EUR/NZD : analysis for June 05, 2015

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Overview:

Recently, EUR/NZD has been trading sideways around 1.5755. The short-term trend is bullish. According to the daily time frame, we can observe neutral bar (indecision) in a volume above the average. According to the H1 time frame, the price has broken the supply trendline. The next bullish objective point is seen around 1.6200. 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 a bearish correction (buy on dips).

Fibonacci Pivot Points :

Resistance levels:

R1: 1.5875

R2: 1.5925

R3: 1.6000

Support levels:

S1: 1.5725

S2: 1.5680

S3: 1.5605

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. Re-accumulation is in progress.

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Gold: analysis for June 05, 2015

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Overview:

Gold has been trading downwards. The price tested the level of $1,172.726. According to the daily time frame, we can observe a supply bar in an volume above the average . According to the H1 time frame, we can observe a weak price action (supply) around the level of $1,173.00. The reisistance level is seen around $1,180.00. Selling gold at this stage looks risky since we saw a weak price action in the background. I am still neutral on gold.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,183.50

R2: 1,187.00

R3: 1,192.00

Support levels:

S1: 1,172.65

S2: 1,169.30

S3: 1,163.90

Trading recommendations: Weak supply around the price of $1,172.00. Be careful when selling gold at this stage.

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GBP/USD intraday technical levels and trading recommendations for June 5, 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 between 1.4950 and1.5000 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 hit.

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 valid sell entry almost three weeks ago. The final bearish target at 1.5450 was already reached.

Moreover, a lower high at 1.5660 applied significant bearish pressure. That is why the support zone between 1.5500 and1.5450 failed to stop this bearish momentum leading to its breakdown.

It should be acting as intraday resistance when further retesting takes place. The low-risk sell entry can be retested.

The price levels of 1.5150 and 1.5100 are exposed to be reached now. However, Tuesday's daily candlestick came as a bullish engulfing one. This has paused the bearish momentum for a few days until now.

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

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Technical analysis of USD/JPY for June 05, 2015

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Fundamental overview: USD/JPY is expected to consolidate as markets are awaiting 1230 GMT US May non-farm payrolls (forecast +225,000), unemployment rate (forecast 5.4%), and average hourly earnings (forecast +0.2%). USD/JPY is undermined by the flows to haven JPY amid increased risk aversion (VIX fear gauge rose 7.69% to 14.71, S&P 500 closed 0.86% lower at 2,095.84 overnight) after the International Monetary Fund slashed its forecasts for the US economic growth in 2015 to 2.5% from 3.1% in its April's prediction, and news that Greece would not make a scheduled EUR300 million loan repayment to the IMF on Friday. USD/JPY is also weighed by lower US Treasury yields (10-year fell 5.8 bps to 2.308% overnight) and Japan's exports. But USD/JPY downside is limited by demand from Japanese importers, ultra-loose Bank of Japan's monetary policy, and broadly firmer dollar undertone (ICE spot dollar index last 95.69 versus 95.37 early Thursday) after fewer-than-expected 276,000 US jobless claims in week ending May 30 (versus forecast 279,000), higher-than-expected 6.7% annual rate rise in US Q1 labor costs (versus forecast +6.0%), and positions adjustment ahead of the weekend.

Technical comment: The daily chart is mixed as the MACD is bullish; but stochastics is 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 125.25 and the second target at 125.80. In the alternative scenario, short positions are recommended with the first target at 123.60 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 122.90. The pivot point is at 124.15.

Resistance levels: 125.25 125.80 126

Support levels: 123.60 122.90 122.50

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Technical analysis of USD/CHF for June 05, 2015

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Fundamental overview: UUSD/CHF is expected to consolidate with risks skewed higher after hitting a near-three-week low of 0.9275 on Thursday as markets are awaiting the US non-farm payrolls report. USD/CHF is underpinned by the broadly firmer dollar undertone, negative Swiss interest rates, and the threat of the Swiss National Bank CHF-selling intervention. But USD/CHF gains are tempered by franc demand on retreating EUR/CHF cross and positions adjustment ahead of the weekend.

