Gold analysis for June 18, 2015

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Overview:

Gold has been trading upwards. The price tested the level of $1,203.41. In the daily time frame, we can observe a strong bullish bar in a volume below the average. We got absorption volume near the price of $1,175.009 and that reaction caused the price to start moving upwards. Since our strong support around the price of $1,175.00 held successfully, selling gold looks risky. Major resistance is at the price of $1,225.00. The short-term trend has changed from neutral to bullish.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,185.50

R2: 1,189.00

R3: 1,194.00

Support levels:

S1: 1,174.00

S2: 1,170.20

S3: 1,165.00

Trading recommendations: Absorption volume in the background. Selling gold looks risky. Watch for potential buying opportunities on the dips.

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Intraday technical levels and trading recommendations for EUR/USD for June 18, 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 being executed if May's monthly high (1.1465) gets breached as soon as possible.

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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 levels 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 a recent ascending bottom and a bullish breakout pattern were established on the H4 chart.

Bullish persistence above 1.1150-1.1190 allowed the market to move towards the level of 1.1390 (Fibonacci Expansion 100%) where significant bearish rejection was previously expressed.

That is why, another bearish pullback took place towards 1.1150 (daily demand) where the ongoing bullish swing was initiated on Friday.

The next destination for the EUR/USD pair is located around 1.1550 (141.4% FE) provided that EUR/USD bulls keep trading above the price zone of 1.1380-1.1400 (100% FE).

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EUR/NZD : analysis for June 18, 2015

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Overview:

Recently, EUR/NZD is moving upwards. As we expected, the price tested the level of 1.6508 in an volume above the average. In the daily time frame, we can observe a bullish bar in a volume just above the average. Our trading range between the levels of 1.6150 and 1.5590 was broken and we may expect the price to move higher. We can observe successful re-accumulation in the background, so watch for potential buying opportunities on dips. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.6320, Fibonacci retracement 50% at the level of 1.6340, and Fibonacci retracement 61.8% at the level of 1.6300. The short-term trend is bullish. Since our objective point at the level of 1.6450 has been met, next objective point is around 1.7000.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6300

R2: 1.6350

R3: 1.6445

Support levels:

S1: 1.6100

S2: 1.6055

S3: 1.5960

Trading recommendations: We can observe the bullish market. Selling looks risky. Re-accumulation is in the background, so watch for buying opportunities on dips.

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USD/CAD intraday technical levels and trading recommendations for June 18, 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 a way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend) for the USD/CAD pair. Bullish support was offered around these levels. A bullish pullback took place shortly after.

Recently, the price zone of 1.2450-1.2500 constituted strong resistance (backside of the broken uptrend and the previous consolidation zone).

As anticipated, a daily candlestick closure below 1.2430 (previous week) enhanced further bearish decline. Since then, the price zone of 1.2380-1.2400 constitutes solid intraday resistance for the USD/CAD pair.

However, the previous weekly candlestick closed above 1.2300 (lack of bearish momentum). That is why, we need frank weekly closure below 1.2300 to ensure further bearish decline in the long-term.

As anticipated, one daily candlestick closure below the level of 1.2300 offered a profitable sell position.

S/L should now be lowered to entry levels (1.2300) to offset the risk, while the rest of TP levels remain projected at 1.2100 and 1.1950.

On the other hand, the current weekly candle closure should be monitored to determine if the depicted weekly uptrend would get broken-down during the current bearish momentum.

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GBP/USD intraday technical levels and trading recommendations for June 18, 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 (which initiated the ongoing bullish swing) was reached.

A daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where a temporary bearish pullback took place on April 29.

The next bullish swing extended up to the levels of 1.5750-1.5800 which offered a valid sell entry. The final bearish target at 1.5450 was already reached.

Recently, higher bottoms were established around the levels of 1.5200. This initiated the current bullish swing towards the level of 1.5800.

The resistance level at 1.5800 was breached by the ongoing strong bullish momentum. Hence, GBP/USD bulls pursue towards 100% Fibonacci Expansion located around 1.5900.

Traders can take a valid sell entry anywhere around 1.5900-1.5930. Initial T/P levels are located at 1.5780, 1.5700 and 1.5600 while S/L should be set above 1.5950.

