Technical analysis of USD/CAD for June 10, 2015

General overview for 10/06/2015 16:40 CET

After breaking out below the technical support and both of the weekly pivot supports, the market is developing a proper irregular flat corrective cycle, labeled on the chart as waves (a)(b)(c) blue. The first three waves of the wave (c) blue had been made. Now, the market is in a corrective sub-cycle wave (iv) green. When this wave is completed, one more wave to the downside is expected, with the first target at 1.2163.

Support/Resistance:

1.2201 - Intraday Support

1.2256 - WS2

1.2269 - Intraday Resistance

1.2163 - Projected Target For Wave (v)

Trading recommendations:

The corrective cycle is about to complete and the market should resume uptrend soon. For now please stay aside and wait for the reversal confirmation.

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Technical analysis of EUR/JPY for June 10, 2015

General overview for 10/06/2015 16:25 CET

As anticipated from the beginning of the week the corrective wave C green finally is about to hit the support breakthrough zone between the levels of 138.31 and 138.03. Moreover, the corrective cycle might even get extended lower to the 50%Fibo at the level of 137.91 if the grey rectangle area is violated. Nevertheless, the most important support is seen at the level of 136.95.

Support/Resistance:

141.05 - Swing High|Intraday Resistance|

138.88 - Intraday Support

138.71 - Weekly Pivot

138.03 - 138.32 - Supply Breakthrough Zone

136.95 - Technical Support

Trading recommendations:

The yesterday's TP has been hit and the market is testing a very important level now. So, traders should stay aside and wait for market response.

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USD/CAD intraday technical levels and trading recommendations for June 10, 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 looks 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 a significant resistance zone for USD/CAD.

As anticipated, a bearish candle closure below 1.2430 enhanced further bearish advancement.

This offered a low-risk sell position with good long-term potential targets especially if enough bearish momentum is applied against the depicted weekly uptrend.

T/P levels should be placed at 1.2220, 1.2100, and 1.1950 while S/L should be lowered to 1.2350 to secure profits.

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GBP/USD intraday technical levels and trading recommendations for June 10, 2015

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Overview:

On March 2, a bearish breakout of the 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 expanded 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 led to a breakout.

The recent daily candlesticks came as bullish engulfing ones. This hindered a further bearish decline and allowed the occurrence of the current bullish pullback towards 1.5500.

Conservative traders can wait for a valid sell entry around 1.5550 (the key level depicted on the chart). S/L is likely to set above 1.5650.

On the other hand, the daily candlestick closure above 1.5550 threatens the previous bearish scenario.

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NZD/JPY long-term outlook

After another failed attempt to break below the major support near 88.00, NZD/JPY might be getting ready to rally up. The CCI oscillator has entered the oversold zone again suggesting an upcoming continuation of a range trading or a continuation of the major uptrend.

Consider buying NZD/JPY at the current level targeting at 91.50 where the key resistance is. The risk reward for the trade seems very reasonable with the stop loss just below S2 (87.21).

Support: 88.18, 87.21

Resistance: 89.16, 90.39, 91.46

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AUD/CHF confirms bullish trend

AUD/CHF broke above strong resistance (S2), broke above 200 Moving Average and above a descending channel.

The Fibonacci applied to the channel breakout point clearly show that R1 (0.7200) resistance has been broken while S1 (0.7176) support has been rejected.

Consider buying AUD/CHF anywhere between the current level and S1 (0.7176) support. A target is at 0% Fibonacci level at 0.7238 (R2). At this point, the pair is very unlikely to move down to hit a new low and should stay above S2.

Support: 0.7176, 0.7157

Resistance: 0.7200, 0.7238

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EUR/NZD: analysis for June 10, 2015

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Overview:

Recently, EUR/NZD is moving downwards. As we expected, the price tested the level of 1.5644. In the daily time frame, we can observe a neutral bar around the price of 1.5930 in a high volume. I found strong trading range between 1.5925 (resistance) and 1.5675 (support). We can observe a fake breakout of our support cluster, which is a sign that selling looks risky at this stage.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.5910

R2: 1.5965

R3: 1.6050

Support levels:

S1: 1.5725

S2: 1.5670

S3: 1.5580

Trading recommendations: Be careful when selling EUR/NZD at this stage as we see a fake bearish breakout.

