EUR/NZD analysis for June 14, 2016

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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6074 in an average volume. I found re-validation of the upward channel (potential bearish flag). The trend is still downward and my advice is to watch for potential breakout of bearish flag to confirm further downward continuation. The breakout of 1.5965 may confirm further downward movement.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6025

R2: 1.6050

R3: 1.6100

Support levels:

S1: 1.5935

S2: 1.5905

S3: 1.5860

Trading recommendations for today: There is strong downward trend on the market. Anyway, watch for a potential breakout of the bearish flag at 1.5965 to confirm a further downward price.

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Gold analysis for June 14 , 2016

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Since our previous analysis, gold has been moving sideways at the price of $1,282.00. The trend is upward. According to the 1H time frame, I found a successful breakout of supply trendline, which is sign that we may see bullish continuation.Oscilator is also in overbought zone, which is another sign that we may see bullish continuation. The first take profit level is set at the price of $1,286.50. Be careful when selling and watch for buying opportunities on the dips.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,290.85

R2: 1,296.25

R3: 1,305.10

Support levels:

S1: 1,276.50

S2: 1,267.00

S3: 1,262.20

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

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Technical analysis of NZD/USD for June 14, 2016

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Overview:

  • Today, the NZD/USD pair is set below the strong resistance at the levels of 0.7045 and 0.7090; because the price is in a bearish channel now. The RSI starts signaling a downward trend. Consequently, the market is likely to show signs of a bearish trend. In the H4 time frame, the first resistance level is seen at 0.7045 followed by 0.7090. So, it will be good to sell below the level of 0.7045 with the first target at 0.6964 and further to 0.6904 in order to test the daily support. If the NZD/USD pair is able to break out the daily support at 0.6904, the market will decline further to 0.6850 to approach support 2 today. However, the price spot of 0.7045 and 0.7090 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.7090 is not breached.

Daily technical levels:

  • R3: 0.7147
  • R2: 0.7090
  • R1: 0.7045
  • PP: 0.6964
  • S1: 0.6907
  • S2: 0.6850
  • S3: 0.6780
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NZD/USD Intraday technical levels and trading recommendations for June 14, 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 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 the current bearish pullback persists below 0.7000.

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Technical analysis of USD/CHF for June 14, 2016

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Overview:

  • The USD/CHF pair continues moving upwards from the bottom of 0.9622. Yesterday, the pair rose from the level of 0.9622 to a top around 0.9698. Today, the first resistance level is seen at 0.9722 followed by 0.9764, while daily support 1 is seen at 0.9577. The USD/CHF pair is still moving between the levels of 0.9622 and 0.9719; so we expect a range of 93 pips. Furthermore, if the trend is able to break out through the first resistance level at 0.9698, we should see the pair climbing towards the double top (0.9722) to test it. Therefore, buy above the level of 0.9698 with the first target at 0.9722 in order to test the daily resistance 2 and further to 0.9764. Also, it might be noted that the level of 0.9764 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9622, a further decline to 0.9577 can occur. This would indicate a bearish market.
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USD/CAD intraday technical levels and trading recommendations for June 14, 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.

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 14, 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.

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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 for a possible short-term buy entry.

On the other hand, bearish persistence below 1.4040 allows a quick bearish decline towards 1.3845 (Prominent Demand Level that goes back to February 2016) where a better BUY entry with a lower risk/reward ratio can be offered.

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Intraday technical levels and trading recommendations for EUR/USD for June 14, 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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Global macro overview for 14/06/2016

Global macro overview for 14/06/2016:

The recent data from Canada's job market surprised market participants with its positive readings. According to the Statistics Canada, a total of 13,800 new jobs was added in May, after an unexpected fall to -2,100 in April. This figures beat the expectations of a 1,800 rise only. Moreover, the strong jobs figures also sparked a decline in the unemployment rate. It dropped to almost one-year low of 6.9% from 7.1% a month ago. In conclusion, there were growing concerns over the strength of the Canadian economy, but these concerns should ease, as stronger employment data should diminish Bank of Canada's willingness to cut interest rates.

Let's now take a look at the EUR/CAD technical picture on the daily time frame. The big picture of this market shows that the price is currently trading below the golden trend line and below 55,100 and 200 DMA, which indicates a bear market. Bears are getting closer and closer to the most important technical support at the level of 1.4029. This level might be tested as soon as the potential triangle structure, marked with purple lines, will be broken to the downside.

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Elliott wave analysis of EUR/NZD for June 14 - 2016

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Wave summary

We continue to look for more downside pressure towards 1.5604 as the first minor stop was moved lower. After correction back to the resistance at 1.6085, a new decline closer to 1.4980 should be expected.

