GBP/USD intraday technical levels and trading recommendations for June 26, 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 highs around the level of 1.5200 were hit. That applied strong bullish pressure over the 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 (almost +150 pips).

Trading Recommendations:

Conservative traders can wait for a 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 26, 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 on the daily and weekly charts for several weeks.

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 lack of enough bearish momentum). The USD/CAD pair needs a frank weekly closure below 1.2300 to ensure further bearish decline in the long term.

However, persistence above the level of 1.2220 enhanced a bullish pullback towards 1.2400 (the key level depicted on the chart) where a valid sell entry may be offered if enough bearish rejection is expressed on the short-term charts.

Conservative traders can wait for an early re-closure below the level of 1.2300 to confirm the previously mentioned sell entry.

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Intraday technical levels and trading recommendations for GBP/USD for June 26, 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.

Last 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) which provided evident supply for the GBP/USD pair.

It may enhance a bearish pullback towards 1.5550 only if the level of 1.5900 remains intact on a weekly basis (no weekly closure should occur 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 applied 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 was observed around 1.5200. Hence, a bullish swing was established towards 1.5780 (61.8% Fibonacci level) and 1.5880 (FE 100%).

The price zone (1.5800-1.5880) remains a significant supply zone. It should be watched for a valid sell entry at retesting.

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 26, 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 (the lower limit of the H4 channel) caused a quick bearish decline towards 1.1140 (manifested on the H4 chart).

A bearish decline towards 1.1050-1.1080 should not be excluded as well.

However, we should note that the price zone of 1.1030-1.1130 (depicted in Blue on the chart) constitutes a significant daily demand zone. That is why, the recent few daily candlesticks are reflecting indecision of the market around this price zone.

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 if a bullish pullback occurs soon.

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Technical analysis of EUR/JPY for June 26, 2015

General overview for 26/06/2015 14:50 CET

The grey rectangle supply breakthrough zone was violated in the last wave down ( -v- blue ) and currently the market is in the corrective abc green cycle. The bias is still bearish and as soon as the correction is completed, the market should resume the downward wave progression to complete another wave down. Only an impulsive breakout above the intraday resistance at the level of 139.25 would invalidate the view.

Support/Resistance:

137.07 - WS2

137.64 - Local Low

137.79 - Intraday Support

137.98 - 138.28 - Supply Breakthrough Zone

138.50 - WS1

139.25 - Intraday Resistance

Trading recommendations:

The sell orders should be still kept open as the wave progression to the downside has not been completed yet. The first target is still at the level of 137.07.

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Technical analysis of USD/CAD for June 26, 2015

General overview for 26/06/2015 14:40 CET

The impulsive wave progression to the upside is still on track, but there is another scenario suggesting a possible development of a zig-zag wave as a part of wave B blue. Please notice that the low at the level of 1.2128 was labeled as wave 2 or A. That is why, the current wave up has the alternative labeling of unfinished wave WXY brown. In that case, any new high in this market supports the main count (impulsive (i)-(ii), i-ii etc) and any new low below the level of 1.2275 supports the alternative wave B blue scenario.

Support/Resistance:

1.2421 - Intraday Resistance

1.2384 - WR1

1.2275 - Intraday Support

1.2258 - Weekly Pivot

1.2216 - Invalidation Level

Trading recommendations:

Buy orders should be kept open and the SL level should be moved higher to the level of 1.2274.

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EUR/NZD : analysis for June 26, 2015

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Overview:

Recently, EUR/NZD is moving upwards. As we expected, the price tested the level of 1.6344 in a high volume. In the daily time frame, we can observe a weak demand bar, which is a sign that selling looks risky. The short-term trend is neutral, but the mid-term trend is bullish. According to the H1 time frame, the price confirmed support at the level of 1.6190. The price rejected from that level in a hig hvolume. Bullish phase is in progress, so watch for potential buying opportunities on dips. Anyway, I had placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 50% at the price of 1.6360 and Fibonacci retracement 61.8% at the price of 1.6410.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6265

R2: 1.6300

R3: 1.6350

Support levels:

S1: 1.6165

S2: 1.6135

S3: 1.6085

Trading recommendations: Strong reaction from our support level at the price of 1.6190. Selling looks risky, since we can obserbe bullish momentum.

