USD/CAD intraday technical levels and trading recommendations for June 16, 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 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.

Bearish persistence below 1.3000-1.2970 (61.8% Fibonacci level) was needed to enhance more bearish momentum in the market.

However, recent signs of bullish recovery was manifested around the price level of 1.2650.

The current bullish pullback towards the price level of 1.3000-1.3070 (61.8% Fibonacci level) should be considered for another SELL entry. S/L should be placed above 1.3120.

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.

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Gold analysis for June 16 , 2016

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Since our previous analysis, gold has been moving upwards. The price tested the level of $1,313.29 in a high volume. The trend is bullish. According to the 30M time frame, I found a potential end of the bearish correction at the price of $1,301.90. Stochastic is at the oversold level (15) and there is a broken supply trend line. Watch for buying opportunities. I am expecting a re-testing of swing high at the price of $1,313.29.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,298.06

R2: 1,302.40

R3: 1,309.50

Support levels:

S1: 1,283.90

S2: 1,279.50

S3: 1,272.40

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

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NZD/USD Intraday technical levels and trading recommendations for June 16, 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 succeeds to push further below 0.7000.

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Technical analysis of Silver for June 16, 2016

Technical outlook and chart setups:

Silver is seen to be trading at $17.70 levels, after printing highs at $17.85/90 levels today. The metal is expected to be looking lower from here and push below $15.80 levels at least, before turning higher again. The wave structure indicates that the metal rallied into 5 waves from $13.60 through $18.00 levels earlier. A drop from $18.00 towards $15.80 levels and subsequent rally towards $17.90 levels can be identified as wave A and B of a simple flat correction. If the above count holds true, the metal is expected to unfold into 5 waves towards Wave C and $15.30/50 levels as depicted on the chart view here. It is hence recommended to remain short for now, with risk above $18.00 levels. Immediate support is seen at $17.00 levels, while resistance is at $18.00 levels respectively.

Trading recommendations:

Remain short, stop is above $18.30 levels, target is $15.50.

Good luck!

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Intraday technical levels and trading recommendations for GBP/USD for June 16, 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. S/L should be placed below 1.3800.

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Technical analysis of Gold for June 16, 2016

Technical outlook and chart setups:

Gold was pushed towards fresh highs today at $1,313.00 levels before pulling back. The metal is seen to be trading at $1,304.00/05.00 levels at this moment, looking to push lower. The wave structure reveals that the metal had completed 5-wave rally between $1,046.00 and $1,303.00 levels earlier. The drop from $1,303.00 through $1,200.00 levels and the subsequent rally towards $1,313.00 levels can be defined as A and B waves of a potential expanded flat movement. In this case wave C is expected to unfold into 5 waves towards at least $1,200.00 levels. On the flip side, a wave (2) pullback can be expected towards $1,254.00 levels before turning higher again. In any case, a drop lower from here remains highly probable. It is hence recommended to remain flat for now and wait for a bearish confirmation. Immediate resistance is seen at $1,340.00 levels, while support is seen through $1,240.00 levels respectively.

Trading recommendations:

Remain flat for now. Wait for a bearish reversal.

Good luck!

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Intraday technical levels and trading recommendations for EUR/USD for June 16, 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, recent 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.

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 zone 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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EUR/NZD analysis for June 16, 2016

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Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.5882 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. I have placed the Fibonacci expansion to find potential downward targets. I got the Fibonacci expansion 100% at the price of 1.5830 and Fibonacci expansion 161.8% at the price of 1.5700. Watch for selling opportunities on the pullbacks. The trend is downward.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6070

R2: 1.6110

R3: 1.6175

Support levels:

S1: 1.5945

S2: 1.5905

S3: 1.5840

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

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Technical analysis of AUD/USD for June 16, 2016

AUD/USD rejected both the 50% and then the 38.2% Fibonacci resistance levels signaling on a downtrend continuation. Pair managed to stay below the 50 Moving Average, which could be an additional confirmation of an upcoming wave down.