The corrective decline from 1.9023 is still unfolding and a break below important support at 1.6104 confirmed that wave C towards 1.4471 is developing.

Trading recommendation:

We are short on the EUR from 1.6010 and will move our stop lower to 1.6090.

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Elliott wave analysis of EUR/JPY for June 14 - 2016

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Wave summary:

The long-term corrective decline from the 149.56 high should terminate near 117.35. At the level of 117.35 wave C will be equal in length to wave A, which is the most common relationship between the two impulsive waves in a zig-zag correction.

A decline in wave C from 141.06 was very difficult to read because of the overlapping waves and a skewed triangle as wave (iv). They resemble ending diagonals as we took it at first, but when support at 120.28 gave away too, this interpretation couldn't be correct.

A break above minor resistance at 120.32 will be a strong indication that the corrective low finally is in place, while a break above resistance at 122.23 is needed to confirm a low and that a new impulsive rally is developing.

Trading recommendation:

Buy the EUR at 117.50 with stop placed at 116.50.

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Global macro overview for 14/06/2016

Global macro overview for 14/06/2016:

Another ICS poll data was revealed yesterday. As leave takes six-point lead, so the risk aversion remains the prevailing sentiment for yet another week. Financial markets are clearly getting nervous with the latest UK polls released over the weekend, showing stronger momentum and possibly even a continuous lead for the pro-Brexit camp.

The recent polls data:

ORB/Independent online poll: 45% for remain in the EU, 55% for leave (prior 49% for remain in, 51% for leave)

Sky News: 47% for remain in the EU, 53% for leave

Opinion poll: 44% for remain in the EU, 42% for leave (prior 43% remain, 41% leave)

YouGov Times poll: 42% for staying in the EU, 43% to leave (prior 43% for staying in EU, 42% to leave)

Let's now take a look at the GBP/USD technical picture in daily time frame. The possibility of the UK voting to leave the EU in next week's referendum (June 23) pushed the pound to a new two-month low of 1.4118 yesterday. The golden trend line was violated and tested from the below, so now bears are in full control over this market. The next support is seen at the levels of 1.4113 and 1.4000.

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Technical analysis of EUR/JPY for June 14, 2016

General overview for 14/06/2016:

The last wave to the downside labeled as wave (c) blue looks like a classic zig-zag structure that might end the overall corrective pattern on the higher time frames. The growing bullish divergence between the price and momentum oscillator supports the bullish outlook. Nevertheless, it is worth mentioning a zig-zag structure might evolve into a double zig-zag structure, so more time might be consumed during this pattern developing. The key intraday level that might confirm the bottom is in place is the intraday resistance at the level of 120.31.

Support/Resistance:

118.15 - WS2

118.98 - Intraday Support

119.23 - WS1

120.31 - Intraday Resistance

120.95 - Weekly Pivot

122.02 - WR1

123.74 - 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/CAD for June 14, 2016

General overview for 14/06/2016:

The market is trying to fight its way up as the bottom for wave X looks to be in place at the level of 1.2654. The first real obstacle is technical resistance at the level of 1.2909, 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. As long as the golden trenbd line is not violated, the chances for another leg up are still high.

Support/Resistance:

1.2614 - WS1

1.2654 - Wave X Low

1.2750 - Intraday Support

1.2800 - Weekly Pivot

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 USDX for June 14, 2016

The US dollar index remains supported despite finding strong resistance at 94.70. The price is consolidating for the next upward move. The short-term trend is bullish. On a weekly basis, we have a very bullish hammer reversal candle that is expected to push price towards 98 at least.

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The dollar index is right inside the 4 hour Kumo (cloud) resistance area. A break above it will confirm a short-term bullish trend and strengthen it. Support is at 94.35 and at 94.05. Resistance is at 94.70 and at 94.90. I believe the uptrend will resume shortly and I remain bullish as long as price is above 93.35.

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The weekly chart gave us a bullish weekly hammer. This is a bullish reversal sign. However, the price is stuck below the weekly Kumo (cloud) resistance so bulls will need soon to re-enter the cloud and break above the 95.90 weekly resistance and previous short-term high in order to confirm the bullish trend on a medium-term basis.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for June 14, 2016

EUR/USD: This pair did nothing significant yesterday; though the outlook on the market has not turned completely bearish. Today or tomorrow would determine what would happen in the market. A movement below the support line at 1.1150 would result in a bearish bias, while a movement above the resistance line at 1.1350 would enforce the recent bullish bias.

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USD/CHF: The USD/CHF pair is in a bearish mode, since 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. As long as price does not go above the resistance level at 0.9800, there cannot be a threat to the bearish outlook.

