Technical analysis of USD/JPY for July 24, 2015

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USD/JPY is expected to trade in a higher range. It is underpinned by the reduced safe-haven appeal of the yen as global risk sentiment improves (VIX fear gauge eased 13.0% to 16.4; S&P 500 rose 1.53% to close at 2,063.15 overnight) after the European Central Bank announced a larger-than-expected bond-buying program aimed to revive the eurozone economy. USD/JPY is also supported by higher US Treasury yields (10-year at 1.885% versus 1.851% late Wednesday), the bullish dollar sentiment (ICE spot dollar index hit nine-year high 94.497 overnight, last at 94.21 versus 92.75 early Thursday) on divergent US monetary policy stance versus other major central banks, demand from Japan's importers as well as Bank of Japan's large-scale monetary easing policy. USD/JPY gains are also tempered by the Japan's export sales and positions adjustment ahead of the weekend.

Technical comment:

The daily chart is mixed as the MACD is bearish, but stochastics is rising from 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 124.35 and the second target at 124.60. In the alternative scenario, short positions are recommended with the first target at 123.35 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 123.10. The pivot point is at 123.60.

Resistance levels: 124.35 124.60 124.90

Support levels: 123.35 123.10 122.65

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Technical analysis of NZD/USD for July 24, 2015

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NZD/USD is expected to consolidate with a bearish bias. It is undermined by the expectations that the Reserve Bank of New Zealand will leave rates after soft New Zealand Q4 CPI and surprising interest rate cut by the Bank of Canada. NZD/USD is also weighed by the positive dollar sentiment and kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the positive global risk sentiment and positions adjustment ahead of the weekend.

Technical comment:

The daily chart is negative-biased as the MACD and slow stochastic indicators 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 far as it remains below the pivot point. Short positions are recommended with the first target at 0.6535. A break of that target will move the pair further downwards to 0.65. The pivot point stands at 0.6615. 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, a long position is recommended with the first target at 0.6655 and the second target at 0.6695.

Resistance levels: 0.6655 0.6695 0.6745

Support levels: 0.6535 0.65 0.6435

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Technical analysis of USD/CHF for July 24, 2015

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USD/CHF is to trade in a higher range. It is underpinned by the positive dollar sentiment (ICE spot dollar index hit nine-year high 94.497 overnight, last at 94.21 versus 92.75 early Thursday) on the divergent US monetary policy stance versus other major central banks, the negative Swiss interest rates, and the threat of the SNB to carry out CHF-selling intervention. But USD/CHF gains are tempered by the positions adjustment ahead of the weekend.

Technical comment:

The daily chart is mixed as the MACD is in bearish mode, but stochastics is neutral, inside-day-range pattern was completed on Thursday.

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 0.9635 and the second target at 0.9665. In the alternative scenario, short positions are recommended with the first target at 0.9535 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 0.95. The pivot point is at 0.9575.

Resistance levels: 0.9635 0.9665 0.9690

Support levels: 0.9535 0.95 0.9450

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Technical analysis of GBP/JPY for July 24, 2015

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GBP/JPY is expected to consolidate with a bearish bias. It is undermined by the negative euro sentiment after larger-than-expected ECB quantitative easing program and Japan's expports. But GBP/JPY losses are tempered by the reduced safe-haven appeal of the yen amid the positive global risk sentiment and demand from Japanese importers and positions adjustment ahead of the weekend.

Technical comment:

The daily chart is negative-biased as bearish outside-day-range pattern was completed on Thursday, 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 far as it remains below the pivot point. Short positions are recommended with the first target at 191.30. A break of that target will move the pair further downwards to 190.90. The pivot point stands at 192.50. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 193.05 and the second target at 193.40.

Resistance levels: 193.05 193.40 194.15

Support levels: 191.30 190.95 190

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USD/CAD intraday technical levels and trading recommendations for July 24, 2015

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Overview:

When bulls pushed the price further above 79.6% Fibonacci level, the market looked quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in a formation of successive lower highs (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).

Bullish support was found around these levels. Successive higher lows were established. Bullish pressure was applied against the resistance levels of 1.2450 and 1.2500 (previous tops).

On the other hand, the previous weekly candlestick came FRANK bullish. That is why, an extensive bullish movement is being seen on the chart.

A bullish breakout above the price zone of 1.2770-1.2800 has been executed.

