Technical analysis of USD/JPY for June 08, 2015

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USD/JPY is expected to consolidate with a bullish bias after hitting a near-13-year high at 125.86 on Friday. It is underpinned by the positive dollar sentiment (ICE spot dollar index last 96.40 versus 95.69 early Friday) after bigger-than-expected 280,000 increase in U.S. May non-farm payrolls (versus forecast +225,000), more-than-expected 0.3% on-month rise in U.S. May average hourly earnings (versus forecast +0.2%), although U.S. May unemployment rate came in higher-than-expected at 5.5% (versus forecast 5.4%). USD/JPY is also supported by larger-than-expected $20.54 billion increase in U.S. April consumer credit (versus forecast +$16.0 billion), higher U.S. Treasury yields (10-year rose 9.3 bps to 2.400% Friday) as well as demand from Japan's importers and ultra-loose Bank of Japan's monetary policy. But USD/JPY gains are tempered by Japan's exports.

Technical comment: The daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought levels, five- 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 124.15 and the second target at 123.60. In the alternative scenario, short positions are recommended with the first target at 124.15 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 126.35. The pivot point is at 124.55.

Resistance levels: 125.95 126.35 126.75

Support levels: 124.15 123.60 122.90

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Technical analysis of USD/CHF for June 08, 2015

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USD/CHF is expected to consolidate with a bearish bias. It is underpinned by the positive dollar sentiment (ICE spot dollar index last 96.40 versus 95.69 early Friday) after bigger-than-expected 280,000 increase in U.S. May nonfarm payrolls (versus forecast +225,000), more-than-expected 0.3% on-month rise in U.S. May average hourly earnings (versus forecast +0.2%), although U.S. May unemployment rate came in higher-than-expected at 5.5% (versus forecast 5.4%), negative Swiss interest rates as well as threat of Swiss National Bank CHF-selling intervention. But USD/CHF upside move is limited by the franc demand on soft EUR/CHF cross.

Technical comment: The daily chart is mixed as stochastics is in bearish, but MACD is in a 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 0.93. A break of that target will move the pair further downwards to 0.9275. The pivot point stands at 0.9395. 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: 0.93 0.9250 0.9195

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Technical analysis of NZD/USD for June 08, 2015

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NZD/USD is expected to consolidate with a bearish bias after hitting a near-five-year low at 0.7023 on Friday. NZD/USD is undermined by the positive dollar sentiment, dovish Reserve Bank of New Zealand monetary policy stance, and soft dairy prices. But NZD/USD losses are tempered by the NZD-USD interest differential.

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

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7050. A break of that target will move the pair further downwards to 0.7020. The pivot point stands at 0.7135. 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 0.7170 and the second target at 0.7210.

Resistance levels: 0.7170 0.7210 0.7270

Support levels: 0.7050 0.7020 0.7

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Technical analysis of GBP/JPY for June 08, 2015

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Fundamental outlook: GBP/JPY is expected to trade with a bearish bias. It is undermined by weak euro sentiment on concerns over Greek and Japanese exports. But GBP/JPY losses are tempered by demand from Japanese importers.

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 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 192 and the second target at 192.70. 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 190.5.

Resistance levels: 192 192.70 192

Support levels: 189.70 189.10 188.60

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GBP/USD intraday technical levels and trading recommendations for June 8, 2015

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Overview:

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

Persistence below the zone between 1.4950 and 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, and then 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 a 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 and 1.5450 failed to stop this bearish momentum leading to its breakout.

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, a recent daily candlestick came as a bullish engulfing one.

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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USD/CAD intraday technical levels and trading recommendations for June 8, 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.

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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Intraday technical levels and trading recommendations for GBP/USD for June 8, 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 a 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.

A bearish breakout off the depicted bullish channel took place as a result of the bearish pressure 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 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 8, 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 price 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 only if May's monthly high (1.1465) gets breached as soon as possible.

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An obvious bearish breakout of the weekly demand level at 1.1100 allowed the price to fall dramatically.

