Intraday technical levels and trading recommendations for GBP/USD for June 15, 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 bullish swing. It's a prominent key-zone for GBP/USD bears.

It should act as an intraday supply zone to enhance bearish decline towards 1.5100 as long as no weekly closure takes place above the price level of 1.5550.

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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 breakout 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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Intraday technical levels and trading recommendations for EUR/USD for June 15, 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 pattern with a possible lower high is being formed on the H4 chart. A bearish breakout below the neckline at 1.1100 is needed to confirm the pattern.

As anticipated, the zone of 1.1300-1.1350 constituted 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. That is why, a bearish daily candlestick closure below 1.1140 is mandatory to pursue towards lower targets.

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USD/CAD intraday technical levels and trading recommendations for June 15, 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 1.2450-1.2500 constituted a strong resistance zone for USD/CAD.

As anticipated, a daily candlestick closure below 1.2430 (last Monday) enhanced further bearish decline. That is why, the price zone of 1.2380-1.2400 now constitutes a solid intraday resistance for the USD/CAD pair.

The weekly candlestick closed above 1.2300 by the end of Friday (signs of weak bearish momentum). Hence, a bullish pullback towards 1.2400 should not be excluded this week.

On the other hand, a daily candlestick closure below the level of 1.2300 brings again the bearish scenario to the market. TP levels are roughly located at 1.2220, 1.2100 and 1.1950.

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GBP/USD intraday technical levels and trading recommendations for June 15, 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 one month 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 the 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 1.5670.

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

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EUR/NZD analysis for June 15, 2015

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Overview:

Recently, EUR/NZD is moving sideways around the price of 1.6050. In the daily time frame, we can observe a weak bullish bar in a volume just above the average. 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 1.6150 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 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: 1.6150

R2: 1.6190

R3: 1.6250

Support levels:

S1: 1.6025

S2: 1.5985

S3: 1.5925

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. Key resistance is at the price of 1.6150.

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Gold analysis for June 15, 2015

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Overview:

Gold has been trading sideways around the price of $1,180.00. In the daily time frame, we can observe a neutral bar in a volume below the average. In the M30 time frame, we can observe fail absorption volume in the background but also selling climax and strong reaction near the price of $1,172.00. Anyway, I am neutral on this pair since we got major support around the levels of $1,168.00-$1,162.00. Since we got strong buying climax in the background and fail absorption volume, bearish side is more possible.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,185.30

R2: 1,186.50

R3: 1,188.50

Support levels:

S1: 1,181.00

S2: 1,179.60

S3: 1,177.20

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

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Technical analysis of EUR/JPY for June 15, 2015

General overview for 15/06/2015 13:45 CET

After initially gapping down on Monday open, the market had filled the gap back up just to reverse at the level of 139.09 and continue lower again. This is a typical corrective price action behavior that had been labeled as wave X black so far. This means that there is at least wave Y black to the downside missing and to continue with the decline, the market must break out below the supply break-through zone between the levels of 138.02 - 138.30. If it does so, the next support will be at the level of 136.95, very close to the first weekly pivot support at the level of 136.69.

Support/Resistance:

141.05 - Swing High

139.68 - WR1

139.30 - Intraday Resistance

138.82 - Weekly Pivot

138.02 - 138.30 - Supply Breakthrough Zone

136.95 - Technical Support

136.69 - WS1

Trading recommendations:

Aggressive daytraders might consider opening sell orders from current market levels with very tight SL (10-20 pips) and TP at the level of 138.02 with a possible extension downwards to the level of 136.95.

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Analysis of AUD/CHF for June 15, 2015

AUD/CHF confirmed a short-term uptrend today and broke above the downtrend trendline. At the same time, the pair broke above 200 Moving Average right at the same spot as it broke above the trendline – 0.7205 (S2).

The Fibonacci applied to the trendline breakout point shows that 38.2% level has been taken out and now could be acting as a support for the next wave up.

Consider buying AUD/CHF at any minor retracement, targeting 0% Fib, that is 0.7267 (R2). If/when target is reached, it could be a good reversal point to enter the longer-term short position.