The long-term bullish projection target would be located at the level of 1.3080 if enough bullish support is maintained.

Conservative traders can wait for a bullish pullback towards 1.2800 for a valid BUY entry with a low risk/reward ratio (Breakout level = Recent Support).

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Intraday technical levels and trading recommendations for GBP/USD for July 24, 2015

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Evident bullish recovery emerged from the area around 1.4550 where significant bullish engulfing weekly candlesticks were 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 around 1.5550 in an attempt to reach the area around 1.5900, which provided evident supply for the GBP/USD pair.

As anticipated, a bearish pullback was executed towards the level of 1.5550. A bearish breakout below 1.5500 took place two weeks ago.

However, previous week's candlestick indicates bullish rejection besides a lack of strong bearish momentum below 1.5500.

The previous weekly candlestick closure above 1.5500 hindered further bearish decline and enhanced the bullish side of the market temporarily.

This week, strong bearish pressure has been applied against price level of 1.5550. It was already breached yesterday.

The nearest demand level around 1.5200 will become exposed if GBP/USD bears manage to maintain their weekly closure below the level of 1.5500.

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After a bearish breakout of the lower limit of the depicted bullish channel (roughly around 1.5500-1.5550), 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.

Previously, the price zone of 1.5800-1.5880 acted as a significant supply zone. It offered a valid sell entry few weeks ago. All T/P levels were successfully reached.

On the other hand, the level at 1.5550 (corresponding to 50% Fibonacci level and a previous prominent top) was broken temporarily allowing further bearish decline towards 1.5350 where an ascending bottom had been recently established.

Last week, strong bullish price actions have been expressed. A bullish pullback towards 1.5600 has been taking place. The level of 1.5550 was breached during last week's consolidations.

The level of 1.5770 (61.8% Fibonacci level) is the nearest supply level. A counter-trend intraday sell entry can be offered when further retesting occurs.

However, yesterday's candlestick came as a bearish engulfing one which enhanced the bearish side of the market.

That is why, the price level of 1.5550 now constitutes a significant SUPPLY level to be watched for a valid SELL entry.

A quick bearish decline towards 1.5470 and 1.5370 should be expected as long as GBP/USD bears keep defending their recent supply level around 1.5550 (50% Fibonacci level).

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Intraday technical levels and trading recommendations for EUR/USD for July 24, 2015

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The market was pushed lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously hit back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level at 1.0550 (established on January 1997). Bullish recovery was expressed shortly after.

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

In the long term, a projection target is still located at 0.9450 provided that a bearish breakdown of the monthly demand level at 1.0550 occurs soon.

A bullish corrective movement towards 1.1500 could have been possible only if May's monthly high at 1.1465 gets breached (considered a very low probability currently).

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After such a long bearish rally, which started around the levels of 1.1300, bullish rejection took place at 1.0570 (monthly demand level).

Multiple ascending bottoms were established around the levels of 1.0470, 1.0550, and 1.0850. These levels corresponded to the daily uptrend depicted on the chart.

Further bullish pressure was observed until bearish rejection was applied around 1.1400 (long-term double-top reversal pattern).

A daily closure below the level of 1.1150 brought the EUR/USD pair to 1.1000 again where the uptrend came to meet the EUR/USD pair.

As anticipated, a bearish daily closure below 1.0950 enabled a quick bearish decline towards 1.0850 (was already reached) and 1.0700 yet to come (projection target for the reversal pattern).

Initial bullish recovery was manifested yesterday after hitting the level of 1.0810. Bulls have been trying to bring a bullish corrective movement towards 1.1000.

The current bullish pullback towards the recently-established supply zone (price zone of 1.0950-1.0990) can offer a valid sell entry. S/L should be located above 1.1050. T/P levels should remain at 1.0850 and 1.0700.

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EUR/NZD : analysis for July 24, 2015

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Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6706 in a volume above the average. In the daily time frame, we can observe a neutral bar (indecision). There is also an inside-bar formation at the level of 16677 (held successful) and a low (support) at 1.6340. Also, we can observe absorption volume of the strong selling clima in the background (sign of strenght). Watch for a potential breakout of inside-bar support or resistance. Resistance is seen at the level of 1.6680. The short-term trend is neutral, but the mid-term trend is still bullish. I am still waiting for larger liquidity and stronger price actions to confirm the further direction.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6645

R2: 1.6703

R3: 1.6800

Support levels:

S1: 1.6455

S2: 1.6400

S3: 1.6300

Trading recommendations: Watch for a potential breakout of our trading range. I am waiting for larger liquidity and stroner price action to confirm further direction.