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GBP/USD: The GBP/USD pair spiked upwards on Monday, and so did other GBP pairs, doing that in the context of a downtrend. Volatility has started in the market since last week, and it would last till the end of this month. It is expected that GBP/USD would continue moving downwards, reaching the accumulation territory at 1.4100 and 1.4000.

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USD/JPY: This pair moved slightly south on June 13. The bullish effort was not significant enough to cause any threat to bears. The outlook on JPY pair is bearish for this week: and USD/JPY is no exception. Therefore, bears might target the demand levels at 106.00 and 105.50.

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EUR/JPY: This cross was simply volatile yesterday – with no directional movement. It is expected that price would continue moving downwards, in solidarity with the bearish expectation on JPY pairs. The cross could thus test the demand zones at 119.00 and 118.00 today or tomorrow.

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Technical analysis of Gold for June 14, 2016

Gold shows sings of getting tired and being out of fuel to continue to rally. There are many indicators showing that the price should reverse for a short-term pullback before the next upward move above $1,300.

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Green line -short-term support TL

Gold has broken below the short-term trend line support and below the tenkan-sen (red line indicator). I expect a pullback at least towards the 38% Fibonacci retracement and as close as possible to the Kumo (cloud).

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Gold has broken above the weekly Kumo in an impulsive price structure implying that we are witnessing the early stages of a longer-term bullish reversal in Gold. The scenario of a pullback below $1,200 is still possible but with less chances of success than the immediate bullish continuation of the current trend towards $1,400.

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Technical analysis of Silver for June 14, 2016

Technical outlook and chart setups:

Silver is seen to be trading at $17.30 level, after printing highs at $17.44 level yesterday and should be setting up for a drop lower; breaking the trend line support as depicted here. Please note that the metal is reversing ahead of the fibonacci 0.786 resistances at $17.55/60 levels as depicted here and a break below $17.10 level would be required to confirm that a meaningful top is in place. Besides, note that the rally from $15.80 level has unfolded into 3 waves and hence corrective in nature. High probability remains for a continued drop below $15.80 levels before changing trends. Hence it is recommended to remain short from here with risk above $18.00 levels. Immediate support is seen at $17.00/10 levels, while resistance is at $18.00 levels respectively.

Trading recommendations:

Remain short from here, stop above $18.00 levels, a target is open.

Good luck!

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Technical analysis of Gold for June 14, 2016

Technical outlook and chart setups:

Gold prices have retreated lower from yesterday's highs ($1,287.50) and are seen to be trading at $1,278.00/79.00 levels at this moment, setting up to push lower. Please note that the metal is expected to drop at least towards $1,271.00 level if not further. But the wave structure reveals that a major top might have already formed at $1,287.00/88.00 levels yesterday and the metal should continue lower towards $1,150.00 level before changing trends. It is hence recommended to remain short now and also look to add further at current levels, with risk above $1,303.00 level. Bears seem to be poised to remain in control till prices stay below $1,303.00 levels going forward. Immediate resistance is at $1,288.00/90.00 levels, while support is at $1,272.00 levels respectively.

Trading recommendations:

Remain short and also look to add further, stop above $1,303.00 levels, a target is open.

Good luck!

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Technical analysis of USD/JPY for June 14, 2016

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USD/JPY is expected to trade in a lower range as the key resistance is at 106.65. On Monday, US stock indices marked another losing session as investors positioned for major economic and political events in the US and Europe. The Dow Jones Industrial Average fell 0.7% to 17732, the S&P 500 dropped 0.8% to 2079, and the Nasdaq Composite was down 0.9% to 4848.

Materials and technology shares performed the worst. Microsoft (MSFT) shed 2.6% after announcing a $26.2-billion acquisition of LinkedIn (LNKD), which then surged 46.6%.

European stocks remained under pressure with the Stoxx Europe 600 falling 1.8%.

US government bonds continued to receive bids, forcing the benchmark 10-year treasury yield down to 1.616%, the lowest level since December 2012, from 1.639% Friday. Similar yields on government debt in Japan, the UK and Switzerland settled at all-time lows.

Nymex crude oil declined another 0.4% to $48.88 a barrel. Gold climbed 0.8% higher to $1284 an ounce, and silver was up 0.6% to $17.43 an ounce.

In forex trading, the US dollar took a pause after rallying in the prior two sessions. The British pound, which has been impacted by "Brexit" fears recently, managed to settle slightly higher at 1.4271 against the US dollar overnight after a very volatile session, which saw a day-low at 1.4112 and day-high at 1.4326.

The Japanese yen rose against the US dollar, the euro, and the British pound amid strong demand for safe-haven assets. USD/JPY fell 0.7% to 106.23 (day-low at 105.72).

USD/CAD gained 0.4% to 1.2833, producing a winning streak of 3 straight sessions involving an upside of 1.1%.