Support: 0.7219, 0.7204, 0.7190

Resistance: 0.7237, 0.7267

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Technical analysis of USD/CAD for June 15, 2015

General overview for 15/06/2015 13:30 CET

There are two possible counts for the current wave progression on this pair and both are about corrective wave (iv) green cycle labeling. The first scenario assumes that the wave (iv) green had been completed as three wave correction labeled abc green, and now the impulsive sell-off in wave (v) green is expected. The second alternative scenario indicates a possibility of a more complex correction in wave (iv) green in a form of a triangle without an immediate sell-off yet. The most important level for both of the scenarios is the invalidation level at the level of 1.2434 because any violation of this line will invalidate both counts for wave (iv) green.

Support/Resistance:

1.2451 - WR1

1.2434 - Green Impulsive Count Invalidation Line

1.2351 - Intraday Resistance

1.2326 - Weekly Pivot

1.2267 - Intraday Support

1.2204 - Swing Low

Trading recommendations:

Aggressive daytraders might consider opening sell orders from current market levels with very tight SL (10-20 pips) and TP at the level of 1.2267 with a possible extension downwards to the level of 1.2204.

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Analysis of AUD/USD for June 15, 2015

AUD/USD at this point does not have a clear direction, whether up or down. But the pair is certainly consolidating, and at the same time offering to capitalize on such market condition.

The pair is rejecting the uptrend trendline, where it also rejected the 200 Moving Average which has been acting as a support several times already. The RIS oscillator crossed the 30 level (oversold) above followed by the breakout of the downtrend trendline.

This price action should result in the AUD/USD short-term or intraday growth. Therefore, consider buying AUD/USD at the current level targeting 0.7775 area (R1). Onlya break below 0.7676 (S2) might add some more downside pressure, but while the rate is above 0.77, long positions are preferred.

Support: 0.7702, 0.7676

Resistance: 0.7775, 0.7791

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Elliott wave analysis of EUR/NZD for June 15 - 2015

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Technical summary:

After a small consolidation, we belive that the next strong upside rally is about to be seen, and a break above 1.6159 will confirm acceleration towards the next upside target at 1.6446.In the short term, we expect minor support at 1.6050 to protect the downside for the break above 1.6159 for the move higher towards 1.6446. However, an unexpected break below 1.6050 will delay the expected upside pressure for a move closer to 1.5942 before up again.

Trading recommendation:

We are long EUR from 1.5810 with stop at 1.5935. If you are not long EUR yet, then put EUR near 1.6050 or upon a break above 1.6159 with the same stop at 1.5935.

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Elliott wave analysis of EUR/JPY for June 15, 2015

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Technical summary:

As expected, a low was seen close to the 138.03 corrective target (the low came in at 137.94) and we are now looking for a break above 139.61 confirming a new test of 141.03 as the price in wave (iii) accelerates towards the next upside target at 144.03.

Only an unexpected break below support at 137.94 will delay the expected upside acceleration towards 144.03.

Trading recommendation:

We bought EUR at 138.10 and will place our stop at 137.85.

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Technical analysis of Gold for June 15, 2015

Technical outlook and chart setups:

Gold is trading around $1,180.00 levels for now and could test $1,175.00 lows before rallying further higher. As seen in the chart view here, bulls should be poised to remain in control till prices stay above $1,160.00 levels and push the metal through $1,207.00 levels at least. It is hence recommended to remain long for now and also add on dips, with risk at $1,150.00 levels. Immediate support is seen at $1,175.00 levels (interim), followed by $1,161.00, $1,143.00 and lower while resistance is seen at $1,205.00/06.00 levels, followed by $1,215.00, $1,230.00 and higher respectively.

Trading recommendations:

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

Good luck!

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Technical analysis of Silver for June 15, 2015

Technical outlook and chart setups:

Silver is seen to be trading around $15.96 levels for now and has been holding $15.90/$16.00 levels for a while now. Please also note that the metal has been testing its support trend line passing through the same levels as fibonacci 0.786, around $16.00. Bulls should be poised to remain in control till prices stay above $15.80 levels at least. It is therefore recommended to remain long for now with risk around $15.30 levels. Immediate support is seen at $15.60 levels followed by $15.30 and lower while resistance is seen at $16.20 levels, followed by $17.20 and higher respectively.

