USD/CAD intraday technical levels and trading recommendations for June 21, 2016

analytics57692f4e2556c.pnganalytics57692f5ac6e82.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 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.

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

NZD/USD Intraday technical levels and trading recommendations for June 21, 2016

analytics57692c7e0197e.png

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 (the upper limit of the depicted channel) 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.

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

NZD/USD Intraday technical levels and trading recommendations for June 21, 2016

analytics57692c7e0197e.png

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 (the upper limit of the depicted channel) 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.

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

Technical analysis of USD/JPY for June 21, 2016

USDJPYM30.png

USD/JPY is expected to trade with bullish bias. On Monday US stock indexes rebounded, although they closed near session lows. Risk-correlated assets rallied as investor sentiment was boosted by indications that the UK will vote to remain in the European Union. The Dow Jones Industrial Average rose 0.7% to 17,804, the S&P 500 added 0.6% to 2,083, and the Nasdaq Composite was up 0.8% to 4,837. Consumer discretionary, industrial and technology shares performed well, while utilities posted losses.

European stocks kept rebounding with the Stoxx Europe 600 surging 3.7%.

Meanwhile, a selloff in government bonds in the US, Germany and the UK sent bond yields higher. The benchmark 10-year US treasury yield rose to 1.670% from 1.616% on Friday.

Nymex crude oil surged another 2.9% to $49.37 a barrel. Gold lost 0.7% to settle at $1,290 an ounce, while silver was broadly flat at $17.48 an ounce.

As for Forex trading, the US dollar tumbled as the British pound surged over 2% after weekend opinion polls on Britain's EU membership referendum showed that the "Remain" camp was regaining momentum. The ICE Dollar Index dropped 0.6% to 93.66, while GBP/USD shot up 2.4% to 1.4694 (daily high at 1.4717), the strongest one-day increase since 2009 and the financial crisis. The pair has broken above its 200-day moving average.

EUR/USD gained 0.3% rising to 1.1310, though it reached a high of 1.1382 during the session. And USD/JPY dipped to 103.92.

Commodity currencies managed to post another rallying session, with USD/CAD dropping 0.7% to 1.2803, AUD/USD gaining 0.8% to 0.7457, and NZD/USD being 1.0% higher at 0.7119. After declining along the lower Bollinger band, the pair struck against the first downside target at 103.70 (around the low of June 16) this morning. Currently it remains capped by the descending 20-period (30-minute chart), which stands below the 50-period one. And the intraday relative strength index shows a lack of upward momentum for the pair. Above 103.70, look for further upside toward 104.95.

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 103.20 and the second one at 102.45. In the alternative scenario, short positions are recommended with the first target at 104.95 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 102.45. The pivot point is at 103.70.

Resistance levels: 104.95, 105.60, 106.00

Support levels: 103.20, 102.45, 102

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

EUR/NZD analysis for June 21, 2016

analytics576929c280055.png

Recently, EUR/NZD has been moving downwards. As I expected, the price tested my first target at 1.5840. 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. If the price breaks the level of 1.5840 in a high volume, we may see potential testing of 1.5500 (major Fibonacci expansion 61.8%).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5995

R2: 1.6030

R3: 1.6090

Support levels:

S1: 1.5885

S2: 1.5850

S3: 1.5790

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

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

EUR/JPY Technical Analysis for June 21, 2016.

Technical outlook an chart setups:

The EUR/JPY pair is seen to be trading at 118.60 levels at the moment. Here is a long-term picture of the weekly chart. The wave structure shows that the pair has completed a major Elliott wave cycle starting from 95.00 to 115.00 levels (recent swing lows). Please note that EUR/JPY unfolded into 5-wave impulse between 95.00 and 149.60 levels and then corrected itself into 3 waves between 149.50 and 115.00 (A-B-C) levels. Also note that the pair has bounced from Fibonacci 0.618 support levels of the entire rally from 95.00 to 149.50 levels. It is hence recommended to initiate long positions now with risk below 115.00 levels. Immediate support is seen at 115.00 levels, while resistance is at 124.35 levels. The pair is expected to turn bullish from here and head towards fresh highs.

