EUR/NZD analysis for June 20, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5930. According to the 1H time frame, I found a broken bearish flag formation. In the background, I saw a sharp decline in a heavy volume, which is a good sign that sellers are in control. According to the daily time frame, I found successful rejection from previous swing low at the price of 1.6080. Be careful when buying and watch for selling opportunities. The first take profit level is set at the price of 1.5840.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5990

R2: 1.6000

R3: 1.6040

Support levels:

S1: 1.5920

S2: 1.5900

S3: 1.5870

Trading recommendations for today: Watch for selling opportunities on the pullbacks since I found strong downward momentum in the background and broken bearish flag (continuation pattern)

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Gold analysis for June 20, 2016

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Since our previous analysis, gold has been moving sideways at the price of $1,281.00 in a high volume. I found a massive sell-off in a heavy volume, which is a sign that buying looks very risky and that selling opportunities are preferable. According to the 4H time frame, I found a broken upward trend line in a heavy volume. I placed Fibonacci expansion to find potential downward targets and found Fibonacci expansion 61.8% at the price of $1,275.00, Fibonacci expansion 100% at the price of $1,260.00, and Fibonacci expansion 161.8% at the price of $1,237.40. According to the daily time frame, there is a successful rejection form the previous swing high at the price of $1,302.00. I found an upthrust bar (supply overcame demand) in a heavy volume.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,294.80

R2: 1.397.50

R3: 1,301.80

Support levels:

S1: 1,286.25

S2: 1,283.60

S3: 1,279.30

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

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Technical analysis of GBP/USD for June 20, 2016

Pivot : 1.4371

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Overview:

  • The GBP/USD pair continues moving in a bullish trend from the support levels of 1.4461. 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. As the price is still above the moving average (100) and (50), immediate support is seen at 1.4461. Also, it should be noted that the major support is seen at the level of 1.4371 which coincides with the ratio of 50% of Fibonacci. Consequently, the first support is set at the level of 1.4461. Thus, the market is likely to show signs of a bullish trend around the spot of 1.4461. In other words, buy orders are recommended above the price of 1.4461 with the first target at the level of 1.4773. Furthermore, if the trend is able to breakout through the first resistance level of 1.4773. We should see the pair climbing towards the double top (1.5098) to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 1.4371.

Observations:

  • On June 23, 2016.
  • Currency: GBP.
  • Fundamental focus today will on EU Membership Vote. So, it should be careful this day because we expect the market will call for a highly volatile this day.

Intraday technical levels:

  • R3: 1.5458
  • R2: 1.5098
  • R1: 1.4731
  • PP: 1.4371
  • S1: 1.4004
  • S2: 1.3644
  • S3: 1.3277
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Technical analysis of EUR/USD for June 20, 2016

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Overview:

  • The market opened above the support of 1.1236 and the gap was around 65 pips. So, the EUR/USD pair continues to move upwards rising to the top around 1.1381 from the level of 1.1306. Right now, the first resistance level is seen at 1.1408 followed by 1.1515, while daily support 1 is seen at 1.1236. According to the previous events, the NZD/USD pair is still moving between the levels of 1.1236 and 1.1408; for that we expect a range of 172 pips (1.1408 - 1.1236) in coming days. If the NZD/USD pair fails to break through the resistance level of 1.1408, the market will decline further to 1.1236 in order to test the weekly pivot. But this would not suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to rise higher towards at least 1.1408 with a view to reach the first resistance.

Intraday technical levels:

  • R3: 1.1515
  • R2: 1.1408
  • R1: 1.1343
  • PP: 1.1236
  • S1: 1.1171
  • S2: 1.1064
  • S3: 1.0999
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NZD/USD Intraday technical levels and trading recommendations for June 20, 2016

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Bullish persistence above 0.6550 (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 is 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 significant 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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USD/CAD intraday technical levels and trading recommendations for June 20, 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 had 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.

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 bearish momentum in the market.

However, recent signs of bullish recovery were manifested around the price level of 1.2650 on June 9.

The recent 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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Intraday technical levels and trading recommendations for GBP/USD for June 20, 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.

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

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.

Otherwise, further bullish advancement should be expected towards 1.4950.

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

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

As anticipated, the depicted demand level around 1.4040 offered a profitable BUY entry. It's already running in profits Today.

