USD/CAD intraday technical levels and trading recommendations for June 24, 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 looks 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, previous weekly candlestick closed at 1.2270 (reflecting lack of bearish momentum). The USD/CAD pair needs a weekly closure below 1.2300 to ensure its further bearish decline in the long term.

However, persistence above the level of 1.2220 enhanced a bullish pullback towards 1.2400 (depicted on the chart).

Hence, price action should be watched carefully as a valid sell entry may be offered if enough bearish rejection is expressed on the short-term charts.

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Intraday technical levels and trading recommendations for EUR/USD for June 24, 2015

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The market was pushed lower after breaking below 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 month 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 first (bulls have tried recently, but they failed).

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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 corresponded to the daily uptrend depicted on the chart.

Further bullish pressure was observed until bearish rejection was applied around 1.1400 (Fibonacci Expansion 100% on the H4 chart - near the depicted daily supply level).

A recent closure below 1.1300 caused a quick bearish decline towards 1.1140 in the 4-hour chart. A bearish decline towards 1.1050-1.1080 should be expected.

Note that the depicted price zone of 1.1030-1.1130 (highlighted in Blue) constitutes a significant demand zone on the daily chart. It should provide solid bullish support for the pair.

On the other hand, the level of 1.1300 represents a newly established supply level (neckline of the double-top pattern). It should be watched for sell entries in case a bullish pullback occurs.

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EUR/NZD : analysis for June 24, 2015

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Overview:

Recently, EUR/NZD is moving downwards. As we expected, the price tested the level of 1.6241 in a high volume but with weak price action. In the daily time frame, we can observe a neutral bar (doji), which is a sign of the sideways market. Our strong trading range between the levels of 1.6515 and 1.6350 (support) was broken but with a very weak price action. The short-term trend is neutral, but the mid-term trend is bullish. According to the H1 time frame, we can observe a bearish bar in an ultra-high volume (selling climax) but with very weak price action, which is a sign that we may expect bullish direction. Anyway, I am waiting for larger activity on the market and stronger price actions to confirm the further direction.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6460

R2: 1.6520

R3: 1.6610

Support levels:

S1: 1.6275

S2: 1.6215

S3: 1.6123

Trading recommendations: Selling climax according to the H1 time frame. Selling looks risky because of weak supply around the level of 1.6255.

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Intraday technical levels and trading recommendations for GBP/USD for June 24, 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 the area around 1.5900 (100% Fibonacci Expansion).

It should act as prominent supply for the GBP/USD pair. It may enhance a bearish pullback towards 1.5550 proving 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 above 1.4970-1.5000 (through a long-term bullish reversal pattern) took place.

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 the evident bearish pressure was applied.

A bearish breakout of 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 towards 1.5780 (61.8% Fibonacci level) and 1.5880 (FE 100%) is currently taking place.

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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Gold : analysis for June 24, 2015

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Overview:

Gold has been trading downwards. As we expected, the price tested the level of $1,170.18 in an ultra-high volume (selling climax). In the daily time frame, we can observe a bearish bar in a volume below the average. Our trading range between the levels of $1,205.00 and $1,198.00 was finally broken and caused a downward movement. Anyway, selling looks risky at this stage because we got major support around $1,168.88 - $1,162.00. According to the M30 time frame, we can observe a selling climax bar (ultra high volume bar) on our support level. Bullish correction is still possible. I had placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the level of $1,183.00, Fibonacci retracement 50% at $1,188.00, and Fibonacci retracement 61.8% at %1,192.00. The short-term trend is bearish. Watch for selling opportunities if the price breaks major support.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,185.00

R2: 1,187.50

R3: 1,192.00

Support levels:

S1: 1,175.40

S2: 1,172.50

S3: 1,168.00

Trading recommendations:. Sellers are in control on the market. Be careful when buying gold. Watch for potential selling opportunities below the level of $1,163.00.

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Technical analysis of EUR/JPY for June 24, 2015

General overview for 24/06/2015 12:30 CET

hree impulsive waves might be observed on the hourly chart, followed by corrective wave four to the upside. Currently, there is one more wave down needed to complete an impulsive wave progression to the downside. Please notice the most important area is supply breakthrough zone between the levels of 138.29 and 137.98. Any breakout below this zone will trigger even sharper decline towards the weekly support pivot at the level of 137.07 (min).