Technical comment: The daily chart mixed as stochastics is bearish, but the MACD is in bullish mode.

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 0.9275. A break of that target will move the pair further downwards to 0.9250. The pivot point stands at 0.9370. 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 0.9525

Support levels: 0.9275 0.9250 0.9195

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USD/CAD intraday technical levels and trading recommendations for June 5, 2015

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Overview:

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

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

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

Daily fixation below 1.2300 opened the way for the USD/CAD pair towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend).

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

On the other hand, the price zone of 1.2430-1.2500 constitutes significant resistance despite being breached after the opening bell.

Only a bearish candle closure below 1.2430 is needed to enhance further bearish advancement. This offers a low-risk sell position with good potential targets.

Trading recommendations:

Conservative traders should wait for a daily closure below 1.2420 as a sell signal.

T/P levels should be placed at 1.2220, 1.2100, and 1.1950 while S/L should set as a weekly candlestick closure above 1.2460.

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Technical analysis of NZD/USD for June 05, 2015

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Fundamental overview: NZD/USD is expected to consolidate with bulish bias as markets are awaiting the US non-farm payrolls report. NZD/USD is undermined by the broadly firmer dollar undertone, increased risk aversion, speculation that the Reserve Bank of New Zealand would cut interest rates in coming months, and soft dairy prices. But NZD/USD losses are tempered by the NZD-USD interest differential, kiwi demand on retreating AUD/NZD cross, and positions adjustment ahead of the weekend.

Technical comment: The daily chart is negative-biased as the MACD is bearish, stochastics is reverting to bearish mode at oversold levels, and five- and 15-day moving averages are declining.

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 0.7170 and the second target at 0.7210. 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 0.7105.

Resistance levels: 0.7170 0.7210 0.7270

Support levels: 0.7080 0.7030 0.7

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Technical analysis of GBP/JPY for June 05, 2015

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Fundamental outlook: GBP/JPY is expected to consolidate in a higher range as markets are awaiting the US non-farm payrolls report. GBP/JPY is undermined by weaker GBP sentiment on the back of mounting concern over Greece, increased risk aversion, and Japan's exports. But GBP/JPY losses are tempered by the demand from Japanese importers and positions adjustment ahead of the weekend.

Technical comment: The daily chart is mixed as the MACD is bullish but stochastics is turning bearish at overbought levels, bearish shooting-star candlestick pattern was completed on Thursday.

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 191.70 and the second target at 192. In the alternative scenario, short positions are recommended with the first target at 189.70 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 189.10. The pivot point is at 190.15.

Resistance levels: 191.70 192 192.35

Support levels: 189.70 189.10 188.60

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Intraday technical levels and trading recommendations for GBP/USD for June 5, 2015

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

Shortly after, persistence above the levels of 1.5000-1.5080 exposed the weekly 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.

The market has been 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 recent two bearish engulfing weekly candlesticks.

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 strong bearish tendency.

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

The zone between 1.5000 and 1.5100 failed to keep prices below. Moreover, it formed 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 as a result of the bearish pressure that emerged at 1.5660 (lower high).

Persistence below 1.5450 (lower limit of the broken channel) is needed to maintain current bearish momentum towards the intraday demand level at 1.5100

However, a bullish pullback towards 1.5450 (intraday supply) 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 can be offered.

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Intraday technical levels and trading recommendations for EUR/USD for June 5, 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, 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 on the chart.

In the long term, a 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. It provides that May's monthly candlestick high (1.1465) is likely to be 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 ongoing bullish momentum around the key zone of 1.1150-1.1050 on April 29. Temporal bullish fixation took place above 1.1100 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 an ascending bottom and a bullish breakout pattern were established on the H4 chart.

