Intraday technical levels and trading recommendations for GBP/USD for July 10, 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 was 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.

As anticipated, a bearish pullback was executed towards the level of 1.5550. Evident bearish breakdown below 1.5500 already took place this week.

The weekly demand level around 1.5200 was exposed to be visited soon. However, the current weekly candlestick closure should be monitored by the end of the day.

Another WEEKLY closure above 1.5500 hinders further bearish decline. It allows a quick bullish pullback towards 1.5750 to occur.

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A bearish breakout of the depicted bullish channel took place as a result of the bearish pressure around 1.5780 and 1.5660 (depicted on the chart with arrows).

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 of 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%).

Previously, the price zone of 1.5800-1.5880 acted as a significant supply zone for the GBP/USD pair. It offered a valid sell entry last week. All T/P levels were successfully reached.

On the other hand, the level at 1.5550 constituted a significant demand level (corresponding to 50% Fibonacci level and a previous prominent top). It was broken down on Tuesday allowing further bearish decline.

As anticipated, demand level of 1.5375 provided significant bullish support for the pair. Hence, a bullish pullback is currently taking place towards 1.5550 (50% Fibonacci Level).

A valid SELL entry can be offered anywhere around 1.5550. S/L can be placed above 1.5615. Initial T/P level would be located at 1.5375.

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USD/CAD intraday technical levels and trading recommendations for July 10, 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.

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 found around these levels. A bullish pullback took place shortly after.

The price zone of 1.2450-1.2500 (backside of the broken uptrend) provided temporary resistance. Shortly after, a daily candlestick closure below 1.2430 enhanced further bearish decline.

However, the previous weekly candlestick closed at 1.2270 when the USD/CAD pair needed a frank weekly closure below 1.2300 to ensure further bearish decline in the long term. This reflected a lack of bearish momentum.

That is why, an extensive bullish movement is currently being expressed on the chart. An overbought state is being manifested on the charts (temporary breaching of the upper limit of the weekly channel).

Persistence above the level of 1.2400 enhanced a quick bullish movement towards 1.2570 (the previous weekly closure level) and 1.2770, which has been tested since yesterday.

The price zone of 1.2740-1.2770 should be defended by bears (the upper limit of the weekly channel as well as 100% Fibonacci Expansion level of the most recent bullish move).

A valid sell entry can be offered around the current price levels. S/L should be placed slightly above 1.2850. Initial T/P levels are projected towards 1.2600 and 1.2530.

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GBP/USD intraday technical levels and trading recommendations for July 10, 2015

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Overview:

On April 9, 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 few valid sell entries (depicted with red arrows). The final bearish target at 1.5450 was already reached.

Recently, strong bullish pressure was applied against the resistance levels 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.

Significant bearish rejection was expressed around the zone of 1.5900-1.5930. Since then, a major bearish swing has been taking place.

Recently, the level of 1.5555 (prominent demand level/depicted uptrend line) was obviously breached earlier this week due to excessive bearish pressure. This enhanced the bearish side of the market.

Conservative traders should be waiting for a bullish pullback towards 1.5550 for a valid sell entry (It's already taking place today). S/L should be placed above the level of 1.5620.

On the other hand, the level of 1.5250 is the nearest support to meet the GBP/USD pair if current bearish momentum persists. It should be watched for the signs of bullish rejection.

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Gold : analysis for July 10, 2015

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Overview:

Gold has been trading sideways around the level of $1,161.00. According to the daily time frame, we can observe neutral bar (indecision) in a volume above the average. According to the H1 time frame, we can observe a weak price action and lower volatility on the market. Selling still looks risky at this stage because of support at $1,157.00. There is a chance that the price will come back into our major trading rage between $1,162.00 and $1,231.00. The short-term trend is neutral.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,165.00

R2: 1,168.00

R3: 1,172.00

Support levels:

S1: 1,156.00

S2: 1,153.00

S3: 1,149.00

Trading recommendations: Indecision market. Be careful when selling around the level of $1,160.00 since we got support level around $1,157.00.

