EUR/NZD : analysis for July 13, 2015

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Overview:

Recently, EUR/NZD is moving downwards. The price tested the level of 1.6458 in an average volume. In the daily time frame, we can observe a bullish bar in a volume just above the average. A short-term trend is neutral, but a mid-term trend is still bullish. We can observe a fake breakout of the highs in the background, which is sign that buyers don't have power for stronger bullish momentum. We created new trading range between the level of 1.6340 and the level of 1.6675. I am still waiting for larger liquidity and stronger price action.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6667

R2: 1.6745

R3: 1.6875

Support levels:

S1: 1.6410

S2: 1.6330

S3: 1.6200

Trading recommendations: Selling EUR/NZD looks risky. We can observe strong support around the level of 1.6425.

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Global macro overview for 13/07/2015

Global macro overview for 13/07/2015:

News regarding the Iran and 6 other world powers revealed a closed deal in a three-weeks negotiations about the nuclear talks came on Monday. In exchange of Teheran's nuclear programme, the Islamic Republic will now be allowed to bring more Iranian oil to the market. This means another country will add its oil surplus to already weak demand market. This situation might lead to more oil price falls as the US crude prices could drop well below $50 a barrel soon. Moreover, any increase in own domestic US oil inventories will only add fuel to the fire and intensify the price drop down due to the oversupplied market.

The technical outlook does not look too much bullish as well. After breaking below the support at the level of $56.60, the US oil prices keep dropping and currently are testing the mark of $50 and 61%Fibo at the level of $49.88.

Timetable for tomorrow's crude oil related news release:

20:30GMT USA API Crude Oil Inventories Exp.-958k

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Global macro overview for 13/07/2015

Global macro overview for 13/07/2015:

After overnight negotiations between Greece and its creditors President of the European Council Donald Tusk said the eurozone's leaders reach unanimous agreement on Greece bailout talks. The eurozone's leaders agreed for yet another 86 billion bailout loans and the Prime Minister Tsipras has three days to persuade the Greek Parliament to accept and implement new austerity measures. Moreover, European Commission chief Jean-Claude Juncker said that after this fresh new deal "there will be no Grexit".

The EUR/USD market reaction was not optimistic, as after the initial rally towards the level of 1.1195 (buy the rumor), the euro continues its retreat lower (sell the news) and it is trading currently 120 pips lower at the level of 1.1072.

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Technical analysis of EUR/USD for July 13-17, 2015

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Trading recommendations:

  • According to the previous events, the EUR/USD pair is still trading between the levels of 1.1180 and 1.0977. Moreover, it should be noted that the market was not stable and the trend was not very clear (sideways trend). We expect a range around 203 pips in coming days. Additionally, the value of 100% Fibonacci retracement level is 1.1215, for that the key level of 1.1215 (the double top) is represented to confirm the bearish market. Therefore, sell deals are recommended below the levels of 1.1215/1.1180 with targets at 1.1010 and it will resume a rally towards 1.0977 to retest the psychological level in order to test the weekly support 1 on July 13, 2015.

The weekly technical analysis of EUR/USD pair:

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Summary of pivot point:

  • R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well on the sideways markets as prices are most likely to be located between the R1 and S1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news affect the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.
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Technical analysis of EUR/JPY for July 13, 2015

General overview for 13/07/2015 13:15 CET

After making five impulsive waves to the upside from a low of 133.26, the market is currently in a corrective cycle that might be a part of an internal wave -iv- (alternative count). To confirm the bearish cycle, the market must break out above the level of 138.09 and move higher into the weekly pivot resistance at the level of 138.50. Otherwise, the weekly pivot at the level of 135.91 will be tested soon and any breakout lower would lead to a test of intraday support at the level of 135.55.

Support/Resistance:

138.50 - WR1

138.09 - Technical Resistance

137.80 - Intraday Resistance

135.91 - Weekly Pivot

135.55 - Intraday Support

134.53 - WS1

Trading recommendations:

The buy orders advised last week should be closed now and daytraders should keep an eye on the intraday support at the level of 135.55.

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Technical analysis of USD/CAD for July 13, 2015

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

The corrective structure is still range bounded between the levels of 1.2661 and 1.2752. The current Elliott wave count is starting to look like a WXY complex corrective pattern that is now ending with a triangle wave Y. Please notice the complex corrective structure might be evolved into a WXYXXZ pattern as well and take even longer time to complete. Any breakout above the level of 1.2778 invalidates the possibility of WXYXXZ structure and new highs should be seen soon.