Trading recommendations:

Remain long now, stop below 115.00, target is open.

Good luck!

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

Technical analysis of USD/CHF for June 21, 2016

USDCHFM30.png

USD/CHF is under pressure as the key resistance stands at 0.9640. The pair failed to break above the horizontal resistance at 0.9640 (June 20 high), and remains weak below the threshold. Besides, the relative strength index is showing downward momentum. To conclude, as long as 0.9640 holds as the key resistance, the pair is likely to return to 0.9560 and then to 0.9545.

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

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

Technical analysis of NZD/USD for June 21, 2016

NZDUSDM30.png

NZD/USD is expected to trade in a higher range as bias remains bullish. The pair remains bullish above its horizontal support at 0.7095. Further upsides are likely to challenge the nearest resistance at 0.7095 at first. Meanwhile, both the 20-period and 50-period moving averages are playing support roles. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Hence, as long as 0.7095 holds on the downside, the intraday outlook stays positive with targets at 0.7170 and 0.720 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 0.7170 and the second one at 0.72. In the alternative scenario, short positions are recommended with the first target at 0.7075 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 0.7035. The pivot point is at 0.7095.

Resistance levels: 0.7170, 0.72, 0.7245

Support levels: 0.7075, 0.7035, 0.7005

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

GBP/CHF Technical Analysis for June 21, 2016.

Technical outlook and chart setups:

The GBP/CHF pair has risen towards 1.4200 levels today before dropping lower. The pair is seen to be trading at 1.4120 levels at the moment and should be looking to reverse lower from here. Please also note that it has reversed from Fibonacci 0.618 resistance levels of the drop between 1.4600 and 1.3500 levels. Furthermore, the pair is unfolding as a pin bar candlestick pattern on 4H chart view, indicating that the next move should be lower from here. It is hence recommended to remain short from here with risk above 1.4300 levels. Immediate resistance is at 1.4200 levels, while support is seen at 1.3950 levels. Bears are expected to remain in control till prices stay below 1.4200 levels.

Trading recommendations:

Remain short, stop above 1.4300, targets below 1.3500.

Good luck!

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

Intraday technical levels and trading recommendations for GBP/USD for June 21, 2016

analytics576922bbb75e0.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.

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.

On the other hand, bullish fixation above 1.4670 brings further bullish advancement initially towards 1.4950.

analytics576922c89dafc.png

The price zone of 1.4670-1.4700 (61.8% Fibonacci level and 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 is 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 be needed to enhance further bearish decline towards 1.4200 and 1.4050. Otherwise, the bearish scenario will be invalidated for some time.

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

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

Intraday technical levels and trading recommendations for EUR/USD for June 21, 2016

analytics576921fdceb28.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 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.

analytics5769220e5d8ff.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, a lack of 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 previously suggested.

Last week, 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 a valid SELL entry. S/L should be placed above 1.1460.

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

Gold analysis for June 21, 2016

analytics5769214434ac7.png

analytics576921547a220.png

Since our previous analysis, gold has been trading downward. As I expected, the price tested the level of $1,272.31 in a high volume. The analysis from yesterday is still active and it is a good progress so far. 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 (already broken), 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: 1,296.56

R2: 1.302.20

R3: 1,310.20

Support levels:

S1: 1,282.90

S2: 1,274.90

S3: 1,269.30

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

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

Technical analysis of GBP/JPY for June 21, 2016

GBPJPYM30.png

GBP/JPY is expected to trade in a higher range. The pair remains on the upside, backed by rising 20-period and 50-period moving averages , and is now challenging its nearest resistance at 155.10. At the same time, the relative strength index is bullish above its neutrality area at 50, and calls for further advance. To sum up, as long as 151.85 is not broken, expect a new bounce to 155.10 and 156.30 in extension.

