Intraday technical levels and trading recommendations for EUR/USD for June 11, 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 has 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 breakout 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.

However, 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 allowed the market to push the price near 1.1390 (Fibonacci Expansion 100%). Early signs of bearish rejection are obvious on the chart.

Moreover, a double-top reversal pattern is being established on the H4 chart. A bearish breakdown of the neckline 1.1100 is needed to confirm the pattern.

The price zone of 1.1300-1.1350 constitutes as a perfect intraday sell zone. An initial bearish target would be located at 1.1090 and 1.1000.

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Technical analysis of USD/JPY for June 11, 2015

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USD/JPY is expected to consolidate with a bearish bias after hitting two-week low 122.46 on Wednesday. It is undermined by bullish yen sentiment after Bank of Japan Governor Kuroda's speech. USD/JPY is also weighed by Japan's exports. But USD/JPY losses are tempered by higher US Treasury yields (10-year rose 6.8 bps 2.485% Wednesday), positive investor risk sentiment (VIX fear gauge eased 8.64% to 13.22; S&P 500 closed up 1.2% at 2,105.2 overnight), reports suggesting Greece and its creditors were inching closer to a bailout compromise, demand from Japanese importers, and ultra-loose Bank of Japan's monetary policy.

Technical comment: The daily chart is negative-biased as stochastic is falling from overbought levels, the MACD staged bearish crossover against its exponential moving average.

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 122.90. A break of that target will move the pair further downwards to 122.45. The pivot point stands at 124.10. 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 124.65 and the second target at 124.95.

Resistance levels: 124.65 124.95 125.35

Support levels: 122.90 122.45 122

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Technical analysis of USD/CHF for June 11, 2015

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USD/CHF is expected to consolidate in a higher range after hitting a three-week low of 0.9226 on Wednesday. It is underpinned by franc sales on the buoyant EUR/CHF cross and soft CHF/JPY cross amid bullish yen sentiment, negative Swiss interest rates, and the threat of the Swiss National Bank CHF-selling intervention.

Technical comment: The daily chart is mixed as the MACD is bearish, but stochastics is turning bullish at oversold levels.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9420 and the second target at 0.9475. In the alternative scenario, short positions are recommended with the first target at 0.9230 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 0.9170. The pivot point is at 0.9290.

Resistance levels: 0.9420 0.9475 0.9525

Support levels: 0.9230 0.9170 0.9115

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Technical analysis of NZD/USD for June 11, 2015

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Fundamental Outlook: NZD/USD is expected to trade with a bearish bias after hitting a five-year low of 0.7011 this morning. Kiwi sentient is hurt after the Reserve Bank of New Zealand reduced the Official Cash Rate by 25 basis points to 3.25%. The bank's officials said more easing may be appropriate and the exchange rate remains overvalued despite having declined from its recent peak in April. NZD/USD is also weighed by kiwi sales on buoyant AUD/NZD cross, kiwi sales on soft NZD/JPY cross amid bullish yen sentiment, and lower dairy prices. But NZD/USD losses are tempered by positive investor risk sentiment and NZD-USD interest differential.

Technical comment: The daily chart is negative-biased as the MACD and stochastic are turning bearish, five-day moving average is below declining 15-day moving average and is turning downward.

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 0.6980. A break of that target will move the pair further downwards to 0.6950. The pivot point stands at 0.7080. 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 0.7130 and the second target at 0.7170.

Resistance levels: 0.7130 0.7170 0.7210

Support levels: 0.6980 0.6950 0.69

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Technical analysis of GBP/JPY for June 11, 2015

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Fundamental outlook: GBP/JPY is expected to consolidate with bullish bias. It is undermined by the bullish yen sentiment and Japan's exports. But GBP/JPY losses are tempered by the improved euro sentiment amid hopes for a deal between Greece and its creditors, positive investor risk sentiment, and demand from Japanese importers.

Technical comment: The daily chart looks negative as stochastics is turned bearish at overbought levels, positive MACD histogram bars are contracting.

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 192.50. 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 190.50.

Resistance levels: 192 192.50 193

Support levels: 189.70 189.10 188.60

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Intraday technical levels and trading recommendations for GBP/USD for June 11, 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 two recent bearish engulfing weekly candlesticks.

Note that persistence below the weekly supply at 1.5530 (corresponding to 50% Fibo level) hindered the ongoing bullish swing. It's a prominent key-zone for GBP/USD bears.

It should act as an Intraday Supply zone to allow a bearish pullback towards 1.5100 where solid long-term buy positions can be taken.