Support/Resistance:

137.07 - WS2

137.98 - 138.29 - Supply Breakthrough Zone

138.19 - Intraday Support

138.50 - WS1

139.25 - Intraday Resistance

Trading recommendations:

The sell orders advised since Monday should be still kept open and traders should keep an eye on grey rectangle area for any possible break out lower.

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Technical analysis of USD/CAD for June 24, 2015

General overview for 24/06/2015 12:10 CET

After reaching yesterday's target at 1.2382, the market sharply declined and is not trying to bounce from 61%Fibo level of the previous wave up (wave i? black). The current labeling indicates an impulsive wave progression to the upside and as long as the level of 1.2216 ( wave -ii-? black low) is not violated, the impulsive count is valid. In any case, the next possible scenario indicates a more complex and time-consuming corrective cycle in big wave B blue. Nevertheless, the bias is still bullish as long as the level of 1.2216 is not violated.

Support/Resistance:

1.2384 - WR1

1.2319 - Intraday Resistance

1.2275 - Intraday Support

1.2258 - Weekly Pivot

1.2216 - Invalidation Level

Trading recommendations:

Daytraders should consider opening buy orders from current price levels with SL below the level of 1.2216 and TP at the level of 1.2382 with possible upward extension.

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Technical analysis of AUD/USD for June 24, 2015

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Overview:

  • The resistance is seen at 0.7794 and support is found at 0.7701. So, according to the previous events, the AUD/USD pair is going to move between the resistance and support (0.7794 and 0.7701). As a rule, history will probably repeat at this level again. Therefore, we expect a range about 93 pips on June 24, 2014. If the trend fails to close below the level of 0.7696, it will be a good opportunity to buy above 0.7700 with the first target at 0.7742. Then, it will move straight towards 0.7785. The stop loss should always be taken into account because it should never exceed your maximum exposure amounts. As a result, the level of 0.7668 is the best location to set your stop loss .

Notes:

  • The 38.2% Fibonacci retracement level is at 0.7696. Moreover, The support is seen at 0.7696.
  • The resistanceis seen at 0.7794.
  • The Volatility: 142.75. As a rule, the market is highly volatile if the previous day had a huge volatility.

Intraday technical levels:

  • R2: 0.7794
  • R1: 0.7691
  • PP: 0.7595
  • S1: 0.7645
  • S2: 0.7696
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Technical analysis of NZD/USD for June 24, 2015

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Overview:

  • Due to the previous events, the price of NZD/USD pair is still between the levels of 0.6949 and 0.6814.
  • In the short term, the resistance will be formed at the level of 0.6950 providing a clear signal for sell deals with a target at 0.6814 in order to to test the double bottom.
  • The support is likely to be found at the level of 0.6800 providing a clear signal for buy deals with a target at 0.8682. The level of 0.6898 is coinciding with a ratio of 23.6%. If the market manages to break the first minor resistance at 0.6898, it will continue towards the second target at 0.6950.

Notes:

  • A daily pivot point will set at the level of 0.6898.
  • We expect a range of 79 pips. Hence, the risk of 79 pips must make a profit of 118 pips.
  • The key level is seen at 0.6950 today.
  • The double bottom will be formed at 0.6814.
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Technical analysis of EUR/CAD for june 24, 2015

Lack of economic data from Canada makes the cross mostly depends on the single European currency. The Greece saga affected the price at yesterday's session. The cross managed to hold the 100Dema yesterday. Today the same level supports bulls during the Asian session. The support levels are found at 1.3735, 1.3700, and 1.3610. Safe selling is available below 1.3700 towards 1.3650 and 1.3610. Intraday resistance is seen at 1.3815, 1.3870, and 1.3890. Risky buying is seen above 1.3820 towards 1.3840 and 1.3860. Strong bullish momentum is expected above 1.3890 towards 1.3950, 1.3970, and 1.4000.

Based on the above data, multiple trading view is preferable for today's session.

