USD/CAD intraday technical levels and trading recommendations for June 27, 2016

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On May 16, 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.

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NZD/USD Intraday technical levels and trading recommendations for June 27, 2016

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Bullish persistence above 0.6550 (the depicted support) was necessary to keep the price moving towards higher bullish targets.

In February and March, signs of bearish rejection (triple-top reversal pattern) were expressed around the price level of 0.6750 until April when a bullish breakout above 0.6750 and 0.6860 was executed.

Later on May 6, daily candlestick closure below the 0.6850 level enhanced a quick bearish movement towards 0.6750 where bullish rejection was expected to be applied. However, obvious bearish closure below 0.6750 was achieved on May 24.

On May 30, obvious bullish rejection was expressed around the price level of 0.6675 (the lower limit of the depicted channel). That's why, the recent bullish breakout is taking place above 0.6860.

As long as the NZD/USD pair kept trading above 0.6860, further bullish advancement was expected towards the price zone around 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 especially after the recent signs of bearish rejection were expressed. T/P levels should be located at 0.6970, 0.6900 and 0.6850.

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.

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Intraday technical levels and trading recommendations for GBP/USD for June 27, 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 and a bullish engulfing weekly candlestick on February 26.

Bullish fixation above 1.4670 allowed further bullish advancement initially towards 1.4950 (Weekly Supply) where significant bearish rejection was expressed.

Currently, the price zone between 1.3845 and 1.3550 (Historical bottoms in January 2009) constituted a significant demand zone to be watched for bullish recovery. However, temporary bearish breakdown below 1.3550 is currently being executed.

Note that the price level of 1.4040 constitutes a recent Supply level to be watched for new SELL entries if bullish pullback extends above 1.3900.

On the other hand, bearish persistence below the demand level at 1.3550 allows further bearish decline towards 1.3050 (the nearest bearish projection target).

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Intraday technical levels and trading recommendations for EUR/USD for June 27, 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 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).

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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.

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, obvious 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 valid SELL entry. All T/P levels were successfully reached.

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

However, the price zone of 1.1000-1.0950 (previous consolidation range) constitutes a 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.

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Technical analysis of GBP/USD for June 27, 2016

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Overview:

  • The GBP/USD pair continues to move downwards from the level of 1.3419. Yesterday, the pair opened at the level of 1.3434 to the bottom around 1.3202. Today, the first resistance level is seen at 1.3282 followed by 1.3434, while daily support 1 is found at 1.3019.
  • Also, the level of 1.3292 represents a weekly pivot point for that it is acting as major resistance/support this week.
  • Amid the previous events, the pair is still in a downtrend, because the GBP/USD pair is trading in a bearish trend from the new resistance line of 1.3282 towards the first support level at 1.3019 in order to form a new double bottom.
  • If the pair succeeds to pass through the level of 1.3019, the market will indicate a bearish opportunity below the level of 1.3019.
  • Moreover, the price spot of 1.3292 and 1.3434 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.3292 is not breached.
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EUR/NZD analysis for June 27, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5590. There is strong supply in an ultra high volume in the background. According to the 30M time frame, I found that price is in a trading range. I found a symmetrical triangle. Therefore, the EUR/NZD is in a downward trend, I would look only for potential selling opportunities if the price breaks symmetrical triangle support (1.5570). Buying looks risky, watch for selling opportunities if the price breaks a symmetrical triangle.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5770

R2: 1.5860

R3: 1.6015

Support levels:

S1: 1.5465

S2: 1.5370

S3: 1.5220

Trading recommendations for today: Watch for selling opportunities if the price breaks support from the symmetrical triangle.

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Technical analysis of EUR/USD for June 27, 2016

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Overview:

  • The EUR/USD pair has dropped sharply from the level of 1.1427 towards 1.0911. Now, the price is set at 1.1007 to act as a daily pivot point. It should be noted that volatility is very high for that the EUR/USD pair is still moving between 1.1025 and 1.0911 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 1.1025 and 1.1104, which coincides with the first resistance and the 61.8% Fibonacci retracement level, respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the EUR/USD pair is continuing in a bearish trend from the new resistance of 1.1025. Thereupon, the price spot of 1.1025 and 1.1104 remains a significant resistance zone. Therefore, a possibility that the EUR/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.1025, sell below 1.1025 with the first targets at 1.0950 and 1.0911 (double bottom is seen at 1.0911). However, the stop loss should be located above the level of 1.1150.