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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, the GBP/USD pair formed a prominent demand zone 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 which originated around 1.5660 (a bearish engulfing candlestick and a lower high).

After a breakuot of 1.5500-1.5550 (lower limit of the broken channel), the market failed to gather enough bearish momentum towards the intraday demand level at 1.5100.

A bullish pullback towards 1.5550 (Intraday SUPPLY) is currently taking place. It is likely to offer a valid sell entry for those who missed the initial breakout.

S/L should be set as daily closure above 1.5560.

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GBP/USD intraday technical levels and trading recommendations for June 11, 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 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 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 the 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 could take 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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USD/CAD intraday technical levels and trading recommendations for June 11, 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 has looked quite overbought. That is why the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in a 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 USD/CAD pair a way 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.

Today, the area around 1.2300 should be defended by USD/CAD bears to resume the ongoing bearish trend.

This offers 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.

On the other hand, daily fixation above the level of 1.2300 hinders the current bearish momentum.

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Technical analysis of USD/CHF for June 11, 2015

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Overview:

  • The USD/CHF is likely to set strong resistance at the level of 0.9471 and support at 0.9258 today because the price is still moving between 0.9305 and 0.9425. So, we expect a range of 225 pips starting from today to the end of this week. Also, the USD/CHF pair has still been below the ratio of 50% Fibonacci retracement levels in the H4 chart. As a result, the price has already found the strong resistance at 0.9467 and it is approaching it in order to test it. Moreover, you have to notice that the RSI is still calling for the bearish market. Consequently, the USD/CHF pair will be in a downside momentum rather convincing and the structure of the fall does not look corrective, for indicating the bearish opportunity below the 0.9471 level. For that it will a good sign to sell below this level with the first target of 0.9322 and it will call for downtrend in order to continue bearish towards 0.9300. Additionally, the price will try to test the double bottom at 0.9258. On the other hand, the stop loss should always be taken into account, hence it will of the experience to set your stop loss at the price of 0.9492.
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EUR/NZD: analysis for June 11, 2015

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Overview:

Recently, EUR/NZD is moving upwards. As we expected, the price tested the level of 1.6138 in an ultra-high volume with a very wide spread (buying climax). In the daily time frame, we can observe a strong bullish bar. Our strong trading range between 1.5925 (resistance) and 1.5675 (support) was finally broken (re-accumulation). Be careful when selling EUR/NZD and watch for buying opportunities on dips. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at 1.5950, Fibonacci retracement 50% at 1.5890, and Fibonacci retracement 61.8% at 1.5835. Next bullish objective points are at 1.6200 and 1.6400.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.5900

R2: 1.6060

R3: 1.6280

Support levels:

S1: 1.5435

S2: 1.5250

S3: 1.5060

Trading recommendations: Be careful when selling EUR/NZD since we saw strong bullish momentum and broken trading range in the background. Watch for potential buying opportunities on the dips.

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Technical analysis of GBP/USD for June 11, 2015

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Overview:

The first key level still sets at 1.5335 and the second key level will set at 1.5400 today. These levels represent the daily support 1 and support 2 respectively. Equally important, the GBP/USD pair is still moving between 1.5403 and 1.5547. Additionally, a range about 140 pips is expected in coming days. Moreover, the trend is very clear indicating upward movement from the supports levels of 1.5335 and 1.5400. Accordingly, we expect that the trend is going to call for the bullish market at the level of 1.5403. As a result, buy at 1.5403 with the first target at 1.6905, it might resume to 1.5510 and continue towards the level of 15547 in order to test the resistance 2. On the other hand, your stop loss should be placed below the daily pivot point which sets at the level of 1.5403, so it will helpful to set it at 1.5330 this week.

Observations:

  • Major support sets at the level of 1.5335.
  • Major resistance will be placed at 1.5547.
  • We expect a new range about 320 pips this week.
  • Stop loss should never exceed your maximum exposure amounts. So, your stop loss should be around 60 pips for each position. But, your take profit should equal 2 times of stop loss.
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Gold: analysis for June 11, 2015

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Overview:

Gold has been trading downwards. The price tested the level of $1,178.44 in a volume above the average. In the daily time frame, we can observe a demand bar in a volume above the average. The price broke the key support level around $1,185.00 in the background and 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 support levels. I got Fibonacci retracement 38% at the level of $1,180.00, Fibonacci retracement 50% at $1,177.00 and Fibonacci retracement 61.8% at $1,173.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,191.00

R2: 1,195.05

R3: 1,201.75

Support levels:

S1: 1,177.55

S2: 1,173.40

S3: 1,166.00

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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USDX technical analysis for June 11, 2015

The US Dollar Index hit a new lower low yesterday, but reversed higher above 94.80 again. This fake breakdown is not a good signal for bears and yesterday's low at 94.30 was as important as the May low at 93.10.

