EUR/NZD : analysis for June 12, 2015

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Overview:

Recently, EUR/NZD is moving upwards. As we expected, the price tested the level of 1.6124 in a high volume. In the daily time frame, we can observe a strong bullish bar in an ultra high volume. Our strong trading range between 1.5925 (resistance) and 1.5675 (support) was finally broken (re-accumulation). Anyway, we have created another smaller trading range with resistance at the price of 1.6140 and support at the price of 1.5990. It looks like that this is more consolidation trading range after strong climatic action. Be careful when selling EUR/NZD and watch for buying opportunities on dips. I had placed Fibonacci retracement to find potential support levels. Next bullish objective points are at 1.6250 and 1.6400.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6120

R2: 1.6160

R3: 1.6220

Support levels:

S1: 1.6000

S2: 1.5960

S3: 1.5900

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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Gold : analysis for June 12, 2015

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Overview:

Gold has been trading downwards. The price tested the level of $1,176.57 in a ultra-high volume. In the daily time frame, we can observe a supply bar in a volume below the average. In the M30 time frame, we can observe volume spike (buying climax) at the price of $1,185.00 in the background, which is sign that buying looks risky. Anyway, I am neutral on this pair since we got major support around the level of $1,168.00-$1,162.00. Since we got strong buying climax in the background, bearish side is more possible.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,186.95

R2: 1,193.45

R3: 1,199.55

Support levels:

S1: 1,174.35

S2: 1,168.25

S3: 1,161.75

Trading recommendations: Buying climax around the price of $1,184.00 in the background. Buying gold at this stage looks risky.

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Technical analysis of USD/JPY for June 12, 2015

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USD/JPY is expected to trade in a range. It is underpinned by weaker yen sentiment after Japanese government official suggested that Prime Minister Abe's administration was displeased with Gov. Kuroda's comment that the yen is unlikely to weaken further in terms of real effective rate. USD/JPY is also supported by the diminished investor risk aversion (VIX fear gauge eased 2.8% to 12.85; S&P 500 closed up 0.17% at 2,108.86 overnight), improved dollar sentiment (ICE spot dollar index last 95.09 versus 94.61 early Thursday), 1.2% on-month increase in U.S. May retail sales, larger-than-expected 0.4% on-month increase in US April business inventories (versus forecast +0.2%), higher-than-expected 1.3% on-month rise in US May import price index (forecast +1.0%), demand from Japan importers, and ultra-loose Bank of Japan's monetary policy

. But USD sentiment is dented by the more-than-expected 279,000 US jobless claims in the week ended on June 6 (versus forecast 275,000). USD/JPY is also limited by lower US Treasury yields (10-year slipped 9.8 bps to 2.38% Thursday), Japan's exports, and position adjustment ahead of weekend.

Technical comment: The daily chart is still negative-biased as stochastics is falling from overbought levels, the MACD is bearish, five-day moving average is falling below 15-day moving average although inside-day-range pattern was completed on Thursday.

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 12, 2015

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USD/CHF is expected to consolidate after hitting a three-day high of 0.9406 on Thursday. It is supported by improved dollar sentiment (ICE spot dollar index last 95.09 versus 94.61 early Thursday) after a 1.2% m/m increase in US May retail sales, larger-than-expected 0.4% increase in US April business inventories (versus forecast +0.2%), higher-than-expected 1.3% on-month rise in the US May import price index (forecast +1.0%), demand from Japanese importers, ultra-loose Bank of Japan's monetary policy, and negative Swiss interest rates and the threat of the Swiss National Bank CHF-selling intervention. But USD/CHF is limited by franc demand for retreating EUR/CHF cross, soft NZD/CHF cross, and and positions adjustment ahead of weekend.

Technical comment: The daily chart is mixed as the MACD is bearish, but stochastics is turned 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 12, 2015

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NZD/USD is expected to consolidate with bearish bias after hitting a near five-year low of 0.6965 on Thursday. It is undermined by the dovish v stance of the Reserve Bank of New Zealand, improved dollar sentiment, and kiwi sales on buoyant AUD/NZD cross in addition to lower dairy prices. But NZD/USD losses are tempered by the NZD-USD interest differential and positions adjustment ahead of weekend.

