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Daily analysis of GBP/USD for June 03, 2015

During the Tuesday session, GBP/USD recovered after losses in the daily chart. It made a rebound around the level of 1.5199 and now it's testing the resistance zone of 1.5346. Of course, if the pair does a breakout at that level, it would be expected to rise until the 200 SMA, where another important resistance (1.5543) is also located.

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As we mentioned above, GBP/USD had bullish momentum and now it's facing the 200 SMA in the H1 chart, which is acting as dynamic resistance. If the pair consolidates above this level, it could rise to the resistance zone of 1.5428. For now, we stick with the idea of a pullback at current levels. The MACD indicator reached overbought levels.

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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 / 1.5428

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.

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GBP/NZD getting ready for 400 pip rally

Now, it is obvious that GBP/NZD has been trending up since new higher lows and higher highs were reached. The pair started to move within an ascending channel on May 14, which has been broken after an upside rally May 21.

The Fibonaccy levels applied to the breakout point show that the pair is testing significant support near S1 (2.1329) which is the breaking point of our ascending channel (50% Fibs). This level acted as resistance previously. Now, the pair is rejecting it for the third time. At the same time, the price has almost touched a 200-day moving average which is also acting as support and confirms the validity of an uptrend.

Consider buying GBP/NZD at the current level targeting 0% Fibonacci level – R3 (2.1753). Only a daily close below 2.1300 could push the pair slightly lower, but should not change the main upward direction.

Support: 2.1329, 2.1228

Resistance: 2.1429, 2.1553, 2.1753

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GBP/AUD to move higher

GBP/AUD has been acting quite choppy in the past several weeks. At the same time, it moves higher. Although, the pair has already formed a double top, it could move slightly higher to test the area of 2.01 as there are no signs of reversal.

Following our previous forecast (https://www.instaforex.com/forex_analysis/60619/), where the upside target was at 2.0089, the GBP/AUD pair should return at least to a high of 28.05 near 2.0050.

After a strong corrective move downwards, it could be a good entry point to buy GBP/AUD once again in the short term. Consider entering long position anywhere between the current rate and the S1 (1.9603). Target area is clearly between the previous high (2.0050) and the R2 level (2.0089). Only a daily close below S1 could be a signal of a potential downward reversal.

Support: 1.9604, 1.9453, 1.9307

Resistance: 1.9789, 2.0089

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GBP/USD intraday technical levels and trading recommendations for June 2, 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, 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 three weeks ago. Final bearish target at 1.5450 was already reached.

Moreover, the lower high established at 1.5660 applied significant bearish pressure. That is why, the support zone of 1.5500 to 1.5450 failed to stop this bearish momentum leading to its breakdown.

It should be acting as an intraday resistance when further retesting takes place. A low-risk SELL entry can be offered at retesting.

The price levels of 1.5150 and 1.5100 are now fully exposed to be reached quickly, provided that the current daily candlestick doesn't come as a bullish engulfing one by the end of the day.

Conservative traders can wait for a bearish pullback towards 1.5080-1.5100 for a low risk BUY entries. SL should be set as daily closure below 1.5080.

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