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 155.10 and the second one at 156.30. In the alternative scenario, short positions are recommended with the first target at 150.80 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 149.80. The pivot point is at 151.85.

Resistance levels: 155.10, 156.30, 157 Support levels: 150.80, 149.80, 148.10

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

Technical analysis of NZD/USD for June 21, 2016

NZDUSDH4.png

Overview:

  • The NZD/USD pair was trading around the area of 0.7155 a day ago. Today, the level of 0.7155 represents the double top in the H1 time frame. The pair has already formed minor resistance at 0.7155 and the strong resistance is seen at the level of 0.7247 because it represents the weekly resistance 1. So, major resistance is seen at 0.7247, while immediate support is found at 0.7068. If the pair closes below the price of 0.7068, the NZD/USD pair may resume its movement to 0.6979 to test the weekly support 1.
  • We expect the NZD/USD pair to move between the levels of 0.7155 and 0.6979. Equally important, the RSI is still calling for a strong bearish market. However, the current price is also below the moving average 100. As a result, sell below the double top of 0.7155 with targets at 0.7247 and 0.6979.
  • On the other hand, stop loss should always be taken into account; accordingly, it will be good to set the stop loss above the last bullish wave at the level of 0.7247.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for June 21, 2016

1466504193_USDCHFH4.png

Overview:

  • The USD/CHF pair broke support which turned to strong resistance at the level of 0.9639 yesterday. The level of 1.0120 coincides with the ratio of 38.2% of Fibonacci, which is expected to act as major resistance today. RSI is considered overbought because it is below 70. The RSI is still signaling that the trend is downward as it is still strong below the moving average (100). This suggests the pair will probably go down in coming hours. Accordingly, the market is likely to show signs of a bearish trend. In other words, sell orders are recommended below 0.9639 with the first target at the level of 0.9564. From this point, the pair is likely to begin a descending movement to the point of 0.9530 and further to the level of 0.9503. The level of 0.9503 will act as strong support and the double top is already seen at the point of 0.9443. On the other hand, if a breakout happens at the resistance level of 0.9639, then this scenario may become invalidated. In overall, we still prefer the bearish scenario.
The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 21/06/2016

Global macro overview for 21/06/2016:

The ZEW Economic Sentiment data was released this morning and it beat market expectations. The main indicator has increased from 6.4 points a month ago to 19.1 points, easily beating the expectations for 5.1 points. Moreover, the business sentiment towards the current situation increased as well to the level of 54.5 from 53.0 last month. In conclusion, these very nice results regarding a medium-term forecast about Germany 's economic situation indicate that there are more experts that are optimistic than those who are pessimistic.

Let us now take a look at the EUR/USD technical picture on the daily time frame. Bulls seem to be in control over this market as higher highs and higher lows are still being made and the market trades above the 100 and 200 DMAs. Only a clear breakout below the level of 1.1097 would change the outlook to bearish.

analytics576909d0b1e49.jpg

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

Global macro overview for 21/06/2016

Global macro overview for 21/06/2016:

An aggressive risk rally can be observed in all British Pound pairs all across the market as the "Remain" camp seizes the lead in a new Brexit poll. A survey published in the Mail on Sunday showed that +45% backed the UK staying in the EU, compared with +42% in favor of leaving. Opinion poll for The Observer Brexit poll: +44% for remain, +44% for leave (conducted before most respondents had heard the news about the murder of MP Jo Cox. A BMG phone poll for the Herald Brexit poll: +46% for remain, +43% for leave while BMG Online poll: +41% for remain, +51% for leave (both polls were conducted on June 10-15, before the murder of MP Jo Cox). Please remember, Britain is going to the polls Thursday (June 23) to vote on its European Union membership.

Let us now take a look at the EUR/GBP technical picture on the daily time frame. There is a clear failure at the level of 0.7993 followed by a gap down around the level of 0.7837, which means bears are now in control over this market. The price is, however, still trading above the 200 DMA, but any violation of the support at the level of 0.7562 will be a clear signal of the bearish market.

analytics576906bb4b6cc.jpg

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

Silver Technical Analysis for June 21, 2016.

