USD/CAD intraday technical levels and trading recommendations for July 27, 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 the price zone of 1.2800-1.2750 for a valid BUY entry with a low risk/reward ratio (Breakout level = Recent Support).

Stop Loss should be located below the price level of 1.2700. T/P levels should be located at 1.2850 and 1.2900 initially.

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Intraday technical levels and trading recommendations for GBP/USD for July 27, 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, the candlestick of the previous week 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.

Last week, strong bearish pressure has been applied against the price level of 1.5550. It was already breached last week on Thursday.

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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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, Thursday'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 significant bearish price action.

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 27, 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 proving 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 met the EUR/USD pair.

As anticipated, a bearish daily closure below 1.0950 enabled a quick bearish decline towards 1.0850 and 1.0750.

Manifest bullish recovery was expressed last week after hitting the level of 1.0800. Bulls have been trying to bring a bullish corrective movement towards 1.1000.

Currently, the level of 1.1100 is being approached. It's where the backside of the broken uptrend is located. The level of 1.1000 has already been breached earlier today.

The current bullish pullback towards the recently-established supply zone (price zone of 1.1100-1.1150) can offer a valid sell entry. S/L should be located above 1.1200. T/P levels should remain at 1.0850 and 1.0700.

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EUR/NZD analysis for July 27, 2015

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Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6803 in a volume above the average. In the daily time frame, we can observe demand bar in a volume below the average. There is also an inside-bar formation with high at the price of 1.6805 and a low (support) at 1.6340. Watch for a potential breakout of inside-bar support or resistance. Resistance level at the price of 1.6805 is on the test. 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 further direction.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6720

R2: 1.6755

R3: 1.6810

Support levels:

S1: 1.6610

S2: 1.6580

S3: 1.6520

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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Technical analysis of EUR/USD for July 27-31, 2015

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Review:

  • The key level of EUR/USD pair will set at 1.1017. Also, it should be noted that the level of 1.1017 represents the weekly double top in the H1 chart.
  • The support of the GBP/USD pair has already set at 1.1003.
  • Moreover, the daily support 1 is seen at the same level. If the trend fails to close below the level of 1.1003, it will be a good opportunity to buy above 1.1003 with the first target at 1.1080. Then it will continue straight towards 1.1146 in coming days. Also, it should be noted that the level of 1.1146 is coincides with a ratio of 161.8% Fibonacci retracement levels.
  • Additionally, the level of 1.1145 represents the weekly resistance 1 and 1.1208 is going to form a double top in the H1 chart.
  • So, we expect a new range about 280 - 340 pips this week.

The weekly technical analysis of EUR/USD pair:

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Gold analysis for July 27, 2015

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Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,104.83. According to the daily time frame, we can observe an upward bar in a volume above the average (reversal up-thrust). According to the H1 time frame, we can observe fake breakout of our support level at the price of $1,086.00. The price had back to our trading range between the price of $1,086.00 and the price of $1,118.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,100.00

R2: 1,102.00

R3: 1,103.00

Support levels:

S1: 1,095.00

S2: 1,094.70

S3: 1,092.00

Trading recommendations: Be careful when selling gold at this stage since we have a fake breakout in the background.

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Technical analysis of GBP/USD for July 27-31, 2015

The weekly technical analysis of GBP/USD pair:

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Overview:

  • According to the previous events, the GBP/USD pair will move between the levels of 1.5432 and 1.5551. The resistance has already set at the level of 1.5636 and the support is seen at 1.5403. So, we expect a range about at least 233 pips this week. Additionally, it should be noted that if the trend is ascending, the strength of the currency will be defined as follows: GBP is in the uptrend and USD is in the downtrend. Therefore, it will be of the insight to sell in this area (1.5551) with the first target at 1.5466 in order to test the double bottom. Then, the price will be able to continue moving in the downtrend towards 1.5432 to try to break the weekly support one with a view to reach the point of 1.5403. On the other hand, the stop losses should be placed above the double top 1.5636.
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Technical analysis of Gold for July 27, 2015

Technical outlook and chart setups:

Gold is trading around $1,099.00 at the moment after hitting lows at the levels of $1,075.00/76.00 earlier. As depicted here, bears remains in control until prices stay in the sell zone, and broadly below initial resistance at $1,175.00. Please also note that $1,130.00/32.00 is the fibonacci 0.618 resistance level of a drop between $1,175.00 and $1,075.00 respectively. It is recommended to remain flat for now and look for an opportunity to initiate short positions around the levels of $1,130.00/32.00, with risk at $1,175.00. Immediate support is seen at the level of $1,052.00, followed by $1,030.00 and lower respectively, while resistance is seen at $1,175.00 and higher respectively.

