Intraday technical levels and trading recommendations for GBP/USD for June 22, 2015

gbpweekly.png

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.

1434982921_gbpdaily.png

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 bearish 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.

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%).

The current price zone (1.5800-1.5880) is likely to offer a valid sell entry if enough bearish momentum is expressed. S/L should be set as a daily closure above 1.5900.

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

Intraday technical levels and trading recommendations for EUR/USD for June 22, 2015

eurmonth.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 expected now if May's monthly high (1.1465) gets breached as soon as possible.

1434981804_eurdaily.pngeurh4.png

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.

The next resistance is located around 1.1550 (141.4% FE) if EUR/USD bulls push again above price zone of 1.1380-1.1400 (100% FE).

On the other hand, persistence below the level of 1.1400 brings the pair to the level of 1.1200 again.

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

Technical analysis of USD/JPY for June 22, 2015

USDJPYM30.png

USD/JPY is expected to consolidate with a bullish bias. It is undermined by lower US treasury yields (10-year fell 8.4 bps to 2.267% Friday) and Japan's exports. But USD/JPY downside is limited by demand from Japanese importers, ultra-loose Bank of Japan's monetary policy, and reduced safe-haven appeal of the yen amid speculation that new proposals from Greek officials expected to be accepted.

Technical comment:

The daily chart is still 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 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 123.70 and the second target at 124.10. In the alternative scenario, short positions are recommended with the first target at 122.45 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 122.15. The pivot point is at 122.80.

Resistance levels: 123.70 124.10 124.35

Support levels: 122.45 122.15 121.75

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

Technical analysis of USD/CHF for June 22, 2015

USDCHFM30.png

USD/CHF is expected to trade in a lower range. Undermined by franc demand 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 CHF-selling intervention.

Technical comment:

The daily chart is negative-biased as the MACD and stochastics are bearish, although the later is 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 0.9220. 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 0.9250 and the second target at 0.93.

Resistance levels: 0.9250 0.93 0.9360

Support levels: 0.9145 0.9105 0.9065

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

Gold : analysis for June 22, 2015

GOLDDaily22.png

GOLDH122.png

Overview:

Gold has been trading downwards. The price tested the level of $1,185.62 in an ultra-high volume (selling climax). In the daily time frame, we can observe a strong bearish bar. Our trading range between the levels of $1,205.00 and $1,198.00 was finally broken and that is the reason for downward movement. Fibonacci retracement 61.8% at $1,205.00 held successfully. Anyway, selling at this stage looks risky because we got major support around $1,168.88 - $1,162.00. The short-term trend is bearish. Watch for bearish opportunities if the price breaks major support.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,200.00

R2: 1,201.00

R3: 1,202.00

Support levels:

S1: 1,197.00

S2: 1,196.00

S3: 1,194.00

Trading recommendations: Our trading range between the levels of $1,205.00 and $1,198.00 was finally broken. Sellers are in control on the market.

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

Technical analysis of NZD/USD for June 22, 2015

NZDUSDM30.png

NZD/USD is expected to consolidate with a bearish bias. It is undermined by the dovish Reserve Bank of New Zealand monetary policy stance, lower dairy prices, kiwi sales on the buoyant AUD/NZD cross, and drop in the New Zealand Westpac McDermott Miller consumer confidence index to 113.0 in the Q2 from 117.4 in the Q1

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 although an inside-day-range pattern was completed on Friday.

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 0.6850. A break of that target will move the pair further downwards to 0.6820. The pivot point stands at 0.6930. 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 0.6965 and the second target at 0.6995.

Resistance levels: 0.6965 0.6995 0.7030

Support levels: 0.6850 0.6820 0.68

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

Technical analysis of GBP/JPY for June 22, 2015

GBPJPYM30.png

GBP/JPY is expected to consolidate with bullish bias. It is supported by the hopes that new proposals which Greek officials presents to creditors in Brussels will be accepted and on demand from Japanese importers. But GBP/JPY upside is limited by the Japan's exports.

Technical comment:

Daily chart is mixed as the MACD and stochastics are bearish but five-day moving average is meandering sideways.