Technical outlook and chart setups:

Silver is seen to be trading at $17.45 levels at this moment, drifting sideways. The metal should be looking to drop lower and break below $17.10 levels going forward. The wave structure indicates that Silver should be correcting lower in 3 waves towards at least $16.30/50 levels if not lower. Also note that a break below $15.80 levels would confirm that the metal is in for a deeper correction towards $15.00 levels. High probability remains for a bottom formation at $15.00 levels before turning bullish again. It is hence recommended to remain bearish for now, with risk above $18.00 levels. Immediate resistance is seen at $18.00 level, while support is at $17.00 levels respectively. Bears should remain in control till prices stay below $18.00 level.

Trading recommendations:

Remain short for now; stop at $18.50, targeting $15.00.

Good luck!

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

Technical analysis of gold for June 21, 2016

Technical outlook and chart setups:

Gold continues to consolidatie within the triangle structure of dropping resistance and constant support for now. The metal is trading lower for the day at $1,283.50 levels at this moment, looking to test its support area at $1,275.00 levels again. The wave structure indicates that higher probability remains for a break below $1,275.00 levels and push through the $1,245.00 level at least before turning bullish again. Please note that a break below $1,245.00 levels will confirm that the metal is heading lower towards $1,200.00 and subsequently towards $1,140.00/50.00 levels. It is hence recommended to remain short for now, with risk above $1,315.00 levels. Immediate resistance is seen at $1,315.00 levels, while support lies at $1,275.00 levels. Bears are expected to remain in control in the short term.

Trading recommendations:

Remain short now; place stop at $1,320.00 levels, targeting the $1,245.00 level at least.

Good luck!

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

Technical analysis of EUR/JPY for July 21, 2016

General overview for 21/06/2016:

The wave (b) top looks to be in place, so now there is only wave (c) to the downside left to complete the overall structure. To confirm this count the market should impulsively break out below the intraday support at the level of 117.30 and head towards the wave (a) bottom. On the other hand, any violation of the level of 119.46 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

117.30 - Intraday Support

117.72 - Weekly Pivot

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.

analytics5768e56796bd9.jpg

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

Technical analysis of USDX for June 21, 2016

The false breakout of last week has evolved into a full-scale bearish reversal and price has reached the previous low and 61.8% Fibonacci retracement. We are at critical support levels that if broken we could see the 92 level again if not lower.

analytics5768e486e407b.jpg

Red line trend line resistance

The Dollar index is trading below the 4-hour Kumo (cloud) resistance and has reached the 61.8% Fibonacci retracement again. A break below it will open the way for a deeper pullback and test of previous lows at 92.

analytics5768e4d5ad94c.jpg

The weekly chart is looking bearish after last week's candle rejection at the weekly Kumo (cloud) resistance. Unless we see a full bullish reversal and break above 96 this week, the trend will continue lower and may push price below 90. Important news this week are focused on the UK Referendum regarding a possible Brexit. Volatility is expected to spike at the end of the week.

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

Technical analysis of USD/CAD for June 21, 2016

General overview for 21/06/2016:

The zig-zag corrective structure had broken below the 61%Fibo at the level of 1.2818 and currently trades just above the intraday support at the level of 1.2769. A growing bullish divergence between the price and momentum oscillator is indicating a possible sharp move upward, which supports the view about the upward trend renewal. Only a clear violation of the level of 1.2653 would invalidate the bullish view.

