Gold analysis for June 19, 2015

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Overview:

Gold has been trading sideways around the price of $1,202.00. In the daily time frame, we can observe a strong bullish bar in a volume below the average. According to the M15 time frame, I found trading range between the prices of $1,205.00 and $1,198.00. I am waiting for a stronger price action and breakout to confirm further direction. I placed Fibonacci retracement to find potential resisntace and got Fibonacci retracement 61.8% at the price of $1,205.00. If the price breaks the level of $1,205.00 in a high volume and strong price action, we may see possible testing of the level of $1,216.00 (Fibonacci expansion 61.8%).

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,205.00

R2: 1,210.00

R3: 1,220.00

Support levels:

S1: 1,188.00

S2: 1,183.00

S3: 1,174.00

Trading recommendations: I found trading range between the prices of $1,205.00 and $1,198.00. Wait for clear breakout with high volume to confirm further direction.

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GBP/USD intraday technical levels and trading recommendations for June 19, 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 applied strong bullish pressure over resistance level around 1.5800 via the ongoing bullish swing.

That is why, resistance level at 1.5800 was breached by the current strong bullish momentum. Hence, GBP/USD bulls pursued 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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USD/CAD intraday technical levels and trading recommendations for June 19, 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 the next destination of the USD/CAD pair.

If the current weekly candlestick closes below 1.2200 (the previous weekly low), the weekly uptrend is likely to get breached soon. Otherwise, another pullback towards 1.2400 would be imminent.

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Intraday technical levels and trading recommendations for GBP/USD for June 19, 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 key zone of 1.5500-1.5550 where significant bearish pressure was previously applied on February 22.

The market has been already pushed above this weekly level at 1.5550 in an attempt to reach price levels around 1.5900 (100% Fibonacci Expansion).

It should act as a prominent SUPPLY for the GBP/USD pair. It may enhance a bearish pullback movement towards 1.5550 provided that no weekly candlestick closes above 1.5900.

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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 1.5500-1.5550 exposed the next supply level located at 1.5780 (61.8% Fibonacci level) 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 1.5780 and 1.5660 (bearish engulfing candlesticks and lower highs).

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.

Instead, significant bullish pressure originated around 1.5200. Hence, a bullish swing is currently taking place towards 1.5780 (61.8% Fibonacci level) and 1.5880 (FE 100%).

It is likely to offer a valid sell entry if enough bearish momentum is expressed. S/L should be set as daily closure above 1.5900.

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EUR/NZD : analysis for April 19, 2015

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Overview:

Recently, EUR/NZD is moving sideways around the level of of 1.6380. In the daily time frame, we can observe a bullish bar in a volume just above the average. I found new trading range between the levels of 1.6470 and 1.6350 (support). I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 50% at 1.6340 and Fibonacci retracement 61.8% at 1.6300. The short-term trend is neutral. I am waiting for a clear price action and strong volume to confirm further direction.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6490

R2: 1.6560

R3: 1.6670

Support levels:

S1: 1.6265

S2: 1.6195

S3: 1.6080

Trading recommendations: We can observe sideways market around the level of 1.6380. Wait fora clear breakout of a trading range in a high volume to confirm further direction.

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Intraday technical levels and trading recommendations for EUR/USD for June 19, 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 may be 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).

Hence, a bearish pullback took place towards 1.0800 -1.0830 where the most recent bullish swing was established in the H4 chart.

Bullish persistence above 1.1150-1.1200 allowed the market to be trading around the level of 1.1390 (Fibonacci Expansion 100%) where significant bearish rejection was previously expressed.

On the other hand, the next destination for the EUR/USD pair is located around 1.1550 (141.4% FE) proving that EUR/USD bulls keep trading above the zone of 1.1380-1.1400 (100% FE).

