GBP/USD intraday technical levels and trading recommendations for July 30, 2015

gbpppppdaaaaailllyyy.png

Overview:

On April 9, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was reached. This is where the ongoing bullish swing was initiated.

A daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where a temporary bearish pullback took place on April 29.

The next bullish swing extended up to the levels of 1.5750-1.5800, which offered traders few valid sell entries (depicted with red arrows). The final bearish target at 1.5450 was already reached.

Recently, strong bullish pressure was applied against the resistance levels around 1.5800 via the ongoing bullish swing.

That is why, the resistance level at 1.5800 was temporarily breached. Hence, GBP/USD bulls pursued towards 100% Fibonacci Expansion located around 1.5900 where the depicted successive lower highs were initiated.

Hence, the level of 1.5555 (prominent demand level/depicted uptrend line) got breached due to excessive bearish pressure. This enhanced the bearish side of the market towards 1.5360.

The level of 1.5555 (prominent demand level/depicted uptrend line) got breached earlier this month due to excessive bearish pressure. This enhanced the bearish side of the market towards 1.5360.

As suggested in our previous articles, a bullish pullback towards 1.5550-1.5600 was expected to take place shortly after.

Our suggested sell entry around 1.5600 got triggered. It is still trading around entry levels. Early exit should be considered if the current daily candlestick maintains its closure above 1.5600.

Note that fixation below the price zone of of 1.5550-1.5500 is mandatory to pursue towards lower bearish targets, initially at 1.5450.

On the other hand, a better SELL entry with a lower risk/reward ratio will probably be offered around the price level of 1.5780 (the backside of the broken uptrend).

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

USD/CAD intraday technical levels and trading recommendations for July 30, 2015

cadweekly.pngcaddailly.png

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 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.

Earlier, signs of a lack of bullish momentum were manifested on the chart. A bearish corrective movement was initiated towards the price levels of 1.2900.

However, recent bearish pressure has been applied since yesterday's candlestick recorded a daily low at 1.1860.

Trade Recommendations:

Traders can wait for a bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid BUY entry (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.

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

EUR/NZD analysis for July 30, 2015

EURNZDDaily30.png

EURNZDH130.png

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6600. In the daily time frame, we can observe a weak supply in a volume above the average. Strong support level is seen at the level of 1.6340. The short-term had changed from bearish to neutral, but the mid-term trend is still bullish. I am waiting for larger liquidity and stronger price actions to confirm further direction.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6550

R2: 1.6590

R3: 1.6650

Support levels:

S1: 1.6425

S2: 1.6385

S3: 1.6325

Trading recommendations: Be careful when selling EUR/NZD and watch for potential breakout of resistance or support to confirm direction. Strong support is around the level of 1.6340.

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

Technical analysis of GBP/USD for July 30, 2015

Technical outlook and chart setups:

The GBP/USD pair is seen to be trading around the 1.5600 levels for now, having faced interim resistance at the 1.5700 levels yesterday. Please note that the pair has already initiated its way towards 1.64 and 1.7+ levels in the coming weeks. It is unclear how much would it retrace before resuming its uptrend. Ideally, the 1.5100/1.5085 mark, which is Fibonacci 0.618 retracement of the rally from 1.4670 to 1.5900 levels, remains best buy. It is recommended to stay flat for now and allow the pair to retrace lower to initiate long positions. Immediate support is seen at the 1.5450 levels followed by 1.5300, 1.5100 and lower, while resistance is seen at the 1.5700 levels followed by 1.5800/5900 and higher respectively.

Trading recommendations:

Remain flat for now and look to buy lower.

Good luck!

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

Technical analysis of USD/JPY for July 30, 2015

Technical outlook and chart setups:

The USD/JPY pair is trading around the level of 124.50/60 at the moment. Please watch out for a bearish reversal sign ahead of 125.50 levels for an extension around 117.00 levels in the coming several weeks. It is therefore recommended to initiate short positions (aggressive trade setups) now, with risk at 126.00 levels. Immediate resistance is seen at 124.60/70 (fibonacci 0.786) followed by 125.50 while support is seen at 123.00 (interim) followed by 120.00, 119.00, 118.00, and lower respectively. Bears are expected to regain control until prices remain below the level of 125.00 from here on.

Trading recommendations:

initiate short positions now, stop is at 126.00, a target is at 117.00.

Good luck!

