GBP/USD intraday technical levels and trading recommendations for June 23, 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, the resistance level at 1.5800 was temporarily breached by the strong bullish momentum. Hence, GBP/USD bulls pursued towards 100% Fibonacci Expansion located around 1.5900.

Risky traders could have taken a valid sell entry anywhere around 1.5900-1.5930. It's already running in profits now ( +150 pips).

Trading Recommendations:

Conservative traders should wait for pullback towards 1.5780 for a low-risk SELL entry. Initial T/P levels are located at 1.5780, 1.5700 and 1.5600 while S/L should be set above 1.5900.

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USD/CAD intraday technical levels and trading recommendations for June 23, 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 around 1.2400 has constituted solid intraday resistance for the USD/CAD pair.

However, the previous weekly candlestick closed at 1.2270 (reflecting market indecision). The USD/CAD pair needs a frank weekly closure below 1.2300 to ensure further bearish decline in the long term.

If the current weekly candlestick closes below 1.2200, the weekly uptrend is likely to get breached soon.

On the other hand, persistence above the price level of 1.2220 enhanced a bullish pullback towards 1.2330, as anticipated yesterday.

Hence, the current price zone (1.2300-1.2330) should be watched for significant price action. A valid SELL entry may be taken if enough bearish rejection is expressed.

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Intraday technical levels and trading recommendations for GBP/USD for June 23, 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.

This month, the market has been pushed above this weekly key zone 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 closure occurs 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 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. T/P levels should be set at 1.5700, 1.5650, and 1.5600 while S/L should be placed above 1.5900.

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Intraday technical levels and trading recommendations for EUR/USD for June 23, 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 is projected with a target at 0.9450.

However, a bullish corrective movement towards 1.1500 may be executed if May's monthly high (1.1465) gets breached as soon as possible (bulls have just failed to do so).

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After such a long bearish rally (which started around the levels of 1.1300), bullish rejection took place at 1.0570 (monthly demand level).

Multiple ascending bottoms were established around the levels of 1.0470, 1.0550, and 1.0850. These levels correspond to the daily uptrend depicted on the chart.

Further bullish pressure was observed until bearish rejection was applied around 1.1400 (Fibonacci Expansion 100% - near the depicted daily supply level).

Yesterday's closure below 1.1300 enabled quick bearish decline towards 1.1140 in the 4-hour chart. Further bearish decline towards 1.1050-1.1080 should be expected.

A price zone of 1.1030-1.1130 constitutes a significant demand zone on the daily chart. It should be watched for a short-term buy entry if early signs of bullish reversal are expressed.

On the other hand, the level of 1.1300 represents a newly established supply level. It should be watched for sell entries if bullish pullback occurs.

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Gold : analysis for June 23, 2015

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Overview:

Gold has been trading downwards. As we expected, the price tested the level of $1,178.05 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 was successfully held. Anyway, selling looks risky at this stage 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: 1,196.16

R2: 1,200.70

R3: 1,208.00

Support levels:

S1: 1,181.50

S2: 1,177.00

S3: 1,169.00

Trading recommendations:. Sellers are in control on the market. Be careful when buying gold.

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EUR/NZD : analysis for June 23, 2015

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Overview:

Recently, EUR/NZD is moving downwards. The price tested the level of 1.6361 in an average volume. In the daily time frame, we can observe a strong bearish bar in a volume below the average. Our strong trading range between the levels of 1.6515 and 1.6350 (support) was broken but the price created the bullish fake breakout (up-thrust). I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.6425, Fibonacci retracement 50% at 1.6375 and Fibonacci retracement 61.8% at 1.6325. The short-term trend is bearish but mid and long-term trends are bullish. Since we got the fake breakout of trading range in the background , selling looks very risky. Watch for potential selling opportunities if the price breaks the level of 1.6350 in a high volume.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6575

R2: 1.6615

R3: 1.6683

Support levels:

S1: 1.6435

S2: 1.6395

S3: 1.6325

Trading recommendations: Fake bullish breakout of our trading range in the background. Buying EUR/NZD looks very risky. Watch for potential selling opportunities below the price of 1.6350.

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Technical analysis of USD/CAD for June 23, 2015

General overview for 23/06/2015 13:40 CET

After breaking above the golden trendline the market is clearly in bullish cycle and the wave (iii) green is in progress right now. The immediate resistance comes with the level of 1.2360, but a higher breakout is being expected towards the level of 1.2382 and then even towards the level of 1.2478.

