USD/CAD intraday technical levels and trading recommendations for June 29, 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.

On the other hand, 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 29, 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.

This SUPPLY level will probably enhance a bearish pullback towards 1.5550 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 29, 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 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 first (bulls have recently failed to step above price level of 1.1435).

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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).

Fixation below the level of 1.1300 (the lower limit of the H4 channel) caused a quick bearish decline towards 1.1140 by the end of last week.

This week, the market opened around 1.1000 which comes to meet the depicted daily uptrend. That is why, another ascending bottom is expected to be established around the current price levels

Daily persistence above 1.1150 must pursue towards higher targets. An initial bullish target would be located at 1.1300.

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Technical analysis of USD/JPY for June 29, 2015

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USD/JPY is expected to trade with a bearish bias. It is undermined by the flows to haven JPY amid increased risk aversion as the Greece crisis escalates after Greek PM Tsipras on Friday called for a snap referendum to be held on July 5, eurozone's finance ministers refused the Greek request to extend the current bailout program beyond its expiry on June 30, while the European Central Bank said it will freeze the level of emergency loans for Greek banks at Friday's level of EUR89 billion, paving the way for Greek authorities to close banks and impose capital controls. But USD/JPY losses are tempered by higher US Treasury yields and positive USD sentiment (ICE spot dollar index last 96.21 versus 95.21 early Friday) on flows to haven dollar and healthier-than-expected US June final University of Michigan consumers sentiment index of 96.1 (versus forecast 95.0), demand from Japanese importers, andultra-loose Bank of Japan's monetary policy. "We expect a very strong risk averse tone to pervade global markets as soon as Asian opens for trading and throughout much of the week: equities lower (perhaps 2-4% for key markets), bond yields lower (perhaps 15-25bp for core markets) and the likes of the USD, JPY, and CHF to be very well supported," Westpac says.

Technical comment:

The daily chart is negative-biased as the MACD is in bearish mode, stochastics is turning bearish.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 122.55. A break of that target will move the pair further downwards to 122.10. The pivot point stands at 123.30. 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: 122.55 122.10 121.75

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Technical analysis of USD/CHF for June 29, 2015

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USD/CHF is expected to trade with a bearish bias. It is underpinned by the broadly firmer dollar undertone (ICE spot dollar index last 96.21 versus 95.21 early Friday), negative Swiss interest rates, and the threat of Swiss National Bank CHF-selling intervention. But USD/CHF gains are tempered by franc demand on the soft EUR/CHF cross.

Technical comment:

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

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 0.9280. A break of that target will move the pair further downwards to 0.9250. The pivot point stands at 0.9370. 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 0.9415 and the second target at 0.9460.

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 29, 2015

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NZD/USD is expected to trade with a bearish bias. It is undermined by consernes about Greece fears prevail anddivergent the Reserve Bank of New Zealand-Federal Reserve monetary policy stances and lower dairy prices. But NZD/USD losses are tempered by the kiwi demand on soft EUR/NZD cross.

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 0.6785. A break of that target will move the pair further downwards to 0.6750. The pivot point stands at 0.6860. 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 0.6895 and the second target at 0.6920.

Resistance levels: 0.6895 0.6920 0.6950

Support levels: 0.6785 0.6750 0.6715

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Technical analysis of GBP/JPY for June 29, 2015

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GBP/JPY is expected to trade with a bearish bias. It is undermined by weak euro sentiment on the back of Greek crisis festers and Japan exporter sales. But GBP/JPY losses are tempered by demand from Japanese importers.

Technical comment:

The daily chart is negative-biased as the MACD and stochastics are bearish, five-day moving average is below 15-day moving average and is declining.

Trading recommendations:

The pair is trading 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 191.30. A break of that target will move the pair further downwards to 190.65. The pivot point stands at 193.70. 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 194.65 and the second target at 195.30.