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

Technical analysis of EUR/USD for July 30, 2015

Technical outlook and chart setups:

The EUR/USD pair is seen to be trading around the levels of 1.0935/40 at the moment. Please note that the pair has retraced to its fibonacci 0.618 support levels (a rally between 1.0806 and 1.1128). The pair is expected to resume its upswing from current levels and to extend up to the level 1.1330. It is recommended to initiate long positions now, with risk around 1.0800. Immediate support is seen at 1.0806 followed by 1.0520 and lower on the daily chart while resistance is seen at 1.1200/70 followed by 1.1430/50 and higher respectively. There is a strong probabitity that a rally can take place until prices remain above the level of 1.0800.

Trading recommendations:

Initiate long positions, stop is at 1.0800, a target is at 1.1330+.

Good luck!

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

Intraday technical levels and trading recommendations for GBP/USD for July 30, 2015

gbpusdweekl.png

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.

Last week, strong bearish pressure was applied to the level of 1.5550 again. It was breached temporarily until this week's bullish recovery emerged.

Contradictory signals are coming from consecutive weekly candlesticks. This indicates lack of bearish momentum below 1.5500.

The current weekly candlestick closure above 1.5500 hinders further bearish decline and enhances the bullish side of the market towards at least 1.5770 (61.8% Fibonacci level).

On the other hand, the nearest demand level around 1.5200 will become exposed if GBP/USD bears manage to keep their weekly closure below the level of 1.5500 (low probability).

1438265424_gbpusddaily.png

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 of 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 was recently established.

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

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 key level to be watched for a price action.

A quick bearish decline towards 1.5470 and 1.5370 should be expected if 1.5550 gets broken again.

On the other hand, the level of 1.5770 (61.8% Fibonacci level) is the next supply level to be watched if bullish fixation above 1.5550 persists in the daily chart.

If so, a counter-trend intraday sell entry can be offered at retesting of the level of 1.5770.

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

Intraday technical levels and trading recommendations for EUR/USD for July 30, 2015

eurmonth.png

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 if a bearish breakdown of the monthly demand level at 1.0550 occurs soon.

A bullish corrective movement towards 1.1500 can be possible only if May's monthly high at 1.1465 gets breached (a low probability).

eurusddaily.png

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 again brought EUR/USD to the mark of 1.1000 where the uptrend met the pair.

A bearish daily closure below 1.0950 enabled a quick bearish decline towards 1.0850 and 1.0750.

Evident 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 and 1.1100.

Earlier, the price level of 1.1100 where the backside of the broken uptrend is located, was being approached. However, significant bearish rejection was expressed around 1.1100.

A bearish pullback is currently extending below 1.1000 after the most recent daily candlesticks were expressed (Bearish Engulfing candlestick following a Hanging-Man one).

The long-term Double-Top pattern remains valid as long as the market keeps pushing below the price level of 1.0960.

Trader Recommendations :

Risky traders can wait for a DAILY closure below the level of 1.0960 as a SELL signal.

S/L should be located above 1.1150 while T/P levels should be located at 1.0850 and 1.0700.

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

Daily analysis of major pairs for July 30, 2015

EUR/USD: The EUR/USD pair continues to drop further south, owing to the strength in the USD and weakness in the EUR. Long trades are currently as the price could test the support lines at 1.0900 and 1.0850 this and next week.

1.png

USD/CHF: The USD/CHF pair continues to move further and further north because of the strength in the USD and the weakness in the CHF. Short trades do not currently make lots of sense on this market (this is a bull market), and the price can break the resistance level of 0.9700 to the upside. Should this occur, the next target would be the resistance level at 0.9800 this or next week.

2.png

GBP/USD: This is the bullish market - the currency trading instrument is making bullish efforts. This has resulted in high volatility of the market. There are distribution territories of 1.5650 and 1.5700. There are also accumulation territories around 1.5550 and 1.5500.

3.png

USD/JPY: This pair has been making slow and consistent northward journey. The price is above the EMA 56 and the RSI period 14, above the level of 50. There is a Bullish Confirmation Pattern in the chart as the next area to be breached is the supply level at 124.50.

4.png

EUR/JPY: There are mixed signals on this market and therefore it would be better to stay away from it until there is a clear directional movement. The market is in a kind of equilibrium phase, but there could be a breakout above the supply zone at 137.00 in the near tirm or a breakout below the demand zone at 135.50.

