NZD/USD Intraday technical levels and trading recommendations for June 28, 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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USD/CAD intraday technical levels and trading recommendations for June 28, 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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Intraday technical levels and trading recommendations for GBP/USD for June 28, 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 zone of 1.3845-1.4040 constitutes a recent Supply Zone to be watched for new SELL entries if bullish pullback extends above 1.3550.

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 28, 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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EUR/NZD analysis for June 28, 2016

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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5769 in a low volume. There is the strong supply in the background and I found normal reaction (bullish correction). Be careful when buying EUR/NZD at this stage, since I expect a lower price and potential re-test of the low at 1.5450. The trend is downward. I found an upward trend line, watch for a potential breakout of upward trendline to confirm further downward movement.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5770

R2: 1.5830

R3: 1.5920

Support levels:

S1: 1.5580

S2: 1.5525

S3: 1.5430

Trading recommendations for today: Watch for selling opportunities.

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EURUSD Technical Analysis for June 28, 2016.

Technical outlook and chart setups:

The EURUSD pair has dropped lower to 1.0925 levels last week before pulling back sharply. The pair should be looking to rally towards 1.1225/30 levels, which is the Fibonacci 0.618 resistance of the drop between 1.1425 and 1.0925 levels. The wave structure indicates that the downtrend is set and the pair should be printing lower lows and lower highs targeting below 1.0400 levels, going forward. The current pullback rally towards 1.1228 levels should be taken as an opportunity to re-enter short positions. Immediate resistance is seen at 1.1230 levels, while support is at 1.0930 levels. Bears are expected to take back control anytime going forward; selling on rallies should remain a favored strategy.

Trading recommendations:

Remain flat for now, look to sell around 1.1230 levels.

Good luck!

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USDJPY Technical Analysis for June 28, 2016.

Technical outlook and chart setups:

The USDJPY pair seems to have completed its deep corrective drop between 126.00 and 99.30 levels as depicted on the weekly chart here (a-b-c). The wave structure reveals that the pair has rallied from 75.00 to 125.00 levels in 5 waves (impulse) earlier. It has now produced a 3-wave corrective decline to 99.30 levels, which is the Fibonacci 50% support of the entire rally. The next possible move from here should be downwards. The pair is already seen to be trading at 102.30 levels at the moment. It is hence recommended to remain long from here on with risk below 99.00 levels. Immediate support is seen at 99.30 levels, while resistance is at 107.00 levels. Bulls are expected to take control back from here.

Trading recommendations:

Remain long now, stop at 99.00, target is open.

Good luck!

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Crude Oil Technical Analysis for June 28, 2016.

Technical outlook and chart setups:

Crude oil has already resumed its downtrend, possibly wave 5, which is setting up for a drop below 26.00 levels going forward. The journey has begun from 51.50 levels, and the price is now trading around 47.50 levels, after hitting fresh lows at 45.80 earlier. Please note that this counter-trend movement has a potential to rally to 48.70 levels, which is also the Fibonacci 0.618 resistance of the drop between 50.50 and 45.80 levels. Bulls are expected to remain in control in the short term, before letting bears take control back. It is recommended to remain flat for now and wait for prices to reach 48.70 levels, before taking short positions. Immediate support is seen at 45.80 levels, while resistance is at 48.80 levels.

Trading recommendations:

Remain flat for now, look to sell higher at 48.70 levels.

Good luck!

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US Dollar Index Technical Analysis for June 28, 2016.

Technical outlook and chart setups:

The US Dollar Index rallied up to 96.70 levels last week, but it has been drifting sideways since then. The index is looking to produce a flat A-B-C structure and form a bottom around 94.80/95.00 levels before resuming its rally again. Please note that it can also drop towards 94.40/50 levels, which is the Fibonacci 0.618 support of the rally between 93.00 and 96.70 levels. In either case, it is recommended to buy on dips from here on with risk below 93.00 levels. Immediate support is seen at 93.00 levels, while resistance is at 98.50 levels as seen here. Please note that the US Dollar Index seems to be potentially heading towards 98.50 and above 100.00 levels.

Trading recommendations:

Look to buy around 94.80/50 levels, stop at 93.00, target is 98.50 at least.

Good luck!