Resistance levels: 194.65 195.30 196

Support levels: 191.30 190.65 190

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EUR/NZD : analysis for June 29, 2015

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Overview:

Recently, EUR/NZD is moving sideways around the level of 1.6245. As we had expected, the price tested the level of 1.6235 in a high volume. In the daily time frame, we can observe a demand bar, which is a sign that selling looks risky. The short-term trend is neutral, but the mid-term trend is bullish. We got a gap between the level of 1.6300 and 1.6115. 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 1.6300 and Fibonacci retracement 61.8% at the price of 1.6370.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6365

R2: 1.6400

R3: 1.6460

Support levels:

S1: 1.6240

S2: 1.6200

S3: 1.6140

Trading recommendations: Market is sideways around the level of 1.6240. The rice is still in the gap zone. Watch for a potential breakout of the gap zone.

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Gold : analysis for June 29, 2015

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Overview:

Gold has been trading sideways around $1,175.00. We can observe a gap zone between the levels of $1,175.00 and $1,181.00. Our gap zone is acting like support at this stage. I am waiting for stronger price actions and larger volume. In the daily time frame, we can observe a bearish bar in a volume below the average. Selling looks risky at this stage, because we got major support around $1,168.88 - $1,162.00. 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: 1,187.00

R2: 1,188.50

R3: 1,190.60

Support levels:

S1: 1,182.00

S2: 1,181.00

S3: 1,178.50

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 29, 2015

The US Dollar Index broke above the triangle on Friday and we saw a gap up at early trading on Monday with new highs as the main component of the US Dollar Index. The EUR/USD pair moved down due to the Greek referendum announcement and inability of Greece's governement to reach an agreement with the European institutions and the IMF.

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Blue lines- triangle

The US Dollar Index is pulling back towards the tenkan- and kijun-sen support after the gap up earlier today. The price is above the cloud support. Short-term support is at 95-95.30. If is gets broken, we should expect a push even lower towards 94.50.

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The weekly chart showed signs of strength last week. The price is above the kijun- and tenkan-sen indicators. The trend is mostly sideways. Support at 93.10 was held and bulls managed to reverse last week's candle producing a positive one. Weekly resistance is seen at 97.85 and at 97. Weekly support is at 93.50 and 93.10.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for June 29, 2015

Gold price bounced strongly towards $1,190 as expected due to the recent events regarding the Greek referendum. The price reached the resistance levels I expected and should reverse lower. My longer-term view remains bearish.

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Blue lines - triangle

Gold price remains inside the triangle pattern and inside the trading range of $1,230-$1,150. Gold price opened with a gap up towards the cloud resistance as we expected last week. Gold price reverses lower after testing resistance. Short-term resistance is seen at $1,190 now and support is at $1,168.

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Weekly chart remains bearish. The price remains below cloud resistance and below tenkan- and kijun-sen. Critical support is at $1,150 and important resistance is seen at $1,200-$1,210. The trend is mostly sideways for the last two months and I believe that we will eventually see a break lower.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for June 29, 2015

General overview for 29/06/2015 10:15 CET

The current wave progression in the lower time frame is getting more and more complex, so this might be the first clue, that wave B blue is unfolding now. There are two important levels, both are markers for bullish and bearish zones ( at the levels of 1.2420 and 1.2275 respectively). Any breakout above or below these levels would give us more clues about further market direction, but please bear in mind that the bias is still bullish and the upward wave progression hasn't been completed yet.

Support/Resistance:

1.2128 - WS2

1.2245 - WS1

1.2275 - Intraday Support

1.2332 - Weekly Pivot

1.2420 - Intraday Resistance

1.2447 - WR1

1.2537 - WR2

Trading recommendations:

Daytraders should refrain from trading and wait for the important levels to be tested first.