Support/Resistance:

1.2654 - Wave X Bottom

1.2678 - WS1

1.2769 - Intraday Support

1.2818 - 61%Fibo

1.2860 - Intraday Resistance

1.2881 - Weekly Pivot

1.3015 - WR1

1.3080 - Wave 1 Top

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.

analytics5768e40bba500.jpg

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

Technical analysis of Gold for June 21, 2016

Gold price made a bearish reversal last week confirming a short-term top is in. Price reached the first important support area of $1,270-75 but I believe we should expect more downside in Gold price specially if we see a daily close below $1,270.

analytics5768e2fe1187f.jpg

Red horizontal line -support

Price is still trading above the 4-hour Kumo keeping the hopes for bulls alive for a move above $1,320. However, the reversal from last week is a strong indication that we should expect more downside closer to $1,250-45 specially if support at $1,270-76 breaks.

analytics5768e3471d4f6.jpg

We have a bearish divergence in the weekly chart and this is a warning sign for bulls. This could imply that a multi-week correction may start. First target is the $1,245-50 area but we should not rule out a bigger correction pullback towards the weekly Kumo at $1,180.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for June 21, 2016

analytics5768dd175cc7f.png

Wave summary:

We remain focused towards the ideal target at 1.5604 as wave (i) lower. After a correction to 1.6105 renewed downside pressure in wave (iii) is expected towards 1.4702 with the ideal target for wave C seen at 1.4471.

Short term, we expect minor resistance at 1.6015 to protect the upside for a break below minor support at 1.5825 confirming the decline to 1.5604 to finish wave (i).

Trading recommendation:

Stay short for a test of 1.5604 move stop to 1.6050. Take profit at 1.5625. If you are not short EUR yet, then sell near 1.6015 or upon a break below 1.5825 use the same stop and take profit levels.

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

Elliott wave analysis of EUR/JPY for June 21, 2016

analytics5768db641aaf8.png

Wave summary:

The ongoing rally of the 115.46 low continues to display impulsive characters indicating more upside to come. The deep correction from 119.14 to 117.30 indicates that wave iii will become an extended wave. Therefore we shall be looking for a rally in wave iii towards at least 122.14 and likely even higher towards 123.76 before wave iv will be ready to take over.

Short-term support is seen at 117.78 and will ideal protect the downside for the next rally above 119.14 towards 122.14, but only an unexpected break below 117.30 will be of concern.

Trading recommendation:

We are long EUR from 117.50 and will move the stop higher to 117.25. If you are not long EUR yet, then buy near 117.78 or upon a break above 118.65 and use the same stop at 117.25

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

Daily analysis of major pairs for June 21, 2016

EUR/USD: The pair also experienced a minor gap upwards; after which price got corrected. The outlook on the market remains neutral, until the resistance line at 1.1400 is breached to the upside, or the support line at 1.1150 is breached to the downside. Until this happens, the bias would remain neutral.

1.png

USD/CHF: This market is still in a sideways mode. The bias has become neutral in the short term and bearish in the medium term. There is a Bearish Confirmation Pattern on the 4-hour chart, and it is supposed that price would continue its southward journey when a breakout occurs in the market. However, a serious bearish movement on the EUR/USD pair could cause USD/CHF to rally.

2.png

GBP/USD: The GBP/USD pair, as well as some GBP pairs opened with gaps this week. This shows that there would be strong movements this week. Price went upwards by 250 pips on Monday, and the price action reveals that bulls are still willing to push the market further north. A bullish signal has already formed in the market.

3.png

USD/JPY: This currency trading instrument merely moved sideways on Monday. 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 103.50 and 103.00 would be reached.

4.png

EUR/JPY: There was a minor gap-up on this cross as well (at the open of the market). The upward attempt that was later seen last week could proffer 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 retested this week.

5.png

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

EUR/AUD Trading Recommendations for 21st June, 2016

analytics5768bcad69d8a.png

We can see that EUR/AUD is right on the major support now. It has formed a double bottom and is right on 'neckline' support. It's right on channel support, moving average support and fibonacci support (38% retracement). Along with that, it is also on stochastics (34) supports. We look to see a strong bounce from here to at least 1.5585

Trading recommendations:

Buy now

Stop loss at 1.5585

Take profit at 1.4890

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

NZD/USD Trading Recommendations for 21st June, 2016

analytics5768bbfa344cd.png

We can see the price being close to long-term channel resistance (0.7215) which is also a strong fractal resistance level. Along with this, stochastics (21) is also close to the strong 92% resistance level which we expect price to react off. 0.6850 is a fibonacci (62%) retracement level too so it is our first target.