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.

Bullish persistence above the level of 1.1190 was needed to push the price towards 1.1390 (Fibonacci Expansion 100%).

However, the ongoing bearish breakdown of the depicted short-term uptrend indicates lack of bullish pressure on the market.

Moreover, a Head and Shoulders reversal pattern is being established on the H4 chart.

This renders the price zone of 1.1200-1.1230 (being tested) as a perfect intraday sell zone. Initial bearish target would be located at 1.1075 and 1.1000.

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Gold : analysis for June 08, 2015

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Overview:

Gold has been trading sideways around the level of $1,173.00. According to the daily time frame, we can observe a supply bar in an volume below the average (weak supply). I found the strong mid-term trading range between the levels of $1,230.00 and $1,169.00. The price is testing the bottom of our trading range ($1,169.00). Selling gold at this stage looks risky since our support (cluster) is on the test. We are facing very low activity on the market. According to the M30 time frame, we can observe selling climax (hidden buying) in the background.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,171.00

R2: 1,171.40

R3: 1,172.00

Support levels:

S1: 1,169.20

S2: 1,168.50

S3: 1,167.90

Trading recommendations: Weak supply around the level of $1,170.00. Be careful when selling gold at this stage.

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EUR/NZD: analysis for June 08, 2015

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Overview:

Recently, EUR/NZD is trading sideways around 1.5750. The short-term trend is neutral. According to the daily time frame, we can observe a neutral bar (indecision) in a volume above the average. According to the M15 time frame, I found trading range between the levels of 1.5830 and 1.5685. I am waiting for a clear breakout in a high volume to confirm further direction. Today, we are facing a very low volatility (volume below the average).

Fibonacci Pivot Points :

Resistance levels:

R1: 1.5820

R2: 1.5860

R3: 1.5920

Support levels:

S1: 1.5700

S2: 1.5665

S3: 1.5605

Trading recommendations: I found trading range between the levels of 1.5830 and 1.5685. Watch for a clear breakout and trade after retracement.

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Technical analysis of NZD/USD for June 8, 2015

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Overview:

  • In the short term, the NZD/USD pair is going to set strong resistance at the level of 0.7165 and support at 0.7024. The price is still moving between 0.7030 and 0.7165. Also, the NZD/USD pair is still below the ratio of 38.2% Fibonacci retracement levels. As a result, the price has already formed the strong resistance at the level of 0.7165. Now it is approaching it in order to test it again. Therefore, the kiwi will get a downside convincing momentum and the structure of the fall does not look corrective from the area of 0.7165. Consequently, the trend indicates a bearish opportunity below the level of 0.7165. So, it will be a good sign to sell below 0.7160 with the first target at 0.7111 (this level coincides with the daily pivot point) and it will call for a downtrend to continue bearish move towards 0.7024 in order to retest the double bottom in the coming hours.
  • On the other hand, the stop loss should always be taken into account. Subsequently, it will be wise to set your stop loss at 0.7185.
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Technical analysis of USD/CHF for June 8, 2015

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Overview:

  • The The USD/CHF pair movement will continue straightway from the double bottom at the level of 0.9374, which coincides with the ratio of 38.2% of Fibonacci retracement levels in the H1 chart . Therefore, the price of the USD/CHF pair is showing signs of power, following a break of the lowest level at 0.9374. It will be a good sign to buy above the level of 0.9374 with the first target at 0.9465 in order to test the daily pivot point and further to 0.9501 to form the double top in the short term. Thence, this price will act as strong resistance, for that it is going to be a good place to take profit around the spot of 0.9501 and 0.9560. It also should be noted that this level will coincide with 61.8% of Fibonacci retracement levels. However, in case of a reversal, the USD/CHF pair will break through the minor support level of 0.9366. The market is expected to decrease further to 0.9258 with a view to indicate the bearish market.
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Technical analysis of EUR/JPY for June 08, 2015

Technical outlook and chart setups:

The EUR/JPY pair has hit fibonacci 0.618 resistance around the level of 141.00 as seen on the daily chart. The pair might have formed a meaningful top and looking to resume its down swing below 126.00. Also note that a potential bearish candlestick pattern (tweezer top) has been also formed, indicating a change in its direction. It is hence recommended to remain short with risk above 141.50. Immediate support is seen at the level of 139.00 (interim), followed by 138.00, 136.00, 134.00, and lower. Resistance is seen at 141.00 followed by 142.00 and higher respectively.