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Technical analysis of EUR/JPY for June 29, 2015

General overview for 29/06/2015 10:00 CET

As anticipated last week, the wave progression to the downside has finally started with a gap down on the back of Greek news. However, any move above the level of 137.63 will invalidate the main green impulsive count and the alternate labeling will be in charge then. It would mean a low of wave Y black would be in place at the level of 133.75 and the market might start another cycle upward.

Support/Resistance:

133.75 - Swing Low

134.46 - Intraday Support

136.13 - Weekly Pivot

136.38 - Intraday Resistance

136.95 - Technical Resistance

137.62 - Invalidation Level

138.03 - WR1

Trading recommendations:

Daytraders should had closed their sell orders already as the TP levels from last week were all hit and even extended to the downside, but if orders are still open, the SL should be lowered to the level of 136.38.

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Technical analysis of USD/CAD for June 29, 2015

The pair paused its three-week falling streak, managed to gain 0.6% last week. The pair rejected at 20Wsma and closed below that. The pair rejected at 100Dsmathree times and finally closed below that level. The nearest support is found at 1.2312 and 1.2300. Resistance is seen at 1.2390 and 1.2425. Crude prices are declining that can affect the CAD. Today, traders eye the RMPI that might come out on the positive side. Important data is due on Tuesday.

Intraday: The price has been approaching higher lows in the H1 chart. It managed to close above the moving averages in the four-hour chart. For an intraday session, buying is available above 1.2360 with targets at 1.2385 and 1.2340. The buying accelerates above 1.2400 towards 1.2420 and 1.2475. The real strength is seen only above 1.2425. The selling opportunity we arise below 1.2300 towards 1.2285, 1.2277, 1.2245, and 1.2220. Safe selling is available below 1.2270 (previous swing low 1.2277).

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Technical analysis of USDX & USD/JPY for June 29, 2015

Mounting concerns about crisis in Greece helped USD open with a gap up. The Index hit a low of 93.56 trading at 96.18. It faced the resistance at 96.40 20Wsma. The parallel resistance is seen at 96.55. We expect strong bullish momentum above 96.60 towards 96.90 initially and 97.70 later.

USD/JPY

At today's Asian session, data on the Japanese industrial and retail sales is due. Retail sales climbed to 3.0% beating expectations of 2.1%, but remains below the previous readings for 4.9%. The prelim industrial production output contracted to - 2.2% against 1.2% in the previous month.

Technical view: The pair hit a low of 122.13. The pair fell below the large ascending triangle after the opening bell, but managed to close above that in the four-hour chart. Intraday resistance is seen at 123.25, 123.45, and 123.70. The pair made a double top at 124.45. Bulls must take-off at the double top as soon as they can. In case the price closes below the ascending triangle, bears are likely to aim for 121.70 and 121.20. The 50Dsma is found at 121.80 and trend-change level remains at 120.80. Until the pair closes above 120.80, use every dip to buy. The 20Dsma is seen at 123.75. The weekly trading pattern is framed between 123.75 and 121.80. Either side close will deliver 124.45 and 125 or 121.20 and 121.00.

Intraday: Resistance is seen at 123.25, 123.55, and 123.70. Support is expected at 122.10, 122.00, and 121.80. Buying is available above 123.80 towards 124.00 and 124.40. Big moves loom at 124.50. Selling is available below 122.80 towards 122.50, 122.35, and 122.10.

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Technical analysis of Gold for June 29, 2015

The yellow metal has been moving in a tight range for almost 4 weeks. In the previous week, the metal closed below 20Wsma. Now it is trading at a 3-week low. Investors are awaiting a clear picture of the ongoing Greek saga. The SPDR gold in trust holdings stands at 711 tonnes, an increase to 713 tonnes, posted on June 26, was the largest in four months.

The view on gold is bearish owing to technical and fundamental perspective. The Fed is likely to raise its interest rates after September. However, the recent developments in Greece raised doubts about the Fed's rate hike in 2015. Greek Prime Minister Tsipras decided the intention to hold a referendum on July 5.

