EUR/NZD : analysis for June 16, 2015

EURNZDDaily16.png

EURNZDM3016.png

Overview:

Recently, EUR/NZD is moving downwards. The price tested the level of 1.6028 in a high volume. In the daily time frame, we can observe a weak bullish bar in a volume just above the average. Our trading range between the levels of 1.6150 and 1.5590 is still in play. We can observe a fake breakout (up-thrust) and a new high at the level of 1.6204 in the background. Be careful when buying EUR/NZD. Major support is still around 1.5990. A trend is neutral.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6145

R2: 1.6175

R3: 1.6230

Support levels:

S1: 1.6040

S2: 1.6000

S3: 1.5950

Trading recommendations: We can observe the neutral market and fake bullish breakout in the background. Buying looks risky. Also, we found strong support at 1.5990. Wait for stronger activity and price action to confirm further direction.

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

Intraday technical levels and trading recommendations for EUR/USD for June 16, 2015

eurmonthhh.png

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.

eurdaiilly.pngeurh44.png

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 Triple-top pattern with lower highs 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 before resuming towards lower targets.

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

Technical analysis of USD/JPY for June 16, 2015

USDJPYM30.png

USD/JPY is expected to trade with risks skewed lower. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 94.83 versus 95.15 early Monday) after unexpected 0.2% on-month drop in the US May industrial production (versus forecast +0.2%), lower-than-expected May capacity utilization of 78.1% (versus forecast 78.3%), surprise drop in the US Empire State's business conditions index to -1.98 in June from 3.09 in May (versus forecast for rise to 5.4). USD/JPY is also weighed by the lower US Treasury yields (10-year slipped 2.6 bps to 2.359% Monday), Japan's exports, and flows to the safe-haven yen amid increased risk aversion (VIX fear gauge rose 11.68% to 15.39, S&P 500 closed 0.46% lower at 2,084.43 overnight) on concerns about Greece's financial future and positions adjustment as caution prevails ahead of the FOMC monetary decision due on Wednesday. But USD sentiment is soothed by the stronger-than-expected US June NAHB housing market index of 59 (versus forecast 56). USD/JPY losses are also tempered by the demand from the Japanese importers and the Bank of Japan's ultra-loose monetary policy.

Technical comment:

The daily chart is negative-biased as the MACD and stochastics are bearish. Five-day moving average is below 15-day moving average and is declining.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 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

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

Gold analysis for June 16, 2015

GOLDDaily16.png

GOLDH116.png

Overview:

Gold has been trading sideways around the price of $1,183.00. In the daily time frame, we can observe a bullish bar in a volume below the average. In the H1 time frame, we can observe another buying climax in the background, which is a sign that buying gold at this stage looks risky. Anyway, I am neutral on this pair since we got major support around the levels of $1,168.00 and $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: 1,189.60

R2: 1,193.90

R3: 1,200.00

Support levels:

S1: 1,175.65

S2: 1,171.35

S3: 1,164.35

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

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

GBP/USD intraday technical levels and trading recommendations for June 16, 2015

gbpppdaillly.png

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.

Traders can take a valid sell entry anywhere around 1.5600 (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, yesterday's candlestick closure above 1.5550 hinders this bearish position.

A bullish corrective movement towards 1.5750 is considered possible if the current bullish breakout above 1.5550 persists.

On the other hand, the price level of 5750 is where the next weekly resistance is located.

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

USD/CAD intraday technical levels and trading recommendations for June 16, 2015

cadweekly.pngcaddaily.png

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 a way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend) for the USD/CAD pair.

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 (lack of enough 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.

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

Technical analysis of USD/CHF for June 16, 2015

USDCHFM30.png

USD/CHF is expected to consolidate with a bearish bias. It is undermined by weaker dollar sentiment (ICE spot dollar index last 94.83 versus 95.15 early Monday) after an unexpected 0.2% drop in the US May industrial production (versus forecast +0.2%), lower-than-expected May capacity utilization of 78.1% (versus forecast 78.3%), and surprising drop in the US Empire State's business conditions index to -1.98 in June from 3.09 in May (versus forecast for rise to 5.4). But USD/CHF losses are tempered by the negative Swiss interest rates and the threat of the Swiss National Bank CHF-selling intervention.