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EUR/NZD : analysis for July 10, 2015

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Overview:

Recently, EUR/NZD is moving upwards. As we had expected, the price tested the level of 1.6581 in a high volume. In the daily time frame, we can observe a bearish bar in a volume below previous two bars (no supply bar). The short-term trend has changed from bearish to bullish. The price got back into our trading range between the level of 1.6430 and the level of 1.6615. I am waiting for a clear breakout of our trading range and strong momentum. Bullish phase is in progress. Be careful when selling EUR/NZD.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6480

R2: 1.6520

R3: 1.6580

Support levels:

S1: 1.6350

S2: 1.6310

S3: 1.6245

Trading recommendations: Selling EUR/NZD looks risky. We can observe a fake breakout of our support in the background.

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Forecast of AUD/CAD for July 10, 2015

The cross has been trading on a bearish bias. It re-tested 0.9400 three times in 15 months, but managed to close above that. In the previous week, the pair hit a low of 0.9366, which was lower low, but close above 0.9400. In all time frames, the cross closed below the moving averages.

The 20Dsma is seen at 0.9520, 50Dsma at 0.9560, and 20Wsma at 0.9590. Traders can keep an eye on this cross big moves in coming days on either side. A weekly close below 0.9400 open gates for a big fall. In the weekly chart, we can observe a big head and shoulder pattern. The cross has been testing the neck line for three times.

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Technical analysis of EUR/CAD for July 10, 2015

Ahead of today's Canada employment change and unemployment rate, CAD is trading lower against the euro. The cross managed to breach a 5-month falling bearish channel, trading above 50Wsma, 100wsma, and 200Wema. The parallel resistance is seen at 1.4161 and strong resistance is seen at 1.4200 and 1.4300. As of now, the cross stands above the falling wedge. The monthly support is found at 1.3780.

In the daily chart, double top was made at 1.4119. The pair is trading above all the moving averages. The cross is heading towards higher high and higher low. Safe buying is available above 1.4120 towards 1.4160, 1.4200, and 1.4300. In case the cross closes above 1.4120 on a daily basis, it will indicate a break off the inverse head and shoulder pattern.

Intraday resistance is seen at 1.4090, and 1.4120. Support is found at 1.4060, 1.4040, and 1.4000.

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Technical analysis of Gold for July 10, 2015

In the week ended July 4, the advanced figure for seasonally adjusted initial unemployment claims was 297,000, 15,000 above the previous week's revised level.

The yellow metal rebounded from a 4-month low at yesterday's session after the FOMC minutes. Gold bulls managed to hold mild gains for 2 consecutive sessions.

On a closing basis, $1,155.00 acts as a key level to watch. On the down side, $1,151.00 acts asa multi-support level. In all time frames, the precious metal lost all the moving averages. On the higher side, $1,165.00 and $1,175.00 act as strong resistance levels to watch. In case of a daily close above $1,175.00, the bullish view will lighten. The parallel support is found at $1,142.50.

A daily close below $1,148.00 is expected to open gates to re-test previous lows of $1,142.50 and $1,135.00 initially extending further later. At eysterday's session we forecasted buying available above $1,160.00 with targets at $1,162.00, $1,164.00, and $1,167.00. The metal hit a high at $1,167.50.

According to the world gold council, Turkey reported 6% of global consumer demand. The Ramadan will end on July 16th. It's a culture in the Turkey after the Ramadan, people willing to buy gold in the account of Seker Bayrami festival also known as The sugar Feast. We expect mild physical buying during these days.

Intraday support is found at $1,157.00 and $1,154.00. Intraday resistance is seen at $1,167.50, $1,171.00, and $1,175.00. Buying will accelerate above $1,168.00 towards $1,175.00. The real bullish strength is expacted to be seen above $1,176.00. On the down side, selling is available below $1,157.00 with targets at $1,154.00,$1,151.00, and $1,148.00. Safe selling will be triggered below $1,146.00 towards $1,143.00. Panic will be triggered below $1,142.00.

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Technical analysis of USD/CAD for July 10, 2015

In the week ended July 4, the advanced figure for seasonally adjusted initial unemployment claims was 297,000, 15,000 above the previous week's revised level.

