GBP/USD intraday technical levels and trading recommendations for July 1, 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. Hence, GBP/USD bulls pursued towards 100% Fibonacci Expansion located around 1.5900.

Risky traders could take a valid sell entry anywhere around 1.5900-1.5930. It is already running in profits now.

On the other hand, the level of 1.5780 remains significant resistance level, which provided extensive bearish rejection previously on May 15 and recently on June 29.

Trading Recommendations:

Conservative traders could take a low-risk sell entry around 1.5780-1.5800. S/L should be lowered to 1.5800.

T/P levels are located at 1.5700, 1.5600 and 1.5560.

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Intraday technical levels and trading recommendations for GBP/USD for July 1, 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 to be watched at further retesting.

As anticipated, It offered a valid SELL entry last week. It is running in profits now. S/L should be lowered to 1.5800 to offset the risk.

T/P levels should be set at 1.5700, 1.5650 and 1.5600.

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Intraday technical levels and trading recommendations for EUR/USD for July 1, 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).

April's monthly candlestick came as a bullish engulfing one. However, the next monthly candlesticks (May and June) reflect bearish rejection being expressed around 1.1450.

In the long term, a bearish breakout of the monthly demand level at 1.0550 should not be excluded as the long-term projection target is located at 0.9450.

However, a bullish corrective movement towards 1.1500 may be executed ONLY if May's monthly high 1.1465 gets breached.

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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 (slightly below the depicted daily supply level).

This week, the market opened around the price level of 1.1000 (following a large bearish gap). The price level of 1.1000 corresponds to the daily uptrend. That is why, an ascending bottom is expected to be established there.

As long as bulls keep trading above 1.1150, further bullish advancement should be expected. Initial bullish target would be located at 1.1300 which is a prominent supply level to be watched.

On the other hand, re-closure below the price level of 1.1150 brings the EUR/USD pair again towards 1.1000 where the uptrend can be retested again.

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Gold analysis for July 01, 2015

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Overview:

Gold has been trading sideways around $1,171.00. We can observe a gap zone between the levels of $1,175.00 and $1,181.00. Our gap zone is broken since the price has tested the level of $1,171.00. I am waiting for stronger price actions and a larger volume. In the daily time frame, we can observe a bearish bar in a volume above the average. Selling looks risky at this stage, because we got major support around $1,168.88 - $1,162.00. I placed Fibonacci retracement to find potential resistance levels and 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: 1,178.00

R2: 1,181.00

R3: 1,187.00

Support levels:

S1: 1,166.75

S2: 1,164.00

S3: 1,158.50

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

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EUR/NZD : analysis for July 01, 2015

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Overview:

Recently, EUR/NZD is moving downwards. As we had expected, the price tested the level of 1.6341 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 bullish. The gap between the levels of 1.6300 and 1.6115 is closed. Bullish phase is in progress, so watch for potential opportunities to buy on dips. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.6370, Fibonacci retracement 50% at the level of 1.6310 and Fibonacci retracement 61.8% at the level of 1.6245. If it breaks the level of 1.6572 in a high volume , we may see a test at the level of 1.6700.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6550

R2: 1.6600

R3: 1.6675

Support levels:

S1: 1.6390

S2: 1.6340

S3: 1.6260

Trading recommendations: The market is bullish. Watch for potential buying opportunities above the level of 1.6572.

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USD/CHF trading in supply area

On May14, USD/CHF formed a double bottom near 0.91. A correctional move up resulted in the breakout of the ascending channel and further extentions up towards 23.6% (R3) Fibonacci level applied to the channel breakout point. While R3 was rejected, USD/CHF broke the key support level that is 61.8% Fibonacci – S1 (0.9302).

The bounce off the R3 resistance, break below the S1 support as well as CCI trendline breakout can be treated as the confirmation of a valid downtrend. Currently, the pair is trading between R1 (0.9370) and R2 (0.9439), which is a strong supply area.

Consider selling USD/CHF while it is between R1 and R2. If the the downtrend is in the long term, it is better to target the nearest support area S2 (0.9239). Only a daily closure above R2 (0.9439) could send the price higher to test R3 (0.9524). Even if R3 is tested, keep in mind that the long-term trend would still remain bearish.