Technical comment:

The daily chart is negative-biased as the MACD is bearish, stochastics is reverting to bearish mode near oversold levels, although inside-day-range pattern was completed on Monday.

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 0.9360 and the second target at 0.9420. In the alternative scenario, short positions are recommended with the first target at 0.9210 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 0.9250.

Resistance levels: 0.9360 0.9420 0.9475

Support levels: 0.9210 0.9170 0.9115

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

Technical analysis of NZD/USD for June 16, 2015

NZDUSDM30.png

NZD/USD is expected to trade with risks skewed higher. It is supported by weaker dollar sentiment and NZD-USD interest differential. But NZD/USD upside is limited by the dovish Reserve Bank of New Zealand's monetary stance, Kiwi sales are underpinned by the buoyant AUD/NZD cross, increased investor risk aversion, and lower dairy prices.

Technical comment:

The daily chart is still negative-biased as the MACD and stochastics are bearish, five- and 15-day moving averages are declining although inside-day-range pattern was completed on Monday.

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 0.6940. A break of that target will move the pair further downwards to 0.690. The pivot point stands at 0.7030. 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 0.7080 and the second target at 0.7130.

Resistance levels: 0.7080 0.7130 0.7170

Support levels: 0.6940 0.69 0.9845

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

Technical analysis of GBP/JPY for June 16, 2015

GBPJPYM30.png

GBP/JPY is expected to trade in a higher range. It is supported by the buoyant GBP/USD undertone despite mounting concerns about Greece and demand from Japanese importers. But GBP/JPY gains are tempered by flows to haven JPY amid increased investor risk aversion and Japan's exports.

Technical comment:

The daily chart is still negative-biased as the MACD and stochastics are bearish.

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 193.30 and the second target at 194. In the alternative scenario, short positions are recommended with the first target at 191.40 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 190.35. The pivot point is at 191.90.

Resistance levels: 193.30 194 194.50

Support levels: 191.40 190.35 189.65

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

Technical analysis of AUD/USD for June 16, 2015

AUDUSDH1.png

Trading recommendations:

  • According to the previous events, the AUD/USD pair is still moving between the levels of 0.7708 and 0.7771.
  • The descending movement is likely to take place below 0.7770 with the first targets at 0.7740 and 0.7710.
  • On the other hand, stop loss should always be in account for that you have to set your stop loss above the last bullish wave at the level of 0.7790.

Observations:

  • Resistance is seen at 0.7770 (sell below this level).
  • Support has already placed at 0.7678 (buy above this level for retesting this level because the trend still calls for the bullish market in the short term).
  • A double bottom is seen at the level of 0.7680.
  • We expect a range of 274 this week.
1434448527_AUDUSDH4.png
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for June 16, 2015

1434447763_USDCHFH4.png

Overview:

  • The USD/CHF pair has set above the level of 0.9224 (23.6% of Fibonacci retracement levels in the H4 chart). This level is coinciding with the double bottom. Additionally, the pair has already formed a strong support at 0.9250/0.9224. Now, it is approaching it in order to test it. On the other hand, the resistance is seen at 0.9395. We expect a range about 145 pips during next two days. The saturation is likely to be around the spot of 0.9400. Therefore, downside momentum is rather convincing and the structure of the fall does not look corrective. Sell at 0.9400 with the first target at 0.9320 in the short term. It will call for a downtrend then in order to continue its bearish movement towards 0.9224 to test the double bottom. At the same time, the stop loss should be placed at the level of 0.9438.
The material has been provided by InstaForex Company - www.instaforex.com

CAD/JPY correction could be over

CAD/JPY found support near the level of 98.57 (S3) and started consolidating. The pair has been ranging between 98.50 and 100.00 up to June 5. On June 5, the price finally broke above the ascending channel suggesting the continuation of a long term uptrend.

The Fibonacci level applied to the channel breakout point shows clear support and resistance levels. After the channel breakout, which took place on June 09, the pair formed a double top near 100.96 (R2) that resulted in a correctional move down. The key support, which is 61.8% Fibonacci level at 99.76 (S2), has been also rejected.

