EUR/NZD analysis for June 09, 2016

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Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5912 in a high volume. After the cash rate decision in New Zealand last night the massive supply came in on the market. I found very high volume supply and very strong price action. Buying EUR/NZD at this stage looks risky. According to the 30M time frame, I found up-thrust bars, which are good indication for futher downward movement. The first take profit level is set at the price of 1.5915.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6310

R2: 1.6340

R3: 1.6390

Support levels:

S1: 1.6210

S2: 1.6185

S3: 1.6135

Trading recommendations for today: there is strong downward pressure on the market. Watch for selling opportunities on the pullbacks.

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NZD/USD Intraday technical levels and trading recommendations for June 9, 2016

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Bullish persistence above 0.6550 (the depicted support) was necessary to keep the price moving towards higher bullish targets.

In February and March, signs of bearish rejection (triple-top reversal pattern) were expressed around the price level of 0.6750 until April when a bullish breakout above 0.6750 and 0.6860 was executed.

Later on May 6, daily candlestick closure below the 0.6850 level enhanced a quick bearish movement towards 0.6750 where bullish rejection was expected to be applied. However, obvious bearish closure below 0.6750 was achieved on May 24.

On May 30, obvious bullish rejection was expressed around the price level of 0.6675 (the lower limit of the depicted channel). That's why, the recent bullish breakout is taking place above 0.6860.

As long as the NZD/USD pair keeps trading above 0.6860, further bullish advancement should be expected towards the price zone of 0.7150 - 0.7200 (the upper limit of the depicted channel).

Price action should be watched around the current price zone of 0.7150 - 0.7200 for a valid SELL entry if enough signs of bearish rejection is expressed.

On the other hand, the price zone between 0.6760 - 0.6860 constitutes a significant support zone to offer bullish rejection and a valid BUY entry if a bearish pullback occurs soon.

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USD/CAD intraday technical levels and trading recommendations for June 9, 2016

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On December 7, a bullish breakout above 1.3450 (upper limit of the recent consolidation range) enhanced the bullish side of the market. Hence a bullish visit to the resistance at 1.4120 (the Fibonacci Expansion 100%) occurred.

Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4650 ( the 141.4% Fibonacci expansion) where an evident bearish rejection was expected (bearish engulfing weekly candlestick).

The 1.4120 level (the Fibonacci Expansion 100%) stood as a significant resistance level where a significant bearish rejection was applied.

Although the area of 1.3050-1.3250 was expected to offer bullish support for the USD/CAD pair, the same price zone was broken as depicted on the daily chart.

Shortly after, the 1.3300 level stood as a significant resistance as it corresponds to the 50% Fibonacci level and the backside of the broken weekly uptrend where a valid sell entry was suggested on March 24.

Since then, the USD/CAD pair has been trapped within the consolidation range between 1.3300 and 1.3300 until a bearish breakout took place on April 11.

Shortly after the quick bearish decline took place below 1.3000, signs of bullish recovery were expressed around 1.2460.

The recent bullish pullback towards 1.3000 (the 61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of significant bearish rejection was manifested during recent consolidations.

Recently on May 18, temporary bullish fixation above 1.3000 (the 61.8% Fibonacci level) opened the way towards the 1.3180 level where significant bearish pressure was originated.

The current bearish persistence below 1.3000-1.2970 (61.8% Fibonacci level) should be maintained to enhance enough bearish momentum in the market. Initial T/P levels should be located at 1.2770, 1.2650 then 1.2450.

On the other hand, the price zone of 1.2400-1.2500 constitutes a significant support zone to be watched for possible BUY entries if enough bearish pressure is applied below 1.2650.

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Intraday technical levels and trading recommendations for GBP/USD for June 9, 2016

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Since January 2016, bullish persistence above 1.4500 was mandatory to maintain enough bullish strength in the market.

However, the previous weekly candlesticks maintained their bearish persistence below the depicted weekly supply zone (below 1.4470) which allowed further bearish decline to occur.

The prominent demand level located at 1.3845 (historical bottom that goes back to March 2009) provided a significant bullish rejection on February 26.

As expected, an evident bullish recovery and a bullish engulfing weekly candlestick were expressed around 1.3845 (prominent weekly demand level) where a significant bullish swing was initiated on March 1.