Trading recommendations:

Sell on $1,130.00/32.00.

Good luck!

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Technical analysis of Silver for July 27, 2015

Technical outlook and chart setups:

Silver is trading around the levels of $14.73/75 after hiving hit a low at $14.40 on Friday. The metal needs to reach at least the level of $15.00, to confirm an intermediary low. Bottom is formed. It is recommended to exit long positions and remain flat for now, waiting for a confirmed reversal sign. Immediate support is seen at $14.40 (interim) followed by $13.00 and lower while resistance is seen at $15.00 followed by $16.00 and higher respectively.

Trading recommendations:

Exit long positions and remain flat for now.

Good luck!

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Technical analysis of EUR/JPY for July 27, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around the levels of 136.78/80 at the moment, forming a pin bar candlestick pattern on the H4 chart view. It might be indicating a pullback lower towards at least 136.20/30. It is recommended to exit long positions for now and remain flat looking to re-enter buying at a lower level. Immediate support is seen at 135.50 followed by 135.00, 134, 133.00, and lower while resistance is seen at 137.50 (interim) followed by 139.00, 140.00, and higher respectively. Bulls are expected to remain in control, until prices remain above the level of 135.50.

Trading recommendations:

Book profits on long positions, remain flat for now.

Good luck!

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Technical analysis of GBP/CHF for July 27, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading around the level of 1.4850 after having reached a low at 1.4780 today. Please note that the pair could still drift lower to the levels of 1.4690/1.4700, (which is fibonacci 0.618 support of the rally between 1.4470 and 1.5050 respectively). It is recommended to book partial profit on short positions taken last week and move risk to 1.4950. Immediate support is seen at 1.4750 followed by 1.4550, 1.4450, and lower while resistance is seen at the level of 1.4950 followed by 1.5050 and higher respectively.

Trading recommendations:

Book partial profits on short positions taken, stop is at 1.4950, a target is 1.4700.

Good luck!

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Technical analysis of EUR/USD for July 27, 2015

After testing a high of 1?4352 on June 18, EUR has been loosing in value against USD, while moving within the descending channel hitting lower lows and lower highs all the way long.

The Fibonacci retracement indicator, applied to the high hit on July 10 and a low reached back on July 20 shows that 50% level has been rejected as well as the upper trendline of the channel. The price broke below the previous support level near 1.10 and currently it is acting as a resistance level that most likely is a supply area.

Consider selling EUR/USD today at the current rate, while it is near R1 (1.10). Fibonacci applied to the last wave up, the low reached on 20.07 and the high hit on 23.07 show three levels of support. It could be reasonable to scale down your short trade as/if pair reaches these supports, with the final target being near 1.03 (S4). The daily close above R1 (1.1017) could be used as a signal to close the short position and should only extend the consolidation. The current trend is likely to remain intact.

Support: 1.0677, 1.0468, 1.0259

Resistance: 1.1017

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Technical analysis of USD/CHF for July 27, 2015

After testing a low at 0.9115 on June 18, USD/CHF started to move higher heading towards higher highs and higher lows. While the rate was growing, it broke above the ascending channel suggesting further strength.

The Fibonacci levels applied to the channel breakout point show no resistance has been tested while S2 (0.9542) was rejected, followed by a bounce from S1 (0.9607) last Friday. USD/CHF has been moving in cycles, according to which a new up cycle begun on July 24 after S1 had been rejected.

All facts point to the continuation of an uptrend and considering buying USD/CHF today at the current rate, while it is near S1. The 0% Fibonacci is located at 0.9888 (R3) that should be used for taking profit. On the other hand, only a daily close below 0.9524 tested on July 23 would immediately change the direction of the trend.