Support/Resistance:

1.2478 - WR2

1.2382 - WR1

1.2360 - Intraday Resistance

1.2295 - Intraday Support

Trading recommendations:

The buy orders advised yesterday should be still kept open as the price is approaching important levels. Please keep an eye on the price behavior when the level of 1.2360 is violated as any breakout higher will be considered bullish in the near term.

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Technical analysis of USD/CAD for June 23, 2015

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Overview:

  • Today will give its effect in the short term. Also, we should remember that history will probably repeat itself at this level again. Thus, according to the previous events, the USD/CAD pair is going to move between 1.2360 and 1.2424. In particular, the double bottom has set at the price of 1.2241 and the support is represented at the same level in H1 chart. Consequently, the trend may fails to close below the strong support at 1.2241. Thereupon, buy above the level of 1.2260 with the first target at 1.2370, then it will be continued towards 1.2424 in order to test this strong resistance.

Intraday technical levels:

Date: 23/06/2015

Pair: USD/CAD

  • Major resistance: 1.2424
  • Minor resistance: 1.2370
  • Pivot point: 1.2293
  • Minor support: 1.2241
  • Major support: 1.2165
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Technical analysis of EUR/JPY for June 23, 2015

General overview for 23/06/2015 13:30 CET

After making a very irregular triangle in wave X black, the market is developing last wave labeled as wave Y black to the downside. The usual important support is at the level of 137.98 and the most important area is the supply breakthrough zone between the levels of 137.98 and 138.27. If this zone is violated in impulsive fashion, the next support will be found at the level of 137.07, but the bias is still bearish for the rest of the week.

Support/Resistance:

136.95 - Technical Support

137.07 - WS2

137.98 - 138.28 - Supply Breakthrough Zone

138.50 - WS1

138.91 - Intraday Resistance

Trading recommendations:

Sell orders that we advised yesterday should be kept open as the price is approaching important levels. Please keep an eye on the price behavior inside the grey rectangle area, as any breakout lower will be considered bearish.

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Technical analysis of USD/CHF for June 23, 2015

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Overview:

  • The current pivot point set at 0.9290.
  • The USD/CHF pair broke major resistance at the level of 0.9224. New resistance was found at the level of 0.9393 (50% of Fibonacci retracement levels) and now it is approaching it in order to test it. Also, the level of 0.9224 has become strong support on June 23, 2015. So, the USD/CHF pair will be restricted by the levels of 0.9224 and 0.9393; for that we expect a range of 169 pips roughly this week. Therefore, it will probably start upward movement at this area and recover again. Thus, the market will indicate a bullish opportunity at the level of 0.9300 and it is likely to be a good sign to buy at this spot with the first target at 0.9300. It will continue moving towards 0.9393 to make a double top today. Moreover, we look for the weekly target around the strong resistance at 0.9393. At the same time, if a break of 0.9282 happens, it will be a good location a stop loss at the level of 0.9421.
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Technical analysis of USD/JPY for June 23, 2015

The pair made a double bottom at 122.48. Support is found at 122.35 200hrsma. At today's Asian session, the pair was moving higher towards 123.65. The nearest strong resistance is seen at 123.85. Until the support held at 122.48, bulls will aim for the previous high of 125.60 odds. Bulls close above 124.50 to head towards a new high. In the four-hour chart, ascending triangle formation can bee observed in case a break on the higher side makes a way toa new high this week. Wednesday's US GDP is expected to contract -0.2%, weaker than the earlier forecast which is a positive factor for the USDX. Japanese economic data is due on Friday. Bulls have enough time to breakout higher if today and tomorrow's GDP supports the economy. Today we expect the pair to hit a high somewhere between 123.75 and 123.85.

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Technical analysis of USD/CAD for June 23, 2015

Earlier, we had advised selling below 1.2200, but it did not happen. After the housing data, the USDX is showing good strength edging higher against most majors. The pair opened lower on a bullish note. This week, lack of economic data from Canada help the pair hold the support of 1.2200. Besides, today's US new home sales data widely accepted on the higher side. Wednesday's US GDP is likely to contract -0.2%. It did not meet the forecast, which is a positive factor for the USDX. These factors help the pairo move towards the resistance zone of 1.2370-1.2400. Big moves loom above 1.2400 towards 1.2440 initially and the previous double top 1.2560 later. On the down side, support is found at 1.2300 and 1.2260. Selling pressure accelerates below 1.2260 towards 1.2220 initially. The panic is likely to ignite below 1.2200.