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Gold : analysis for July 24, 2015

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Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,077.13. According to the daily time frame, we can observe a downward bar in a volume above the average. According to the H1 time frame, we can supply in a volume above the average. Sellers are in control on the market, so watch for potential selling opportunities. Since the price has broken support at $1,132.00, we may expect potential testing of the level of $1,035.00 (monthly support).

Daily Fibonacci pivot points:

Resistance levels

R1: 1,096.00

R2: 1,099.00

R3: 1,102.00

Support levels:

S1: 1,089.00

S2: 1,085.70

S3: 1,082.00

Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.

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Technical analysis of GBP/USD for July 24, 2015

According to my previous analysis, GBPUSD rejected the key resistance area between R1 (1.5614) and R2 (1.5688) and sharply fell after forming a double top at the resistance area.

Wealness in the GBP/USD pair becomes more obvious and this should be a confirmation of the short-term weakness that could last from few days to a week.

Consider selling GBP/USD on any minor pullback, preferably near S1 (1.5540) to target S3 (1.53) support area, where the pair would form a double bottom.

The probability of a move higher to the area above R2 is very small, but a break of this level should change the trend immediately.

Support: 1.5447, 1.5300, and 1.5168

Resistance: 1.5540, 1.5614, and 1.5688

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Technical analysis of CHF/JPY for July 24, 2015

In continuation of my previous analysis, CHF/JPYis still holding the R1 (129.31) and in addition formed the Doji reversal candle right at that resistance level. Today, the low edge of the Doji candle has been broken signaling potential weakness that we could see soon.

Consider selling CHF/JPY today while it is near R1, targeting S2 support (126.09) area. A break above yesterday's high (129.77) should immediately change the direction of the trend to the upside.

Support: 128.09, 126.09

Resistance: 129.31, 130.30, 131.29

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Technical analysis of USD/CHF for July 24, 2015

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Overview:

  • The price of the USD/CHF pair has still located between points of 0.9532 and 0.9654. The pair has already formed strong resistance at this level of 0.9553 and is presently approaching further testing. Therefore, the price of the USD/CHF pair is expected to go downwards following the structure which does not look corrective. So, it is indicating the bearish opportunity below the 0.9553 (the double top) level. Sell deals are recommended below 0.9553 with the first target seen at the 0.9584 level. Consequently, the downtrend is likely to continue its bearish movement towards the 0.9532 level. Moreover, it is crucial that the price has probably formed a strong support at the 0.9494 price this week. The saturation is likely to take place around 0.9494 (the level of 0.9494 will form the double bottom on the H1 chart). Accordingly, it is possible that the market will start showing the signs of bullish behaviour next week. In other words, buy deals are recommended above 0.9494 in the long term with the first target seen at the 0.9654 level again. If the trend can break the double top at the price of 0.9494, it might resume to 0.9566 in order to form a new double top in the same time frame.
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Technical analysis of GBP/USD for July 24, 2015

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Overview:

  • According to the previous events, the price of the GBP/USD pair will move between the levels of 1.5548 and 1.5382. But in the short term, the range of the GBP/USD pair will be around 85 pips because the pair will trade between 1.5530 and 1.5443. The minor resistance has set at the level of 1.5530 since yesterday. The support has set at 1.6544, therefore the market will indicate a bearish opportunity below 1.5509 (50% of Fibonacci retracement levels). The level of 1.5509 is going to act as the key resistance today. Therefore, it will be a good sign to sell below this level today with the first target of 1.5471 in order to try to break the daily pivot point on the H1 chart. Furthermore, if the trend manages to close below 1.5471, the market will continue with the downtrend below the daily pivot point towards the level of 1.5421 on July 24.
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Observations:

  • If the trend is upward, the strength of the currency pair will be defined as following: NZD is in uptrend and USD is in downtrend.
  • Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a trading range; it looks like the trend is trapped and going up and down. If you sell or buy in the long term in this period, you will surely lose your profit.
  • Stop loss should never exceed your maximum exposure amounts.
  • As a rule, the market is highly volatile if the last day had a huge volatility.
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Technical analysis of Gold for July 24, 2015

Technical outlook and chart setups:

Gold has dropped lower again hitting a low of $1,076.00 in the early hours today. The yellow metal remains vulnerable to further bearish targets and there is no sign of a meaningful pullback. Please note that downside potential remains until at least $1,050.00 and $1,030.00 subsequently. It is hence recommended to remain flat for now and look for an opportunity to buy at lower levels. Immediate support is seen at $1,052.00 followed by $1,030.00 (past resistance turned support, year 2009) and lower while resistance is seen at $1,106.00 (interim) followed by $1,110.00 and higher respectively.