Trading recommendations:

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

Good luck!

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Technical analysis of EUR/JPY for June 15, 2015

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading around 138.80 levels at the moment, looking to push higher at least for short term. Please note that the pair has bounced off the fibonacci 0.383 support levels, of the rally between 133.00 and 141.00 levels earlier. It is quite possible that the pair could pullback higher or continue uptrend from here. It is therefore recommended to exit short positions for now and remain flat. Immediate support is seen at 135.50 levels, followed by 135.00, 133.00 and lower while resistance is seen at 141.00 levels and higher respectively.

Trading recommendations:

Exit short positions for now.

Good luck!

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Technical analysis of GBP/CHF for June 15, 2015

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading around 1.4460 levels at the moment, looking to drop further lower towards at least 1.4200/50 levels. Please note that the pair had earlier bounced off the fibonacci 0.618 support around 1.4150 levels as seen here. Bulls should be poised to remain in control till prices stay above 1.4150 levels for now. It is recommended to remain short for now, with risk around 1.4650 levels. Immediate support is seen at 1.4150 levels (interim), followed by 1.4000 and lower while resistance is seen at 1.4550 levels (interim), followed by 1.4650/1.4750 and higher respectively.

Trading recommendations:

Remain short for now, stop at 1.4550, a target is at 1.4250.

Good luck!

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Technical analysis of USD/CAD for June 15, 2015

USD/CAD

The pair closed below 20Wsma for the second consecutive week posting 2nd weekly loss. The 20Wsma is found at 1.2410. On the daily chart, the pair closed below 100Dsma as well which seems to be at 1.2415. These levels turn into weekly resistance at 1.2415. Bulls must close above 1.2415 to regain their control. Multi-top is seen at 1.2563 on the daily chart. Ahead of FOMC meeting on Wednesday, shorting is not a good idea. I request traders could wait patiently to open a good trade on the either side. Last Tuesday, the forecast was made at 1.2250, the pair made a low at 1.2200. Dollar bulls managed to hold the 100Dema on a closing basis. This is the best deal for bulls so far. With a daily close below 100Dema 1.2230, bears are aiming at 1.1970 and 1.1900.

Today, we expect wild moves ahead of the US and Canada's data. If the Canadian manufacturing readings turn out to be above expectations, bears aim at 1.2220.

Trade: Selling is available below 1.2300 towards 1.2270,1.2255, and 1.2220.

Buying is available above 1.2385 with targets at 1.2420 and 1.2440.

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USDX technical analysis for June 15, 2015

USDX remains in bearish trend despite a try by the bulls to regain short-term trend last week. Important resistance levels to watch are found at 95.60 and 96.20. Support to watch out for is at 94.65 and 93.10.

Red line - resistance

The Dollar index is below the cloud resistance. Price is also below the red trend line. Short-term trend is bearish. Unless we see a break above 96.20 I will remain neutral or bearish. Short-term resistance at 95.60 if broken will change trend to neutral. Support at 94.60 if broken will put 93.10 to the test. This implies that a bigger correction should be expected until the end of June.

The weekly chart remains weak. Price is testing the kijun-sen weekly support at 94.80. A weekly close below 94.80 will imply a bearish move should be expected towards the cloud support at the 90 price level. The 50% retracement is important support so we should a push towards that level if we break below 93.10.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USDX for June 15, 2015

The USDX posted a weekly loss of 1.5% on the week ended June 12. The index closed below 20Wsma which seems to be at 96.30. On the daily chart, the index closed below daily moving averages. For the recent 3 straight sessions, the index was rejected at 100Dema 95.00.

Ahead of the busy economic calendar this week, the index opened above 100Dema at Monday's session. Traders focus on Wednesday's FOMC meeting. The recent retail data and jobs data raises the Fed key interest rate hike expectations. We expect the US Fed to announce the key interest rate hike between September and December. Today, industrial production, NAHB housing market index, capacity utilization rate, and empire state manufacturing index are due.