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Technical analysis of AUD/USD for June 19, 2015

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Trading recommendations:

  • According to the previous events, the AUD/USD pair is expected to move between the levels of 0.7815 and 0.7667.
  • The resistance is found at the level of 0.7813 which represents a ratio of 38.2% Fibonacci retracement levels.
  • Consequently, the market will indicate a bearish opportunity below 0.7813, because the level of 0.7815 is going to act as strong resistance.
  • Therefore, it will be a good sign to sell below this level today with the first target at 0.7730 in order to test the daily pivot point in the H4 chart.
  • If the trend succeeds to close below 0.7730, the market will continue its downtrend below the weekly pivot point towards the level of 0.7660 on June 19, 2015.
  • On the other hand, the stop loss should be placed above 0.7820 at 0.7852.
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Technical analysis of USD/CHF for June 19, 2015

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Trading recommendations:

  • Due to the previous events, the USD/CHF pair is still trading between the levels of 0.9072 and 0.9374. So, it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait until the sideways channel is passed through (range). Then the market is likely to show the signs of a bullish trend. In other words, buy deals are recommended above 0.9072 level with their first target at 0.9260. From this point, the pair is likely to begin an ascending movement to the point of 0.9304 and further to the level of 0.9374 (it will act as a strong resistance for this week).
  • At the same time, sell below the level of 0.9374 with the first target at 0.9155; also, it will call for a downtrend in order to continue its bearish movement towards 0.9072 in order to test the double bottom in the H4 chart.

Intraday Technical Levels:

  • Projected high: 0.9374
  • Breakout (buy stop): 0.9266
  • Current Pivot: 0.9202
  • Breakout (sell stop): 0.9143
  • Projected low: 0.9072
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CAD/JPY gets another opportunity to move in trend

This article represents an update of my previous CAD/JPY forecast which can be found here - https://www.instaforex.com/forex_analysis/61990/

CA/DJPY started to move higher in fact as was expected. Although, the pair faced resistance at R1 (100.95). An uptrend remains intact and could start to accelerate today.

The S1 (100.50) support has been rejected. Now, it appears to be a bullish H4 candle traded with a good volume. I would expect a strong bullish trend today and perhaps extended to the beginning of the next week.

Consider buying CAD/JPY between the current rate (100.70) and S1 (100.50), targeting at 0% Fibs area near 101.69 (R2). The key support is S3 (99.76) at the moment and only a break below that level could reverse the trend. Although, the stop loss could be considered just below a low of 100.3 hit on June 18.

Support: 100.50, 100.13, 99.76

Resistance: 100.95, 101.69

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USD/CAD pointing down today

USD/CAD has been trading downwards since 05.06 when it tested a high of 1.2561. After the pair moved down within the descending channel. On June 17, USD/CAD tested the upper trendline of the channel and it was rejected. At the same time, 200 Moving Average was also rejected.

Clearly, the pair is making lower lows and lower highs without any signs of further correction or reversal up. Currently, USD/CAD is rejecting R1 (1.2238) resistance, which is 76.4% Fibonacci level applied to a low hit on June 10 and a high hit on June 15.

Everything is pointing out on a downtrend continuation, even the RSI oscillator just crossed overbought area from above. Consider selling USD/CAD near R1 (1.2238), targeting at 161.8 Fibonacci retracement level, that is S2 (1.2103). A break above R2 could trigger a range trading, but the downtrend will remain intact.

Support: 1.2200, 1.2103

Resistance: 1.2238, 1.2261, 1.2279

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USDX technical analysis for June 19, 2015

The US Dollar Index bounced strongly upwards towards 94.50 after reaching as low as 93.56 despite reaching a new low below 94.50 yesterday. A trend remains bearish as the price is still below the red trend-line resistance and below the Ichimoku cloud.

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Red line- resistance

Green line - downward sloping trend line

TheUS Dollar Index is heading for lower lows and lower highs. The price is below resistance of 94.50-94.60 which was previous support. The price is bouncing towards the cloud and trend-line resistance, but I believe we are most probably going to see a rejection and a push towards new lows near 92.50.