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Gold: analysis for June 10, 2015

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Overview:

Gold has been trading upwards. The price tested the level of $1,189.47 in a high volume. In the daily time frame, we can observe a demand bar in a volume below the average (weak demand). The price broke the key support level around $1,185.00. Selling looks very risky at this stage. Also, our main supply trendline got broken. My advice is to watch for potential buying opportunities on dips. I had placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% (on the test) at $1,189.00, Fibonacci retracement 50% at $1,198.00, and Fibonacci retracement 61.8% at $1,205.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,181.25

R2: 1,183.75

R3: 1,187.75

Support levels:

S1: 1,173.25

S2: 1,170.70

S3: 1,165.00

Trading recommendations: strong support at the level of $1,185.00 is broken in the background. Selling looks very risky. My advice is to watch for potential buying opportunities on dips.

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Technical analysis of USD/CAD for June 10, 2015

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Overview:

  • In the short term, the USD/CAD pair rebounded at the level of 1.2368 following the level of 1.2370. The level at 1.2370 will represent a new strong resistance on June 10, 2015.
  • Additionally, the support was broken and turned to resistance at 1.0780. Also, it should be noted that the area of 1.2370-1.2380 is acting as a strong spot because the price set below the resistance a week ago. Furthermore, the price has still traded between 1.2370 and 1.2196.
  • Therefore, the USD/CAD pair started showing signs of a bearish market. So, the market indicates the bearish opportunity at the level of 1.2370 with the first target at 1.2196.
  • The USD/CAD pair is probably moving towards the level of 1.2167.
  • On the other hand, the stop loss should always be taken into account, hence it will of the sagacity to set your stop loss at 1.2422.
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Technical analysis of AUD/USD for June 10, 2015

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Overview:

  • The AUD/USD pair closed at the level of 0.7674 yesterday. Also, the price has been above the ratio of 11.8% Fibonacci retracement levels in the H4 chart. The market has expanded further to a high of 0.7733 today. Consequently, it should be noted that the price has formed a strong support at the level of 0.7664 and the double bottom has been already placed at the 0.7597. Moreover, these strong levels are still between 38.2% of Fibonacci retracement levels and the double bottom in the same time frame. The market will start showing bullish signs again in order to indicate a bullish opportunity from the level of 0.7664 with a target towards the strong resistance around 0.7802. Additionally, it should be mentioned that the level of 0.7813 is going to form a double top. Bulls will be forced to pull back at this spot. As a result, it will be profitable to sell at 0.7813 with a target at 0.7725. It might resume to the level of 0.7666 in the short term.

Observations:

  • We expect a range between the levels of 0.7664 and 0.7813.
  • The key level is seen at 0.7720.
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Technical analysis of Gold for June 10, 2015

Technical outlook and chart setups:

Gold is trading around the levels of $1,184.00/85.00 at the moment after bouncing from $1,161.00/62.00 earlier. It seems that the metal has found support at fibonacci 0.618 levels of the rally between $1,142.00 and $1,232.00 respectively. A push above $1,197.00 and $1,200.00 would break the counter trend-line resistance as well, and put further confidence into the bullish setup. It is hence recommended to remain long for now with risk at the level of $1,150.00. Immediate support is seen at $1,143.00 and lower. Resistance is seen at $1,195.00 followed by $1,205.00 and higher respectively.

Trading recommendations:

Remain long for now, stop is at $1,150.00, a target is open.

Good luck!

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Technical analysis of Silver for June 10, 2015

Technical outlook and chart setups:

Silver is trading at the level of $16.10/20 at the moment after testing lows around the level of $15.90 yesterday. Please note that the metal is bouncing off from the confluence of the trendline and fibonacci 0.786 support of a rally between $15.60 and $17.70 respectively. Furthermore, it is producing a bullish morning star candlestick pattern on the H4 chart. It is hence recommended to remain long with risk around the level of $15.30 now. Immediate support is seen at $15.60 followed by $15.30 and lower. Resistance is seen around $16.80 followed by $17.30/40 and higher respectively.