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Gold: analysis for June 26, 2015

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Overview:

Gold has been trading sideways around $1,174.00. We are facing low liquidity on the market. I am waiting for stronger price actions and larger volume. In the daily time frame, we can observe a neutral bar (doji) in a volume below the average. Selling looks risky at this stage, because we got major support around $1,168.88 - $1,162.00. We can observe ultra-high volume (buying climax) demand with a strong price action. 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: 1,175.80

R2: 1,177.50

R3: 1,180.00

Support levels:

S1: 1,170.20

S2: 1,169.40

S3: 1,166.00

Trading recommendations:. Be careful when selling gold since we can observe a strong reaction from buyers around the level of $1,171.00. Watch for selling opportunities just below the level of $1,162.00.

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USDX technical analysis for June 26, 2015

The US Dollar Index makes a short-term consolidation while it remains below the 50% retracement. The longer-term view remains vulnerable to the downside and a deeper correction towards 92.50 or even 90. The area of 97-98 is the important resistance area for the longer-term trend.

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Blue lines - triangle pattern

The US Dollar Index continues to trade above the cloud and below the 50% retracement resistance. If we break this triangle pattern we should expect a push towards the cloud support at 94.55. In case of a breakout through the support, the chances that the upward bounce is over and a new downward move is starting will increase. On the other hand, a break above 95.70 will be a bullish signal that target shifts to 96.20 and then 97.50.

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The weekly chart continues to trade around 95.10 where the kijun-sen (yellow line) indicator is found. This weekly candle has hit a higher high and a higher low than last weeks candle. This is a bullish sign, but not enough for full-scale upward reversal. Important support is at 93.55. If this level gets broken, we should expect a sharp move towards at least 92.50.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for June 26, 2015

Gold continues to trade within the larger triangle pattern. The trend is bearish. We could see a short-term bounce towards $1,180 or even $1,190 if support at $1,170 holds. My longer-term view remains bearish.

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Blue lines - triangle boundaries

Gold is below the Ichimoku cloud and above the triangle lower boundary. There are increased chances of a bounce from current levels. Resistance is at the 38% and 61.8% retracement levels. Breaking below $1,170 will imply bulls are very weak as they cannot retrace even towards the 38% level.

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The weekly chart remains bearish as this week's candle has made a lower low and a lower high relative to last week. Price was rejected at the tenkan-sen and we remain below the cloud. Trend remains bearish for the longer-term and neutral for the medium-term as the price remains inside the trading range of $1,130-$1,230.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for June 25, 2015

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USD/JPY is expected to trade in a range. It is underpinned by higher longer-dated US Treasury yields (10-year rose 4.1 bps to 2.412% Thursday) after bigger-than-expected 0.9% increase in US May's personal spending (the largest increase since August 2009 versus the forecast for +0.7%), fewer-than-expected 271,000 US jobless claims in a week ended on June 20 (versus the forecast for 273,000), and June's stronger-than-expected Kansas City Fed manufacturing activity index of -9 (versus forecast -10). USD/JPY is also supported by demand from Japanese importers and ultra-loose Bank of Japan's monetary policy. However, USD sentiment is dented by the weaker-than-expected Markit US June flash services PMI of 54.8 (versus the forecast for 56.7). USD/JPY gains are also tempered by the Japan's exporters, flows to haven yen amid increased risk aversion (VIX fear gauge rose 5.66% to 14.01, S&P 500 closed 0.3% lower at 2,102.31 overnight) because of continuing uncertainty over the Greek issue (Thursday's talks between Athens and eurozone's finance ministers ended without any agreement once again, and are scheduled to reopen on Saturday), and positions adjustment ahead of weekend.

Technical comment:

The daily chart is mixed as stochastics is rising from oversold levels but the MACD is in bearish mode.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 122.95. A break of that target will move the pair further downwards to 122.55. The pivot point stands at 123.75. 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 124 and the second target at 124.60.