Trading recommendations:

Remain short for now, stop is at 141.50 a target is open.

Good luck!

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Technical analysis of Gold for June 08, 2015

Technical outlook and chart setups:

Gold is trading around $1,174.00/75.00 now after having formed lows at $1,162.00/63.00 earlier. The metal has found support at fibonacci 0.786 support of a rally between $1,143.00 and $1,232.00. Short-term charts are indicating a potential bounce higher, but bulls need to clear at least the level of $1,95.00 to confirm a bullish turn around. It is recommended to remain long for now, with risk around $1,160.00. Immediate support is seen at the level of $1,162.00 followed by $1,143.00 and lower. Resistance is seen at $1,195.00 (interim) followed by $1,215.00, $1,231.00, 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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USDX technical analysis for June 8, 2015

The US Dollar index has bounced as we expected from the 61.8% retracement of the rise from 93.10 to 97.80. But it has found strong resistance at the Ichimoku cloud in the area of 96-97. The upward bounce has reached the 61.8% retracement of the decline from a high of 97.80 to a low of 94.64. A bearish reversal looks very possible.

The Dollar index bounced as expected and is getting rejected at the cloud resistance and at the 61.8% Fibonacci retracement. This is a bearish sign. This has bigger bearish implications as this reversal could be the start of a bigger decline below 93.10. If the recent lows at 94.64 are broken we should expect a move even towards the 90 price area.

In case this scenario comes true, a break below 93.10 will signal a move towards the 50% retracement in the weekly chart as shown above. The price should be pushed towards the cloud support and 50% retracement at 90. Weekly support is at 94.10 and resistance is seen at 96.65.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for June 8, 2015

Gold remains in bearish trend in all time frames. Gold price is below the medium-term resistance level of $1,200. Despite a rising EUR/USD, bulls do not seem able to push prices higher. The rejection signals we got over the last month are not good and show us that gold price is likely to fall below $1,130.

Red line = trend line support

Black lines = bearish channel

Gold has broken below the trend-line support from $1,140. It remains inside the downward sloping channel from $1,233 and below the Ichimoku cloud. Short-term resistance is at $1,180 and then at $1,200. Support is at $1,160 and $1,140.

Blue line - support trend line

The weekly chart remains bearish as the price is below both tenkan- and kijun-sen indicators ( red and yellow lines) and also below the weekly cloud area. The price is below the intermediate low hit in May. Although, we might see another bounce towards $1,190-$1,200, the trend remains bearish and I expect $1,130 to be tested soon.

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Technical analysis of Silver for June 08, 2015

Technical outlook and chart setups:

Silver is seen to be trading around the levels of $16.10/15 now after printing lows at $15.95/96 earlier. Please note that the support trendline is passing just below the current price action. Furthermore, the metal is bouncing off the fibonacci 0.786 support of the rally between $15.60 and $17.70. It is hence recommended to remain long for now with risk around $15.50/60. Immediate support is seen at the level of $15.80 followed by $15.60, $15.30, and lower. Resistance is seen at $17.20 followed by $17.70, $18.40/50, and higher respectively.

Trading recommendations:

Remain long for now, stop is at $15.50, a target is open.

Good luck!

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Technical analysis of USD/JPY for June 08, 2015

At the Asian session, the Japanese GDP on quarterly basis and annual GDP index hit the wires. Japan Q1 GDP correction of 1.0% beat the expectations. Japan Q1 GDP was revised up to annualized 3.9% from 2.4%. Analysts expected 2.8%.