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Gold analysis for June 28 , 2016

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Since our previous analysis, gold has been trading downwards. The price tested the level of $1,305.25 in a low volume. According to the 4H time frame, I found a strong upward trend in the background. The price went into a bearish correction, which is a normal reaction after the massive demand in the background. I found testing of 21SMA, Fibonacci retracement retracement 50% and Fibonacci expansion 61.8%. Be careful when selling gold at this stage. We may see further upward continuation. A target is set at the price of $1,358.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,331.00

R2: 1.334.00

R3: 1,338.00

Support levels:

S1: 1,322.50

S2: 1,319.40

S3: 1,314.90

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

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Technical analysis of NZD/USD for June 28, 2016

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Overview:

  • The NZD/USD pair movement was debatable as it took place in a narrow sideways channel for a while. The market showed signs of instability. Amid the previous events, the price is still moving between the levels of 0.7131 and 0.6962. The daily resistance and support are seen at the levels of 0.7131 and 0.6962 respectively. In consequence, it is recommended to be cautious while placing orders in this area. Thus, we should wait until the sideways channel has completed. So, the strong support has been already faced at the level of 0.6962 and the pair is likely to try to approach it in order to test it again and form a double bottom. Hence, the USD/CHF pair is continuing to trade in a bullish trend from the new support level of 0.6962; to form a bullish channel. Then, we may anticipate potential testing of 0.7130 (50% of Fibonacci Expansion) to take place soon. Moreover, if the pair succeeds in passing through the level of 0.7130, the market will indicate a bullish opportunity above the level of 0.7170. A breakout of that target will move the pair further upwards to 0.7227. However, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss below the last bearish wave at the level of 0.6904.
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Technical analysis of USD/CHF for June 28, 2016

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Overview:

  • The USD/CHF pair broke resistance which turned to strong support at the level of 0.9694 last week. The level of 0.9694 coincides with a golden ratio (61.8% of Fibonacci), which is expected to act as major support today. On the one-hour chart, the USD/CHF pair continues moving in a bullish trend from the support levels of 0.9694 and 0.9742. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100). We expect a bullish market from the spot of 0.9742 towards the first target 0.9802. We should see the pair climbing towards the double top (0.9802) to test it. Furthermore, if the trend is able to breakout through the first resistance level of 0.9802. Then, the market will indicate a bullish opportunity above the level of 0.9802. Therefore, strong support will be found at the level of 0.9742 providing a clear signal to buy with targets seen at the levels of 0.9802 and 0.9854. Another resistance is found at 0.9908 in the same time frame. However, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.9694.
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Global macro overview for 28/06/2016

Global macro overview for 28/06/2016:

The Statistics New Zealand had released merchandise Trade Balance data regarding imports and exports figures for the previous month. The data showed that economy posted a trade surplus of 358 million New Zealand dollars in the month of May. The data has beaten the analysts forecasts which called for a surplus of $182 million New Zealand dollars. This is the second in a row trade surplus, as the April data were also better than expected and showed 292 million New Zealand dollars surplus. On a yearly basis, the New Zealand exports jumped to 4.57 billion, beating forecasts of 4.331 billion. The imports were better than expected as well, rising at annual rate to 4.22 billion for the month. In conclusion, this latest surge continues a series of month-to-month increase in a broad range of mainly consumer goods, indicating there is no pressures on country's currency.

Let's now take a look at the NZD/USD technical picture in the daily time frame. The market is trading above the 100 and 200 DMA and recently has broken above the 61%Fibo level of the previous swing. This indicates that the bull camp is in control over this market and higher prices should be seen soon. The next resistance is seen at the level of 0.7300 and the next support is seen at the level of 0.7054 and 0.6961.

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Global macro overview for 28/06/2016

Global macro overview for 28/06/2016:

The Consumer Confidence Index data is scheduled for release today at 02:00pm GMT and market participants expect them to be better than last months (93.2 vs. 92.6 prior). Consumer attitudes cooled a bit in May, but today's release from the Conference Board (CB) will offer more perspective on the mood in June. Nevertheless, it is worth to mention that the consumer confidence had been trending lower since the beginning of the last year. In conclusion, even if today's print is better than expected, it might be just a temporary bounce as the fears regarding Brexit consequences will weight on the overall sentiment.

Let's now take a look at the EUR/USD technical picture in 4H time frame. No sudden rebound is present on the charts after a new lower low had been made at the level of 1.0911. The resistance at the level of 1.1097 is still a key level for any bullish relief rally, but bulls themselves does not look particularly strong now. The next support is seen at the level of 1.0970 and 1.0911.