As the pair is currently rejecting the uptrend trendline again with the overall long-term uptrend confirmed to be valid, consider buying CAD/JPY near S1 (100.13) for as long as it remains above S2 (99.76). Target is 0% Fibonacci level at 101.70 (R3). Only a break below S2 could change the direction of the major trend.

Support: 100.13, 99.76, 98.57

Resistance: 100.50, 100.96, 101.69

cadjpy-h4-instaforex-group-2.png

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

GOLD correctional move up

As gold started a medium-term decline on May 18, which ended on June 05 when the price tested a low of 1162. It looks like the correction might be taking place, which could lead to a further extension up. The confirmation of a short-term uptrend scenario could be the breakout of the downtrend trendline that took place on June 10. Note that the same happened at the RSI oscilator were the trendline was also broken.

Fibonacci levels applied to the trendline breakout point show that metal faced the resistance near 1189 (R1), right after the breakout. The following move down resulted in rejection of the 76.4% support level S3 (1173) on June 15.

Currently, gold stuck between R1 and S3. There is a still high probability of a short-term uptrend. Until the price is between 1179 (S2) and 1184 (S1,) consider buying yellow metal targeting 0% Fibonacci level is seen at 1206.71 (R3). Only a 4h close below 1172 (S3) would give bears enough power to push the price towards the previously hit low of 1162.

Support: 1184.65, 1179.50, 1172.99

Resistance: 1189.90, 1196.31, 1206.71

gold-h4-instaforex-group-7.png

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

Technical analysis of USD/CAD for June 16, 2015

General overview for 16/06/2015 09:25 CET

A slow, ovelapping, and choppy price action in the H1 time frame is typical for wave (iv) corrections. In our case, the corrective pattern that is now in progress looks more and more like a triangle. The invalidation of this pattern is at the level of 1.2434, so any breakout higher above the projected trend-line resistance at the level of 1.2370 (approx.) might result in an immediate spike up and pattern invalidation. On the other hand, the green triangle trendline is the key dynamic support on the downside.

Support/Resistance:

1.2434 - Green Impulsive Count Invalidation Line

1.2370 - Triangle Line Resistance

1.2351 - Intraday Resistance

1.2326 - Weekly Pivot

1.2267 - Intraday Support

Trading recommendations:

The sell orders from yesterday did not work out as the price moved higher under choppy and slow trading conditions. So, it would be more appropriate to wait for a corrective cycle in wave (iv) to complete and then open sell positions to trade the last wave down.

usdcad_h1.jpg

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

USDX technical analysis for June 15, 2015

The US Dollar Index remains under resistance levels and in a bearish trend at least for the short-term. Critical support is at 94.60 and 93.10 while important resistance is found at 95.80 and 96.20.

Red line - resistance

The price remains below the red trendline and below the cloud resistance in the 4-hour chart. The trend is bearish as the price is reaching lower lows and lower highs. Short-term resistance is found at 95.20. The next one is at 95.80. Support is seen at 94.60-94.40.

The weekly chart remains bearish. The price is testing the kijun-sen weekly support and a close below that level will increase the chances of a push lower towards the cloud support and 50% retracement. Critical support is at 93.10. Breaking below it will confirm a target at 90.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for June 16, 2015

Gold price made a pullback towards the short-term support at $1,175 yesterday and then another bounce towards resistance of $1,190 took place. The trend remains sideways. Range trading is still available. The overall picture remains bearish.

Red line - support

Blue area- resistance area

Gold price has managed to move above the Ichimoku cloud in the 4-hour chart. Gold is trading above the red trend-line support. Gold price is testing the resistance area from the previous lows hit in May.

Blue line - support

Gold price remains below the Ichimoku cloud and below the kijun- and tenkan-sen indicators. Important support for the longer-term trend is the blue trendline at $1,130-40. A trading range is getting tighter and tighter. I would expect gold to start a new trend and stop this sideways trading soon.