That is why, profitable buy entry was suggested at retesting of 1.0820. S/L should be advanced to 1.1200 to offset the risk.

On the H4 chart, bullish persistence above the level of 1.1190 is mandatory to pursue towards 1.1390 (Fibonacci Expansion 100%).

However, the ongoing bearish breakdown of the depicted short-term uptrend should be noted as lack of bullish pressure.

The price zone of 1.1180-1.1230 should be defended by bulls to maintain enough bullish momentum. Otherwise, long-term bullish positions should be closed.

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USDX technical analysis for June 5, 2015

The US Dollar Index has reversed upwards from the 61.8% retracement as expected. Yesterday's lows are expected to be tested. An apticipated upward bounce came, but it is weaker than we had expected. I prefer to stay neutral and change to bullish once we break out above resistance of 95.85 .

Blue line = trend line resistance

The US Dollar Index not only bounced off the 61.8% retracement, but also broke out above the downward sloping blue trend-line resistance. We could see a move higher towards the important resistance at 96.60 where the lower cloud boundary is found. Support at yesterday's lows is very important as a breakout below it could mean that the bigger picture correction is not over and 93.10 will be in danger.

The weekly chart is showing signs of reversal. Unless bulls manage to push the Index towards 96.50 today, the weekly candle will give a sell reversal signal and will put 93.10 in danger. Currently, I remain neutral. My longer-term view is bullish. This does not mean we cannot make a deeper correction over the coming weeks towards 92.50. So patience is advised and no hurry moves.

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Gold technical analysis for June 5, 2015

Gold price is in a bearish trend for both short- and long-term. The price has broken below short-term support at $1,180-85. There is a strong possibility of a push lower towards the next support of $1,160. My longer-term view remains bearish, specially if we break below $1,130. The downward pressures will accelerate the decline.

Red line = support

Gold price has broken below the red trend-line support as shown in the 4-hour chart above. The price is also below the Ichimoku cloud confirming bearish trend. I believe the upward bounce from $1,140 is over at $1,233 and a new downward move has started. Support is at $1,160.

Blue line = weekly support

The weekly chart remains bearish as price was rejected at the cloud resistance and is trading below the kijun- and tenkan-sen. Resistance is at $1.200 and $1,217. Once we break out below the blue trend line support, we are going towards $1,000 or even $900.

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Elliott wave analysis of EUR/NZD for June 5 - 2015

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Technical summary:

The long-term resistance line at 1.7274 was tested and rejected the first test. Ideally, it will produce a correction towards 1.5500 and maybe even lower to 1.5290, before the next impulsive rally through the resistance line higher to 1.6456 as the next major upside target.

However, we know that corrections in the third wave tends to be small or even sub-normal. So, the risk of a breakout above the long-term resistance line will open up the upside for a direct rally towards 1.6456.

Trading recommendation:

We will buy EUR at 1.5525 or upon a breakout above resistance at 1.5872 with a stop placed at 1.5200

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Elliott wave analysis of EUR/JPY for June 5 - 2015

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Technical summary:

The base channel resistance line has caused a minor correction. We would like to see a slightly deeper correction from 141.06, but we also know that the correction in the third wave tends to be small or even sub-normal. So, we do not expect too much before the next successful break takes place above the base channel resistance line for a continuation higher to 144.03 on the way higher to 150.77.

Ideally, we will see a correction down to 138.03 before higher.

Trading recommendation:

We will buy EUR at 138.15 or upon a break above resistance at 140.92 with a stop placed at 136.25

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Technical analysis of USD/CAD for June 5, 2015

General overview for 05/06/2015 08:40 CET

There was not much movement in this pair during last 24h as the market was awaiting the NFP numbers. Nevertheless, The current key level is the intraday resistance at 1.2508 as any breakout higher will lead to a test at 1.2561. On the other hand, a breakout below the golden trendline will lead to wave (c) blue development with targets at the levels of 1.2409 and 1.2322.