Crude priced rebounded after a sharp fall favoring CAD. Ahead of today's Canada employment change and unemployment rate, CAD is trading higher against USD.

The pair made a double top at 1.2750. We have been advising to book profit at 1.2770 and to sell with tight sl. The positional texture favors buying on dips. After a sharp rise, the trend shifted to a mild healthy correction. One selling is not enough; we have to wait for follow-up selling today as well. Ultimately, we have to obey to the market.

The parallel resistance is seen at 1.2800 and 1.2835. Until the pair closes above 1.2835, fresh buying is not advised. We ask readers to wait patiently for a minor healthy correction to re-enter again.

Intraday support is found at 1.2660 and 1.2640. Selling accelerates below 1.2640 towards 1.2620, 1.2600, and 1.2580 again. The trend favors buying on dips with sl 1.2440. The 20Wsma is found at 1.2400. Bulls laid a strong base in different layers initiated at 1.2200, extended to 1.2300 and 1.2400 later. On the other hand, positive news from Greece can cause big moves in EUR/USD and big falls in USD/CAD. This is the only pair taken an advantage from the Greek saga in the near term.

In case the pair manages to close above 1.2835, we will open a buying trade aiming at 1.3150 again. Today, the pair opened on a bearish note. At Wednesday's session, we opened a bearish trade. We stick to that today as well. Risky sellers are advised to use a rise to sell with sl 1.2835 on a closing basis hold for the next 2 or 3 days. Bulls can buy above 1.2720 with targets at 1.2750, 1.2775, and 1.2800–1.2820 in the extreme case.

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Technical analysis of GBP/USD for July 10, 2015

The Bank of England's Monetary Policy Committee voted to maintain the key rate at 0.5% at the meeting on July 8. The Committee also voted to maintain the asset purchasing program at GBP 375 billion.

The cable paused a 2-day losing streak managing to post mild gains, rejected at 100Dema. Bulls had lost 20Dsma, 50Dsma, and 200Dema earlier, and rejected at 100Dema at yesterday's session

Until the Greece's steam evaporate, the euro was likely to be speculators' choice.

Technical view: Last week, the cable closed below 50Wsma at 1.5630 rejected at 1.5780. This week, the cable lost 50Dsma at 1.5525 and 200Dema at 1.5550. The same levels are going to act as strong resistance in coming weeks. The nearest support is found at 1.5270 100Dema and 1.5260 20Wsma. The cable fell below the 3 month ascending trendline testing its fate at 100Dema. In case of a daily close below 1.5260, bears will to re-test the previous swing low at 1.5170. Bulls will face a real problem in case the price closes below 1.5260 that is likely to open gates to re-test the previous low of 1.5170 initially and 1.5090, 1.5040, and 1.4900 later.

The intraday resistance is seen at 1.5420, 1.5460, and 1.5480. The support is found at 1.5300 and 1.5260. In the hourly charts (h1&h4), we can observe +ve divergence taking place. If a dip is available, traders can use it to open buy trades with sl 1.5260 on a 2-day closing basis. The trading pattern is likely to be framed between 1.5260 and 1.5550 for the next trading days.

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USDX technical analysis for July 10, 2015

The US Dollar Index was rejected at its recent highs and pulled back towards the cloud support once again. The short-term trend remains bullish as long as the price is above 95.80. We are at a critical junction as support is very close and we should either see a strong downward reversal or a continuation of the uptrend.

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Blue line - trend line support

The US Dollar Index is testing the upward sloping trend-line support and is above the Ichimoku cloud. Short-term support is seen at 95.80 and resistance is seen at 96.75. A break above resistance will open the way to new short-term highs around 98. A break of the support will put pressures on the index leading to the test of support at 94.50.

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Blue line - trend line resistance

The US Dollar Index is back testing the breakout level of 95.80 in the weekly chart above and is also testing the Ichimoku indicators of kijun- and tenkan-sen. Support in the area of 95.80-95.70 is very important. A weekly close below these levels is not a good sign for dollar bulls.

