Silver Technical Analysis for June 23, 2016.

Technical outlook and chart setups:

Silver is seen to be trading at $17.30 levels at the moment, might be looking to print another intermediary high before $17.80 level before reversing lower. The wave structure indicates that Silver should remain below $18.00 level and push towards $16.50 level at least. Please note that the possibility still remains for a deeper correction towards $15.30 level as well before the metal turns bullish for medium term. It is hence recommended to remain short with risk at $18.30 level for now. Immediate resistance is seen at $18.00 level, while support is seen at $17.00 level respectively. The metal should be looking to form bottom at $16.50 or produce a deeper correction towards $15.30 levels.

Trading recommendations:

Remain short for now, stop at $18.30, a target is open.

Good luck!

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Gold Technical Analysis for June 23, 2016.

Technical outlook and chart setups:

Gold is trading lower for the day at $1,260.00 levels at this moment, looking to pullback higher at least towards $1,273.00 level. The wave structure indicates that a meaningful top was formed at $1,315.00 level earlier and the drop since then has unfolded into 3 waves as depicted here. If the yellow metal is seen reversing again from $1,273.00/74.00 levels (which is the projection of wave 4), and manages to print lower lows; an impulse 5 wave structure would be ready and confirm that the metal is setting up for a deeper correction. If the above wave count holds true, the metal should not exceed $1,315.00 levels going forward. It is recommended to book profits on short positions taken earlier and remain flat for now. We shall wait for a bearish reversal to again enter short positions. Immediate support is seen at $1.235.00/40.00 levels, while resistance is at $1,315.00 levels respectively.

Trading recommendations:

Please book profits on short positions taken earlier and look to go short at $1,273.00/74.00 on a bearish reversal, stop at $1,320.00, a target would remain open.

Good luck!

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USD/CAD intraday technical levels and trading recommendations for June 23, 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) was considered for another SELL entry. It's already running in profits now. S/L should be lowered to 1.3000 to offset the associated risk.

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 EUR/USD for June 23, 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, 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. That's why, temporary bearish breakdown of 1.1200 took place on June 16

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

Any bullish pullback towards the zone of 1.1400 should be watched for a valid SELL entry. S/L should be placed above 1.1460.

On the other hand, bearish persistence below 1.1220 (recent key level) is needed to maintain enough bearish momentum towards 1.1000.

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Intraday technical levels and trading recommendations for GBP/USD for June 23, 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.

When the GBP/USD pair was trading below the levels of 1.4670 and 1.4480, next bearish destinations were located at 1.4100, 1.4050 where the depicted bullish hammer weekly candlestick was initiated.

Currently, the weekly chart illustrates an inverted head and shoulder reversal pattern. The neckline for which is located around 1.4480-1.4670. Final bullish target would be located at 1.5250.

That's why, Bullish fixation above 1.4670 brings further bullish advancement initially towards 1.4950 where temporary bearish rejection should be expected.

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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.

The price zone between 1.4670-1.4700 (61.8% Fibonacci level) failed to apply significant bearish rejection.

Instead, bullish persistence above 1.4670-1.4700 allowed further bullish advancement towards 1.4950 (79.6% Fibonacci Level) where temporary bearish rejection should be expected.

Currently, the price zone between 1.4670-1.4700 (61.8% Fibonacci level) constitutes a new demand level to be watched for a valid buy entry if bearish pullback takes place.

On the other hand, bullish persistence above 1.4950 allows further bullish advancement towards 1.5250 (Projection target for the reversal pattern).

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EUR/NZD analysis for June 23, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5755. According to the 15M time frame, I found a bearish engulfing pattern in a high volume. I found rejection from 200SMA. Be careful when buying EUR/NZD at this stage and watch for selling opportunities. I have placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 61.8% at the price of 1.5710 and Fibonacci expansion 100% at the price of $1,5670.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5975

R2: 1.5815

R3: 1.5840

Support levels:

S1: 1.5735

S2: 1.5720

S3: 1.5690

Trading recommendations for today: Watch for selling opportunities on the pullbacks.

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

Gold analysis for June 23, 2016

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Since our previous analysis, gold has been trading downward. As I expected, the price tested the level of $1,257.42 in a high volume. According to the daily time frame, I found 50-simple moving average on the test. According to the 4H time frame, there is 200-simple moving average on the test. So, be careful when selling at this stage, since we may see potential upward reaction. I found supply trendline according to the 4H time frame, watch for potential breakout of trend line to confirm a further upward movement. The first upward target is set at the price of $1,271.00

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,271.00

R2: 1.274.00

R3: 1,278.50

Support levels:

S1: 1,262.50

S2: 1,260.00

S3: 1,255.60

Trading recommendations for today: Selling gold looks risky at this stage. So, watch for potential buying opportunities.