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

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 0.6950. A break of that target will move the pair further downwards to 0.690. The pivot point stands at 0.7065. 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: 0.6950 0.69 0.9845

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Technical analysis of GBP/JPY for June 12, 2015

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GBP/JPY is expected to consolidate with risks skewed lower. It is undermined by the weak euro sentiment amid concern about Greek issue and Japan's exports. But GBP/JPY losses are tempered by the demand from Japanese importers and positions adjustment ahead of weekend.

Technical comment: The daily chart is tilting negative as stochastics is bearish at overbought levels, positive the MACD histogram bars are contracting although inside-day-range pattern was completed on Thursday.

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 192.50 and the second target at 193.30. In the alternative scenario, short positions are recommended with the first target at 190.05 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 190.75.

Resistance levels: 192.50 193.30 194

Support levels: 190.05 189.10 188.60

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Intraday technical levels and trading recommendations for GBP/USD for June 12, 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) hinders the ongoing bullish swing. It's a prominent key-zone for GBP/USD bears.

It should act as an intraday supply zone to enhance 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 set as daily closure above 1.5560.

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Intraday technical levels and trading recommendations for EUR/USD for June 12, 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%) where significant signs of bearish rejection were expressed on the chart.

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

As anticipated, the zone of 1.1300-1.1350 constituted as a perfect intraday sell zone. An initial bearish target would be located at 1.1090 and 1.1000.

Note that the level of 1.1140 is depicted on the daily chart as a prominent demand/support level.

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EUR/CAD down before up

It looks like EUR/CAD established an uptrend moving towards high highs and higher lows. The confirmation of the uptrend could be a breakout of the 61.8% Fibonacci retracement level applied to a high hit on January 30 and a low hit back on April 17.

However, the pair broke below the ascending channel and at the same time crossed 50 moving average. EUR/CAD seems to be in a correctional phase where the rate should move lower. The Fibonacci, applied to the channel breakout point shows two potential target levels. The first is S1 (1.3713) and second is S2 (1.3608). The S2 looks much more reasonable target as its not only 23.6% level of the channel breakout Fibs, but also 38.2% of the major Fibs retracement mentioned earlier.

Consider selling EUR/CAD anywhere between the current level and R1 (1.3800) targeting at S2 (1.3608). Keep in mind that this is only a correctional move and in the longer term the rate is likely to continue its growth.

Support: 1.3713, 1.3608

Resistance: 1.3800, 1.3884

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USD/CAD intraday technical levels and trading recommendations for June 12, 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 closed below 1.2430 enhancing further bearish advancement.

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

The current weekly candlestick should close below 1.2300-1.2290 by the end of today's consolidation to enhance further bearish decline.

Price levels around 1.2300 are likely to offer a valid 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 this bearish momentum for a few days.

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GBP/USD intraday technical levels and trading recommendations for June 12, 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. 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. This led to a bearish 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 price zone of 1.5550-1.5600.

Conservative traders can take a valid sell entry around 1.5550-1.5575 (the key-zone depicted on the chart). Initial T/P levels are located at 1.5380 and 1.5200 while S/L should be set above 1.5650.

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

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Technical analysis of Gold for June 12, 2015

Technical outlook and chart setups:

Gold is trading at $1,182.00 afer pulling back from its yesterday's lows at $1,175.00. Please note that the metal has tested the resistance turned support trendline and bounced back higher, indicating a bullish potential from here on. Bulls should be poised to take out $1,205.00 during the sessions to come. It is recommended to remain long now with risk at $1,150.00. Immediate support is seen at $1,170.00 levels (interim), followed by $1,160.00, $1,143.00, and lower. Resistance is seen at $1,197.00 (interim) 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 12, 2015

Technical outlook and chart setups:

Silver tested recent lows at $15.80 yesterday before pulling back higher. The metal is trading around $15.93/95 at the moment and producing a bullish morning star candlestick pattern on the H4 chart again. Please note that the metal has managed to remain in the buy zone, keeping the bullish setup intact. It is recommended to remain long and also look to add further with risk at $15.30. Immediate support is seen at $15.60 followed by $15.30 and lower. Resistance is seen at $16.25 followed by $17.20 and higher respectively.