Trading recommendations:

Remain flat for now. Sell on intraday rallies through the level of $1,090.00.

Good luck!

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Technical analysis of USD/CAD for July 24, 2015

The pair USD/CAD is trading near the monthly resistance at 1.3063. A high is at 1.3053.

Retail sales rose by 1.0% to $43.0 billion in May. After steep declines in December and January, retail sales increased for the third time in four months and reached a new high.

Technical view: Currently, the pair is unable to breach Wednesday's high of 1.3053. Immediate resistance seems to be at 1.3063.

At all time intervals are generating overbought signals. On the four-hour chart, negative divergence is indicating. In case the pair manages to breach above the 1.3065 levels, bulls will try to make 1.3100 and 1.3140 during the day. Due to the overbought state and negative divergences, the pair is unable to sustain the higher levels, we suppose.

Intraday support is at 1.3010, 1.2980, and 1.2950. The selling pressure accelerates below 1.2900. Risky traders open selling positions below 1.3010; safe traders, below 1.2980. Intraday resistance seems to be at 1.3065 and 1.3080.

A daily close is above 1.3065. The bulls aim at 1.3100 and 1.3150 in a two-day time frame.

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Technical analysis of USD/JPY for July 24, 2015

Labour data has no impact on the USDX.

In the week ending July 18, advanced figures for seasonally adjusted initial claims came out at 255,000, showing a decrease of 26,000 compared to the previous week's unrevised level of 281,000. This is the lowest level for initial claims since November 24, 1973 when it was 233,000.

At today's Asia's session, Japan's manufacturing data hits the wires. The Japanese July manufacturing PMI rose to 51.4 from the previous value of 50.1 while analysts had expected 50.5. The flash Japan Manufacturing PMI came out at 51.4 (50.1 in June). Operating conditions improved at the fastest pace since February.

USD/JPY:

The pair has been facing strong resistance at 124.50. A triple top is being formed at that level. The pair was trading at 123.90 during the Asian session compared to Thursday's closing price of 123.93.

Intraday resistance is seen at 124.05, 124.20, and 124.30. Support is found at 123.90,123.70 and 123.60. We expect strong momentum above 124.50 towards 125.00 and 125.85. Bulls must breach 124.20 during a day, otherwise the pair is likely to re-test 123.00. Today,bulls must close above at least 124.20. They will be in safe zone if close above 124.50.

Intraday buying is available above 124.30, strong momentum is seen only above 124.50.

The 50& 20Dsma is found at 123.20.

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Global macro overview for July 24, 2015

Global macro overview for 24/07/2015:

The series of economic indicators from two core countries of the EU, Germany and France, has revealed a broad but slight decline in the PMI services and manufacturing numbers. French manufacturing PMI came at 49.6 vs. 5.1 expected and 50.7 prior. French services were even worse with the number of 52 vs. 53.9 and 54.1 prior. German data was no better than the French one, with manufacturing PMI at the level of 51.5 vs. 52.1 expected and 51.9 prior. A decline in service came at the level of 53.7 vs. 54.1 expected and 53.8 prior. All in all, the PMI news for the whole EU was worse than expected too: services at the level of 53.8 vs. 54.2 expected and manufacturing at the level of 52.2 vs. 52.5 expected.

As this data is a good gauge to measure the overall economic situation, the initial market reaction on the EUR/USD pair is not optimistic at all. After bouncing form the key support at the 1.0815 level on a daily chart, EUR/USD was too weak to even challenge the descending trendline and now it looks like it will continue the decline to test the support once again.