Support: 0.9302, 0.9239

Resistance: 0.9370, 0.9438, 0.9524

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Technical analysis of AUD/USD for July 1, 2015

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Overview:

  • The AUD/USD pair has formed support at the level of 0.7590; and the area of 0.7586 is probably going to compose a double bottom on the H4 chart. Consequently, the price of 0.8100 will form a new bearish wave and will act as a strong support this week. So it will be a good sign to buy above the level of 0.7586 (00% of Fibonacci retracement levels at he same chart) with the first target of 0.7700 and further to 0.7806. The level of 0.7806 will act as a strong resistance today for that it will be a good place to take profit below the 0.7806 level.
  • Nevertheless, in case a reversal takes place and the AUD/USD breaks through the support at the price of 0.7575, the market will be leat to a further decline towards the 0.7521 level.

Intraday technical levels:

Date:1/07/2015

Pair: AUD/USD

  • R3: 0.7796
  • R2: 0.7759
  • R1: 0.7732
  • PP: 0.7695
  • S1: 0.7668
  • S2: 0.7631
  • S3: 0.7604

Warning:

  • Range: 64pips.
  • Risk of 64pips must make a profit of 96.00.
  • A risk to reward ratio of 1:1.5 is recommended.
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Technical analysis of GBP/USD for July 1, 2015

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Overview:

  • The GBP/USD pair has already formed a strong resistance at the level of 1.5774 (1.5783: 61.8% of Fibonacci retracement levels) on the H1 chart. It formed the last bullish wave for the last week and the 1.5771 level also acts as strong resistance. The saturation is likely to take place around 1.5774 and 1.5783 because these levels are also forming a double top three days ago. Therefore, it is possible that the market will start showing bearish signs in the short period. The weekly support 1 is set at the same price of the double bottom around the area of 1.5636, hence sell deals are recommended below 1.5774 or 1.5783 with the first target seen at the 1.5636 level and further at the 1.5590 level. It should be noted that the level of 1.5590 is representing a minor resistance, for that it will be profitable to take all profits around the 1.5590 level before the New York market opening.

GBP/USD:

  • Daily pivot point: 1.5636.
  • Resistance has already placed at 1.5780 (sell below this level).
  • Support sets at 1.5590.
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EUR/AUD long term outlook

On June 29, after forming a double bottom reversal pattern near 1.37, EUR/AUD started approaching higher lows and higher highs. That signals about the potential change in trend in the mid and long terms.

EUR/UAD found the resistance near R2 (1.4755), which is 23.6% Fibonacci level applied to a breakout of the descending channel. Currently, it looks like EUR/AUD is finishing the corrective wave down and might continue ist long-term growth. The price rejected the S1 (1.4386), 200D moving average and ascending channel confirming the uptrend.

Consider buying EUR/AUD near 1.4386, which is S1 support, with targets at R2 (1.4755) or R3 (1.5085). Althoughthe pair could get slightly lower, only a daily close below S2 (1.4221) would invalidate this analysis and send the pair down to the area around 1.37.

Support: 1.4386, 1.4221

Resistance: 1.4551, 1.4755, 1.5085

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Global macro overview for 01/07/2015 - US Labour Data

Global macro overview for 01/07/2015 - US Labor Data

Today's news will have a high impact on the US Dollar Index and the EUR/USD pair.

The release of the USA ADP Non-Farm Employment figures is scheduled for 14:15 today (GMT+2) and the market expects job creation to increase to 218K in June from 201K in May. These readings should coincide with continuing decrease of the US unemployment rate to the levels of 5.4% from 5.5% a month before.

The ISM Manufacturing PMI is expected to increase to the level of 53.1 from 52.8 in the previous month. This number is highly correlated with the job number that US publishes every month.

How to trade amid he news release:

If both numbers come in line or higher than the expectations are, the market should surge above the gold trendline to hit the resistance at the level of97.00 or 97.70.

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Global macro overview for 01/07/2015

Global macro overview for 01/07/2015

It is all about Greece all the week long.

Today, Greece missed the IMF payment of 1.5 billion euros and its bailout is officially expired. Please notice Greece had faced default 6 times since 1830, so this is nothing new for this country. Critical talks took place in Athens and Brussels, but the chancellor Merkel said there is nothing to negotiate before Sunday's national referendum. Yesterday, Greece proposed to extend the bailout for 2 more years, but it has been rejected by the Eurogroup.

Today's news events from Greece that will affect the markets:

- 10.00 - ECB meets to tal ELA

- 15:30 - Eurogroup teleconference

EUR/USD current market situation:

After filling the gap, the most liquid pair is slowly, but surely falling towards the level of 1.0945. Support is seen at the level of 1.1077, resistance is seen at the level of 1.142.