Trading recommendations:

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

Good luck!

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Technical analysis of EUR/JPY for June 12, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around 139.00 now looking to continue dropping lower in the sessions to come. Please note that an evening star candlestick pattern has been formed on the daily chart and around fibonacci 0.618 resistance. It is recommended to remain short for now with risk around 141.50. Immediate support is seen at the level of 138.00 followed by 135.00, 133.00, and lower. Resistance is seen at 141.00 followed by 142.00 and higher respectively. Bears are poised to remain in control until prices remain below 141.00.

Trading recommendations:

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

Good luck!

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USDX technical analysis for June 12, 2015

The US Dollar Index bounced strongly towards 95.60 after the fake breakdown below 94.65, but got rejected by the kijun-sen indicator. As long as the price is below the recent high and below the Ichimoku cloud,a trend will remain bearish with increased chances of breaking below 94.65 again.

Red line = trend line resistance

The US Dollar Index is moving towards lower lows and lower highs. The trend is bearish for the short-term. The price is below the Ichimoku cloud and below the red trend-line resistance. It reached the cloud resistance yesterday and got rejected. This was not a good sign. Support is at 94.85 and at 94.65. If we break below these levels, there will be increased risk of a new low below 93.10.

A new low below 93.10 will open a way for a deeper correction as shown in the weekly chart above towards the 50% Fibonacci retracement and towards the 90 price level. The kijun-sen weekly support is found at 94.05. A weekly close below that level will be a bearish signal.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for June 12, 2015

Gold price is testing the short-term cloud resistance after breaking above the short-term downward sloping trend-line resistance. The short-term trend is neutral while the longer-term one remains bearish. My view remains bearish. I would add shorts if the price breaks below the support between $1,130-$1,140.

Red line = trend line resistance

Gold price remains below the Ichimoku cloud resistance but above the red trendline. The price has not hita higher high of $1,204. So, the level of $1,204 is the most important resistance. Support is seen at $1,175 where we saw Gold price bounce yesterday.

Weekly chart remains bearish as the price remains below the tenkan- and kijun-sen indicators and the Ichimoku cloud. As long as the price remains below the red line (tenkan-sen), we should expect bears to be in control. Weekly resistance is seen at $1,197 and then at $1,225, Support is at $1,150.

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Technical analysis of GBP/CHF for June 12, 2015

Technical outlook and chart setups:

The GBP/CHF pair has stalled around 1.4550 and pulls back lower now. The pair might be looking to retrace before resuming its rally. Please note that the pair has stalled around fibonacci 0.618 resistance level dropping from 1.4650 to 1.4150. An aggressive trade setup could initiate 50% short positions now, with risk around 1.4650 and a target at 1.4250 or lower. Immediate support is seen at 1.4400 followed by 1.4250, 1.4150, 1.4000, and lower. Resistance is seen at 1.4650 followed by 1.4700/10 and higher respectively.

Trading recommendations:

Initiate 50% short positions, stop is at 1.4650, a target is at least at 1.4250.

Good luck!

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Daily analysis of major pairs for June 12, 2015

EUR/USD: This is a bullish market – the EMA 11 is above the EMA 56 and the Williams' % Range period 20 is heading to the overbought region now. This shows a Bullish Confirmation Pattern in the chart and the price could go further upwards.

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USD/CHF: One would need to stay out of this market until there is a clear directional movement. A breakout above the resistance level at 0.9400 would generate a buy signal; while a break below the support level at 0.9250 would intensify the recent bearish bias.