Support/Resistance:

1.2802 - WR1

1.2778 - Swing High

1.2752 - Intraday Resistance

1.2683 - Weekly Pivot

1.2661 - Intraday Support

Trading recommendations:

The near-term and mid-term bias is still bullish, so traders should consider opening buy orders only with SL below the level of 1.2660 and open TP for now.

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Technical analysis of GBP/USD for July 13-17, 2015

The weekly technical analysis of GBP/USD pair:

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Overview:

  • The resistance of the GBP/USD pair was broken and turned to support around the level of 1.5490. The pair has already formed strong support at the level of 1.5490. Also, it should be noted that the minor support set at 1.5490 and the same level represents the weekly pivot point. Also, it should be noted that the trend could not close below this level and the pair started signing bullish market in this area. Moreover, the RSI and last strong support (around the double bottom at 1.5466) are still calling for uptrend at this spot. So, the pair will call for upside momentum rather convincing and the structure of the rising does not look corrective in order to indicate a bullish opportunity above the level of 1.3511 for that it will be a good sign to buy at 1.5466/1.5490 (around the weekly pivot point) with the first target of 1.5628 and it will continue its bullish move towards 1.5651.

Observations:

  • The ratio of 100% Fibonacci retracement levels is coinciding with the 1.5628 price. However, it should be noted that the price is going to move between 1.5466/1.5490 and 1.5628.
  • The double top is seen at the point of 1.5628 in the H1 chart.
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USDX technical analysis for July 13, 2015

The US Dollar Index broke below the support on Friday as hopes for an agreement in the European Leaders Summit pushed EUR/USD, the main component of the index, above 1.12. Hopes for an agreement was the main reason of weakness in the US dollar. However, we saw a sell the news behavior among market participants once the agreement was finalized.

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Blue line- trend line support

The US Dollar Index tested the Ichimoku cloud support once it broke below the upward sloping trendline on Friday. The cloud support was held and today we see a backtest of the broken trendline, which is resistance now. Support is found at Friday's low of 95.45. A break below this level will increase chances of a deeper correction towards 92.

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Blue line- longer-term trend line resistance

The US Dollar Index managed to move above the long-term downward sloping blue trendline resistance last week, raising the chances of a new bullish move, however the week closed below the trendline. Despite the announcement of the agreement reaced in Europe, many analysts would expect the UD dollar to continue weakening. It seems that a sell-the-news behavior prevaile and most traders prefer to move to longs. The index has moved back above the tren-line resistance. The trend is bullish as long as the price is above 95.50.

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Gold technical analysis for July 13, 2015

Gold price remains in a bearish trend making lower lows and lower highs. Bulls do not seem strong enough to overcome the first important short-term resistance at $1,175. On the other hand, bears still remain in control of the trend and there are a lot of signs that more downside movement should be expected.

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Blue line - trendline resistance

Red line - horizontal resistance

Gold price is being rejected by the blue downward sloping trendline resistance. The horizontal resistance shown by the red trend line that was once support is also very difficult to be broken. Sellers continue putting pressure to gold price. The price is below the Ichimoku cloud as this confirms that bearish trend prevails.

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Blue line - long-term trendline support

This week's candle has started on a bearish note. The long-term support is being tested. A break below last week's low at $1,147 will be a huge sell signal with even more bearish implications. A weekly close below the blue trendline will be the first step before the breakdown of $1,130 and the move to $1,000.

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Technical analysis of USD/JPY for July 13, 2015

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USD/JPY is expected to consolidate with a bullish bias after hitting a four-day high of 122.88 on Friday. It is undermined by the flows to haven JPY and unwinding of JPY-funded carry trades amid diminished risk appetite as a new bailout deal for Greece remains uncertain after European leaders came to a compromise that negotiations on a new rescue could only start after Athens pass tough new laws, including pensions, by Wednesday and prepare for further rapid reforms that Greece had rejected until now. Traders are focused on China's stocks as the Shanghai Composite rebounded 4.57% on Friday, but market participants are watching if prices would resume falling given the huge losses inflicted on investors in recent days. USD/JPY is also weighed by the Japanese exports. But USD/JPY losses are tempered by the demand from Japan's importers and ultra-loose Bank of Japan's monetary policy.