Trading recommendations:

Remain long for now, stop is at $15.30, a target is open.

Good luck!

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USDX technical analysis for June 10, 2015

As expected, the US Dollar Index stopped its decline yesterday at the previous low and support at 94.70. But today we can observe a new low and a breakdown. This is a bearish sign as the Index has reversed from the 61.8% retracement and got rejected at the cloud resistance. The correction in the US Dollar Index is going to be deeper and a low of 93.10 is going to be in danger. There are increased probabilities of a move below that level and towards 90.

The US Dollar Index is making lower lows and lower highs. The price got rejected at the 61.8% retracement and I warned of the possible reversal from that level. The price got also rejected at the cloud resistance. Now, it is moving towards new lows and this implies more downside to be expected.

The weekly chart is turning bearish and approaching the kijun-sen important support. A weekly close below the kijun-sen will increase the chances of a break below 93.10, which is a low made in early May. A target is around the 50% retracement and the cloud support of the weekly chart. Resistance is at 97-97.80. As long as the price is below that level, bears will be in control.

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Gold technical analysis for June 10, 2015

Gold price has broken the short-term resistance at $1,180. Now, it is moving higher towards $1,190. I do not believe there is much upside to be expected. The rice is below the Ichimoku cloud and still inside the downward sloping channel. Resistance should be very strong and therefore I expect downward reversal.

Black lines = bearish channel

Gold price is moving towards lower lows and lower highs in the 4-hour chart. The trend remains bearish as the price is still below the cloud resistance and inside the bearish channel. Short-term support is at $1,175. If it gets broken, I would expect new lows below $1,160. Resistance is at $1,190-$1,200.

Blue line - long-term support trend line

The weekly chart remains bearish. Although we have a positive weekly candle, the price is below the tenkan- and kijun-sen indicators and below the cloud. Important weekly resistance is found at $1,198. Weekly important support is at $1,140.

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Technical analysis of EUR/JPY for June 10, 2015

Technical outlook and chart setups:

The EUR/JPY seems to have resumed its donward move by hitting lows around 138.40 before pulling back towards the level of 139.20. The pair is forming an evening star bearish candlestick pattern on the daily chart at the moment. Please also note that it is respecting the fibonacci 0.618 resistance levels as well. There is a high probability of a push lower from current levels until prices remain below 141.00. It is hence recommended to remain short with stop around the level of 142.50 . Immediate support is seen at 138.00 followed by 135.00, 133.00, and lower. Resistance is seen at 141.00 followed by 142.00 and higher respectively.

Trading recommendations:

Remain short for now, stop is at 142.50, a target is open.

Good luck!

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Technical analysis of GBP/CHF for June 10, 2015

Technical outlook and chart setups:

The GBP/CHF pair dropped to the area around 1.4150 yesterday before bouncing back sharply towards 1.4350. The pair is trading around the level of 1.4300 at the moment, with bulls poised to stage an impressive rally potentially above 1.4700 at the coming sessions. It is hence recommended to hold long positions taken earlier and added at 1.4150 with risk at 1.4050. Please also note that the pair has bounced off the fibonacci 0.618 support of the rally between the level of 1.3800 and 1.4650 as depicted here. Furthermore, the engulfing bullish candlestick pattern produces and indicates a potential reversal higher. Immediate support is seen at 1.4150 (interim) followed by 1.4000 and lower. Resistance is seen at 1.4400 and higher respectively.

Trading recommendations:

Remain long for now, stop is at 114050, a target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for June 10 - 2015

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Technical summary:

We saw a small break above resistance at 1.5920 indicating that the correction in wave ii is over. In the short term it's important support at 1.5699 is able to protect the downside for a new impulsive rally above minor resistance at 1.5807 and more importantly a break above resistance at 1.5867 as that would call for the next rally higher to 144.03 and beyond.

The risk is a break below support at 1.5699 that will call for a prolonged consolidation in wave ii and likely a move closer to 1.5529 and maybe even slightly lower to 1.5407 before wave ii is over.