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GBP/USD: The cable is still in bullish mode and there is a possibility that the price would go further upwards. When the distribution territory at 1.5550 is breached to the upside, the next target for bulls would be another distribution territory at 1.5600. Some fundamental figures are expected today. They could influence the market.

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USD/JPY: There is a clean sell signal on the USD/JPY chart now, as the price moves below the supply level of 123.00. The next bearish target is located at the demand levels at 122.00 and 121.50, which would be attained as selling pressures intensify in the market. This expectation would be rational as long as the supply level at 125.00 is not breached to the upside.

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EUR/JPY: The current price action on this cross is posing some threat to the dominant bullish outlook now, but the outlook would hold out as long as the price is above the demand zone at 137.50. Right now, the market is consolidating and there may be a breakout today or next week.

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Technical analysis of USD/CAD for June 12, 2015

General overview for 12/06/2015 06:25 CET

The price has retraced up to the level of the previous wave four of the lesser degree, which means the impulsive green count is still valid and the market should still make one more wave to the downside to complete the cycle. The first confirmation of this scenario comes with a breakout at the level of 1.2269 . Please notice the wave (iv) green might get more complex and time-consuming.

Support/Resistance:

1.2145 - WS3

1.2200 - Intraday Support

1.2256 - WS2

1.2269 - Intraday Support

1.2342 - WS1

1.2351 - Intraday Resistance

1.2434 - Green Impulsive Count Invalidation Level

Trading recommendations:

The sell orders from the level of 1.2306 advised yesterday should be still kept open, with SL placed above the level of 1.2351 and TP at the level of 1.2200.

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Technical analysis of EUR/JPY for June 12, 2015

General overview for 12/06/2015 06:10 CET

The price has stuck in a very tight daily range between the intraday support at the level of 138.43 and intraday resistance at the level of 139.78. It looks like the market might be developing a triangle here, before a breakout to the downside will happen. Moreover, the key support zone, a grey rectangle labeled as supply breakthrough zone, hasn't been violated yet. This is why it is not ruled out yet, that the market might want to test some higher levels before a sell-off will begin. Only the sustained breakout above the swing high at the level of 141.05 would invalidate the bearish bias.

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:

The situation hasn't change much since yesterday and it is still advised that daytraders should consider opening 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 GBP/USD for June 12, 2015

US retail sales data pushed the British pound lower. At yesterday's session, the cable stopped its 3-day winning streak. The cable took over 20Dsma support , managed to close above the lost moving averages. This shows that pound bulls got strong. Even though the US delivered stronger data, the USD is unable to skyrocket.

We remain bullish about the cable. Our yesterday's forecast was not met. The same levels we use today on the buying side. Buying looms above 1.5535 with targets at 1.5550, 1.5600,1.5630, and 1.5690. Support is found at 1.5500 and 1.5480. The key support level is found at 1.5440. In the daily chart, the bullish pattern is likely to extend the 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. The 20Wsma has been providing enough support for bulls. We prefer using a dip around 1.5200 to open fresh buying positions.

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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 USD/CAD for June 12, 2015

The Canada New Housing Price Index (NHPI) rose by 0.1% in April. Canadian industries operated at 82.7% of their production capacity in the first quarter, down from 83.5% in the previous quarter. It was the largest decline since the second quarter of 2009.

The pair stopped a 4-day losing streak managing to gain 100 pips, but at the EOD erased a half of its gains. Bulls managed to close above 50Dsma& 100Dema. On a weekly basis, the pair is trading below 20Wsma 1.2425. Intraday resistance is seen at 1.2300 and 1.2350. Buying looms above 1.2370 with target at 1.2400, 1.2420, 1.2450, and 1.2480. The selling emerges below 1.2270 towards 1.2255, 1.2230, 1.2200, and 1.2170.

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Technical analysis of USDX for June 12, 2015

USDX

The recent retail sales data shows the US economy is expanding in a steady pace. This data may improve a stance on the interest rate hike. But data is unable to produce strong upticks in the US dollar. The rise in the retail sales was mainly boosted by changes in jobs number. Report on jobless claims produced an uptick of1000.