Trading recommendations:

Sell now and another time when we are close to 0.7215

Stop loss if price breaks 0.7215

Take profit : 0.6850

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

Technical analysis of EUR/USD for June 21, 2016

!!!_EURUSD.jpg

When the European market opens, some economic news will be released such as ZEW Economic Sentiment, German ZEW Economic Sentiment, and German Constitutional Court Ruling. The US will not release any economic data but only Fed Chair Yellen Testifies. Therefore, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1378.

Strong Resistance:1.1371.

Original Resistance: 1.1360.

Inner Sell Area: 1.1349.

Target Inner Area: 1.1322.

Inner Buy Area: 1.1295.

Original Support: 1.1284.

Strong Support: 1.1273.

Breakout SELL Level: 1.1266.

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 21, 2016

2_USDJPY.jpg

In Asia, Japan will release the all Industries Activity index m/m and Monetary Policy Meeting Minutes. The US will not release any economic data but only Fed Chair Yellen Testifies. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 104.51.

Resistance. 2: 104.31.

Resistance. 1: 104.10.

Support. 1: 103.85.

Support. 2: 103.65.

Support. 3: 103.44.

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

Daily analysis of USDX for June 21, 2016

USDX is finding a strong support around the 93.43 level on H1 chart, where we're currently seeing a possible double bottom pattern. That would put us into a possible bullish scenario for coming days, at least to attempt to break the resistance level of 94.07. However, if the index does a consolidation below the 93.43 level, then it can test the 93.00 psychological level.

USDXH1.png

H1 chart's resistance levels: 93.82 / 94.07

H1 chart's support levels: 93.43 / 93.00

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 93.82, take profit is at 94.07, and stop loss is at 93.56.

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

Daily analysis of GBP/USD for June 21, 2016

On H1 chart, GBP/USD has been performing in favor of the bullish bias, as the recent polls favored for a possible "Bremain" option to be the winner this Thursday in the Referendum in UK. A bullish gap left at weekly opening hasn't filled yet. Eventually, the cable may find resistance around the 1.4730 level in order to pullback towards the 1.4464 at least. However, the bullish trend is very strong at this stage.

GBPUSDH1.png

H1 chart's resistance levels: 1.4730 / 1.4806

H1 chart's support levels: 1.4597 / 1.4464

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4730, take profit is at 1.4806 and stop loss is at 1.4652.

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

Daily analysis of Gold for June 20, 2016

GOLDH4.png

Overview

Since morning the gold price has been steadily trading sideways in a tight range above the EMA 50. Stochastic gets rid of its negativity and gathers clear positive momentum on the four-hour time frame, which forms a positive motive that we are waiting to help the price resume the expected bullish trend for the upcoming period. Therefore, our bullish overview will remain valid and active on the intraday and short-term bases. The price needs to breach the 1,303.58 level to reinforce the suggested positive scenario, which next target is located at 1,344.85. Achieving this level conditions holding above 1,276.40 and 1,243.17 levels. The expected trading range for today is between the 1,270.00 support and the 1,320.00 resistance.

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

Daily analysis of Silver for June 20, 2016

SILVERH4.png

Overview

The silver price shows sideways trading near the EMA50. Stochastic approaches from negative overlapping signal that might push the price to test the key support 17.00 before any new attempt to rise. In general, the bullish trend scenario is still valid and active on the intraday and short-term bases conditioned by the price stability above the mentioned level and supported by the EMA50. Our awaited targets begin at 18.00 and extend to 18.63. The expected trading range for today is between the 17.00 support and the 18.00 resistance. The material has been provided by InstaForex Company - www.instaforex.com