Trading recommendation:

Our stop at 1.5700 was hit and we will stay neutral for now. We will only buy EUR upon a break above 1.5807

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Elliott wave analysis of EUR/JPY for June 10 - 2015

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Technical summary:

The correction in red wave ii/ has become more complex as resistance at 141.06 protected the upside yesterday. It kept the correction in red wave ii/ alive and we have already tested the 38.2% corrective target at 138.78. However, as long as minor resistance at 139.46 protects the upside, we must allow for a move slightly lower to 138.03, which marks the 50% corrective target of a rally from 135.10.

Trading recommendation:

Our stop at 138.75 was hit and we will stay neutral for now waiting for a new EUR-buying opportunity near 138.03.

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Daily analysis of major pairs for June 10, 2015

EUR/USD: The Bullish Confirmation Pattern on this currency trading instrument is still valid. In spite of the desperation of bears, bulls are still able to maintain their stand. A movement above the resistance line at 1.1350 would mean a new phase in the bullish journey.

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USD/CHF: This is a weak market because the EMA 11 is below the EMA 56 and the Williams' %rRange period 20 is around the oversold region now. However, the price needs to go below the support level at 0.9250. So, the bearish outlook can become more vivid.

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GBP/USD: The cable has been making gradual bullish attempt; and the attempt is considered weak. Unless the distribution territory at 1.5450 is broken to the upside,we do not advise to go long in the market. A movement below the current price position would simply enforce the existing dominant bias, which is bearish.

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USD/JPY: The USD/JPY has been coming down since the beginning of this week (dropping by 120 pips). The price is currently consolidating and it may break upwards or downward slater. A downward break may cause the price to go below the demand level of 123.00 and this would result in a new bearish formation. A break to the upside would simply reinforce the recent bullish bias.

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EUR/JPY: The EUR/JPY pair still has potential to go further upwards, proving that EUR is strong and the yen is weak. In the context of an uptrend, there is a serious volatility; the supply zone at 141.00 could be breached to the upside soon.

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Technical analysis of EUR/CAD for June 10, 2015

Oil prices rallied sharply by 3% on Tuesday's session. The loonie took this opportunity edging up against USD, EUR, and GBP. The pair has been hovering at 100Dsma, finally closed below that at yesterday's session. We advised bearish trade with targets at 1.2300 and 1.2250. The pair made a low at 1.2307. The intraday support is found at 1.2280 and 1.2230. At today's Asian session, the pair managed to hold the 20Dsma trading with mild gains at 1.2341 compared to Tuesday's closing price of 1.2337. Today, ahead of oil inventory data, the crude oil is trading higher. We expect $61.50 today. This view favors CAD. The pair is trading below 20Wsma 1.2430, another bearish signal of the pair. We expect the pair to touch 1.2280 initially. The real problem for bull will arise if the price closes below 1.2230. Intraday resistance is seen at 1.2350 and 1.2375. If bulls sustained above 1.2375, they will aim at 1.2420. Fresh selling is advised below 1.2280 with targets at 1.2250 and 1.2230. The trading pattern is framed between 1.2430 and 1.2230. A close on any side will provide fresh trading views.

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Technical analysis of GBP/AUD for June 10, 2015

At today's Asian session, Australia Westpac consumer confidence index hits the wires. The consumer confidence data fell sharply. The report showed the index dropped back to 95.3 (6.9% fall). After the data release, AUD fell sharply against EUR and GBP. The GBP/AUD cross has been moving upwards for 5 weeks. Last week, the cross finally managed to close above the previous high of 2.0022 (February 2015). Ahead of the BOE governor Carney's speech, the cross is trading on a verge of a break on the higher side. In case the cross closes above 2.0065, bulls will aim at 2.0300.

Intraday support is found at 1.9970 and 1.9945. Bulls' last hope remains at 1.9900. The selling opportunity is seen below 1.9970 with small targets at 1.9940 and 1.9910. The selling accelerates below 1.9900 aiming at 1.9850 and 1.9830. A daily close below 1.9830 leads to 1.9700 and 1.9620. We remain bullish with sl 1.9600 on a positional basis and 1.9900 sl on ian ntraday basis. Intraday resistance is seen at 2.0050 and 2.0065. If bulls manage to taken off these level, they will immediately aim at 2.0100. In case bulls are unable to close above 2.0065 today, bears will take the control aiming at 1.9830 and even 1.9700.