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 195.85 and the second target at 196.50. 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: 195.85 196.50 197.10

Support levels: 193.20 192.60 192

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

EUR/NZD : analysis for June 22, 2015

EURNZDDaily22.png

EURNZDM1522.png

Overview:

Recently, EUR/NZD is moving upwards. The price tested the level of 1.6517 in an average volume. In the daily time frame, we can observe a bullish bar in a volume below the average. I found a trading range between the levels of 1.6515 and 1.6350 (support). I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.6380, Fibonacci retracement 50% at 1.6340 and Fibonacci retracement 61.8% at 1.6300. The short-term trend is bullish. I am waiting for a clear price action and strong breakout of the trading range to confirm its further direction.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6460

R2: 1.6490

R3: 1.6535

Support levels:

S1: 1.6375

S2: 1.6345

S3: 1.6300

Trading recommendations: We can observe sideways market around the level of 1.6480. Wait for a clear breakout of the trading range in a high volume to confirm further direction. The short-term trend is bullish.

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

Technical analysis of EUR/USD for June 22-26, 2015

1434968690_EURUSDH1.png

Trading recommendations:

  • According to the previous events, the EUR/USD pair will move between the levels of 1.1436 and 1.1300. The weekly pivot point sets at 1.2325; for that the price of 1.2325 will act as a minor support in the H1 chart. Thus, buy above the level of 1.2325 which represents the minor support with the first target at 1.1383, then the trend will be able to continue toward the level of 1.1438 in order to test the double top. The stop loss should be set at 1.1283.

The weekly technical analysis of EUR/USD pair:

1434969532_eurusd_pp.png

Observations:

  • If the trend is of an upside character, the strength of the currency will be defined as following: EUR is in an uptrend and USD is in a downtrend.
  • We expect a range of 93 pips in coming hours.
  • The double top will set at 1.1436; and the weekly resistance has placed at the same price.

Preview:

  • R3 and S3 are lear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well on the sideways markets as prices are most likely to be located between the R1 and S1. Within a strong trend, the price is expected to be lower than the pivot point and continue moving. If the breaking news released influemce the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/USD for June 22-26, 2015

The weekly technical analysis of GBP/USD pair:

gbpusd_pp.png

Overview:

  • The GBP/USD pair has been moving in an uptrend since last week rising form the level of 1.5834. Also, it should be noticed that the GBP/USD pair opened above the weekly pivot point (1.5766). Additionally, a double top sets at 1.5929. Therefore, the market will probably indicate a bullish opportunity at the level of 1.5834 in the long term. According to the previous events, the price is going to move between the levels of 1.5834 and 1.5929. In consequence, buy above the weekly pivot point with the first target at 1.5929 in order to test the double top. Moreover, if the trend is able to break the level of 1.5929, it will continue straightly towards the first resistance at 1.6027. Hence, the level of 1.6027 represents a strong resistance in the H1 chart. The area below 1.6027 (the weekly resistance 1) looks for further downside with the first target at 1.5920 and continues towards 1.5777 with a view to test the weekly pivot point in the same time frame.
1434969058_GBPUSDH1.png
The material has been provided by InstaForex Company - www.instaforex.com

AUD/CHF aiming for lower low

Following my previous AUD/CHF analysis, the pair still should move lower. The rate continued declining without printing new highs.

While S1 (0.7171) has been broken, it might act as a resistance now offering a good selling opportunity. Consider selling AUD/CHF anywhere between the current level (0.7150) and S1, which is now the nearest resistance (0.7171). Only daily close above S1 (0.7171) could change the direction of the trend.

Support: 0.7076, 0.7042

Resistance: 0.7171, 0.7229, 0.7277

audchf-h4-instaforex-group-2.png

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

Technical analysis of GBP/USD for June 22, 2015

The cable changed its direction supported by 20Wsma moving towards 1.6000 another 500 pips higher later. After the FOMC's dovish comments, the cable extended its rally managing to close above 200Wsma. The parallel resistance is seen at 1.5930 50Msma and 1.5950 200Wema.

Owing to lack of major economic data from the UK, the market depends on US data. Today, traders eye US existing home sales data. Negative readings may help cable bulls to make 1.5930 and 1.5960. Bulls must close above 1.5950 to paint the fresh bullish head room.

