Technical analysis of GBP/CHF for June 15, 2016

Technical outlook and chart setups:

The GBP/CHF pair has dropped lower yet again today at 1.3530 levels before pulling back higher. The pair is seen to be trading at 1.3670 levels at the moment, testing its line of resistance as depicted here. The wave structure indicates that a bottom might have formed today and the pair should be looking to push higher from the current levels. A break above the resistance trend line would be required to confirm the same. Bulls are expected to regain control, till prices stay above 1.3500 levels going forward. Immediate resistance is seen at 1.3820 levels, while support is at 1.3530 levels (intermediary) respectively. The oscillators are also indicating bullish divergence (not shown here), indicating a potential reversal.

Trading recommendations:

Remain long from here; stop is at 1.3500, target is open.

Good luck!

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

NZD/USD Intraday technical levels and trading recommendations for June 15, 2016

analytics5761419209e41.png

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.

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

Gold analysis for June 15 , 2016

analytics57614115c908c.png

Since our previous analysis, gold has been moving upwards. As I had expected, the price tested the level of $1,289.65 in a high volume. The trend is upward but according to the 1H time frame, I found a broken upward trend line (demand trend line), which is a sign that sellers took control over buyers and that buying gold at this stage looks risky. I saw successful re-test of the demand trend line. So, watch for selling opportunities. I have placed the Fibonacci retracement to find potential downward targets. I got the Fibonacci retracacement 38.2% at the price of $1,269.00, Fibonacci retracement 50% at the price of $1,262.25, and Fibonacci retracement 61.8% at the price of $1,255.55.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,289.55

R2: 1,292.35

R3: 1,296.10

Support levels:

S1: 1,280.50

S2: 1,277.60

S3: 1,273.20

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

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

USD/CAD intraday technical levels and trading recommendations for June 15, 2016

analytics57613f1ece3b5.pnganalytics57613f2aba1f3.png

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 was 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.

A 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.

That's why, any bullish pullback again towards the price level of 1.2970-1.3000 (61.8% Fibonacci level) should be considered for another SELL entry.

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

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

Intraday technical levels and trading recommendations for GBP/USD for June 15, 2016

analytics57613d63c8c7d.png

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.

analytics57613d6f424be.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 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. S/L should be placed below 1.3800.

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

Intraday technical levels and trading recommendations for EUR/USD for June 15, 2016

analytics57613c07b7bda.png

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.

analytics57613c12abf43.png

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.

Later on May 18, daily persistence below the levels of 1.1400 and 1.1200 was needed to ensure enough bearish momentum towards the 1.1100 and 1.1000 levels. However, lack of enough bearish pressure was manifested on June 1.

Hence, the recent bullish closure above 1.1200 enhanced further bullish advancement towards 1.1400 where evident signs of bearish rejection and a valid SELL entry were suggested. 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 towards 1.1000. 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.

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

Technical analysis of Silver for June 15, 2016

Technical outlook and chart setups:

Silver is seen to be trading at $17.38 levels at this moment, looking to break lower from here. The metal is also seen to be drifting in an ending diagonal as depicted here (a normal property of 5th wave within an A-B-C correction). If the above wave structure holds, the metal should resume its downtrend from here on. Furthermore, it is seen to be facing stiff resistance between the Fibonacci 0.618 and 0.786 levels of the drop between $18.00 and $15.80 levels respectively. Bears are expected to remain in control, till prices stay below $18.00 levels. Hence it is recommended to remain short from here, with risk above $18.00 levels. Immediate resistance is seen at $18.00 levels, while support is at $17.00/10 levels respectively.

Trading recommendations:

Remain short, stop is above $18.00, target is open.

Good luck!

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

Technical analysis of Gold for June 15, 2016

Technical outlook and chart setups:

Gold has slipped lower from yesterdays' highs and is seen to be trading at $1,280.00 levels at this moment. The metal seems to have made a meaningful top at $1,290.00 levels and it should be looking to continue forming lower lows and lower highs. The wave structure still looks intact and the recent rally from $1,200.00 levels can be considered as corrective (3 waves). Bears are expected to remain in control till prices stay below $1,303.00 levels broadly. Please also note that the metal produced a pin bar candlestick pattern yesterday on the 4H chart view, indicating a potential reversal. It is hence recommended to remain short, with risk above $1,303.00 levels, targeting lower from here. Immediate support is seen at $1,275.00 levels, while resistance is at $1,303.00 levels respectively.