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In the weekly chart, the price is testing the kijun-sen support. Important support is seen at 93.50 now. If it gets broken, I expect a deep correction at least towards 92.50. My most probable target is at 90 as this is also the 50% retracement.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for June 19, 2015

Gold price bounced strongly towards $1,205 yesterday after breaking out the short-term resistance at $1,190. As I mentioned yesterday, if gold managed to hold above $1,175 and if it broke $1,190, we could see a push towards $1,200-$1,205 where the 61.8% retracement resistance is found.

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Red line - support trend line

Gold price had broken above the cloud resistance area and bounced right off the red trend-line support. Gold price has reached the resistance of 61.8% Fibonacci retracement and there are increasing chances for a bearish reversal from this level.

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The weekly chart remains bearish as the price is still below the cloud and kijun-sen resistance. This week's candle is testing the tenkan-sen resistance indicator at $1,200-$1,205. This bounce I believe is a corrective bounce and price will soon reverse lower. I prefer short positions as important resistance is very close at $1,220-$1,230.

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Technical analysis of EUR/JPY for June 19, 2015

General overview for 19/06/2015 08:40 CET

The current wave progression looks clearly corrective so far. This is why the bias is still bearish. The key level to the downside is the intraday support at the level of 139.38, so any breakout lower will directly expose the supply breakthrough zone. If the pair does not hold this zone, technical support at 136.95 will be the next to test. Only a new higher above the level of 141.05 would invalidate this scenario.

Support/Resistance:

140.64 - Intraday Resistance

139.70 - WR1

139.38 - Intraday Support

137.97 - 138.31 - Supply Breakthrough Zone

Trading recommendations:

Daytraders should consider opening sell orders from the level of 139.35 (when intraday support level is violated), with SL above the level of 140.01 and TP at the level of 138.30.

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Technical analysis of USD/CAD for June 19, 2015

General overview for 19/06/2015 08:30 CET

The wave (v) green to the downside looks completed. The whole corrective structure labeled as the wave 2 blue might be finished in this case. To confirm this scenario, the market must break out above the intraday resistance at the level of 1.2268 and head for a weekly pivot again. Any failure at the resistance level would mean that lows of the wave (c) blue might be tested again.

Support/Resistance:

1.2128 - Intraday Support

1.2183 - WS1

1.2264 - Intraday Resistance

1.2326 - Weekly Pivot

Trading recommendations:

All sell orders should be closed with profit now and traders should wait for the market reaction at the level of 1.2268. Any breakout higher is the first bullish clue. So, only buy orders should be opened with SL below the level of 1.2200.

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Technical analysis of Gold for June 19, 2015

Technical outlook and chart setups:

Gold has rallied and taken out initial resistance around $1,205.00 as seen on the H4 chart. The metal is expected to push higher towards at least $1,211.00 and take out next resistance around $1,215.00. Bulls are likely to remain in control until prices remain above $1,171.00. It is therefore recommended to remain long and keep booking small profits at estimated short-term targets, risk remains at $1,150.00 levels. Immediate support is seen at $1,175.00/71.00 followed by $1,162.00, $1,143.00, and lower. Resistance is seen at $1,215.00 followed by $1,231.00 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 19, 2015

Technical outlook and chart setups:

Silver is trading at $16.15 levels for now after yesterday's pullback lower to $16.50. The metal has already bounced off from its trend-line support earlier and formed the bottom at $15.80. Bulls should remain in control until prices stay above at least $15.80. It is hence recommended to remain long for now and also look to add on intraday dips ahead of $15.80/90. Immediate support is seen at $15.80 (interim) followed by $15.60, $15.30 and lower while resistance is seen at $17.20 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 19, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around 139.70 at the moment after yesterday's pullback lower from 140.70. There is a possibility that the pair will drop lower in a corrective manner before rallying higher again. Bulls are poised to remain in control until prices stay above 138.00. It is hence recommended to book profits on long positions taken earlier and look to enter buying again ahead of 138.00. Immediate support is seen at 138.00 followed by 135.00, 133.00, and lower. Resistance is seen at 141.00 followed by 142.00 and higher respectively.