On the daily chart, lower highs and lower lows formation are expanding. Intraday support is found at 95.00 100Dema and 94.60. Resistance seems to be at 95.50 and 96.00. Buying is available above 95.40 with targets at 95.70 and 96.00. Today, bulls will show strength only above 96.10. Selling is possible below 95.00 with targets at 94.70, 94.30, and 94.00. With a daily close above 96.10, bulls are aiming at 97.00 and likely 97.50. The real bullish momentum is possible only above 97.70 on a closing basis for 103.00.

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Gold technical analysis for June 15, 2015

Gold price continues to trade mostly sideways with big up and down swings between $1,220 and $1,150. There is no clear direction in the medium-term while we see a short-term bullish trend forming after making an important low at $1,162.

Red line - support

Grey lines - resistance

Gold price is above the red trend line support and bulls are trying to break above the short-term resistance levels of $1,182-85. Short-term trend is near to reversing to bullish if we break above $1,185. The medium-term trend remains neutral as we remain below $1,230 and above $1,130.

Blue line - long-term support

Gold price remains below the weekly cloud and the weekly kijun- and tenkan-sen indicators. However the critical support at $1,130 is still no tested. We could see another move towards $1,200 where the 1st important resistance is found. If support at $1,160 is broken we should expect the critical support at $1,130 to be tested. My longer-term view remains bearish.

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Technical analysis of USD/JPY for June 15, 2015

USD/JPY

The pair logs the weekly loss after gains for three weeks in a row. The JPY was supported by BOJ Governor Kuroda speech on Wednesday. Readers can refer to our forecast from last Monday to exit longs. Selling was advised below 125.00 with a target at 123.00. The pair made a low at 122.48 and changed the direction. The pair managed to hold the 20Dsma support. Ahead of FOMC meeting on Wednesday, shorting is not a good idea. I request traders could wait patiently to open a good trade on the either side.

Weekly resistance: 124.20, 125.60, and 126.00.

Support: 122.30, 121.70, and 120.60.

The pair made a lower low a month later. The current trend favors buying on dips with sl 121.70. If bulls lose 121.70, bears can drive towards 120.00. This is another level of buying on a dip. A strong upswing is taking place above 126.00 towards 129.00 and 133.00, in the extreme case 136.00 is likely to be hit.

Trade: Intraday selling is available below 123.10 with targets at 122.85, 122.50, and 122.00.

Buying is available above 123.90 with targets at 124.10, 124.50, and 125.00. Please consider safe buying above 124.15.

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Technical analysis of GBP/USD for May 15, 2015

The cable pauses a 3-week losing streak and managed to reclaim 2-week losses last week. The cable took support from 20Wsma and it is trading above a 2-week high. This is the first weekly gain in June. The weaker USD supported pound bulls to close above the crucial level of 1.5440.

Amid meaningful data, we can expect the pound sterling to make wild moves. Today is a quiet day in terms of data. Today's trade depends on the US data. Traders are awaiting a series of data on Tuesday such as CPI on an annual basis followed by PPI input and RPI. Wednesday and Thursday are loaded with data both on the UK and US.

Weekly view: On a positional basis, we remain bullish, but we could turn bearish only below 1.51700. As we expected, bulls managed to close above 1.5440 and 1.5550. We have been recommending buying with sl 1.5170 and targets at 1.5440 and 1.5700. The cable managed to close above 20Wsma 1.5190 for two weeks in a row. The cable closed above all the daily moving averages. These factors added power to euro bulls to make 1.5700 and 1.5740.The weekly resistance seems at 1.5740 and 1.5800. The trend favours buying on dips with sl 1.5170. Last week, we predicted 1.6000 initially. We still favor this scenario. The weekly support is set at 1.5425, 1.5350, and 1.5260.

Intraday: Intraday resistance seems at 1.5630, 1.5650, and 1.5700. Support is found at 1.5530, 1.5500, and 1.5470. On the H1 chart, we can find mild negative divergence. Before a further upmove, we expect the cable is likely to retest support at 1.5400 . An intraday high is likely to be printed between 1.5630 and 1.5650. Use a dip to buy. Or you can buy above 1.5600 with targets at 1.5620 and 1.5650.