Trading recommendations:

Remain short, stop is above $1,303.00, target is open.

Good luck!

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

EUR/NZD analysis for June 15, 2016

analytics576133a167e26.png

Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.5923 in an high volume. According to the 1H time frame, I found a broken bearish flag, which is a sign that downward pressure may continue. Also, I found successful re-test of the channel and my advice is to watch for selling opportunities. The first take profit level is set at the price of 1.5840 (swing low).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6070

R2: 1.6100

R3: 1.6150

Support levels:

S1: 1.5965

S2: 1.5930

S3: 1.5880

Trading recommendations for today: Watch for selling opportunities on the pullbacks since I found a broken bearish flag.

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

Technical analysis of EUR/USD for June 15, 2016

Still in a bearish short-term trend and trapped in a longer-term triangle, EUR/USD is approaching important support at 1.1150 area. Holding above 1.11 could keep the chances of a new upward move towards 1.15 alive.

analytics57613164f3a78.jpg

Red line - short-term resistance Trend line

EUR/USD is trading below the 4-hour Kumo (cloud) and below the short-term red trend line. The trend will change only if price breaks above the red trend line. Support is at the 1.1150-1.1180 area. Oscillators gave bullish divergence signals and that is a warning for bears.

analytics576131b551231.jpg

Blue line - trend line support

Black lines - trading range

EUR/USD has been trading inside a big trading range for a long time since early 2015.The price has been rising for the last 8 months from 1.05 making higher highs and higher lows. The price reached the Ichimoku cloud resistance once again and the rise paused. As long as price is holding above the blue trend line we should expect it to reach 1.15 at least.

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

Technical analysis of NZD/USD for June 15, 2016

NZDUSDH1.png

Overview:

  • On the one-hour chart, the NZD/USD pair continues moving in a bullish trend from the support levels of 0.7006 and 0.6963. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. Immediate support is seen at 0.7006, which coincides with a golden ratio (61.8% of Fibonacci). Consequently, the first support is set at the level of 0.7006. So, the market is likely to show signs of a bullish trend around the spot of 0.7006. In other words, buy orders are recommended above the golden ratio (0.7010) with the first target at the level of 0.7066. Furthermore, if the trend is able to break out through the first resistance level of 0.7066, we should see the pair climbing towards the next objective (0.7108) to test it. Also, it should be noted that the double top is seen at the point of 0.7147. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.6963.

Intraday technical levels:

  • R3: 0.7147
  • R2: 0.7108
  • R1: 0.7066
  • PP: 0.7033
  • S1: 0.7007
  • S2: 0.6963
  • S3: 0.6920
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for June 15, 2016

USD/CAD is testing important resistance area of 1.2870-1.29. As long as it stays below this level, there is a chance that we will see new lows towards 1.2550, but overall I remain medium-term bullish expecting new highs near 1.33 to be achieved.

analytics57612c6fbb8e0.jpg

The short-term trend is bullish but with several reversal signs. The price is inside the 4-hour Kumo (cloud) and it is turning lower. Support is at 1.2770. Resistance is at 1.29. A deeper pullback towards 1.28 is possible without canceling my bullish view.

analytics57612cc8a22e4.jpg

The daily chart shows that USD/CAD is testing important kijun- and tenkan-sen resistance. I believe a new wave C upwards has started and we are heading at least towards 1.33. I'm bullish.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of CHF/USD for June 15, 2016

1465985725_USDCHFH1.png

Overview:

  • The USD/CHF pair broke resistance, which turned into strong support at the level of 0.9611 last week. The level of 0.9611 coincides with the last bearish wave, which is expected to act as major support today. Since the trend is above the 0.9611 level, it means the market is still in an uptrend. From this point, the USD/CHF pair is continuing in a bullish trend from the new support of 0.9611. Currently, the price is in a bullish channel. According to the previous events, we expect the USD/CHF pair to move between 0.9611 and 0.9707. On the H1 chart, resistance is seen at the levels of 0.9707 and 0.9748. Also, it should be noted that, the level of 0.9657 represents the daily pivot point. Therefore, strong support will be formed at the level of 0.9611 providing a clear signal for buy deals with the targets seen at 0.9657. If the trend breaks the support at 0.9757 (minor resistance) the pair will move upwards continuing the development of the bullish trend to the level 0.9707 and 0.9748 in order to test the daily resistance 2. However, stop loss is to be placed below the level of 0.9577.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/USD for June 15, 2016

EUR/USD found the top at 1.1600; after that it declined rapidly. While moving lower it broke below the ascending channel and the 200 Moving average.

The Fibonacci applied to the channel breakout point shows that price broke below the 23.6% level (1.1185) and after a strong correction up it rejected the 61.8% level (1.1400).

Overall trend is bearish and therefore consider selling EUR/USD at the current rate (1.1215), targeting the S2 support (1.1050). The stop loss should be just above the 50 Moving average - 1.1300.

Support: 1.1185, 1.1050

Resistance: 1.1270, 1.1335, 1.1400

EURUSD_INSTA.png

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

Technical analysis of AUD/USD for June 15, 2016

After finding the support level at 0.7150, AUD/USD moved higher, although price rejected the 50% and then 38.2% Fibonacci levels. At the same time, the price is rejecting the downward trend line and the 50 Moving Average.

All these facts make the 0.7400 level a very strong resistance holding the pair from moving higher. This could be a good opportunity to sell AUD/USD at the current level (0.7385), targeting the potential double bottom area, where the nearest target is at 0.7200 and the lowest is 0.7150. The stop loss should be placed just above the 0.7400 resistance.

Support: 0.7200, 0.7150

Resistance: 0.7400, 0.7500

AUDUSD_INSTA.png

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

Daily analysis of major pairs for June 15, 2016

EUR/USD: The EUR/USD pair went down by 90 pips on Tuesday, now below the resistance line at 1.1250 and above the support line at 1.1200. Since there is a Bearish Confirmation Pattern on the chart, it is expected that price could continue going downwards, reaching the support line at 1.1150, which is our target for this week.

1.png

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 the price does not go above the resistance level at 0.9800, there cannot be a threat to the bearish outlook.

2.png

GBP/USD: The GBP/USD pair fluctuated wildly on Monday and Tuesday, but remains in the context of a downtrend. The price is under the distribution territory at 1.4150, and it could test the accumulation territories at 1.4100 and 1.4000 today or tomorrow. There is a need for the price to go upwards by at least 500 pips before the current downtrend can be threatened.

3.png

USD/JPY: This pair has only moved sideways so far this week with no significant direction upwards or downwards. The outlook on the JPY pair is bearish for the week: and the USD/JPY pair is not an exception. Therefore, bears might target the demand levels at 106.00 and 105.50.

4.png

EUR/JPY: This currency trading instrument is in a bearish mode, though nothing serious has happened so far this week. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50, thereby making further bearish journey possible. The cross could thus test the demand zones at 118.00 and 117.00 today or tomorrow.

5.png

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

Technical analysis of USDX for June 15, 2016

The US dollar index broke above 95 yesterday confirming the bullish trend. Early today we see a pullback that can be shallow at the level of 94.70 where the first short-term support is found.

analytics5760fbe4cc490.jpg

The dollar index broke above the 4-hour Kumo resistance and now it is testing it. Support is at 94.70. Resistance is at 95.05. The trend remains bullish. The short-term trend will change to bearish, if the price breaks below 94.10.

analytics5760fc496e447.jpg

The weekly chart remains bullish after the bullish hammer candle of last week. The price is testing the lower cloud boundary. Bulls will need to clear above the weekly Kumo in order to move towards 105.