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

Technical analysis of NZD/USD for June 23, 2016

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Overview:

  • The NZD/USD pair faced resistance at the level of 0.7261, while minor resistance is seen at 0.7237. Support is found at the levels of 0.7200 and 0.7164. Yesterday, the USD/CHF pair continued to move upwards from the level of 0.7164. The pair rose from the level of 0.7164 to the top around 0.7244. In consequence, the NZD/USD pair broke resistance, which turned strong support at the level of 0.7164. Today, the level of 0.7164 is expected to act as major support. Thus, we expect the USD/CHF pair to continue moving in the bullish trend from the support level of 0.7200 towards the target level of 0.7261. If the pair fails in passing through the level of 0.7261, the market will indicate the bearish opportunity below the level of 0.7261 because it remains a significant resistance area. However, the price zone of 0.7261 remains a significant resistance zone. So, the trend will probably be rebounded again from the double top as long as the level of 0.7261 is not breached. In other words, sell orders are recommended below the price of 0.7261 with the first target at the level of 0.7164.
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Daily analysis of major pairs for June 23, 2016

EUR/USD: Following the gap up that happened on Monday, the EUR/USD pair has come down a bit, affecting the neutrality of the market. For a bullish bias to form, the price needs to go above the resistance line at 1.4000; and for a bearish bias to form, the price needs to go below the support line at 1.1150. This is what would bring a Bearish or a Bullish Confirmation Pattern.

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USD/CHF: This is a flat market, only moving sideways in the context of a downtrend. A breakout is imminent, which would most probably favor bulls in case the EUR/USD pair nosedives. A movement above the resistance levels at 0.9750 and 0.9850, would result in a new clear bullish outlook.

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GBP/USD: The Cable is in a bullish mode, though the price has moved only sideways in the last two trading days. Today's price could be influenced by the fundamental figures coming out of the UK, which would have impact on the GBP pairs. The cable could trend seriously upwards or downwards, reinforcing the existing bullish mode or resulting in a bearish mode.

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USD/JPY: This currency trading instrument merely moved sideways on Wednesday. There is going to be a breakout any time, which would most probably favor bears since the outlook on the JPY pairs remains bearish. The demand levels at 104.00 and 103.50 would be reached.

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EUR/JPY: There is still a Bearish Confirmation Pattern on this cross. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. The price has consolidated so far this week, and when momentum returns to the market, it would most likely favor bears. The price could reach the demand zone at 117.00 and 116.50 later.

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Technical analysis of USD/CHF for June 23, 2016

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Overview:

  • The USD/CHF pair continues to move downwards from the level of 0.9617. This week, the pair dropped from the level of 0.9617 to the bottom around 0.9520. Now, the price is set at 0.9544. The resistance is seen at the level of 0.9585 and 0.9617. Moreover, the price area of 0.9580 and 0.9617 remains a significant resistance zone.
  • In the H1 time frame, the first support level is seen at 0.9502, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.9617, which coincides with the 38.2% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the USD/EUR pair breaks the first support at 0.9502, the market will decline further to 0.9435 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9585 with the first target at 0.9502 and further to 0.9435. However, stop loss is to be placed above the price of 0.9630
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Technical analysis of USDX for June 23, 2016

The Dollar index is back at its support of 93.50 and 61.8% Fibonacci retracement. The trend remains bearish. A test of 92 seems unavoidable. The result of the UK referendum will also be an important catalyst for the future trend.

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Red line - resistance

The Dollar index is trading below the resistance trend line and below the 4-hour Kumo (cloud). Support is at 61.8% and next at 78.6% at 92.80. The trend is bearish as long as the price is below 94.70.

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Red line - trend line resistance

The weekly chart remains bearish as the price got rejected and has broken below the weekly Kumo, trading below the red trend line resistance. The UK referendum will be a catalyst for the future trend of the Dollar index, so we should be patient and wait for the dust to settle after the referendum for a clearer view.

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Technical analysis of Gold for June 23, 2016

Gold is showing signs of a bounce that could at least push the price higher towards $1,280. The price has retraced as far as the 50% Fibo level of the entire rise from $1,200, and we should consider long positions with stops at $1,260 as we could see a bigger upside reversal.