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Technical analysis of GBP/USD for June 10, 2015

GBP/USD

After edging lower to 1.1345, the euro edged higher against the greenback. The British pound edged up to 1.5389. At yesterday's session, we forecasted the UK trade data to be narrow, which is positive for the pound.

The UK trade deficit in goods and services totaled 1.2 billion British pounds in April 2015, compared with 3.1 billion British pounds in March 2015. In April 2015, the trade deficit in goods narrowed by 2.1 billion British pounds. This reflects both an increase in exports and a decrease in imports.

Upcoming event: The major economic events are due at today's session. Traders eye manufacturing production, NIESR GDP estimate, and BOE governor's speech. We expect positive readings for manufacturing production data.

Technical view:Ahead of the BOE governor Carney's speech, the pound is trading on a verge of a break on the higher side. The pair has been trading in a falling bearish channel for almost 3 weeks. Earlier we forecasted that the cable could breach the resistance at 1.5440. In case bulls manage to close above the descending trendline, we will expect 1.5700 in a day or two. This view is supported by weakness in the greenback. We have been recommending bullish view with sl 1.5170. The monthly support is found at 1.5089. A real problem for bulls looms only below 1.5080.

Intraday resistance is seen at 1.5400, 1.5415, and 1.5445. Support is found at 1.5375 and 1.5345. The trade favors buying with sl 1.5300, safe buying is expected above 1.5400 with targets at 1.5415 and 1.5440. Bulls are likely to gain strength above 1.5445 1.5470, and 1.5510. Selling opportunity is seen below 1.5300 with targets at 1.5260, 1.5225, and 1.5200. Use dips to buy with sl 1.5170. Instead of selling, use a dip to buy or buying above resistance following the trend.

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Technical analysis of EUR/USD for June 10, 2015

After heading up to a high of 1.1345, the euro edged lower against the greenback after the JOLTS data. The euro drifted to a low of 1.1214. At yesterday's session, we forecasted that the euro to would touch 1.1350.

The euro area GDP data supported the pair earlier. The Q1 GDP rose by 0.4%. The recent fall in the oil prices, weak euro, and ECB's QE acted as crucial factors in the economic expansion.

Upcoming events: Today, traders eye French and Italian industrial production data. We do expect positive readings.

Technical view: Though, the pair drifted to 1.1214 below 100Dema in the intraday, but bulls managed to close above the 100Dema. Weekly support is found at 1.1050 and resistance is seen at 1.1467. Intraday resistance is seen at 1.1380 and support is found at 1.1210. Until the pair extends the higher lows formation 1.1050, use a dip to buy favoring the trend. On a positional view, until the pairs hold 1.1050, bulls are likely to aim at 1.1540 and 1.1700 in the near term. To confirm this view, the pair must close above 1.1470. In the daily chart, higher high is not reached yet.

At the Asian session, the pair is trading at 1.1290 compared to Tuesday's closing price of 1.1283. At today's session, we expect the pair to expand towards 1.1395 within a range between 1.1345 and 1.1380. The intraday trade favors buying with sl 1.1210 with targets at 1.1340, 1.1380, and 1.1395. The safe buying is available at 1.1360. In case the pair closes above 1.1380 today, we will expect 1.1500 in a day or two.

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AUD/CHF bears are in control

AUD/CHF formed an extremely strong support around 0.7150, where it bounced off for at least 5 times. This support was broken on June 8 confirming bearish sentiment. Currently, the pair is testing the previous key support, which is now acting as a resistance.

Price rejected the 200 Moving Average for 3 times that should result in a further decline. At the same time, the downtrend trendline has been also rejected, confirming the downtrend.

Consider selling AUD/CHF around 0.7150 targeting 161.8% Fibonacci retracement level applied to a low reached on May 29 and a high hit on June 3. Only a break above R1 (0.7186) could push the pair higher to test R3 (0.7228) level.