Resistance levels: 124 124.30 124.60

Support levels: 122.95 122.55 122

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Technical analysis of USD/CHF for June 26, 2015

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USD/CHF is expected to consolidate with a bullish bias after hitting a two-week high of 0.9416 on Thursday. It is underpinned by comments of Swiss National Bank chairman Thomas Jordan that the Swiss franc remains "significantly overvalued". USD/CHF is also supported by franc sales on buoyant EUR/CHF, negative Swiss interest rates, and the threat of the Swiss National Bank's CHF-selling intervention. But USD/CHF gains are tempered by the positions adjustment ahead of the weekend.

Technical comment:

The chart is positive-biased as the MACD and stochastics are bullish, five-day moving average is rising above 15-day moving average.

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 0.9415 and the second target at 0.9460. In the alternative scenario, short positions are recommended with the first target at 0.9280 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 0.9250. The pivot point is at 0.9305.

Resistance levels: 0.9415 0.9460 0.95

Support levels: 0.9280 0.9250 0.92

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Technical analysis of NZD/USD for June 26, 2015

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NZD/USD is expected to consolidate with a bearish bias. It is undermined by the comment from Reserve Bank of New Zealand that it will keep investigating the use of macroprudential tools to control the housing market. NZD/USD is also weighed by kiwi sales on buoyant AUD/NZD, decreased investor risk appetite, divergent Reserve Bank of New Zealand-Federal Reserve monetary policy stances, and lower dairy prices. But kiwi sentiment is boosted by surprising New Zealand May trade surplus of NZ$350 million (versus forecast for NZ$100 million deficit). NZD/USD downside is also limited by the positions adjustment ahead of the weekend.

Technical comment:

The daily chart is mixed as five- and 15-day moving averages are declining but stochastics is bullish at oversold levels.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6850. A break of that target will move the pair further downwards to 0.6815. The pivot point stands at 0.6920. 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 0.6950 and the second target at 0.6980.

Resistance levels: 0.6950 0.6980 0.6915

Support levels: 0.6850 0.6815 0.6770

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Technical analysis of GBP/JPY for June 26, 2015

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GBP/JPY is expected to consolidate with a bearish bias. It is supported by buoyant EUR/USD undertone and demand from Japan's importers. But GBP/JPY upside is limited by the Japanese exports and positions adjustment ahead the weekend.

Technical comment:

The daily chart is still negative-biased as the MACD and stochastics are in bearish mode, five-day moving average is below 15-day moving average and is 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 193.80. A break of that target will move the pair further downwards to 193.45. The pivot point stands at 194.75. 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 195 and the second target at 195.50.

Resistance levels: 195 195.50 196.25

Support levels: 193.80 193.45 192.75

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CAD/JPY cycle up begins

Following my previous analysis, CAD/JPY tested the key support S1 (99.76) once again as well as 200 moving average. They both were rejected yesterday.

According to the Fibonacci Time Zone indicator, a new UP cycle could be emerging now that should result in a new higher high. If that is true, CAD/JPY will offer a great risk/reward opportunity.

Consider buying CAD/JPY near S1 (99.76), targeting R4 (101.68). A break below S2 (99.45) will invalidate this analysis and could send the pair lower to test the area of 98.5.

Support: 99.76, 99.45

Resistance: 100.12, 100.49, 100.94, and 101.68

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Technical analysis of Gold for June 26, 2015

Technical outlook and chart setups:

Gold is trading around $1,174.00 now. Ir calls for a push above at least $1,180.00 to confirm that a meaningful low is in place at $1,170.00. The metal has taken support of fibonacci 0.786 level of the rally between $1,160.00 and $1,205.00 respectively and there is still a high probability of bullish reversal. It is recommended to hold long positions with risk at $1,150.00. Immediate support is seen at $1,170.00 followed by $1,160.00, $1,143.00, and lower, while resistance is seen at $1,180.00 (interim) followed by $1,205.00 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 26, 2015

Technical outlook and chart setups:

Silver is trading around $15.85 at the moment, looking for an opportunity to break higher. A push through $16.25/30 would confirm that the metal has hit a higher low at $15.75 and that it would continue moving towards higher highs and higher lows. It is still recommended to hold long positions with risk at $15.30. Immediate support is seen at $15.75 (interim) followed by $15.60, $15.30, and lower while resistance is seen at $16.40 followed by $17.20, $17.70, and higher respectively.