Technical analysis: Today, the metal opened higher at $1,187.70 compared to previous week's closing price of $1,175.00. The 20Wsma is seen at $1,190.00. The past 2-week closing pattern indicated a double top at $1,200.00 on a closing basis. The trend-change levels remains at $1,217.00. In the weekly chart, gold has been approaching higher lows. But in the daily chart, lower highs and lower lows formation is expanding. Weekly support is found at $1,175.00 and $1,168.00. Resistance is seen at $1,190.00 and $1,200.00.

Intraday: The support is found at $1,177.00 and $1,175.00. Resistance is seen at $1,181.00, $1,185.00, and $1,187.00. We expect strong momentum above $1,190.00. Bulls are likely to open a buying position with sl $1,175.00. Buying near $1,180.00 is advised with low quantity. Target are at $1,185.00 and $1,187.00 initially, and later at $1,190.00, $1,192.00, and $1,199.00. Bears are likely to open selling position below $1,173.00 towards $1,170.00, $1,168.00, and $1,165.00. Selling accelerates below $1,165.00 initially towards $1,162.00, panic is expected below $1,162.00 towards $1,150.00 and new lows. Gold is supported by the ongoing developments in Greece.

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Technical analysis of GBP/USD for June 29, 2015

The cable was rejected at the resistance zone pausing its 2-week winning streak. Today, the cable opened with a gap down hitting a low of 1.5665.

Weekly events: The week started with muted data. We have a number of high-impact data releases to look forward to, starting with the UK current account and final GDP q/q release. Data on manufacturing PMI and construction PMI is due on Thursday. Readings for the serves PMI are expected at the end of the week.

Technical analysis: The weekly supply zoneis seen around 1.5800 100Wema, 1.5870 200Wsma, and 1.5950 200Wema. The weekly support is found at 1.5650 50Wsma. In case bulls lose 1.5650, the other supports will be found at 1.5600 and 1.5530. Fundamental and technical aspects support the bullish view on the cable. The cable managed to breach the falling bearish channel in the hourly chart. Today, the cable took the support at the upper falling trendline.

Intraday: The cable formed a double bottom at 1.5665 after the opennig bell. Support is found at 1.5650. The ongoing situation favours buying with sl 1.5650. The double top was formed at 1.5770 in the H1 chart. Intraday resistance is seen at 1.5730 and 1.5780. The selling opportunity will arise below 1.5650 towards 1.5600 initially and 1.5550 later. Buying is available above 1.5780 with targets at 1.5800 and 1.5830. In case of a daily close above 1.5800, bulls will aim for 1.5870, 1.5900, and a new high of 1.5950.

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Technical analysis of EUR/USD for June 29, 2015

Greek Prime Minister Tsipras decided the decision to hold a referendum on July 5. The Greek banks will be close until June 6. Transactions are restricted. These unexpected events dampen had a significant effect on the euro today. The euro dropped against the most majors. Greek officials said "Greek deposits are fully guaranteed and the Greek ATM will open at noon on Monday".

The euro is trading 1.8% lower at Monday's Asian session. As of now, the pair hit a low at 1.0954 temporary support is found at 1.0950. The pair opened with a 1.5% gap down. The trading weeks favours selling on rises with sl 1.1050 or 1.1085 daily closing basis. On the down side, the support is found at 1.0890 and 1.0820. In the daily chart, the higher low and higher will be erased if the pair fell below 1.0819. The pair made a double top between 1.1467 and 1.1437 with targets at 1.0800, 1.0550, and 1.0400. We forecast "In case bulls are unable to close above 1.1535, bears are likely to re-test 1.1200, 1.1100, and 1.1060 this week". The market met our expectations.

Weekly events: Today data on German prelim CPI Spanish flash CPI is due. German retail sales and unemployment change, Euro CPI y/y and unemployment rate are expected to be released on Tuesday. Wednesday is a day when Spanish, French, German and Italy manufacturing PMI is due. Draghi's speech is scheduled for Thursday and data on retail sales will close the week.