Currently, the price zone between 1.4670-1.4700 (61.8% Fibonacci level) should be watched for another valid SELL entry if significant bearish rejection is expressed.

Bearish persistence below 1.4470 will needed to enhance further bearish decline towards 1.4200 and 1.4050. Otherwise, the bearish scenario will be invalidated for sometime.

On the other hand, bullish persistence above 1.4670-1.4700 allows further bullish advancement towards 1.4950.

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Intraday technical levels and trading recommendations for EUR/USD for June 20, 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 is why, recent bearish rejection was expected around the current price levels (note the previous monthly candlestick of May).

In the long term, 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 an intermediate-term basis.

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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.

Currently, bearish persistence below 1.1220 (recent key level) was needed to maintain enough bearish momentum towards 1.1000.

However, evident bullish rejection around 1.1130 (depicted uptrend line) brought the EUR/USD pair above 1.1200 again.

Note that any bullish pullback towards the zone of 1.1400 should be considered for a valid SELL entry. S/L should be placed above 1.1460.

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Technical analysis of USD/JPY for June 20, 2016

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USD/JPY is expected to trade in a lower range . On Friday U.S. stocks closed lower following a rebound in the previous session. The Dow Jones Industrial Average fell 0.3% to 17675, the S&P 500 dropped 0.3% to 2071, and the Nasdaq Composite was down 0.9% to 4800. Health-care and technology shares were the worst performers. Apple Inc (AAPL) lost 2.3% and Google parent Alphabet Inc (GOOGL) slid 2.8%.

U.S. government bonds pulled back in price after eight days of gains, with the benchmark 10-year treasury yield rising to 1.616% from 1.563% Thursday. Nymex crude oil jumped 3.8% to $47.98 a barrel, snapping a losing streak that spanned the prior six sessions. Gold rebounded 1.5% to $1298 an ounce and silver was up 2.0% to $17.48 an ounce.

European stocks rebounded with the Stoxx Europe 600 gaining 1.4%

As all eyes are on Britain's referendum this Thursday on whether to remain in the European Union, the British pound is making dramatic moves. Following a 1.1% jump to 1.4356 on Friday, GBP/USD opened with a bullish gap and surged 1.8% up to 1.4611 this morning in Asian trading. Traders should be squaring their short positions on the pair ahead of Thursday's big event.

The euro followed the pound's move by jumping 0.7% up to 1.1356 this morning. Meanwhile USD/JPY has been up 0.7% to 104.81 after dipping 0.2% to 104.10 on Friday.

At the same time commodities-linked currencies continued to firm up against the greenback this morning. USD/CAD sank a further 0.4% to 1.2836, AUD/USD added a further 0.6% to 0.7443 and NZD/USD rose 0.6% higher to 0.7094. The pair failed to break above the key resistance at 105.00 last Friday and entered a trading range between 104.00 and 104.40. However the pair bounced as the Asian trading started this morning reaching a high of 104.81. It is currently trading above the 50-period moving average (30-minute chart) while the intraday relative strength index has surged to levels above the neutrality level of 50 calling for a continuation of the bounce.

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 103.70. A break of this target will move the pair further downwards to 103.20. The pivot point stands at 105.00. 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 105.60 and the second one, at 106.00.

Resistance levels: 105.60, 106.00, 106.40

Support levels: 103.70, 103.20, 102.85

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Technical analysis of USD/CHF for June 20, 2016

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USD/CHF is expected to trade in a lower range as the key resistance is at 0.9640. The pair failed to break above the horizontal resistance at 0.9640 and remains capped by its falling 50-period moving average. In addition, a bearish cross has been identified between the 20-period and 50-period moving averages (a negative signal). At the same time, the relative strength index is badly directed below its neutrality area at 50. To conclude, as long as 0.9640 holds as the key resistance, the intraday outlook is still negative with targets at 0.9560 and 0.9545 in extension.

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 0.9560. A break below this target will move the pair further downwards to 0.9545. 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 0.9685.

Resistance levels: 0.9660, 0.9685, 0.9705

Support levels: 0.9560, 0.9545, 0.9500

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Technical analysis of NZD/USD for June 20, 2016

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NZD/USD is expected to trade with the overall upward movement. The pair has been supported by a rising trend line since June 17 and remains on the upside. Meanwhile, both the 20-period and 50-period moving averages are playing support roles. Further upside is therefore expected with the next horizontal resistance at 0.7145 at first. In addition, the relative strength index calls for a new rise. To sum up, a break above 0.7065 would trigger a new bounce toward 0.7145.