Technical comment:

The daily chart is mixed as the MACD is bearish, but stochastics is 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 123.45 and the second target at 123.70. In the alternative scenario, short positions are recommended with the first target at 122.60 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 122.20. The pivot point is at 121.90.

Resistance levels: 123.45 123.70 124

Support levels: 122.20 121.90 121.60

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Technical analysis of USD/CHF for July 13, 2015

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USD/CHF is expected to trade with bearish bias. It is supported by the threat of the Swiss National Bank to carry out CHF-selling intervention, the negative Swiss interest rates, and the broadly firmer USD undertone as uncertainty over Greece lingers. 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, but stochastics is turned 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 0.9340. A break of that target will move the pair further downwards to 0.9280. The pivot point stands at 0.9425. 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 0.9475 and the second target at 0.9515.

Resistance levels: 0.9475 0.9515 0.9550

Support levels: 0.9340 0.9280 0.9250

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Technical analysis of NZD/USD for July 13, 2015

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NZD/USD is expected to trade with a bearish bias. It is undermined by mounting risk appetite as uncertainty about Greece's lingers, divergent Reserve Bank of New Zealand-Federal Reserve monetary policy stances, and lower dairy prices. The kiwi is also vulnerable to movements in China's stocks.

Technical comment:

The daily chart is mixed as the MACD and stochastics are bullish but bearish outside-day-range pattern was completed om Friday.

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 0.6675. A break of that target will move the pair further downwards to 0.6650. 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 0.6815.

Resistance levels: 0.6780 0.6815 0.6845

Support levels: 0.6675 0.6650 0.6615

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Technical analysis of GBP/JPY for July 13, 2015

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GBP/JPY is expected to trade with bullish bias. It is undermined by the continued uncertainty over Greece. But sterling sentiment is soothed by the narrower-than-expected UK May global goods trade deficit of GBP 8.0 billion (versus forecast GBP 9.8 billion). The pair is also undermined by the decreased risk tolerance as uncertainty over Greece lingers.

Technical comment:

The daily chart is mixed as the MACD is bearish, but stochastics is turned bullish at oversold levels.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 192.35 and the second target at 193.20. In the alternative scenario, short positions are recommended with the first target at 189.40 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 188.80. The pivot point is at 190.55.

Resistance levels: 192.35 193.20 194

Support levels: 189.40 188.80 188

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Technical analysis of USD/CAD for July 13, 2015

The pair extended its fall for the second consecutive day as well. It closed at the lowest point of the day at Friday's session.

The current week wraps with major economic data from the US and Canada as well.

US: data on retail sales is due on Tuesday; Federal Chairwoman's testifies are expected on Wednesday, Unemployment claims and Philly Fed manufacturing index is due on Thursday, building permits and the CPI is expected to be published on the weekend.

CAD: Wednesday is a big day for the pair. Data on manufacturing sales, BOC press conference, and BOC rate statement is due this week. Readings for the CPI are expected to be released on the weekend.

These coming Wednesday and Friday are likely to be very big days in terms of volatility. Both the US and Canada will deliver significant data.

The pair made a double top at 1.2750. We have been advising to book profit at 1.2770 and selling with tight sl. The positional texture favours buying on dip. After a sharp rise, the trend shifted to a mild healthy correction.

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

Intraday support is found at 1.2640. Selling accelerates below 1.2640 towards 1.2620, 1.2600, and 1.2580. The 20Wsma is found at 1.2400. Bulls laid a strong base in different layers initiated at 1.2200, extended at 1.2300 and 1.2400 later. On the other hand, in case of positive news from Greece, big moves in EUR/USD and big falls in USD/CAD are expected. This is the only pair taken an advantage from the Greek saga in the near term. Oil prices also shoot immediately that helps CAD rebound chances to remote.

In case the pair manages to close above 1.2835, we will open a buying trade again with targets at 1.3150. At Wednesday's session, we opened a bearish trade. We stick to that today as well. Risky sellers should use a rise to sell with sl 1.2835 on a closing basis hold for next 2 or 3 days, as of now 100 pips given.

