Gold analysis for July 06, 2015

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Overview:

Gold has been trading sideways around the price of $1,166.00. I am still awaiting a stronger price action and larger activity to confirm further direction. According to the H4 time frame, our support cluster around the price of $1,162.00 got broken but we can observe a pin bar, which is a sign of a weak breakout and potential fake breakout. Selling looks risky at this stage, because support at the price of $1,162.00 is still active. The short-term trend has changed from bearish to neutral. We got a new low at the price of $1,157.00. If the price breaks the level of $1,157.00 in a high volume, we may see possible testing of the level of $1,147.00. Otherwise, bullish phase is possible.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,174.00

R2: 1,175.00

R3: 1,176.00

Support levels:

S1: 1,171.00

S2: 1,170.00

S3: 1,169.95

Trading recommendations: Be careful when selling gold since our strong support at the price of of $1,162.00 is still active. We can observe indecision market. Wait for larger activity and stronger price action to confirm further direction.

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Technical analysis of USD/JPY for July 06, 2015

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USD/JPY is expected to trade with a bearish bias. It is undermined by flows to haven yen and unwinding of JPY-funded carry trades amid increased risk aversion as projection of Greece's referendum outcome indicated most Greeks voted "no" to creditors' demands, heightening fears of an eventual Greek exit from the eurozone. USD/JPY is also weighed by the lower US treasury yields and Japan's exports. But USD/JPY losses are tempered by demand from Japanese importers and ultra-loose Bank of Japan's monetary policy.

Technical comment:

The daily chart is negative-biased as the MACD is in bearish mode, stochastics is turning bearish, 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 122.15. A break of that target will move the pair further downwards to 121.80. The pivot point stands at 123. 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 mo ve further to the upside. According to that scenario, long positions are recommended with the first target at 123.35 and the second target at 124.

Resistance levels: 123.35 124 124.50

Support levels: 122.15 121.80 121.25

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Technical analysis of USD/CHF for July 06, 2015

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USD/CHF is expected to trade with bullish bias. It is underpinned by the broadly firmer dollar undertone, threat of the Swiss National Bank to carry out CHF-selling intervention, and the negative Swiss interest rates. But USD/CHF gains are tempered by the franc demand on the soft EUR/CHF cross.

Technical comment:

The daily chart is mixed as the MACD is bullish, five-day moving average is above 15-day moving average and is advancing but stochastics is turning bearish at overbought 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 0.9360. A break of that target will move the pair further downwards to 0.9330. The pivot point stands at 0.9450. 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 mo ve further to the upside. According to that scenario, long positions are recommended with the first target at 0.95 and the second target at 0.9540.

Resistance levels: 0.95 0.9540 0.96

Support levels: 0.9360 0.9330 0.9285

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Technical analysis of NZD/USD for July 06, 2015

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NZD/USD is expected to trade with bearish bias after hitting the five-year low of 0.6640 this morning. It is undermined by the increased risk aversion, soft dairy prices, and divergent monetary policy stances of the Reserve Bank of New Zealand and the US Federal Reserve. But NZD/USD losses are tempered by the kiwi demand on the retreating AUD/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 0.6660. A break of that target will move the pair further downwards to 0.6630. The pivot point stands at 0.6750. 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 mo ve further to the upside. According to that scenario, long positions are recommended with the first target at 0.6780 and the second target at 0.6825.

Resistance levels: 0.6780 0.6825 0.6850

Support levels: 0.6660 0.6630 0.66

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Technical analysis of GBP/JPY for July 06, 2015

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EUR/JPY is expected to trade with bearish bias. It is undermined by concernes about an eventual Greek exit from the eurozone after most Greeks voted "no" to creditors' demands in Sunday's referendum. But sterling sentiment soothed by stronger-than-expected UK June CIPS / Markit services PMI of 58.5 (versus forecast 57.3).

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 190.05. A break of that target will move the pair further downwards to 189.35. The pivot point stands at 191.75. 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 192.35 and the second target at 192.90.