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Technical analysis of EUR/USD for May 15, 2015

The euro edged higher 1.30% against the USD on the week ending June 12th. The pair managed to regain losses the pair had incurred last week. Greece is the driving force for the euro. Weakness on the US dollar added some more fuel to euro bulls. The pair managed to close above 20Wsma on a second consecutive week as well. This month, the pair has managed to trade above a 4-month high.

This week, the economic calendar is full of important data. The week starts with Germany's Bundesbank President speech followed by ECB President. On Tuesday, German ZEW economic sentiment, European court of Justice ruling, and employment change on quarterly basis are due. CPI on yearly basis will be released on Wednesday. On Thursday, targeted LTRO and the Eurogroup meeting will be held. The week ends with German PPI and ECOFIN meetings.

Weekly view: On the daily and four-hour charts, the pair has been forming higher highs and higher lows formation. The pair managed to close above 20Wsma which is set at 1.1050. Last week, the pair managed to close above 100Dema on a closing basis. These factors added power to euro bulls to make 1.1700. The weekly resistance seems at 1.1345, 1.1400 and 1.1470. Support is found at 1.1125, 1.1050, 20Wsma and last hope remains at 1.1035 50Dsma. A daily close above the previous swing high aims at 1.1700.

Intraday: In the four-hour chart, the pair made a double top pattern at 1.1387. Bulls must close above 1.1400 to erase the cap. Intraday resistance seems at 1.1325, 1.1345, and 1.1400. A trend change level remains at 1.1470. Support is seen at 1.1235, 1.1200, and 1.1150. The weekly trading pattern is framed between 1.1050 and 1.1470, either side closing will open gates for 1.1700 or 1.0900. At the Asian session, the euro is trading lower against USD & JPY. The Greek talks are supposed to break down pressure on the euro since the very beginning of the new week. The Eurogroup meeting is scheduled on June 18th. This event could determine a further trend.

Trade: Selling is available below 1.1200 with targets at 1.1180/1.1170, 1.1130, and 1.1100. Selling is accelerating below 1.1100 with an immediate target at 1.1060.

Buying is possible above 1.1235 with targets at 1.1250, 1.1270, 1.1290, 1.1320, and 1.1345. In the extreme case, 1.1380 is likely to be hit. Strong head room is available above 1.1400. Safe buy above 1.1250.

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Technical analysis of EUR/USD for June 15, 2015

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When the European market opens, some economic news will be released such as ECB President Draghi Speech and Trade Balance. The US will release the economic data too such as the TIC Long-Term Purchases, NAHB Housing Market Index, Industrial Production m/m, Capacity Utilization Rate, and Empire State Manufacturing Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1276.

Strong Resistance:1.1270.

Original Resistance: 1.1259.

Inner Sell Area: 1.1248.

Target Inner Area: 1.1222.

Inner Buy Area: 1.1196.

Original Support: 1.1185.

Strong Support: 1.1174.

Breakout SELL Level: 1.1168.

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 15, 2015

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In Asia, Japan will not release any economic data. However, the US will release some economic data such as TIC Long-Term Purchases, NAHB Housing Market Index, Industrial Production m/m, Capacity Utilization Rate, and Empire State Manufacturing Index. So there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.13.

Resistance. 2: 123.87.

Resistance. 1: 123.64.

Support. 1: 123.35.

Support. 2: 123.11.

Support. 3: 122.86.

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 major pairs for June 15, 2015

EUR/USD: There is still a valid 'buy' signal on this pair, and it is rational to expect that the pair would go further upwards, testing the resistance lines at 1.1350 and 1.1400. After all, the resistance line at 1.1350 was tested last week. A continuous movement above the support line at 1.1150 would make the bullish expectation valid; otherwise, things would go bearish.