Consider selling AUD/USD at the current rate (0.7360) targeting the nearest support at 0.7200 that was previously formed. The stop loss should be just above the R1 (0.7410)

Support: 0.7200, 0.714

Resistance: 0.7410, 0.7490

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Technical analysis of EUR/USD for June 16, 2016

Today, EUR/USD stayed below the 50 Moving Average and rejected the R1 (1.1270) resistance based on the Fibs applied to the channel breakout point.

While the S1 (previous resistance) was broken, EUR/USD rejected both R3 (1.1400) and R1 (1.1270) levels. Consider selling EUR/USD either at the current rate (1.1200) or on small pullbacks towards R1. The stop loss should be just above R1.

Support: 1.1185, 1.1050

Resistance: 1.1270, 1.1335, 1.1400

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Technical analysis of USD/JPY for June 16, 2016

USD/JPY broke through important support. A weekly close below 105.50 will be a very bad signal for bulls. The trend remains bearish as long as price is below 107 targeting 101-102 at least.

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Green area - resistance

USDJ/JPY is in a bearish trend. Earlier today, it broke below a double bottom at 105.50 and below the long-term 38% Fibonacci retracement. That is why the decline towards 103-104 was so sharp. Next support is at 102-101.

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The 50% retracement is the next target as long as the price is below 107. The weekly trend remains bearish as we have now broken below

the confirmed important low at 105.50. Any bounce towards 105-106 could be seen as a sell opportunity.

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Technical analysis of AUD/USD for June 16, 2016

AUD/USD is in a bearish trend targeting 0.68. Any bounce should be seen as sell opportunity, especially if the price breaks below 0.7140.

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Green area- support zone

In the 4-hour chart the price is making a bearish reversal and when it breaks below 0.7325 we should see rising selling pressure and push the pair back to its recent lows near 0.7180. The short-term resistance that bulls need to break is at 0.75.

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The daily chart shows that the price broke below the Kumo (cloud) and tested it as we expected. The price is getting rejected at the cloud resistance and a bearish reversal is in the making. A break below 0.7180 will open the way to our longer-term target of 0.68.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of NZD/USD for June 16, 2016

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Overview:

  • The NZD/USD pair set above strong support at the level of 0.6995, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected twice confirming uptrend veracity. Hence, major support is seen at the level of 0.6995 because the trend is still showing strength above it. Accordingly, the pair is still in the uptrend from the area of 0.6995 and 0.7099. The NZD/USD pair is trading in a bullish trend from the last support line of 0.6995 towards the first resistance level at 0.7062 in order to test it. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 0.7062 and further to the levels of 0.7099 and 0.7147. The level of 0.7147 will act as second resistance and the double top is already set at the point of 0.7147. At the same time, if a breakout happens at the support levels of 0.6995 and 0.6948, then this scenario may be invalidated. It would also be wise to consider where to place stop loss; this should be set below the second support of 0.6948. But in overall, we still prefer the bullish scenario.
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Technical analysis of USD/CHF for June 16, 2016

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Overview:

  • The USD/CHF pair continues moving in a bullish trend from the support levels of 0.9562. Currently, the price is in a bullish channel on the H4 chart. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above 0.9564. The USD/CHF pair is going to continue rising from the level of 0.9562 in the long term. It should be noted that the support is established at the level of 0.9562, which represents the 23.6% Fibonacci retracement level. The price is likely to form a double bottom in the same time frame. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9562.
  • Consequently, buy above the level of 0.9562 with the first target at 0.6768 in order to test the daily resistance 1 and further go to 0.9639. Also, it might be noted that the level of 0.9699 is a good place to take profit because it will form a double top today. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9564, a further decline to 0.9443 can occur, which would indicate a bearish market.
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Global macro overview for 16/06/2016

Global macro overview for 16/06/2016:

The main event of the day is the BOE's interest rate decision and asset purchase facility decision that are scheduled for release at 11:00am GMT today. The current interest rate is at the level of 0,50%. Market participants does not expect any changes. Moreover, the asset purchase should remain at the same level as well, 375bln/month. No change is expected in official bank rate votes, so the pattern of 0-0-9 from the previous meeting should be continued today. More clues regarding further monetary policy might come from BOE Governor Mark Carney speech later on at 08:00pm GMT. In conclusion, the Bank of England should behave just as the Fed did yesterday, and no change in the policy ahead of a possible Brexit is expected.

Let's now take a look at the EUR/GBP technical picture in daily time frame. Bulls managed to retrace 78% of the recent swing low and they were capped at the level of 0.7995. Moreover, the market is still trading above the 55, 100, and 200 DMA, so bulls are clearly in control over this market again. The next resistance is seen at the level of 0.8110 and a break out higher is expected.

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Technical analysis of USDX for June 16, 2016

The US dollar index pulled back towards the short-term support levels of 94.20 and the 50% retracement. This is still considered a pullback inside a bigger upside move. This scenario will be canceled, if the price breaks below 93.35.

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Red line - resistance

Green line - support

Although the index initially broke above the 4-hour Kumo (cloud), the red trend line resistance proved to be strong to be broken, and the price got rejected and re-entered the cloud. The price is above the green trend line support and at the 50% retracement of the latest rise. The 61.8% is a more important support level, so even a pullback towards that level will still not cancel my bullish medium-term view.

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The weekly candle got rejected at the lower cloud boundary and this is not a good sign for bulls. However, we continue to trade above the weekly tenkan-sen (red line indicator). Last week's bullish hammer remains a bullish reversal sign. I still expect the price to move higher over the next few weeks as long as we trade above 93.35.The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 16/06/2016

Global macro overview for 16/06/2016:

The Federal Reserve Bank (Fed) decided to keep the interest rate unchanged at the level of 0.50% and the FOMC statement brought no surprises on Wednesday. The economic projections were lower than in January and the dot-plot showed that only one Fed member is forecasting 1 rate hike in 2016 and none in 2017. Fed Chairperson Janet Yellen mentioned in the statement that he improvement in the labor market slowed, but was offset partially by growing economic activity: the consumer spending increased, but on the other hand the business investment decreased. This bag of mixed results is nothing new in the recent economic releases from the USA. So the Fed policymakers are now again cautious and data-dependent. In conclusion, the Fed expressed the willingness to act if the economic conditions improve enough to justify the interest rate decision.

Let's now take a look at the EUR/USD technical picture after the interest rate decision. Since December last year, the market has been moving inside the golden channel. Besides, higher highs together with higher lows have been made. This means bulls are still in control over this market. If the 61%Fibo at the level of 1.1415 will be violated, then the test of the recent high at the level of 1.1615 is highly possible.

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Technical analysis of Gold for June 16, 2016

Gold price exploded to new highs above $1,300 following the FOMC. The trend remains bullish as support levels were held yesterday. Despite the warning signals that oscillators were giving, the pullback we expected did not happen. Instead, prices moved strongly upwards.

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Blue lines - bullish channel

Red lines - higher lows

Gold price continues moving higher above $1,300 inside the bullish channel and it is still above the tenkan- and kijun-sen indicators. The price is making higher highs and higher lows. The larger trend remains bullish but bulls should continue raising their stops.

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We have a weekly new higher high that is confirmed neither by the stochastic oscillator nor the RSI. However, the longer-term trend remains bullish, and $1,200 is confirmed by an important low for the larger bullish reversal scenario. Gold is in breakout mode after the new high and we remain bullish in the long-term as long as price is above $1,200.The material has been provided by InstaForex Company - www.instaforex.com

Techncial analysis of USD/CAD for June 16, 2016

General overview for 16/06/2016:

The market has hit the technical resistance at the level of 1.2911 just as anticipated and is now trading just above the weekly pivot resistance at the level of 1.2940. The Elliott wave count indicates a possible five-wave impulsive structure to the upside that might reach the 61% Fibo at the level of 1.2956 before it will terminate. Moreover, the key intraday level for bulls is the intraday resistance at the level of 1.2982, so any breakout above this level would indicate the bulls are in control over this market.

