EUR/NZD analysis for June 13, 2016

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Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.5990 in an average volume. I found an upward channel (a potential bearish flag). The trend is downward and buying EUR/NZD at this stage looks risky. Watch for a potential breakout of the bearish flag to confirm a further downward continuation. According to the 1H time frame, I found weakness today, so watch for short opportunities and potential target at 1.5900. I found rejection from 20 EMA (green) and 50EMA (red). If the price breaks the level of 1.5900 in a high volume, we may see potential testing of 1.5840.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5975

R2: 1.6000

R3: 1.6050

Support levels:

S1: 1.5885

S2: 1.5855

S3: 1.5810

Trading recommendations for today: Strong downward trend on the market. Anyway, watch for a potential breakout of the bearish flag at 1.5900 to confirm a further downward price.

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NZD/USD Intraday technical levels and trading recommendations for June 13, 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 13, 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 (Fibonacci Expansion 100%) occurred.

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

The 1.4120 level (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 (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 (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 more 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 13, 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 June 7, the depicted long-term downtrend line came to meet the GBP/USD pair around the price zone (1.4475-1.4670).

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

As long as the GBP/USD pair keeps trading below the levels of 1.4670 and 1.4480, next bearish destinations will be located at 1.4100, 1.4050 and probably 1.3900.analytics575eaa8d989a0.png

The price zone of 1.4678-1.4670 (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.

As anticipated, daily persistence below the level of 1.4470 enhanced further bearish decline towards 1.4350, 1.4220, and 1.4040.

For traders who missed the initial SELL entry around 1.4670, the price zone of 1.4380-1.4400 (recent supply zone) should be watched for another valid entry if any bullish pullback occurs soon.

On the other hand, the nearest demand level comes to meet the GBP/USD pair around 1.4040 where price action should be watched.

Note that Bearish persistence below 1.4040 allows a quick bearish decline towards 1.3845 (Prominent Demand Level that goes back to February 2016).

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Gold analysis for June 13, 2016

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Since our previous analysis, gold has been moving upwards. As I expected, the price tested the level of $1,286.37 in a high volume. The trend is upward. According to the 30M time frame, I found a successful testing of supply in a low volume at the price of $1,279.30. Watch for buying opportunities on dips. The price successfully tested 20EMA and I am expecting further upward continuation. The take profit level is set at the price of $1,302.30.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,281.05

R2: 1,282.25

R3: 1,284.10

Support levels:

S1: 1,277.25

S2: 1,276.00

S3: 1,274.10

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

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Intraday technical levels and trading recommendations for EUR/USD for June 13, 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 was 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 bearish outlook 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 evident signs of bearish rejection and a valid SELL entry were expected. S/L should be lowered to 1.1350 to secure some profits.

Currently, bearish persistence below 1.1220 (recent key-level) is needed to maintain enough bearish momentum in the market. Otherwise, the EUR/USD pair may remain trapped between the levels of 1.1200 and 1.1400.

Note that any bearish pullback towards the level of 1.1000 (the depicted uptrend line and a previous consolidation range) should be considered for a valid BUY entry. S/L should be placed below 1.0950.

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Technical analysis of GBP/USD for June 13, 2016

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Overview:

  • The GBP/USD pair continues to move downwards from the areas of 1.4236 and 1.4200. The pair dropped from the level of 1.4236 to 1.4114. Today, resistance is seen at the levels of 1.4200 and 1.4236. So, we expect the price to settle below the strong resistance at the levels of 1.4200 - 1.4236 because the price is in a bearish channel now.
  • Amid the previous events, the price is still moving between the levels of 1.4236 and 1.4114. Overall, we still prefer the bearish scenario as long as the price is below the level of 1.4236. Furthermore, if the GBP/USD pair is able to break out the bottom at 1.4114, the market will decline further to 1.4069. On the other hand, if the pair fails to pass through the level of 1.4069, the market will indicate a bullish opportunity above the level of 1.4069. Hence, the market will rise further to 1.4236 in order to return to the daily top (1.4236). Moreover, a breakout of that target will move the pair further upwards to 1.4364.