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

Technical analysis of EUR/JPY for June 16, 2015

General overview for 16/06/2015 09:15 CET

After filling the weekend gap and breaking out higher above the golden trendline, the market has reached the reversal zone at 61%Fibo level. The wave X black has been extended in time and now it is evolved into more complex and time-consuming corrective cycle. The downside wave development is still possible. The reason for this type of thinking is a missing wave Y black to the downside to complete the overall structure. On the other hand, any breakout even higher above the level of 140.00 is bullish for the market and next resistance is likely to be a swing high at the level of 141.05.

Support/Resistance:

141.05 - Swing High

139.86 - 140.00 - Reversal Zone

139.68 - WR1

139.60 - Intraday Support

138.82 - Weekly Pivot

Trading recommendations:

The sell orders from yesterday did not worked out as the price moved higher, but it looks like actual level are again very attractive to consider to open another sell positions with SL just above the level of 140.01 and TP at the level of 139.60 initially.

eurjpy_h1.jpg

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

Technical analysis of Gold for June 16, 2015

Technical outlook and chart setups:

Gold is trading around the levels of $1,183.00/84.00 at the moment after hitting interim highs of $1,190 yesterday. The metal could drop further low into $1,180.00 today before rallying towards $1,204.00 and $1,211.00 subsequently as depicted here. Please note that the metal has bounced off the fibonacci 0.618 support at $1,171.00/72.00 yesterday. It is therefore recommended to remain long now and also look to add further positions aroundthe level of $1,180.00 with risk at $1,150.00. Immediate support is seen at the level of $1,171.00 followed by $1,161.00, $1,143.00, and lower. Resistance is seen at $1,205.00 followed by $1,215.00 and higher respectively.

Trading recommendations:

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

Good luck!

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

Technical analysis of Silver for June 16, 2015

Technical outlook and chart setups:

Silver is trading above the level of $16.00 now after hitting interim highs at $16.30 yesterday. As seen here, the metal has bounced off its support trendline after testing it several times and also taken out an interim resistance around the level of $16.20. The metal confirms a bullish reversal candlestick pattern as well. It is safe to buy on dips from here. It is hence recommended to remain long from earlier positions. Look to add further around the level of $15.90/95, with risk at $15.30. Immediate support is seen at $15.80 (interim) followed by $15.60, $15.30, and lower. Resistance is seen at $17.20/30 now followed by $17.70 and higher respectively.

Trading recommendations:

Remain long and look to add further positions, stop is at $15.30, a target is open.

Good luck!

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

Technical analysis of EUR/JPY for June 16, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around 139.30/40 at the moment after bouncing off from its fibonacci 0.382 support around 138.00 yesterday. The pair could push higher towards the level of 140.00 at least before dropping lower or producing a retracement. Please note that potential still remains at 141.00 before reversing lower. Immediate support is seen at 138.00 (interim) followed by 135.00, 133.00, and lower. Resistance is seen at 140.00 (interim) followed by 141.00, 142.00, and higher respectively.

Trading recommendations:

Remain flat for now. Looking to go long at lower levels.

Good luck!

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

Technical analysis of GBP/CHF for June 16, 2015

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading around 1.4510/15 now after pulling back lower from 1,4550/60 yesterday. The pair should be still poised to at least retrace/pullback towards the level of 1.4250 before rallying ahead. Bulls should be poised to remain in control until the prices stay above 1.4150 from here on. It is therefore recommended to remain short for now with risk around 1.4650 or to remain flat and wait for a drop lower before going long again. Immediate support is seen at the level of 1.4400 followed by 1.4200, 1.4150, and lower. Resistance is seen at 1.4650/1.4700 respectively.

Trading recommendations:

Remain short, stop at 1.4650, a target is at 1.4250. Remain flat and look to buy lower.

Good luck!

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

Elliott wave analysis of EUR/NZD for June 16 - 2015

2015-06-16-EURNZD-4H.png

Technical summary:

We are looking for acceleration higher in red wave iii towards 1.6446 as the first minor upside target, while a continuation higher to 1.6787 is expected to follow. In the short term, minor support at 1.6084 will ideally protect the downside for a break above resistance at 1.6159, which confirms the expected acceleration higher to 1.6446.