The pair has been consolidating in a tight range between 1.2650 and 1.2780. We can observe the lower lows are being reached in the H1 chart. Bulls can buy above 1.2720 with targets at 1.2750, 1.2775, and 1.2820 during the day.

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Technical analysis of Gold for July 13, 2015

After the FOMC meeting minutes and weak US data, the metal managed to rebound from its 4-month lows.

Gold bulls managed to hold mild gains for 3 consecutive sessions.

On a closing basis, the level of $1,155.00 acts as the key level to watch. On the down side, $1,151.00 acts as 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. A daily close above $1,175.00 lighten the bullish views. The parallel support is found at $1,142.50.

A daily close below $1,148.00 opens gates to retest previous lows of $1,142.50 and $1,135.00 initially and is likely to extend further later. The metal has been trading in a tight range between 1175.00 and 1156.90.

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 in these days.

Intraday support is found at $1,160.00 and $1,156.90. Intraday resistance is seen at $1,165.50, and $1,165.60. Buying is likely to accelerate above $1,168.00 towards $1,175.00. The real bullish strength is expected to be seen above $1,176.00. On the down side, selling is available below $1,156.00 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 is likely to be triggered below $1,142.00.

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Technical analysis of GBP/USD for July 13, 2015

The cable extended losses for the third consecutive week as well. The cable managed to rebound 200 pips from its lows. It still remains below 50Wsma at 1.5600. The 20Wsma is found at 1.5270. At Friday's session, the cable managed to close above 100Dema and 20Dsma.

The Greek crisis still remains in the limelight this week as well. Besides, the CPI y/y is due on Tuesday and Claimant count change is due on Wednesday. Apart from these, it is a quiet day for the British pound. Until Greece steams evaporate, the euro is likely to be the speculators' choice and USD will benefit.

Technical view: Last week, the cable closed below 50Wsma at 1.5630 rejected at 1.5780. This week, the cable is at 1.5525 and 200Dema at 1.5550 after losing 50Dsma. 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 a 3-month ascending trendline, testing the fate at 100Dema. In case of a daily close below 1.5260, bears will retest the previous swing low of 1.5170 initially. Bulls' real problem will arises if the price closes below 1.5260 opening gates to retest the previous low of 1.5170 initially and 1.5090, 1.5040, and 1.4900 later.

We have been repeatedly advising to buy with sl 1.5260 on a 2-day closing basis. As of now, 1.5550 was hit, minted 250 pips from the buying level.

The intraday resistance is seen at 1.5520 and 1.5550. The support is found at 1.5490, 1.5460 and 1.5430. For the next couple of trading days, the trading pattern is likely to be framed between 1.5260 and 1.5550. In case bulls successfully manage to stay above 1.5550, they will aim another 100 pips higher. Intraday selling is available below 1.5420 towards 1.5400, 1.5360, and 1.5330.

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Technical analysis of EUR/USD for July 13, 2015

The creditors asked for tougher proposals from Greece. The final statement is not available yet. The Greek crisis still remains in the limelight this week as well. Besides, German ZEW economic sentiment is due on Tuesday, ECB press conference minutes and interest rate will be published on Thursday. This week is expected to be another crucial week for the euro.

Technical view: the pair managed to close above the 20Wsma at the previous week. The pair lost the 20wsma but finally managed to close above that. On the daily chart, the pair finally managed to close above 100Dsma at 1.1020. On a closing basis, the level of 1.0950 acts as strong support. The weekly parallel support is found at 1.0887 and 1.0819 is the previous swing low. These are few factors that are supporting bulls.

The 20& 50Dsma is seen at 1.1180 and 100Dema at 1.1220. The double top was set at 1.1467. In the four-hour chart, lower highs and lower lows formation exists. These are few bearish factors.

The weekly resistance is seen at 1.1220. In case of a daily close above 1.1220, bulls will aim at 1.1350 and 1.1380 initially. The pair managed to change its direction in the H1 chart from heading towards lower lows and lower highs to higher low and higher high. The swing low was reached at 1.0992 rounded to 1.0990, which is the nearest support found at 1.0970. We forecasted on Friday: "Until bulls hold 1.0990, the pair is likely to retest 1.1120, 1.1135, and 1.1170 during the day. Later, it can extend towards 1.1280." The pair hit a high of 1.1215 at the same day.