Comment:

  • Volatility: 576.32.
  • As a rule, the market will be highly volatile if the last week has a huge volatility.
  • The strength of the trend is bearish.
  • The risk of 168 pips should make a profit of 252 pips (risk to reward ratio of 1:1.5 is recommended).
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Gold analysis for June 27, 2016

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Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,335.25 in a high volume. According to the 15M time frame, I found strong broken falling wedge formation (bullish pattern). My advice is to watch for buying opportunities on the dips. The first take profit level is set at the price of $1,357.00. I found lack of supply near the level of $1,322.50, which is a sign that the upward trend may continue.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,339.25

R2: 1.343.25

R3: 1,350.00

Support levels:

S1: 1,326.60

S2: 1,322.50

S3: 1,316.00

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

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Global macro overview for 27/06/2016

Global macro overview for 27/06/2016:

Last Friday, the US Durable and Core Durable Goods Orders data were released, and both of them failed to meet market expectations. The Durable Goods Orders decreased 2.2% in May, while the forecast stood at a 0.5% decline. At the same time, April's data was revised down from 3.4% to 3.3%, increasing the negative effect of the previous data. Moreover, the Durable Goods Core data, which excludes the transportation sector, also disappointed market participants, as they edged lower from 0.5% to -0.3%, while the forecast had been at the level of 0.1%. The main reason for such a negative result was the transportation sector that decreased 5.6% during the previous month. In conclusion, not a nice picture is being presented both from the Durable Goods data and the latest Manufacturing PMI data. It looks like the factory orders are unlikely to post significantly better numbers in the next few months.

Let's now take a look at the US Dollar index technical picture on the daily time frame. We can clearly see that after the Brexit, the bulls have managed to break out above the important resistance at the level of 95.97 and made another higher high. The next target for bulls is the test/breakout of the golden trend line around the level of 98.00.

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Global macro overview for 27/06/2016

Global macro overview for 27/06/2016:

In his first public speech after Brexit, UK finance minister George Osbourne said this morning, that the UK is ready to confront the future. Moreover, he admitted, that UK growth has been robust and the economy has to adjust to the current situation. The contingency plans are in place and the ongoing contract with BoE Carney will be continued, but they have agreed to further plans if needed. Currently, he awaits a new Prime Minister nomination before deciding on any action. And the last, but not least, the Article 50 should only be triggered when the UK has a clear view of the relation with EU. In conclusion, he delivered a typical cautious speech after the fundamental, game-changing event like Brexit. Wait-and-see approach is now all that UK politicians can do in the current situation.

Let's now, however, take a look at the GBP/USD technical picture in the daily time frame. A huge red down candle makes clear that bears are in control over this market and they might try to test/breakout the level of local support at 1.3230. The most important resistnace is seen at the level of 1.3836.

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Technical analysis of EUR/JPY for June 27, 2016

General overview for 27/06/2016:

The market is trying to complete the wave (Z) of the overall corrective structure in wave B before the uptrend will eventually resume. The most important level for bulls is the technical resistance at the level of 115.48 as any breakout above this level opens the road towards the wave (X) last top. Currently, the pair is trading below the weekly pivot at the level of 114.13 and more downside slide is being expected as wave (Z) hasn't been completed yet.

Support/Resistance:

109.55 - Brexit Low

111.63 - Intraday Support

113.22 - Intraday Resistance

114.13 - Weekly Pivot

115.48 - Technical Resistance

118.71 - WR1

Trading recommendations:

All sell orders from the last week might be kept open as long as the level of 1.15.48 is not clearly violated. New sell orders should be added between the levels of 113.22 - 114.13.

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Technical analysis of USD/CAD for June 27, 2016

General overview for 27/06/2016:

The impulsive wave to the upside is developing as anticipated before with the top of wave iii at the level of 1.3097. Currently, the market is in a corrective cycle with wave iv/a already completed. Nevertheless, this internal correction might evolve into a more complex and time-consuming cycle, for example, a triangle formation. Moreover, any violation of the level of 1.28000 will invalidate the impulsive wave progression.

Support/Resistance:

1.3097 - Intraday Resistance

1.2960 - Weekly Pivot

1.2900 - Wave iv Low

1.2858 - Intraday Support

1.2800 - Wave i Top | Invalidation Level |

Trading recommendations:

All buy orders from the last week might be kept open as long as the level of 1.2800 is not clearly violated. New buy orders should be added between the levels of 1.2900 - 1.3097.