Resistance levels: 192.35 192.90 193.50

Support levels: 190.05 189.35 188.75

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EUR/NZD : analysis for July 06, 2015

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Overview:

Recently, EUR/NZD is moving downwards. The price tested the level of 1.6469 in a volume below the average. In the daily time frame, we can observe a weak demand bar, which is a sign that buying looks risky. The short-term trend changed from bullish to neutral but mid-term trend is still bullish. Our strong resistance at 1.6615 was successfulyl held. According to the H1 time frame, we can observe the supply bar in an average volume. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.6400, Fibonacci retracement 50% at the level of 1.6330 and Fibonacci retracement 61.8% at the level of 1.6260. Anyway, if the price breaks the level of 1.6615 in a high volume, a test at the level of 1.7000 is possible.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6615

R2: 1.6650

R3: 1.6710

Support levels:

S1: 1.6500

S2: 1.6460

S3: 1.6400

Trading recommendations: Buying EUR/NZD looks risky. Watch for potential selling opportunities. We got support around the level of 1.6400 and 1.6350.

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Global macro overview for 06/07/2015 - ISM data release

Global macro overview for 06/07/2015 - ISM data release

The high-impact news release for Monday is mainly the US ISM non-manufacturing data scheduled to be released at 16:00 (GMT+2). The previous reading for May (55.7) was slightly worse than expected, but it is still above the fifty level. For the month of June, the market is expecting a better number of 56.5. In case the data is in line with expectations or even better (above 57), the situation on USD/JPY might get even more bullish than it is now. The market might try to break out above the golden trendline and head higher towards the level of 124.00.

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Global macro overview for 06/07/2015 - post-referendum EUR/USD situation

Global macro overview for 06/07/2015 - post-referendum EUR/USD situation

In a truely democratic way, people in Greece voted last Sunday not to accept the recent proposal from their creditors (61.3% to 38.7%). The next day, Greek Finance Minister Varoufakis resigned in order to make EU-Greece relations even easier, trustworthy and constructive. The inital reaction of the capital markets was a heightened risk aversion as the most of the equity markets opened in the red and EUR/USD rate has hit the levels last seen a week ago. The ECB Governing Council will meet again on Monday to discuss the Greece's rejection of the bailout. The current situation reduces the possibility of a successful decision between Greece and the three main creditors (ECB, IMF and EU).

The financial markets' response to the latest fundamental news were somehow muted as the EUR/USD rate managed to cover all the losses since Friday's close. The expected contagion to the other eurozone markets form Easter Europe (Hungary, Poland) and EU peripheries (Italy, Spain and Portugal) was been limited so far as well. Nevertheless, the financial market participants are reducing their exposure to Greece, as the deteriorating Greece economy and the lack of a mandate to leave the Euro would suggest the worst case scenario (Grexit) is still on the table. Traders and investors should expect the risk aversion to remain heightened until any constructive output from Greece.

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Technical analysis of GBP/USD for July 6-10, 2015

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Overview:

  • Again, it should be noticed that the gap of the GBP/USD pair has opened below the weekly pivot point at the level of 1.5548 this week. However, right now the current price sets at the level of 1.5557. So, the trend is still below the weekly pivot point (1.5640). Therefore, the market will probably indicate an bearish opportunity at the level of 1.5640 because the weekly pivot point will act as strong resistance today. According to the previous events, the price has still trapped between 1.5640 and 1.5491. The area below 1.5640 (below the weekly pivot point) looks for moving further downside with the first target at 1.5520 and continue towards 1.5491 in order to test the weekly resistance 1 . At the same time, stop loss should be placed above 1.5666.
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Technical analysis of EUR/USD for July 6-10, 2015

The weekly technical analysis of EUR/USD pair:

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Overview:

  • The first key level will set at 1.1114 and the second key level is seen at 1.0954 on July 6, 2015. Moreover, it should be noted that the level of 1.1114 represents resistance and the level of 1.0954 is going to act as support in the H1 chart. Equally important, the price of the EUR/USD pair is still moving between 1.0960 and 1.1111 (closing price since last week). Additionally, it should be noted that the range was about 226 pips last week. Furthermore, the trend was very clear and indicating downtrend. Accordingly, we expect that the trend is going to call for the bearish market at the level of 1.1114 (the weekly pivot point). So, selling at 1.1114 with the first target at 1.1000 might resume moving to 1.0954 in order to test the weekly double bottom. On the other hand, your stop loss should be placed above 1.1114, thus it will help set it at the level of 1.1145 today.
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Technical analysis of EUR/JPY for July 6, 2015

General overview for 06/07/2015 13:10 CET

The weekend retail gap had been filled as the market hit the level of 136.10. This recent leg down might be labeled as three wave abc green structure, so this would be the last wave down in the WXYXXZ triple three correction labeled as wave A blue. In that case, the next wave should be more complex and time-consuming wave B blue to the upside, but because there is no new low in the wave Z black ( below the level of 133.75), we need to wait for another confirmation. The next good indication of more bullish ( but choppy and full of whipsaws) wave progression to the upside would be a breakout above the level of 136.14. If that happens, the next resistance is seen at the level of 138.10. On the other hand, any breakout below the intraday support at the level of 134.55 would expose the recent swing low for a test.