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Global macro overview for July 24, 2015

Global macro overview for 24/07/2015:

The recent data from China (Markit Flash Manufacturing PMI for month of July: 48.2 vs. 49.8 expected, 49.4 prior) was worse than expected as the purchasing managers see the business is contracting more. This data has helped the AUD/USD pair to hit the technical support level mentioned a week ago (thick red line), because China is a strategic business partner of Australia. Moreover, the continuing decline in iron ore prices and S&P rating agency recent comment (Australia's AAA rating could be affected as Australia's budgetary performance does not improve broadly as they currently expect) are simply adding fuel to the fire as the sell-off continues.

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Technical analysis of USD/CAD for July 24, 2015

General overview for 24/07/2015 09:45 CET

Instead of continuing with the bullish impulsive wave progression, the market made a three wave abc green corrective cycle in a shape of a running flat pattern. Currently, the market should break out above the intraday resistance at the level of 1.3052 and head towards weekly pivot resistance at the level of 1.3072 (that was our weekly target level). Only a sustained violation of the intraday support at the level of 1.2945 would invalidate this scenario.

Support/Resistance:

1.2945 - Intraday Support

1.2955 - Weekly Pivot

1.3006 - WR1

1.3022 - WR2

1.3052 - Intraday Resistance

1.3072 - WR3

Trading recommendations:

The buy orders should be still kept open as the TP at the level of 1.3072 might be hit any time now.

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Technical analysis of EUR/JPY for July 24, 2015

General overview for 24/07/2015 09:30 CET

The leading diagonal count had been slightly changed with the last wave -v- blue top moved to the level of 136.43 ( intraday resistance). Currently, the market is in a corrective cycle and first support is seen at the level of 135.34, right at the lower blue trendline. Only a sustained breakout below the intraday support at the level of 134.86 would invalidate the bullish scenario.

Support/Resistance:

134.86 - Intraday Support (strong)

135.04 - Weekly Pivot

135.34 - WR1

135.85 - Intraday Support (weak)

136.17 - WR2

136.43 - Intraday Resistance

Trading recommendations:

Daytraders should consider opening buy orders from the levels closest to the intraday support with SL just below the level of 134.80 and TP at the level of 136.43.

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Technical analysis of Silver for July 24, 2015

Technical outlook and chart setups:

Silver is trading at the level $14.60 at the moment after it tested a low of $14.50. As depicted here, the metal might be forming a potential double bottom around these levels. A break above $15.00 would confirm that the meaningful bottom is in place. Furthermore, the indicators are showing divergence at current levels, signaling that a potential pullback can take place. It is recommended to remain long with risk at $14.25, but refrain from taking fresh long positions for now. Immediate support is seen at the levels of $14.40/50 (interim) followed by $14.00, $13.00, and lower, while resistance is seen at $15.00 and higher respectively.

Trading recommendations:

Remain long until prices stay above $14.25.

Good luck!

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Technical analysis of Gold for July 24, 2015

The yellow metal extends falling at yesterday's session as well. The metal is trading below $1,100 for the first time in more than five years; gold prices are 42% down.

In the week ending July 18, advanced figures for seasonally adjusted initial claims came out at 255,000, showing a decrease of 26,000 compared to the previous week's unrevised level of 281,000. This is the lowest level for initial claims since November 24, 1973 when it was 233,000.

The precious metal is likely to reveal even greater weakness in coming days.

The world's largest gold ETF, SPDR Gold Trust holdings, faced a decline in output of 0.39% to 684.63 tons compared to the previous day.

MORGAN STANLEY: Gold could fall more than 20% from here. The metal can lose about $850.00.

Goldman Sachs expects gold prices to fall below $ 1,000 an ounce this year.

UBS: Gold prices are seen to be trading at $ 1,050.00 during the next three months.

Technical forecast: the yellow metal was trading at $1,091.00 during today's Asian session compared to Thursday's closing price of $1,090.00 . The weekly trading pattern is framed between $1,085.00 and $1,110.00. A close on either side will lead to more room to trade. In the weekly chart, the metal managed to hold the channel support trend line at $1,085.00. The metal has been reaching lower highs and lower lows breaking below the large bearish head & shoulder pattern.

In all time frames, the precious metal lost all moving averages. At yesterday's session, we advised against fresh selling. Selling accelerates only below $1,085.00.

The weekly support is found at $1,085.00, $1,068.00, and $1,060.00. A weekly close below $1,085.00 opens gate $1,068.00, $1,045.00, and $1,005.00. In the monthly chart, strong support zone is seen between $1,045.00 and $1,032.00. The metal fell below the 14-year ascending trend line in the monthly chart.