5.png

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

Technical analysis of NZD/USD for July 30, 2015

NZDUSDH1.png

Overview:

  • The The NZD/USD pair has rebounded from the minor resistance at the level of 0.6685, and now it is approaching the first support around the area of 0.6590 in order to test it. Moreover, it should be noted that the level of 0.6590 represents the weekly support. Equally important, the weekly pivot point is coinciding with the ratio of 38.2% Fibonacci retracement levels. Consequently, it will probably start downside movement in this area and recover again. Therefore, it will be a good sign to sell at this spot with the first target at 0.6555 (it should be noted that this level will form the weekly support 2) and continue towards 0.6500 to form the double bottom. On the other hand, in case of a break at 0.6690, a good place for stop loss will be above 0.6705. On the contrary, the resistance will be formed at the level of 0.6690. Furthermore, it will be very profitable to buy above this level for retesting this level in the short period. Therefore, buy deals are recommended below 0.6705 with a target at 0.6740.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/USD for July 30, 2015

1438255418_EURUSDH1.png

Trading recommendations:

On 30 July 2015:

  • Amid the previous events, the pEUR/USD pair is still trapped between the levels of 1.1000 and 1.0890. Today, the strong resistance is seen at the key level of 1.1000 in the H1 chart. Moreover, the price is below the moving average (100) since yesterday in the same time frame. Therefore, sell below the level of 1.1000 (the key resistance) with the first target at 1.0930, then it will be continued towards 1.0884 (23.6% Fibonacci retracement levels) to test the weekly pivot point.

It should notice the following important observations:

  • The double top will set at the level of 1.1006 (around the golden ratio).
  • The major support is seen at 1.0884. This level will represent the weekly support one.
  • The minor support has already set at the level of 1.0930. But the double bottom is not coinciding with the major support at the level of 1.0884.
  • We expect a range about 110 pips(1.1000 - 1.0890) in coming hours.
  • Please check out the market volatility before investing because the current scenarios could be invalidated.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/USD for July 30, 2015

The EUR/USD is moving clearly downwards towards lower lows and lower highs. A weekly high of 1.1127 was rejected. At the same time, 50% Fibonacci was applied to a high hit on June 18 and a low hit on July 21.

The uptrend trendline has been broken. Currently, the pair is trading in the supply area again where bears could start moving to order add to their short positions. This could be a medium to long-term trend down and therefore it could be reasonable to fix down the sort trade as EUR/USD moves lower.

Consider selling EUR/USD on the breakout at today's low of 1.0939, targeting S2 (1.0807), S3 (1.0610), or S4 (1.0290). The stop loss should be placed just above R2 (1.1120)

Support: 1.9556, 1.0807, 1.0610, 1.0289

Resistance: 1.1047, 1.1121

eurusd-h4-instaforex-group.png

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

Technical analysis of USD/CHF for July 30, 2015

Following our previous forecast, USD/CHF brokeout above the 38.2% Fibonacci level and at the same time rejected the uptrend trendline, support areas around S2 (0.9542) and S1 (0.9608). The trend is strongly bullish and bulls should continue dominating until R2 resistance area (0.9888) is reached.

Consider buying USD/CHF on a minor pullback, preferably near S1 (0.9673) targeting R2 (0.9888). The stop loss can be placed just below yesterday's low of 0.9594.

Support: 0.9542, 0.9608, 0.9673

Resistance: 0.9755, 0.9888

usdchf-h4-instaforex-group_(1).png

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

Technical analysis of CHF/JPTY for July 30, 2015

Following our previous analysis, CHF/JPY continued to move lower after rejecting R4 (131.30) and R2 (129.32). No signals of reversal to the upside of any kind should result in acceleration of the trend and a fast decline towards S1 (126.10) support area.

If you hold any short positions, consider holding them and potentially scaling up while rate is near R1 (128.09). A target is S1 support that is 0% Fibonacci applied to a breakout of the ascending channel. Hard stop loss should be placed just above yesterday's high of 128.62.

chfjpy-d1-instaforex-group.png

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

Technical analysis of USD/JPY for July 30, 2015

The pair managed to hold the 20& 50Dsma junction bouncing back to the previous resistance level of 124.50. As of now, the pair reached a high at 124.21 during today's Asian session. We recommend fresh intraday buying above 124.25 with targets at 124.40 and 124.50. A strong pullback is available above 124.50 towards 125.00.

TToday, traders keep an eye on the data on the US advance GDP on a quarterly basis and unemployment claims. Positive readings can push the pair towards 124.60 or even 124.90 during a day. In case of negative readings, the price will move towards 123.80 and 123.65. Use a dip to buy with sl 123.50.