On the other hand, the price zone of 1.4475-1.4670 has been standing as a significant supply zone during the past few weeks.

On May 3, the depicted long-term downtrend line came to meet the GBP/USD pair around the same price zone.

Hence, significant bearish rejection and strong bearish weekly candlesticks were executed around the upper limit of it (1.4670 level).

As long as the GBP/USD pair keeps trading below 1.4670, the next bearish destinations for the pair will be located at 1.4300, 1.4220, and 1.4050.

Bearish persistence below 1.4480 should be achieved to maintain enough bearish momentum in the market.

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In February 2016, a lower high was achieved around the level of 1.4530. This applied extensive bearish pressure against the price level of 1.4470.

The GBP/USD pair looked oversold when the previous bearish decline extended below 1.4040 (temporary support). That is why, a significant bullish recovery and a profitable long entry were suggested around 1.3845.

On April 7, the market failed to push below the price level of 1.4050. Moreover, a bullish movement was executed again towards the price levels of 1.4750 (slightly above the 61.8% Fibonacci level).

As anticipated, significant bearish rejection was expressed around the price zone of 1.4700-1.4750 (the 61.8% Fibonacci level) resulting in a strong bearish shooting-star daily candlestick.

Daily persistence below 1.4470 was needed to enhance further bearish decline initially towards 1.4350, 1.4220, and 1.4050.

However, On June 2, lack of enough bearish momentum below 1.4330-1.4350 resulted in the current bullish breakthrough above 1.4470.

Please note that the price zone of 1.4670-1.4700 (61.8% Fibonacci level and the depicted downtrend line) stood as a significant supply zone which offered many valid SELL opportunities over the past few weeks.

That's why, daily persistence below the level of 1.4480 is now needed to enhance further bearish decline towards 1.4350 and 1.4220

Otherwise, the GBP/USD pair will remain trapped between the price levels of 1.4470 and 1.4700.

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Gold analysis for June 09 , 2016

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Since our previous analysis, gold has been moving upwards.As I had expected, the price tested the level of $1,266.14 in a high volume. According to the 30M time frame, I found changes in the trend dynamic from bullish to bearish. The price went below the 20EMA and I found a supply trend line. Be careful when buying and watch for potential intraday selling opportunities. The take profit level is set at the price of $1,249.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,269.55

R2: 1,274.60

R3: 1,282.90

Support levels:

S1: 1,253.00

S2: 1,247.90

S3: 1,239.60

Trading recommendations for today: Be careful when buying and watch for selling opportunities.

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

Intraday technical levels and trading recommendations for EUR/USD for June 9, 2016

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In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450.

In March 2015, the EUR/USD bears challenged the next monthly demand level around 1.0570 which had been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.

In February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the current bullish pullback.

That's why, another bearish rejection is expected around the current price levels (Note the previous monthly candlestick of May).

In the long-term prospect, the level of 0.9450 will remain a projected bearish target if the current monthly candlestick comes to close below the depicted monthly demand level of 1.0570.

On the other hand, note that a monthly candlestick closure above 1.1400 invalidates this scenario on the intermediate-term.

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In December 2015, a consolidation range between 1.1000 and 1.0800 was established on the daily chart.

On February 3, a bullish breakout was executed above this consolidation range. Bullish fixation above 1.1000 was mandatory to allow bullish movement to continue.

Similar to what happened in October 2015, the supply zone of 1.1410-1.1550 constituted a significant resistance zone for the EUR/USD pair.

On May 5, the 1.1600 level corresponded to the backside of the broken uptrend line depicted on the chart where the shooting-star daily candlestick appeared, indicating significant bearish rejection.

Daily persistence below the levels of 1.1400 and 1.1200 was needed to ensure enough bearish momentum towards the 1.1100 and 1000 levels. However, lack of enough bearish pressure was manifested by the end of last week's consolidations.

The recent bullish closure above 1.1200, enhanced further bullish advancement towards 1.1420 where price action should be considered for a better SELL entry. S/L should be placed above 1.1470.

As anticipated, recent signs of bearish rejection are being expressed around the price level of 1.1400. Initial bearish target would be located around 1.1220 (recent key-level).