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Technical analysis of USDX for June 27, 2016

This week has started with a gap up as the Dollar is opening the week with a bullish note. We could see a pullback today or even tomorrow in order to fill the gap but the overall trend remains bullish.

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The Dollar index retraced the 50% of the rise and is now moving higher once again. Price is making higher highs and higher lows. The breakout above 96 is an important bullish medium-term sign. Short-term support is found at 95.66 where the gap gets filled.

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This week's candle is trading above the kijun-sen (yellow line indicator) and inside the weekly Kumo (cloud). A break above the cloud will be a bullish sign that will imply new highs will be seen above 101-102. Trend remains bullish as long as price is above 93.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Gold for June 27, 2016

Gold is still consolidating in a sideways movement as we expected after the big upward spike following the result of the UK referendum. The price is expected to continue higher towards $1,400. The medium-term trend remains bullish as long as the price is above $1,250 targeting $1,400 and higher.

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Green horizontal line - short-term support

Gold is trading above the short-term support of $1,314 and above the 4-hour Kumo confirming the trend is bullish in all time frames. A break below $1,314 will change the short-term trend to bearish and could push the price towards $1,290 where cloud support is found.

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Green line - weekly support

The weekly chart remains bullish as long as the price is above $1,250. The low from last week is the most important level for the long and medium-term trend. Breaking below $1,250 could push the price towards $1,150. However, my preferred scenario sees gold moving soon towards $1,400-$1,450.

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Elliott wave analysis of EUR/NZD for June 27 - 2016

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Wave summary:

Wave (ii) has turned into an expanded flat correction. We have waves a and b in place and are looking for wave c higher to 1.5935 and maybe even closer to 1.6005 before wave (iii) lower towards 1.4490 takes over.

When a second wave turns into an expanded flat correction, an extended third wave should always be expected, and the first extension target is seen at 1.4490.

In the short term, look for a break above minor resistance at 1.5684 confirming the minor rally higher to 1.5935 before a move lower again.

Trading recommendation:

We will sell EUR at 1.5935 with stop placed at 1.6035.

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Elliott wave analysis of EUR/JPY for June 27 - 2016

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Wave summary:

We continue to look for more downside closer to 107.87 to complete wave iii and set the stage for a complex but shallow correction in wave iv.

In the short term, we will ideally see minor resistance at 112.60 protect the upside for more downside pressure towards the ideal target for wave iii at 107.87.

Trading recommendation:

Sell EUR upon a break below support at 111.58 with stop placed at 113.35 and take profit at 108.10.

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

Technical analysis of AUD/USD for June 27, 2016

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AUD/USD is expected to trade with a bullish bias above 0.7370. Though the pair slumped to a day-low of 0.7302 on Friday, it rebounded to a reaction high of 0.7510 before encountering resistance. Currently, it remains in a consolidation phase while trading above the key support at 0.7370. The intraday relative strength index stands below the neutrality level of 50 showing the possibility of a continued consolidation. In case the pair emerges on the upside upon finishing the consolidation, it could re-test the first upside target at 0.7510.

Trading 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 0.7510 and the second one at 0.7580. In the alternative scenario, short positions are recommended with the first target at 0.7300 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 0.7260. The pivot point is at 0.737.

Resistance levels: 0.7510, 0.7580, 0.7615

Support levels: 0.73, 0.7260, 0.72

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Technical analysis of GBP/USD for June 27, 2016

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GBP/USD is under pressure and extends its downside movement due to the decision by UK voters to exit the European Union. The pair has been capped by 20-period and 50-period moving averages and remains on the downside. At the same time, both the 20-period and 50-period moving averages are heading downward. Besides, the relative strength index is bearish below its neutrality area at 50 and calls for further downside. To conclude, the first target to the downside is set at 1.3230. A break below this level would open the way to further weakness toward 1.3155.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 1.3230. A break below this target will move the pair further downwards to 1.3155. The pivot point stands at 1.3790. 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 1.4 and the second one at 1.41.