USDJPYH4.png

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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

USDX technical analysis for July 30, 2015

The US dollar index held support yesterday and started a strong upward move favoring our bullish scenario as the price held important support levels and the bullish channel. The trend is bullish and as long as the price is above 96.20, I will favor bullish positions targeting new highs.

usdx.jpg

Black lines - bullish channel

The US dollar index held above the lower channel boundary and reversed higher from the 38% retracement. This bounce is an important bullish signal. The index has broken above the Kijun-sen (yellow indicator) and is trying to break above the Ichimoku cloud. Breaking above the cloud will confirm bullish trend.

usdxd.jpg

Blue line - trendline resistance

The weekly chart remains bullish as the weekly candle has moved back above the Kijun-sen indicator. Important support is at this week's lows and resistance is at 97.80. As long as the price is above 96.20, I favor the bullish scenario. Breaking above resistance will confirm this scenario and is a sign to add to longs.

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

Technical analysis of USDX for July 30, 2015

After the FOMC meeting the US Dollar Index reached a higher low supported by double bottom in the H1 chart. Now, it is headed towards higher highs.

"Federal Reserve officials face a conflict as they plan to start raising interest rates later this year: There has been a lot of progress in their goal for U.S. job growth, but little in their objective of modestly rising consumer prices," Jon Hilsenrath writes in his article.

The Fed kept the interest rates unchanged at 0-0.25%. The US economic activity sligtly grew, employment rose higly, and the unemployment rate fell.

Barclays: we still expect the Fed to raise its interest rate in September;

According to BNP Paribas client research team, the Fed is expected to raise interest rates in December.

Goldman Sachs chief economist Sachs Hatzius: The Fed's rate hike in December is likely to be larger than September's one.

Technical view: the 50Dsma is found at 96.00 and 100Dema is found at 95.60. Intraday support is found at 96.80 and 96.50. The weekly support is seen at 96.30 (Monday's low). We have been advising "Until the index closes above 95.60, buyers will enjoy the upper hand". The index reached a high at 97.32. We are updating the target at 100.00 with the same sl 96.30.

USDXH1.png

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

Technical analysis of EUR/AUD for July 30, 2015

The cross has been extending losses for 3 consecutive days. It rejected at the parallel resistance level at 1.5337.

At today's Asian session, data on Australia building permits was released. Australia June building permits came out at -8.2% on a month against analists' expectations of -1%, revised up to 2.5%. from the previous value of 2.4%.

Technical view: The cross stopped its 2-week rally losing 280 pips. The 20Dsma is found at 1.4880. Intraday support is found at 1.4989 and 1.4925. Intraday resistance is seen at 1.5060 and 1.5100.The cross heads towards lower high and lower lows in the H1 chart. Bulls are back on track above 1.5100 and strong bullish momentum is expackted above 1.5150. Intraday selling is available below 1.4980 with targets at 1.4950 and 1.4930. Risky buying is available above 1.5075 with targets at 1.5100 and 1.5125.

EURAUDH1.png

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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

Technical analysis of GBP/USD for July 30, 2015

After the FOMC meeting, the pound edged lower against the greenback, made a triple top at the level of 1.5700.

"Federal Reserve officials face a conflict as they plan to start raising interest rates later this year: There has been a lot of progress in their goal for U.S. job growth, but little in their objective of modestly rising consumer prices," Jon Hilsenrath writes in his article.

The Fed kept the interest rates unchanged at 0-0.25%. The US economic activity sligtly grew, employment rose higly, and the unemployment rate fell.

Today, traders keep an eye on the data on the US advance GDP on a quarterly basis and unemployment claims. Besides, the Spanish flash CPI and GDP reports are due to be released today too. We expect optimistic data from Spain, but the trade remains influenced by the US statistics.

Technical overview:

The cable erased its intraday gains breaking the winning streak and closed with losses. We advised selling on rises until the cable closes above 1.5700.

At yesterday's session, the cable changed the direction and reached a high at 1.5690. On a daily closing basis, the cable made a double top at 1.5615. The supply zone is places at 1.5675 and 1.5700.

Earlier, the cable formed a strong ceiling at 1.5700. It broke the 3-month ascending trendline, but is still trading below this level. In the four-hour chart, the cable fell below the bearish h&s pattern.