1: Buying with sl 1.3700

2: Selling below 1.3700

3: Buying above 1.3890

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Technical analysis of USD/JPY for June 24, 2015

TThe pair continued moving upwards for the third consecutive session as well. At yesterday's session, the pair rejected at 20Dsma. Earlier, the pair made a double bottom at 122.48. Support is found at 122.35 200hrsma. At today's Asian session, the pair managed to hold 20Dsma. The nearest strong resistance is seen at 123.85. Until the support holds at 122.50, bulls will target the previous high of 125.60. In case bulls close above 124.50, they will aim for a new high. In the four-hour chart, we can observe an ascending triangle formation. Today's US new home sales data was widely accepted on the higher side. Readings for the US GDP are expected to fall by 0.2% against the earlier forecast, which had a positive impact on the USDX. Bulls will have enough time to break on the higher side if today's GDP data proves the growth of the economy. The pair has a bullish characteristic. At yesterday's session, the pair gave a break on the higher side, but was unable to breach of the level at 124.50.

For an intraday session, selling opportunity is seen below 123.75 with immediate target at 123.55 and at 123.40 and 123.20 later. Selling accelerates below 123.20 towards 122.70 and 122.50. Buying is advised above 124.10 towards 124.40. Strong buying momentum is expected above 124.50 towards 124.65, 125.00, and 125.20. In the extreme case, 125.60 is expected to be reached in a day or two if the price closes above 124.50.

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Technical analysis of USDX & USD/CAD for June 24, 2015

The greenback was supported by existing home sales data. After yesterday's home sales data report, bulls gained power.

At yesterday's session the index move higher towards 95.64 faced resistance at 50Dsma. The greenback strengthened at yesterday's Asian session. At today's Asian session, the Index faced resistance at 50Dsma again. Traders eye on US GDP data. The recent employment rate, retail sales and housing data indicates a kind of improvement in the US economy. In this case, US dollar bulls will target at 96.25 20Wsma. The parallel resistance is seen at 95.68. Fresh buying is available above 95.70 with targets at 96.00 and 96.15. Strong upswing is expected above 96.25 towards 97.00. Support is found at 95.20 and 94.50.

USD/CAD

The pair is moving upwards for 3 consecutive sessions. At yesterday's session, the pair rejected at 100Dsma. In intraday basis, the pair managed to get above 20Dsma, but was unable to close above this level at the end of the day. In the four-hour chart, we can observe multiple tops at 1.2367. The weekly resistance is seen at 1.2400 whereas 20Wsma is seen at 1.2385. Intraday resistance is seen at 1.2360 and 1.2385. Until the pair closes below 1.2400, it does not look wise to open fresh long positions. The support is found at 1.2280 and 1.2280. Selling accelerates below 1.2260 towards 1.2220 and 1.2200. Big moves are expected above 1.2400 towards 1.2440.

The positional support is found at 1.2260, 1.2220, and 1.2200. Real selling will be available only below 1.2200.

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USDX technical analysis for June 24, 2015

The US Dollar Index broke above the short-term resistance at 95.10 yesterday and bounced higher towards the 50% retracement of a decline from 97.80. There are some signs of the short-term reversal from this retracement level as the price remains inside the cloud-resistance area.

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The US Dollar Index is inside the cloud resistance. There is a short-term rejection at the 50% retracement that could push the Index back towards the support by the kijun-sen (yellow line) at 94.60. A break below this short-term support will increase chances for a push towards a recent low of 93.60.

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The weekly chart is showing some bullish reversal signs. A low of 93.10 was held, the weekly candle is back above the kijun-sen resistance indicator. Next weekly resistance is seen at 95.70. A weekly close above this level will be a strong reversal signal. That will decrease dramatically the chances for a break below 93.10.

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Gold technical analysis for June 24, 2015

Gold remains weak as the price has broken below the short-term trend-line support and is moving lower in an impulsive way. Gold medium- and long-term trends remain bearish and I believe it is only a matter of time before we see a break of the support at $1,130.

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Blue line - trend line support

Gold is trading right at the edge of the boundaries of the Ichimoku cloud support. The rejection at the 61.8% retracement was an important sell signal. Short-term support is at $1,170. Short-term resistance is at $1,208.