The weekly resistance seems at 1.5950 and 1.6050. The support finds at 1.5800 and 1.5690. The cable is heading towards higher highs and higher lows. Traders can remind our positional buying advise to trade at sl 1.5170 with targets at 1.5400 and 1.5700. It extended to 1.6000 Later.

For an intraday session, the cable favours buying above 1.5900 with targets at 1.5915, 1.5930, and 1.5950. In the extreme case, bulls will aim for 1.6000 and 1.6030. The cable is trading near the major resistance zone. On the down side, selling is available below 1.5830 with targets at 1.5810 and 1.5780. The selling accelerates below 1.5770 towards 1.5670 and 1.5650.

1434945575_GBPUSDDaily.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

Technical analysis of USD/CAD for June 22, 2015

The pair extended losses for the second straight week. The monthly gains turned into losses. Today, ahead of the US home sales data, the yen is trading higher during the Asian session. The pair is trading below 20 DSMA after a month. Traders can remember our earlier alert at 125.50 when it was recommended selling with targets at 122.50.

The pair has been taking multiple support at 122.45 200 EMA. Bulls' last hope remains at 122.25. On the four-hour chart, the pair started forming lower high. But the lower lows are not found yet. Until the pair closes below 124.00, bears are at 121.50 or 121.00. Bulls must close above 124.00 as soon as they can to erase the sub-lows at 122.00. In case the US produces positive readings, bulls are likely to aim at 123.30 and 123.60. The pair is forming a descending triangle. A daily closure below 122.25 leads to accelerated selling.

USDJPYH4.png

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

Technical analysis of USDX and USD/CAD for June 22, 2015

The USDX still experience pressure after the FOMC meeting. The pair is moving towards lower highs and lower lows. The intraday support is found at 93.90 and 93.50. We have been recommending selling at 92.50 and 92.00. Data on US home sales, durable goods orders, and final GDP is due today. Traders eye existing home sales data. The European summit is another event to watch during today's session. Economists expect the US housing market to expand at a slow pace. The improvement in the labor market will support the housing market in coming months.

USD/CAD

After the Canada CPI data release, CAD is trading lower against USD at Friday's session. Besides, after the FOMC's dovish statement, the USDX has been extending its selling pressure. At Friday's session the pair managed to close above 50Dsma. The pair made a double top at 1.2563 and fell to 1.2200 (360 pips). The pair made a double top at 1.2361 and fell to 1.2128 (233 pips). The pair closed and was trading below 20Wsma (1.2400) for 2 consecutive weeks. Until the price closes below 1.2410, selling on rises is preferable.

In the hourly chart, the pair made higher low formation after 2 weeks. The support is found at 1.2240 and 1.2214 rounded to 1.2200. We recommend selling below 1.2200 with intraday targets at 1.2150, 1.2130, 1.2100, and 1.2000. In case US home sales data delivered positive readings, the pair will to aim for 1.2340/1.2350, in the extreme case it can move towards 1.2380 or 1.2400. In this case, we recommend buying above 1.2300.

USDCADH4.png

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

Gold technical analysis for June 22, 2015

Gold price has reached the 61.8% Fibonnaci retracement as expected and paused its developement. This level is an important resistance level and it is very probable to see trend reversal to the downside from this level.

goldh4.jpg

Blue line - trend line support

Gold price is trading above the Ichimoku cloud in the 4-hour chart and above the blue trend-line support. Short-term support is found at $1,180 while short-term resistance is at $1,206 where the 61.8% Fibonacci retracement is found. I believe it is more probable to see trend reversal to the downside than a continuation of this uptrend.

goldd.jpg

Blue line - trend line support

The weekly chart remains bearish even if the price managed to close above the tenkan-sen last week. The trend remains bearish as the price is trading below the Ichimoku cloud and below the kijun-sen. Critical support for bulls is at the level of $1,130. I remain bearish expecting a breakout below $1,130 and a push towards $1,000.