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EUR/JPY Technical Analysis for June 28, 2016.

Technical outlook and chart setups:

The EUR/JPY pair seems to have formed a meaningful bottom at 109.50 level last week and it should be looking higher from current levels (112.90). According to the larger picture as well, the pair has bounced within the confines of fibonacci 0.618 support (weekly chart) level and should be looking higher from here. The weekly wave structure also reveals that a 5-wave rally (95.00 through 149.00) was followed by a 3 wave corrective drop and hence high probability remains for a rally from here. Please note that the weekly wave structure has not been represented here, rather short them 4H view has been depicted for a closer look. It is hence recommended to remain long now, with risk below 109.00 level. Immediate support is seen at 109.50 level, while resistance is at 115.00 level respectively.

Trading recommendations:

Remain long now, stop at 109.00 levels, a target is open.

Good luck!

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GBP/CHF Technical Analysis for June 28, 2016.

Technical outlook and chart setups:

The GBP/CHF pair reacted well on the technical direction laid out earlier and the fundamental trigger helped it achieve the down target at 1.2800/50 levels as expected. The pair has been looking to produce a flat correction (a-b-c), and should rally through 1.3600/3800 levels to complete the same. Please note that fibonacci 0.618 resistance is seen at 1.3800 levels as well, and a bearish reaction there would be ideal to initiate short positions again. The trend looks to be set lower already, but a retracement should be expected now. It is hence recommended to remain long (aggressive trade setup) now, with risk below 1.2800 levels. Immediate support is seen at 1.2850 levels, while resistance is at 1.3500 levels on a 4H chart scale. Bulls are expected to remain in control at least for short term.

Trading recommendations:

Remain long now, stop below 1.2800, a target 1.3600/3800.

Good luck!

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Silver Technical Analysis for June 28, 2016.

Technical outlook and chart setups:

Silver is seen to be trading at $17.60/70 levels at this moment, after easing out from $18.30 levels last week. The metal has been drifting sideways since then in a dropping wedge format. The immediate wave structure indicates that Silver is trading above its trend line support for now and remains in control of bulls. Also note that fibonacci 0.618 support comes in at $17.50 levels and a bullish bounce there, would encourage further confidence on bullish side. On the flip side, a break below $17.00/10 levels now would confirm that a meaningful top might have been in place and the metal is set for a medium term correction. It is hence recommended to remain flat for now, waiting for further evidence. Immediate support is seen at $17.50 levels, while resistance is seen at $18.30 levels respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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Gold Technical Analysis for June 28, 2016.

Technical outlook and chart setups:

Gold had rallied through $1,358.00 level last week, a relatively less probable move. The metal is seen to be trading at $1,316.00 levels at this moment, drifting sideways since last Friday. The wave structure indicates that Gold might have produced a bottom at $1,200.00 level now, and should be looking to rally further at least one more time before producing a meaningful correction. On the flip side, the metal seems to have reached the beginning of the ending diagonal (earlier drop, July 2014) at $1,358.00/60 levels and could correct the entire rally between $1,046.00 through $1,358.00 levels respectively. It is recommended to remain flat for now and let more clarity unfold before committing further. Immediate support is seen through $1,290.00 levels, while resistance is at $1,358.00 level respectively. Please note that a break below $1,250.00 levels would induce confidence into a medium term bearish setup.

Trading recommendations:

Remain flat for now.

Good luck!

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

Technical analysis of USDX for June 28, 2016

The Dollar index remains below its recent high at 96.70 and has formed a double top yesterday. The price is pulling back, but the overall trend remains bullish as this pullback is considered corrective in nature. The weekly breakout implies that more upside should be expected for the Dollar.

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The price action in the Dollar index shows that the market is digesting the big upward spike that followed the UK referendum. A new higher high is very probable despite the short-term pullback that we can see. Short-term support is at 95.65 and 94.90. Resistance is the recent high at 96.70.