The 20Dsma is found at 1.5550, 100Dema is seen at 1.5460, 200Dsma is found at 1.5410, 20Wsma is found at 1.5340, and 100Dsma is seen at 1.5320. The weekly trading pattern is framed between 1.5440 and 1.5700.

Intraday resistance is seen at 1.5630, 1.5675, and 1.5700. Support is found at 1.5580, 1.5560, and 1.5540. At yesterday's session, we advised buying above 1.5630 with a target at 1.5650, 1.5675, and 1.5690. The cable is likely to reach ahigh of 1.5690.

The same buying strategy is valid today. Buy above 1.5630.

Fresh selling is available below 1.5530 towards 1.5490 and 1.5470. The selling accelerates only below 1.5440.

Whenever the cable touches the zone of 1.5675 and 1.5700, it will reach lower lows. This time, we can expect 1.5450 or 1.5410 to be hit.

GBPUSDH4.png

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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

Gold technical analysis for July 30, 2015

The gold price got rejected yesterday at the Inverted Head and Shoulders neckline. The price remains in a bearish trend and once we break support at $1,077, we should move lower towards $1,040. Important resistance remains at the level of $1,105 that bulls need to break for the gold price to move higher towards $1,130.

goldh4.jpg

Green line - neckline resistance

Blue line - trendline resistance

The gold price remains below the cloud resistance and below the blue trendline resistance. The price got rejected on the 4-hour chart at the Ichimoku cloud and at the neckline. The Inverted Head and Shoulders scenario is not playing out as expected and it was never triggered. The trend remains bearish. I expect more selling pressures to arise.

goldd.jpg

Red lines - price projection after break down

Blue line - long-term support broken

The weekly chart remains bearish. The price has not managed to stage any considerable bounce towards $1,130. Target remains near $1,040 and even towards $980. The long-term trend remains bearish. I remain bearish.

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

Technical analysis of EUR/USD for July 30, 2015

After the FOMC meeting, the euro edged down against the greenback to the weakest intraday close for 11 straight sessions.

"Federal Reserve officials face a conflict as they plan to start raising interest rates later this year: There has been a lot of progress in their goal for U.S. job growth, but little in their objective of modestly rising consumer prices," Jon Hilsenrath writes in his article.

The Fed kept the interest rates unchanged at 0-0.25%. The US economic activity sligtly grew, employment rose higly, and the unemployment rate fell.

Today, traders keep an eye on the data on the US advance GDP on a quarterly basis and unemployment claims. Besides, the Spanish flash CPI and GDP reports are due to be released today too. We expect optimistic data from Spain, but the trade remains influenced by the US statistics.

Technical view: The euro bulls lost the momentum, rejected thrice at 50DSMA and close below 20DSMA at yesterday's session.

Sell on lower lows and lower highs on the H1 chart. The pair made a double top at 1.1084 manage to gain support by the parallel level 1.0967. On the four-hour chart, the pair has been trading in an ascending bearish channel, rejected at the upper end of the trendline willing to go further down.

Until the pair trades below 1.1085 sell on rise in the intraday. The supply zone remains between 1.1085 and 1.1100 50DSMA. Until the price close below 1.1100, sell on rise in the positional trade. Monthly support is at 1.0730.

Intraday resistance seems to be at 1.1000, 1.1020 and 1.1050. Support is at 1.0960,1.0925 and 1.0900. In case, if the pair loses the 1.0850, selling will accelerate. The Federal Reserve and the ECB monetary policy differentiation favours the longer-term bearish trend.

The safe-selling trade is available only below 1.0920 aimed at 1.0870 and 1.0850. The selling accelerates only below 1.0850. The selling opportunity indicated below 1.0950. The immediate target is at 1.0930. The selling accelerates only below 1.0920.

EURUSDH1.png

EURUSDH4.png

To contact the author of this analysis, please email: joseph.wind@analytics.instaforex.com

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

Technical analysis of Gold for July 30, 2015

The FOMC meeting did not put pressure on the precious metal at yesterday's session. Gold closed with marginal gains well managing to hold above the support level.

The yellow metal has been unable to prove its safe haven status during the Greek crisis. The FOMC meeting delivered strong signals for the rate hike this year. In this case, the metal's reaction will be mild positive. Next days we can observe divergence in the price movement of the precious metal.

Barclays and Blackrock expect the rate hike to take place in September, but Goldman Sachs and BNP Paribas expect it in Decmeber. Finally, the rate hike seems imminent.