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Gold technical analysis for July 10, 2015

Gold price continues its short-term bounce but bulls still cannot manage to break above the short-term resistance of $1,165-70. I remain longer-term bearish and expect selling acceleration towards $1,140 to come once we break below $1,155.

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Blue lines - triangle pattern

Gold price remains below the cloud resistance and below the triangle pattern. The bounce has not managed to moveit above the cloud and got rejected at $1,169. Short-term support is seen at an intraday low of $1,155. If it gets broken I would expect a sharp move back down towards $1,140 to follow.

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Blue line- long-term trend line support

The weekly candle remains in favor of bears. Despite bouncing off support at $1,140, the trend remains bearish as the tenkan-sen is above the current price starting to have a negative slope. I remain bearish over the medium and long terms and expect critical support at $1,130 to get broken in order to make the final decline towards $1,000.

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Technical analysis of Gold for July 10, 2015

Technical outlook and chart setups:

Gold is trading around $1,162.00 at the moment calling for a push through the level of $1,175.00. Please note that the metal has potentially formed a double bottom around $1,143.00/45.00. The push through $1,175.00 and subsequently $1,190.00 would instil more confidence in the bullish structure. The daily chart is still producing a morning star candlestick pattern and it is hence recommended to remain flat for now. Immediate support is seen at $1,146.00 (interim) followed by $1,143.00 and lower while resistance is seen at $1,175.00 and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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Elliott wave analysis of EUR/NZD for July 10, 2015

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Technical summary:

The pair is stll locked in a consolidation zone, but support seen near 1.6320 is expected to protect the downside for a break above minor resistance at 1.6520 and more importantly above resistance at 1.6622, which would call for a continuation higher to 1.7154.

Only an unexpected break below support at 1.6320 will delay the expected rally higher. But at no point should support at 1.6035 be broken as that would call for a larger correction of the rally from 1.3880.

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Elliott wave analysis of EUR/JPY for July 10, 2015

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Technical summary:

Important support at 133.07 held perfectly. Now we will be looking for a break above minor resistance at 136.07 and more importantly resistance at 138.14. That would confirm renewed upside pressure towards 141.06 on the way to 144.03

A break below important support at 133.07 is still possible. It would indicate that the rally from 126.05 was only a correction one, and this low should be retested.

Trading recommendation:

We are long EUR from 134.07 and will move our stop to break-even. If you are not long EUR yet, buy EUR near 135.00 with the same stop.

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Technical analysis of Silver for July 10, 2015

Technical outlook and chart setups:

Silver is seen to be trading around $15.44 at the moment looking for an opportunity to be pushed through $15.95 in a couple of trading sessions. The metal has formed a potential double bottom around $14.66, and a push through $15.95 and $16.44 should indicate that it is on its way to create higher highs and higher lows. Furthermore, the pair has formed a morning star candlestick pattern on the daily chart which also indicates a potential reversal. Aggressive traders could initiate long positions now with risk around $14.25 while a more conservative trade setup would be to buy on dips after a break of $15.95. Immediate support is seen at $14.60 while resistance is seen at $15.95 and higher respectively.

Trading recommendations:

Initiate long positions, stop at $14.25, a target is open. Or wait for a break of $15.95 and buy on dips.

Good luck!

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Global macro overview for 10/07/2015

Global macro overview for 10/07/2015

The recent events made a higher impact on the market. The Canadian labor market June data release is is due at 11:30 GMT today. Initially, the market expected an increase in unemployment rate from 6.8% to 6.9% and decline in employment change from 58.9K to -4.5K. Worse-than-expected data will increase the pressure on Bank of Canada to cut its current 0.75% rate for the second time this year. The BoC's rate decision release is scheduled for next Wednesday.

The market's response to worse-than expected Canadian labor data might be expressed in another attempt to break the resistance at the level of 1.9610 and head towards the level of 1.9750. In caseof better-than-expected data, the market should trade in a range between the levels of 1.9610 and 1.948.

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AUD/CHF downtrend continues

AUD/CHF has been moving downwards within a descending channel clearly stating about the trend being down. As per my previous analysis, the pair hit the target at 0.7040 and broke below opening the doors for bears once again.