Support/Resistance:

1.2312 - WS1

1.2323 - Technical Support

1.2409 - Intraday Support

1.2422 - Weekly Pivot

1.2508 - Intraday Resistance

1.2561 - Swing High

1.2575 - WR1

Trading recommendations:

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. Nevertheless, aggressive scalpers might consider to open sell orders from current price levels with very tight SL (10-15 pips) and TP at the level of 1.2460 for quick profits.

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Technical analysis of EUR/JPY for June 5, 2015

General overview for 05/06/2015 08:30 CET

The bearish divergence confirmed the possible top at the level of 141.05 and corrective downward cycle development. The price is still trading inside the bullish zone between 138.41 and 141.03, but the lower area of this zone should be tested soon and is likly to be broken. Nevertheless, the bearish confirmation comes with a breakout of the level at 136.95.

Support/Resistance:

141.27 - WR3

141.05 - Swing High

140.71 - 61%Fibo

139.90 - Intraday Resistance

138.87 - Intraday Support

138.55 - WR2

137.95 - WR1

138.01 - 138.31 - Supply Breakthrough Zone

Trading recommendations:

As the impulsive cycle looks completed, the reversal might be in progress. This is why daytraders and even swingtraders might consider opening intraday scalps from current price levels with SL above the level of 140.34 and TP at the level of 138.87 with a possible extension downwards to the level of 138.31.

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Technical analysis of Gold for June 05, 2015

Technical outlook and chart setups:

Gold dropped lower towards $1,172.00 levels yesterday but remained shy of $1,168.00, which was the past support. The metal is seen to be trading around the level of $1,177.00 at the moment, preparing to rally higher again. Please also note that the metal has bounced off the fibonacci 0.618 support between $1,143.00 and $1,230.00 respectively. It is hence recommended to remain long for now and look to add further positions with risk at $1,160.00. Immediate support is seen at the level of $1,168.00 followed by $1,162.00, $1,143.00, and lower. Resistance is seen at $1,204.00 followed by $1,215.00, $1,230.00, $1,240.00, and higher respectively.

Trading recommendations:

Remain long for now, stop is at $1,160.00, a target is open.

Good luck!

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Technical analysis of Silver for June 05, 2015

Trading outlook and chart setups:

Silver has dropped lower and tested the level of $16.10 now, remaining just shy of $16.00 as seen here. Please note that the pair is stalling at a fibonacci 0.786 support of the rally between $15.60 and $17.70 respectively. Furthermore, the candlestick formation around $16.10 suggests a potential reversal from current levels as well. It is hence recommended to remain long with stop around the level of $15.60 now. Immediate support is seen at the level of $16.00 followed by $15.60/80, $15.30, and lower. Resistance is seen at $17.30/40 , followed by $18.40/50 and higher respectively.

Trading recommendations:

Remain long for now and look to add further, stop is at $15.60, a target is open.

Good luck!

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Technical analysis of EUR/JPY for June 05, 2015

Technical outlook and chart setups:

The EUR/JPY pair finally reversed from 141.00 yesterday. The pair has reversed forming a bearish evening star candlestick pattern and is trading around 139.60 at the moment. A meaningful retracement lower could be expected from here, towards at least 135.00. It is still recommended to initiate at least 50% short positions now and remain around 140.20/30 with risk above 141.30. Immediate support is seen at the level of 138.00 followed by 135.00, 133.00, 131.50, and lower while resistance is seen at 141.00 and higher respectively.

Trading recommendations:

Initiate short positions again, stop is at 141.30, a target is open.

Good luck!