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

Technical analysis of Gold for June 15, 2016

Gold continued moving higher yesterday towards $1,290 making a higher high. The upside potential is limited, so gold bulls should be very cautious and raise their protective stops. I continue to expect a pullback soon.

analytics5760fa9851926.jpg

Blue lines - bullish channel

Gold is trading inside a bullish channel. The trend is bullish, but the oscillators give bearish divergence signals. This is a warning for the short-term bullish trend. Short-term support is at $1,275-70. Resistance is at $1,290-$1,300.

analytics5760fae1f4130.jpg

The weekly chart remains bullish as the price is above the weekly Kumo (cloud). I believe gold will make a pullback soon towards $1,250 and then resume its uptrend towards $1,350-$1,400. The longer-term trend remains bullish as long as the price is above $1,045.

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

Global macro overview for 15/06/2016

Global macro overview for 15/06/2016:

Today, crude oil inventories data will be released at 04:30 pm GMT, and market participants are expecting another drawdown of -3000k barrels (-3220k barrels prior). On June 14, the International Energy Agency (IEA) released a report forecasting that the demand for crude oil at the global market will rise in 2017 and reach the level of 97.4 million barrels per day. Moreover, the IEA believes that demand in 2017 will grow by 1.3 million barrels per day, and a production increase will follow as well. Nonetheless, the IEA believes that Libya and Nigeria could be the reason for a correction in the forecast, along with high crude oil inventories that have been accumulating over the past three years. Nigerian oil production has decreased by 10% in May, due to attacks of militants on the country's oil infrastructure. Canadian producers could also decrease their output by 400,000 barrels a day as a result of ongoing forest fires.

Let's now take a look at the crude oil technical picture on the daily chart. The most important support provided by the golden trend line is being tested currently, just around the level of 47.85. Moreover, the top at the level of 51.65 will be confirmed if the market moves below the technical support at the level of 46.80.

analytics5760f4af1f706.jpg

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

Technical analysis of USD/JPY for June 15, 2016

USDJPYM30.png

USD/JPY is expected to trade with a bearish bias. The pair touched a low of 105.60 yesterday before posting a rebound. However, the rebound is currently losing steam, while the pair is struggling to hold the handle at 106.00. On Tuesday, US stock indices closed lower again chalking a losing streak of four sessions. Investors remained cautious ahead of the US Federal Reserve's 2-day interest-rate-setting meeting that starts on Wednesday. The Dow Jones Industrial Average dropped 0.3% to 17674, the S&P 500 declined 0.2% to 2075, and the Nasdaq Composite was down 0.1% to 4843. Financial shares were the worst performers.

European stocks continued their descent with the Stoxx Europe 600 losing another 1.9%.

The benchmark 10-year US treasury yield edged down to 1.611% from 1.616% Monday. Meanwhile, the 10-year Germany debt yield crossed below zero for the first time on record.

Nymex crude oil fell 0.8% to $48.49 a barrel extending losses to a fourth consecutive session. On the other hand, gold stepped up 0.1% to $1285 an ounce achieving a winning streak of 5 straight sessions and 3.4%. Meanwhile, silver was down 0.3% to $17.38 an ounce.

On the economic front, the US government reported that retail sales rose 0.5% month-on-month in May (vs +0.3% expected, +1.3% in April).

Regarding forex trading, the US dollar regained upward momentum as the British pound and the euro kept tumbling on Brexit fears. Following a string of surveys that indicated a lead by the "Leave" camp over the "Remain" camp ahead of Britain's EU membership referendum next week, GBP/USD plunged 1.1% to a 2-month low at 1.4114 (day-low at 1.4089), and EUR/USD fell 0.7% to 1.1206 (day-low at 1.1186).

The Japanese yen continued to receive bids, with USD/JPY edging down 0.1% to 106.10 (day-low at 105.60).

Besides, lower oil prices kept weighing on the Canadian dollar, and USD/CAD climbed 0.3% higher to 1.2870, tallying an aggregate gain of 1.4% through a winning streak of 4 straight sessions.

A lack of upward momentum is also indicated by the intraday relative strength index (30-minute chart), which is mixed around the neutrality level of 50 with a bearish bias. The pair is therefore expected to return to the first downside target of 105.65 (around yesterday's low) before sinking further toward 105.30 (last seen in October 2014).

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 105.65. A break of this target will move the pair further downwards to 105.30. The pivot point stands at 106.55. 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 107.20 and the second one at 107.50.