After the breakout of the strong support R2 (0.7091) and then S1 (0.7041) – 161.8% Fibs level, the pair retested R2 on a correctional move up and rejected it. The rejection is a confirmation of another swing down towards the next Fibs level – 261.8% (0.6893).

Consider selling AUD/CHF near S1 or on any minor pullback to target 0.6893. A daily close above 0.7091 would invalidate these analysis.

Support: 0.7041, 0.6893

Resistance: 0.7091

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Technical analysis of EUR/JPY for July 10, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around 135.30 at the moment looking for an opportunity to be pushed higher after intraday dips. The pair met resilience around 133.50 at the past few trading sessions and bounced throughthe level of 135.00 indicating potential reversal from here. Also note that immediate support around 133.00 remains intact, adding further confidence into the bullish setup. It is hence recommended to remain long for now with risk around 133.00. Immediate support is seen at 133.00 followed by 131.00 and lower while resistance is seen at 136.00 followed by 138.00, 139.00, 140.00, and higher respectively.

Trading recommendations:

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

Good luck!

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Global macro overview for 10/07/2015

Global macro overview for 10/07/2015

New developments and sudden change of plans of Greek Prime Minister Tsipras with his new bailout proposal surprised the markets. A new deal with EU is a major change in terms on negotiations with creditors. The bailout is worth over €53.3 billion now and neglects everything the Greek people voted in Sunday's referendum. The main and very attractive changes are: debt restructuring, 35 billion investment plan (aka "Marshal Plan" for Greece), 3-year (instead of 5 months) proposal.

The market's response to the Greek news is positive, so the EUR/USD pair is climbing higher from the level of 1.0990 to the resistance at the level of 1.1133. European stocks opened with a gap up and peripheral spreads plunge :10-year Portugal risk premium over 10-year Bunds drops below 200bps, 10-year Bund yields jump 8bps while 10-year Italian yields drop by 13bps.

What to pay attention over the weekend (all times BST):

Saturday:

2pmBST Eurogroup to discuss Greece's proposals

Sunday:

3pmBST Eurozone summit

5pmBST EU Summit

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Technical analysis of GBP/CHF for July 10, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading around the level of 1.4575 at the moment after having dropped lower towards 1.4450 earlier. The pair could still extend its drop into 1.4430 and subsequently 1.4400 before resuming its uptrend. Also please note that the pair has bounced off from fibonacci 0.50% retracement between 1.4150 and 1.4830. It is recommended to initiate long positions around 1.4430 along with trend-line support bounce. Immediate support is seen at 1.4400 followed by 1.4250 and lower while resistance is seen at 1.4725 followed by 1.4830 and higher respectively.

Trading recommendations:

Remain flat for now. Look to buy lower around the levels of 14430/00.

Good luck!

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Technical analysis of EUR/JPY for July 10, 2015

General overview for 10/07/2015 08:20 CET

After making the double bottom in the hourly chart, the market has sharply rebounded to the upside and currently it is trading at the level of 135.61. Yesterday's intraday resistance acts as support at the level of 135.42. Strong violation of this level and weekly pivot level might stop the further upward wave progression. The targets to the upside are intraday resistance at the level of 136.05 and at the level of 138.16 might be hit.

Support/Resistance:

133.26 - Swing Low

134.98 - Weekly Pivot

135.42 - Intraday Support

136.05 - Intraday Resistance

136.25 - WR1

Trading recommendations:

Daytraders should consider opening buy orders from current price levels with SL below the level of 134.98 and TP at the level of 136.05.

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Technical analysis of USD/CAD for July 10, 2015

General overview for 10/07/2015 08:10 CET

The corrective cycle is developing as anticipated with the last sub-wave down in progress now. The first support comes at the level of 1.2674 and the next one at the level of 1.2631. Please notice the corrective cycle might extend its drop as low as the weekly pivot at the level of 1.2536. Nevertheless, the near-term bias is still bullish.