On the other hand, any bearish pullback towards the level of 1.1000 (the depicted uptrend line and a previous consolidation range) should be considered for a possible BUY entry. S/L should be placed below 1.0950.

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Technical analysis of NZD/USD for June 09, 2016

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Overview:

  • The first support is seen at the price of 0.7053, which represents a daily pivot point on the H4 chart. the NZD/USD pair continues moving in a bullish trend from the support level of 0.7053. Currently, the price is in a bullish channel. So, the market is likely to show signs of a bullish trend around the spot of 0.7053 - 0.7066. In other words, buy orders are recommended above the golden ratio (0.7053) with the first target at the level of 0.7150. Furthermore, if the trend is able to breakout through the first resistance level of 0.7150. We should see the pair climbing towards the second resistance (0.7217) to test it. Also, it should be noted that the daily strong support is seen at 0.7288.
  • On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.7053, a further decline to 0.6907 can occur which would indicate a bearish market.

Intraday technical levels:

  • R3: 0.7288
  • R2: 0.7217
  • R1: 0.7150
  • PP: 0.7053
  • S1: 0.6966
  • S2: 0.6907
  • S3: 0.6864
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Technical analysis of USD/CHF for June 09, 2016

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Overview:

  • The USD/CHF pair broke support which turned into strong resistance at the level of 0.9637 yesterday. The level of 0.9637 coincides with a golden ratio (38.2% of Fibonacci), which is expected to act as major support today. The Relative Strength Index (RSI) is considered overbought because it is above 50. But, the RSI is still signaling that the trend is downward as it is still strong below the moving average (100). This suggests the pair will probably go down in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, sell orders are recommended below 0.630 with the first target at the level of 0.9594. From this point, the pair is likely to begin a descending movement to the point of 0.9594 and further to the level of 0.9503. The level of 0.9503 will act as strong support. On the other hand, if a breakout happens at the support level of 0.96999, then this scenario may become invalidated.

Intraday technical levels:

  • R3: 0.9759
  • R2: 0.9699
  • R1: 0.9637
  • PP: 0.9601
  • S1: 0.9664
  • S2: 0.9563
  • S3: 0.9443
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Elliott wave analysis of EUR/NZD for June 9 - 2016

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Wave summary:

The failure to hold important support at 1.6062 has tilted the picture upside down. Instead of a possible new rally building, consolidation from the 1.5748 low has developed into a triangle consolidation. Besides, a break below support at 1.6062 has completed formation calling for more downside pressure towards 1.5000 over the coming weeks.

In the short term, the triangle support line near 1.6160 will act as resistance.

Trading recommendation:

Our stop at 1.6125 was hit, and we will be looking for the opportunity to open short positions on the EUR near 1.6150

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

Elliott wave analysis of EUR/JPY for June 9 - 2016

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Wave summary:

EUR/JPY tried to break above resistance at 121.98 but failed. The risk has again turned to the downside for one more low just below 120.80 before the ending diagonal is completed. A new rally can be expected. A break below the minor support at 121.30 will confirm the final decline just below 120.80 before going higher again.

Trading recommendations:

We are long on the EUR from 121.75 and we will take our stop here at 121.38. A new buy order will be placed at 120.85 with the stop at 120.00.

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

Technical analysis of USDX for June 9, 2016

The US dollar index is at important support levels and should start a bullish reversal today or tomorrow. The dollar bears should protect their positions and use tight stops. The short-term trend at least is expected to change to bullish. Continued weakness today and tomorrow will be a very bearish sign for the longer-term trend.

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RSI and stochastic oscillator are giving bullish divergence signals in the 4 hour chart. Price has reached the 61.8% Fibonacci retracement. Price is below the tenkan- and kijun-sen resistance levels. The short-term resistance is at 93.65 while support is at 93.45.

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The daily stochastic is oversold. Price was rejected at the daily Kumo and was broken below the cloud body. The signs are not very promising for the dollar bulls. The last stand for the dollar bulls is the 61.8% Fibonacci retracement where we are at the moment.The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 09/06/2016

Global macro overview for 09/06/2016:

Another good news was delivered from the United Kingdom as the industrial production data outperformed most economists' expectations in April. According to the Office of National Statistics, the manufacturing production increased 2.3% against March's 0.1%, and industrial production advanced 2% as well (0.0% was the market expectations for both releases). In conclusion, this data increased optimism concerning the domestic economy, but it is still too early to say whether the industrial sector has totally strengthened.