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Technical analysis of USDX for June 23, 2015

US existing home sales helped the greenback get up from the lows. Existing home sales data rose 5.1% to a seasonally adjusted annually rate of 5.35million. The USDX headed towards higher lows and higher highs. At the Asian session, the index hit a higher high facing strong resistance at 94.65 h1200hrsma and 50hrsma in the four-hour chart. In case bulls take it off, they will aim for 94.75 and 95.10. Whereas, 94.75 is the another crucial resistance.

Ahead of today's US data release, the greenback is showing strength during the Asian session. Core durable good orders, flash manufacturing PMI, and new home sales data is due today. We expect another positive readings for durable good orders. At today's Asian session, the USDX is showing tremendous strength pushing down other currencies on its way. The kiwi is trading at a 5-year low.

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Technical analysis of GBP/USD for June 23, 2015

Owing to lack of UK macroeconomic data at yesterday's session, the US data determined the trend. The cable fell against USD after 10 bullish sessions.

US existing home sales bounced in May. The cable rejected at 50Msma at the previous week. The cable approached the strong supply zone between 1.5930 and 1.6040. In case of a daily close above 1.6050, bulls will gain another 150 and 250 pips. The monthly resistance is seen at 1.5935 50Msma. We said earlier: "We expect before further up move, the pair will go through healthy correction". The strong support is found at 1.5800, which is a previous swing high, 1.5700 (previous swing lower high), and strong support base at 1.5440.

Intraday: At the Asian session, the cable was trading at 1.5812 compared to 1.5824. The parallel support is found at 1.5806 (Thursday's low) and 1.5800 100Wema. In the H1 chart, the cable headed towards lower highs and lower lows. In the four-hour chart, the cable closed below the 20Dsma. The selling accelerates below 1.5800 towards 1.5780, 1.5760, and 1.5710/1.5700. The weekly 50Dsma is found at 1.5685. Intraday buying is available above 1.5860 with targets at 1.5890, 1.5910, and 1.5930/1.5950.

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Technical analysis of EUR/USD for June 23, 2015

The emergency Euro Summit failed to come to a final agreement between creditors. Now, everybody eyes Thursday's Eurogroup's meeting. The ECB raised the emergency liquidity assistance.

The pair rejected at the higher levels and closed -0.4% erasing its intraday gains Consumer confidence improved in the European Union. The ECFIN flash estimate of the consumer confidence indicator improved in the EU (+0.7 points to -3.3) and remained stable in the euro area (at -5.6) compared to May. Besides, US home sales data supported the greenback.

Technical analysis:

The pair has been consolidating at the highest level of the month, unable to pass the rough road. The pair has been facing strong resistance at 1.1380 on a daily closing basis for almost 3 weeks. Though the pair hit an intraday high of 1.1437, it was unable to close above that. The parallel resistance is seen at 1.1437, 1.1467, and 1.1535. Today it's another busy day bagged with major economic data on the euro and USD.

The support is found at 1.1290, 1.1225, and 1.1150. The intra-week resistance is seen at 1.1440, 1.1467, and 1.1490. The trend reversal looms above 1.1535.

Pros: In the he four-hour chart, the pair managed to breach the double top formation at 1.1380 hitting a high of 1.1437. But bulls were unable to close above that double top formation. 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.

Cons: In case bulls manage to close above 1.1540, they will target 1.1700 in a day or two. The support level at 1.1290 is acting as strong support. The trend favours buying on dips with sl 1.1050, support is found at 1.1150 and 1.1060.

Intraday: Intraday resistance is seen at 1.1360, 1.1420, and 1.1470. Support is found at 1.1310, 1.1285, and 1.1260. Intraday selling opportunity arises below 1.1285, selling accelerates below 1.1250 towards 1.1225, 1.1210, and 1.1150. Buying is available above 1.1360 with a target at 1.1380, 1.1400, and 1.1420; the level of 1.1450 is likely to be reached in the extreme case likely. The safe buying is available above 1.1380.

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USDX technical analysis for June 23, 2015

The US dollar showed signs of strength yesterday and early this morning but bulls need to be very cautious as we are approaching very important short-term resistance area. A trend remains bearish as the price is heading towards lower lows and lower highs.

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Green line - trend line resistance broken

Red line - horizontal resistance broken

The US Dollar Index managed to break above the short-term trendline resistance levels. This is a bullish sign. Support is at 94.40 and at 93.77 now. The price remains below the Ichimoku cloud that implies the trend remains bearish.

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As we can see in the weekly chart, the price is testing the broken kijun-sen (yellow line) indicator. The important support and low at 93.10 holds for now. However, the trend remains bearish with a high probability of a move lower towards 92.50 or even 90 where the 50% retracement is found.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for June 23, 2015

Gold price was rejected at 61.8% retracement as we expected and pushed back below $1,200. The short-term trend is bearish again while my longer-term view remains bearish expecting a break lower towards $1,000.