Support/Resistance:

1.2536 - Weekly Pivot

1.2631 - Intraday Support (strong)

1.2674 - Intraday Support (weak)

1.2741 - Intraday Resistance

1.2770 - WR1

Trading recommendations:

Daytraders should consider opening sell orders only if the level of 1.2674 is violated ( H1 candle close below this level) with SL above the level of 1.2741 and TP at the level of 1.2631.

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Daily analysis of major pairs for July 10, 2015

EUR/USD: After testing the resistance level of 0.9500 several times, the USD/CHF pair turned out to be unable to break it to the upside. For the bullish trend to continue in the market, the resistance level must be broken to the upside. Otherwise, there is a possibility of downward reversal.

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USD/CHF: After testing the resistance level at 0.9500, the USD/CHF pair was unable to break it to the upside. For the bullish trend to continue in the market, the resistance level must be broken to the upside. Otherwise, there is a possibility of downward reversal.

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GBP/USD: The market is bearish – with a Bearish Confirmation Pattern in the chart. The accumulation territory at 1.5350, which was previously battered, has come under siege again. If it gets broken to the downside, the next target for bears will be the accumulation territory at 1.5300.

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USD/JPY: This currency trading instrument trended seriously southward this week testing the demand level of 120.50. There has been an upward bounce of about 100 pips since the demand level was tested, but unless the supply level at 123.50 is overcome, a short-selling opportunity would be seen there.

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EUR/JPY: The bias is currently bearish. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level of 50. Further downward movement is expected in the market, which would take the price towards the demand zone at 133.00. However, the adamant demand zone at 133.50 should be breached first.

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Technical analysis of EUR/USD for July 10, 2015

The pair lost Wednesday's gains, but managed to close above 100Dsma. The Greek government submitted the plan of reforms, which could be the last proposal from Greece. EU leaders set a deadline for Greece to reach an agreement by this Sunday. Otherwise, in Draghi's words "Greek debt crisis more and more difficult to resolve."

In the recent set of reforms, the GDP target is set at 1% for 2015 and at 2% in 2016. The vat percentage was cut to 23 and 13 percent for restaurant and hotel industry respectively. The Greece's majority of trade portion depends on shipping industry. Tax increase is likely to take place in the shipping industry and television advertisement.

Technical view: The pair is trading above 20Wsma found at 1.1020. It managed to stay above the 20Wsma for 2 consecutive weeks. The weekly parallel support is found at 1.0887 and 1.0819, which are the previous swing lows. The 100Dsma is found at 1.1025 at the Asian session. The 4-session closing pattern indicates 1.0950 acting as strong support on a closing basis. These are several factors supporting bulls.

The 20& 50Dsma is seen at 1.1180 and 100Dema at 1.1220. The double top was formed at 1.1467. In the four-hour chart, lower high and lower lows were reached. These are few bearish factors this week.

The pair re-tested 1.0950 changing the texture in the H1 chart. These patterns imaged inverse h&s pattern, but a breakout has not taken place yet. A swing low was placed at 1.0992 rounded to 1.0990. The nearest support is found at 1.0970. Until bulls hold 1.0990, the pair is likely to re-test 1.1120, 1.1135, and 1.1170 during the day. It can extend towards 1.1280 later. In case bulls manage to close above 1.1150 today, they will make 1.1200 and 1.1280 next days. The selling pressure is observed below 1.0970 towards 1.0900 and 1.0850. Today's trade favours buying. Safe buying is available above 1.1140.

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Technical analysis of EUR/USD for July 10, 2015

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When the European market opens, economic data about Wholesale Inventories m/m, Italian Industrial Production m/m, and French Industrial Production m/m is due. The US will release Fed Chair Yellen's speech today. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1113.

Strong Resistance:1.1107.

Original Resistance: 1.1096.

Inner Sell Area: 1.1085.

Target Inner Area: 1.1059.

Inner Buy Area: 1.1033.

Original Support: 1.1022.

Strong Support: 1.1011.

Breakout SELL Level: 1.1005.

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 10, 2015

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In Asia, Japan will release the Consumer Confidence and PPI y/y. The US is expected to publish only Fed Chair Yellen's speech today. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 122.43.

Resistance. 2: 122.19.

Resistance. 1: 121.95.

Support. 1: 121.66.