Let's now take a look at the GBP/USD technical picture in the 4H time frame. The recent spike up after the news release was shortly pushed lower anyway and that is why another lower low at this pair was created. The market still trades below the important swing high at the level of 1.4770, so it is hard to say whether bulls or bears are in control over this market. Only a sustained breakout below the level of 1.4349 will confirm the bearish strength.

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Technical analysis of Gold for June 9, 2016

Gold price has reached our target of $1,260 and has most probably completed the entire upward move from $1,200. Is this a start of a new uptrend or just a part of a bigger correction that will eventually push prices below $1,200 to complete the corrective period?

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Black line - long-term resistance

Gold price broke out of the Kumo on the 4 hour chart and is testing the long-term resistance at the $1,260-65 area. Rejection at this level is anticipated and a pullback towards the Kumo is very possible. So Gold bulls should be very cautious especially in case price breaks below the short-term support of $1,259.

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On the daily chart, Gold price is trying to break above the daily Kumo (cloud) resistance. This is important resistance and I expect a pullback from this area. Overall, I remain bullish for the longer-term and I see many chances of $1,200 being a long-term low of high importance.The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 09/06/2016

Global macro overview for 09/06/2016:

The Reserve Bank of New Zealand (RBNZ) has decided to leave the official cash rate unchanged at the level of 2.25% (in line with expectations). During the press conference, the RBNZ's Governor Graeme Wheeler said that further policy easing may be required as it will continue to be accommodative. Moreover, he expressed his concerns regarding a low inflation level, mostly due to low fuel and other import prices. He added that the exchange rate remains higher than appropriate given New Zealand's low commodity export prices, and RBNZ will continue watching the data flow. In conclusion, Wheeler has maintained a strong easing bias, hinting that a cut will come, it's just a matter of time now.

Let's now take a look at the NZD/USD technical picture on the daily time frame. We can see that the bulls have managed to push the prices higher and hit the 61% Fibo of the last swing at the level of 0.7141. The important technical resistance at the level of 0.7055 has been broken as well, so now the next resistance is being seen at the levels of 1.7176 and 0.7233.

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Technical analysis of EUR/JPY for June 9, 2016

General overview for 09/06/2016:

After the top for the possible wave i was made at the level of 122.68, the market has started the corrective cycle to the downside. The low of this decline was labeled as wave ii, so now it is possible to develop another up wave that will break out above the 122.68 high. Currently, the market is still trading around the weekly pivot at the level of 121.78, but the bullish impulsive scenario is atill expected. The invalidation line for this impulsive scenario is at the level of 120.80.

Support/Resistance:

120.56 - WS3

121.33 - Intraday Support

121.78 - Weekly Pivot

122.68 - Intraday Resistance

122.74 - WR1

Trading recommendations:

Swing traders should close all their long-term swing sell orders as the market might be ready to establish a long-term bottom and reverse upwards.

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

Technical analysis of USD/CAD for June 9, 2016

General overview for 09/06/2016:

The projected target zone has been hit overnight and even slightly violated to the downside. Nevertheless, the growing bullish divergence between the price and momentum oscillator supports the view that an upside rally is the next possible wave development. The first confirmation comes with the intraday resistance at the level of 1.2721 breakout.

Support/Resistance:

1.2653 - Intraday Support

1.2678 - 1.2700 - Projected Target For Wave X

1.2721 - Intraday Resistance

1.2825 - WS1

1.2984 - Weekly Pivot

1.3054 - WR1

1.3188 - Wave (i) High

1.3210 - WR2

Trading recommendations:

Day traders should keep an eye on the level of 1.2460 and place all SL orders for buy orders just below this level. The market is still in the corrective cycle, but buying the dips is the way to trade it now.

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Technical analysis of USD/JPY for June 09, 2016

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USD/JPY is under pressure. On Wednesday, US stock indices continued to grind higher, chalking a winning streak of three straight sessions. The Dow Jones Industrial Average rose 0.4% to 18004, the first close above the 18000 level since April 27. The S&P 500 increased 0.3% to 2119, and the Nasdaq Composite was also up 0.3% to 4974. Industrial and material shares performed well, while energy shares were lower despite oil prices hitting 2016 highs again.