A break below minor support at 1.6084 will delay the expected upside pressure, but downside potential should be limited to 1.6054.

Trading recommendation:

We are long EUR from 1.5810 with stop placed at 1.5935. If you are not long EUR yet, then buy near 1.6084 or upon a break above resistance at 1.6159 with the same stop at 1.5935.

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

Elliott wave analysis of EUR/JPY for June 16 - 2015

2015-06-16-EURJPY-4H.png

Technical summary:

We are still looking for a break above minor resistance at 139.61 as confirmation that the correction in blue wave ii is over and blue wave iii is ready to accelerate higher to 141.04 on the way towards 144.03.

In the short term, we expect minor support at 138.58 to protect the downside for a break above 139.61.

Trading recommendation:

We are long EUR from 138.10 with stop placed at 137.85. If you are not long EUR yet, then buy near 138.58 or upon a break above 139.61 with the same stop at 137.85

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

Daily analysis of major pairs for June 16, 2015

EUR/USD: The EUR/USD pair has potential to move further upwards, reaching the resistance line at 1.1350. With more buying pressure, another resistance line at 1.1400 could also be reached. However, any movement below the support line at 1.1150 would pose the serious threat to the extant bullish outlook.

1.png

USD/CHF: This pair continues to be volatile as struggles between bull and bear continue. As it was mentioned last week, the support level at 0.9250 should be breached to the downside. So, the existing bearish bias would become stronger. Otherwise, there would be a risk of a significant upward movement.

2.png

GBP/USD: This pair has potential to move further upwards, reaching the distribution territory around1.5650. With more buying pressure, another distribution territory at 1.5700 could also be reached. However, any movement below accumulation territory at 1.5400 would pose the serious threat to the extant bullish outlook.

3.png

USD/JPY: In spite of the struggles, thetrend in 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 most part of this week.

4.png

EUR/JPY: The consolidation phase that started here last week has continued until now. Bulls are making attempts, which could become more conspicuous when the supply zone at 140.50 is crossed to the upside. This expectation may not materialize if EUR becomes realy weak.

5.png

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

Technical analysis of EUR/USD for June 16, 2015

!EURUSD.jpg

When the European market opens, economic data on Employment Change q/q, ZEW Economic Sentiment, German ZEW Economic Sentiment, European Court of Justice Ruling, German Final CPI m/m is due. The US will release data on Housing Starts and Building Permits. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1326.

Strong Resistance:1.1320.

Original Resistance: 1.1309.

Inner Sell Area: 1.1298.

Target Inner Area: 1.1273.

Inner Buy Area: 1.1247.

Original Support: 1.1236.

Strong Support: 1.1225.

Breakout SELL Level: 1.1219.

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 USD/JPY for June 16, 2015

!USDJPY.jpg

In Asia, Japan will not release any economic data, but the US is expected to publish economic data on Housing Starts and Building Permits. So, there is a big probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.18.

Resistance. 2: 123.92.

Resistance. 1: 123.69.

Support. 1: 123.41.

Support. 2: 123.17.

Support. 3: 122.92.

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 USDX for June 16, 2015

The soft US data pushed the USDX below 100Dema. The Index closed below that. The US Dollar Index has been consolidating at 100Dema, finally closed below that level. Dollar bulls managed to hold the previous support. TheEmpire State Manufacturing Survey published on June 2015 indicates that business conditions worsened slightly for New York manufacturers. The general business condition index dropped by five points to -2.0. This index has been hovering near zero for the past three months, suggesting that activity has remained flat since April. Besides, manufacturing output fell unexpectedly. The strong dollar puts pressure on the US manufacturing sector. Analysts had forecasted 0.2% , but readings produced a drop of 0.2 %.

Ahead of the FOMC meeting, the USDX is trading higher at today's Asian session. The immediate resistance is seen at 95.00. The support is found at 94.70 and 94.30. The Index has been hitting lower highs and lower lows. We recommend intraday selling below 94.60 with targets at 94.40, 94.30, 94.00, and 93.75. The panic is likely to be triggered below 94.30. The strong support levels are found at 92.30 and 92.00.