Intraday: Due to the opening gap down, traders didn't get a chance to sell. Fresh selling is advised only below 1.0950 towards 1.0920 and 1.0900. Resistance is seen at 1.1020, 1.1080, and 1.1150. The 20Wsma is seen at 1.1030. The momentum oscillators indicate that the level is oversold; a mild pullback towards the resistance zone is expected. Strong momentum will arise on the higher side in case of a breach above 1.1085.

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Technical analysis of GBP/USD for June 29, 2015

GBP/USD has been steadily rising since June 05 up to june 18 when it tested a high of 1.5929. Currently, GBP/USD is in a correctional phase and could hit new lower lows.

The uptrend trendline is broken, the 200 moving average is broken, the downtrend trendline is rejected. And finally, 38.2% level, (taken from the Fibonaccy applied to the uptrend trendline breakout point) was rejected few times.

Overall, the short-term trend is downword, resistance was rejected. Support was not tested. Consider selling GBP/USD between R1 (1.5752) and R2 (1.5785) targeting S2 (1.5642) which is 0% Fibs level. Onlya break above R3 could result in a movement higher to form a double top near 1.5930.

Support: 1.5709, 1.5642

Resistance: 1.5752, 1.5785, 1.5819

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Technical analysis of Gold for June 29, 2015

Technical outlook and chart setups:

Gold is trading around $1,184.00 now after bouncing off from the level of $1,168.00. The metal should be poised to rally further higher towards $1,225.00 levels at least in the sessions to come. As depicted here, the metal has bounced off fibonacci 0.786 support and is expected to rally towards fresh swing highs. It is hence recommended to remain long for now with risk at $1,150.00. Immediate support is seen at $1,160.00 followed by $1,143.0 and lower. Resistance is seen at $1,205.00 followed by $1,215.00, $1,225.00/30.00, and higher respectively.

Trading recommendations:

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

Good luck!

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Technical analysis of Silver for June 29, 2015

Technical outlook and chart setups:

Silver rallied through $16.00/05 after testing lows of $15.50 on the back of the Greek crisis. The metal is expected to fall back to the levet $15.80 from here before rallying further up. Also, the metal has hit the support line turned resistance as depicted on the chart view. It is recommended to remain long and look for an opportunity to initiate further positions around $15.80 with risk at $15.30. Immediate support is seen at $15.50 followed by $15.30 and lower. Resistance is seen at $16.30/40 followed by $17.20/30 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 29, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around 135.30 at the moment after pulling back higher from 134.00 earlier. As we can observe, the pair is seen to be bounced off from fibonacci 0.786 support and a new high is still lkely to be hit in coming weeks. It is hence recommended to initiate at least 50% long positions now with risk around 133.00. Immediate support is seen at 133.00 followed by 131.00, 129.00, and lower while resistance is seen at 138.00/139.00 levels followed by 140.00, 141.00, and higher respectively.

Trading recommendations:

Initiate at least 50% long positions, stop is at 133.00, a target is open.

Good luck!

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Technical analysis of EUR/JPY for June 29, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around 135.30 at the moment after pulling back higher from 134.00 earlier. As we can observe, the pair is seen to be bounced off from fibonacci 0.786 support and a new high is still lkely to be hit in coming weeks. It is hence recommended to initiate at least 50% long positions now with risk around 133.00. Immediate support is seen at 133.00 followed by 131.00, 129.00, and lower while resistance is seen at 138.00/139.00 levels followed by 140.00, 141.00, and higher respectively.

Trading recommendations:

Initiate at least 50% long positions, stop is at 133.00, a target is open.

Good luck!