Support/Resistance:

1.2614 - WS1

1.2654 - Wave X Low

1.2800 - Weekly Pivot

1.2876 - Intraday Support

1.2911 - Technical Resistance

1.2940 - WR1

1.2982 - Intraday Resistance

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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Elliott wave analysis of EUR/NZD for June 16 - 2016

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Wave summary:

A break below the long-term support line confirmed a thrust out of the B-wave triangle calling for a decline closer to 1.4471 as the ideal medium target.

In the short term, we are looking for a decline to 1.5604 to end wave i of C and after a correction to 1.6100 in wave ii more downside pressure is expected in wave iii of C towards 1.4698.

Trading recommendation:

We are short in EUR from 1.6010 and will move our stop lower to 1.6025. If you are not short in EUR yet, then sell near 1.6010 and use the same stop at 1.6025.

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Techncial analysis of EUR/JPY for June 16, 2016

General overview for 16/06/2016:

After another marginal lower low, the count has been changed and an alternative count has been added in order to incorporate the recent wave developments. The main count indicates a double zig-zag pattern in progress, the alternative count indicates a five-wave impulsive structure that is about to terminate. Currently, the market is trading at the level indicated in one of the earlier analyses last week, in particular I mean the weekly support zone between the levels of 117.20 - 118.50, so a possible reversal might happen any time now.

Support/Resistance:

117.20 - WS3

118.15 - WS2

118.49 - Intraday Resistance

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.

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Elliott wave analysis of EUR/JPY for June 16 - 2016

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Wave summary:

The equality target between wave C and wave A at 117.35 is currently being tested. There is a cluster of supports in the 116.95 - 117.35 area, which indicates that this support zone should prove strong and most likely will also mark the long-term corrective low for a new impulsive rally that ultimately will take out the former top at 149.56.

In the short term, a break above minor resistance at 118.14 will be the first indication that a long-term low is in place, while a break above resistance at 119.50 will be needed to confirm the long-term low.

Trading recommendation:

We are long in EUR from 117.50 with stop placed at 116.50. If you are not long yet, then consider buying here or waiting for a break above 118.14 and start by using the same stop at 116.50.

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Technical analysis of USD/JPY for June 16, 2016

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USD/JPY is under pressure and is expected to continue its downside movement. On Wednesday, US stocks pared gains to end lower after the Federal Reserve decided to hold interest rates unchanged. All the three major indexes eased 0.2%, with the Dow Jones Industrial Average declining to 17640, the S&P 500 to 2071, and the Nasdaq Composite to 4834. They have been down for five straight sessions.

Apart from maintaining interest rates as expected, the Fed signaled that it is still on track to raise rates twice in 2016. But the central bank cut its rate outlook for 2017 and 2018.

The benchmark 10-year US treasury yield dropped further to 1.596% from 1.611% Tuesday. Nymex crude oil shed another 1.0% to $48.01 a barrel extending a losing streak to a fifth session. Meanwhile, gold rose 0.4% further to $1291 an ounce giving an aggregate gain of 3.8%, or $48, in six consecutive sessions. And silver was up 0.8% to $17.51 an ounce.

European stocks rebounded with the Stoxx Europe 600 gaining 1.0%.

The US dollar came under pressure after the Fed's announcement as it weakened against the euro, yen and emerging market currencies. The Wall Street Journal Dollar Index shed 0.6% to 86.34. EUR/USD rebounded 0.5% to 1.1257 (day-high at 1.1297), USD/JPY eased 0.1% to 106.00 (day-low at 105.46) and GBP/USD climbed up 0.6% to 1.4202.