Intraday support is found at 1.1080 and 1.1050. The pair is trading at 1.1120 compared to 1.1150, which is Friday's close price. The pair opened with another gap down of 150 pips. The immediate resistance is seen at 1.1150 and 1.1180. Intraday buying is available 1.1150 with a target at 1.1180; real strength is available above 1.1220 towards 1.1270 and 1.1320 during a day or two. Selling is available below 1.1050 with targets at t 1.1020 and 1.1000. The selling pressure accelerates below 1.0990 towards 1.0970, 1.0950, and 1.0900.

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Elliott wave analysis of EUR/NZD for July 13, 2015

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Technical summary:

With a low of 1.6329, important support at 1.6320 held well and protected the downside for a new rally. In the short term, we expect minor support at 1.6464 to be able to protect the downside for a break above 1.6625 confirming the next impulsive rally higher towards 1.7031 and 1.7154.

It will still take a break below important support at 1.6320 to invalidate the bullish outlook and call for a deeper correction of the rally from 1.3880 to 1.6587.

Trading recommendation:

We are long EUR from 1.6588 with stop placed at 1.6300. If you are not long EUR yet, then buy EUR near 1.6464 with the same stop at 1.6300.

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Elliott wave analysis of EUR/JPY for July 13, 2015

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Technical summary:

A rally from a low of 133.27 looks impulsive and we would like to see support at 134.99 protecting the downside for a break above minor resistance at 137.04 and more importantly above resistance at 137.29 for a continuation higher to 141.06 and above moving towards 144.03.

It will still take an unexpected break below important support at 133.07 to invalidate the bullish outlook and call for a new decline to 126.05 and below.

Trading recommendation:

We are long EUR from 134.07 and we will move our stop a little higher to 134.25. If you are not long EUR yet, then buy near 134.99 and use the same stop at 134.25.

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Technical analysis of EUR/USD for July 13, 2015

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When the European market opens, no economic data is due but the results of the Eurogroup's Meeting. The US will release economic data on the Federal Budget Balance. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1182.

Strong Resistance:1.1176.

Original Resistance: 1.1165.

Inner Sell Area: 1.1154.

Target Inner Area: 1.1128.

Inner Buy Area: 1.1102.

Original Support: 1.1091.

Strong Support: 1.1080.

Breakout SELL Level: 1.1073.

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 13, 2015

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In Asia, Japan will release data on the Tertiary Industry Activity m/m and Revised Industrial Production m/m. The US will unveail figures for the Federal Budget Balance. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.12.

Resistance. 2: 122.88.

Resistance. 1: 122.64.

Support. 1: 122.34.

Support. 2: 122.10.

Support. 3: 121.86.

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 Gold for July 13, 2015

Technical outlook and chart setups:

Gold is trading around $1,162.00/63.00 at the moment stalling at the resistance trendline as seen here on the H4 chart. Please note that bulls need to push the price higher and take out initial resistance at $1,175.00 at least to regain control. The yellow metal has formed a potential double bottom around $1,45.00, but a break higher towards the levels of $1,175.00/80.00 would confirm the bullish setup. It is hence recommended to remain flat now and await for further confirmation. Immediate support is seen at $1,145.00/46, followed by $1,143.00 and lower while resistance seen at $1,175.00 followed by $1,185.00/87.00 and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Silver for July 13, 2015

Technical outlook and chart setups:

Silver is trading around the levels of $15.50/60 at the moment after having taken out initial resistance at $15.80/85 as seen on the H4 chart. The metal is expected to retrace lower around $15.20 before rallying further higher towards at least $16.60. It is hence recommended to buy around $15.20 on dips with risk at the level of $14.25. Immediate support is seen at the levels of $14.50/60 followed by $14.30 and lower while resistance is seen at the levels of $16.40/50 followed by $17.20 and higher respectively.

Trading recommendations:

Look to enter long positions again around $15.20/30, stop is at $14.25, a target is open.

Good luck!

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Technical analysis of EUR/JPY for July 13, 2015

Technical outlook and chart setups:

The EUR/JPY pair has risne through the level of 137.00 as seen here on the H4 chart as expected. The pair has retraced lower for now towards 136.20/30, ready to resume its rally towards fresh swing highs in the weeks to come. Bulls should be poised to push prices higher through the levels of 139.00/140.00 until 133.30/50 remain intact. It is hence recommended to remain long now with risk at 133.00. Immediate support is seen at the level of 133.00 followed by 131.50 and lower while resistance is seen at 139.00 followed by 140.00, 141.00 and higher respectively.