The US Dollar Index reversed from the 61.8% retracement reached a new lower low. Now, it is moving higher. Resistance is found at 95.70 by the Ichimoku cloud and the kijun-sen indicator. Bulls will have to break above this level and above the cloud resistance of 96.20 in order to make the trend bullish.

The weekly chart has nearly reached the weekly kijun-sen indicator support (yellow line) and bounced. If we manage to hit new lows this week, we should expect 93.10 to get broke. The Index is seen to be push lower towards 90.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for June 11 2015

Gold price was bounced higher as expected and reached the Ichimoku cloud resistance. The price has been rejected. The trend remains bearish which meets our longer-term view.

Gold price reached the Ichimoku cloud resistance. The trend is bearish as the price is moving towards lower lows and lower highs. Support is at $1,175 and resistance is at $1,200. I remain bearish for the short term especially if the level of $1,175 gets broken.

Blue line = trend line support

The weekly chart remains bearish. This week, we have seen an attempt to push the price higher towards the tenkan-sen indicator (red line), but the pair has not reached resistance at $1,200 until now. Support is seen at $1,160 and $1,130 in the weekly chart. A breakout below $1,130 will open the way to $1,000.

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Technical analysis of Gold for June 11, 2015

Technical outlook and chart setups:

Gold formed a bullish morning star candlestick pattern on the daily chart view yesterday, after having bounced off the $1,161.00/62.00 earlier. Please note that the metal has breached its resistance trendline on the H4 chart looking to pull back before pushing higher towards $1,197.00. It is recommended to remain long now with risk at $1,150.00. Immediate support is seen at the level of $1,175.00 (interim) followed by $1,161.00, $1,143.00, and lower. Resistance is seen at $1,197.00 followed by $1,205.00, $1,215.00, 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 11, 2015

Technical outlook and chart setups:

Silver has been retracing since hitting $16.25 yesterday. The metal is expected to form a higher low ahead of $15.90 and resume its rally towards $17.30/40 soon. Please note that the metal has already produced a potential reversal pattern earlier. This fall could just be a final test of recent lows before bulls regain control. It is recommended to remain long with risk at $15.30. Immediate support is seen at $15.90 followed by $15.60, $15.30, and lower. Resistance is seen at $16.80 levels (interim) followed by $17.30, $17.70, and higher respectively.

Trading recommendations:

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

Good luck!

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Technical analysis of EUR/JPY for June 11, 2015

Technical outlook and chart setups:

The EUR/JPY pair finally produced a bearish evening star candlestick pattern on the daily chat yesterday. The pair is currently trading around 139.30/40, expected to continue dropping lower from here. Please note that the reversal candlestick pattern has been formed at fibonacci 0.618 resistance levels as depicted here. It is recommended to remain short hence with risk around the level of 142.50. Immediate resistance is seen at 141.00 followed by 142.00 and higher. Support is seen at 138.00 followed by 135.00, 133.00, and lower respectively.

Trading recommendations:

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

Good luck!

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Technical analysis of GBP/CHF for June 11, 2015

Technical outlook and chart setups:

The GBP/CHF pair rallied through the level of 1.4450 yesterday before pulling back lower.The pair has taken out initial resistance at 1.4450/60 as seen here. A pullback can be expected before thepair resumes its rally towards fresh highs. Buy on dips from here on until prices remain above 1.4150. It is hence recommended to book profits on long positions taken earlier and look to buy towards 1.4250/1.4300 again. Immediate support is seen at 1.4250(interim) followed by 1.4150 levels, 1.4000, and lower while resistance is seen at 1.4650 followed by 1.4700/10 and higher.

Trading recommendations:

Book profits for now, stop is at 1.4050, a target is open.

Good luck!

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Daily analysis of major pairs for June 11, 2015

EUR/USD: This is a bullish market, which has regained all the losses experienced last week. It happened that the transitory Friday's loss gave an excellent opportunity to buy long, for the price has gone upwards by more than 220 pips this week. The resistance line at 1.1400 could be reached.