Weekly technical levels:

  • R3: 1.5027
  • R2: 1.4843
  • R1: 1.4548
  • PP: 1.4364
  • S1: 1.4069
  • S2: 1.3885
  • S3: 1.3590
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Technical analysis of EUR/USD for June 13, 2016

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Overview:

  • The EUR/USD pair has faced strong resistance at the levels of 1.1302 because support has become resistance since last week. So, the strong resistance has been already formed at the level of 1.1302, and the pair is likely to try to approach it in order to test it again. The EUR/USD pair is still moving between 1.1303 and 1.1191 (weekly support 1). Furthermore, the price is seen below the strong resistance at the level of 1.1302, which coincides with the 61.8% Fibonacci retracement level. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the EUR/USD pair continues moving in a bearish trend from the new resistance of 1.1302. Thereupon, the price spot of 1.1302 remains a significant resistance zone. Therefore, a possibility that the EUR/USD pair will have downside momentum is rather convincing, and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.1302, sell below 1.1300 with the first targets at 1.1191 and 1.1132 (the double bottom is seen at 1.1132). However, the stop loss should be located above the level of 1.1366.

Weekly technical levels:

  • R3: 1.1533
  • R2: 1.1474
  • R1: 1.1362
  • PP: 1.1303
  • S1: 1.1191
  • S2: 1.1132
  • S3: 1.1020
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Technical analysis of Silver for June 13, 2016

Technical outlook and chart setups:

Silver is seen to be trading at $17.25 levels at this moment, attempting to re-test its highs at $17.36 levels earlier before reversing. Please note that the metal is seen to have stalled at fibonacci 0.618 resistance levels of the drop between $18.00 through $15.80 levels. Furthermore, it has produced an engulfing bearish candlestick pattern on the 4H chart as depicted here. The high probability remains for a drop lower from current levels towards fresh lows below $15.80. Hence it is recommended to remain short from here and also look to add, with risk above $18.00 levels. Bears are expected to remain in control as long as prices stay below $18.00 levels. Immediate resistance is seen at $18.00 levels, while support is at $17.00 levels respectively.

Trading recommendations:

Remain short from here and also add further shorts, stop above $18.00 levels, target remains open.

Good luck!

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Technical analysis of Gold for June 13, 2016

Technical outlook and chart setups:

Gold has yet again pushed higher and is seen to be trading around $1,281.00/82.00 levels after printing highs at $1,284.22 levels. Please note that the metal has hit fibonacci 0.786 retracement levels of the previous drop between $1,303.00 through $1,200.00 levels respectively, a typical property of the yellow metal before reversing lower. The wave structure indicates that gold should face resistance here and reverse lower towards $1,234.00 levels at least. It is hence recommended to remain short and also look to add further, with risk above $1,303.00 levels. Bears should be expected to regain control back from these levels as long as prices stay below $1,303.00 levels. Immediate resistance is seen at $1,290.00/1,303.00 levels, while support is at $1,234.00 levels respectively.

Trading recommendations:

Remain short and also add positions, stop above $1,303.00 levels, target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for June 13, 2016

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Wave summary:

The clear break below important support at 1.6062 calls for more downside correction. The consolidation seen since early December 2015 has been a triangle, and a break below 1.6062 confirms that a downside thrust had been seen for a decline towards 1.5449 and possibly even lower to 1.5087 before the long term correction decline from 1.9023 was over.

Short term resistance is seen at 1.6015 which is expected to protect the upside for a decline to at least 1.5761 and possibly even lower to 1.5605 to end wave i of C.

Trading recommendation;

Sell EUR at 1.6010 with stop placed at 1.6110.

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Elliott wave analysis of EUR/JPY for June 13 - 2016

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Wave summary:

The strong break below 120.28 invalidated the ending diagonal we have been looking for. This has moved this option forward as the preferred. The above option is calling for a continuation lower towards the equality target between wave A and C, which is seen at 117.35. This is also very close to the 38.2% calculated target for wave (v) at 116.95. We will be looking for a low within this range.

Trading recommendation:

Sell EUR at 119.85 with stop placed at 120.50 and place take profit at 117.50.

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Global macro overview for 13/06/2016

Global macro overview for 13/06/2016:

The most anticipated fundamental macro event of the week is the Federal Open Market Committee (FOMC) meeting scheduled for Wednesday at 6:00 pm GMT. The meeting will end with the release of an interest rate decision, the statement, and economic projections. Chairperson Janet Yellen will deliver a prepared statement and address questions from journalists. The US central bank is not expected to increase interest rates at this meeting, mainly due to the fact that employment might be losing steam after a disappointing US NFP report published earlier this month. In conclusion, any rate hike this week will be a truly shocking event for the markets as the CME Group FedWatch tool is indicating an implied probability of this event at 1.8%.

Let's now take a look at the EUR/USD technical picture on the 4H time frame at the beginning of the trading week. The market has retraced 61% of the previous down move, and it was capped at the level of 1.1416. This level has been labeled as a possible lower high in the sequence, and now the bears must push the price even below the level of 1.1096 in order to secure control over this market.