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This week's candle remains above the weekly kijun-sen (yellow line indicator) and inside the Kumo. This is a bullish sign that keeps the hopes of bulls for new highs alive. Weekly support is at 95.90, and a weekly close below it will open the way for a push towards 94.90 at least.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for June 28, 2016

General overview for 28/06/2016:

Not much has changed since yesterday as the market is trading inside of a very narrow congestion zone, and the price is still trying to complete wave (Z) of the overall corrective structure in wave B before the uptrend eventually resumes. 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 is 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 28, 2016

General overview for 28/06/2016:

As anticipated yesterday, another marginal wave up has been made in order to complete the five-wave pattern. Currently, the market is in a corrective sub-cycle that should reach the level of 1.2911 before the uptrend resumes. Moreover, the most important level is intraday support at 1.2858, and any violation of the 1.2677 level will invalidate the black bullish impulsive count.

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 Gold for June 28, 2016

Gold continues to consolidate sideways. I expect this consolidation to break to the upside towards new highs soon. There is a triangle being formed, and we will have a clear picture of the breakout when it occurs.

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Green lines - triangle pattern

Gold is trading inside the triangle pattern with support at $1,308 and resistance at $1,325. The price is above the Ichimoku cloud. The oscillators are turning lower from overbought levels, but we have no divergence signs. I remain longer-term bullish.

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Nothing new on the weekly chart. The price is consolidating near its highs. An important trend low is at $1,250. As long as the price is above that level, I remain bullish. Breaking below it will open the way for a push towards $1,150.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for June 28 - 2016

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Wave summary:

We are looking for slightly more correction in wave (ii) closer to 1.5895 before turning lower in wave (iii) towards 1.4490.

In the short term, a break below minor support at 1.5484 will confirm that the correction in wave (ii) is complete and wave (iii) lower towards 1.4490 is developing.

Trading recommendation:

We will sell EUR at 1.5890 and place stop at 1.6035.

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Technical analysis of AUD/USD for June 28, 2016

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AUD/USD is under pressure. The pair broke below the key support at 0.7430 yesterday turning the intraday outlook bearish. A bearish pattern of lower highs has been produced. While the pair is currently off yesterday's low of 0.7315, the 20-period moving average stays below the 50-period one, and the intraday relative strength index is under 50, showing a lack of upward momentum for the pair. A break below the immediate support at 0.7300 would trigger further decline toward 0.7260 (last seen on June 3).

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 0.73. A break below this target will move the pair further downwards to 0.7260. The pivot point stands at 0.7430. 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 0.7465 and the second one, at 0.7510.

Resistance levels: 0.7465, 0.7510, 0.7580

Support levels: 0.73, 0.7260, 0.72

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Elliott wave analysis of EUR/JPY for June 28 - 2016

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Wave summary:

We are looking for minor resistance at 113.24 being able to protect the upside for the next stage of the decline towards 107.87 to end wave iii and set the stage for a larger correction in wave iv to 113.28 before moving down again in wave v.

In the short term, a break below 111.98 confirms the next move lower to 109.10 on the way towards 107.87.

Trading recommendation:

We are short in EUR from 111.58 with stop placed at 113.35. If you are not short in EUR yet, then sell a break below minor support at 111.98 and use the same stop at 113.35.

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Technical analysis of GBP/USD for June 28, 2016

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GBP/USD is under pressure. On Monday, US stock indices posted losses for the second consecutive session.The US dollar maintained its upward momentum as the British pound and the euro were heavily sold. The pair stays below its key resistance at 1.3470 and remains capped by its descending 50-period moving average. At the same time, the relative strength index stays below its neutrality area at 50. In conclusion, the first target to the downside is therefore set at 1.3100. A break below this level would open the way to further weakness toward the horizontal support at 1.3000. In the alternative scenario, if the pair moves above the key resistance at 1.3470, that would call for further upside toward 1.3680 & 1.3790 as targets.

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 1.3155. A break below this target will move the pair further downwards to 1.3055. The pivot point stands at 1.3470. 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 1.3680 and the second one at 1.3750.

Resistance levels: 1.3680, 1.3750, 1.3825

Support levels: 1.3155, 1.3055, 1.3

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Technical analysis of USD/JPY for June 28, 2016

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USD/JPY is expected to trade with a bullish bias. On Monday, US stock indices posted losses for the second consecutive session. The Dow Jones Industrial Average fell 1.5% to 17140, the S&P 500 dropped 1.8% to 2000, and the Nasdaq Composite was down 2.4% to 4594. Commodity and financial shares performed the worst, while utilities received bids.

European stocks continued to be under pressure, with the Stoxx Europe 600 shedding another 4.1%.