Resistance levels: 107.20, 107.45, 107.95

Support levels: 105.65, 105.30, 105.00

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

Technical analysis of USD/CHF for June 15, 2016

USDCHFM30.png

USD/CHF is expected to trade with a bullish bias. The pair is trading sideways within its intraday range pattern and is likely to challenge the next resistance at 0.9690. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited by the support base at 0.9605. To sum up, as long as 0.9605 is not broken, expect a new bounce to 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

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

Technical analysis of NZD/USD for June 15, 2016

NZDUSDM30.png

NZD/USD is expected to trade in a lower range as it is capped by a negative trend line. The pair has been capped by a descending trend line since June 13 and remains on the downside. At the same time, both the 20-period and 50-period moving averages are heading downward. Last but not least, the sequence of lower highs and lows remains intact on the prices, which should confirm a negative outlook. The first target to the downside is therefore set at 0.6940. A break below this level would open the way to further weakness toward 0.6890.

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 0.6970. A break of this target will move the pair further downwards to 0.6940. The pivot point stands at 0.7060. 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 0.7090 and the second one at 0.7120.

Resistance levels: 0.7090, 0.7120, 0.7150

Support levels: 0.6970, 0.6940, 0.69

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

Global macro overview for 15/06/2016

Global macro overview for 15/06/2016:

The main event of the week, the FOMC interest rate decision, economic projections, and the press conference are scheduled for 06:00 pm GMT today. Global investors do not expect any change in interest rates, and this attitude is being supported by the CME FedWatch tool - the current implied probability of a rate hike is 1.9%, so it is very unlikely. The main reason for the Fed to postpone an interest rate hike is mixed economic data and, in particular, the weaker-than-expected NFP that only added 38,000 jobs last month. In conclusion, no change is expected, and investors' attention will be focused on the press conference and Chairperson Jannet Yellen's answers to questions regarding inflation, employment, and GDP.

Let's now take a look at the US Dollar index technical picture on the daily time frame. The price has managed to bounce from important support at the level of 93.44, and now the bulls are trying to break out above another technical resistance at the level of 94.93. To confirm the bullish strength, the price would have to break out even higher above the technical resistance at the level of 95.98 and head towards 200 DMA at the level of 96.57. Otherwise the bears will take control over the market and will try to test/break the recent support at the level of 93.44.

analytics5760efc576f51.jpg

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

Technical analysis of GBP/JPY for June 15, 2016

GBPJPYM30.png

GBP/JPY is under pressure. The pair remains under pressure below its resistance at 151.30 and has been capped by its descending 50-period moving average. Meanwhile, the relative strength index lacks upward momentum. As long as 151.30 holds as the key resistance, the risk of a break below 149 remains high.

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 152.35 and the second one at 153.70.

Resistance levels: 152.35, 153.70, 155 Support levels: 149, 148, 147.25

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

Technical analysis of EUR/JPY for June 15, 2016

General overview for 15/06/2016:

Another marginal lower low has been made overnight, but still the downside structure is a classic zig-zag pattern that should now be completed. The growing bullish divergence between the price and the momentum oscillator supports the bullish outlook. Nevertheless, it is worth mentioning that 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

118.50 - 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. Day traders and swing traders might consider opening buy orders from the current levels with tight SL and TP open for now.

analytics5760ea628143b.jpg

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

Technical analysis of USD/CAD for June 15, 2016

General overview for 15/06/2016:

Just as anticipated yesterday, the market is trading in the neutral zone and is trying to break out above the technical resistance at the level of 1.2909. Please notice the current move up does not look that impulsive, the momentum is decreasing, but as long as the golden trend 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.

analytics5760e8687d50a.jpg

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

Technical analysis of EUR/USD for June 15, 2016

!!!_EURUSD.jpg

When the European market opens, some economic news will be released such as the German 10-y Bond Auction, Trade Balance, and French Final CPI m/m. The US will release economic data too such as the TIC Long-Term Purchases, Federal Funds Rate, FOMC Statement, FOMC Economic Projections, Crude Oil Inventories, Industrial Production m/m, Capacity Utilization Rate, Empire State Manufacturing Index, Core PPI m/m, and PPI m/m. So amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1265.