Ater Japanese data, the JPY was trading higher against USD. As of now, the pair hit a high at 125.86. The parallel resistance is seen at 126.00. Today, bulls must close above 125.60 to retain the current rally. Support is found at 125.00, 124.65, and 123.70. In the weekly chart, the pair has been showing negative divergence. Readers can remember, we advised buying at 119.00 sl 118.00 with targets at 124.00, 126.00, and 129.00.

For intraday session, selling is available below 125.00 with targets at 124.80 and 124.60. Selling will be tightened below 124.60 towards 124.25 and 124.00. Bulls will face the real problem in case the price corrects below 123.70.0. We recommend fresh buying only if the pair closes above 125.60 on a daily basis. Strong upswing is expected above 126.00 towards 129.00, 133.00, and 136.00.

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Technical analysis of USDX for June 08, 2015

Strong employment data from the US gave momentym to the US Dollar Index.

The US Dollar Index hit a high of 96.91, but was unable to close above 50Dsma. The Index rejected at 50dsma on a closing basis twice . Mild bearish signals on the USDX and USD pairs were generated. The Index is forming a mild distribution pattern. Bulls must close above 96.55 today to erase the bearish view. On a daily basis, the Index must close above 97.80, which was 61.8 FB entire fall. The Index managed to close above 20Wsma. Support is found at 96.10 and 95.00.

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Technical analysis of GBP/USD for June 08, 2015

The cable has been sustaining losses for the third consecutive week. The weekly support 20Wsma 1.5170 managed to close with mild losses.

Owing to lack of macroeconomic data, it is understandably a quiet day today. We have a number of high-impact data releases to look forward to, starting with the UK manufacturing production followed by the BoE Governor's speech.

Technical view: The pair has been trading in a falling bearish channel for more than a month. The weekly support is found at 1.5170. Until the pair holds that level, bulls will try to grab the control. The weekly resistance is seen at 1.5520. The monthly support is found at 1.5089. A breakout below this leads to 1.5000 and 1.4950 initially. Later it is likely to expand to 1.4850 and previous lows. On a positional basis, we remain bullish, but we could turn bearish only below 1.51700. Bulls must close above 1.5550 as soon as they can. At least, they need to close above 1.5440 this week to erase the bearish view of 1.4500.

Intraday view: The cable is trading at 1.5273 compared to Friday's closing price of 1.5270. Intraday support is found at 1.5250 and 1.5190. Bulls' last hope remains at 1.5170. Intraday resistance is seen at 1.5285 and 1.5300. Trend-deciding level lies at 1.5450. The earlier previous swing low at 1.5440 acts as strong resistance. Strong momentum is found above 1.5450, panic will emerge below 1.5170. Safe buying is expected above 1.5330 with targets at 1.5370/1.5380 and 1.5440. Fresh buying and short covering will be added above 1.5450 at 1.5700. Quick risky trader is available for bears below 1.5250 with a target at 1.5200. Safe selling is available below 1.5170 for 1.5110/1.5100. Real panic will be triggered below 1.5089.

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EUR/NZD intraday looking up

Following my previous EURNZD analysis on a higher timeframe (https://www.instaforex.com/forex_analysis/61436/), picture is very similar on smaller timeframe, confirming that trend is up, is very strong and valid.

The pair has rejected both the lower trendline of the ascending channel and simple uptrend trendline. The support has been found near 1.5687 where the price formed a double bottom reversal pattern. While the support has been rejected, a break above the downtrend trendline of the RSI oscilator, which took place this morning, could be the invitation for bulls to join the rally.

Consider buying EUR/NZD near the current level (1.5760) targeting 161.8% Fibonacci retracement (1.6050) applied to 1.5915 (a high reached on June 4) and 1.5687 (a low hit back on June 5). A breakout below S1 could result in further correction to S2 (1.5584). It seems nearly impossible that the trend will reverse down at this point taken all the facts described above.