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Technical analysis of GBP/CHF for June 05, 2015

Technical outlook and chart setups:

The GBP/CHF pair has remained broadly unchanged from yesterday and is trading around 1.4340 at the moment. The pair is still expected to stage at least a counter-trend rally towards 1.4600/50 in the sessions to come. Please note that the best buy level remains at 1.4150. It is recommended to remain long for now and also look to add further on dips, with risk at 1.4100. Immediate support is seen at 1.4200 (interim), followed by 1.4100/50, 1.3850, and lower. Resistance is seen at the level of 1.4650 followed by 1.4700 and higher respectively.

Trading recommendations:

Remain long for now, look to add further around 1.4150, stop is at 1.4100, a target remains open.

Good luck!

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Technical analysis of USD/CAD for June 05, 2015

The pair consolidated at 100Dsma, finally managed to close above that levet. At yesterday's session, the pair regained Wednesday's intraday losses. The pair is trading above 20Wsma 1.2433. The pair has been facing strong resistance at 1.2509. Within today's Asian session, the pair is trading in a tight range between 1.2491 and 1.2509. In the hourly chart, the higher lows formation takes place. Intraday resistance is seen at 1.2509, 1.2535, and 1.2580. Risk buying is available above 1.2510, safe buying will be triggered above 1.2525 with targets at 1.2540, 1.2560, 1.2580,1.2600, and 1.2630. Support is found at 1.2460, 1.2437, and 1.2420. Selling is available below 1.2435 with targets at 1.2411, 1.2386, and 1.2350. In case of a daily close below 1.2410 10Dema, we expect sub at 1.2300 and even at 1.2225 in a day or two.

Ahead of a series of economic data from Canada, we expect wild moves and high volatility during today's session. Safe traders, please wait patiently for one more day to get a clear picture.

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Technical analysis of USDX & USD/JPY for June 05, 2015

The USDX rebounded from the intraday lows managed to close above 100Dema after the surprising jobs data report. In the week ending May 30, seasonally adjusted initial jobless claims hit 276,000, printing a decrease of 8,000 against the previous week's revised level.

The USD dominated against the majors at yesterday's session.

The USDX probably made a double bottom at 94.65 in the four-hour chart. The resistance is seen at 95.90 and 96.05. Buying will emerge above 96.10 with targets at 96.25,96.50-96.65. The strong resistance zone is seen between 96.65 and 96.75 (previous swing low). If bulls close above 96.75 today, they will extend the rally towards multi-day resistance at 97.80. A daily close below 95.00 leads to another leg down towards 94.00 and 93.15. Today, bulls must close above 96.25. In case they fail, we will see a new low of 92.00 in the days to come. In the hourly chart, the Index managed to breached the falling bearish channel. The upper descending trendline is acting as support now. Intraday support is found at 95.50 and 95.30.

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USD/JPY

The pair extended its bullish note at yesterday's session with the double bottom placed at 123.78 (a higher high). The pair opened on a bullish note today. In the hourly chart, the pair gave a break of descending triangle. The trading pattern is framed between 124.68 and 123.76. Intraday resistance is seen at 124.70, 124.95, and 125.05. Support is found at 124.20, 124.00, and 123.65. Fresh buying is available above 124.70 with small targets at 124.90 and 125.05. In case bulls sustain above 124.90, they will extend the rally towards 125.30. Risky selling is available below 123.90 with targets at 123.75 and 123.65. Safe selling is available below 123.60 towards 123.35, 123.00, and 122.80.

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Technical analysis of GBP/USD for June 05, 2015

The cable managed to hold the 100Dema, closed with marginal gains. The BoE held its key interest rate at 0.5% and the size of the Asset Purchase Programme at 375 billion pounds.

Traders eye US jobs data today. Yesterday's readings for US jobs data surprised the traders. In the week ending on May 30, seasonally adjusted initial jobless claims hit 276,000, printing a decrease of 8,000 against the previous week's revised level. Ahead of US employment data, the USD edged higher against most major pairs.