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

USDX technical analysis for June 22, 2015

The US Dollar Index remains below the resistance trendline and the Ichimoku cloud confirming that at least the short-term trend remains bearish. The price got rejected at the trend-line resistance. Now it is testing important lows of the previous week again.

usdx.jpg

Green line - trend line resistance

Red line - previous support now resistance

The US Dollar Index is below the Ichimoku cloud and below two resistance trendlines. Last Friday, we saw a bounce towards the resistance line at 94.50 by the kijun-sen. As long as the price is below the green trendline, the short-term trend will remain bearish. Support is found at 93.50. If it gets broken, I would expect acceleration downwards 92.50.

usdxd.jpg

The weekly chart remains bearish as last week's candle closed below the kijun-sen (yellow line) indicator. Next important support is seen at 93.10. Breaking below that level will push the Index towards 92.75-92.50 at least with most probable target around 90 where the 50% retracement and the cloud support is found.

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

Technical analysis of Gold for June 22, 2015

Technical outlook and chart setups:

Gold is trading around $1,197.00/98.00 now after having pulled back from $1,205.00. The metal is expected to rally up to at least $1,211.00/15.00 from here and head towards $1,225.00 subsequently. Bulls are poised to remain in control until prices stay above $1,171.00. It is hence recommended to remain long for now with risk at the level of $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 the level of $1,215.00 followed by $1,225.00 and higher respectively.

Trading recommendations:

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

Good luck!

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

Technical analysis of Silver for June 22, 2015

Technical outlook and chart setups:

Silver is holding above $16.00 now. The metal tested recent lows at $15.90 last week before pulling back higher again. Please also note that the metal remains in the buy zone of its support trendline and holds the fibonacci 0.786 support around the level of $16.00. It is hence recommended to remain long with risk at $15.30 and to add on intraday dips as well. Immediate support is seen at the level of $15.90 followed by $15.60, $15.30, and lower. Resistance is seen at $17.20/30 and higher respectively.

Trading recommendations:

Remain long for now, 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 22, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading at 139.80 now after having hit a higher low at 139.00 last week. The pair could call for a push above 141.00 and bulls should remain in control until prices stay above 138.00. Please note that 138.00 is also the fibonacci 0.382 support of the rally between 133.00 and 141.00. It is therefore recommended to remain long for now, with risk below 138.00. Immediate support is seen at the level of 139.00 (interim) followed by 138.00, 135.00, and lower while resistance is seen at the level of 141.00 followed by 142.00 and higher respectively.

Trading recommendations:

Remain long for now, stop is at 137.80, a target is open.

Good luck!

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

Technical analysis of GBP/CHF for June 22, 2015

Technical outlook and chart setups:

The GBP/CHF pair dropped to 1.4500 as seen here, before puling back higher again. Please note that the pair has formed a morning star candlestick pattern indicating a potential reversal on the higher side. Also, bulls are expected to remain in control until prices stay above 1.4150. It is hence recommended to remain long for now and add further on dips as well. The pair should be able to push through the level of 1.4700 in coming sessions. Immediate support is seen at 1.4500 (interim) followed by 1.4400, 1.4150, and lower. Resistance is seen at the level of 1.4700 respectively.

Trading recommendations:

Remain long for now, stop is at 1.4400, a target is open.

Good luck!

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

Technical analysis of EUR/JPY for June 22, 2015

General overview for 22/06/2015 6:30 CET

The price is still trading inside of the neutral zone between the levels of 137.99 and 140.65 as the complex corrective cycle is unfolding. Any breakout above the intraday resistance at the level of 140.65 will be considered bullish and the main count will be invalidated. On the other hand, to continue with the current main count, the market must break below the intraday support at the level of 138.93 and head into the supply breakthrough zone agaim.

Support/Resistance:

141.05 - Swing High

140.00 - WR1

140.65 - Intraday Resistance

139.57 - Weekly Pivot

138.93 - Intraday Support

138.50 - WS1

137.98 - 138.28 - Supply Breakthrough Zone

Trading recommendations:

Daytraders should consider opening sell orders from current levels with SL above the level of 140.66 and TP at the level of 138.93 with a possible extension upwards to the level of 138.00 later in the day.

eurjpy_h1.jpg

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

Technical analysis of USD/CAD for June 22, 2015

General overview for 22/06/2015 6:10 CET

The golden trendline is acting as a dynamic resistance now and any breakout higher above the intraday resistance at the level of 1.2295 is the first sign of a bullish trend continuation to the upside. On the other hand, please notice that any violation of the intraday support at the level of 1.2248 might lead even to the recent local swing low test at the level of 1.2128. Nevertheless, the bias is still bullish as there is unfinished impulsive wave progression to the upside.