Nymex crude oil charged 1.7% higher to $51.23 a barrel, the highest closing level since July 15. Gold jumped 1.5% to $1,262 per ounce, and silver surged 3.9% to $17.02 per ounce. The benchmark 10-year treasury yield eased further to 1.701% from 1.713% Tuesday.

Lacking upward momentum, the US dollar continued to weaken against other major currencies. The ICE US Dollar Index fell 0.3% to a one-month low of 93.59. EUR/USD climbed 0.3% to 1.1392, and USD/JPY shed 0.3% to 106.97.

Boosted by the bullish bias of the commodities markets, commodities-linked currencies were broadly higher. USD/CAD declined another 0.3% to 1.2693, tallying a loss of 3.1%, or 402 pips, in a losing streak of 4 consecutive sessions.

AUD/USD gained 0.2% to 0.7468, and NZD/USD rose 0.4% to 0.7003 yesterday. This morning, NZD/USD soared 1.9% up to 0.7138 after New Zealand's central bank, as expected, held its official cash rate unchanged at 2.25%. The pair continues to trade on the downside while displaying a pattern of lower highs and lower lows. Currently it is capped by the descending 50-period (30-minute chart) moving average. The 20-period moving average remains below the 50-period one, and the intraday relative strength index stands below the neutrality level of 50. The intraday outlook is still bearish, and the pair is expected to decline toward the immediate support at 106.00 before sinking further to 105.55.

Recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 106.00. A break of this target will move the pair further downwards to 105.50. The pivot point stands at 107.15. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 107.45 and the second one at 107.95.

Resistance levels: 107.45, 107.95, 108.50

Support levels: 106.00, 105.50, 105.15

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

Technical analysis of USD/CHF for June 09, 2016

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USD/CHF is expected to continue its downside movement. The pair failed to break above its horizontal resistance at 0.9640 yesterday and remains capped by its descending 20-period and 50-period moving averages. Besides, the relative strength index is bearish below its neutrality area at 50 and calls for further downside. To conclude, as long as 0.9640 is not surpassed, look for a new pullback to 0.9555 and then to 0.9530.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9550. A break of this target will move the pair further downwards to 0.9530. The pivot point stands at 0.9640. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9690 and the second one at 0.9715.

Resistance levels: 0.9690, 0.9715, 0.9750

Support levels: 0.9550, 0.9530, 0.95

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

Technical analysis of NZD/USD for June 09, 2016

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NZD/USD is expected to continue its upward movement. The pair remains on the upside, backed by a rising trend line (since June 7), and is now challenging its nearest resistance at 0.7185. Even though the relative strength index is within its "overbought" area (above 70), it is still bullish and has not yet displayed any reversal signal. Furthermore, the 20-period moving average stays above the 50-period one. Hence, further advance is expected with the next horizontal resistance at 0.7185 at first, and then 0.7230.

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. Therefore, long positions are recommended with the first target at 0.7185 and the second one at 0.7230. In the alternative scenario, short positions are recommended with the first target at 0.6980 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 0.6940. The pivot point is at 0.7005.

Resistance levels: 0.7185, 0.7230, 0.7285

Support levels: 0.6980, 0.6940, 0.69

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

Technical analysis of GBP/JPY for June 09, 2016

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GBP/JPY is expected to trade with a bearish bias, with key resistance at 155.55. The pair has broken below a rising trend line since June 6 and remains under pressure below its key resistance at 155.55. Meanwhile, the relative strength index lacks upward momentum. As long as 155.55 holds as the key resistance, target 154.10 and 153.20 as the next supports.

Trading Recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 154.10. A break of this target will move the pair further downwards to 153.20. The pivot point stands at 155.55. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 156.35 and the second one at 157.25.

Resistance levels: 156.35, 157.25, 158.75

Support levels: 154.10, 153.20, 152.35

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

Technical analysis of EUR/USD for June 09, 2016

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When the European market opens, some economic news will be released such as the Italian Quarterly Unemployment Rate, German Trade Balance, and French Final Non-Farm Payrolls q/q. The US will release economic data too such as the 30-y Bond Auction, Natural Gas Storage, Wholesale Inventories m/m, and Unemployment Claims. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1457.