Support: 0.7149, 0.7052

Resistance: 0.7186, 1.7209, 0.7227

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Technical analysis of EUR/USD for June 10, 2015

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When the European market opens, economic data on Italian Industrial Production m/m and French Industrial Production m/m is due. The US will publish economic data about the Federal Budget Balance, 10-y Bond Auction, Crude Oil Inventories. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1345.

Strong Resistance:1.1339.

Original Resistance: 1.1328.

Inner Sell Area: 1.1317.

Target Inner Area: 1.1291.

Inner Buy Area: 1.1265.

Original Support: 1.1254.

Strong Support: 1.1243.

Breakout SELL Level: 1.1237.

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 10, 2015

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In Asia, Japan will release the PPI y/y and Core Machinery Orders m/m. The US will publish some economic data on the Federal Budget Balance, 10-y Bond Auction, and Crude Oil Inventories . So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 125.04.

Resistance. 2: 124.80.

Resistance. 1: 124.56.

Support. 1: 124.25.

Support. 2: 124.01.

Support. 3: 123.76.

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 10, 2015

The USDX is currently trading above the support level of 94.66 and there is a strong fight between bears and bulls, because the Index could do a rebound at current levels. Thanks to a possible bullish momentum, which could give that support zone mentioned above. The MACD indicator is in the negative territory.

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There are no major changes in the short-term outlook for the USDX, but the Index is still moving above the support level of 95.15, a zone which rejected the US Dollar Index during yesterday's session. Currently, we should expect a rise towards the resistance level of 95.71 and a breakout could happen there in coming hours.

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Daily chart's resistance levels: 95.74 / 96.97

Daily chart's support levels: 94.66 / 93.75

H1 chart's resistance levels: 95.71 / 96.16

H1 chart's support levels: 95.15 / 94.63

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 isseen at 95.71, take profit is at 96.16, and stop loss is at 96.32.

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

Daily analysis of GBP/USD for June 10, 2015

GBP/USD is still making bullish corrective moves on the daily chart. Now it is trying to consolidate above the resistance level of 1.5346, because it is possible that could reach the 200 SMA very soon. However, the overall bearish bias is still alive and we could expect a lower continuation in coming days, but we should wait for a breakout of lows around 1.5199.

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A bullish consolidation is in place above the 200 SMA in the H1 chart and that is why we expect a rally towards the resistance level of 1.5428. Anyway, that zone is so strong and there could happen a bearish reaction, because the current price action is not enough strong for an intraday bullish trend in the near term.

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Daily chart's resistance levels: 1.5543 / 1.5755

Daily chart's support levels: 1.5346 / 1.5199

H1 chart's resistance levels: 1.5428 / 1.5502

H1 chart's support levels: 1.5358 / 1.5259

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5358, take profit is at 1.5259, and stop loss is at 1.5459.

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

NZD/CAD under downside pressure

Consolidation started on May 13 when NZD/CAD tested a low of 0.8788. The price has been ranging between 0.88 and 0.90 for over a month. Finally, the pair broke the formed double bottom on June 5 even with a weekly close below that major support.

This is a strong signal that NZD/CAD is still under a strong downside pressure and could be ready for the next move down. One of the confirmations is the 50 Moving Average. Recently, MA was rejected acting as a resistance. Another confirmation is the RSI oscillator bouncing off the downtrend trendline.

Consider selling NZD/CAD around 0.8800, which was a major support. Now, it should act as resistance. The target is 161.8% Fibonacci applied to a high and low of the range zone, 0.8824 and 0.9054, which is 0.8624. At the same time, the price could get lower to the psychological level near 0.8600. Only a break above R3 (0.8921) could provide some strength for the pair.

Support: 0.8788, 0.8624. 0.8600

Resistance: 0.8851, 0.8890, 0.8921

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

GBP/USD intraday technical levels and trading recommendations for June 9, 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. A low-risk sell entry can be offered there. S/L to be set above 1.5700.

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. This may hinder further bearish decline for sometime.

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.

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

USD/CAD intraday technical levels and trading recommendations for June 9, 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.

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