Trading recommendations:

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

Good luck!

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Technical analysis of EUR/JPY for June 26, 2015

Technical outlook and chart setups:

The EUR/JPY pair took out stops placed at 137.80 yesterday. Now it seems to be holding its trend-line support around 138.00. The next fibonacci support is seen at 137.00. but a bounce from current levels is possible. It is recommended to remain flat for now, but a push above 139.00 could take place with risk at 137.40. Immediate support is seen at the level of 137.00 followed by 135.00, 133.00, and lower. Resistance is seen at 139.00 (interim) followed by 140.00, 141.00, and higher respectively.

Trading recommendations:

Remain flat for now, buy on a break above 139.00.

Good luck!

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Technical analysis of GBP/CHF for June 26, 2015

Technical outlook and chart setups:

The GBP/CHF pair hit a high of 1.4775/80 as seen here, but the H4 charts seems to be stretched enough for a push further. The pair is expected to extend through at least 1.5000, but after a pullback. It is still recommended to stay aside and wait for a meaningful pullback to enter long positions again. Immediate support is seen at 1.4625 followed by 1.4500, 1.4400, 1.4300, and lower. Resistance is seen at 1.4775/80 (interim) and higher respectively. Bulls are expected to take a break and resume its rally from lower levels.

Trading recommendations:

Remain flat for now. Look to buy lower.

Good luck!

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Elliott wave analysis of EUR/NZD for June 26, 2015

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Technical summary:

With a low at 1.6147 we got close to indicate a more substantial correction evolved, but as long as support at 1.6143 stays intact, we will be looking for more upside pressure towards 1.6787. In the short term, we will be looking for a break above minor resistance at 1.6345 as the first good indication that the correction in red wave iv is over at 1.6147 and that red wave v is developing for the rally to 1.6787.

A break below 1.6143 is still needed to indicate a more substantial correction towards 1.5928 and even 1.5650 is unfolding.

Trading recommendation:

We are long EUR from 1.6300 and will keep our stop at 1.6140. If you are not long EUR yet, buy on a break above 1.6345 with the same stop at 1.6140.

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Elliott wave analysis of EUR/JPY for June 26, 2015

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Technical summary:

A decline from 141.06 still looks more as a correction than top. So, we will stay bullish for more upside pressure once this correction is found. Ideally, we will see the bottom of red wave ii/ near 137.51 where red wave y is equal in length to red wave w. To indicate that the bottom in place, a break above minor resistance at 139.17 is needed. A break above resistance at 140.63 will be needed to confirm that the correction in red wave ii/ is over and acceleration higher in red wave iii/ is expected towards 144.03.

As long as minor resistance at 139.17 protects the upside, the decline towards 137.17 is getting deeper before the next move up.

Trading recommendation:

Our stop at 137.90 was hit for a small loss. We will only buy EUR upon a break above 139.17 and place our stop 10 pips below the most recent low.

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Technical analysis of EUR/JPY for June 26, 2015

At today's Asian session Japanese household spendings were printed 4.8% up against -1.3% in the previouse month. The indicator beatn the analysts' above expectations of 3.6%. The Tokyo core CPI increased by 0.1% against 0.2% in the past month, but met the expectations of 0.1%. Japan's CPI increased 0.1% that is above the previous reading of 0.0%, but below the expectations of 0.3%.

As per inflation data, Japan on the lip of deflation. It can influence BOJ's further easing policy.

After data hits the wires, JPY is trading higher against the euro. The euro is waiting for the outcome of the Greek saga. As time is ticking down, traders eye Saturday's meeting with optimism. IMF expects Greece to make the June 30 debt payment deadline.