Support: 0.9607, 0.9542

Resistance: 0.9673, 0.9755, 0.9888

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Global macro overview for 27/07/2015

Global macro overview for 27/07/2015:

Crude oil prices slipped again and still keep heading south. The recent data from the US has increased the concerns about oversupply on the oil market as the US drilling activity increased last week. According to Baker Hughes Inc, the oil producers added 21 oil rigs last week, the biggest rise since April 2014. The recent US-Iran deal, Saudi Arabian oil oversuppling market, and the increasing number of rigs suggest much lower prices to come in the next weeks.

The technical picture of crude oil does not look bullish at all as the market currently trades below 55,21 and 13-period moving average, eyeing the next support at the level of 47.00.

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USDX technical analysis for July 27, 2015

Although the US dollar index was in a strong short-term bullish trend on Friday, it failed to close above the 97.50 resistance area and got rejected. The rejection caused weakness and the pullback got deeper towards the lower channel boundary of 96.50. The trend is bearish but with increased chances of a trend reversal.

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Black lines - bullish channel

The US dollar index is in a bearish trend and in a difficult and crucial spot for bulls. The price is making lower lows and lower highs. The price is below the Ichimoku cloud on the 4-hour chart and was rejected at the kijun-sen (yellow line) resistance. The next support is at the lower channel boundary at 96.35. The most important support level is however the low at the 95.50 area made in early July.

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Blue line - resistance

The weekly chart is getting dangerously bearish. The price got rejected at the blue trendline resistance and has now broken below the weekly kijun-sen support. Although it is early in this week's candle, breaking below the tenkan-sen (red line indicator) at 95.80 will be a bearish signal. Bulls need to step in and reverse trend otherwise the longer-term bullish scenario will be in danger. A break below 95.50 could imply that we could even see a new weekly low towards 90 as the form of the rise from 93.10 is corrective and not impulsive.

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Gold technical analysis for July 27, 2015

Gold price has given bullish reversal signals today by breaking out of the short-term bearish channel. My overall longer-term view remains bearish, but in the short-term we could see a bigger bounce towards $1,120-30.

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Black lines - short-term bearish channel

Blue line - long-term trendline resistance

Blue area -bounce target

Gold price is trading below the Ichimoku cloud and below the long-term blue trendline resistance. The price has broken above the bearish short-term channel and above the short-term kijun-sen (yellow indicator). This implies that a bigger bounce towards the Ichimoku cloud and $1,215-20 area at least should be expected.

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Blue line - long-term support (broken)

Red lines - projection of expected price movement

The weekly chart remains bearish as the gold price is below the Ichimoku cloud and below the tenkan-sen indicator (red line). The weekly candle that has just started could signal a short-term bounce for a back test of the breakdown area. In case we reach $1,120-30 area and get a rejection, we should expect the gold price to fall towards $1,040 or even $980.

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Global macro overview for 27/07/2015

Global macro overview for 27/07/2015:

The coming week looks very interesting for financial markets with the main focus on two important events that might shape how the markets will trade over the next couple of months. The first important event is Fed's two-day meeting scheduled for Tuesday and Wednesday, the second one is the report on US corporate earnings as the last set of data before a potential Fed's rate hike. For most of the global economies (USA, China, Japan, EU), commodities (Oil, Gold, Silver), commodity-related currencies (AUD, NZD), and emerging markets this two -ay Fed's meeting is one of the most important since QE3 announcement. The questions whether the Fed will raise rates or wait for stronger signs of the US economy is the question that everyone is focusing on this week. Most of the market participants believes that the Fed is highly unlikely to raise rates this week, as it never does that without a press conference afterwards. Nevertheless, any hint or suggestion that the Fed is planning to raise rates this year will create a very volatile market conditions. Despite the repetitive statements form Janet Yellen about a possibility of a rate hike this year, market participants are in the state of denial, thinking that the economy is not strong enough for the first hike in nine years. The result of this might be quite a shock for the markets and very negative for commodity-related assets.

The EUR/USD pair is trading very slowly at the beginning of the week as the market awaits the Fed's statement. Currently, we can see EUR/USD trying to breakout above the golden descending trend line on daily chart.

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Technical analysis of EUR/JPY for July 27, 2015

General overview for 27/07/2015 09:05 CET

The leading diagonal wave i blue looks completed now and wave ii blue is in a corrective cycle. There is still one more wave down missing, wave c purple, to complete the correction. The first sign that the wave down is in progress might be identified when the intraday support at the level of 135.52 is violated. The target is seen at the level of 134.77. On the other hand, any breakout above the intraday resistance at the level of 136.43 will put the alternative count in play, and an upside target would be at the level of 137.74.