Technical view: The yellow metal was trading at $1,096.80 during today's Asian session compared to Tuesday's closing price of $1,096.70. 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. On the weekly chart, the metal managed to hold the channel support trendline 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. In case of a weekly close below $1,085.00, gates to $1,068.00, $1,045.00, and $1,005.00 will be open. On 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 on the monthly chart. It has been managed to close above $1,085.00 on a daily closing basis for eight consecutive days.

Intraday: Intraday support is at $1,095.00,$1093.00 and $1,090.00. Resistance seems to be at $1,1100.00,$1,106.00 and $1,110.00 levels. In case of a daily close below $1,085.00, gates to $1,077.00 initially and later towards $1,055.00 will be open.

The metal has been making higher lows on the H1 chart with preparing strong base at $1,090.00 and $1,085.00.

After a month time, the metal made a higher high on the H4 chart.

Intraday selling is below $1,090.00 and $1,088.00 initially. Selling accelerates below $1,085.00 towards $1,082.00, $1,080.00 and $1,077.00. Panic likely to be triggered below $1,077.00. Use a rise to sell . Buying ais vailable above $1,100.00, target is at $1,102.00 and $1,104.00. A strong pullback is likely to take place above $1,106.00 towards $1,109.00 during a day.

A daily close is above $1,110.00. Bulls aim at $1,118.00, but chances are remote. As of now, the trend favours a pullback with SL $1,090.00. Risky traders can use a dip to buy with SL $1,090.00. The target is at $1,107.00, $1,110.00, and, in the extreme case, $1,117.00.

GOLDH1.png

To contact the author of this analysis, please email: joseph.wind@analytics.instaforex.com

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

Global macro overview for 30/07/2015

Global macro overview for 30/07/2015:

The crude oil prices gained more than 1.4% yesterday after the crude oil inventories news release was a big miss. The market expected 700k barrels, but the inventories declined by -4203k barrels in the week to July 24. Moreover, the gasoline inventories dropped by 363k vs. 512k expected gain. As a result, the oil prices rallied to the level of 49.51, but then were capped by the strengthening US dollar due to the Fed data release. Currently, the crude oil (current month contract) is trading at the level of 48.77 at the time of writing. Any breakout above the level of 49.76 will be considered as bullish (bounce/rebound) and any breakout below the level of 48.43 will be considered bearish (downtrend continuation).

oil.jpg

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

Global macro overview for 30/07/2015

Global macro overview for 30/07/2015:

Yesterday the Fed decided to keep the rates on hold, but did not completely ruled out a possible rate hike this year. The Fed justification was based mainly on improvement in the labor data that is still not strong enough to raise the rates this month. The statement was dovish to midly hawkish with the emphasis on economic data from the US. This means the market will be quite sensitive to any economic news from the US that will come during the next three months. Nevertheless, there is a clear positive attitude in the Fed to raise the rates this year for the first time since 2006 if the data from labor market and inflationary pressure will improve enough. Any softening in the data (NFP number below 200 000, inflation below 1%) will make the Fed wait even longer to the December before making any decisions.

The EUR/USD reaction for the Fed decision resulted in a fake breakout above the golden trendline and now the market is in a reversal mode. The 61% Fibo at the level of 1.0930 is the key daily support level and if it is broken, the lows at the level of 1.0808 will be in view.

eurusd.jpg

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

Technical analysis of USD/CAD for July 30, 2015

General overview for 30/07/2015 08:40 CET

The corrective cycle in wave 2 black might have been completed and yesterday's FOMC decision to keep the rates on hold might cause another impulsive wave progression to the upside. There is the first confirmation that the market can start another wave upwards, because the golden trendline had been violated. The next resistance is seen at the level of 1.3026 (weekly pivot) or 1.3045 (intraday resistance). Please notice that only a new high above the level of 1.3101 would confirm that the bottom in the wave 2 black is in place.

Support/Resistance:

1.3135 - WR1

1.3101 - Swing High

1.3045 - Intraday Resistance

1.3026 - Weekly Pivot

1.2965 - Intraday Support

1.2952 - WS1

Trading recommendation

Daytraders should consider opening buy orders from current market levels with SL below the level of 1.2964 and TP at the level of 1.3026.

usdcad_h1.jpg

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

Technical analysis of EUR/JPY for July 30, 2015

General overview for 30/07/2015 08:30 CET

The corrective structure is getting more complex and time-consuming. After breaking the lower channel line, the market heads towards lower levels to test the weekly pivot point at 135.60. Please notice that this kind of a range-bounded price action might last some time until the level of 138.12 or 133.26 is violated. Trading conditions might get choppy and full of whipsaws.