Technical view: The EUR/JPY cross has been correcting for 4 weeks. It has been making multiple tops. Initially, the cross made a double top at 141.04 and at 140.65 later. The weekly support is found at 137.50 and 137.20. The parallel resistance is seen at 141.25. Early in June, the cross hit a high of 141.00. The bullish views remains in play with sl 133.00. After 14 days of consolidation, the cross has finally closed below 20Dsma. Intraday selling pressure accelerates below 137.50 towards 137.20 and 137.00. On the higher side, we recommend buying above 139.30 with targets at 140.00 and 140.65.

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Technical analysis of EUR/CAD for June 26, 2015

The cross paused its 4-week winning streak rejected at the multiple resistance zone. The cross has already lost 1.5% this week. Bulls lost the 200d&e moving averages and 20Dsma as well. The support is found at 1.3760, 1.3690, and 1.3640. Swing low was hit at 1.3740. The 200hrsma supported the cross. Until the cross holds the level of 1.3740, we expect mild recovery towards 1.3830 and 1.3860. In case bulls manage to close above 1.3890, the pair will rich 1.3950,1.4040, and 1.4080 in a day or two.

Ahead of the GDP data release, which is due on coming Tuesday, the CAD is trading higher against the euro as the Greek factor effects the single European currency. May's GDP reading was -0.2%. CAD is likely to be supported by bulls if the current reading ovecomes the level of 0.0%. In this case, the cross is likely to extend its losses further towards 1.3690 and 1.3640. On the down side, the strong support is found between 1.3600 and 1.3640. This view will be valid for the next week. Fresh sellings are advised below 1.3740.

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Technical analysis of GBP/USD for June 26, 2015

The cable managed to pause its 3-day falling streak. It gained 40 pips at yesterday's session. The cable lost 1.3% this week. The pair breached the 50Wsma, but managed to hold above this level. After a strong rally, the British pound looks weak against the greenback. Last Friday, we alert that the cable was approaching the strong supply zone between 1.5930 and 1.6040. The monthly resistance is seen at 1.5935 50Msma. The strong support is found at 1.5800 (previous swing high), 1.5700 (previous swing lower high), and strong support base formed at 1.5440. The level of 1.5667 is done now.

The weekly support is found at 1.5680 50Wsma. It's a litmus test for pound bulls to close above 1.5680. A daily close below this level will lead to a re-test of 1.5620 and 1.5500.

Today, traders eye the BOE governor Carney's speech.

In the hourly chart, the cable has been hitting the lower highs and lower lows.

The cable managed to breach the falling bearish channel in the H1 chart signaling the fresh head room is expected in a day or two. In the four-hour chart, support is found at 1.5640, 1.5590, and 1.5525. Resistance is seen at 1.5770 and 1.5810. Until the cable trades below 1.5770, bears are likely to hold the grip. We advise safe buying above 1.5770 with a target at 1.5800 initially and at 1.5836 and 1.5900 later. The price has been consolidating between 1.5667 and 1.5677 for almost a day indicating that it is preparing a minor pullback ahead of the GDP data release

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Technical analysis of EUR/USD for May 26, 2015

The pair muted at yesterday's session. It has been facing resistance at 1.1250 100Dema for 2 consecutive days. This week, data on US existing home sales and new home sales impressed dollar bulls. The Greek issue has not settled yet.

The pair is trading below the 20Dsma and 100Dema. It broken the ascending trendline and closed below that. Initially, the pair faced strong resistance at 1.1467 and the crucial line is seen at 1.1535. After the FOMC meeting, the pair formed the last leg on the higher side, but was twice rejected there.

Bears: the weekly support is found at 1.1120 and 1.1050 20Wsma. The litmus test is expected at 1.1050, a daily close below this leads to a re-test of the previous swing low at 1.0890 and 1.0820. Resistance is seen at 1.1235, 1.1250, and 1.1280. Selling on rises favours with sl 1.1280 looks good. In the H1 chart the pair probably made a double top at 1.1235. The selling accelerates below 1.1130 towards 1.1070. A panic is likely to be trigger at 1.1050 towards 1.0970, 1.0860, and even 1.0800. In the four-hour chart, the pair is heading towards lower lows.