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 0.7145 and the second one at 0.7170. In the alternative scenario, short positions are recommended with the first target at 0.7035 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 0.7005. The pivot point is at 0.7065.

Resistance levels: 0.7145, 0.7170, 0.72

Support levels: 0.7035, 0.7005, 0.6970

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Technical analysis of GBP/JPY for June 20, 2016

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GBP/JPY is expected to trade with a bullish bias as pair remain on upside. The upside movement is supported by less fear of BREXIT. As the poll is showing fading concern, the referendum going to be positive. The pair has started the week with a bullish bias gap above 150.80 and is expected to post further rebound. The bias remains positive and further bounce is expected with 154.00 and 155.10 as targets.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 154.00 and the second one at 155.10. In the alternative scenario, short positions are recommended with the first target at 149.80 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 148.20. The pivot point is at 150.80.

Resistance levels: 154.00, 155.10, 156 Support levels: 149.80, 148.20, 147.10

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GBP/CHF Technical Analysis for June 20, 2016

Technical analysis and chart setups:

The GBP/CHF has moved according to expectations by opening gap up today. The pair is seen to be trading at 1.3990 level at this moment, looking to pause here. Please note that the pair is facing resistance of fibonacci 0.382 ratios of the entire drop between 1.4600 and 1.3500 levels, at current levels. The wave structure also reveals that the pair might have completed its pullback/retracement at 1.3990 level and should be looking to reverse lower from here. On the flip side, a push above 1.4000 levels would open doors for a test of 1.4200 levels before reversing lower. It is hence recommended to please book profits on short positions taken earlier and remain flat for now. Immediate resistance is seen at 1.4200 levels, while support is at 1.3600 levels (interim).

Trading recommendations:

Please take profits on short positions and remain flat for now.

Good luck!

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Silver Technical Analysis for June 20, 2016.

Technical outlook and chart setups:

Silver has also retreated lower from $17.50 level on Friday to $17.35 level at this moment, looking to break below $17.00 level and push towards at least $16.50 level going forward. The metal could also form a bottom around $15.00/25 levels carving a larger support for the entire rally between $13.60 and $18.00 levels. The wave structure also reveals that a drop towards $15.30 level is quite possible since it is also fibonacci 0.618 support of the earlier rally between $14.60 and $18.00 level respectively. It is hence recommended to remain short for now, with risk at $18.00 levels. Immediate support is seen at $17.00 level, while resistance is at $18.00 level respectively. Bears are expected to remain in control at least for short term.

Trading recommendations:

Remain short for now, stop at $18.30 levels; a target is at least $16.50 level.

Good luck!

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Gold Technical Analysis for June 20, 2016.

Technical outlook and chart setups:

Gold has dropped lower from Friday close and is seen to be trading at $1,283.50 level at this moment, looking to break below $1,275.00 level going forward. The metal looks to have structurally completed 5 waves between $1,046.00 and $1,303.00 levels respectively. An expanded flat looks to be unfolding right now with a downside potential towards $1,149.00 levels, but this can be confirmed on a break at least below $1,275.00 levels and subsequently $1,200.00 levels. We shall be watching $1,250.00/52.00 levels closely for a bullish bounce as well. It is hence recommended to remain flat for now, with risk above $1,315.00 levels. Immediate resistance is seen at $1,315.00 levels, while support is at $1,234.00/35.00 levels respectively.

Trading recommendations:

Remain short from last week, stop at $1,320.00, a target is $1,150.00.

Good luck!

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Daily analysis of major pairs for June 20, 2016

EUR/USD: This pair is now volatile but with choppy price movements. Bulls made some noticeable attempts to push the price forward last week; nevertheless the price would not become really bullish unless it goes above the resistance line at 1.4000, which would require serious buying pressure. Really, the bias on the pair is bearish for this week – further southward movement could be seen.

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USD/CHF: The USD/CHF moved essentially sideways last week, in the context of a downtrend. There is a Bearish Confirmation Pattern in the market, and unless there is a serious weakness in the EUR/USD, (which could help the USD/CHF stage a meaningful rally), further bearish movement would be witnessed, when momentum returns to the market.