Support/Resistance:

137.67 - WR2

136.86 - WR1

136.43 - Intraday Resistance

135.60 - Weekly Pivot

135.52 - Intraday Support

134.77 - WS1

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 136.43 is clearly violated (hourly candle close above the level), with tight SL (20-30) pips and first TP at the level of 13686, second TP at the level of 137.74.

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Technical analysis of USD/JPY for July 27, 2015

Ahead of the FOMC meeting, USD is trading lower against JPY. The pair has been moving lower for 3 days. The pair made a triple top at 124.45.

The 20Dsma is found at 123.20. Until bulls manage to hold above 20Dsma, they will try to retain the momentum. The weekly trading pattern is framed between 123.20 and 124.50. Either close will open gates towards 125.00 and 125.00 or 122.00. Buy on dips with sl 121.50 is preferable. The 100Dsma is found at 121.50 and 20Wsma is found at 121.70.

The pair made a double top at 124.20 in the H1 chart. At today's Asian session, the pair is trading at 123.66 compared to Friday's closing price of 123.80.

Intraday support is found at 123.45 and 123.20. Resistance is seen at 123.80, 124.00, and 124.20. In the H1 and four-hour charts, the pair has been reaching lower lows and lower highs, favoring selling on rises. The pair favours fresh and safe buying available above 124.50. Use a dip to buy around 122.00 with sl 121.50. Intraday selling is available below 123.20 with targets at 123.00 and 122.80.

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Technical analysis of GBP/USD for July 27, 2015

The cable erased most of the weekly losses in the previous week, closed below the 50Wsma at 1.5550.

It is a quite week in terms of UK economic data. The UK GDP data is due on Tuesday. Besides, the US FOMC statement is due on Wednesday. This week's traders remain under the influence of US data. The bunch of US important data is comming out this week.

At today's session, traders eye US core durable goods orders.

Technical overview: At Friday's session, the cable fell to 1.5467, but it managed to closed with gains at the end of the day. The previous swing support is found at 1.5450.

Wednesday's buying was not supported by follow up buying . Finally, the cable made a strong ceiling at 1.5700. Until it closed below this level, bears were trying to re-test 1.5450 or even 1.5435. Now, the cable hit a low at 1.5467.

The cable broke the 3-month ascending trendline, and it is still trading below it. In the four-hour chart, the cable fell below the bearish h&s pattern.

The 20Wsma is found at 1.5340, the 100Dema is found at 1.5450, the 200Dsma is found at 1.5410, and the 100Dsma is seen at 1.5300. The weekly trading pattern is framed between 1.5440 and 1.5700.

A daily close below 1.5450 will enable bears to try to extend the down ward journey towards 1.5300.

Intraday resistance is seen at 1.5540, 1.5560, and 1.5580. Support is found at 1.5500, 1.5470, and 1.5440. Selling is available below 1.5500 and buying is only available above 1.5600. Panic is likely to be triggered below 1.5440.

Alternative, in case if bulls manage to hold the level of 1.5440, they will aim for 1.5600 and 1.5700. Bulls will be back on track only if they manage to close above 1.5700, sell on a rise favors.

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Technical analysis of EUR/USD for July 27, 2015

The pair strongly rebounded from a 2-months low. This week, the pair wraps with major economic data.

The week started with major data on the German Ifo Business climate. June's readings standed at 107.4 points against the forecast of 108.2 points. The Gfk German consumer climate is due on Wednesday.

Recently, the S&P cut its outlook for the UK GDP growth in 2016 to 2.6 % (from 2.8%), but upgraded its outlook for the eurozone.

Technical view: The pair has been facing strong resistance at the 20Dsma and the 20Wsma is seen at 1.1020. A daily close above the 20Dsma ignites fresh momentum on the higher side. In this case, bulls will aim for 1.1100 and 1.1150 in the near future.

In the daily chart, the pair lost all moving averages. The nearest support is found at 10920 and strong resistance is seen at 1.1020.

The pair has been reaching lower lows and lower tops, falling below the lower end of the ascending trendline. We recommended fresh selling twice only below 1.0780 initially and 1.0720 later to be extend towards 1.0630, but not yet.

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 1.0850, selling trade will get activated. The Federal Reserve and the ECB monetary policy differentiation favors longer bearish terms.