Support: 1.5687, 1.5584

Resistance: 1.5915, 1.6056

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Technical analysis of EUR/JPY for June 08, 2015

At the Asian session, the Japanese GDP on quarterly basis and annual GDP index hit the wires. Japan Q1 GDP correction of 1.0% beat the expectations. Japan Q1 GDP was revised up to annualized 3.9% from 2.4%. Analysts expected 2.8%.

EUR/JPY

The cross has been trading with losses for 2 consecutive days. Today, the cross opened on a bearish note, higher at 139.60. The cross gained 2.5% during the previous week. The cross managed to trades above 20Msma 138.75. In the weekly and daily charts, the cross closed and was trading above moving averages.

Last week, we forecasted the inverse bullish head and shoulder breakout. The weekly support is found at 138.75 and 137.00. The parallel resistance at 141.22 rejected the cross at the previous week. Strong upswing looms above that level. In the daily chart, higher lows and higher highs formation has been expanding. But in the H1 chart, lower highs and lower lows formation is likely to aim at 137.60 approximately.

Intraday support is found at 139.00 and138.90. Resistance is seen at 139.75 and 139.90.

For bulls: Safe buying is available above 140.00 with targets at 140.50 and 140.65. Later, bulls are likely to aim at 141.20 as strong bullish momentum will loom there.

For bears: Safe selling is available below 138.70 with targets at 138.10 and 137.80 or at 137.20. NOTE: buying looms around 137.00.

The cross fell below the ascending trendline and closed below that. At today's Asian session, the cross rejected at the same trendline acting as resistance trendline. The divergence between the daily chart pattern and hourly chart indicates minor downfall before further significant upswing.

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Technical analysis of EUR/USD for June 08, 2015

The pair paused a 2-week fall managed to close with 1.2% gain at the end of the week. The pair erased a half of its gains during Thursday and Friday's sessions. Finally, it managed to close above the 20Wsma.

Owing to lack of macroeconomic data, it is understandably a quiet week. Today, traders eye German industrial production. March's industrial production readings are well below expectations. Readings has been disappointing for more than a year. April's readings may change the direction. We expect mild positive readings this time.

Technical analysis: A new week opened with green ticks today's Asian session. The weekly support is found at 1.1040 20Wsma. Bulls' last hope remains at 1.0997 50Dsma. The weekly resistance is seen at 1.1275 and 1.1380. A daily close is below 1.0990 and bears aim at 1.0880 and 1.0820. The current uptrend will change in case bears manage to bring the price below 1.0800. At last Friday's session, we advised selling until a close below 1.1275 with a target at 1.1075 and 1.1020. The pair hit a low at 1.1050. The weekly trading pattern is framed between 1.0800 and 1.1275. Weekly trade will favour using a spike to sell until the price closes below 1.1275

Intraday view: Today's trade is likely to depend on German data. At today's Asian session, the pair is trading at 1.1100 compared to 1.1114. Intraday support is found at 1.1070 and 1.1040. Resistance is seen at 1.1160 and 1.1220. In the H1 chart, lower lows and lower highs formation takes place with targets at 1.1000 and 1.0960. Safe selling will be triggered below 1.1040 with targets at 1.1000 and 1.0960. Safe buying is advised above 1.1225 with targets at 1.1250 and 1.1280. Risky buying is seen above 1.1160 with targets at 1.1180, 1.1200, 1.1220, 1.1250, and 1.1280.

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Technical analysis of USD/CAD for June 8, 2015

General overview for 08/06/2015 08:45 CET

A top for wave (b) blue has been made. Now, there is another corrective sub-cycle to the downside needed to complete the overall wave 2 blue. A target for this wave is at the level of 1.2342, just at the first weekly pivot support. Please notice that the longer-term bias remains bullish, but the corrective cycle in wave 2 blue might be complex and time-consuming.