Resistance levels: 1.400, 1.4100, 1.4300

Support levels: 1.3230, 1.3155, 1.31

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

Technical analysis of USD/JPY for June 27, 2016

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USD/JPY is under pressure as the key resistance is at 103.30. On Friday, the decision by UK voters to exit the European Union sent shockwaves across global financial markets. The British pound once dived 12.0% from the session's high (1.5018) to 1.3224 against the US dollar, the lowest level since 1985. GBP/USD eventually ended the session 8.1% lower at 1.3678. This morning, the pair dropped 2.0% further to 1.3408.

Global stock markets tumbled following the surprise victory of the "Brexit" camp. The Dow Jones Industrial Average dropped 3.4% to 17400, the S&P 500 lost 3.6% to settle at 2037, and the Nasdaq Composite was down 4.1% to 4707. However, those losses, the largest since August 2015, were mild relative to the ones in Europe, as the Stoxx Europe 600 slumped 7.0%, the biggest one-day decline since the 2008 financial crisis.

As safe-haven assets were in demand in the turbulent trading session, a buying spree was spotted for US government bonds, with the benchmark 10-year treasury yield falling sharply to 1.577% from 1.741% Thursday. Gold soared 4.8% to $1315 an ounce (day-high at $1358), while silver was up 2.4% to $17.69 an ounce (day-high at $18.31). Meanwhile, Nymex crude oil plunged 4.9% to $47.64 a barrel.

Amid huge market volatility, the US dollar and the Japanese yen received bids. The ICE Dollar Index gained 2.1% to 95.45 (day-high at 96.70), as EUR/USD sank 2.4% to 1.1115 (day-low at 1.0909). On the other hand, USD/JPY shed 6.6% to 99.08, the lowest level since November 2013, before settling 3.7% lower at 102.19.

Commodities-linked currencies gave back the gains accumulated several sessions earlier, with USD/CAD surging 1.9% to 1.3001 (day-high at 1.3097), AUD/USD plunging 2.1% to 0.7458 (day-low at 0.7302) and NZD/USD giving up 1.7% to 0.7130 (day-low at 0.6976).

Traders are bracing for further turbulence generated by political and economic uncertainties in both the UK and Europe. The pair rebounded to 103.26 on Friday after plunging to a day-low of 99.08. Currently, the pair is trading around the 20-period (30-minute chart) moving average while the narrowing of the Bollinger bands suggests diminished volatility. Meanwhile, the intraday bearish bias is maintained by the descending 50-period moving average. As long as the key resistance at 103.30 is not surpassed, the pair could re-visit 100.85 and 100 on the downside.

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 100.85. A break below this target will move the pair further downwards to 100.00. The pivot point stands at 103.30. 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 and the second one at 106.15.

Resistance levels: 105.00, 106.15, 107.00

Support levels: 100.85, 100.00, 99.45

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Technical analysis of USD/CHF for June 27, 2016

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USD/CHF is expected to trade in the upside as the bias remains bullish. The pair stands firmly above its horizontal support at 0.9630 and is likely to post further advance. At the same time, the relative strength index lacks downward momentum. In conclusion, as long as 0.9630 is not broken, further upside is expected with the next horizontal resistance at 0.9800 and 0.9840 in extension.

Trading 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 0.98 and the second one at 0.984. In the alternative scenario, short positions are recommended with the first target at 0.9586 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 0.9515. The pivot point is at 0.9630.

Resistance levels: 0.980, 0.9840, 0.9910

Support levels: 0.9585, 0.9515, 0.9450

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Technical analysis of NZD/USD for June 27, 2016

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NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair has reversed up and is likely to challenge the horizontal resistance at 0.7200 in sight. Meanwhile, a bullish cross has been identified between the 20-period and 50-period moving averages. Even though a continuation of the consolidation cannot be ruled out at the current stage, its extent should be limited. To sum up, as long as 0.7030 holds on the downside, we are positive and expect a bounce to 0.7150 and 0.72 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 0.7150 and the second one at 0.72. In the alternative scenario, short positions are recommended with the first target at 0.6970 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 0.6930. The pivot point is at 0.703.

Resistance levels: 0.7150, 0.72, 0.7245

Support levels: 0.6970, 0.6930, 0.6815

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

Technical analysis of GBP/JPY for June 27, 2016

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GBP/JPY is under pressure. The decision by UK voters to exit the European Union sent shockwaves across global financial markets. The pair stays below 147.50 and remains capped by the 50-period moving average. The relative strength index is badly directed. As long as 147.50 holds as the key resistance, a drop toward 133.30 and even 131.90 is possible.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 133.30. A break below this target will move the pair further downwards to 131.90. The pivot point stands at 147.50. 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 153 and the second one, at 156.30.