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Technical analysis of GBP/CHF for June 29, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading around 1.4750 at the moment looking for an opportunity to produce a meaningful retracement lower. Minimum downside expectation is limited with the level of 1.4550, while there is still the potential for a drop to the level of 1.4400 before the pair could resume its rally. It is therefore recommended to remain flat and look to initiate long positions at lower levels. Immediate support is seen at 1.4650 followed by 1.4500, 1.4400, and lower. Resistance is seen at 1.4750 followed by 1.4800 and higher respectively.

Trading recommendations:

Remain flat for now, look to buy lower.

Good luck!

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Elliott wave analysis of EUR/NZD for June 29 - 2015

2015-06-29-EURNZD-4H.png

Technical summary:

The EUR hit major highs after Monday's opening bell, as the Greek Prime Minister called a referendum on whether to accept the latest terms set by creditors. The important short-term support at 1.5792 is still intact, so we will stay cautiously bullish for now.

To confirm the bullish outlook, a breakout back above resistance at 1.6370 is needed. It will call for more upside towards 1.7154. However, a breakout below support at 1.5792 will delay an expected rally and will force a review of the entire rally from a low of 1.3880.

Trading recommendation:

Our stop at 1.6140 was taken out immediately as we opened at 1.6136. We will sideline until the volatility becomes normal again.

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Elliott wave analysis of EUR/JPY for June 29 - 2015

2015-06-29-EURJPY-4H.png

Technical summary:

On Saturday, Greece had called a referendum on whether to accept the latest terms from creditors, which caused a huge volatility in early trade on Monday. A break below important support at 133.07 will be bearish for EUR/JPY. It will indicate that a rally from a low of 126.05 has been only in three waves and thereby is a corrective one. If a breakout below 133.07 takes place, a new decline to 126.05 and lower is expected.

Amid that, stay cautiously bullish as long as important support at 133.07 protects the downside, but a breakout back above 139.17 will be needed to confirm the bullish outlook.

Trading recommendation:

With an extreme volatility seen here, the best is to stay neutral and let things come down before entering a new position. So, we will stay neutral for now.

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Daily analysis of USDX for June 29, 2015

A bullish gap is taking advantage of the USDX current trend on the daily chart, because the Index responded Greek news released at the weekend. Currently, we could expect a huge fall to the support level of 95.74 where it is currently making a strong bottom. That move is needed because of the gap.

USDXDaily.png

The H1 chart is advising us to wait for a gap which is expacted to take place in coming hours, because the USDX is trying the resistance level of 96.25. However, this pullback could be extended below the support level of 95.80, but our overall forecast for this Index is still bullish, at least in the short and mid term. The MACD indicator is overbought.

USDXH1.png

Daily chart's resistance levels: 96.57 / 97.49

Daily chart's support levels: 95.74 / 94.66

H1 chart's resistance levels: 96.25 / 96.57

H1 chart's support levels: 95.80 / 95.48

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index gets broken with a bullish candlestick; the resistance level is at 96.25, take profit is at 96.57, and stop loss is at 95.93.

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Daily analysis of GBP/USD for June 29, 2015

In the daily chart, GBP/USD is currently trading with a bearish gap, after a massive buying of the US dollar because of economic problems in Greece. By the way, the support level of 1.5543 is still the closest one in this time frame because it is currently located at the 200 SMA. GBP/USD could start going upwards after the corrective move.

GBPUSDDaily.png

Currently, GBP/USD is approaching strong support around the level of 1.5687 and, as we can see on the H1 chart, the pair could move to the upside and find resistance at 1.5740 in coming hours. However, a breakout in the support zone of 1.5687 will enable bears to test the level of 1.5650. The MACD indicator is in negative territory.