Trading recommendations:

Book profits on long positions and look to enter long again at lower levels.

Good luck!

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Technical analysis of GBP/CHF for June 19, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading around 1.4632, just shy of resistance 1.4700 as seen here. The pair looks to be overbought on the H4 chart and at least a correction should be due any moment. Bulls are poised to remain in control until prices stay above 1.4150. It is hence recommended to remain flat for now and look to buy at lower levels. Immediate support is seen at 1.4450/40, followed by 1.4250, 1.4150, and lower while resistance is seen at 1.4700 and higher respectively.

Trading recommendations:

Remain flat for now and look to buy lower.

Good luck!

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Daily analysis of major pairs for June 19, 2015

EUR/USD: EUR/USD bulls has kept chin up in spite of a bullish effort to pull down the price. The bias is bullish. It has been maintained throughout this week. Further buying pressure could push the price towards the resistance line at 1.1450.

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USD/CHF: After breaching the resistance level at 0.9250 to the downside, this pair broke another resistance level at 0.9200 reaching the support level at 0.9150. An upward bounce took place after the support level had been tested. That could prove if the price fails to break above the resistance level of 0.9350, bears would remain in control.

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GBP/USD: The GBP/JPY has been trending upwards strongly, breaking one distribution territory after the other. The price has gone upwards by 350 pips this week, and the next target is seen to be breached by bulls is the distribution territory of 1.5950. The distribution territory at 1.5900 has already been tested and it may be breached to the upside.

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USD/JPY: The USD/JPY pair made a breakout to the downside, which resulted in a sell signal on the market. A test of the demand level at 122.00 would result in a strong Bearish Confirmation Pattern in the chart, which is likely to boost further bearish movements.

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EUR/JPY: This is also a bullish market – the EMA 11 is above the EMA 56, and the RSI period 14 is above the level of 50. The price may go further north from here, unless there is a noteworthy weakness in EUR.

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Technical analysis of EUR/USD for June 19, 2015

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When the European market opens, economic data on ECOFIN Meetings, Current Account, and German PPI m/m is due. However, the US will not release any significant data. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1426.

Strong Resistance:1.1419.

Original Resistance: 1.1408.

Inner Sell Area: 1.1397.

Target Inner Area: 1.1370.

Inner Buy Area: 1.1343.

Original Support: 1.1332.

Strong Support: 1.1321.

Breakout SELL Level: 1.1314.

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 19, 2015

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In Asia, Japan will release the All Industries Activity m/m and Monetary Policy Statement including the BOJ Press Conference. The US is not wxpected to release any economic data today. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.52.

Resistance. 2: 123.28.

Resistance. 1: 123.04.

Support. 1: 123.75.

Support. 2: 122.51.

Support. 3: 122.27.

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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Elliott wave analysis of EUR/NZD for June 19 - 2015

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Technical summary:

We have seen a test of minor support at 1.6313 (the low has been 1.6316) and that should be enough for the next part of the rally higher to 1.6787 and even higher to 1.7154. That said we have entered an area of price-resistance, which can support further progress.

Ideally, the short-term support near 1.6313 will keep protecting the downside for a break above the channel resistance line near 1.6544 confirming the rally to 1.6787 and 1.7154. An unexpected break below 1.6313 will delay the expected upside, but only a break below 1.6194 will call for a more prolonged corrective consolidation before the next impulsive rally higher.

Trading recommendation:

We are long EUR from 1.5810 and will move our stop slightly higher to 1.6185. If you are not long EUR yet, buy near 1.6313 or upon a break above 1.6476 and use the same stop at 1.6185.