Support/Resistance:

137.67 - WR2

136.86 - WR1

136.33 - Intraday Resistance

135.60 - Weekly Pivot

134.77 - WS1

Trading recommendations:

Daytrading levels:

- for bulls: the best level to place a buy stop order is at the level of 137.10 with tight SL (15-20 pips) and TP at the level of 137.63

- for bears: open sell orders at current market levels with SL above the level of 136.32 and TP at the level of 135.60

eurjpy_h1.jpg

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

Technical analysis of Gold for July 30, 2015

Technical outlook and chart setups:

Gold is virtually unchanged for last 2 trading sessions, trading at $1,093.00. The yellow metal might be preparing for a relief rally towards the level of $1,130.00, which is also the confluence of resistance trendline and fibonacci level of 0.618 of the drop from $1,167.00 to $1,075.00. It is recommended to initiate 50% long positions (aggressive trade setups) with risk at $1,070.00 now. Immediate support is seen at the level of $1,075.00 followed by $1,052.00, $1,030.00, and lower while resistance is seen at $1,130.00/32.00 followed by $1,176.00 and higher.

Trading recommendations:

Initiate 50% long positions, stop is at $1,070.00, a target is at $1,130.00.

Good luck!

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

Technical analysis of Silver for July 30, 2015

Technical outlook and chart setups:

Silver is seen to be trading around the levels of $14.75/77 at the moment, after having touched $14.90 yesterday. The metal is still expected to push higher through the levels of $15.00 and $15.30 respectively. Please note that the metal has pushed through the trend-line resistance (interim), and its 50-day moving average for now. It is recommended to hold long positions with risk at the level of $14.25 . Immediate support is seen at $14.40/50 followed by $14.00, $13.00, and lower while resistance is seen at $15.00 followed by $15.30 (fibonacci), $15.90/$16.00, and higher.

Trading recommendations:

Remain long for now, stop is at $14.25, a target $15.30

Good luck!

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

Technical analysis of EUR/JPY for July 30, 2015

Technical outlook and chart setups:

The EUR/JPY pair dropped lower to the level of 136.00 yesterday before pulling back higher. Please note that the pair has broken its interim support trendline, but is testing a 50-day moving average, leaving enough room for a rally from current levels. It is recommended to initiate 50% long positions with risk at the level of 135.00. Immediate support is seen at 135.50 followed by 134.80, 134.00, and lower while resistance is seen at 138.00 followed by 139.00, 140.00, and higher. The pair should remain in control of bulls until prices stay above 135.00 and 134.00.

Trading recommendations:

Initiate 50% long positions, stop is at 135.00, a target is open.

Good luck!

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

Technical analysis of GBP/CHF for July 30, 2015

Technical outlook and chart setups:

The GBP/CHF pair has been pushed above th elevel of 1.5100 as expected, preparing to clear fibonacci extension at 1.5200 before producing a meaningful retracement. The pair had tested the support of 1.4950 yesterday before rallying higher again. It is recommended to book some profits and move risk towards 1.4950 for now. Immediate support is seen at 1.4950 on the H4 chart, followed by 1.4775, 1.4575, 1.4450/75, and lower. Resistance is seen at 1.5200 (interim), followed by 1.5400 and higher respectively.

Trading recommendations:

Book some profits on long positions and exit all at 1.5200, move stop at 1.4950.

Good luck!

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

Elliott wave analysis of EUR/NZD for July 30, 2015

2015-07-30-EURNZD-4H.png

Technical summary:

The flat correction in wave 2 is still unfolding and we could finally see a new low just below 1.6325 before this correction is over. A new rally towards 1.7277 is expected. In the short term, the final push lower can be seen as long as resistance at 1.6602 is able to protect the upside. Any break above resistance at 1.6602 will indicate that wave 2 is over and wave 3 is headed higher towards the first target at 1.7277 is developing.

Trading recommendation:

We are looking for an opportunity to buy near 1.6335 or upon a break above 1.6602.

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

Elliott wave analysis of EUR/JPY for July 30, 2015

2015-07-30-EURJPY-4H.png

Technical summary:

Strong resistance at 137.80 needs to be broken to clear the way for a rally higher to 141.06 and 144.03. As long as resistance at 137.80 holds firm, we will remain in a dead-lock situation between bulls and bears.