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Blue line - long-term support trend line

The weekly chart has made a bearish reversal after last week's strong bounce. The price is below the tenkan-sen again as bulls could not move it even towards the Ichimoku cloud boundaries. The trend remains bearish. Critical support is seen at $1,130. I expect this level to be broken over this summer and Gold is likely to be pushed towards $1,000.

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Daily analysis of major pairs for June 24, 2015

EUR/USD: There is a bearish signal on the EUR/USD chart and it would be valid as long as the resistance line at 1.1300 is not breached to the upside. Unless that happens, any short-term rally would be seen as an opportunity to go short on this market.

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USD/CHF: There is a bullish signal on the USD/CHF chart and it would be valid as long as the support level of 0.9250 is not breached to the downside. Unless that happens, any short-term bearish correction would be seen as an opportunity to go long on this market.

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GBP/USD: The cable lost 160 pips so far this week. This has become a morbid threat to the recent bullish bias. A movement below the accumulation territory around 1.5650 would be the end of the recent bullish bias, especially when the price closes below the accumulation territory. The probability of a downward movement would be higher then.

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USD/JPY: This currency trading instrument moved above the demand level at 123.50, threatening to slash above the supply level at 124.00. Should this happen, the next target would be at 124.50. However, a failure to do that could result in a smooth southward dive making the price reach demand levels.

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EUR/JPY: There is a Bearish Confirmation Pattern in this market: the EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. With further weakness in EUR, the demand zones between 137.50 and 136.50 could be overcome. This could happen this week or the next one.

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Elliott wave analysis of EUR/NZD for June 24, 2015

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Technical summary:

A correction from 1.6586 became deeper than expected, but only an unexpected break below 1.6143 will indicate that more substantial correction is needed, before the next impulsive rally higher. In the short term, we expect support near 1.6257 to be able to protect the downside for a break above 1.6300 and more importantly a break above minor resistance at 1.6342 strongly indicating a bottom in place for the next rally higher to 1.6586 and beyond to 1.6787.

Trading recommendation:

Our stop at 1.6300 was hit for a big profit. We will buy EUR upon a break above 1.6300 with stop placed at 1.6140.

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Elliott wave analysis of EUR/JPY for June 24, 2015

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Technical summary:

A correction in blue wave ii was not over and became deeper than we had expected. However, as long as support at 137.98 is able to protect the downside, we will stay bullish for more upside pressure at 141.06 on the way towards 144.03.

In the short term, we will look for a break above minor resistance at 138.64 as the first indication that the correction in blue wave ii is over and blue wave iii is developing higher. However, to confirm that blue wave iii is moving, a break above 139.40 will be needed.

Trading recommendation:

Our stop at 138.75 was hit for a nice little profit. We will buy EUR at 138.47 again or upon a break above 138.64 with stop placed at 137.90.

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Technical analysis of GBP/USD for June 24, 2015

The pound fell after the US existing home sales data report. The pair was influenced by yesterday's home sales report and selling pressure acceleration.

It lost 0.5% trading below 100Wema, but it managed to hold support at 1.5680 50Wsma. The cable rejected at 50Msma in the previous week. We have been advising cautious for more than 3 days. The cable approached the strong supply zone between 1.5930 and 1.6040. In case of a daily close above 1.6050, bulls are likely to gain another 150 and 250 pips. The monthly resistance is seen at 1.5935 50Msma". Now, the level of 1.5709 is done. This week, US housing data pushed the pound down against the greenback.

The support is found at 1.5700 and 1.5680 50Wsma. A litmus test takes place at 1.5680, a daily close below this level will lead to a test of 1.5620 and1.5500. Data on BBA mortgage approvals and US GDP on q/q is due today. Today's trend depends on US economic data. We expect the outlook for the US GDP to be positive. Before moving up, the pair is likely to re-test 1.5540 and 1.5500. Resistance is seen at 1.5750, 1.5805, and 1.5820. Selling on rises with sl 1.5850 looks preferable. Fresh selling is advised below 1.5680.

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Technical analysis of EUR/USD for June 24, 2015

The euro was pushed down after the US existing home sales data report. The pair was influenced by yesterday's home sales report and selling pressure acceleration. The pair lost 1.5% closing below 100Dema and 20Dsma.