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Blue line - trend line support

Gold price is above the Ichimoku cloud and above the blue trendline resistance. These two provide support at $1,180-75. If this support gets broken, I would expect a push towards at least $1,160. Resistance is found at $1,189.

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Blue line - trend line support

The weekly chart remains bearish. With only one day of the week behind us, the weekly candle already has erased most of the recent gains by dollar bulls. Trend remains bearish as price is still below the kijun-sen and the Ichimoku cloud. Weekly resistance is at $1,220 and weekly support at $1,150. I remain bearish in the longe term.

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Daily analysis of major pairs for June 23, 2015

EUR/USD: In spite of the uncertainties about EUR/USD, a bullish outlook is still in play. It may not be difficult for the price to test the resistance line at 1.1450 (that resistance line could even be breached to the upside); plus the support line at 1.1250 should do a good job.

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USD/CHF: This is a bearish market and the recent price action has been volatile. The support level at 0.9150 is an obstacle to bears now, but once it is breached to the downside, the next target would be the support line at 0.9100. A failure to break the support line at 0.9150 could portend a beginning of the bull's hegemony.

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GBP/USD: There was a slight drop in the cable on Monday. However, the slight drop is far from invalidating the existing Bullish Confirmation Pattern in the chart. There is a distribution territory at 1.5950 and an accumulation territory at 1.5750.

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USD/JPY: USD/JPY went slightly upwards on Monday, though the market is weak. Unless the supply level at 124.50 is breached to the upside, this would be seen as an opportunity to sell. The demand levels at 122.50 and 122.00 could be breached to the downside with further selling pressure.

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EUR/JPY: Although the outlook is bullish, the condition is not stable. This week would determine whether the price would continue going up or down: depending largely on whatever happens to EUR. Right now, the market is slightly bullish.

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Technical analysis of EUR/USD for June 23, 2015

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When the European market opens, economic data on Italian Retail Sales m/m, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, abd French Flash Manufacturing PMI is due.The US will publish reports on the Richmond Manufacturing Index, New Home Sales, Flash Manufacturing PMI, HPI m/m, Durable Goods Orders m/m, and Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1400.

Strong Resistance:1.1393.

Original Resistance: 1.1382.

Inner Sell Area: 1.1371.

Target Inner Area: 1.1344.

Inner Buy Area: 1.1317.

Original Support: 1.1306.

Strong Support: 1.1295.

Breakout SELL Level: 1.1288.

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 23 - 2015

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Technical summary:

A new high was seen in line with expectations. The pair did not reach an ideal target at 1.6787 (the high came in at 1.6586), but more upside pressure is expected after a minor correction to 1.6316.

If, however, support at 1.6316 gets broken, a stronger downside pressure is expected which will take us lower to 1.6169 prior to a new rally.

Trading recommendation:

We are long EUR from 1.5810 with stop now at 1.6300. Consider buying EUR near 1.6316 with a close stop at 1.6300.

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Technical analysis of USD/JPY for June 23, 2015

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In Asia, Japan will release the Flash Manufacturing PMI. The US is expected to publish data on the Richmond Manufacturing Index, New Home Sales, Flash Manufacturing PMI, HPI m/m, Durable Goods Orders m/m, and Core Durable Goods Orders m/m . So, there is a strong probability taht USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.16.

Resistance. 2: 123.92.

Resistance. 1: 123.68.

Support. 1: 123.38.

Support. 2: 123.14.

Support. 3: 122.90.

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/JPY for June 23 - 2015

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Technical summary:

We saw a test of resistance at 140.67 yesterday, but it failed to break above. That could prolong the correction in blue wave ii and call for another downside test of 138.90 before a new attempt to break above resistance at 140.67.

Only an unexpected break below 137.94 will question the upside for now and call for a move lower to strong support at 136.94.

Trading recommendation:

We are long EUR from 138.10 with stop placed at 138.75. We still recommend buying EUR near 139.37 with a close stop at 138.75.

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Technical analysis of Gold for June 23, 2015

Technical outlook and chart setups:

Gold retraced lower towards $1,183.00 yesterday before pulling back higher. The metal is trading around $1,187.00 at the moment looking to rally towards fresh highs in the sessions to come. We expect the price to reach the level of $1,215.00 maximum and $1,225.00 subsequently. Bulls are poised to remain in control until prices stay above $1,171.00. It is hence recommended to hold long positions and also look to add further at current levels 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 $1,215.00 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 23, 2015

Technical outlook and chart setups:

Silver is trading above the level of $16.00 now, but needs to be pushed above $16.50 to accelerate. The metal has already bounced off the confluence of fibonacci 0.786 and trend-line supports. In is expected to rally further higher towards at least $17.20/30. A push above $16.50 would instill further confidence into the bullish setup and accelerate further. It is therefore recommended to remain long for now with risk around $15.30. Immediate support is seen at $15.80/90 (interim) followed by $15.60, $15.30, and lower, while resistance is seen at $17.20/30 (interim) followed by $17.70 and higher respectively.