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GBP/USD: This pair is bearish in mode, though the price made an attempt to go upwards by 300 pips on Thursday and Friday. There is a need for the price to go upwards by another 300 pips before its mode can turn bullish. Throughout Thursday, June 23, the GBP/USD (and most other GBP pairs) will go in one direction with little or no reversal, but there would be nothing graver than normal. The outlook on the pair is bearish, and further southward movement could possibly be witnessed this week.

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USD/JPY: This currency trading instrument declined by 300 pips last week and later moved sideways in the last two days of the week. There is going to be a breakout this week, which would most probably favor bears, since the outlook on JPY pairs remains bearish. The demand levels at 104.00 and 103.00 would be reached.

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EUR/JPY: As it was anticipated, the EUR/JPY dropped by 460 pips last week, reaching a low of 115.49 and a high of 120.31. The upward attempt that was seen later last week could offer an opportunity to sell short at better prices, because the market might test the demand zones at 117.00, 116.00 and 115.00. The demand zones at 117.00 and 116.00 were tested last week, and they could be re-tested this week.

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Global macro overview for 20/06/2016

Global macro analysis for 20/06/2016:

According to the Australian Bureau of Statistics, the Australian employment change advanced in May up to a seasonally adjusted 17.9k, up from the 10.8k in April. Analysts has been forecasting only a 15.0k increase, so the estimates were beaten by this outstanding data. Moreover, the unemployment rate in Australia remained unchanged at 5.7%, in line with market participants' expectations. In conclusion, this king of employment data might suggest that record-low interest rates proved to be highly useful as the other branches of the job market (except for the mining industry) are absorbing more unemployed people.

Let's now take a look at the AUD/USD technical picture on the daily time frame. The bulls have managed to break out above the golden trend line and then successfully tested it from above. Currently they are in control over this market and might challenge technical resistance at the level of 0.7504 again. In case of a bullish breakout, the next technical resistance is seen at the level of 0.7833.

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Global macro overview for 20/06/2016

Global macro analysis for 20/06/2016:

At the start of the new week, the referendum week, the British pound soars, as the new poll data released over the weekend showed increasing support for the Remain Campaign in the United Kingdom. Survation reported a 45 to 42 preference for a Remain vote while an analogous poll from YouGov gave the status quo a 44 to 43 percent lead. The national referendum in Britain regarding the Eurozone membership status will take place on Thursday, 23rd June, and it will be one of the most important days for the EU and UK in at least a decade. In conclusion, all macroeconomic data will not have such an impact on markets as this single event this week.

Let's take a look at the GBP/USD technical picture on the daily time frame. Two possible scenarios of how the market might react to the final referendum data are presented on the chart. In case the Remain camp wins the referendum, the price should rally up to the first logical resistance at the level of 1.5921. In case the Leave camp wins the referendum, the price should decline towards the first logical support at the level of 1.3000, but it might keep dropping even much, much further.

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Elliott wave analysis of EUR/NZD for June 20 - 2016

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Wave summary:

We are still locked in a small wave iv consolidation, which is expected to give way for a decline closer to 1.5604 to end the first impulsive wave in wave C lower to 1.4471.

The break below the triangle support-line near 1.6230 shifted the focus lower towards 1.4471 in wave C of a zig-zag correction in wave 2 that began from the 1.9023 high.

Trading recommendation:

Stay short for a decline closer to 1.5604. If you are not short yet, then sell here or near 1.6040 and place stop at 1.6105.

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Elliott wave analysis of EUR/JPY for June 20 - 2016

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Wave summary:

The rally of the 115.46 does display impulsive characters indicating more upside to be expected. Short term, a break above minor resistance at 119.50 will be needed to confirm that a firm bottom is in place at 115.46 for a continuation higher towards 121.13 and possibly even higher to 122.14 in wave iii.

In the short term, support is seen near 108.10. This support will ideally protect the downside for a rally above 119.50.

Trading recommendation:

We are long in EUR from 117.50 and will place our stop at 116.85. If you are not long in EUR yet, then buy near 118.10 and start by using the same stop expecting to move it higher soon.