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USD/CHF: Although precarious, the outlook for the USD/CHF pair is bearish. The market is expected to trend lower and lower as EUR/USD moves higher and higher. The only event that can change the situation is when EUR/USD trends lower and lower, which seems improbable at the moment.

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GBP/USD: A clear bullish movement in this market has resulted in a Bullish Confirmation Pattern in the chart. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level of 50. The price is poised to continue moving further upwards, breaking one distribution territory after another.

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USD/JPY: There is a clean 'sell' signal on the USD/JPY now as the price moves below the supply level at 123.00. The next bearish target is located at the demand levels of 122.00 and 121.50. These levels would be attained as selling pressures intensify in the market.

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EUR/JPY: The current price action on this cross is posing some threat to dominant bullish outlook, but the outlook would hold as long as the price is above the demand zone around 137.50. The influence of bears would not become conspicuous as long as the price is unable to go below the demand zone.

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Technical analysis of EUR/JPY for June 11, 2015

General overview for 11/06/2015 07:20 CET

As anticipated yesterday, the price bounced from the level of intraday support and is currently trading in the weekly pivot area. The development is clearly corrective with many overlapping waves, fake breakouts, and price whipsaws. This might suggest that the top for the wave B black might be tested and violated if the alternative labeling takes the control. To do this, the market must break out above the golden trendline and test the level of 141.05. Otherwise, the bias will remain bearish in the near term with more downside to be expected by the end of the trading week.

Support/Resistance:

141.05 - Swing High|Intraday Resistance|

139.74 - Intraday Resistance

138.71 - Weekly Pivot

138.41 - Intraday Support

138.03 - 138.32 - Supply Breakthrough Zone

136.95 - Technical Support

Trading recommendations:

Daytraders should consider to open buy orders only if the level of 139.75 is violated, with tight SL (20-30 pips) and TP at the level of 140.40. Otherwise, it is better to stay aside and wait for the corrective cycle to complete.

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Technical analysis of USD/CAD for June 11, 2015

General overview for 11/06/2015 07:10 CET

The corrective rebound has broken marginally higher than yesterday's intraday resistance level. Currently, it looks to be out of a trend again. The price is still trading inside of the black dashed channel and the current key level to the upside is intraday resistance at 1.2306. Any breakout higher might result in a test at level of 1.2350.

Support/Resistance:

1.2350 - Intraday Resistance

1.2342 - WS1

1.2306 - Intraday Resistance

1.2256 - WS2

1.2201 - Intraday Support

Trading recommendations:

Daytraders might consider to open sell orders from the level of 1.2306 with SL above the level of 1.2320 and TP at the level of 1.2201.

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Elliott wave analysis of EUR/NZD for June 11 - 2015

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Technical summary:

The correction in wave ii proved to be a small expanded flat by reaching a new low at 1.5646 before taking off again with new impulsive power breaking clearly above resistance of 1.5920 this time. We are looking for support near 1.5920 for a continuation higher to 1.6310 as the next upside target on the way towards 1.6446, which will be the next major upside target.

In the long-term chart, the resistance line at 1.7175 has been broken now confirming that much more upside will be seen.

Trading recommendation:

We bought EUR at 1.5810 and will place our stop at the break-even level. If you are not long EUR yet, then buy near 1.5920 and use the same stop at 1.5810.

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Elliott wave analysis of EUR/JPY for June 11 - 2015

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Technical summary:

As long as minor resistance at 139.77 protects the upside, a test of a corrective target at 138.03 is in play. From 138.03 or upon a break above minor resistance at 139.77, we expect a new impulsive rally in red wave iii/ past the 141.06 top for a continuation higher to 144.03 on the way towards 150.77.

Only a break below support at 135.10 will indicate that the hole rally from 126.05 has been no more than a correction and renewed downside pressure should be expected. We think this alternate count will be correct, but it will give us an idea to where our preferred count will be proven wrong.

Trading recommendation:

We will buy EUR at 138.10 or upon a break above 139.77 our stop will be place at 137.00

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Technical analysis of USD/CAD forJune 11, 2015

The USDX edged a 3-week lower at 94.30. Today is a big day in the context of economic data. Retail sales, core retail sales, and unemployment claims are due. Ahead of the data release, the USDX is trading at 94.82 at the Asian session compared to Wednesday's 94.60. Initial resistance is seen at 95.00 and later at 95.75. It is expected to act as intraday resistance. The Index has been reaching lower highs and lower lows in the daily chart. It indicats further weakness. We forecast bearish views on the USDX and USD related pairs in our Tuesday's article. Support is found at 94.30 and 93.90. Fresh selling is advised below 93.90 with targets at at 93.10 and 92.80. It is likely to extend towards 92.00.