1435538024_GBPUSDH1.png

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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Technical analysis of EUR/USD for June 29, 2015

1435535078_EURUSDH1.png

Overview:

  • The price of the EUR/USD pair is going to turn bearish from the level of 1.1162 because the resistance has already set at the level of 1.1162 and the double top is seen near the resistance at 1.1195. It is a good sign to sell in this area (formed a big gab) with the first target at 1.0955 to test minor support at this level, which represents a new double bottom in the H1 chart. If the trend is able to break 1.0955, it will call for a downtrend in order to continue its bearish movement towards 1.0780 with a view to the weekly support 3. The weekly support 3 is found at 1.0780 this week. On the other hand, the stop loss should be placed at the level of 1.1200. It should also be noted that the support is expected at 1.0954 today.

The weekly technical analysis of EUR/USD pair:

eurusd_pp.png

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Technical analysis of GBP/USD for June 29, 2015

The weekly technical analysis of GBP/USD pair:

gbpusd_pp.png

GBPUSDH1.png

Overview:

  • According to the previous events, the GBP/USD pair has been trapping between 1.5774 and 1.5639. The level of 1.5774 (the weekly pivot point) represents strong resistance. Also, it should be noted that the price of 1.5787 is coinciding with a ratio of 50% Fibonacci retracement levels. The minor support set at the level of 1.5666 (the double bottom in the H1 chart). Hence, we expect a range about 135 pips in coming hours. Therefore, the market is going to call for an uptrend from the level of 1.5666. Thus, buy above the level of 1.5666 in the short term with the first target at 1.5774. If the trend is able to break the weekly pivot point, it might resume to 1.5816 in order to test the golden ratio in the same time frame.

Notes:

  • Major support sets at 1.5639 and the double bottom sets at 1.5666.
  • The level of 1.5774 represents the weekly pivot point.
  • Major resistance has already set at 1.5816.
  • It should be noted that the weekly range was not very large for the last four weeks (around 234 pips).
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Daily analysis of major pairs for June 29, 2015

EUR/USD: There is already a bearish signal on this pair, though there is a formidable barrier to the bears' interest at the support of 1.1150. A breakout of that support line would enable the price to go further southwards more smoothly.

1.png

USD/CHF: This market has the propensity to go upwards, which would become possible in case EUR/USD goes further downwards. There is a stubborn resistance level at 0.9400, which bulls need to breach in order to maintain the existing dominance.

2.png

GBP/USD: The GBP/USD pair fell by 200 pips last week, threatening the recent bullish outlook on the market. The bullish outlook would be valid as long as the accumulation territory at 1.5650 is not broken to the downside. Once the accumulation territory is breached to the downside, the outlook would become bearish. This would also affect other GBP pairs.

3.png

USD/JPY: The pair is moving sideways. That is likely to go on for a few weeks. There is a bound to make a break above the supply level at 124.50 or below the demand level at 122.50. On the USD/JPY pair, there would be a great directional movement in July 2015 (and most probable in direction of bears).

4.png

EUR/JPY: The EUR/JPY pair is moving in a bearish trend. Since the bearish signal has been formed, the market is moving sideways. However, there could be a significant movement today or next week. The fundamental events in the Eurozone could have a serious impact on the market; plus the situation around the euro would determin further derection on this cross.

5.png

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Technical analysis of USD/JPY for June 29, 2015

!USDJPY.jpg

In Asia, Japan will release Prelim Industrial Production m/m and Retail Sales y/y. The US will rpublish data on Pending Home Sales m/m. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.41.

Resistance. 2: 123.17.

Resistance. 1: 122.93.

Support. 1: 122.64.

Support. 2: 122.40.

Support. 3: 122.16.

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 EUR/USD for June 29, 2015

!EURUSD.jpg

When the European market opens, economic data on the Spanish Flash CPI y/y and German Prelim CPI m/m is due. The US will release economic data on the Pending Home Sales m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1028.

Strong Resistance:1.1022.

Original Resistance: 1.1011.

Inner Sell Area: 1.1000.

Target Inner Area: 1.0975.

Inner Buy Area: 1.0950.

Original Support: 1.0939.

Strong Support: 1.0928.

Breakout SELL Level: 1.0922.

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