Support/Resistance:

1.2128 - Swing Low

1.2150 - WS1

1.2248 - Intraday Support

1.2253 - Weekly Pivot

1.2295 - Intraday Resistance

1.2382 - WR1

Trading recommendations:

Daytraders should consider opening buy orders from current price levels with SL below the level of 1.2248 and TP at the level of 1.2253 with a possible extension upwards to the level of 1.2382 later in the day.

usdcad_h1.jpg

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

Technical analysis of EUR/USD for June 22, 2015

The euro closed gaining 1.3% against USD, 1.8% against NZD, 0.3% against CAD, 0.1% against AUD, and 0.2% against JPY. After the RBNZ's decision to cut its rate and the FOMC meeting, the euro edged higher. The single European currency was muted against the commodity currencies like CAD and AUD.

We expect big changes in Greece this week. As we know, Greece has not made a deal on paper yet. The emergency Eurogroup meeting takes place on Monday. Today's meeting is seen to be Greece's last chance to make a deal with its creditors. The next payment to the IMF is due on June 30.

Weekly upcoming events: The week started with major event at the European summit. Readings for European, French, and German flash manufacturing and services PMI are due. The German Ifo business climate index will be released on Wednesday. Thursday is a day when data on German consumer climate is expected to be published. Money supply data is due on Friday.

Technical view:

EUR/USD- The pair is approaching a month high of 1.1467 and 1.1535. The pair managed to close above 20Wsma for the third consecutive week. Today, the US existing home sales data is due. The negative readings may help euro bulls to reach the level of 1.1440 initially and 1.1530 later. If the European summit has a positive impact on the Greek situation, we expect the levels of 1.1600 and 1.1660 to be reached in a day or two.

Pros: In the four-hour chart, the pair managed to breach the double top formation 1.1380 hit a high of 1.1437. But bulls were unable to close above that double top. The nearest resistance is seen at 1.1440 and 1.1490. In case bulls are unable to close above 1.1535, bears will re-test 1.1200, 1.1100, and 1.1060 this week.

Intraday: Intraday buying is available above 1.1380 with targets at 1.1400, 1.1420, 1.1440, 1.1460, 1.1500, and 1.1520. Support is found at 1.1358, 1.1310, and 1.1290. Selling is available below 1.1280 with targets at 1.1240 and 1.1200. The selling pressure accelerates below 1.1190 towards 1.1150 and 1.1100. Bulls' last hope lies at 1.1060/1.1050.

1434945392_EURUSDDaily.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

Technical analysis of EUR/JPY for June 22, 2015

The cross has been making multiple tops on the level of 141.04 (61.8 fib level) in the weekly chart. In may be a weekly triple top. The parallel weekly resistance is seen at 141.22. Until the cross closes above 141.25, the near term is likely to be cap. In case bulls manage to take off the cap, big moves will loom above 141.25 towards 144.00 and 145.50 in the near term. On the down side, bulls are likely to find strong support at 137.50 and 137.30. At the end of this month, bulls are expected to close above 138.70. The cross gave a break by inverse head and shoulder pattern at 136.70. Until the pair closes below 141.25, bears are expected to re-test 137.70, 137.00, and 136.00.

Intraday: The support found at 139.40 and 139.20. Resistance is seen at 139.65, 140.10, and 140.65. Risky buying is available above 139.70 with targets at 140.00 and 140.50; safe buying is available above 140.00. Selling is expected below 139.20 with targets at 138.95, 138.80, and 138.50. The cross has been heading lower highs and lower low. The cross has fell below a month ascending support trendline and closed below that.

1434945481_GBPUSDDaily.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

Elliott wave analysis of EUR/NZD for June 22, 2015

2015-06-22-EURNZD-4H.png

Technical summary:

We are still looking for more upside pressure towards 1.6787 and expect minor resistance at 1.6513 to be broken soon for the next rally towards 1.6787. That said we are looking for even more upside pressure towards 1.7154 and the next major upside target in the longer term.

Now, support is found at 1.6374 and at 1.6313 again. The later should not be broken.

Trading recommendation:

We are long EUR from 1.5810 with stop at 161.85. Stop would be moved higher to 1.6300 once minor resistance at 1.6513 gets broken. If you are not long EUR yet, the buy EUR near 1.6425 or upon a break above 1.6513 and use the same stops.