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Elliott wave analysis of EUR/JPY for June 19, 2015

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Technical summary:

We are still looking for upside acceleration through the resistance-line near 142.73 confirming a continuation higher to 144.03 as the next major upside target. In the long term, we are still looking for much higher levels and a new test of a high of 149.55 hit in December 2014.

In the short term, we will ideally see support at 139.36 - 139.46, which is likely to protect the downside for a break above a high of 141.04 in order to test the resistance-line near 142.73.

Trading recommendation:

We are long EUR from 138.10 and will keep our stop at 138.75. If you are not long EUR yet, buy EUR near 139.46 or upon a break above 140.66 and use the same stop at 138.75

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Technical analysis of EUR/CAD for June 19, 2015

After the FOMC dovish statement, the USD extend the selling pressure. The pair edged lower, made a double top at 1.2563. At yesterday's session, the pair rejected at 50Dsma and closed below 100Dema at 1.2240. But at the end of the day, the pair erased most of its losses. We advised selling on rallies. Initially, the pair formed a double top at 1.2563 falling to 1.2200 (360 pips). The pair made a double top at 1.2361 again and fell to 1.2128 (233 pips). In the daily and hourly charts, the pair has been making lower lows and lower highs.

The pair is trading below 200Msma at 1.2260. It has been trading below 20Wsma for 2 weeks at 1.2400. Bulls' last hope remains at 1.1970 and 1.1940 200Dsma and 200Dema respectively. The previous swing low is found at 1.1920. The support is found at 1.1900 (rounded). Until the price closes below 1.2400 on the downside, 2.000 and 1.1750 are expected in coming weeks. A daily close below 1.1900 is likely to push the pair towards 1.1750 and even lower.

Ahead of today's Canada CPI and retail sales data, CAD is trading lower against USD at today's Asian session 1.2228 compared to Thursday's closing price of 1.2223. We recommend selling below 1.2200 with intraday targets at 1.2150, 1.2130, 1.2100, and 1.2000. Intraday resistance is seen at 1.2250 and 1.2285. Use a rise to sell with sl 1.2320.USDCADH4.png

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Technical analysis of EUR/CAD for June 19, 2015

The cross faced strong selling pressure between 1.4010 and 1.4035 on a weekly basis. The cross has been trading in a range between 1.3700 and 1.4035. Either side will provide further room to trade at 1.4300 or 1.3400. The monthly support is found at 1.3800. The cross is trading at a 2-month high. We recommended buying with sl 1.3385. The pair made triple bottom at 1.3400 edging higher. After a strong rally, the pair corrected towards 100Dema facing resistance at 200Dsma. Today, ahead of Canada CPI and core retail sales data, CAD is trading lower against the euro.

The nearest resistance is seen at 1.3940 and 1.3955. Support is found at 1.3860 and 1.3820. The trend favours buying with sl 1.3700. Due to the absence of data from the eurozone, the trade depends on CAD data. In case data prints positive readings, we recommend to sell and vice versa.

Trade: Selling is available below 1.3860 with immediate targets at 1.3825 and 1.3800. Selling is likely to accelerate below 1.3800 with targets at 1.3740 and 1.3700.

Buying is available above 1.3960 with targets at 1.4000, 1.4030, and 1.4050. We expect the pair to reach 1.4160 and 1.4200 in the extreme case.

In case bulls manage to close above 1.4050, they will aim for 1.4200 and 1.4300 next week.

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Technical analysis of GBP/USD for June 19, 2015

The cable has been moving higher for 5 days. After the FOMC dovish statement, pound bulls hit a high of 1.5930.

The cable is approaching resistance zone between 1.5960 200Wema and 1.6040 100Wsma. In case of a daily close above 1.6050, bulls are likely to extend another 150 and 250 pips. The monthly resistance is seen at 1.5935 50Msma. We expect the pair to go through healthy correction before further move up. The strong support is found at the previous swing high of 1.5800, the previous swing lower high of 1.5700, and strong support base formed at 1.5440.