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Technical analysis of NZD/USD for June 18, 2015

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Overview:

  • In the H1 chart, the NZD/USD pair has still call for the strong bearish market between the levels of 0.7056 and 0.7013. Additionally, it should be noted that the minor support is going to set at the level of 0.6921. Moreover, the level of 0.6962 represents the daily pivot point on June 18, 2015. Equally important, the resistance will be set at 0.7056 and the double top is set at the same price too. Therefore, sell 0.7056 with the first target at 0.8525 in order to test the daily pivot point (0.6962); then it will be gone towards 0.6921 (the daily support 1). If the market is able to break the minor support at the level of 0.6921; hence it will call for the bearish market below 0.6921 again in order to test the double bottom at 0.6879. At the same time, if the trend fails to close below the double bottom, above 0.6879 with a target at 0.7050 this week.

Warning:

  • Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.
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Technical analysis of GBP/USD for June 18, 2015

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Overview:

  • The strong support is seen at the level of 1.5835 today. Moreover, the resistance has already set at 1.6079 in the H1 chart. So, we expect a range about 244 pips until the end of Friday's session. According to the previous events, the GBP/USD pair is still moving between 1.5835 and 1.6015. It should be noted that the key level is set at the level of 1.5920. Equally important, the double bottom will be formed at the level of 1.5835. As it is known, history will probably repeat itself at this level again. It will be a good sign to buy above the area of 1.5835 with the first target at 1.6015 to test the minor resistance. It will call for uptrend in order to continue its bullish movement towards 1.6079 (strong resistance).
  • On the other hand, the stop loss should never exceed your maximum exposure amounts; the stop loss should be placed below 1.5835 at the level of 0.5905. Observations: · The pair still calls for a strong bullish market from the spot of 1.5835. · The resistance had already set at the level of 1.6079.
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AUD/JPY could be ready to continue rising

Currently, AUD/JPY is still trending up as no lower lows have been confirmed. The pair has been ranging since it reached a high of 97.26 on May 14. The sideways corridor boundaries are between 95.00 and 97.00.

The Fibonacci, applied to the upper trendline breakout point showed a clear rejection of the 38.2% support level S2 (94.46) that was followed by rejection of the 50% support level S1 (94.99). At the same time, the pair rejected the lower uptrend trendline which looks like a confirmation of the rate to move higher.

While the pair is trading between R1 (95.52) and S1 (94.99), consider buying on pullbacks, targeting the area aroubd 97.00, where the double top is spotted and which is a psychological resistance. A break below S2 could only extend the consolidation but should not reverse the trend down.

Support: 94.99, 94.46

Resistance: 95.52, 96.18, 97.00

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USDX technical analysis for June 18, 2015

The US Dollar Index was rejected in the resistance area yesterday and fell towards new lows. Comments of J.Yellen after the FOMC meating weakened the US dollar and this was a bearish signal implying that we could see a deeper correction of the greenback over the coming weeks.

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Green line - trend line resistance

Red line- broken support, now resistance

The US Dollar Index reached the Ichimoku cloud and got rejected. The price continues to be in a bearish trend as long as it is below the Ichimoku cloud. We continue to see lower lows and lower highs. Next important support is at 93.10. Unless bulls manage to reverse the US Dollar Index above 95.20, we should expect more selling pressures to come over the coming weeks.

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The weekly chart has become even more bearish with the price trading below the kijun-sen support and heading towards a low of 93.10. A breakout below that level will increase chances of a deeper correction towards the cloud support and 50% retracement at 90.

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Gold technical analysis for June 18, 2015

Gold price had some increased volatility yesterday after the FOMC meeting. However, gold continues to trade within a trading range. The price managed to hold and test support at $1,175. It bounced towards the short-term resistance of $1,185-90. The short-term trend remains neutral.

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Red line - support

Blue area - resistance area

Gold price found the short-term support at $1,175 and resistance at $1,190. The next resistance is seen at $1,200 and the next support is expected at $1,160. The trend is mainly sideways, so there is no clear direction for the short term. The charts are neither bearish nor bullish. So, short-term traders should be very cautious.

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Blue line - support

The weekly chart remains bearish. The price is still below the tenkan-sen indicator at $1,200. At the same time, it is above the long-term critical support at $1,155. If it gets broken, we should expect a push lower towards $1,000.