Bulls: bulls must close above 1.1280 to regain control. In this case, they will target 1.1350, 1.1380, and even 1.1440. Intraday support is found at 1.1150 and 1.1130. Resistance is seen at 1.1235, 1.1260, and 1.1280. Risk buying is available above 1.1250. In the extreme case, the pair can extend intraday high around 1.1330. In the intraday time frames, oscillator looks oversold and a mild pullback is expected. Safe buying is seen above 1.1290 with targets at 1.1340 and 1.1380. The pair lost almost 2% this week compared to our last Friday's forecast. The pair paused its 3-week winning streak.

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To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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Technical analysis of EUR/USD for June 26, 2015

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When the European market opens, economic data on Private Loans y/y, M3 Money Supply y/y, and German Import Prices m/m is due. The US will release data on the Revised UoM Inflation Expectations and Revised UoM Consumer Sentiment. So, amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1257.

Strong Resistance:1.1251.

Original Resistance: 1.1240.

Inner Sell Area: 1.1229.

Target Inner Area: 1.1203.

Inner Buy Area: 1.1177.

Original Support: 1.1166.

Strong Support: 1.1155.

Breakout SELL Level: 1.1149.

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 26, 2015

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In Asia, Japan will release the Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, and Household Spending y/y. The US is expected to publish data on Revised UoM Inflation Expectations, and Revised UoM Consumer Sentiment. So, there is a strong probability that USD/JPY will move with low to medium volatility during theday.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.14.

Resistance. 2: 123.90.

Resistance. 1: 123.66.

Support. 1: 123.36.

Support. 2: 123.11.

Support. 3: 122.87.

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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Daily analysis of major pairs for June 26, 2015

EUR/USD: This market is bearish in the near term, though the movement is developing some equilibrium propensity. The price is likely to go further south. The support line at 1.1150 was tested and it could be breached to the downside.

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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 at 0.9250 is not breached to the downside. The resistance level at 0.9400 has been tested and it could be tested again. It could even be breached to the upside.

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GBP/USD: On the cable, a current short-term rally might proffer another short-selling opportunity. Any movement below the accumulation territory at 1.5600 would result in a clean Bearish Confirmation Pattern (especially as the market goes further downwards). By then, the EMA 11 would have crossed the EMA 56 to the downside, and the crossing is almost taking place. The RSI period 14 is already below the level of 50. This expectation may be overturned in case the distribution territory at 1.5850 is crossed to the upside.

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USD/JPY: This pair is moving sideways. There is one outcome: sideways and slow movements would be followed by strong and fast movements, no matter how long the slow movements take. Strong and fast movements would be followed by sideways and slow movements, no matter how long the fast movements take. When the markets are moving slowly and sideways, trend-following strategies do not provide great results, but scalpers and short-term traders thrive. When the markets are moving fast and directionally, trend-following strategies produce great results. On the USD/JPY, there would be a great directional movement in July 2015 (and most probable in direction of bears).

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EUR/JPY: The EUR/JPY pair is a bearish market, and since the bearish signal has been formed. The market has been moving sideways. However, there could be a significant movement today or next week. The fundamental economic data from the eurozone could have a great impact on the market.

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Technical analysis of EUR/USD for June 26, 2015

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Overview:

  • The strong resistance has been already set at the level of 1.1322, and the support has been set at 1.1161 (the weekly double bottom). Today, we will see a breakout above the minor resistance at the level of 1.1220. Therefore, according to the previous events, the price has still moved between 1.1160 and 1.1220. The range is going to be around 120 pips today if the trend manages to break the minor resistance at 1.1220. Consequently, the trend is calling for a bullish market at the level of 1.1220 in the H1 time frame. Hence, above 1.1215 look for further upside move with a target at 1.1263 if it can break the support at 1.1263. So, the price will continue towards 1.1322 today. However, the stop loss should always be in account. If you sell at 1.1220, you should place your stop loss below the last bearish wave at 1.1166.

