Daily analysis of Gold for June 24, 2016

GOLDH4.png

Overview

The gold price traded with slight negativity yesterday, approaching gradually from our awaited target at 1,243.17. We remind you that the current decline is temporary and the price is likely to rebound bullishly resuming the main bullish trend, supported by stochastic reaching the oversold areas' thresholds. Therefore, we still forecast bearish bias on the intraday basis, noting that a break of the 1,243.17 level will put the price under more negative pressure that will lead the price to 1,205.80; while a breach of 1,278.00 represents a positive factor that will allow the price to regain the main bullish track. The expected trading range for today is between the 1,243.17 support and the 1,280.00 resistance.

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

Daily analysis of Silver for June 24, 2016

SILVERH4.png

Overview

The silver price has achieved strong gains this morning and managed to touch our first main awaited target at 18.00 as it has attempted to breach it and settled around it now. This supports our expectations for bullish trend continuation for the upcoming period. The price needs a daily close above the mentioned level to confirm heading towards our next target located at 18.63. Note that a break of 17.00 levels will push the price to return to the correctional bearish track, which next target is located at 16.37. The expected trading range for today is between the 17.00 support and the 17.70 resistance.

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

NZD/USD Intraday technical levels and trading recommendations for June 24, 2016

analytics576d53c914607.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 (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 around 0.7200 (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 are 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 bearish pullback persists below 0.7000.

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

USD/CAD intraday technical levels and trading recommendations for June 24, 2016

analytics576d50e17fe89.pnganalytics576d50ebdf9e1.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 current bullish pullback towards the price level of 1.3000-1.3070 (61.8% Fibonacci level) should be considered for another SELL entry. S/L should be placed above 1.3150. Initial T/P levels should be located at 1.2820 and 1.2710.

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

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

Intraday technical levels and trading recommendations for EUR/USD for June 24, 2016

analytics576d37c73d53d.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 monthly candlesticks of May and June).

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 (low probability).

analytics576d37d29bde6.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. That is 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.

As anticipated, the recent bullish pullback towards the zone of 1.1400 offered a profitable SELL entry. All T/P levels were successfully reached.

Note that the long-term outlook for the EUR/USD pair remains bearish according to the monthly chart.

However, the price zone of 1.1000-1.0950 (previous consolidation range) constitutes a significant demand zone to offer a short-term BUY entry.

T/P levels to be located at 1.1110, 1.1180 and 1.1220 while S/L should be located below 1.0890.

On the other hand, bearish fixation below 1.1000 allows a quick bearish decline towards 1.0820 to occur.

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