USD/CAD

The oil prices supported CAD at yesterday's session again. The pair has been falling for 4 consecutive days. We have been recommending selling with targets at 1.2300, 1.2250, and 1.2230. The pair hit a low of 1.2200.

Ahead of today's major economic data, the pair has opened on a bullish note. The support is found at 1.2250 and 1.2200. Resistance is seen at 1.2310 and 1.2350. Until the pair closes below 1.2430, selling on rallies is preferable. In case the price closes below 1.2230, bears are likely to drive the pair towards 1.2130 and 1.2080. The pair fell below the ascending bullish channel and is trading below that. In the hourly charts, the pair has been making lower lows and lower highs. But the hourly chart indicated oversold zones, mild pullback is expackted.

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Technical analysis of GBP/USD for June 11, 2015

The cable has been gaining for the third day as well. The cable added 1% at yesterday's session after the BOE event. We mentioned "bullish trades after the event". The same happened at yesterday's session.

The UK manufacturing output decreased by 0.4% in April 2015 compared with March 2015. Total production output is estimated to increase by 0.4% in April 2015 compared with March 2015.

Technical analysis: At yesterday's session, the cable managed to close above 20, 200Dsma and 200Dema. We advise buying with sl 1.5170 with targets at 1.5440 and 1.5700. The level of 1.5440 turned to be support zone. In the daily chart, the bullish pattern extends higher targets above 1.6000. It is too early to recommend that, but readers should keep this in mind. This view will be erased in case the price closes below 1.5170.

Owing to lack of macroeconomic data, today is understandably a quiet day for the British pound. The trading pattern will be driven by the US data release. Ahead of the publication, the pound is trading lower against USD rejected at 200Dema. Intraday support is found at 1.5440 and 1.5400. We recommend bulls to buy above 1.5530 with targets at 1.5560, 1.5600, and 1.5630.

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Technical analysis of EUR/USD for June 11, 2015

The euro rebounded against USD at yesterday's session with the support of 100Dema. The pair is approaching the previous resistance level.

In April 2015, the French industrial production output fell back in the manufacturing industry (–1.0%, after +0.5% in March) as well as in the industry as a whole (–0.9% after 0.0%).

In April 2015, the seasonally adjusted Italian industrial production index decreased by 0.3% compared with the previous month.

Today, traders eye French non-farm payrolls on quarterly basis and monthly CPI data. Besides, US retail sales and unemployment claims are due. Today's trading pattern is driven by US data.

Technical view: At today's Asian session, the euro is trading lower against USD at 1.1302 compared to 1.1324 Wednesday's close. Intraday resistance is seen at 1.1350 and 1.1400. Support is found at 1.1290 and 1.1250. At yesterday's session, we recommended buying with targets at 1.1340 and 1.1380. All the targets were hit. The pair aims at higher lows and higher highs in the H1, H4 and in the daily chart as well. Earlier, we revised targets at 1.1540 and 1.1700 (reference June 09th article). At yesterday's session, the pair rejected exactly at the ascending trendline. Ahead of today's major data from the US, USD is trading higher during the Asian session. We expect good amount of volatility at today's session.

For bulls, the buying opportunity is seen above 1.1335 with targets at 1.1350, 1.1380, and 1.1395. Strong bullish momentum looms above 1.1400 with an immediate target at 1.1500.

For bears, selling opportunity is expected below 1.1290 with targets at 1.1250, 1.1235, 1.1215, and 1.1200.

This week, bulls must close above 1.1400 to maintain bullish targets at 1.1540 and 1.1700. Otherwise, the pattern is likely to move towards the double top with targets att 1.1040 and 1.0900 again. In the hourly chart, we can observe mild negative divergence.

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To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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Technical analysis of EUR/NZD for May 11, 2015

NZD: The Reserve Bank today reduced the Official Cash Rate (OCR) by 25 basis points to 3.25 percent. The Reserve Bank reduced the Official Cash Rate (OCR) by 25 basis points to 3.25 percent. The exchange rate has declined from its recent peak in April, but remains overvalued. A further significant downward adjustment is justified. We expect further easing may be appropriate. This will depend on the emerging data.