Safe-haven assets were still sought after in the wake of the Brexit vote. Government bonds remained in demand, as the benchmark US 10-year treasury yield sank further to 1.461%, the lowest close since July 2012, from 1.577% Friday. At the same time, the UK 10-year government bond yield went below 1% for the first time on record, and 10-year government yields in Japan, Germany, France, Sweden, Denmark and Switzerland all marked all-time lows.

Moreover, gold gained 0.7% to $1324 an ounce, and silver was up 0.2% to $17.72 an ounce. On the other hand, Nymex crude oil fell another 2.8% to $46.33 a barrel.

The US dollar maintained its upward momentum as the British pound and the euro were heavily sold. After gapping down at the session's open, GBP/USD revisited Friday's low at 1.3224, reaching a day-low at 1.3118 before closing at 1.3218, down 3.4% compared to the prior session.

EUR/USD fell 0.8% to 1.1022 (day-low at 1.0968), and USD/JPY was down 0.2% to 101.99.

Meanwhile, USD/CHF climbed 0.5% further to 0.9779, above its 200-day moving average.

Commodities-linked currencies kept giving up gains made in prior sessions, with USD/CAD rising 0.5% to 1.3071, AUD/USD plunging 1.8% to 0.7322 and NZD/USD shedding 1.9% to 0.6994. Following the huge volatility seen last Friday, the pair has been range-bound between 102.46 and 101.37. Currently, it is trading around the overlapping 20-period (30-minute chart) and 50-period moving averages, while showing a lack of momentum to either direction. The key support has been lowered to 101.30, and caution is advised. If 101.30 is not surpassed, the pair stands a higher chance of re-visiting 103.30 and 104.25 on the upside.

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 103.30 and the second one at 104.25. In the alternative scenario, short positions are recommended with the first target at 100 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 98.95. The pivot point is at 101.30.

Resistance levels: 103.30, 104.25, 105.00

Support levels: 100.00, 98.95, 98

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

Technical analysis of USD/CHF for June 28, 2016

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USD/CHF is expected to extend its upside movement. The pair stands above its nearest support at 0.9720 and is expected to post a new rise. Meanwhile, both the rising 20-period and 50-period moving averages are playing support roles. Besides, the relative strength index is bullish above its neutrality area at 50 and lacks downward momentum. Hence, as long as 0.9720 is not broken, further upside is expected with the next horizontal resistance at 0.9840 and 0.9900 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 0.9840 and the second one at 0.9900. In the alternative scenario, short positions are recommended with the first target at 0.9660 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 0.9585. The pivot point is at 0.9720.

Resistance levels: 0.9840, 0.9900, 0.9945

Support levels: 0.9660, 0.9585, 0.9515

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

Technical analysis of NZD/USD for June 28, 2016

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NZD/USD is under pressure. The pair has failed to break above the horizontal resistance at 0.7085 and remains weak below the threshold. Meanwhile, both the 20-period and 50-period moving averages are heading downward. Even though a continuation of the technical rebound cannot be ruled out at the current stage, its extent should be limited. To sum up, as long as 0.7085 holds as the key resistance, the pair is likely to return to 0.6970 at first and then to 0.6930.

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 0.6970. A break below this target will move the pair further downwards to 0.6930. The pivot point stands at 0.7085. 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 0.7150 and the second one, at 0.72.

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 28, 2016

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GBP/JPY is expected to trade in a lower range as the key resistance lies at 133.30. The pair stays below 133.30 and remains capped by the 50-period moving average. And the relative strength index lacks upward momentum. As long as 133.30 holds as the key resistance, a drop toward 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 139.50. 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 144.15 and the second one, at 147.50.

Resistance levels: 144.15, 147.50, 150

Support levels: 133.30, 131.90, 130

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

Daily analysis of major pairs for June 28, 2016

EUR/USD: This pair opened with a minor gap this week and merely fluctuated on Monday, without any directional movement. The outlook on the pair is bearish, and further southward movement could be witnessed this week, which would enable the price to reach the support lines at 1.0950 and 1.0900.

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USD/CHF: Last Friday, the USD/CHF price went upwards by 250 pips, before getting corrected by 100 pips. Further bullish effort was seen yesterday, which would remain in place as long as the EUR/USD is weak. 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 1700 pips, reaching the low of 1.3230. The price has gone further south by 500 pips this week, following the open of the markets, which caused gap-downs in most cases. The outlook on the GBP/USD is bearish, and this is true of other GBP pairs. The price could fluctuate further southwards.