Support/Resistance:

133.75 - Swing Low

134.55 - Intraday Support

134.97 - Weekly Pivot

136.14 - Intraday Resistance

136.35 - WR1

Trading recommendations:

Daytraders should wait for one of the important levels to be clearly broken and trade following the direction of the trend. Please notice the bias is still bearish, confirmed by weak RSI indicator readings.

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Technical analysis of USD/CAD for July 6, 2015

General overview for 06/07/2015 13:00 CET

An impulsive bullish count to the upside might be completed as all five waves are currently presented on the chart. On the other hand, as long as there is no new high above the intraday resistance at the level of 1.2631, the sideways structure might be considered a part of a corrective wave 4. Only a sustained breakout below the intraday support at the level of 1.2436 would invalidate the immediate bullish outlook and made the corrective cycle more complex and time-consuming.

Support/Resistance:

1.2631 - Intraday Resistance

1.2536 - Weekly Pivot

1.2440 - WS1

1.2422 - Technical Support

Trading recommendations:

Swingtraders should still keep their open buy orders with SL moved higher to the level of 1.2536. The bias is still bullish, however the corrective cycle can take place any time now.

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Technical analysis of Gold for July 06, 2015

Technical outlook and chart setups:

Gold is trading around $1,168.00 now, looking for an opportunity to move towads at least $1,185.00. Please note that the metal has touched fibonacci 0.50 retracement level as a result of a drop from $1,188.00 through $1,156.00. Bulls need to push prices higher through the level of $1,185.00 to remain in control, while a drop below $1,155.00 would be extremely bearish. It is recommended to remain long for now with risk at $1,150.00. Immediate support is seen at $1,155.00 followed by $1,143.00 and lower. Resistance is seen at $1,185.00/88.00 followed by $1,205.00 and higher respectively.

Trading recommendations:

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

Good luck!

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Elliott wave analysis of EUR/NZD for July 6, 2015

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Technical summary:

We are still looking for more upside pressure towards 1.7154. In the short term, we will see minor support at 1.6435 protecting the downside for a break above 1.6624. The brake will confirm a continuation higher to 1.7154 as the next major upside target.

Only a break below support at 1.6435 will delay the expected upside rally closer to 1.6250 before renewed upside pressure shuld be expected.

Trading recommendation:

We are long EUR from 1.6588 with stop placed at 1.6310

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EUR/CAD major uptrend should continue

Following my previous EUR/CAD analysis, the price did reach the downside target and started to climb up. Regarding to the current market, EUR/CAD broke below the uptrend trendline and rejected 23.6% Fibonacci support level, that was applied to the trendline breakout point S4 (1.3571).

The key resistance was found at S1 (1.3866), which was broken and should act as a key support and demand level now. It is obvious that today S1 has already been rejected adding more confidence to the continuation of the uptrend. The pair is trading above 200 Moving Average that has been rejected several times.

Consider buying EUR/CAD between the current level (1.3925) and S1 (1.3866) with a target at 1.4640, which is 161.8% Fibs. For more aggressive trade, S2 (1.3775) can be used as a stop loss, although S4 (1.3388) remains the key support level for the long-term uptrend.

Support: 1.3866, 1.3775, 1.3684, 1.3571

Resistance: 1.4162, 1.4640

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Technical analysis of Silver for July 06, 2015

Technical outlook and chart setups:

Silver is trading around $15.60 at the moment, looking for an opportunity to move above $15.80. Please note that the metal has been drifting in a tight trading range between $15.00 and $15.80 during last few sessions. A push below the level of $15.30 could prove to be bearish and open doors towards for testing $15.30 and $14.00 respectively. On the other hand, a push above $15.80 would test the level of $16.10. It is recommended to remain long now with risk at $15.30. Immediate support is found at $15.30 while resistance is seen at $15.80 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 July 06, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around 135.90 at the moment, preparing to rally further towards 139.00 levels. Please also note that the support-turned-resistance trendline is also passing through 139.50/70. It is hence recommended to remain long now with risk below 133.00. Immediate support is seen at 133.95 (interim) followed by 133.00 and lower respectively. Resistance is seen at 139.00 followed by 140.00, 141.00, and higher respectively. Bulls are expected to remain in control until prices stay above 133.00.