At yesterday's session, the USDX and USD related pairs lost a half of the intraday gains wiped on. Intraday support is fond at 94.85 and 94.30. Resistance is seen at 95.10 and 95.25. The USDX and the USD/CAD H1 charts look similar. In case the hourly candle closes above 95.60, bulls will drive towards 96.00 and 96.50 initially, and to 97.00 later. On the downside below 94.80, bears are likely to aim at a new low at 93.50 within support at 94.30.

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Elliott wave analysis of EUR/NZD for June 12 - 2015

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Technical summary:

After a minor consolidation is red wave ii, we will be looking for acceleration higher through 1.6310 for a continuation higher of 1.6446 as the next major upside target. In the short term, we expect support at 1.5942 to protect the downside for a break above minor resistance at 1.6096 confirming acceleration higher to 1.6310 and even higher to 1.6446 as the next major target.

Looking at the longer-term picture, a break above 1.6446 will be very bullish and call for a return to the August 2013 higher at 1.7274.

Trading recommendation:

We are long EUR from 1.5810 and will keep our stop at break-even. If you are not long EUR yet, then buy a break above 1.6096 and place you stop at 1.5935.

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Technical analysis of EUR/USD for June 12, 2015

The Greek factor influenced the pair at yesterday's session. The recent US retail sales data is likely to change the texture of the Fed. The IMF said negations with Greece failed to make development on a debt deal.

The French employment stabilized in Q1 2015. In Q1 2015, payroll employment in non-farm market sectors remained virtually stable (-700 jobs) after an increase in the previous quarter (+0.1%, 19,200 jobs). The French consumer price index increased by 0.2% in May 2015 on a monthly basis and by 0.3% year-on-year.

Today traders eye US PPI and prelim consumer sentiment data. The PPI readings were negative for a while. The producer price index fell for the third time this year. The readings showed an uptick of 0.2%. We expect PPI to shift towards an expand of0.4%.

Technical analysis: The euro fell 1.3% in the intraday chart, but the end of the day managed to erases half of the losses. The pair rejected a 3-week high trading at 1.1249 compared to Thursday's close. The pair fell below 100Dema, but managed to close above that. We forecasted yesterday, bulls must close above 1.1400 this week to maintain bullish targets at 1.1540 and 1.1700. If not, the pattern is likely to turned double top aimed at 1.1040 and 1.0900 again.

Intraday resistance is seen at 1.1285 and 1.1325. Intraday support is found at 1.1200 and 1.1150. The selling pressure accelerates below 1.1150 towards 1.1115 and 1.1090. Bulls loom at 1.1290 with targets at 1.1320 and 1.1360. If the pair closes above 1.1400 today, bulls are likely to extend 1.1500/1.1540 in a day or two.

On the down side, key levels to hold are at 1.1125, 1.1050, and 1.1035.

In the H1 chart, lower low pattern was formed; a higher low still exists in the H4 and the daily chart. It represents one more head available on the higher side to retest 1.1400. The long-term report indicated sellers struck generating shorts below 1.1050 and 1.1000.

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com EURUSDH4.png

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Elliott wave analysis of EUR/JPY for June 12 - 2015

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Technical summary:

A correction in red wave ii/ is still unfolding and as long as minor resistance at 139.61 protects the upside. We will be looking for a final decline closer to 138.03 to end red wave ii/ and set the stage for a strong rally in red wave iii/ higher to 144.03 on the way towards 150.77.

It will take an unexpected break below support at 135.10 to invalidate more upside pressure and indicate that the rally from 126.05 only was a correction, but this is clearly not the preferred count.