Intraday: The metal has been testing the lower band at $1,085.00 indicating further weakness in coming days. Fresh selling is advised below $1,085.00 with a target at $1,083.00. Panic is likely to trigger below $1,083.00 aiming for $1,080.00, $1,075.00, $1,073.00, and $1,069.00.

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USDX technical analysis for July 24, 2015

The US dollar index pulled back towards the 97-96.80 area as we expected from our previous analysis. There are increased chances that the uptrend will resume strongly as soon as we are right above support area. A move lower in the US dollar index will put the bullish scenario in danger.

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Black lines - bullish channel

The US dollar index is still trading inside the upward sloping channel as shown in the 4-hour chart above. The price has reached the Ichimoku cloud support and has stopped the decline. The short-term resistance is found at the kijun-sen (yellow indicator) at 97.55. Breaking and closing a 4-hour candle above this level will be a bullish sign.

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Blue line - resistance

The weekly chart continues to remain bullish despite this week's red candle. The price has tested resistance and pulled back towards the kijun-sen support for a back test. Bulls want to see now a weekly close near this week's highs in order to be more bullish next week. On the other hand, bears want to see the price break below the kijun-sen at 96.80 but I believe this will be very difficult with commodity currencies and GBP/USD being under pressure.

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Gold technical analysis for July 24, 2015

Gold price remains in a bearish trend making lower lows and lower highs after bouncing towards $1,118 earlier this week. The decline continues, although the price managed to break above $1,100 yesterday. The bounce was weak and sellers regained control and pushed the price to new lows.

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Black lines - short-term bearish channel

Blue line - trend line resistance

Blue rectangle - possible bounce area

Gold price is trading inside a short-term bearish channel as shown on the 4-hour chart above. A break above the short-term resistance of $1,098 could push Gold price towards the Ichimoku cloud of the 4-hour chart and inside the area of the blue rectangle.

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Blue line - long-term support (broken)

Red lines - price projection

The weekly chart remains fully bearish with the price heading towards our longer-term target of $1,000-$980. The price remains below the tenkan-sen and kijun-sen indicators and with the new weekly low we should expect more selling pressures to follow.

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Forecast of GBP/USD for July 24, 2015

UK retail sales unexpectedly fell. The cable formed a distribution pattern in the four-hour chart indicating further downside risk in the near term.

Compared with May 2015, industrial sales were estimated to decreas by 0.2%. Falls were reported by predominantly food stores, other stores, household goods stores and petrol stations.

Technical overview: Earlier, we forecasted that the cable trading pattern will keep on favoring bulls, but the cable made a distribution pattern at yesterday's session.

It closed below 20&50Dsma. Wednesday's buying was not supported by follow up buying . Finally, the cable made a strong ceiling at 1.5700. Until it closes below this level, bearswill try to re-test 1.5450 or even 1.5435.

The cable broke the 3-month ascending trendline and is still trading below it. In the four-hour chart, the cable fell below the bearish h&s pattern. Finally, the cable closde below the neck-line, awaiting for 1.5450 initially.

The 20Wsma is found at 1.5300, 100Dema is found at 1.5450, 200Dsma is found at 1.5415, and 100Dsma is found at 1.5300.

A daily close below 1.5450 is likely to help bears extend thier downward journey towards 1.5300.

Intraday resistance is seen at 1.5530, 1.5550, and 1.5580. Support is found at 1.5500, 1.5470, and 1.5440. Selling is available below 1.5500 and buying is available only above 1.5600.

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Technical analysis of EUR/JPY for July 24, 2015

JPY- The Flash Japan Manufacturing PMI came out at 51.4 (50.1 in June). Operating conditions improved at fastest pace since February .

EURO-

Today is a big day in the context of PMI data. Data on French, German, and euro flash manufacturing and flash services is due.

The cross has been trying to breach 136.50 in the H1 chart. The Greek concerns are fading and the euro is slowly taking grip against JPY and CAD.

The EUR/JPY cross lost 50& 200Dsma in the daily chart (136.85 and 137.00). Until the cross holds 133.09, buy on dips. A daily close above 137.00 enables bulls to aim for 137.70 initially and 141.00 later.

Intraday support is found at 135.60 and 135.30. Resistance is seen at 136.00 and 136.30. Fresh risky buying is available above 136.30, safe buying is available above 136.50.