In the hourly chart, the pair made multiple tops at 1.5928. We advise traders to wait patiently to close above 1.5930. Today's closing will provide a weekly close. In this case, bulls will immediately aim for 1.6040, 1.6150, and 1.6300 in July. In case of a weekly close above 1.6050, bulls will aim for another 300 pips. Traders can keep an eye on today's close must be higher than 1.5930 and weekly above 1.6050.

For an intraday session, support is found at 1.5849 and 1.5800. Resistance is seen at 1.5930, 1.5960, and 1.6000. Bullish trade is available above 1.5930 with targets at 1.5945, 1.5980, and 1.6000. Bearish selling is expected below 1.5840 with targets at 1.5800. Selling is likely to accelerate below 1.5800 towards 1.5750 and 1.5720.

GBPUSDH4.png

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Technical analysis of EUR/USD for June 19, 2015

The euro edged higher after dovish FOMC statement. After the euro group's meeting, the euro is unable to sustain at the higher levels. The pair extends its gains in 3 consecutive days. The pair is approaching monthly resistance at 1.1467. The key trend-change level is seen at 1.1535. As of now, the pair managed to gain 2% this week.

The pair managed to close above 20Wsma found at 1.1060. In case of a daily close above 1.1470, bulls will aim at 1.1700, which we have been recommending the target for a while. In case of a monthly close above 1.1535, the strong bullish momentum ignites in the meantime. After the FOMC meeting, traders doubt September hike which is likely to hurt the USDX. The pair has been reaching higher lows and higher highs in the hourly and daily chart.

In the four-hour chart, the pair managed to breach the double top formation at 1.1380 hit a high at 1.1437. But bulls were unable to close above that double top formation. The nearest resistance is seen at 1.1467 and 1.1490. In any case, the pair is unlikely to breach 1.1490 this week. Intraday resistance is seen 1.1380, 1.1440, and 1.1490. If bulls are unable to close above 1.1380, the next week is likely to be on the downside for 2/3 days. Support is found at 1.1330, 1.1300, and 1.1270.

Trade: Selling below 1.1360 with targets at 1.1340/1.1330, 1.1300, and 1.1280. Safe selling is expected below 1.1330. The selling pressure will accelerate below 1.1270 towards 1.1210.

Buying is available above 1.1400 with targets at 1.1420, 1.1440, 1.1460, and 1.1490.

EURUSDH4.png

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Daily analysis of USDX for June 19, 2015

The USDX is still dominated by bears on the daily chart, because currently it is testing the support level of 93.75. Also, the Index could start to do a rebound at current levels, which could be extended above the resistance level of 94.66. Anyway, a breakout of a low around the level of 93.14 will open the door to test the 200 SMA.

USDXDaily.png

On the H1 chart, the sturcture remains untouched, because bears still present and the USDX is currently forming a bearish pattern in order to break the support level of 93.88. In case of success, it would be expected to fall until the 93.53 zone. The MACD indicator is reaching overbought levels, but the correction could extend a bit more.

USDXH1.png

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 19, 2015

On the daily chart, GBP/USD bulls are still stronger in this time frame, because it tested the resistance level of 1.5898 during yesterday's session. Today we could expect some sideways moves, because it's highly probable the pair could start to form a bullish pattern on the road. However, a breakout of that zone will push the GBP/USD pair to test the zone around 1.6036.

GBPUSDDaily.png

During Thursday's session, GBP/USD was rejected by the resistance level of 1.5927. Currently, the pair is trying to consolidate again above 1.5884. Anyway, the current structure is still calling for more upside, but the fact of the matter is that pair will do some deeper corrective moves in order to correct the recent rallies.

GBPUSDH1.png

Daily chart's resistance levels: 1.5898 / 1.6036

Daily chart's support levels: 1.5755 / 1.5543

H1 chart's resistance levels: 1.5884 / 1.5927

H1 chart's support levels: 1.5841 / 1.5789

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 1.5884, take profit is at 1.5927, and stop loss is at 1.5841.