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Technical analysis of Gold for June 18, 2015

Technical outlook and chart setups:

Gold has bounced off sharply after testing yesterday's low of $1,175.00 and is trading around the level of $1,188.00 at the moment. It seems that the metal has formed an intermediary base at $1,171.00/75.00 over the past few trading sessions and is looking to rally towards $1,205.00 and $1,211.00 in sessions to come. It is recommended to remain long with risk at $1,150.00. Immediate support is seen at $1,171.00 followed by $1,162.00, $1,143.00, and lower. Resistance is seen at $1,205.00 levels, 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!

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Technical analysis of Silver for June 18, 2015

Technical outlook and chart setups:

Silver bounced off the sub-level at $15.90 as expected yesterday and is trading around $16.20 at the moment. Please note that the metal has already confirmed its resumption in case of a rally towards $17.70 and higher during the sessions to come. The metal bounced at the confluence of trend-line support and fibonacci 0.786 support around $15.80 as depicted here. It is recommended to remain long and look to add further with risk at $15.30. Immediate support is seen at $15.80 followed by $15.60, $15.30, and lower. Resistance is seen at $17.20/30 followed by $17.70/80 and higher respectively.

Trading recommendations:

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

Good luck!

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Technical analysis of EUR/JPY for June 18, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around the level of 139.60 at the moment looking to push further higher. Please note that the pair had found support at fibonacci 0.382 levels of a rally between 133.00 and 141.00 respectively. It is expected to push higher until prices stay above the level of 138.00 at least. It is hence recommended to remain long from yesterday with risk at 137.50. Immediate support is seen at 138.00 (interim) followed by 135.00, 133.00, and lower. Resistance is seen at 141.00 and higher respectively.

Trading recommendations:

Remain long for now, stop is at 137.50, a target is open.

Good luck!

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Technical analysis of GBP/CHF for June 18, 2015

Technical outlook and chart setups:

The GBP/CHF pair remained just shy of 1.4650 yesterday before pulling back. The pair is trading around the level of 1.4580 at the moment looking for a pullback. Please note that the H4 chart indicates that a pullback is due, towards 1.4250/1.4300 levels at least before the pair rallies further. It is recommended to remain flat for now and look to enter long at lower levels. Immediate support is seen at 1.4450, followed by 1.4400, 1.4150, and lower. Resistance is seen at 1.4650/1.4700 and higher respectively.

Trading recommendations:

Remain flat for now. Look to buy at lower levels.

Good luck!

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Technical analysis of USD/CAD for June 18, 2015

General overview for 18/06/2015 07:40 CET

As anticipated yesterday, the corrective cycle in wave (iv) developed a triangle pattern and now it looks like the market brake out of the triangle to make the missing wave (v) to the downside. The lowest target is at the level of 1.2181, but a drop might get extended lower. This wave down would be the last corrective wave in the overall (a) (b) (c) blue correction that consist the wave 2 blue. We will be looking now for any clues for impulsive reversal to the upside in the intraday time frames.

Support/Resistance:

1.2181 - WS1

1.2200 - Intraday Support

1.2267 - Intraday Resistance

Trading recommendations:

The sell orders opened yesterday should be still kept open as the second TP at the level of 1.2000 might be hit today.

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Technical analysis of EUR/JPY for June 18, 2015

General overview for 18/06/2015 07:30 CET

The current wave development on this pair is a complex and time-consuming corrective cycle that we have been tracking since June 4. According to the newest labeling, there is still one more wave to the downside missing and it had been labeled on the chart as the wave Y black. The main support for the market is still the grey rectangle supply the breakthrough zone, so only violation of this area will confirm the current labeling. On the other hand, any breakout above the intraday resistance at the level of 140.45 will possibly lead to the recent test of a swing high and the corrective cycle will be invalidated together with a higher time frame cycles (daily and weekly).

Support/Resistance:

141.05 - Swing High

140.45 - Intraday Resistance

139.70 - WR1

139.38 - Intraday Support

138.82 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening sell orders from current price levels with SL above the level of 140.46 and TP at the level of 139.38.

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Daily analysis of major pairs for June 18, 2015

EUR/USD: There has been an upward breakout in the context of a consolidation of this pair. The outlook is bullish and an upward break enabled the price to test the resistance line at 1.1350. For the current bullish outlook to be stronger, the price would need to close above that resistance line.