Strong Resistance: 1.1450.

Original Resistance: 1.1439.

Inner Sell Area: 1.1428.

Target Inner Area: 1.1401.

Inner Buy Area: 1.1374.

Original Support: 1.1363.

Strong Support: 1.1352.

Breakout SELL Level: 1.1345.

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 June 09, 2016

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In Asia, Japan will release the Prelim Machine Tool Orders y/y, M2 Money Stock y/y, and Core Machinery Orders m/m. The US will release some economic data such as the 30-y Bond Auction, Natural Gas Storage, Wholesale Inventories m/m, and Unemployment Claims. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 107.23.

Resistance. 2: 107.02.

Resistance. 1: 106.81.

Support. 1: 106.55.

Support. 2: 106.34.

Support. 3: 106.13.

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

AUD/NZD trading recommendation for 9th June 2016

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We can see here the AUD/NZD (daily chart) major support since March 2014 at 1.0500. This graphical support is also a fibonacci retracement level and a fibonacci projection level (1.0490). The RSI is also on a major support level.

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Our strategy for this week is a bounce above this key level on AUD/NZD for a rise to at least 1.0595 (fibonacci retracement level) with the RSI in a strong oversold region.

Trading recommendation:

Buy now

Stop loss at 1.0425

Take profit at 1.0595

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EUR/AUD trading recommendations for 9th June 2016

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EUR/AUD has formed a bullish divergence vs RSI since our analysis yesterday, and this gives us a good conviction of it making a strong bounce from here to the divergence potential of 1.5330, which is also a fibonacci retracement level.

Trading recommendation:

Entry now

Take profit at 1.5330 and 1.5300

Stop loss at 1.5175

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

Daily analysis of major pairs for June 9, 2016

EUR/USD: The EUR/USD has been making some faint bullish effort, following the equilibrium phase it experienced in the last few days. The resistance line at 1.1400 is now under siege, and with renewed bullish pressure, that resistance line would be broken to the upside, as the price targets two more resistance lines at 1.1450 and 1.1500.

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USD/CHF: The USD/CHF has dropped by 175 pips this week, underlining the bearish signal that started last Friday. In total, the price has dropped by 310 pips since June 3, 2013. The EMA 11 is below the EMA 56, while the RSI period 14 is below the level 50. The price has broken below the support level at 1.9600 (which was our target for yesterday). Now, another support level at 1.9550 could be attained today or tomorrow.

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GBP/USD: This currency trading instrument is now choppy, and there is no directional movement in the market, save short-term upswings and downswings, which could be misleading. It is better to stay away from the market until a clear trending mode resumes.

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USD/JPY: There is still a Bearish Confirmation Pattern on the USD/JPY 4-hour chart. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. No matter what the market does, the overall outlook is bearish, and the price is expected to trend further south, reaching the demand level at 106.50, which was also attained last week.

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EUR/JPY: There are mixed signals in this market, though bears almost dominate. Today or tomorrow would determine the direction of the market, since momentum would arise, which would most probably be in favor of bears. In case the price does not go in any directional manner, the market can enter a sideways phase.

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Daily analysis of USDX for June 09, 2016

The Index continues to strengthen the bearish bias below the 93.89 level, and now it's finding strong support around the 93.50 level, where a breakout should open the doors for more downside to the 93.04 level on a short-term basis. The 200 SMA on the H1 chart is also pointing to the south, but the MACD indicator is still at positive territory, favoring a possible rebound.

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H1 chart's resistance levels: 93.89 / 94.30

H1 chart's support levels: 93.50 / 93.04

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 93.50, take profit is at 93.04, and stop loss is at 93.97.

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

Daily analysis of GBP/USD for June 09, 2016

GBP/USD moved sideways, heading lower yesterday, as it has been trying to consolidate again below the 200 SMA on the H1 chart. Currently, the Cable could start to extend the decline toward the 1.4464 level, where a breakout can happen for a bearish consolidation. The overall structure is still telling us that the Cable is trapped in a big range structure.

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H1 chart's resistance levels: 1.4530 / 1.4649

H1 chart's support levels: 1.4464 / 1.4402

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 1.4464, take profit is at 1.4402 and stop loss is at 1.4528.

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