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Technical analysis of USD/JPY for June 18, 2015

USDJPYM30.png

USD/JPY is expected to trade in a lower range. It is undermined by the negative dollar sentiment (ICE spot dollar index last 94.22 versus 94.95 early Wednesday) after the US Federal Reserve cut its economic growth outlook and hinted at a slow approach to raising interest rates. USD/JPY is also weighed by the lower shorter-dated US Treasury yields (2-year fell 3.7 bps to 0.653% Wednesday) and Japan's exports. But USD/JPY losses are tempered by the demand from the Japanese importers, the Bank of Japan's ultra-loose monetary policy, and reduced safe-haven appeal of the yen as global risk sentiment improves (VIX fear gauge eased 2.09% to 14.5; S&P 500 closed up 0.2% at 2,100.44 overnight) after the Fed's dovish statement.

Technical comment:

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

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 122.45. A break of that target will move the pair further downwards to 122.15. The pivot point stands at 123.35. 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 123.70 and the second target at 124.10.

Resistance levels: 123.70 124.10 124.35

Support levels: 122.45 122.15 121.75

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Technical analysis of USD/CHF for June 18, 2015

1434642687_USDCHFM30.png

USD/CHF is expected to consolidate with bearish bias after hitting the month low of 0.9194 on Wednesday amid the Swiss National Bank monetary policy decision. The SNB is likely to keep its deposit rate on hold. The regulator also reiterated that the franc remains overvalued and that the bank is ready to intervene. USD/CHF is weighed by the negative dollar sentiment and franc demand on the buoyant CHF/JPY cross and on the soft EUR/CHF cross. But USD/CHF losses are tempered by the negative Swiss interest rates and the threat of the Swiss National Bank to cary out CHF-selling intervention.

Technical comment:

The daily chart is negative-biased as the MACD is bearish, stochastics is reverting to bearish mode at oversold levels. Five- and 15-day moving averages are 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 0.9145. A break of that target will move the pair further downwards to 0.9105. The pivot point stands at 0.9230. 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 0.9265 and the second target at 0.93.

Resistance levels: 0.9265 0.93 0.9360

Support levels: 0.9145 0.9105 0.9065

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Technical analysis of NZD/USD for June 18, 2015

NZDUSDM30.png

NZD/USD is expected to consolidate with bearish bias after hitting almost the five-year low of 0.6874 on Wednesday. Kiwi sentiment is hurt by the weaker-than-expected New Zealand Q1 GDP growth of 0.2% on quarter (versus forecast +0.6%). NZD/USD is also weighed by the dovish Reserve Bank of New Zealand monetary policy stance, soft dairy prices, and kiwi sales on the buoyant AUD/NZD cross. But NZD/USD losses are tempered by the negative dollar sentiment and kiwi demand on the NZD/JPY cross amid reduced risk aversion.

Technical comment:

The daily chart is negative-biased as the MACD is bearish, stochastics stays suppressed at oversold levels. Five- and 15-day moving averages are 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 0.69. A break of that target will move the pair further downwards to 0.6845. The pivot point stands at 0.7. 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 0.7030 and the second target at 0.7080.

Resistance levels: 0.7030 0.7080 0.7130

Support levels: 0.69 0.6845 0.68

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Technical analysis of GBP/JPY for June 18, 2015

GBPJPYM30.png

GBP/JPY is expected to trade in a higher range. It is underpinned by the positive risk sentiment and demand from Japan's importers. But GBP/JPY gains are tempered by the Japanese exports and the fears that Greece might get into default due to its debts and exit the eurozone.

Technical comment:

The daily chart is mixed as the MACD is bearish, but stochastics is turning bullish.

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 196.10 and the second target at 197.10. In the alternative scenario, short positions are recommended with the first target at 193.20 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 192.60. The pivot point is at 194.40.

Resistance levels: 196.10 197.10 198

Support levels: 193.20 192.60 192

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