Support/Resistance:

1.2561 - Swing High

1.2537 - WR1

1.2471 - Intraday Resistance

1.2451 - Weekly Pivot

1.2432 - Intraday Support

1.2342 - WS1

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 SL above the level of 1.2471 and TP at the level of 1.2342.

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Technical analysis of GBP/CHF for June 08, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading around the level of 1.4370 at the moment. Please note that the pair has bounced off 1.4250 earlie,r which is also fibonacci 50% support of the rally between 1.3800 and 1.4700 respectively. A drop below the level of 1.4200 would mean a test at fibonacci 0.618 support before resuming a rally. It is hence recommended to remain long for now and look for an opportunity to add further around 1.4150, risk remains at 1.4100. Immediate support is seen at 1.4200 (interim), followed by 1.4150, 1.4000, and lower. Resistance is seen at 1.4650 levels, followed by 1.4700 and higher respectively.

Trading recommendations:

Remain long, stop is at 1.4100, a target is open.

Good luck!

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Technical analysis of EUR/JPY for June 8, 2015

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

As anticipated last Friday, the market went down to develop another wave, labeled as wave c green on the chart. Currently, the market is testing the weekly pivot zone at the level of 138.71 and this level might be a target for the wave c green. The second target might be inside the supply breakthrough zone between the levels of 138.03 - 138.32. Please notice that the market is still trading inside of a bullish zone and any breakout higher would mean that labeling will be changed to alternative.

Support/Resistance:

141.05 - Swing High

139.83 - Intraday Resistance

138.88 - Intraday Support

138.71 - Weekly Pivot

138.03 - 138.32 - Supply Breakthrough Zone

136.95 - Technical Support

Trading recommendations:

Daytraders should consider opening sell orders from current price levels with SL above the level of 139.83 and TP at the level of 138.71.

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Daily analysis of major pairs for June 8, 2015

EUR/USD: The popular Non-Farm Employment Change and other employment figures from the US and Canada made a significant impact on the markets on June 5, 2015. The figures had positive effect on USD and CAD. Therefore, other USD pairs and CAD pairs were seriously affected in the near term. The effect on EUR/USD was negative. The pair was trying to make some bullish attempt last week. There is a bullish outlook on this market unless the support line at 1.1000 is breached to the downside. The NFP has given potential buyers an opportunity to enter the market at better prices, because there could be an upwards bounce. However, a movement below the aforementioned support line could be a beginning of another bearish rally.

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USD/CHF: The NFP had a positive impact on the USD/CHF, though the major bias remains bearish. The bearish bias would be in place until USD/CHF goes above the resistance level at 0.9550. Unless that happens, long trades are not advisable.

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GBP/USD: The NFP had a negative effect on this pair driving the price, which is already weak, further south. Bulls tried to push the price upwards last week, but the effect was thwarted by the NFP, resulting in the forfeiture of the bullish gains that were made last week. The price could fall further from here.

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USD/JPY: The USD/JPY pair moved sideways last week. It broke upwards significantly later as a result of the US employment report. The upward breakout took place in the context of an uptrend. Thus, further upward movement is possible this week.

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EUR/JPY: . The EUR/JPY cross moved upwards last week. A weekly movement of 500 pips is something that is significant enough to generate a Clean Bullish Confirmation Pattern in the market. The outlook is bullish for this week.

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Technical analysis of EUR/USD for June 08, 2015

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When the European market opens, economic data on Sentix Investor Confidence, German Trade Balance, and German Industrial Production m/m are due. The US will release data about Labor Market Conditions Index m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1155.

Strong Resistance:1.1149.

Original Resistance: 1.1138.

Inner Sell Area: 1.1127.

Target Inner Area: 1.1101.

Inner Buy Area: 1.1075.

Original Support: 1.1064.

Strong Support: 1.1053.

Breakout SELL Level: 1.1047.

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 08, 2015

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In Asia, Japan will release Economy Watchers Sentiment, Final GDP Price Index y/y, Bank Lending y/y, Final GDP q/q, and Current Account. The US is expected to publish economic data on Labor Market Conditions Index m/m. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 126.09.