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Global macro overview for 13/06/2016

Global macro overview for 13/06/2016:

The US consumer sentiment report was released last Friday, and it slightly beat the expectations, but on the other hand, it is still worse than last month's figures (94.3 vs. 94 and 94.7 prior). The University of Michigan index measures consumer sentiment towards the economic policy in the US, so the low reading could mean that consumers might increase their savings and delay spending if the pace of job creation does not accelerate. Moreover, consumers suppose that inflation will have a minimal impact on their real incomes since long-run inflation expectations plunged 0.2 percentage points to 2.3% to a record low. In conclusion, the poll revealed that consumers became more concerned about the US economy.

Let's now take a look at the US Dollar index technical picture on the daily time frame. It is quite possible that the index has made a higher low at the level of 93.42, and now the bulls are trying to break out above the 21 and 50 DMA in order to secure their control over this market. Nevertheless, there is still another important higher high to be violated by bulls, which is really the key level for them, if they want to reignite the bull run - this level is at 95.98.

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Technical analysis of USDX for June 13, 2016

The Dollar index has given a very bullish signal like it did in early May by producing a bullish hammer candle on the weekly chart. We all remember the rally in the Dollar index from 92 to 96 last May, and there are several indicators that show that this could be repeated with a higher high near 98.

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The Dollar index has reached its first important short-term resistance at 94.80 and is showing signs of rejection. A pullback at current levels is justified but Dollar bulls want to see a higher low being formed and then a break above 94.80. Short-term support is at 94.40 and at 94.05. A push below these levels will be a bad sign for the bullish scenario.

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The weekly chart is bullish as we said above because last week's candle has formed a bullish hammer. Weekly resistance is at 94.80 and next at 95.90. Breaking above 95.90 will open the way for a move towards 97 at least. The index has so far made a higher low and has reversed upwards. A continuation of this uptrend could have bigger implications on the longer-term direction that for now makes me believe we are heading for new highs above 101-102.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Gold for June 13, 2016

Gold continues to rise towards its previous highs producing bearish divergence signals warning bulls to be cautious. Despite remaining longer-term bearish, I believe we should be ready for a pullback this week towards at least $1.255.

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Black line - long-term resistance (broken)

Red line - price projection

Green rectangles - overbought signals

Gold is trading above the 4-hour Kumo, confirming that the trend is bullish for the short term. Breaking above the black trend line resistance strengthened the bullish scenario that the low at $1,200 is a long-term low and that the next bullish phase for Gold has started. With bearish divergence signs on the 4-hour chart, bulls need to be very cautious and raise their protective stops. I expect a pullback towards $1,255 but not as an opportunity to sell now but as an opportunity to buy lower into this uptrend.

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The weekly chart remains bullish as the price has broken back above the weekly tenkan-sen (red line indicator), and the price remains above the weekly Kumo. I remain long-term bullish in Gold as I believe that $1,045 is a long-term trend reversal level.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for June 13, 2016

General overview for 13/06/2016:

Just as anticipated last week, the low for the wave X brown has been established at the level of 1.2654, and now the market is trying to fight its way up. The first real obstacle is technical resistance at the level of 1.2911, so the price must impulsively break out above this level in order to change the ongoing downtrend. Currently, the market is trading around the weekly pivot at the level of 1.2800, just in the middle of the neutral zone.

Support/Resistance:

1.2614 - WS1

1.2654 - Wave X Low

1.2765 - Intraday Support

1.2800 - Weekly Pivot

1.2837 - Intraday Resistance

1.2911 - Technical Resistance

1.2940 - WR1

1.3122 - WR2

Trading recommendations:

All swing traders should get ready to close their long-term sell orders as the market is approaching a possible reversal zone.

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Technical analysis of USD/JPY for June 13, 2016

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USD/JPY is under pressure. On Friday, US stock indices closed lower. On top of the decline in oil prices, uncertainty over central-bank policies and Britain's June 23 European Union membership referendum aroused risk aversion in global markets. The Dow Jones Industrial Average dropped 0.7% to 17865, the S&P 500 fell 0.9% to 2096, and the Nasdaq Composite was down 1.3% to 4894.

European stocks were down over 2%.

US government bonds kept rallying, with the benchmark 10-year Treasury yield declining further to 1.639% from 1.678% Thursday. Meanwhile, yields on government debt in Germany, Japan and the UK reached all-time lows.