USDXH4.png

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

Technical analysis of GBP/JPY for June 16, 2015

The cross rebounded after a sharp fall extending gains for the third consecutive day. We covered this cross last Friday. As of now, the cross hit a high of 192.60 metting our forecast. The cross has been moving higher for 10 straight weeks. The monthly resistance is seen at a high of 197.50 hit on September 2008 and 199.70 61.8 Fib level.

Ahead of today's UK CPI data, the pound muted at the Asian session. We expect a 0.1% uptick from negative readings. The trend favours buying on dips. Intraday resistance is seen at 192.75 and 193.00. Strong bullish momentum is available above 193.10 with an immediate target at 193.60 and at 194.40later. Intraday support is found at 192.20 and 191.90. Intraday bulls' last hope remains at 191.00. We recommend selling only below 191.00 with a target at 190.30 and 190.10. In case of a daily close below 190.00, a fall is likely to extend towards 189.00 and 188.50.

GBPJPYH4.png

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

Technical analysis of GBP/USD for June 16, 2015

The pound rebounds to a 4-week high against USD. Soft US data helped the cable at yesterday's session. Ahead of the FOMC meeting scheduled for Wednesday, traders eye Yellen's comments. Traders are expecting fresh projection about the US economy and the interest rate long-term outlook.

The UK traders eye CPI data. We expect a 0.1% uptick from negative readings. Besides, US housing starts and building permits are due. We expect good volatility during today's session.

Technical view: The weekly resistance is seen at 1.5710 and 1.5800. Monthly resistance is seen at 1.5930. The trend favours buying on dips. In the hourly and daily charts, the cable has moving towards higher lows and higher highs. The cable closes above 20Wsma and all daily moving averages. These factors support pound bulls. The weekly support is found at 1.5330 and strong support is seen at 1.5170. Monthly support is found at 1.5089. We have been advising targets at 1.5440 and 1.5700 with sl 1.5170. As of now, the cable hit a high of 1.5614. Intraday is seen between 1.5620 and 1.5630. Bulls aim at 1.5670 and 1.5700 in case they manage to breach the level of 1.5630. In case of a daily close above 1.5700, bulls will aim at 1.5800 and 1.5940 in a day or two.

The selling pressure emerges below 1.5530 with small targets at 1.5510/1.5500, 1.5485/1.5470, and 1.5440. Selling will accelerate below 1.5420 with targets at 1.5400 and 1.5370. The panic will be triggered below 1.5370 towards 1.5340 and 1.5300.

Trade: Safe buying above 1.5630

GBPUSDH4.png

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

Technical analysis of EUR/USD for June 16, 2015

The euro gave a strong close after a muted weekend's session. Soft US data and Greece's issue powered euro bulls during yesterday's session. Ahead of the FOMC meeting, USD is trading lower against the most majors. But the pair was unable to breach Friday's high of 1.1296. At today's Asian session, the pair opened higher on a bearish note. The pair managed to close above 100Dema at 1.1240. The weekly support is found at 1.1050 20Wsma.

In case bulls manage to take off 1.1296, they will aim at 1.1387 with intermediate resistance at 1.1345. Intraday support is found at 1.1260, 1.1240, and 1.1220. The selling pressure looms below 1.1189 accelerates below 1.1150 towards 1.1130 and 1.1110. The panic will be triggered below 1.1050 towards 1.1000, 1.0930, 1.0890, and 1.0853. Until the pair closes below 1.1380, a target is seen at 1.1050 and even lower at 1.0850. We expect higher lows in the daily and H1 charts. But the higher high is not reached yet. Bulls must breach 1.1300 during the intraday session. On a weekly basis, they need to breach 1.1400.

Trade: Based on the above given levels, buying is available above 1.1300 with targets at 1.1330, 1.1345, and even 1.1380/1.1420. Selling is available below 1.1240 with targets at 1.1220, 1.1205, 1.1190, and even lower a t1.1150. Safe selling emerges below 1.1185.

Tomorrow's FOMC meeting and Thursday's Euro group meeting will provide a new trend in this pair.