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

Elliott wave analysis of EUR/JPY for June 22, 2015

2015-06-22-EURJPY-4H.png

Technical summary:

We are still looking for more upside pressure and do expect that the rally in blue wave iii will accelerate higher towards at least 145.93 and possibly even 150.87 if blue wave iii really takes off. A breakout above the minor resistance at 140.67 is likely to confirm that blue wave iii is well under way.

Support is found at 139.37 and at 138.90 again.

Trading recommendation:

We are long EUR from 138.10 with stop place at 138.75. If you are not long EUR yet, then buy near 139.37 or upon a break above 139.98 and use the same stop at 138.75.

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

Technical analysis of EUR/USD for June 22, 2015

!EURUSD.jpg

When the European market opens, some economic data on Consumer Confidence, Eurogroup Meetings, and Euro Summit is due. The US will release data about Existing Home Sales. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1415.

Strong Resistance:1.1408.

Original Resistance: 1.1397.

Inner Sell Area: 1.1386.

Target Inner Area: 1.1359.

Inner Buy Area: 1.1332.

Original Support: 1.1321.

Strong Support: 1.1310.

Breakout SELL Level: 1.1303.

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 22, 2015

!USDJPY.jpg

In Asia, Japan will release the BOJ Monthly Report and the US is expected to publish some economic data on Existing Home Sales . So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.27.

Resistance. 2: 123.03.

Resistance. 1: 122.79.

Support. 1: 122.49.

Support. 2: 122.25.

Support. 3: 122.01.

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

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

Daily analysis of USDX for June 22, 2015

On the daily chart, tho USDX is currently finding a bottom around the level of 93.75. This zone will be the key one for the trend's development during this week, because the Index is trying to ride the overall bullish bias again, as it's currently trading above the 200 SMA on this time frame. Also, there is no signs of immediate downside acceleration yet.

USDXDaily.png

The current intraday structure is still showing a very bearish trend, because the USDX is trading below the 200 SMA on the H1 chart and the MACD indicator is still at the negative territory. During the last session, the USDX found strong resistance around the level of 94.33. If the USDX does a breakout at 93.88, it would be expected to fall until the zone around 93.53.

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 US Dollar 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.

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

Daily analysis of GBP/USD for June 22, 2015

GBP/USD is still finding strong resistance around the level of 1.5898 in the daily chart, where we expect a higher high pattern formation in order to do rallies towards the next high at the level of 1.6036.

GBPUSDDaily.png

On the H1 chart, GBP/USD is still trading sideways, but the bullish bias remains intact. Also, be aware of the support level of 1.5841, because it's currently bringing strong bottom to the current price action of this pair. The 200 SMA in the current time frame is still bullish and the MACD indicator is turning to negative territory.

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.

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

Daily analysis of major pairs for June 22, 2015

EUR/USD: This pair remains in a bullish trend for the bulls were able to keep the price upwards in spite of the bears' efforts to push it down. Possible targets are seen at the resistance lines of 1.1450 and 1.1500 for this week. Support lines are seen at 1.1250 and 1.1200.

1.png

USD/CHF: This is a bearish market. The selling pressure which we observed last week enabled the recalcitrant resistance level at 0.9250 to be breached to the downside (including another resistance level at 0.9200). The support level at 0.9150 has also been tested and it could be tested again. It could even be breached to the downside. As long as the price is unable to go above the resistance level of 0.9350, the bearish outlook would remain intact.

2.png

GBP/USD: The GBP/USD pair moved upwards nicely last week – a movement of 350 pips. Since June 8, 2015, the price has moved upwards by 650 pips. The distribution territory at 1.5900 is being threatened now and it could be slashed to the upside, as bulls target at another distribution territory at 1.5950. However, the pair could reverse massively before the end of this week or this month.

3.png

USD/JPY: Following some protracted consolidation that first happened last week, there was a false bullish breakout in the market, which happened briefly before the bears pushed down the price. There may be further downward movemenst this week.

4.png

EUR/JPY: Although the outlook is bullish here, the price condition is not stable. This week would determine whether the price would continue going upwards or whether it would go downwards: depending largely on whatever happens to EUR.

5.png

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