Trading recommendations:

Remain long for now, stop is at 133.00, a target is open.

Good luck!

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Elliott wave analysis of EUR/JPY for July 6 - 2015

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Technical summary:

We still remain in the area above the support at 133.07 and resistance at 136.85. So, we need to break out of this range to indicate a larger move. We continue to look for a break above resistance at 136.85 and more importantly a above resistance at 138.14 confirming targets at 141.06 and at 144.03.

Only an unexpected breakout below support at 133.07 will change the bullish outlook to a bearish count as the rally from 126.05 will have to be counted as corrective and a new decline to the area below 126.05 should be expected.

Trading recommendation:

We will only buy EUR upon a break above 136.85.

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Technical analysis of GBP/CHF for July 06, 2015

Technical outlook and chart setups:

The GBP/CHF pair has finally dropped lower as expected earlier. The pair is currently trading around 1.4670. It is still expected to drop lower towards 1.4400 before reversing higher. The pair should face resistance around 1.4775/80. It is hence recommended to initiate 50% short positions now and keep fresh positions around 1.4770 with risk at 1.4850. Immediate support is seen at 1.4500/25 followed by 1.4400, 1.4250, and lower. Resistance is seen at 1.4750/70 followed by 1.4830 and higher respectively.

Trading recommendations:

Initiate 50% short positions, remaining at 1.4750/70, stop is at 1.4850, a target is open.

Good luck!

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USDX technical analysis for July 6, 2015

The US Dollar Index opened with a gap up today as the NO vote in the Greek referendum pushed the main component of the Index lower. The US Dollar Index remains in a short-term bullish trend but the price remains below the long-term resistance trendline at 97. A rejection here will open the way for more dollar selling pressures.

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Blue line- trend line support

The US Dollar Index is heading towards higher highs and higher lows as the price remains above the cloud support. Short-term support is at 95.50. Important medium-term support is seen at 94.50. Huge support is found at 93.50. A brakeout of these levels will confirm a new bearish move towards 92 or even 90.

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Blue line - trend line resistance

The US Dollar Index is approaching the blue trend-line resistance. The price is at an important junction now. If the price manages to break above this trendline, we should expect more upside towards the previous highs at 100. However, I believe that it is more probable to see a rejection at the current level and a push towards 90. The first bearish signal will come if the price breaks below 94.50.

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Gold technical analysis for July 6, 2015

Gold price gaped up early on Monday after the NO vote in the Greek referendum and a sharp decline in EUR/USD. Prices however came back to Friday's levels as the price tested the break-down area again and got rejected, as we had expected.

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Blue lines - triangle pattern

Last week, we saw Gold price breaking down below the triangle lower boundary. It was pushed towards $1,158. As I expected, gold price bounced today and tested the breakout level again. The price got rejected and this is a bearish sign. It remains below the Ichimoku cloud and in a bearish short-term trend.

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Blue line- long-term trend line support

This week's candle has started on a bearish note as the higher open is followed by selling pressures. The price remains above the blue trend line support at $1,150. Important support is seen at $1,130. This entire area is the important support. If it gets broken, sell-off towards $1,000 will follow.

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Technical analysis of USD/CAD for July 06, 2015

Unexpected NO vote in the Greek referendum influenced oil prices, which are trading lower at today's Asian session. This factor caused a fall in CAD. The CAD is trading lower against USD and EUR.

The pair opened on a bullish basis testing its fate at the previous high of 1.2634. As of now, the pair made double top at 1.2615 at today's Asian session.

The indicator produced positive readings for the previous 2 months. We expect the same in July as well. Besides, The US is expected to publish its ISM non-manufacturing PMI.

The 20Wsma is found at 1.2400 and weekly resistance is seen at 1.2646 and 1.2667. Bulls laid a strong base in different layers initiated at 1.2200, later extended at 1.2300 and 1.2400. The hourly oscillators indicate overbought. We can observe higher highs and higher lows in the daily and hourly charts. Intraday support is found at 1.2530, 1.2500, and 1.2480. Selling is available below 1.2530. Selling accelerates are below 1.2470 towards 1.2400. Buying is available above 1.2620 with targets at 1.2640, and 1.2660. In the hourly chart, negative divergence takes place. The pair makes a strong bullish breakout on the symmetric triangle. Ahead of the FOMC meeting, we expect mild correction in coming days.