Strong Resistance: 1.1259.

Original Resistance: 1.1248.

Inner Sell Area: 1.1237.

Target Inner Area: 1.1211.

Inner Buy Area: 1.1185.

Original Support: 1.1174.

Strong Support: 1.1163.

Breakout SELL Level: 1.1157.

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 15, 2016

2_USDJPY.jpg

In Asia, today Japan will not release any economic data but the US will release some economic data such as the TIC Long-Term Purchases, Federal Funds Rate, FOMC Statement, FOMC Economic Projections, Crude Oil Inventories, Industrial Production m/m, Capacity Utilization Rate, Empire State Manufacturing Index, Core PPI m/m, and PPI m/m. So there is a probability the USD/JPY will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 106.71.

Resistance. 2: 106.50.

Resistance. 1: 106.29.

Support. 1: 106.08.

Support. 2: 105.84.

Support. 3: 105.62.

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/JPY Trading Recommendation for 15th June 2016

analytics5760a74b82e4a.png

We're seeing a strong fibonacci projection support at 77.50 along with it being a graphical swing low + it corresponds with the RSI's 30% support and a bullish divergence vs the RSI. All these add to a strong conviction we have on seeing AUD/JPY bounce above this level to at least 78.90.

Trading recommendations:

Entry now and once more at 77.50

Take profit at 78.90

Stop loss at 76.70

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

NZD/USD Trading Recommendations for 15th June 2016

analytics5760a612b8616.png

The price reacted off our long-term channel resistance on NZD/USD perfectly and has reached our first take profit target since yesterday. Today we play a continued move down to the 0.6890 level as our next profit target, which is a major fibonacci retracement level + graphical support.

The RSI (21) remains below our resistance, although it would be good to look to sell on strength (market bouncing) to play a further drop since the RSI is close to support.

Trading recommendations:

Sell now and once more at 0.7025

Take profit at 0.6890

Stop loss at 0.7085

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

Daily analysis of USDX for June 15, 2016

The Index remains strong, and during yesterday's session it did a rebound above the 200 SMA on the H1 chart, pushing it higher. Today the Fed interest rate decision will be announced, and if a hike happens, USDX can look to break the resistance above the 95.19 level, which should be the next critical level for another rally to the 95.65 level. The MACD indicator is reaching overbought conditions in this timeframe.

USDXH1.png

H1 chart's resistance levels: 95.19 / 95.65

H1 chart's support levels: 94.68 / 94.30

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 95.19, take profit is at 95.65, 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 15, 2016

GBP/USD continues to show weakness in the short-term picture, as it has been doing declines toward the 1.4100 psychological level, where it found support. A breakout below that zone will expose the 1.4041 level, which should activate the "oversold" alert on the oscillators, such as the RSI and MACD, and eventually, the pair can rebound.

GBPUSDH1.png

H1 chart's resistance levels: 1.4171 / 1.4247

H1 chart's support levels: 1.4100 / 1.4041

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 1.4100, take profit is at 1.4041 and stop loss is at 1.4160.

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

Daily analysis of gold for June 14, 2016

GOLDH4.png

Overview

Gold price hasn't shown any strong move since morning, still fluctuating near 1,280.00 level. Importantly, stochastic has clearly got rid of its negativity and reached the oversold thresholds, providing positive motive that we wait to support the chances for bouncing higher in the upcoming period. Therefore, the bullish trend scenario will remain valid and won't be changed as long as the price holds above 1,243.17 level, supported by the EMA50. The next main station lies at 1,303.58 level, and breaching this level will extend the price gains to 1,344.85.

The expected trading range for today is between 1,270.00 support and 1,303.00 resistance.

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

Daily analysis of silver for June 14, 2016

SILVERH4.png

Overview

Silver price provides slight positive signs and attempts to build a support base above 17.40 which explains the reasons of the current sideways fluctuation. It may force the price to show more of the temporary sideways trading before resuming the main bullish wave the next target of which is located at 18.00. In general, we still prefer the bullish trend in the upcoming sessions supported by the EMA50 if the 17.00 level is held above. The expected trading range for today is between 17.10 support and 17.80 resistance.

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