Notes:

  • Projected high: 1.1322.
  • Pivot: 1.1215
  • Projected low: 1.1160
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Technical analysis of USD/CHF for June 26, 2015

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Overview:

  • According to the previous events, the USD/CHF pair is still moving between 0.9315 and 0.9471.
  • So, the resistance is at the level of 0.9471 and support was found at the point of 0.9315. Sell below 0.9471 with the first target at 0.9395, then it will call for a downtrend in order to continue its bearish movement towards 0.9320 in order to test this strong support.
  • The level of 0.9315 is going to form the double bottom).
  • At the same time, the stop loss should be placed at the level of 00.9582.
  • On the other hand, if the trend fails to close below the level of 0.9395, buy in the long term at 0.9400 with a target at 0.9452 and at 0.9471 later.
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Technical analysis of USD/JPY for June 25, 2015

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USD/JPY is expected to trade in a lower range. It is undermined by the flows to the safe-haven yen amid increased risk aversion (VIX fear gauge rose 9.5% to 13.26, S&P 500 closed 0.74% lower at 2,108.58 overnight) on renewed worries over Greece's debt crisis. After a list of economic measures, Greece said it was willing to undertake in exchange for financial aid, was rejected. USD/JPY is also weighed by lower US Treasury yields (10-year slipped 3.7 bps to 2.372% Wednesday) and Japan's exports. But USD sentiment is soothed as the US Q1 GDP was revised to -0.2% from previous estimate of -0.7%. USD/JPY losses are also tempered by the demand from the Japanese importers and the Bank of Japan's ultra-loose monetary policy.

Technical comment:

The daily chart is mixed as stochastics is rising from oversold levels but the MACD is bearish, bearish shooting-star candlestick pattern was completed on Wednesday.

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 124.60 and the second target at 125. In the alternative scenario, short positions are recommended with the first target at 123.30 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 122.95. The pivot point is at 124.15.

Resistance levels: 124.60 125 125.45

Support levels: 122.30 122.95 122.55

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Technical analysis of USD/CHF for June 25, 2015

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USD/CHF is expected to consolidate with buoyant tone. It is underpinned by the franc sales on the buoyant EUR/CHF cross, 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 positive-biased as the MACD and stochastics are bullish although inside-day-range pattern was completed on Wednesday.

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 0.9415 and the second target at 0.9460. In the alternative scenario, short positions are recommended with the first target at 0.9280 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 0.9250. The pivot point is at 0.9320.

Resistance levels: 0.9415 0.9460 0.95

Support levels: 0.9280 0.9250 0.92

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Technical analysis of NZD/USD for June 25, 2015

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NZD/USD is expected to consolidate with bullish bias. It is supported by the kiwi demand on retreating AUD/NZD cross. But NZD/USD gains are tempered by the increased investor risk aversion, divergent monetary stances of the Reserve Bank of New Zealand and the US Federal Reserve, and soft dairy prices.

Technical comment:

The daily chart is mixed as the MACD is bearish, five and 15-day moving averages are declining but stochastics is turned 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 0.6930 and the second target at 0.6950. In the alternative scenario, short positions are recommended with the first target at 0.6850 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 0.6815. The pivot point is at 0.6875.

Resistance levels: 0.6930 0.6950 0.6970

Support levels: 0.6850 0.6815 0.6770

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Technical analysis of GBP/JPY for June 25, 2015

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GBP/JPY is expected to trade in a higher range. It is supported by the steady GBP/USD undertone and demand from Japan's importers. But GBP/JPY upside is limited by the Japanese exports.

Technical comment:

The daily chart still is negative-biased as the MACD and stochastics are bearish. Five-day moving average is below 15-day moving average are declining, although inside-day-range pattern was completed on Wednesday.

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 and the second target at 195.50. 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 193.60.

Resistance levels: 195 195.50 196

Support levels: 193.20 192.60 192

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