Support is found at 135.49, which will ideally protect the downside for the break above resistance at 137.80. However, if support at 135.49 gets broken, it will tip slightly in favor of bulls, but only a break below support at 134.28 and even more important at 133.27 will call for a new decline to 126.05 and below.

Trading recommendation:

We are long EUR from 134.07 with stop placed at 135.40. If you are not long EUR yet, buy on a break above resistance at 137.80 and use the same stop at 135.40.

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

Technical analysis of EUR/USD for July 30, 2015

!_EURUSD.jpg

When the European market opens, economic data on the Italian 10-y Bond Auction, ECB Economic Bulletin, German Unemployment Change, Spanish Flash GDP q/q, Spanish Flash CPI y/y, and German Prelim CPI m/m is due. The US will publish data on Natural Gas Storage, Advance GDP Price Index q/q, Unemployment Claims, and Advance GDP q/q. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1034.

Strong Resistance:1.1028.

Original Resistance: 1.1017.

Inner Sell Area: 1.1006.

Target Inner Area: 1.0981.

Inner Buy Area: 1.0966.

Original Support: 1.0945.

Strong Support: 1.0936.

Breakout SELL Level: 1.0929.

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 30, 2015

!_USDJPY.jpg

In Asia, Japan will release data on the Prelim Industrial Production m/m. The US will publish economic data about Natural Gas Storage, Advance GDP Price Index q/q, Unemployment Claims, and Advance GDP q/q. So, there is a strong probability that USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.76.

Resistance. 2: 124.51.

Resistance. 1: 124.27.

Support. 1: 123.98.

Support. 2: 123.73.

Support. 3: 123.49.

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

USD/CAD intraday technical levels and trading recommendations for July 29, 2015

cadweekly.pngcaddaily.png

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 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.

Today, the signs of a lack of bullish momentum are manifested on the chart. A bearish corrective movement is likely to be executed towards the price levels of 1.2900 and 1.2850.

Trade Recommendations:

Traders can wait for a bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid BUY entry (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.

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

Intraday technical levels and trading recommendations for GBP/USD for July 29, 2015

gbpweekly.png

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.

Last week, strong bearish pressure again was applied against the price level of 1.5550. It was breached temporarily until bullish recovery emerged this week.

Contradictory signals are coming from consecutive weekly candlesticks. This indicates a lack of bearish momentum below 1.5500.

The current weekly candlestick closure above 1.5500 hinders further bearish decline and enhances the bullish side of the market at least towards 1.5770 (61.8% Fibonacci level).

On the other hand, the nearest demand level around 1.5200 will become exposed if GBP/USD bears manage to keep their WEEKLY closure below the level of 1.5500 (low probability).

1438184293_gbpusddaily.png

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 of 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 was recently established.

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

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 key level to be watched for a price action.

A quick bearish decline towards 1.5470 and 1.5370 should be expected if 1.5550 gets broken again.

On the other hand, the price level of 1.5770 (61.8% Fibonacci level) is the next supply level to be watched if bullish fixation above 1.5550 persists on a daily basis.

In case of it, a counter-trend intraday SELL entry can be offered at retesting of the price level of 1.5770.

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

Intraday technical levels and trading recommendations for EUR/USD for July 29, 2015

eurmonth.png

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 if a bearish breakdown of the monthly demand level at 1.0550 occurs soon.

A bullish corrective movement towards 1.1500 can be possible only if May's monthly high at 1.1465 gets breached (a low probability).

1438183370_eurdaily.png

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 again brought EUR/USD to the mark of 1.1000 where the uptrend met the pair.

A bearish daily closure below 1.0950 enabled a quick bearish decline towards 1.0850 and 1.0750.

Evident 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 and 1.1100.

Earlier, the price level of 1.1100, where the backside of the broken uptrend is located, was being approached. The price level of 1.1000 was breached earlier this week.

A bearish pullback is currently taking place towards 1.1000 after yesterday's daily candlestick was expressed (Hanging-Man candlestick).

Trader Recommendations :

Conservative traders can wait for a bullish pullback towards the recently established supply zone of 1.1100-1.1150 for a valid sell entry. S/L should be located above 1.1200.

Risky traders can wait for a DAILY closure below the level of 1.0960 as a SELL signal.

T/P levels should be located at 1.0850 and 1.0700.

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