At yesterday's session, the pair was making a triple top at 1.1380 on a daily closing basis. "In case bulls are unable to close above 1.1535, bears will re-test 1.1200, 1.1100, and 1.1060 this week," we forecasted on Monday and Tuesday as well. Now, the level of 1.1136 is done.

Initially, the pair faced strong resistance at 1.1467 and the crucial resistance is seen at 1.1535. After the FOMC meeting, the pair made the last leg on the higher side, but was rejected twice. US housing data published this week pushed the euro down against the stronger greenback.

The support is found at 1.1120 and 1.1050 20Wsma. The litmus test takes place at 1.1050, a daily close below this will lead to re-testing of the previous swing lows at 1.0890 and 1.0820. Data on German Ifo business climate and US GDP q/q is due today. We expect negative readings from the eurozone and encouraging figures for the US GDP. Before moving up, the price is likely to re-test 1.1060. The pair broke the ascending trendline and closed below that. Resistance is seen at 1.1210, 1.1240, and 1.1290. Selling on rises with sl 1.1325 looks good. Fresh selling below 1.1150 is advised.

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Daily analysis of USDX for June 24, 2015

On the daily chart, the USDX has been trading higher during the last hours, as the Index is trying to break the resistance level of 95.74. However, we could expect some consolidation moves in the hours to come.

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The short-term outlook tells us about a bullish pattern formation taking place in the H1 chart above the support level of 95.23. The nearest resistance is located around 95.48 and now a high of 95.80 can be the next target if the Index does a breakout over there. The USDX is trading above the 200 SMA in the H1 chart.

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Daily chart's resistance levels: 95.74 / 96.57

Daily chart's support levels: 94.66 / 93.75

H1 chart's resistance levels: 95.48 / 95.80

H1 chart's support levels: 95.24 / 94.63

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 95.48, take profit is at 95.80, and stop loss is at 95.10.

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Daily analysis of GBP/USD for June 24, 2015

Tuesday's session was very bearish for this pair, which is trying to be pushed to the support level of 1.5543 where the 200 SMA is also located at the daily chart. However, we still can see an overall bullish bias, because the recent price action is already calling for more upside in coming days. The MACD indicator is still in positive territory.

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On the H1 chart, GBP/USD has already tested the 200 SMA dynamic support and we expect a rebound over there. However, we should wait for a breakout of resistance level at 1.5740 if the pair wants to reach the next resistance around 1.5789 in coming hours. The MACD indicator is in positive territory in this time frame.

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Daily chart's resistance levels: 1.5755 / 1.5898

Daily chart's support levels: 1.5543 / 1.5450

H1 chart's resistance levels: 1.5740 / 1.5789

H1 chart's support levels: 1.5687 / 1.5650

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 1.5740, take profit is at 1.5789, and stop loss is at 1.5693.

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EUR/AUD long term uptrend

EUR/AUD found strong support near 1.3700 where it formed a double bottom reversal pattern. On April 29, the pair started rising rapidly that resulted in a breakout of the 200 Days moving average on June 3.

At the same time, the pair broke above the descending channel and faced resistance at 23.6% Fibonacci applied to the channel breakout point. Currently, a correctional wave can witness that a good long-term buying opportunity should present.

As CAD/JPY retraced back to the previous resistance area near 1.44 and at the same time near 200-day moving average, it should act as significant support attracting more and more buyers. While the overall trend remains bullish, consider buying EUR/AUD near S1 support (1.4386), targeting R3 resistance (1.5085) area. A break below S1 would extend a consolidation, but should not change the trend.

Support: 1.4386, 1.4221

Resistance: 1.4551, 1.4755, 1.5085

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CAD/JPY more upside potential

CAD/JPY has been trading up since May 19. On June 5, the price broke above the ascending channel and found the resistance near 100.94. The pair has been trading sideways between 101 and 99.45 areas for over two weeks.

These levels are also represented in Fibonacci values applied to the channel breakout point, which is S2 support (61.8%) and R2 resistance (23.6%). The channel breakout indicates on the uptrend and the price is above the 200 moving average, which was almost touched on June 19.

Overall, there is a significant resistance at S2 (99.75) where the double bottom is formed. The pair failed to hit lower lows but reached a higher high on June 18. Considering that the uptrend is valid, the probability for an uptrend continuation remains high. It seems reasonable to look for buying opportunity between S1 (100.12) and R1 (100.49) targeting 0% Fibonacci – R3 (101.68) area. Only a break below S2 (99.75) should immediately change the direction of the trend.