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USDX technical analysis for July 1, 2015

The US Dollar Index reached the cloud and 61.8% retracement support and bounced yesterday. The price continued moving upwards and the short-term trend remains bullish. Critical support is at 94.60 and at 95 for the medium- and short-term trend.

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Blue line - trend line support

The US Dollar Index has made an impulsive move upwards and a correction that back tested the cloud support. The price is moving higher. The trend is bullish as the price remains above the cloud. Critical support is at 94.60 in the short term.

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Blue line - trend line resistance

The US Dollar Index is above the tenkan- and kijun-sen again. However, the price must break above the blue trend-line resistance to let bulls regain full control of the trend, . S,o resistance is found at 96.70. If support at 94.60 fails, we should expect bears to regain control and push the price towards the next big support at 93.10. If that is broken as well, we should expect a push towards at least 92.50 and 90.

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Gold technical analysis for July 1, 2015

Gold price continued to trade sideways inside the bigger triangle pattern and above support of $1,160. The short-term trend is unclear while the longer-term trend remains bearish. My longer-term view remains bearish targeting $1,000.

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Blue lines - triangle pattern

Gold price remains inside the triangle pattern and it shows some signs of weakness as it is trading around the lower boundary. The price remains below the Ichimoku cloud. However, there are still chances for a possible bigger upside bounce towards $1,200. A weekly close below $1,160 will confirm a triangle breakdown.

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Blue line- long-term trend line support

The weekly chart remains bearish. This week's candle has reached a lower low and lower high. The price remains below the tenkan-sen. The blue trend-line support is critical. If it gets broken, we will get a confirmation of a new trend. We will go towards $1,000 in case of a breakout at the support line.

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Technical analysis of USD/CAD for July 1, 2015

General overview for 01/07/2015 09:15 CET

As anticipated yesterday, the violation of the level of 1.2421 was a bullish sign and market went as high as the level of 1.2510. Moreover, the alternative wave count looks completed now because the last wave up might be considered the wave Z in triple zig-zag pattern (which is very common for wave B). Nevertheless, the bullish impulsive count is valid as long as the intraday support at the level of 1.2421 is violated.

Support/Resistance:

1.2128 - WS2

1.2245 - WS1

1.2332 - Weekly Pivot

1.2421 - Intraday Support

1.2447 - WR1

1.2537 - WR2

Trading recommendations:

The near-term bias is still bullish and daytraders should consider opening buy orders as long as the level of 1.2421 is violated.

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Technical analysis of EUR/JPY for July 1, 2015

General overview for 01/07/2015 09:05 CET

The bullish impulsive count hasn't been invalidated yet, but the price came rather close to our invalidation line at the level of 135.68. The current price action looks more like a corrective structure in a shape of a triangle and this is how it is labeled now. Moreover, two more sub-waves of the triangle pattern are missed, so it might take them some time to be completed. Please notice that any breakout below the intraday support at the level of 135.68 will invalidate the bullish impulsive count and the next support is seen at a swing low of 133.75 that might be broken as well.

Support/Resistance:

133.75 - Swing Low

135.68 - Invalidation Level | Intraday Support |

136.13 - Weekly Pivot

137.52 - Intraday Resistance (weak)

138.04 - WR1

138.09 - Intraday Resistance (strong)

Trading recommendations:

Daytraders should consider opening sell orders only if the level of 135.68 is clearly violated in impulsive fashion. Otherwise the market is range bound between two intraday levels and it is better to wait for a breakout in either direction.

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Daily analysis of major pairs for July 1, 2015

EUR/USD: This currency trading instrument is currently volatile; though a closer look would reveal that the dominant bias is bearish. This would hold as long as the resistance line at 1.1300 is intact. More selling pressure may enable the price to reach the support lines that were first tested this week as a result of the gap-down that occurred at the market open.

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USD/CHF: This week has been characterized by a deadly struggle between the bull and the bear with bull gaining the upper hand. The price could continue going further upwards, especially as the EUR/USD pair is weakening further. The price may test the resistance levels at 0.9400 and 0.9450.

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GBP/USD: The GBP/USD pair is moving sideways in spite of a fact that other majors are showing high volatility. The price is moving sideways this week, but there is bound to be a breakout this week or next. Either the price would close above the distribution territory at 1.5800, or it can close below the accumulation territory at 1.5650. A close below the accumulation territory at 1.5650 is more likely.