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USD/CHF: This pair has been able to break the resistance level at 0.9250 to the downside testing the support level at 0.9200. Should the price close below the support level or stay below the resistance level at 0.9250, it would mean strong presence of bears.

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GBP/USD: The GBP/JPY pair has been trending upwards strongly breaking one distribution territory after the other. The price has gone upwards by 300 pips this week, and the next target to be breached by bulls is the distribution territory at 1.5850. The price is expected to close above the distribution territory.

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USD/JPY: After several days of sideways movement, the price broke upwards, but it happened to be a false breakout. The price went upwards briefly and later came down. It would be fine to stay away from this market until there is a predictable/directional movement. Some fundamental figures are expected today and they would have some impact on the market.

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EUR/JPY: There is a buy'signal on this cross: the EMA 11 is above the EMA 22 and the RSI period 14 is above the level 50. The price may go further upwards, for there is a Bullish Confirmation Pattern in the chart.

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Elliott wave analysis of EUR/NZD for June 18 - 2015

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Technical summary:

We have seen an expected rally higher to 1.6446 (a high of 1.6512). Ideally, we will see a break above the base channel resistance line near 1.6512 for even more acceleration higher to 1.6787 and higher to 1.7154 as the next major upside target.

Minor support is found at 1.6313 and strong support is found at 1.6160, which is expected to protect the downside for a break above the resistance at 1.6512 for more upside acceleration.

Trading recommendation:

We are long EUR from 1.5810 and will move our stop higher to 1.6140. If you are not long EUR yet, then buy EUR near 1.6320 or upon a break above 1.6512 and use the same stop at 1.6140.

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Elliott wave analysis of EUR/JPY for June 18, 2015

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Technical summary:

We have seen a breakout above 140.00, but not yet an acceleration higher in blue wave iii. We will look for support at 139.36 for the next rally towards 141.06 and through this resistance for a continuation higher to 144.03.

In the long-term, we are looking for even more upside towards 149.55 and beyond.

Trading recommendation:

We are long EUR from 138.10 and will move our stop higher to 138.75. If you are not long EUR yet, then buy near 139.36 or upon a break above 140.48 and use the same stop at 138.75.

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AUD/USD at the top of the range

AUD/USD continues to move sideways within 130 pips corridor. The pair found strong support near 0.7630 and resistance is seen near 0.7770.

On June 17, AUD/USD tested the resistance once again failing to break it. While the resistance holds the uptrend, trendline was broken. The 23.6% level of the Fibonacci applied to the trendline breaking point showing that S4 support (0.7667) was also broken. Besides, the Demarker oscillator is moving under the downtrend trendline.

All the facts suggest that downward move should be the next, therefore consider selling AUD/USD near R1, which is 76.4% Fibonacci resistance level at 0.7753. A target is at the key support, which is also a 0% Fibonacci level S5 (0.7630). A break above R2 (0.7792) will invalidate this forecast and is expected to push the rate up.

Support: 0.7730, 0.7710, 0.7691, 0.76679, 0.7629

Resistance: 0.7753, 0.7792

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Daily analysis of USDX for June 18, 2015

In the daily chart, the USDX finally broke the support level at 94.66 and now it's looking to test the next low of 93.75, which is a key zone on this time frame. However, we should be cautious with the current short trades in the mid term, because bulls could come again when the Index tests the level of 93.14.

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The short-term outlook is very bearish, because the 200 SMA in the H1 chart turned bearish. Also, the USDX is currently forming a lower low pattern below the resistance level at 94.33. Targets are placed around the levels of 93.88 and 93.53 now. The downside is still there and bulls have no chances to dominate the intraday trend.

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Daily chart's resistance levels: 94.66 / 95.74

Daily chart's support levels: 93.75 / 93.14

H1 chart's resistance levels: 94.33 / 94.63

H1 chart's support levels: 93.88 / 93.53

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 93.88, take profit is at 93.53, and stop loss is at 94.24.

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Daily analysis of GBP/USD for June 18, 2015

Bulls took control of the trend in the GBP/USD pair, because the Fed showed dovish stance at their latest meeting on Wednesday. Currently, the pair is approaching the resistance level of 1.5898. If it does a breakout of that zone, it would be expected to reach a high at the level of 1.6036 in coming hours. The MACD indicator remains in the positive territory.