Support. 2: 121.42.

Support. 3: 121.18.

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 10, 2015

On the daily chart, we should note the strength showed by the resistance level of 96.57, which is still a very strong obstacle for coming advances in favor of bulls. That is why we still want to see a pullback until the support level of 95.74. However, a breakout over 96.57 will open the doors to a high of 97.57.

USDXDaily.png

The USDX gave us a good intraday buying opportunity during Thursday's session as the Index is still looking for the resistance level of 96.65 in order to reach new highs. On the other side, that resistance is still strong, but the 200 SMA is stronger than that territory as we can see it on the H1 chart.

USDXH1.png

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 seen 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 10, 2015

GBP/USD remains trading below the 200 SMA in the daily chart and it is currently testing the support zone around 1.5327. We expect a breakout below the level of 1.5243 in order to change our mid-term outlook to bearish because the current structure is still calling for more upside. the MACD indicator is at negative territory.

GBPUSDDaily.png

In the H1 chart, the current intraday structure is still bearish, but the pair was rejected by the support level of 1.5329. At the moment, we can expect a rise until the resistance level of 1.5412. However, GBP/USD is still alive inside a lower low pattern formation, which could be extended below the low mentioned above. The MACD indicator is entering at positive territory.

GBPUSDH1.png

Daily chart's resistance levels: 1.5450 / 1.5543

Daily chart's support levels: 1.5327 / 1.5243

H1 chart's resistance levels: 1.5412 / 1.5458

H1 chart's support levels: 1.5363 / 1.5329

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5329, take profit is at 1.5269, and stop loss is at 1.5397.

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Technical analysis of USD/CAD for July 10, 2015

USDCADH4.png

Overview:

  • According to the previous events, the USD/CAD pair is still moving between 1.2562 and 1.2767 in the long term. The support is found at the levels of 1.2562 and 1.2638; for that it will be so profitable to buy at this spot with the first target at 1.2730. Then, the pair will call for an uptrend in order to continue its bullish movement towards 1.2727 to test this strong resistance in the daily chart. Also, it should be noted that the level of 1.2767 represents a tripple top. At the same time, the stop loss should be placed at the level of 1.2528.

Observations:

  • The tripple top is seen at the level of 1.2667.
  • The support is seen at 1.2562. This level will represent the double bottom in the H4 chart.
  • We expect a range of 137 pips for the weekend (1.2630 - 1.2767).

Take notice:

  • The major support is represented with weekly support one. Moreover, the double bottom coincides with the major support and the strong support.
  • The price hit the weekly pivot point and support 1 last week because of the series of relatively equal highs and equal lows.
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Technical analysis of NZD/USD for July 10, 2015

The daily pivot point sets at the price of 0.6766.

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Overview:

  • The NZD/USD pair is still moving in a strong downward trend in the medium time frame. Additionally, according to the previous events, the NZD/USD pair has still been trapped between 0.6772 and 0.6700. So, it makes sense to be neutral at this spot for that we expect a daily range of 72 pips approximately. Equally important, the support has set at the level of 0.6691 and minor support has set at 0.6728 since yesterday. On the other hand, the strong resistance had already placed at 0.6772 and 0.6807, which are coinciding with the ratios of 50% Fibonacci retracement levels and the golden ratio respectively. NZDUSDH4.png
  • The NZD/USD pair will give a good sign to sell below 0.6772 and 0.680 with a target of 0.6728. Also, if the trend is able to break the level of 0.6728, it will resume to 0.6700. However, if the trend fails to close below the strong support (0.6700), the market will indicate a bullish opportunity above 0.6700 in the short term. Thereupon, the level of 0.6700 is going to act as strong support. Therefore, it will a good sign to buy during the correction and open short trades above it 0.6700 with a target at 0.6775.
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GBP/USD intraday technical levels and trading recommendations for July 9, 2015

gbpusddaily.png

Overview:

On April 9, 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 few valid sell entries (depicted with red arrows). The final bearish target at 1.5450 was already reached.

Recently, strong bullish pressure was applied against the resistance levels 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.