Technical analysis: The cable has been trading in a falling bearish channel for a while. But in the hourly chart, the cable took out the bearish channel towards higher lows and higher highs. The intraday support is found at 1.5350, 1.5300, and 1.5250. Resistance is seen at 1.5370, 1.5400, and 1.5441. The selling pressure will tighten in case the price falls below 1.5250 with an initial target at 1.5170 and later at1.5100. The cable is not able to breach the previous week's high of 1.5508. To regain the strength, bulls must close above 1.5510. In this case, bulls can aim at 1.5550 and 1.5700, and even 1.5760 as well. Selling opportunity is available below 1.5300 with targets at 1.5250, 1.5200, and 1.5170. The selling will be tighten only below 1.5250. Buying is available above 1.5385 with targets at 1.5400, 1.5440, 1.5470, and 1.5495. Safe buying is expectyed above 1.5400.

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Technical analysis of EUR/USD for June 05, 2015

The USD rebounds ahead of NFP. The euro probably made a double top at 1.1275 on a closing basis. Better-than-expected jobs data ignite power to dollar bulls.

At yesterday's session, traders eyed US data due to lack of economic events in the eurozone. The pair managed to close below 100Dema, made a double top. At today's Asian session, the pair rejected at 100Dema again, trading at 1.1220 compared to Thursday's closing price of 1.1238. Ahead of US employment data, USD edges higher against most major pairs. Yesterday's readings for US jobs data surprised the traders. In the week ending on May 30, seasonally adjusted initial jobless claims hit 276,000, printing a decrease of 8,000 against the previous week's revised level.

Technical analysis:In the four-hour chart, the pair made the double top at 1.1337. Selling is available below 1.1230 with immediate targets at 1.1160 and 1.1120. Until the pair closes below 1.1275, bears will try to re-test 1.1075 and 1.1020. The trend shifted to use a spike selling towards 1.1300 intraday sl 1.1340 closing basis 1.1275. Intraday support is found at 1.1160, 1.1120, and 1.1090. Resistance is seen at 1.1240, 1.1285, and 1.1340. Risky buying is advised only above 1.1285 with small targets at 1.1310 and 1.1330.

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Technical analysis of EUR/USD for June 05, 2015

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When the European market opens, economic data on the Revised GDP q/q, French Trade Balance and German Factory Orders m/m is due.The US will release economic data about the Consumer Credit m/m, Average Hourly Earnings m/m, Unemployment Rate, and Non-Farm Employment Change. So amid the reports, EUR/USD will move medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1261.

Strong Resistance:1.1255.

Original Resistance: 1.1244.

Inner Sell Area: 1.1233.

Target Inner Area: 1.1207.

Inner Buy Area: 1.1182.

Original Support: 1.1170.

Strong Support: 1.1161.

Breakout SELL Level: 1.1154.

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

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Technical analysis of USD/JPY for June 05, 2015

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In Asia, Japan will release the Leading Indicators. The US will publish economic data on Consumer Credit m/m, Average Hourly Earnings m/m, Unemployment Rate, and Non-Farm Employment Change. So, there is a strong probability taht USD/JPY will move with low volatility during the Asian session, but with medium to high volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 125.12.

Resistance. 2: 124.87.

Resistance. 1: 124.63.

Support. 1: 124.33.

Support. 2: 124.08.

Support. 3: 123.84.

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 June 05, 2015

As we said in our recent article, the USDX is probably doing corrective moves in favor of the overall bullish bias and that's the way the market is currently playing. The daily chart is still showing a strong support located around the 94.66 level. The USDX is trying to break the resistance level at 95.74 in order to reach the zone around 96.97.

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The USDX is forming a bearish short-term structure in the H1 chart. The Index hit some weekly lows during yesterday session, but now it's trying to recover until the 200 SMA. If USDX does a breakout at the resistance level of 96.16, it's expected to test the level of 96.77.

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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 / 96.77

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 96.77, and stop loss is at 95.57.