For today's session, risky buying is available above 1.0980, safe buying is expected above 1.1000 with immediate target at 1.1020, 1.1035,1.1050, 1.1080, and 1.1100. Selling is available below 1.0910 with targets at 1.0900 and 1.0860. Positional traders should use a dip to buy at 1.0900.

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Forecast of Gold for July 27, 2015

Bulls managed to arrest a 2-day losing streak, closed with a $9 gain at Friday's session. Finally, the metal fell back to the financial crisis level.

IMF data: German gold reserves reduced by 2.395 tons to 3381.120 tons in June 2015.

Kazakhstan gold reserves increased 2.248 tons to 205.667 tons in June. Russia's gold reserves increased 24.139 tons in June, to the level of 1,275.087 tons.

SPDR gold holdings declined for the fourth consecutive trading day, so the cumulative holdings reduced 11.62 tons this week, showing a cumulative decline of 1.69%

German commercial banks: Still believe that gold will rise in the medium term. The obstacles to the gold market will be reduced due to the Fed's first rate hike. Gold prices are expected to hit $1,300 an ounce by the end of 2016, but do not rule out down to $ 1,000 an ounce possible.

Merrill Lynch: still believe that gold prices are unlikely to rebound on the back of the Fed's tightening cycle. Gold prices are expected to be below the critical psychological barrier of $ 1,000 an ounce in 2016.

Morgan Stanley said that despite the recent price drop, metal price is still higher than the marginal cost of production.

CFTC data shows that speculators preferred short positions on gold futures and options during the week ended July 21, for the first time.

Technical view: The yellow metal was trading at $1,096.00 during today's Asian session compared to Thursday's closing price of $1,098.80. The weekly trading pattern is framed between $1,085.00 and $1,119.00 on a closing basis. 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 on a closing basis. The metal has been reaching lower highs and lower lows breaking below the large bearish head & shoulder pattern.

The weekly support is found at $1,085.00, $1,077.00, and $1,073.00. 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 trendline in the monthly chart.

Intraday: Intraday support is found at $1,093.00, $1,091.00, and $1,087.00. Resistance is seen at $1,102.00, $1,106.00, and $1,110.00. A daily close below $1,077.00 opens gates to $1,055.00 during this week. Intraday buying is available above $1,102.00 with a target at $1,105.00 and in the extreme case at $1,109.00. Selling is available below $1,086.00 with a target at $1,084.00, $1,082.00, $1,080.00, and $1,077.00. Panic is likely to trigger below $1,077.00. Use a rise to sell this week.

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Technical analysis of USD/CAD for July 27, 2015

General overview for 27/07/2015 08:45 CET

The impulsive wave progression to the upside had been completed according to the main count, and it looks like the market is in corrective cycle currently. The last move higher was in a clear three waves. So, the correction might be more complex and time-consuming. Any breakout below the weekly pivot support at the level of 1.2947 will confirm this view and alternative count will be in play.

Support/Resistance:

1.3100 - Intraday Resistance | Swing High|

1.3026 - Weekly Pivot

1.2952 - WS1

1.2947 - Intraday Support

1.2839 - WS2

Trading recommendations:

All TP targets for buy orders from last week has been hit. Currently the market is consolidating the gains and daytraders should wait for more clear pattern to appear.

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Technical analysis of EUR/USD for July 27, 2015

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When the European market opens, economic news Private Loans y/y, M3 Money Supply y/y, German Ifo Business Climate, and German Import Prices m/m is due. The US will release data about Durable Goods Orders m/m and Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1025.

Strong Resistance:1.1019.

Original Resistance: 1.1008.

Inner Sell Area: 1.1997.

Target Inner Area: 1.0972.

Inner Buy Area: 1.0947.

Original Support: 1.0936.

Strong Support: 1.0925.

Breakout SELL Level: 1.0919.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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

Technical analysis of USD/JPY for July 27, 2015

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In Asia, Japan will release the SPPI y/y, and the US will publish economic data on Durable Goods Orders m/m and Core Durable Goods Orders m/m. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.45.

Resistance. 2: 124.21.

Resistance. 1: 123.97.

Support. 1: 123.67.

Support. 2: 123.43.

Support. 3: 123.18.

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.