Significant bearish rejection was expressed around the price zone of 1.5900-1.5930. Since then, a major bearish swing has been taking place.

Recently, level of 1.5555 (prominent demand level/depicted uptrend line) was obviously breached earlier this week due to excessive bearish pressure. This enhances the bearish side of the market.

Conservative traders should wait for a bullish pullback towards 1.5550 for a valid sell entry. S/L should be placed above the level of 1.5620.

On the other hand, the price level of 1.5250 is the nearest support to meet the GBP/USD pair if the current bearish momentum persists. It should be watched for the signs of bullish rejection.

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Technical analysis of USD/JPY for July 09, 2015

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USD/JPY is expected to consolidate with bearish bias after hitting almost the two-month low of 120.38 on Wednesday. It is undermined by the flows to the safe-haven yen and unwinding of the yen-funded carry trades amid increased risk aversion (VIX fear gauge surged 22.19% to 19.66, S&P 500 closed 1.67% lower at 2,046.68 overnight) as a deepening rout in China's stock markets heightened anxiety over the potential knock-on effect on the global growth outlook. USD/JPY is also weighed by the lower US Treasury yields (10-year slipped 3.3 bps to 2.197% Wednesday) and weaker dollar sentiment (ICE spot dollar index last 96.22 versus 96.68 early Wednesday) after the release of the June FOMC meeting minutes signaled continued caution in shifting into higher interest rates and less-than-expected $16.09 billion increase in the US May consumer credit (versus forecast +$19.0 billion). But USD/JPY losses are tempered by the Bank of Japan's ultra-loose monetary policy.

Technical comment:

The daily chart is negative-biased as the MACD and stochastics are 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 121. A break of that target will move the pair further downwards to 120.65. The pivot point stands at 121.70. 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 mo ve further to the upside. According to that scenario, long positions are recommended with the first target at 122.15 and the second target at 122.60.

Resistance levels: 122.15 122.60 122.90

Support levels: 121 120.65 120

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Technical analysis of USD/CHF for July 08, 2015

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USD/CHF is expected to range-trade. It is undermined by the weaker dollar sentiment. But USD/CHF downside is limited by the franc sales on the rebounding EUR/CHF cross, the threat of the Swiss National Bank to carry out CHF-selling intervention, and the negative Swiss interest rates.

Technical comment:

The daily chart is still positive-biased as the MACD and stochastics are bullish, although the latter one is at overbought levels.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9515 and the second target at 0.9545. In the alternative scenario, short positions are recommended with the first target at 0.9390 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9360. The pivot point is at 0.9435.

Resistance levels: 0.9515 0.9540 0.96

Support levels: 0.9390 0.9360 0.9315

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Technical analysis of NZD/USD for July 09, 2015

NZDUSDM30.png

NZD/USD is expected to trade in a higher range. It is supported by the weaker dollar sentiment and kiwi demand on the soft AUD/NZD cross. But NZD/USD gains are tempered by the increased risk aversion, soft dairy prices, and divergent monetary policy stances of the Reserve Bank of New Zealand nad the US Federal Reserve.

Technical comment:

The daily chart is tilting positive as the MACD and stochastics are turning bullish.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6735 and the second target at 0.6780. In the alternative scenario, short positions are recommended with the first target at 0.6635 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.66. The pivot point is at 0.6680.

Resistance levels: 0.6735 0.6780 0.6815

Support levels: 0.6635 0.66 0.6580

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Technical analysis of GBP/JPY for July 09, 2015

GBPJPYM30.png

GBP/JPY is expected to consolidate with bearish bias. It is undermined by the flows to the safe-haven yen amid increased risk aversion.Today, the Bank of England announced its monetary policy decision: the BOE keept its benchmark interest rate at 0.5%. GBP/JPY is weighed by the sterling sales on the buoyant EUR/GBP cross and increased risk aversion.

Technical comment:

The daily chart negative-biased as the MACD and stochastics 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 185.50. A break of that target will move the pair further downwards to 184.350. The pivot point stands at 187.45. 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 188.2 and the second target at 189.15.

Resistance levels: 188.20 189.15 190

Support levels: 185.50 184.30 183.65

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