Trading recommendations:

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

Good luck!

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Technical analysis of GBP/CHF for July 13, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading around the levels of 1.4550/60 at the moment and is expected to resume its rally from the level of 1.4400. As seen here, the support trendline and fibonacci 0.618 support level is passing through the same region (1.4400/30). It is hence recommended to initiate fresh long positions around 1.4400/30 with risk at 1.4250. Immediate support is seen at the level of 1.4400 followed by 1.4250 and lower while resistance is seen around 1.4725 followed by 1.4830 and higher respectively. Bulls should be poised to push the pair through fresh swing highs around 1.4400/30.

Trading recommendations:

Initiate long positions around 1.4400/30 levels, stop is at 1.4250, a target is open.

Good luck!

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Daily analysis of USDX for July 13, 2015

The USDX keeps falling below the resistance level of 96.57 in the daily chart, because that zone is a very strong supply zone. Currently, we can see bulls' reaction after testing of the support level of 95.74. However, a breakout above the resistance level of 96.57 will open the doors to the level of 97.57 in the mid term.

USDXDaily.png

On the H1 chart, the short-term picture is clearly bearish, because the USDX is trading below the 200 SMA and also it's looking for an opportunity to break the support level of 95.89 in order to test the zone around 95.64. At this stage, we are still expecting a breakout of the level at 96.13, in order to achieve the next high around 96.38. The MACD indicator remains at positive territory.

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 96.13, take profit is at 96.38 and stop loss is at 95.87.

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Daily analysis of GBP/USD for July 13, 2015

In the daily chart, GBP/USD has been trading higher after a rebound around the support level of 1.5327. For now, we should expect a test of resistance level of 1.5543 and if the pair manages to break that zone, it would be expected to rise until the level of 1.5640.

GBPUSDDaily.png

The pair is looking for an opportunity to break the resistance level of 1.5524, where the 200 SMA is located in the H1 chart. That's why we still want to see more higher moves in the mid term, but a pullback around that area should not be discarded yet, as GBP/USD is looking for an opportunity to fall for new lows. The MACD indicator is at negative territory.

GBPUSDH1.png

Daily chart's resistance levels: 1.5543 / 1.5640

Daily chart's support levels: 1.5450 / 1.5327

H1 chart's resistance levels: 1.5524 / 1.5596

H1 chart's support levels: 1.5458 / 1.5412

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 1.5458, take profit is at 1.5412, and stop loss is at 1.5501.

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Daily analysis of major pairs for July 13, 2015

EUR/USD: Last week, this pair went down towards the support line at 1.0950, but further bearish movement was rejected around that support line. From there, the price went upwards by over 200 pips, closing at 1.1158. This bullish movement has put the recent bearish outlook in jeopardy. In case the price crosses the resistance line at 1.1250 to the upside, it would no longer be logical to open short trades here. Moreover, the movement of the pair would continue to be determined by the events in the Eurozone and they would have an impact on the movements of other EUR pairs as well.

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USD/CHF: This currency trading instrument did not go upward significantly last week, for the resistance level at 0.9500 prevented the price from experiencing further bullish movement. In order to let the bullish bias continue to be valid, that resistance level must be broken to the upside; otherwise a serious bearish correction could happen.

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GBP/USD: The cable went downwards by 250 pips last week, testing the accumulation territory at 1.5350. From that territory, the price rallied by 150 pips, but still in the context of a downtrend. Unless the distribution territory at 1.5600 is overcome, this could turn out to be an opportunity to sell short at a better price.

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USD/JPY: The USD/JPY pair went downward by 200 pips, reaching the demand level at 120.50. It also rallied by 200 pips last week. This week would determine the dominant bias in the market.

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EUR/JPY: Last week, the EUR/JPY pair tested the demand zone at 133.50 several times, but it was unable to break it to the downside. From that demand zone, the price skyrocketed by 350 pips, closing around the supply zone at 137.00. Further bullish movement towards the supply zone at 138.00 would result in a clear Bullish Confirmation Pattern on the market.

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