Trading recommendations:

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

Good luck!

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Technical analysis of EUR/JPY for June 23, 2015

Technical outlook and chart setups:

The EUR/JPY pair is seen to be consolidating just below the 140.00 now after having bounced off the level at 138.00 (fibonacci 0.382 support) earlier. It is therefore recommended to remain long for now with risk below the level of 138.00. Immediate support is seen at 139.00 (interim) followed by 138.00, 135.00, 133.00, and lower. Resistance is seen at 141.00 followed by 142.00 and higher respectively. Bulls are expected to remain in control until prices stay above 138.00.

Trading recommendations:

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

Good luck!

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Technical analysis of GBP/CHF for June 23, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading in a consolidation range for several trading sessions as depicted here. The resistance line is passing through the level of 1.4600 followed by the level of 1.4700 respectively. Please note that the support zone is passing through 1.4350 now and a drop below 1.4500 is likely to take a pair lower through the support zone. It is recommended to trade in a range now until a clear breakout is seen on either side. One could remain short with risk just around 1.4700. Immediate support is seen at 1.4400 followed by 1.4300 and lower while resistance is seen at 1.4700 and higher respectively.

Trading recommendations:

Remain/initiate shorts with stop at 1.4730.

Good luck!

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

Daily analysis of USDX for June 23, 2015

The support zone of 93.75 remains very strong in the daily time frame. We have been expecting demand zone to be placed over there since several weeks ago. The USDX could test the resistance zone of 95.74 in coming days. The MACD indicator is still in negative territory.

USDXDaily.png

In the H1 chart, support level of 93.88 rejected the Index during the monday session and that's why we expect more corrective moves. Anyway, the resistance level of 94.33 is still strong and we cannot discard a possible pullback towards the level of 93.88 where a strong demand zone is located in the short term.

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 23, 2015

AAt the daily chart, GBP/USD did a pullback around the resistance level of 1.5898, which is now looking to do a corrective moves towards the support zone of 1.5755. Also, a breakout over there will make the GBP/USD pair to test the level of 1.5543, where the 200 SMA is located in this time frame. The MACD indicator is still in positive territory.

GBPUSDDaily.png

In the short term, GBP/USD has been trading sideways below the resistance zone of 1.5841. The pair is expected to turn lower for a bit, as it's approaching the 200 SMA on the H1 chart, which is below the current level. However, we're still expecting a rebound and test of new highs.

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: 1.5841 / 1.5884

H1 chart's support levels: 1.5789 / 1.5740

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.

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

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

gbpusda.png

Overview:

On March 2, a bearish breakout of the lower limit of the previous daily channel occurred enhancing the bearish side of the market.

Persistence below the zone between 1.4950 and 1.5000 indicated a further bearish decline towards 1.4700.

Shortly after, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom (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, the 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.

Risky 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.

Conservative traders should look for confirmation via a DAILY closure below 1.5780 to SELL the GBP/USD pair with the same T/P levels and S/L.

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

USD/CAD intraday technical levels and trading recommendations for June 22, 2015

cadweekly.pngcaddaily.png

Overview:

Since bulls pushed the price further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level, the market has looked quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in a formation of a Triple-top pattern.

Successive lower highs were reached within the depicted consolidation zone enhancing the bearish side of the market.

Support levels around 1.2350 and 1.2300 (79.6% Fibonacci level) were broken after providing significant support for several weeks on the daily and weekly charts.

Daily fixation below 1.2300 opened a way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend) for the USD/CAD pair. 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 around 1.2400 constitutes solid intraday resistance for the USD/CAD pair.

However, the previous weekly candlestick closed at 1.2270 (market indecision). We need frank weekly closure below 1.2300 to ensure further bearish decline in the long term.

If the current weekly candlestick closes below 1.2200, the weekly uptrend is likely to get breached soon.

Otherwise, persistence above 1.2220 enhances a bullish pullback towards 1.2330 and 1.2400.

Hence, the price zone of 1.2300-1.2330 should be watched at retesting for a valid SELL entry if enough bearish rejection is expressed on the short-term charts.

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