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USD/CHF: This is a bear market, and the desperate struggle between bulls and bears have created rather high volatility here. Last week, it turned out that the price tested the support line at 0.9250 a few times, but it was unable to break it to the downside. The support line must be broken to the downside this week in order for the bearish bias to be strengthened further. Should it fail to happen, there would be a high risk of a bullish breakout.

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GBP/USD: The Cable is currently strong and it should reach the distribution territory at 1.5700 this week. Nevertheless, a serious weakness could happen later this week or before the end of the month.

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USD/JPY: In spite of the struggles of bulls, the USD/JPY pair is still bearish in the short term. The only factor that can render the bearish trend useless is an event in which the price goes above the supply level at 125.00. Otherwise, the bearish outlook would be valid for the most part of this week.

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EUR/JPY: The dominant bias on this cross is bullish but the current price action in the market is a threat to the dominant bias. This week and next week, the events on this cross would be largely determined by what happens to the Euro; and therefore a significant weakness in the Euro could make the cross tumble.

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Daily analysis of USDX for June 15, 2015

USDX is currently finding strong support around the 94.66 level. Now, the index could rally towards the resistance zone of 95.74. This week will be very decisive for the current trend of USDX on this time frame because it could resume the bullish bias in the coming days with a huge rebound. MACD indicator is on the negative territory.

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The short-term outlook is still bearish on the H1 chart because the index is trading below the 200 SMA, but now it's finding resistance at the 95.15 level. Now, USDX could fall until the support level of 94.63 where also it could perform a breakout and do a new low to the 94.33 level, which is the next bearish target in the short term.

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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 USD 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 15, 2015

GBP/USD remains bullish on the daily chart, because the pair is trying to do a consolidation above the 200 SMA again as it's facing the resistance level of 1.5543. If GBP/USD manages to break that zone, it would be expected to rise to the next resistance around the 1.5755 level in the medium term. MACD indicator is on the positive territory.

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On theH1 chart, the pair is trading higher above the 200 SMA and the support level of 1.5548, where a higher high pattern is currently being formed. If the pair makes a breakout in the resistance zone of 1.5610, it could do a rally towards the resistance level of 1.5671 during this week. Anyway, it could make some pullbacks before any rallies.

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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: 1.5610 / 1.5671

H1 chart's support levels: 1.5548 / 1.5502

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 1.5610, take profit is at 1.5671, and stop loss is at 1.5548.

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Technical analysis of EUR/USD for June 15-19, 2015

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Overview:

  • The EUR/USD pair's support was broken and turned to resistance around the price of 1.1350 last week. The new support coincides with the ratio of 61.8% Fibonacci retracement levels. Therefore, the pair is going to form strong resistance at the 1.1350 and 1.1366 levels. Moreover, after it could not close above 78.6% Fibonacci retracement levels (1.1321), the pair started indicating the bearish market at this level. Thus, the EUR/USD pair will be called in a downside momentum rather convincing and the structure of the fall does not look corrective in order to indicate the bearish opportunity below 1.1350. Consequence, it will be a good sign to sell below 1.1350 with the first target of 1.1215 and it will call for a downtrend in order to go on with a bearish bias towards 1.1155 for testing the double bottom. At the same time, it should also be noted that the price has still been moving between 1.1250 and 1.1150. Besides, the MA(75) is still calling for a downtrend at this area.

The Weekly technical analysis of EUR/USD pair:

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Technical analysis of GBP/USD for June 15-19, 2015

The weekly technical analysis of GBP/USD pair:

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Short overview:

  • The GBP/USD pair will be traded between the levels of 1.5600 and 1.5461. Buy above the level of 1.5461 which represents the weekly pivot point on the H1 chart with the first target at 1.5597 in order to test a double top. If the trend can break the double top at the price of 1.5597, the trend will be able to continue toward the level of 1.5635. Notwithstanding, the stop loss should be set at 1.5420.

Observations:

  • Major support will set at the point of 1.5450.
  • Major resistance has already placed at the 0.5635 level.
  • We expect a new range about 82 pips today.
  • If the trend is upward, then the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend.
  • Stop loss should never exceed your maximum exposure amounts. So, your stop loss should be around 60 pips for each position. (Take profit = 3/5 X stop loss).
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