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Techncial analysis of USD/CAD for June 20, 2016

General overview for 20/06/2016:

The downward corrective structure in wave 2 looks so far as a typical zig-zag structure, so it might target the 61%Fibo at the level of 1.2819 before it will terminate. Nevertheless, it is worth to mention that this king of correction might evolve into a double or even triple zig-zag, so as long as the level of 1.2654 is not clearly violated, the price is trading inside of the neutral zone, and it might evolve into a more complex and time-consuming pattern.

Support/Resistance:

1.2654 - Wave X Bottom

1.2729 - WS1

1.2819 - 61% Fibo

1.2827 - Intraday Support

1.2895 - Intraday Resistance

1.2907 - Weekly Pivot

1.3063 - WR1

Trading recommendations:

The first impulsive wave has been made after a long-term corrective cycle had bottomed, so the bias is to the upside. Buying the dips in this market with SL below the level of 1.2654 is the way to trade it now.

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Techncial analysis of EUR/JPY for June 20, 2016

General overview for 20/06/2016:

The abc corrective cycle in wave (b) must terminate below the level of 119.46, otherwise the main count will be replaced by an alternative count. This would mean the bottom for the wave Y brown would be in place at the level of 115.48, and the current upward wave progression would be the beginning of a new impulsive structure.

Support/Resistance:

115.06 - WS1

115.48 - Local Low

117.72 - Weekly Pivot

118.14 - Intraday Support

119.46 - Intraday Resistance

119.94 - WR1

122.54 - WR2

124.18 - Wave X Top

Trading recommendations:

If the level of 119.46 is clearly violated, then all swing sell orders should be closed, because the market might be at the turning point, when the bigger time frame cycles had bottomed and a new, impulsive cycle to the upside might have started.

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

Technical analysis of EUR/USD for June 20, 2016

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When the European market opens, some economic news will be released such as the German Buba Monthly Report and German PPI m/m. The US will not release any economic data today. So, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1401.

Strong Resistance: 1.1394.

Original Resistance: 1.1383.

Inner Sell Area: 1.1372.

Target Inner Area: 1.1345.

Inner Buy Area: 1.1318.

Original Support: 1.1307.

Strong Support: 1.1296.

Breakout SELL Level: 1.1289.

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 20, 2016

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

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 105.24.

Resistance. 2: 105.05.

Resistance. 1: 104.83.

Support. 1: 104.58.

Support. 2: 104.38.

Support. 3: 104.17.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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

AUD/NZD Elliott Wave trading recommendations for 20th June 2016

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AUD/NZD shows great support at 1.0400, and we've seen the price complete a wave c/ at that level. The first resistance we're seeing is at 1.0550, which is a graphical resistance level, fibonacci retracement level and a fibonacci projection level (so we shouldn't try to play a rise above 1.0550 yet). 1.0400 is a big 1.0 Fibonacci projection level too, which is why it is our stop loss.

Trading recommendations:

Buy now and once more at 1.0475

Stop loss at 1.0400

Take profit at 1.0550

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

NZD/USD Trading Recommendations for 20th June 2016

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We can see fractal resistance at 0.7100 (graphical resistance, fibonacci retracement, 1.0 fibonacci extension) that has the RSI right below a descending resistance line. This gives us a good conviction of a drop from here to at least 0.7015.

Trading recommendations:

Sell now below 0.7100

Stop loss at 0.7150

Take profit at 0.7015

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

Daily analysis of USDX for June 20, 2016

On the H1 chart, USDX pulled back from last week's highs, and now it's poised to test the support zone of the 94.07 level. However, the current outlook is telling us that a possible demand zone would remain active at this stage, and it can push the Index higher towards the 94.68 level, which is above the 200 SMA. The MACD indicator is in negative territory.

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H1 chart's resistance levels: 94.30 / 94.68

H1 chart's support levels: 94.07 / 93.82

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 94.30, take profit is at 94.68, 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 20, 2016

The pair had a bullish rally above the 200 SMA last friday, and we could expect it to face resistance in the first days of the week around the 1.4400 psychological level. However, our overall outlook for the pair remains sideways to lower, as uncertainty will dominate the Cable before the Brexit referendum for sure. A breakout below the 1.4327 level would expose the 1.4247 level.

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H1 chart's resistance levels: 1.4400 / 1.4464

H1 chart's support levels: 1.4327 / 1.4247

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 1.4327, take profit is at 1.4247 and stop loss is at 1.4408.

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