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

Daily analysis of major pairs for July 27, 2015

EUR/USD: EUR/USD has been rising upwards over the last week and consolidating in the end of the week. A movement above the resistance lines at 1.1050 and 1.1100 would result in a Bullish Confirmation Pattern on the market. Whereas a movement below the support lines at 1.0900 and 1.0850 would simply reinforce the recent bearish bias in the market. Right now, long trades are not recommended here until there is a clean indication that bears are leading.

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USD/CHF: Surprisingly, the USD/CHF pair did not come down as deep as the EUR/USD pair has gone upwards. Nevertheless, the inability of USD/CHF to go above the resistance level of 0.9650 means that bulls should approach this market with caution. In case the price fails to do a meaningful rally this week, there might be a further bearish correction.

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GBP/USD: The cable closed below the distribution territory at 1.5550 last week, generating a clean "sell" signal. With further bears' power, the accumulation territories around 1.5450 and 1.5400 would be tested. In case the price moves above the distribution territories at 1.5550 and 1.5600, the current "sell" signal would be invalidated.

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USD/JPY: What is happening on the USD/JPY pair signifies a serious battle between bulls and bears. Although the recent bullish bias in the market remains intact, it is wise to stay away from this pair until there is a clean directional bias in the market. This clean directional bias should be seen this week.

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EUR/JPY: This cross closed on a bullish note last week, moving towards the supply zone at 136.00. This has resulted in a clean bullish outlook, which should continue to hold out unless the yen gains a considerable amount of stamina. This is a situation that can halt further bullish movement on this market.

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Daily analysis of USDX for July 27, 2015

The daily chart structure remains pointing to the upside, but the current pullback could extend towards the support zone of 96.57, as the Index is trying to correct that strong bullish bias held several weeks ago. The 200 SMA is still bullish and we should expect more upside in the long term, but for now, the bearish path could be the strongest one.

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The USDX is expected to move sideways in the short term, because the Index is trading between the price zone established by the 200 SMA on the H1 chart. Anyway, a breakout below the support level of 97.12 will open doors to visit the level of 96.73, a zone which hasn't been tested by the USDX since July 15.

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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 27, 2015

GBP/USD is still trading above the key support level of 1.5450, waiting to see more patterns that cleans the road to follow during the next days. We have been calling for a downside on this pair, but it seems that the support zone remains rather strong at current levels, and that is why we should expect a breakout above the resistance level of 1.5543 if bulls gets stronger in coming hours.

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On the H1 chart, GBP/USD was rejected by support zone of 1.5472 and it is also trying to break the resistance level of 1.5524. Also, the pair is forming a lower low pattern, which could fail when the breakout mentioned above happens. If case of success, it would open the way to test the 200 SMA. The MACD indicator remains in the positive territory.

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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 / 1.5568

H1 chart's support levels: 1.5502 / 1.5472

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5524, take profit is at 1.5568, and stop loss is at 1.5481.

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Elliott wave analysis of EUR/NZD for July 27 - 2015

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Technical summary:

A flat correction from 1.6812 is still unfolding. We will be looking for an opportunity of a new test at 1.6812 before renewed downside pressure in wave c, which is expected below 1.6325 to end wave 2 and set the stage for wave 3 much higher.

The correction in wave 2 could turn out into an expanded flat, which would call for a push in wave b towards 1.7002 before wave c moves lower to 1.6217 to end wave 2 and wave 3 to move higher.

Trading recommendation:

Will will keep our neutral stance until the picture gets more clear.

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Elliott wave analysis of EUR/JPY for July 27 - 2015

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Technical summary:

We continue to look higher for a break above minor resistance at 136.44 and more importantly a break above resistance at 137.80 as long as support at 134.83 protects the downside. That said, we are clearly aware of the risk of a break below minor support at 134.83 as long as minor resistance at 136.44 is able to protect the upside. This tug-of-war, we think, is likely to be won if bulls call for a test of important resistance at 137.80 and call for a new test of the 141.06 higher on the way higher to 144.03.

If however, resistance at 134.83 gets broken, bears will gain the upper hand for a test of important support at 133.27 and below here will definitely shift the long-term count from bullish to bearish call for a new test of 126.05 on the way lower.

Trading recommendation:

We are long EUR from 134.07 with our stop placed at 134.80. If you are not long EUR yet, then buy a break above 136.44 and use a stop at 135.40.

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