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Technical analysis of EUR/CAD for July 06, 2015

Unexpected NO vote in the Greek referendum influenced oil prices, which are trading lower at today's Asian session. This factor causes a fall in CAD. The CAD is trading lower against USD and EUR.

The cross opened lower at 1.3823 closing the gap almost after a gap down opening. The cross has found strong support at 1.3808 and 1.3800. The real selling takes place only below 1.3745. The cross probably made a double top at 1.4021. Euro bulls managed to hold all the daily moving averages. The monthly support is found at 1.3780. The weekly resistance seems between 1.4000 and 1.4030. We expect strong bullish momentum only above 1.4030. The pair managed to get above 2-month ascending trendline.

Intraday resistance is seen at 1.3930, 1.3985, and 1.4020. Support is found at 1.3850, 1.3820, and 1.3800. Today, the Canada PMI data is due. The indicator produced positive readings for the previous 2 months. We expect the same in July as well. In this case we recommend buying above 1.3930 towards 1.3950, 1.3985, and 1.4000. The strong bullish momentum is expected above 1.4030. In case of negative readings, we recommend selling below 1.3850 with small targets at 1.3820 and 1.3800. The real selling emerges only below 1.3800 towards 1.3780 and 1.3750. The panic is likely to trigger below 1.3750.

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Technical analysis of GBP/USD for July 06, 2015

The uncertainty around the situation in Greece pushed the British pound to a low of 1.5540 at today's opening. The final result in the referendum, published by the interior ministry, was 61.3% "No", against 38.7% who voted "Yes".

After a gap down, the cable managed to hold the parallel support at 1.5540 pulling back towards 1.5572. Last last week, the cable closed below 50Wsma at 1.5630, rejected at 1.5780. The same levels are going to act as strong resistance in coming weeks. The nearest support is found at 1.5520 50Dsma and 1.5487, which is another week low. The daily 200sma is found at 1.5450 and 100ema is seen at 1.5430. A daily close below 1.5520 opens gates for 1.5450 and 1.5430 in a day or two. Ahead of the FOMC meeting minutes, cable bulls are trying to rebound from 1.5430. If they fail, they will try to rebound from 1.5360. Bulls' last accumulation point is found at 1.5280 20Wsma and 100Dsma sleeping there.

The intraday resistance is seen at 1.5600, 1.5645, and 1.5665. The support is found at 1.5540, 1.5420, and 1.5490. Risk selling is available below 1.5540, safe selling is available below 1.5520 towards 1.5490, 1.5450, and 1.5430. Safe buying is expected above 1.5680 with a target at 1.5735.

Upcoming events: Manufacturing production is due on Tuesday, UK's budget is due on Wednesday, and the Bank rate is due on Thursday. Besides, the FOMC meeting minutes will be published on Thursday. We guess the Fed is unlikely to deliver a new approach on the rate hike. The cable will find the support around 1.5300 as it is likely to change the direction.

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Technical analysis of EUR/USD for July 06, 2015

The final result in the referendum, published by the interior ministry, was 61.3% "No", against 38.7% who voted "Yes".

The euro opened with a 1.2% gap down, but managed to hold the parallel support at 1.0954 edging 80 pips high from the low. The 20Wsma was found at 1.1020 and 100Dsma was found at 1.1040. The weekly resistance is seen at 1.1121, 1.1150, and 1.1280. Bulls lost all the daily moving averages. The 100Dsma at 1.1040 is put to the test today. A daily close below 1.1040 made bulls lose 1.0950 immediately. The real selling emerges below 1.0950 towards fresh lows. The pair has been moving towards lower highs and lower lows in the H1 and H4 chart. All these factors favor bears. We do not expect the Euro summit scheduled for Tuesday to deliver data which can affect the euro. Developments in Greece are the only driving factor during this week. The FOMC meeting minutes are due on Thursday. Until the pair closes below 1.1280, gates are open for 1.0800 initially, 1.0600 and 1.0500 later. The long-term picture favors moving to the sub-level of 1.000.