Support: 100.12, 99.75

Resistance: 100.49, 100.94, 101.68

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Technical analysis of EUR/USD for June 24, 2015

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When the European market opens, economic data on Belgian NBB Business Climate is due.The US will release data on Crude Oil Inventories, Final GDP Price Index q/q, anf Final GDP q/q. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1227.

Strong Resistance:1.1221.

Original Resistance: 1.1210.

Inner Sell Area: 1.1199.

Target Inner Area: 1.1173.

Inner Buy Area: 1.1148.

Original Support: 1.1136.

Strong Support: 1.1126.

Breakout SELL Level: 1.1120.

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 24, 2015

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In Asia, Japan will release the SPPI y/y and Monetary Policy Meeting Minutes. The US will publish data on Crude Oil Inventories, Final GDP Price Index q/q, and Final GDP q/q. So, there is a stromg probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.54.

Resistance. 2: 124.29.

Resistance. 1: 124.05.

Support. 1: 123.76.

Support. 2: 123.51.

Support. 3: 123.27.

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.

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

Technical analysis of USD/JPY for June 23, 2015

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USD/JPY is expected to trade in a higher range. It is underpinned by the positive dollar sentiment (ICE spot dollar index last 94.32 versus 94.06 early Monday) after the strongest increase in nearly six years of 5.1% in the US May existing home sales (versus forecast +4.2%). USD/JPY is also supported by the higher US Treasury yields (10-year rose 10.7 bps to 2.374% Monday), demand from Japan's importers, the Bank of Japan's ultra-loose monetary policy. the pair is also boosted by reduced safe-haven appeal of the yen as global risk sentiment improves (VIX fear gauge eased 8.74% to 12.74, S&P 500 closed up 0.61% at 2,122.85 overnight) on the strong US housing data and signs of progress in Greece's bailout negotiations. But USD/JPY gains are tempered by the Japanese exports.

Technical comment:

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

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 124.30 and the second target at 124.60. In the alternative scenario, short positions are recommended with the first target at 122.95 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 122.55. The pivot point is at 123.55.

Resistance levels: 124.30 124.60 125

Support levels: 122.95 122.55 122

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Technical analysis of USD/CHF for June 22, 2015

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USD/CHF is expected to trade in a higher range. It is underpinned by the bullish dollar sentiment (ICE spot dollar index last 94.32 versus 94.06 early Monday) after the strongest increase in nearly six years of 5.1% in the US May existing home sales (versus forecast +4.2%), the negative Swiss interest rates, and the threat of the Swiss National Bank to carry out CHF-selling intervention.

Technical comment:

The daily chart is mixed as the MACD is bearish, 5 and 15-day moving averages are falling but stochastics are turning bullish at oversold levels.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9380 and the second target at 0.9420. In the alternative scenario, short positions are recommended with the first target at 0.9205 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9155. The pivot point is at 0.9250.

Resistance levels: 0.9380 0.9420 0.9460

Support levels: 0.9205 0.9155 0.9115

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Technical analysis of NZD/USD for June 23, 2015

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NZD/USD is expected to consolidate with bearish bias after hitting almost the five-year low of 0.6854 this morning. It is undermined by the bullish dollar sentiment, the dovish Reserve Bank of New Zealand monetary stance and soft dairy prices, and kiwi sales on the buoyant AUD/NZD cross. But NZD/USD losses are tempered by the positive risk sentiment.

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 0.68. A break of that target will move the pair further downwards to 0.6770. The pivot point stands at 0.6875. 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 0.69 and the second target at 0.6930.

Resistance levels: 0.69 0.6930 0.6970

Support levels: 0.68 0.6770 0.6735

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Technical analysis of GBP/JPY for June 23, 2015

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GPY/JPY is expected to range-trade. It is supported by the signs of progress in Greece's bailout negotiations and demand from Japan's importers. But GBP/JPY upside is limited by the Japanese exports.

Technical comment:

The daily chart is mixed as the MACD and stochastics are bearish. Five and 15-day moving averages are advancing.

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

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