The Canadian dollar continued to be weighed down by falling oil prices. USD/CAD stepped up another 0.3% to 1.2911, expanding aggregate gains to 1.7% through a winning streak of five straight sessions. The pair spent the whole session yesterday trading below the key resistance at 106.40. It once reached a low of 105.46 before bouncing back to the 106.00 level. However, it is currently heading to more weakness while trading around the lower Bollinger band. The intraday outlook remains very bearish, and an acceleration to the downside is expected.

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 104.00. A break of this target will move the pair further downwards to 103.40. The pivot point stands at 105.60. 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 106.40 and the second one at 106.65.

Resistance levels: 106.40, 106.65, 107.15

Support levels: 104, 103.40, 102.85

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Technical analysis of USD/CHF for June 16, 2016

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USD/CHF is under pressure and is expected to trade in a lower range. The pair accelerated on the downside after the downside penetration of its previous horizontal support at 0.9640. Besides, the prices are still capped by the descending 20-period and 50-period moving averages, which should continue to push the prices lower. In addition, the key horizontal resistance at 0.9640 maintains strong selling pressure. To conclude, the pair is expected to challenge its next support at 0.9555. A break below this threshold would trigger a new pullback towards 0.9530.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9555. A break of this target will move the pair further downwards to 0.9530. The pivot point stands at 0.9640. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9660 and the second one at 0.9680.

Resistance levels: 0.9660, 0.9680, 0.9715

Support levels: 0.9555, 0.9530, 0.9270

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Technical analysis of NZD/USD for June 16, 2016

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NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair stands firmly above its horizontal support at 0.7015 and is likely to post further advance. At the same time, the relative strength index is bullish above its neutrality area at 50 and lacks downward momentum. Additionally, a bullish cross has been identified between the 20-period and 50-period moving averages. Hence, as long as 0.7015 is not broken, further upside is expected with the next horizontal resistance at 0.7120 and 0.7150 in extension.

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 0.7120 and the second one at 0.7150. In the alternative scenario, short positions are recommended with the first target at 0.6990 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 0.6960. The pivot point is at 0.7015.

Resistance levels: 0.7120, 0.7150, 0.72

Support levels: 0.6990, 0.6960, 0.6940

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Technical analysis of GBP/JPY for June 16, 2016

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GBP/JPY is under pressure and is expected to continue its downside movement. The pair has stuck against 150.65 and remains under pressure. Meanwhile, the relative strength index lacks upward momentum. As long as 150.65 holds as the key resistance, the risk of a drop toward 146.50 and 145.30 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 146.50. A break of this target will move the pair further downwards to 145.30. The pivot point stands at 150.65. 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 151.30 and the second one at 152.35.

Resistance levels: 151.30, 152.35, 153.70 Support levels: 146.50, 145.30, 144.25

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Technical analysis of EUR/USD for June 16, 2016

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When the European market opens, some economic news will be released such as the Final Core CPI y/y, Eurogroup Meetings, Final CPI y/y, and ECB Economic Bulletin. The US will release economic data too such as the Natural Gas Storage, NAHB Housing Market Index, Current Account, Unemployment Claims, Philly Fed Manufacturing Index, Core CPI m/m, and CPI m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1315.

Strong Resistance: 1.1309.

Original Resistance: 1.1298.

Inner Sell Area: 1.1287.

Target Inner Area: 1.1261.

Inner Buy Area: 1.1235.

Original Support: 1.1224.

Strong Support: 1.1213.

Breakout SELL Level: 1.1207.

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 16, 2016

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In Asia, Japan will release the BOJ Press Conference and Monetary Policy Statement, and the US will release some economic data such as the Natural Gas Storage, NAHB Housing Market Index, Current Account, Unemployment Claims, Philly Fed Manufacturing Index, Core CPI m/m, and CPI m/m. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 106.71.