EURUSDH1.png

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

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

Daily analysis of USDX for June 16, 2015

On the daily chart, the USDX is still finding support around 94.66, but in lower time frames, the bearish bias remains alive and we could expect a breakout in that zone in order to reach the support level of 93.75 in coming days. Anyway, a rebound at current levels, will unleash a strong bullish reaction above the resistance level at 95.74.

USDXDaily.png

The USDX continues to deal with the dynamic resistance offered by the 200 SMA on the H1 chart and now, the Index will test the support level of 94.63 again in order to do a possible lower continuation towards 94.33. Currently, the bias is bearish and long trades are risky. So, we should wait for bearish pattern formation in order to ride the intraday trend.

USDXH1.png

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.

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

Daily analysis of GBP/USD for June 16, 2015

The GBP/USD pair is still trading higher and it's looking to do a mid-term consolidation above the 200 SMA on the daily chart. That's why short trades are not advised at this stage. Also, we should wait for a test at the resistance level of 1.5755, where the cable could turn into the bearish bias again in the medium and long term.

GBPUSDDaily.png

If we do an extensive analysis at the H1 chart, we can notice a bullish trendline following, which is helping the GBP/USD pair stay alive in the upside above the 200 SMA. The short-term outlook is still bullish and a breakout at the resistance level of 1.5610 will help the pair test the next resistance around the level of 1.5671.

GBPUSDH1.png

Daily chart's resistance levels: 1.5755 / 1.5898

Daily chart's support levels: 1.5543 / 1.5346

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.

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

Technical analysis of USD/JPY for June 15, 2015

USDJPYM30.png

USD/JPY is expected to trade in a lower range. It is undermined by the flows to the sefe-haven yen amid increased risk aversion (VIX fear gauge rose 7.24% to 13.78, S&P 500 closed 0.70% lower at 2,094.11 Friday) on escalating fears that Greece could go ino default due to its debts. USD/JPY is also weighed by the Japanese exports. But USD/JPY losses are tempered by the higher shorter-dated US Treasury yields (2-year rose 1 basis point to 0.726% Friday), positive dollar sentiment (ICE spot dollar index last 95.15 versus 95.09 early Friday) after stronger-than-expected preliminary UoM June consumer sentiment of 94.6 (versus forecast 91.5), higher-than-expected 0.5% on-month rise in the US May PPI (forecast +0.4%), demand from Japan's importers, and the Bank of Japan's ultra-loose monetary policy.

Technical comment:

The daily chart is negative-biased as the MACD and stochastics are bearish. Five-day moving average is below 15-day moving average and is declining.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 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

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

Technical analysis of USD/CHF for June 15, 2015

USDCHFM30.png

USD/CHF is expected to trade with bearish bias. It is undermined by the franc demand on cross trades versus major currencies amid mounting fears of the Greek default. But USD/CHF losses are tempered by the positive dollar sentiment, the negative Swiss interest rates, and the threat of the Swiss National Bank to carry out CHF-selling intervention.

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

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

Technical analysis of NZD/USD for June 15, 2015

NZDUSDM30.png

NZD/USD is expected to consolidate with bearish bias after hitting almost the five-year low of 0.6941 on Friday. It is undermined by the dovish Reserve Bank of New Zealand monetary stance, positive dollar sentiment, kiwi sales on the buoyant AUD/NZD cross, kiwi sales on the soft NZD/JPY cross amid increased investor risk aversion, and soft dairy prices. But NZD/USD losses are tempered by the NZD-USD interest differential.

Technical comment:

The daily chart is negative-biased as 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

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

Technical analysis of GBP/JPY for June 15, 2015

GBPJPYM30.png

GBP/JPY is expected to consolidate with bullish bias. It is undermined by the weak euro sentiment amid increased fears of a Greece's default, flows to the safe-haven yen amid increased investor risk aversion, and Japan's exports. But GBP/JPY losses are tempered by the demand from the Japanese importers.

Technical comment:

The daily chart is negative-biased as stochastics is falling from overbought levels; the MACD histogram bars are turning negative; bearish parabolic stop-and-reverse signal was hit on Friday.

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

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