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At the H1 chart, the pair has been trading higher breaking important resistance in an intraday bias and now it's looking to overcome a high around 1.5841. In case of success, it would do a rally towards the resistance zone of 1.5884. Anyway, be cautious with the overbought levels showed in lower time frames.

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Daily chart's resistance levels: 1.5898 / 1.6036

Daily chart's support levels: 1.5755 / 1.5543

H1 chart's resistance levels: 1.5841 / 1.5884

H1 chart's support levels: 1.5789 / 1.5750

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 1.5841, take profit is at 1.5884, and stop loss is at 1.5796.

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Technical analysis of EUR/USD for June 18, 2015

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When the European market opens, economic data on Eurogroup Meetings, Spanish 10-y Bond Auction, Targeted LTRO, and ECB Economic Bulletin is due.The US will release data about the Natural Gas Storage, CB Leading Index m/m, Philly Fed Manufacturing Index, Current Account, Unemployment Claims, Core CPI m/m, and CPI m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1417.

Strong Resistance:1.1410.

Original Resistance: 1.1399.

Inner Sell Area: 1.1388.

Target Inner Area: 1.1361.

Inner Buy Area: 1.1334.

Original Support: 1.1323.

Strong Support: 1.1312.

Breakout SELL Level: 1.1305.

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 18, 2015

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In Asia, Japan is not expected to release economic data today. However, the US will publish data data on the Natural Gas Storage, CB Leading Index m/m, Philly Fed Manufacturing Index, Current Account, Unemployment Claims, Core CPI m/m, amd CPI 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: 123.93.

Resistance. 2: 123.67.

Resistance. 1: 123.44.

Support. 1: 123.15.

Support. 2: 122.91.

Support. 3: 122.66.

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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GBP/USD intraday technical levels and trading recommendations for June 17, 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 allowed the occurrence of the current bullish pullback towards the price zone of 1.5700.

As anticipated, if the bullish breakout above 1.5550 persists, a bullish corrective movement towards 1.5750 is likely to happen.

Traders can take a valid sell entry anywhere around 1.5750-1.5790 (the key zone depicted on the chart). Initial T/P levels are located at 1.5470, 1.5400 and 1.5320 while S/L should be set above 1.5800.

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USD/CAD intraday technical levels and trading recommendations for June 17, 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 a way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend) for the USD/CAD pair. Bullish support was offered around these levels. A bullish pullback took place shortly after.

Recently, the price zone of 1.2450-1.2500 constituted a strong resistance zone for USD/CAD (backside of the broken uptrend and a previous consolidation zone).

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.

However, the previous weekly closure came above 1.2300 (indicating lack of bearish momentum). Hence, a bullish pullback towards 1.2400 should not be excluded on the short-term.

For risky traders, a daily candlestick closure below the price level of 1.2300 (79.6% Fibo) brings again the bearish scenario to the market. TP levels are projected at 1.2220, 1.2100 and 1.1950.

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

Technical analysis of USD/JPY for June 17, 2015

USDJPYM30.png

USD/JPY is expected to consolidate in a higher range as markets await the Fed monetary policy decision at 18:00 GMT. The Fed is expected to stay pat on the interest rates but market participants will scan accompanying statement and Chairwoman Yellen's comments at the press conference for clues to the further policy. USD/JPY is undermined by the lower US Treasury yields (10-year slipped 4.9 bps to 2.309% Tuesday), flows to the safe-haven yen as the Greek fears persist, and Japan's exports. But USD/JPY losses are 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.

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 124.365 and the second target at 124.65. In the alternative scenario, short positions are recommended with the first target at 122.90 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 122.45. The pivot point is at 123.35.

Resistance levels: 124.35 124.65 124.95

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 17, 2015

USDCHFM30.png

USD/CHF is expected to consolidate with bullish bias as markets await the FOMC policy decision. USD/CHF is supported by the contagion from the weak euro on the Swissie, 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 five-day moving average is meandering sideways below declining 15-day moving average. Stochastics is turning bullish near oversold levels.

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 0.9510. A break of that target will move the pair further downwards to 0.9170. The pivot point stands at 0.9315. 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 0.9360 and the second target at 0.9420.

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