Trading recommendation:

We will buy EUR at 138.10 or upon a break above 139.61. The stop should be placed at 137.00

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Technical analysis of GBP/JPY for June 12, 2015

The cross made a double top at 191.94 on the weekly charts. The cross has been moving towards higher lows for eight consecutive weeks. Even though the cross fell this week, the higher low formation remains in play. After the BoJ governor's speech, the cross drifted to 188.97. Bulls were twice supported with the 20Dsma this week. This shows the strength pound bulls. We recommend bullish stance above 191.95 with a small target at 192.30. The strong bullish momentum is available at 192.40 with targets at 193.60 and 194.40. To grab this target, bulls must close above 192.00 at today's session. If bulls are unable to breach the double top on a closing basis, bears will aim at 191.00, 190.70, 190.00, and 189.00. The real problem for bulls is likely to arise below 189.00 towards 188.50, and 187.50. The coming week will start from Tuesday's CPI and end with retail sales on Thursday and Friday's sector net borrowing. Besides, BOJ monetary policy is due on Thursday and Friday's BOJ press conference.

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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/USD for June 12, 2015

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When the European market opens, economic data on Industrial Production m/m is due.The US will release data on the Prelim UoM Inflation Expectations, Prelim UoM Consumer Sentiment, and Core PPI m/m, PPI m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1298.

Strong Resistance:1.1292.

Original Resistance: 1.1281.

Inner Sell Area: 1.1270.

Target Inner Area: 1.1244.

Inner Buy Area: 1.1218.

Original Support: 1.1207.

Strong Support: 1.1196.

Breakout SELL Level: 1.1190.

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 12, 2015

!USDJPY.jpg

In Asia, Japan will release the Tertiary Industry Activity m/m and Revised Industrial Production m/m. The US will publish data on Prelim UoM Inflation Expectations, Prelim UoM Consumer Sentiment, and Core PPI m/m, PPI m/m. So, there is a big probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.11.

Resistance. 2: 123.87.

Resistance. 1: 123.63.

Support. 1: 123.33.

Support. 2: 123.09.

Support. 3: 122.85.

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

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

Technical analysis of NZD/USD for June 12, 2015

Trading recommendations:

  • According to previous events, the price has still traded between 0.6966 and 0.7085 in the long term. Sell below the resistance of 0.7050 (61.8% of Fibonacci retracement levels) with a first target of 0.6966 in order to form the double bottom. If the trend will be able to break the double bottom at 0.6966; then it might resume to 0.6930 with a view to form a new top at this level at teh same time frame.

Notes about the NZD/USD pair:

  • It should be noted that the market was stable and the trend was clear (downward).
  • Expect a range of 85 pips as a downtrend starts from the level of 0.7050.
  • A strong support level will be formed at 0.6930 this week.
  • The value of 61.8% Fibonacci retracement levels has set at the level of 0.7050. Moreover, this key level confirms the bearish market.

Warning:

  • Stop loss should never exceed your maximum exposure amounts.
  • Volatility is 281.74; so the market has called for a high volatility.
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Technical analysis of EUR/USD for June 12, 2015

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Overview:

  • According to previous events, we expect a wider range today. Hence, this range will probably start from the level of 1.1233; in order to continue towards the strong resistance at 1.1359. Additionally, the volatility has calculated and found 258.84. Therefore, the market indicates the higher volatility on June 12, 2015. The first strong resistance will set at 1.1359 and the double top has already placed at the point of 1.1466.

Trading recommendations:

  • The EUR/USD pair has still moved between 1.1233 and 1.1359.
  • Below the level of 1.1466/1.1460, look for further downside with 1.1260 in order to retest the daily pivot point.
  • Buy at 1.1175 with the first target at1.3640, it might resume to 1.1359.
  • Place a stop loss below the first weekly support at the level of 1.1160.

Observations:

  • The price of 1.1466 is representing 100% of Fibonacci retracement levels and the double top.
  • The relation between the volatility and the market movements lies in: so, let's say you did not close your position after H1:M30, so after each 15 minutes the volatility will be decreased "volatility - (volatility 40/100)" if you wait more then the trend can go against you at any moment. Because just after this lap of time, there is a probability is that this volatility decreases every 15 minutes.
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