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USD/JPY: There is a sell signal on this pair. The price is below the EMA 56 and the RSI period 14 is below the level of 50 showing a clean Bearish Confirmation Pattern in the chart. The pair is expected to become weaker this month. So, a long trade is currently not advisable here. The next target for bears is at the demand level of 121.50.

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EUR/JPY: This cross has remained volatile. However, it is more likely that the price would trend downwards this week or next. That is the outlook for the market.

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Elliott wave analysis of EUR/NZD for July 1 - 2015

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Technical summary:

A previous top at 1.6587 has kept prices in check for now, which indicates more correction in wave iv towards 1.6017 before the final rally higher in wave v towards 1.7146. It will take an unexpected breakout below the support at 1.5792 to alter the count that hasbeen working well for us since the 1.3880.

Trading recommendation:

We are sidelined for now, but will buy on a break above 1.6577.

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Elliott wave analysis of EUR/JPY for July 1 - 2015

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Technical summary:

We still prefer a break above minor resistance at 138.68 to continue moving higher to 141.06 with a target at 144.03. As long as minor resistance at 138.68 is able to protect the upside, we do accept the risk of a breakout below important support at 133.07, which would change the bullish picture to a bearish one. A breakout below 133.07 will leave us with a three wave rally of a low at 126.05 and indicate that it has been only a corrective rally. So, a new decline towards 126.05 should be seen.

Trading recommendation:

We will buy on a breakout above 138.68.

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Technical analysis of EUR/USD for July 01, 2015

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When the European market opens, economic data on the Final Manufacturing PMI, German Final Manufacturing PMI, French Final Manufacturing PMI, Italian Manufacturing PMI, and Spanish Manufacturing PMI is due.The US will release data on Total Vehicle Sales, Crude Oil Inventories, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, ADP Non-Farm Employment Change, and Challenger Job Cuts y/y. So amid the reports, EUR/USD will move with a low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1186.

Strong Resistance:1.1180.

Original Resistance: 1.1169.

Inner Sell Area: 1.1158.

Target Inner Area: 1.1132.

Inner Buy Area: 1.1106.

Original Support: 1.1095.

Strong Support: 1.1084.

Breakout SELL Level: 1.1078.

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 July 01, 2015

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In Asia, Japan will release the Final Manufacturing PMI, Tankan Non-Manufacturing Index, and Tankan Manufacturing Index. The US is expected to unveil data on Total Vehicle Sales, Crude Oil Inventories, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, ADP Non-Farm Employment Change, and Challenger Job Cuts y/y. So, there is a strong probability that USD/JPY will move with a low to medium volatility during the Asian session, but with a medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.17.

Resistance. 2: 122.93.

Resistance. 1: 122.69.

Support. 1: 122.40.

Support. 2: 122.16.

Support. 3: 121.92.

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 USDX for July 01, 2015

The USDX recovered from the losses produced by filling the bullish gap, and now the Index is looking for an opportunity to break the resistance level of 95.74 as we can note on the daily chart. In case success, it would be expected to test the next high at 96.57.

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On the H1 chart, the USDX found dynamic support at 200 SMA and this bullish structure remains very strong, because the Index is forming a higher high pattern above the support level of 95.43. The next upside target is still placed at the level of 95.63. If the USDX does a breakout over there, it would be expected to test the territory of 95.89.

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Daily chart's resistance levels: 95.74 / 96.57

Daily chart's support levels: 94.66 / 93.63

H1 chart's resistance levels: 95.63 / 95.89

H1 chart's support levels: 95.43 / 95.09

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 95.63, take profit is at 95.89, and stop loss is at 95.36.

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Daily analysis of GBP/USD for July 01, 2015

In the daily chart, GBP/USD is still trading sideways below the resistance zone of 1.5755. Moreover, the current structure remains strong and pointing to the upside because 200 SMA is bullish. There is a chance of another pullback towards that moving average. The MACD indicator remains in the negative territory.

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The short-term picture is still dominated by sideways moves as the pair was rejected by the resistance level of 1.5740 during Tuesday's session. However, a breakout of the support around 1.5687 would open the doors to test the next low of 1.5650 in coming hours.

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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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Elliott wave analysis of EUR/NZD for June 30 - 2015

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Technical summary:

The break back above minor resistance at 1.6370 indicates that the decline from 1.6587 is part of a correction and more upside should be seen. It should be just a matter of time before resistance at 1.6587 is broken for a continuation higher towards 1.7154.