Nymex crude oil shed 3.0% to settle at $49.07 a barrel. Gold charged 0.4% higher to $1,274 a troy ounce, and silver added another 0.2% to land at $17.32 an ounce.

On the forex front, the British pound lost over 1% against the US dollar after a poll by ORB for the Independent newspaper showed that "Leave" would triumph over "Remain" in the EU membership referendum by 55% to 45%. GBP/USD plunged 1.4% to a seven-week low of 1.4256 (day-low at 1.4177). On Monday morning, the pair crossed below the 1.4200 level touching a low of 1.4156.

At the same time, EUR/USD was down 0.6% to 1.1249 on Friday. As a result, the Wall Street Journal Dollar Index gained 0.6%.

The Canadian dollar once surged to 1.2656 against the greenback in early trading hours on Friday, boosted by Canada's robust May jobs report. However, as oil prices continued their fall and capital flowed into safe-haven assets throughout the session, the loonie reversed its course to the downside. USD/CAD settled 0.5% higher at 1.2783. The pair failed to break above the resistance at 107.20 on Friday and reversed to the downside. Currently it is trading around the lower Bollinger band as those bands are widening, calling for an acceleration to the downside. Meanwhile, the intraday (30-minute chart) relative strength index is badly directed within the selling area between 50 and 30, suggesting downward momentum for the pair. The immediate support at 105.50 is in sight. Below that level, the pair could sink further toward the next support at 105.00.

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 105.50. A break of this target will move the pair further downwards to 105.00. The pivot point stands at 106.85. 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 107.20 and the second one at 107.45.

Resistance levels: 107.20, 107.45, 107.95

Support levels: 105.50, 105.00, 104.50

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Technical analysis of USD/CHF for June 13, 2016

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USD/CHF is expected to trade with a bullish bias above 0.9605. The pair stands firmly above its nearest support at 0.9605 and is expected to post a new rise. Meanwhile, both the rising 20-period and 50-period moving averages are playing support roles. Besides, the relative strength index is bullish above its neutrality area at 50 and lacks downward momentum. Hence, as long as 0.9605 is not broken down, further upside is expected with the next horizontal resistance and overlap set at 0.9690 and 0.9715 in extension.

Trading recommendation:

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 0.9690 and the second one at 0.9715. In the alternative scenario, short positions are recommended with the first target at 0.9570 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 0.9530. The pivot point is at 0.9605.

Resistance levels: 0.9690, 0.9715, 0.9750

Support levels: 0.9570, 0.9550, 0.9530

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Technical analysis of NZD/USD for June 13, 2016

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NZD/USD is expected to trade in a lower range. The pair has been capped by its descending 20-period and 50-period moving averages since June 10 and is likely to challenge its nearest support at 0.7030. Meanwhile, the relative strength index stays below its neutrality area at 50 and calls for further decline. To sum up, as long as 0.7120 is not surpassed, the risk of a slide below 0.7030 remains high. Our next down target is set at 0.6980.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6980. A break of this target will move the pair further downwards to 0.6940. The pivot point stands at 0.7120. 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 0.7150 and the second one at 0.7185.

Resistance levels: 0.7150, 0.7185, 0.7230

Support levels: 0.6980, 0.6940, 0.69

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Technical analysis of EUR/JPY for June 13, 2016

General overview for 13/06/2016:

It might be the time to take a look at the big cycle time frame like the weekly one to determine further possible wave development. On the big weekly time frame, we can see that the current corrective structure had almost reached the 1:1 market geometry zone between the levels of 117.45 - 119.19. The price is still trading below the 50,100 and 200 weekly moving averages though, but the downside momentum is decreasing, and the RSI oscillator is now in the oversold zone. The A=B corrective structure has been labeled as wave 2, and the mentioned zone might be the key area for a possible trend change.

Support/Resistance:

117.95 - WS2

118.75 - WS1

120.71 - Weekly Pivot

121.55 - WR1

123.52 - WR2

124.40 - WR3

Trading recommendations:

All swing traders should get ready to close their long-term sell orders as the market is approaching a possible reversal zone.

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

Technical analysis of GBP/JPY for June 13, 2016

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GBP/JPY is expected to trade in a lower range as it is capped by a negative trend line. The pair has been capped by a declining trend line and is accelerating on the downside. Meanwhile, the relative strength index is badly directed. As long as 153.70 holds as the key resistance, target 149 and 148 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 149. A break of this target will move the pair further downwards to 148.00. The pivot point stands at 153.75. 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 155 and the second one at 156.25.