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

USD/JPY Wave Structure for Long Term

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105.20 broken is a key head and shoulders exit potential, graphical support + fibonacci retracement & extension level. Breaking this level has opened a drop to the next fibonacci support (50%) at 100.70 first.

Trading recommendations:

Sell now

Take profit at 100.70

Stop loss at 109.55

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

NZD/USD Trading Recommendations 16th June 2016

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The price has risen and tested our stop loss level from yesterday but has not closed above it yet. We play an aggressive bearish move from here because of the beautiful wave structure (62% retracement) and beautiful a-b-c corrective wave.

Trading recommendations:

Sell now and once more at 0.7110

Stop loss at 0.7150

Take profit at 0.7010

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

Daily analysis of major pairs for June 16, 2016

EUR/USD: Irrespective of the faint bullish effort on the EUR/USD, the price remains below the resistance line at 1.1300. Since there is a Bearish Confirmation Pattern on the chart, it is expected that the price could continue going downwards, reaching the support line at 1.1200, which is our target for this week.

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USD/CHF: This market has moved only sideways from Monday till now – all in the context of a downtrend. The EMA 56 is above the EMA 11 (a bearish signal), while the Williams' % Range period 20 is often pointing to the oversold region. The price is supposed to move further downwards today or tomorrow. In addition, some fundamental figures are expected today, and they would have an impact on the market.

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GBP/USD: The GBP/USD has fluctuated wildly this week, but remains in the context of a downtrend. The price is under the distribution territory at 1.4250, 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.

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USD/JPY: This pair has only moved sideways so far this week, with no significant direction upwards or downwards. The outlook on JPY pair is bearish for the week: and the USD/JPY is no exception. Therefore, the bears might target the demand levels at 105.00 and 104.50, following the expected breakout in the market.

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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. There ought to be a breakout which would potentially favor the bears.

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Daily analysis of USDX for June 16, 2016

On the H1 chart, USDX had some declines after the Federal Reserve decided to leave interest rates unchanged this month, and the market reacted with a drop of the US Dollar. However, Yellen's words offered some support to the Index, and it keeps trading above the 200 SMA. If USDX manages to break the 94.68 level again, then it could rally toward the 95.19 level.

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H1 chart's resistance levels: 94.68 / 95.19

H1 chart's support levels: 94.30 / 94.07

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 94.68, take profit is at 95.19, and stop loss is at 94.16.

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

Daily analysis of GBP/USD for June 16, 2016

On the H1 chart, GBP/USD had no major changes after the Fed interest rate decision, and the pair is still trading into a sideways structure, but being favored by the bears at the moment. If the pair manages to break the support zone of 1.4171, then it should reach the lows from the June 14th session. The 200 SMA is still flat, but slightly bearish in an overall view.

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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 1.4171, take profit is at 1.4100 and stop loss is at 1.4247.

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

Daily analysis of gold for June 15, 2016

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Overview

Gold price settled above 1,280.00 level to build a good support base above this level. This fact reinforces the expectations of continuing the bullish trend in the upcoming sessions. The way is open to target the recently recorded top at 1,303.58 initially, and if this barrier is surpassed, the price will achieve more gains towards the next targets at 1,344.85. Therefore, the bullish trend scenario will remain valid and active for today if the price is stable above 1,262.00 and 1,243.17. Let us remind that our main targets begin at 1,303.58 and extend to 1,344.85 after breaching the previous level. 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 15, 2016

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Overview

Silver price has been moving within sideways track for some days. Please note, that the stochastic shows bullish trend signals on the four hours' time frame, supporting the chances of resuming the bullish bias in the upcoming period. Therefore, we keep the positive scenario valid and active for today, waiting for the price to reach 18.00 level. Holding above 17.00 level represents key condition to achieve the waited targets, noting that the EMA50 meets the mentioned level to add more strength to the continuation of the suggested positive scenario.

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