After the RBNZ unexpected rate cut, the cross spiked 400pips at the early Thursday's session. Readers can remember we initiated buying at 1.4560 in April 2015. The cross is trading on a verge of a breakout and major resistance levels. In the weekly chart, the pair managed to breach the 22-month descending trendline. Today, it has breached above 200Wsma and trading above. The 50Msma is found at 1.6110 and 200Wema is found at 1.6240. This cross favors to buy on dips. In case bulls manage to close above 1.6110 by the end of the week, bulls will aim at 1.6200 and 1.6230 next week. It can extend towards 1.6350/1.6400.

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Technical analysis of EUR/USD for June 11, 2015

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When the European market opens, economic data on the Italian 10-y Bond Auction, French CPI m/m, and French Final Non-Farm Payrolls q/q is due.The US will release data about the 30-y Bond Auction, Natural Gas Storage, Business Inventories m/m, Import Prices m/m, Unemployment Claims, Retail Sales m/m, and Core Retail Sales m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1364.

Strong Resistance:1.1357.

Original Resistance: 1.1346.

Inner Sell Area: 1.1335.

Target Inner Area: 1.1308.

Inner Buy Area: 1.1298.

Original Support: 1.1270.

Strong Support: 1.1259.

Breakout SELL Level: 1.1252.

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 11, 2015

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In Asia, Japan will release the BSI Manufacturing Index. The US is ixpected to publish data on the 30-y Bond Auction, Natural Gas Storage, Business Inventories m/m, Import Prices m/m, Unemployment Claims, Retail Sales m/m, and Core Retail Sales 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: 123.66.

Resistance. 2: 123.42.

Resistance. 1: 123.18.

Support. 1: 122.88.

Support. 2: 122.64.

Support. 3: 122.40.

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

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

Daily analysis of USDX for June 11, 2015

It seems the USDX could extend the lower continuation for several days more, because the Index is looking to break the support level of 94.66 in order to fall until the 93.75 low level in the daily chart. The 200 SMA is currently bullish and the overall trend is still pointing to the upside. However, in the mid term, we could expect more donwsides before the rally resumes.

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In the H1 chart, the outlook is bearish in the short term, as the USDX is looking to develop a lower low pattern for a fall towards the support level of 94.33. Now, the Index is trying to recover from the recent losses, but the 200 SMA is still bearish and it could be supporting future lower continuation in the USDX structure. The MACD indicator is still in positive territory.

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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: 95.15 / 95.71

H1 chart's support levels: 94.63 / 94.33

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is at 94.63, take profit is at 94.33, and stop loss is at 94.93.

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Daily analysis of GBP/USD for June 11, 2015

On the daily chart, GBP/USD had a strong bullish momentum during Wednesday's session as the pair is close to the resistance level of 1.5543. We could expect some kind of bullish pattern formation, because GBP/USD is facing the 200 SMA in this time frame, which is also acting as dynamic resistance in the near term.

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We can see a strong bullish structure already consolidated in the H1 chart, because the pair has been doing higher swings and it's currently looking for more bullish continuation. At this stage, GBP/USD could retrace until the support level of 1.5428, only if it achieves to break the support zone of 1.5502. The MACD indicator is entering at negative territory.

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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: 1.5550 / 1.5610

H1 chart's support levels: 1.5502 / 1.5428

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5550, take profit is at 1.5610, and stop loss is at 1.5491.

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Intraday technical levels and trading recommendations for EUR/USD for June 10, 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.

However, 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 allowed the market to push the price near 1.1390 (Fibonacci Expansion 100%). Early signs of bearish rejection are manifest on the chart.

Moreover, a double-top reversal pattern is being established on the H4 chart. A bearish breakdown of the neckline 1.1100 is needed to confirm the pattern.

The price zone of 1.1300-1.1350 constitutes as a perfect intraday sell zone. An initial bearish target would be located at 1.1090 and 1.1000.

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Intraday technical levels and trading recommendations for GBP/USD for June 10, 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 two recent bearish engulfing weekly candlesticks.

Note that persistence below the weekly supply at 1.5530 (corresponding to 50% Fibo level) hindered the ongoing bullish swing.

It should act as an Intraday Supply zone to allow a bearish pullback towards 1.5100 where solid long-term BUY positions can be taken.

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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, the GBP/USD pair formed a prominent demand zone 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 which originated around 1.5660 (a bearish engulfing candlestick and a lower high).

After a breakdown of 1.5500-1.5550 (lower limit of the broken channel), the market failed to gather enough bearish momentum towards the intraday demand level at 1.5100

Instead of it, a bullish pullback towards 1.5550 (Intraday SUPPLY) is currently taking place. This is likely to offer a valid sell entry for those who missed the initial breakout.

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