Resistance levels: 155, 156.25, 157.25 Support levels: 149, 148, 147.25

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Technical analysis of EUR/USD for June 13, 2016

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Today no economic news will be released from the European and the US markets, so amid this condition, it seems that the EUR/USD will move with low volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1292.

Strong Resistance: 1.1286.

Original Resistance: 1.1275.

Inner Sell Area: 1.1264.

Target Inner Area: 1.1238.

Inner Buy Area: 1.1212.

Original Support: 1.1201.

Strong Support: 1.1190.

Breakout SELL Level: 1.1184.

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 13, 2016

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In Asia, Japan will release the BSI Manufacturing Index but the US will not release any economic data today. So there is a probability the USD/JPY will move with low volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 106.82.

Resistance. 2: 106.61.

Resistance. 1: 106.40.

Support. 1: 106.14.

Support. 2: 105.94.

Support. 3: 105.72.

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

GBP/USD Definitive Elliott Wave Count

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GBP/USD has completed a strong wave c 4/ along with a recent double top near the 1.4750 level. It has reacted off a fractal resistance and is showing a strong sign of a big drop from here towards 1.3320 level (fractal support).

Trading recommendations:

Sell now and once more near the 1.4350 level

Stop loss at 1.4800

Take profit at 1.3320

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

AUD/USD trading recommendations for 13th June 2016

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AUD/USD reached our profit target previously. Now we're bullish expecting a bounce up first before a further drop to 0.7325 (50% retracement and close to 62% retracement) along with key graphical support level. The RSI has broken the ascending support-turned-resistance line strongly, too, signalling further decline.

Trading recommendations:

Sell now and once more at 0.7410

Take profit at 0.7325

Stop loss at 0.7470

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

Daily analysis of major pairs for June 13, 2016

EUR/USD: The EUR/USD has become neutral in the short term. May 2016 was mostly bearish, and the bullish breakout that was witnessed on June 3 overturned that bearish bias. However, the bulls were unable to push the price further north last week, for the bullish movement was halted at the resistance line of 1.1400, which was followed by a 150-pip bearish correction. For the bias to turn completely bearish, the price must go below the support line at 1.1150. Otherwise we shall witness a rally that could restore the recent bullish outlook.

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USD/CHF: The USD/CHF is in a bearish mode. The price dropped by 180 pips last week, going briefly below the support level at 0.9600 before closing above it. There is a Bearish Confirmation Pattern on the chart, and the price is expected to continue moving lower and lower, reaching the support levels at 0.9600, 0.9550 and 0.9500.

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GBP/USD: From Monday to Tuesday, the Cable went upwards by 250 pips, testing the distribution territory at 1.4700 before nose-diving by 400 pips in the last 3 trading days of the week. It was mentioned that serious volatility would be witnessed on GBP pairs this month – the catalyst being Brexit/Bremain issues. There would be great trading opportunities here.

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USD/JPY: This pair simply went flat last week. The bullish effort that was made on Monday was not significant enough to cause any threat to the bears. The outlook on JPY pair is bearish for this week: and the USD/JPY is no exception. Therefore, the bears might target the demand levels at 106.00 and 105.50.

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EUR/JPY: The bullish effort that was seen on June 6 and 7 was merely an opportunity to go long in the context of a downtrend. The price started coming down after that, testing the demand zone at 120.00. The demand zone could be retested – it could even be broken to the downside.

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Daily analysis of USDX for June 13, 2016

Index is trying to extend the recovering rallies above the 200 SMA on the H1 chart, as we're seeing a price action that favors to erase losses held from June 3rd's decline. Next resistance can be found at the 94.68 level, where a breakout should happen in order to reach the 95.19 mark. However, a pullback can occur to resume the bearish bias, it should break the 94.30 level before that.

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H1 chart's resistance levels: 94.68 / 95.19

H1 chart's support levels: 94.30 / 93.89

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 94.30, take profit is at 93.89, and stop loss is at 94.72.

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

Daily analysis of GBP/USD for June 13, 2016

GBP/USD finished the last week with sharp declines toward support level at 1.4247, where currently it's bottoming and trying to rebound to the resistance level at 1.4336. Cable is likely to trade lower this week, as the Brexit referendum is due to be held next week and uncertainty is driving the pair's direction on a short-term basis. 200 SMA is bearish and supporting our current downside outlook.

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H1 chart's resistance levels: 1.4336 / 1.4402

H1 chart's support levels: 1.4247 / 1.4157

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 1.4247, take profit is at 1.4157 and stop loss is at 1.4337.

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