Resistance levels: 153.00, 156.30, 157

Support levels: 133.30, 131.90, 130

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Technical analysis of EUR/USD for June 27, 2016

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When the European market opens, some economic news will be released such as Private Loans y/y and M3 Money Supply y/y. The US will release economic data too such as the Flash Services PMI and Goods Trade Balance. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1092.

Strong Resistance: 1.1086.

Original Resistance: 1.1075.

Inner Sell Area: 1.1064.

Target Inner Area: 1.1038.

Inner Buy Area: 1.1012.

Original Support: 1.1001.

Strong Support: 1.0990.

Breakout SELL Level: 1.0984.

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.

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Technical analysis of USD/JPY for June 27, 2016

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In Asia, Japan will not release any economic data, but the US will release some economic data such as the Flash Services PMI and Goods Trade Balance. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 102.72.

Resistance. 2: 102.52.

Resistance. 1: 102.32.

Support. 1: 102.07.

Support. 2: 102.87.

Support. 3: 101.67.

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.

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Daily analysis of major pairs for June 27, 2016

EUR/USD: Last Friday, this pair underwent its largest single-day pulldown this year, and this has resulted in a Bearish Confirmation Pattern on the chart. Since the outlook on the EUR/USD is bearish this week, further downward movement could be seen, which means the support lines at 1.1050 and 1.0000 would be reached this week. Those support lines were tested last week.

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USD/CHF: As it was forecast last Friday, this market, which was previously flat as a result of inertia, was forced upwards by a strong bearish pressure on the EUR/USD. The price went upwards by 250 pips, before getting corrected by 100 pips. The movement on this market this week would be largely determined by whatever happens to the EUR/USD. A continuous southward journey on the EUR/USD could result in a sustained rally on the USD/CHF.

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GBP/USD: On Friday, June 24, 2016, the GBP/USD experienced its strongest bearish movement in recent years. The price dropped by 1,700 pips, reaching the low of 1.3230. The price later performed a 500-pip bullish correction, later closing at 1.3682 that Friday. The outlook on GBP pairs is bearish, and further movement to the south is expected this week, which would be at least 400 pips on the GBP/USD.

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USD/JPY: Britain's decision to leave the EU had bearish effects on JPY pairs, and that was exactly what brought about a bearish momentum on the USD/JPY, which was consolidating in the context of a downtrend prior to that time. What happened to this market on Friday simply brought more emphasis on the long-term bearish trend, which is also visible on the daily and weekly charts. The 700-pip decline that was witnessed on Friday would bring about a rally within the next several trading days, because important demand zones have been challenged.

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EUR/JPY: On Friday, June 24, 2016, the EUR/JPY experienced its strongest bearish movement this year. The price dropped by 1,200 pips, reaching the low of 109.57. The price later performed a 450-pip bullish correction, later closing at 113.48 that Friday. The outlook on JPY pairs is bearish, and further movement to the south is expected this week, which would be at least 300 pips on the EUR/JPY.

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Daily analysis of USDX for June 27, 2016

The H1 chart structure is showing a bullish pattern in formation above the support level of 95.20, after a reaction higher by the Brexit referendum's results. This put the Index into a very strong bullish scenario above the 200 SMA, and a possible breakout above the 95.89 level will open the doors to test the 96.60 level. The MACD indicator remains in negative territory, favoring a deeper correction towards the 94.71 level.

USDXH1.png

H1 chart's resistance levels: 95.89 / 96.60

H1 chart's support levels: 95.20 / 94.71

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 95.89, take profit is at 96.60, and stop loss is at 95.18.

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

Daily analysis of GBP/USD for June 27, 2016

The "Brexit" has been decided by UK citizens, and markets around the globe started to show huge volatile moves. GBP/USD is the main one that felt the consequences of that decision. Currently, the pair is trading into historical lows and is finding support at the 1.3653 level. To trade the Cable during this week at least, it should be advisable to be cautious, as the closest support and resistance levels are so far. If the pair manages to break the 1.3653 level, then it could test the 1.3380 level.

GBPUSDH1.png

H1 chart's resistance levels: 1.3912 / 1.4108

H1 chart's support levels: 1.3653 / 1.3380

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 1.3653, take profit is at 1.3380 and stop loss is at 1.3920.

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