For bears selling is available below 135.20 with targets at 135.00 and 134.85.

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Technical analysis of EUR/USD for July 24, 2015

The euro managed to give a technical bounce despite strong data from the US labor market, but rejected at 20Dsma.

Spanish employment posted an increase of 411,800 in this quarter compared with the first quarter (2.36%), totaling 17,866,500 employed persons.

Today is a big day in the context of PMI data. Data on French, German, and euro flash manufacturing and flash services is due.

Besides, the US flash manufacturing PMI and new home sales are expected to be unveiled.

Recently, the S&P lowered the British GDP growth forecast for 2015 to 2.6 % (previously expected growth of 2.8%), but raised its forecast for the eurozone's GDP.

Technical view:In the daily chart, the pair lost all moving averages. The nearest support is found at 1.0785. The 20Wsma is seen at 1.1020.

The pair has been reaching lower lows and lower tops, falling below the lower end of the ascending trendline. Twice we recommend fresh selling only below 1.0780 with an initial target at 1.0720 and later at 1.0630, but it is not triggered yet.

Then is the first time in 10 days when the pair reached a higher high in the H1 chart. At yesterday's session, the pair found support at the previous swing high of 1.0870 breaching the earlier hourly double top indicating that bullish near-term momentum is back on track. Intraday resistance is seen at 1.1020, 1.1050, and 1.1120. Support is found at 1.0960, 1.0920 and 1.0870. The trend favors buying with sl at 1.0850. Monthly support is found at 1.0730. In case the pair lost the 1.0850 again, selling trade gets activated. The Federal Reserve and the ECB monetary policy differentiation favors bears in the long term.

At yesterday's session we advised buying above 1.0970 with small targets at 1.1000 and 1.1020.

For today's session, buying is available above 1.1020 with small targets at 1.1035, 1.1050, 1.1080, and 1.1100. Use a dip to buy at 1.0900.

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Technical analysis of EUR/JPY for July 24, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around 136.10/15 at the moment taking out initial resistance at 136.50 yesterday. The pair could dip towards the level of 135.30 before advancing further towards 138.00 and higher levels in coming sessions. It is recommended to book some profits on long positions and move risk to 135.00 for now. Immediate support is seen at 134.80/135.00 (interim) followed by 134.00, 133.25, and lower, while resistance is seen at 138.00 followed by 139.00, 140.00, and higher respectively.

Trading recommendations:

Book partial profits on long positions, move stop to 135.00.

Good luck!

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Technical analysis of GBP/CHF for July 24, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading around 1.4870 at the moment and is possibly preparing to drop lower towards 1.4690/1.4700 from here. For any intraday rallies, the pair could find resistance around 1.4975/1.5000. It is still recommended to initiate short positions between the levels of 1.4950/1.5000 with risk above 1.5050. Immediate support is seen at 1.4775 followed by 1.4550, 1.4325, and lower while resistance is seen at 1.5050 and higher respectively. The current drop should be corrective in nature, only to resume its upswing again from 1.4700.

Trading recommendations:

Initiate short positions is seen around 1.4950/1.5000, stop is at 1.5100.

Good luck!

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Elliott wave analysis of EUR/NZD for July 24, 2015

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Technical summary:

A break above 166.39 has changed a corrective pattern or maybe even complete sub-normal corrective zig-zag at 1.6325. We do prefer more corrective behavior, but is the correction in this cross can be very small. Now we are looking for an opportunity to test the top at 1.6812 in a flat, but it could turn into an expanded flat, which would call for a rally to 1.7000 before turning lower to 1.6115 to finish its correction in wave 2.

Trading recommendation:

Our stop at 1.6640 was hit for a small loss and we will stay neutral for now.

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Elliott wave analysis of EUR/JPY for July 24 - 2015

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Technical summary:

We still need a clear breakout above resistance in the area of136.38 - 136.44 to confirm more upside pressure towards 141.06 and 144.03. As long as this resistance area is able to protect the upside, the risk of a break below minor support at 134.83 remains that will keep both bullish and bearish counts alive.

We still cautiously prefer the bullish picture for a clear breakout above minor resistance at 136.44 and more importantly above resistance at 137.80 for the continuation higher to 141.06 and 144.03. However, the risk of a break below minor support at 134.83 remains adding downside pressure. There is the thread of a breakout below important support at 133.27 , which woul shift the bullish count shift to bearish one and a new decline to 126.05 and below.