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Daily analysis of GBP/USD for June 05, 2015

The rebound is still alive on the daily chart, because GBP/USD keeps moving in favor of the bullish corrective move. Also, it's looking to reach the 200 SMA in this time frame. However, that bearish path in a general bias is still alive and the MACD indicator is in negative territory. For now, it's better to see more bearish pattern formations before taking short trades.

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In the H1 chart, the intraday structure is still bullish as the pair is trying to consolidate above the 200 SMA. Anyway, we're expecting pullbacks at current levels because of the strong resistance zone that we're watching currently. Also, GBP/USD is still weak and there is no clear trend-change patterns formed yet in major charts, such as the H4 or daily.

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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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Daily analysis of major pairs for June 5, 2015

EUR/USD: This currency trading instrument rose from the support line at 1.0900, reaching the resistance line at 1.1350. This significant buying pressure has invalidated the recent bearish outlook; ushering in a clean bullish phase.

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USD/CHF: The weakness in this market has not caused any significant movement to the downside. In fact, the market is volatile, and therefore a serious movement to the upside or the downside is expected (though the latter action is more likely).

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GBP/USD: Although the GBP/USD pair has moved upwards by 200 pips this week, the bearish bias is still intact. What can render the bearish bias useless is the situation in which the distribution territory at 1.5500 is overcome.

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USD/JPY: What is happening now can be described as a consolidating movement in the context of an uptrend. The supply level at 125.00 has been tested and the price now oscillates between that supply level and the demand level at 124.00. The price may close below the demand level at 124.00 but there could not be a real jeopardy to the existing bullish outlook unless another demand level at 122.50 is breached to the downside. It is more logical to anticipate further movement to north.

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EUR/JPY: The EUR/JPY cross has moved upwards very strongly this week. A weekly movement of 500 pips is something that is significant enough to generate a Clean Bullish Confirmation Pattern in the chart. The supply zone at 141.00 has been tested. It could be tested again and breached to the upside.

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Technical analysis of GBP/USD for June 5, 2015

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Overview:

  • The GBP/USD pair has set below the double top (1.5430) since yesterday. The price has faced a strong resistance at the level of 1.5434. Additionally, this level coincides with the ratio of 50% Fibonacci retracement level in the daily chart. On the other hand, the major support is found at 1.5232; therefore, the GBP/USD pair will move betwen 1.5430 and 1.5232 in coming hours. So, the market is likely to start showing signs of the bearish market again in order to indicate the bearish opportunity from the level of 1.5430 to 1.5400 with targets at strong support around 1.5294 (first target). Bears were forced to pull back in the area around 1.5232, therefore this level will represent support for indicating a bullish opportunity above the support. In consequently, it will be a good sign to buy in the short term above the level of 1.5232 with the first target at 1.5371 and it might resume to 1.5400.

Intraday technical levels:

Date: 5/06/2015

Pair: GBP/USD

  • R3: 1.5568
  • R2: 1.5504
  • R1: 1.5431
  • PP: 1.5367
  • S1: 1.5294
  • S2: 1.5230
  • S3: 1.5157
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Technical analysis of NZD/USD for June 5, 2015

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Overview:

Amid previous events, the NZD/USD pair is still moving between the level of 0.7079 and 0.7199. The level of 0.7079 represents a weekly double bottom in the H1 chart. It should be noted that the weekly double bottom coincides with the ratio of 00% Fibonacci retracement levels. Consequently, the new resistance has set at the level of 0.7153; for that sell below the level of 0.7153 in the long term with the first target at 0.7100. If the trend is able to break the first support at 0.7100, it might resume to 0.7079 in order to test the double bottom in the same time frame. On the other hand, the stop loss should never exceed your maximum exposure amounts. Thus, it will be rather profitable to set your stop loss at the level of 1.7205.

Observations:

The resistance has set at the level of 0.7199 and support is found at 0.7079.

The key level is at 0.7117 today.

Expect a daily range of 68 pips

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