The only question that remains is whether the correction from 1.6587 is over at 1.6032 or more downside pressure close to 1.6032 is needed before the next impulsive rally is seen.

Trading recommendation:

We will buy EUR upon a break above 1.6587.

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Elliott wave analysis of EUR/JPY for June 30 - 2015

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Technical summary:

Minor resistance at 138.68 is still held firmly so the risk remains for more downside pressure towards important support near 133.07, but it will take a break below this level to turn the picture bearish. To remove the downside pressure a break above minor resistance at 138.68 is needed and it will call for a move higher to 141.06 and 144.03.

Trading recommendation:

We will stay neutral for now as the picture is a bit unclear.

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Technical analysis of USD/JPY for June 30, 2015

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USD/JPY is expected to consolidate with bearish bias after hitting the five-week low of 122.11 on Monday. It is undermined by the flows to the safe-haven yen amid increased risk aversion (VIX fear gauge surged 34.45% to 18.85, S&P 500 closed 2.09% lower at 2,057.64.4 overnight) as Greece confirmed it would get into default on a EUR1.55 billion repayment to the International Monetary Fund, and increased prospects for Greece to exit the European Union. USD/JPY is also weighed by the weaker dollar sentiment (ICE spot dollar index last 94.99 versus 96.20 early Monday) as market participants pushed back the expectations for the US Federal Reserve to increase its interest rates this year in view of latest developments in the Greek debt crisis abd smaller-than-expected 0.9% increase in the US pending home sales index to 112.6 in May (versus forecast +1.2%), lower US Treasury yields (10-year fell 14.8 bps to 2.327% Monday), and Japan's exports. But USD sentiment is soothed by the stronger-than-expected US June Dallas Fed business activity index of -7.0 (versus forecast -18.0). 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 negative-biased as the MACD and stochastics are 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 121.70. A break of that target will move the pair further downwards to 121.40. The pivot point stands at 122.70. 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 123.20 and the second target at 124.

Resistance levels: 123.20 124 124.45

Support levels: 121.70 121.40 121

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Technical analysis of USD/CHF for June 30, 2015

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USD/CHF is expected to trade in a lower range. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 94.99 versus 96.20 early Monday) as market participants pushed back the expectations for the US Federal Reserve to increase its interest rates this year in view of latest developments in the Greek debt crisis. The pair is also undermined by smaller-than-expected 0.9% increase in the US pending home sales index to 112.6 in May (versus forecast +1.2%), lower US Treasury yields (10-year fell 14.8 bps to 2.327% Monday), flows to thesafe-haven Swiss franc as Greece crisis roils financial markets. But USD/CHF losses are tempered by the intervention from the Swiss National Bank to curb flight-to-safety buying of the Swissie, and the negative Swiss interest rates.

Technical comment:

The daily chart is mixed as the MACD is bullish, but 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 0.9240. A break of that target will move the pair further downwards to 0.9205. The pivot point stands at 0.9330. 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 0.9370 and the second target at 0.9415.

Resistance levels: 0.9370 0.9415 0.9450

Support levels: 0.9240 0.9205 0.9175

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

Technical analysis of NZD/USD for June 30, 2015

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NZD/USD is expected to consolidate with bearish bias after hitting the five-year low of 0.6785 on Monday.It is undermined by the increased risk aversion, divergent monetary policy stances of the Reserve Bank of New Zealand and the US Federal Reserve, and soft dairy prices. But NZD/USD losses are tempered by the weaker dollar 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 0.6725. A break of that target will move the pair further downwards to 0.6690. The pivot point stands at 0.6800. 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 0.6825 and the second target at 0.6850.

Resistance levels: 0.6825 0.68500.6895

Support levels: 0.6725 0.6690 0.6650

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

GBP/USD intraday technical levels and trading recommendations for June 30, 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 is already running in profits now.

On the other hand, the price level of 1.5780 remains a significant resistance level which provided extensive bearish rejection previously on May 15.

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.

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

Technical analysis of GBP/JPY for June 30, 2015

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GBP/JPY is expected to consolidate with risks skewed lower. It is undermined by the ongoing Greece's crisis and Japan's exports. But GBP/JPY losses are tempered by the demand from the Japanese importers.

Technical comment:

The daily chart is mixed as the MACD is bearish. Five day moving average is below 15-day moving average and is declining, but stochastics is turning bullish.

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 193.50. 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

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