Trading recommendation:

We are long EUR from 134.07 and will keep our stop at 134.75. If you are not long EUR yet, buy on a break above 136.44 and place your stop at 135.40 for now.

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Technical analysis of EUR/USD for July 24, 2015

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When the European market opens, some economic news on the Belgian NBB Business Climate, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI is due.The US will release economic data about New Home Sales and Flash Manufacturing PMI. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1040.

Strong Resistance:1.1034.

Original Resistance: 1.1023.

Inner Sell Area: 1.1012.

Target Inner Area: 1.0987.

Inner Buy Area: 1.0962.

Original Support: 1.0951.

Strong Support: 1.0940.

Breakout SELL Level: 1.0934.

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 24, 2015

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In Asia, Japan will release the Flash Manufacturing PMI. The US will publish some economic data on New Home Sales and Flash Manufacturing PMI. So, there is a strong probability the USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.60.

Resistance. 2: 124.36.

Resistance. 1: 124.12.

Support. 1: 123.82.

Support. 2: 123.58.

Support. 3: 123.33.

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 24, 2015

The USDX is looking for an opportunity to extend the corrective moves, because the support level of 96.57 is still the closest one. However, we should expect a rebound soon, as the bullish bias remains, but at least in the short term we shall see a possible breakout of the support zone around the level of 96.57. The MACD indicator is entering the neutral territory.

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On the H1 chart, the Index is consolidating between the range exposed by the 200 SMA and the current intraday trend is still unclear. That's why we should wait for a breakout above the resistance level of 97.53, in order to resume the bullish bias, but the other side could be a consolidation below the support zone of 97.12.

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Daily chart's resistance levels: 97.57 / 98.29

Daily chart's support levels: 96.57 / 95.63

H1 chart's resistance levels: 97.53 / 97.77

H1 chart's support levels: 97.12 / 96.73

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 97.53, take profit is at 97.72, and stop loss is at 97.31.

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Daily analysis of GBP/USD for July 24, 2015

On the daily chart, GBP/USD took a mid-term bearish path. It is trying to consolidate below the 1.5543 level now and it could look for the support zone of 1.5450 in next week. Also, we expect some downside moves to hold below the support level of 1.5450, only if the pair gets favored by this bias during the next week.

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The pair is trying to reach a lower low below the resistance level of 1.5524 and 200 SMA on the H1 chart. That's why we should look for more downside moves in coming hours, but be cautious anyway, as GBP/USD failed to break the support zone of 1.5472, which is an important level in this trend development.

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Daily chart's resistance levels: 1.5543 / 1.5640

Daily chart's support levels: 1.5450 / 1.5332

H1 chart's resistance levels: 1.5524 / 1.5596

H1 chart's support levels: 1.5502 / 1.5472

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 1.5502, take profit is at 1.5472, and stop loss is at 1.5533.

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Daily analysis of major pairs for July 24, 2015

EUR/USD: The EUR/USD pair has rallied by about 200 pips this week. As a result, there is a 'buy' signal in the market. The resistance lines at 1.1050 and 1.1100 are potential targets for bulls within the next several trading days. In addition, the support lines at 1.0950 and 1.0900 should challenge any efforts to drag the price southward.

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USD/CHF: Surprisingly, the USD/CHF pair did not come down as seriously as the EUR/USD has gone upwards. Nevertheless, inability of USD/CHF to go above the resistance level of 0.9650 means that bulls should be cautious whe trading on this market. In case the price fails to rally, there might be a further bearish correction.

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GBP/USD: The сable dropped seriously on Thursday generating a bearish signal on the market. Long trades are currently not recommended because bears might target the accumulation territories around 1.5450 and 1.5400 today or next week.

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USD/JPY: What is happening on this currency trading instrument signifies a serious battle between buyers and sellers. Although the recent bullish bias in the market remains intact, it looks wise to stay away from this instrument until there is a clean directional bias in the market. This clean directional bias should be seen today or next week.

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EUR/JPY: There is a direct bullish signal on the EUR/JPY cross: the EMA 11 is above the EMA 56 while the RSI period 14 is above the level of 50. This is the beginning of a vivid Bullish Confirmation Pattern in the chart. The price could go further northward by at least 200 pips within the next several trading days.

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