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Blue lines - bearish channel

Gold is trading below the Ichimoku cloud on the 4-hour chart and inside the bearish channel. The price has reached the 50% Fibonacci retracement and started to bounce. At least a short-term low is in place, so we could first see a bounce to $1,280.

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The weekly candle remains above the tenkan-sen (red line indicator) support at $1,258. We have a triple divergence in the RSI and the stochastic oscillator. This points lower for the weeks to come unless we see a sharp rise and a new higher high over the coming days.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for June 23 - 2016

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Wave summary:

We continue to look for the final spike lower to 1.5604 to complete wave (i). After a relief rally to 1.6040, renewed downside pressure will be expected for the next impulsive decline in wave (iii) towards 1.4702.

The ideal target for wave C is seen at 144.71.

Trading recommendation:

Stay short in EUR and move your stop lower to 1.5875. Keep take profit at 1.5625.

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

Elliott wave analysis of EUR/JPY for June 23 - 2016

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Wave summary:

The failure to break above resistance at 119.14 indicates that the correction in wave [ii] wasn't over yet, and wave c of [ii] lower to 117.25 should still be expected. From support near 117.25 or a direct break above resistance at 118.82, the next strong rally higher to 122.14 and above is likely.

Trading recommendation:

We will take profit on our long EUR position from 117.50 here at 118.38 and re-buy EUR at 117.35 or upon a break above 118.82.

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Technical analysis of EUR/USD for June 23, 2016

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When the European market opens, some economic news will be released such as the Belgian NBB Business Climate, Long Term Refinancing Option, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI. The US will release economic data too such as the Natural Gas Storage, CB Leading Index m/m, New Home Sales, Flash Manufacturing PMI, and Unemployment Claims. So amid the reports, EUR/USD will move with medium to high volatility during the Brexit Vote today.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1382.

Strong Resistance: 1.1375.

Original Resistance: 1.1364.

Inner Sell Area: 1.1353.

Target Inner Area: 1.1326.

Inner Buy Area: 1.1299.

Original Support: 1.1288.

Strong Support: 1.1277.

Breakout SELL Level: 1.1270.

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 23, 2016

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In Asia, Japan will release the Flash Manufacturing PMI, and the US will release some economic data such as the Natural Gas Storage, CB Leading Index m/m, New Home Sales, Flash Manufacturing PMI, and Unemployment Claims. So there is a probability the USD/JPY will move with medium to high volatility during the Brexit Vote today.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 105.26.

Resistance. 2: 105.05.

Resistance. 1: 104.85.

Support. 1: 104.59.

Support. 2: 104.39.

Support. 3: 104.18.

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 trading recommendation for 23rd June 2016

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The key idea here is to wait for the price to make a push down to the 1.0450 level, which is a beautiful graphical support, and this would correspond with the ascending support seen on the RSI, too. From there, we can take a long position for a rise to 1.0500 first before 1.0550.

Trading recommendations:

Buy at 1.0450

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 23rd June 2016

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We can see a wedge reversal in place, but we will not take a trade unless the price breaks the 0.7155 level. If the price breaks the 0.7155 level, it would correspond with a strong break of the RSI (21) ascending support level and from there, we can see a strong correction down to 0.7100.

Trading recommendations:

Sell limit at 0.7155

Stop loss at 0.7215

Take profit at 0.7100

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

Daily analysis of USDX for June 23, 2016

The index declines ahead of Brexit referendum in the UK. Currently, we can find a support around the 93.43 level, which is a major bottom for the USDX. Overall scenario remains in sideways, and 200 SMA can push lower to test that support mentioned above and then decline towards the 93.02 level. However, a bullish scenario is calling for a breakout of the 94.07 level in order to reach the 94.50 price zone.

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H1 chart's resistance levels: 93.82 / 94.07

H1 chart's support levels: 93.43 / 93.02

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 23, 2016

Today is the Brexit's referendum day and markets will keep an eye on the latest updates about the results and how the polls' sentiment will be favoring to the "Remain" or "Leave" options. GBP/USD, as the major GBP pair, is expected to experience huge volatility during this day and tomorrow morning at least, as the results come. Today it's better to refrain from taking intraday positions, as the cable is likely to have irregular moves during sessions. On a technical basis, we should note that a strong resistance is placed around the 1.4750 level and one key support lies at the 1.4464 level where the 200 SMA is located.

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H1 chart's resistance levels: 1.4730 / 1.4806

H1 chart's support levels: 1.4597 / 1.4464

Trading recommendations for today: We don't recommend to hold positions on GBP/USD today because of Brexit Referendum.

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