The pair failed to post a sustainable rebound yesterday after reaching a day-low at 105.72. It exhibited choppy price action below the key resistance at 106.65 (a key support seen on June 10) while forming a pattern of lower highs. Meanwhile, the intraday relative strength index (30-minute chart) is mixed around the neutrality level of 50 with a bearish bias. As long as 106.65 is not surpassed, the pair stands a higher chance of returning to the first downside targets at 105.75 (around yesterday's low) and 105.50 in extension.

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 14, 2016

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USD/CHF is expected to trade with a bullish bias above 0.9605. The pair remains on the upside. A support base at 0.9605 has formed and allowed for a temporary stabilization. Even though a consolidation cannot be ruled out at the current stage, its extent should be very limited before a new bounce. In this case, as long as 0.9605 is not broken, further upside is expected with the next horizontal resistance and overlap set at 0.9680 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 0.9680 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: 0.9680, 0.9715, 0.9750

Support levels: 0.9570, 0.9550, 0.9530

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Technical analysis of NZD/USD for June 14, 2016

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NZD/USD is expected to trade in a lower range as the bias remains bullish. The pair failed to break above its horizontal resistance and overlap at 0.7080 after having tested it for at least two times yesterday. Meanwhile, a bearish cross has been identified between the 20-period and 50-period moving averages (a negative signal). Last but not least, the relative strength index is capped by a descending trend line. To conclude, a break below 0.6980 would trigger a new pullback towards 0.6940.

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 0.7080. 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 0.7120 and the second one at 0.7150.

Resistance levels: 0.7120, 0.7150, 0.7185

Support levels: 0.6980, 0.6940, 0.69

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Technical analysis of GBP/JPY for June 14, 2016

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GBP/JPY is expected to trade with a bullish bias as the key resistance is at 152.35. The pair stays below its horizontal resistance at 152.35 and remains under pressure. Meanwhile, the relative strength index lacks upward momentum. As long as 152.35 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 152.35. 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 153.70 and the second one at 155.

Resistance levels: 153.70, 155, 156.25 Support levels: 149, 148, 147.25

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

Technical analysis of EUR/USD for June 14, 2016

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When the European market opens, some economic news will be released such as Industrial Production m/m and Employment Change q/q. The US will release economic data too such as Business Inventories m/m, Import Prices m/m, Retail Sales m/m, Core Retail Sales m/m, and the NFIB Small Business Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1340.

Strong Resistance: 1.1334.

Original Resistance: 1.1323.

Inner Sell Area: 1.1312.

Target Inner Area: 1.1286.

Inner Buy Area: 1.1260.

Original Support: 1.1249.

Strong Support: 1.1238.

Breakout SELL Level: 1.1232.

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 14, 2016

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In Asia, Japan will release the Revised Industrial Production m/m, and the US will release some economic data such as Business Inventories m/m, Import Prices m/m, Retail Sales m/m, Core Retail Sales m/m, and the NFIB Small Business Index. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 106.57.

Resistance. 2: 106.36.

Resistance. 1: 106.15.

Support. 1: 105.94.

Support. 2: 105.70.

Support. 3: 105.48.

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/USD trading recommendations for 14th June 2016

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The price reversed to our head and shoulders neckline resistance as expected yesterday where we would have added to our position for a stronger drop from here. The RSI (34) also reacted below our pullback resistance to signal a further drop to 0.7325.

Trading recommendations:

Sell now or wait for re-entry at 0.7415 level

Take profit at 0.7325

Stop loss at 0.7470

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

NZD/USD Trading Recommendations 14th June 2016

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We can see how NZD/USD has reacted off our long-term channel resistance here and has also shown a bearish divergence vs stochastics signalling a big drop is impending.

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Our strategy for the day is a drop from here to 0.6970. We can see how the RSI has reacted well below the pullback resistance too. 0.6970 is a fibonacci retracement level, too, along with a graphical support level.

Trading recommendations:

Sell now

Stop loss: 0.7150

Take profit: 0.6970

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

Daily analysis of USDX for June 14, 2016

USDX posted some losses during yesterday's session, as it found resistance around the 94.68 level. Currently, the Index is hovering in the 200 SMA price zone on the H1 chart, supported by the 94.30 level. If USDX does a breakout below it, then we could expect a decline toward the 93.89 level, which should be a sign of a bearish bias' resume.

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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 14, 2016

On the H1 chart, GBP/USD is currently expected to find support again around the 1.4157 level, where a breakout should happen to open the doors for another decline toward the 1.4100 psychological zone on a short-term basis. The overall structure is still bearish, as the Cable continues to trade below the 200 SMA on the H1 chart. The MACD indicator is reaching overbought conditions.

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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