Resistance. 2: 125.84.

Resistance. 1: 125.60.

Support. 1: 125.29.

Support. 2: 125.05.

Support. 3: 124.80.

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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USD/CAD correction down

After forming a triple bottom near 1.1940 on May 14, USD/CAD rushed up pretty fast. Currently, the pair formed a double top at 1.2562, where the downtrend trendline has been rejected at the same time.

The overall uptrend seems exhausted and the corrective move down might follow. The Demarker oscillator, which formed a bearish divergence, confirms that. In addition, Fibonacci retracement applied to a low of 1.1918 and a high of 1.2562 shows that 23.6% support level (S1) has been taken out and now the pair should head further down towards the next support at 38.2% Fibonacci retracement – S2 (1.2316).

The price is likely to test the downtrend trendline once again before it will start dropping. Therefore, consider selling anywhere between the current level (1.2460) and the trendline (approximately 1.2500). The next strong support is seen at S2 (1.2316) that could be treated as the nearest downside target.

Support: 1.2410, 1.2316, 1.2241, 1.2164

Resistance: 1.2562, 1.2653

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Daily analysis of USDX for June 08, 2015

The USDX will try to reach the resistance level of 96.97 during this week, because bulls are stronger than before now. But be cautious with that resistance, because the Index could face strong bearish reaction and fall to the support level at 95.74.

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In the H1 chart, the USDX is consolidating above the 200 SMA with a higher high pattern formation. Now, the resistance level of 96.77 is the nearest obstacle, and if the bullish momentum is enough, the USDX will reach a high around the level of 97.23. The current fractal structure is already calling for the upside. The MACD indicator is entering at negative territory, so be cautious with this.

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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: 96.77 / 97.23

H1 chart's support levels: 96.16 / 95.71

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 96.77, take profit is at 97.23, and stop loss is at 96.32.

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Daily analysis of GBP/USD for June 08, 2015

During this week,GBP/USD could restart the bearish bias in the daily chart, because the pair has been doing some corrective moves in favor of the overall trend. The resistance level at 1.5346 worked well to add bearish pressure to the GBP/USD pair. On the downside, the next target would be the support zone around the level of 1.5199.

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The short-term outlook remains bearish, as the 200 SMA on the H1 chart is still offering dynamic resistance and pushing the pair to the downside, because GBP/USD is trying to break the support level at 1.5259 now. In case of success, it would be expected to fall until the level of 1.5158. The MACD indicator is entering in the positive territory.

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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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Elliott wave analysis of EUR/NZD for June 8 - 2015

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Technical summary:

An expected correction in wave ii is unfolding and we will be looking for a correction lower to 1.5500 and maybe even lower to 1.5290. But we have to consider that we are in wave three higher and the correction tends to be small or even abnormal. So, we cannot expect too much of this correction.

In the short term, we expected minor resistance at 1.5798 to be able to protect the upside for a decline closer to 1.5500. A break above minor resistance at 1.5798 will be the first indication that wave ii is over and a new impulsive rally higher is developing. A break above 1.5833 is needed for a rally to 1.6456 (as the next major upside target) to confirm that wave iii is unfolding.

Trading recommendation:

We will buy EUR at 1.5525 or upon a break above minor resistance at 1.5798 with a stop placed 1.5200 expected to be able to raise the stop quickly.

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Elliott wave analysis of EUR/JPY for June 8 - 2015

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Technical summary:

An expected correction in red wave ii/ is unfolding. We will be looking for a correction towards 138.03 as an ideal downside target before the next impulsive rally higher to 144.03 and higher towards 150.77.

In the short term, only a break above minor resistance at 140.54 will indicate that the correction is already over. It is calling for the next impulsive rally upwards. We have to remember that corrections in the third wave tend to be small.

Trading recommendation:

We will buy EUR at 138.35 or upon a break above 140.54 with a stop placed at 136.25 expecting to be able to raise the stop quickly.

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