Intraday resistance is seen at 1.1080, 1.1121, and 1.1140. The intraday momentum oscillators indicate oversold levels favoring mild pullback at the Asian session. European session traders can buy above 1.1125 with targets at 1.1150 and 1.1170. Strong bears can start selling between 1.1200 and 1.1245 sl 1.1280. Fresh selling is available below 1.0950 towards 1.0930 and 1.0900 during a day.

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Technical analysis of EUR/USD for July 06, 2015

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When the European market opens, economic data on Sentix Investor Confidence, Retail PMI, and German Factory Orders m/m is due. The US will publish data on the Labor Market Conditions Index m/m, ISM Non-Manufacturing PMI, and Final Services PMI. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1048.

Strong Resistance:1.1042.

Original Resistance: 1.1031.

Inner Sell Area: 1.1020.

Target Inner Area: 1.0995.

Inner Buy Area: 1.0970.

Original Support: 1.0959.

Strong Support: 1.0948.

Breakout SELL Level: 1.0942.

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 06, 2015

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In Asia, Japan will release the Leading Indicators. The US is expecyed to publish economic data on Labor Market Conditions Index m/m, ISM Non-Manufacturing PMI, and Final Services PMI. So there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.26.

Resistance. 2: 123.02.

Resistance. 1: 122.78.

Support. 1: 122.48.

Support. 2: 122.24.

Support. 3: 122.00.

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

Daily analysis of USDX for July 06, 2015

On the daily chart, the USDX is doing a pullback after successful testing at the resistance level of 96.57. The downside target is set around the support level of 95.74. We should expect a rebound over there. However, we could expect more bullish moves on this Index as it remains trading above the 200 SMA and the MACD indicator is still positive.

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The Index is trying to fill the bullish gap left at the monday early session opening and we could expect a strong bottom at the support zone of 96.13. There are more bullish price actions happening above the support level of 95.89, but a breakout below that low will unleash the bearish force and push the USDX lower.

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Daily chart's resistance levels: 96.57 / 97.57

Daily chart's support levels: 95.74 / 94.66

H1 chart's resistance levels: 96.38 / 96.65

H1 chart's support levels: 96.13 / 95.89

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 96.38, take profit is at 96.65, and stop loss is at 96.13.

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Daily analysis of GBP/USD for July 06, 2015

The daily chart structure remains pointing to the upside, but GBP/USD is currently doing bearish moves and looking to consolidate below the 200 SMA. While it remains above that zone, we could expect more upside moves, but the short-term picture favors bears and we should be cautious of a possible breakout around 1.5543.

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When we watch for a swing lower below the resistance level of 1.5589, we can see bearish consolidation in the H1 chart. However, a breakout to the upside will make GBP/USD to test the resistance zone around the 1.5650. The MACD indicator remains at negative territory, but the corrective moves are going to happen soon.

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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: 1.5589 / 1.5650

H1 chart's support levels: 1.5537 / 1.5471

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 1.5589, take profit is at 1.5650, and stop loss is at 1.5530.

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

Daily analysis of major pairs for July 6, 2015

EUR/USD: The market is berish now and the price is expected to continue going further downwards. It should be able to test at least the support level of 1.1000 and 1.0950 this week. Only a movement above the resistance line at 1.1400 could render this expectation invalid.

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USD/CHF: Following the severe bearish plunge that happened on June 29, the USD/CHF pair has vividly rallied. The price has gone upwards by 250 pips from the support level at 0.9250, testing the resistance level at 0.9500. There is currently a shallow bearish retracement in the market but the resistance level of 0.9500 could be tested again, and eventually breached to the upside. When the price goes below the support of 0.9250, the existing bullish outlook would be useless.

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GBP/USD: As forecasted, the GBP/USD pair broke below the distribution territory of 1.5650 testing the recalcitrant accumulation territory around 1.5600. The recent equilibrium phase is over, and it has resulted in a Bearish Confirmation Pattern. There is a possibility that this is the beginning of a protracted downtrend.

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USD/JPY: The USD/JPY pair provides short-term traders and scalpers with an opportunuty to thrive. There have been short-term swings in the market as the oscillates between the supply level of 124.00 and the demand level of 122.00. The market calls for a break above the aforementioned supply level or demand level before there could be strong directional movement.

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EUR/JPY: We expext significant strengthening in the euro to cause the instrument to skyrocket this week; whereas, any serious weakness in the euro would cause it to plummet.

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