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USD/JPY: This currency trading instrument merely went flat on Monday, in the context of a downtrend. A breakout must happen before the end of this week, which would enable the price to reach the demand levels at 101.50 and 100.50; since there is a strong Bearish Confirmation Pattern on the chart.

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EUR/JPY: What has happened to this cross so far is quite similar to what has happened to the USD/JPY. There is a bearish outlook on the market, and it is possible that the price would go further downwards, to test the demand zones at 111.50 and 111.00.

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Technical analysis of EUR/USD for June 28, 2016

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When the European market opens, some economic news will be released such as German Import Prices m/m. The US will release economic data, too, such as the Richmond Manufacturing Index, CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, Final GDP Price Index q/q, and Final GDP q/q. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1068.

Strong Resistance: 1.1062.

Original Resistance: 1.1051.

Inner Sell Area: 1.1040.

Target Inner Area: 1.1014.

Inner Buy Area: 1.0988.

Original Support: 1.0977.

Strong Support: 1.0966.

Breakout SELL Level: 1.0960.

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 28, 2016

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In Asia, today Japan will not release any economic data, but the US will release some economic data such as the Richmond Manufacturing Index, CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, Final GDP Price Index q/q, and Final GDP q/q. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 102.37.

Resistance. 2: 102.17.

Resistance. 1: 101.97.

Support. 1: 101.73.

Support. 2: 101.53.

Support. 3: 101.33.

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 28, 2016

USDX continues rallying above the 200 SMA on the H1 chart, and the bullish consolidation is still in place. The next resistance lies around the 96.60 level, where a breakout should happen for another advance to the 97.19 level, where a pullback would perform a corrective move. The moving average mentioned above is slightly bullish, but the MACD indicator remains in negative territory, pointing to a correction.

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H1 chart's resistance levels: 96.60 / 97.19

H1 chart's support levels: 95.89 / 95.20

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 96.60, take profit is at 97.19, and stop loss is at 96.00.

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

Daily analysis of GBP/USD for June 28, 2016

GBP/USD is still very bearish and is looking to reach new multi-year lows, as the Cable resumed the overall bias, and currently we can find a support around the 1.3148 level. A breakout below it can open the doors to test the next key support around the 1.2874 level. However, because of the decline, we can expect a rebound towards the 1.3380 price zone, something that is being favored by the positive territory shown by the MACD indicator.

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H1 chart's resistance levels: 1.3380 / 1.3653

H1 chart's support levels: 1.3148 / 1.2874

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 1.3148, take profit is at 1.2874 and stop loss is at 1.3418.

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

USD/JPY Trading Recommendations for 28th June 2016

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USD/JPY has made a sharp push down and created a very strong bullish candlestick formation at the 100.70 level, which shows that there is a lot of bulls going into the market at that level preventing the price from closing below that level. In fact, the price has tried to push below that level multiple times and each time failed to do so. Stochastic is also in a very overbought region signalling a price reversal is approaching.

Our goal is to play a rise above this 100.70 level with the best level to get in at being 100.70 to play the rise up to graphical support + Fibonacci retracement level of 102.95.

Trading recommendations:

Buy above 100.70

Stop loss at 99.80

Take Profit at 102.95 (graphical support + Fibonacci retracement level)

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

USD/CAD Trading Recommendations for June 28, 2016

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USD/CAD is seeing major resistance at the 1.3135 - 1.3140 area. This is a very strong graphical resistance and also a Fibonacci projection level. It also corresponds really well with the resistance our Stochastic is facing from the 83% to 95% levels. Stochastic is also starting to show bearish divergence vs price strengthening our conviction about a drop from here. Our goal then is to play a strong reversal from here to the first Fibonacci retracement level + big figure + graphical support level of 1.3000.

Trading recommendations

Sell now and at the 1.3135-1.3140 area

Stop loss at 1.3225

Take profit at 1.3000 (Fibonacci retracement + big figure + graphical support)

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

AUD/JPY Trading Recommendations for June 28, 2016

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AUD/JPY is in a strong descending channel and has beautifully bounced off the support at 72.50. This corresponds really well with the RSI bouncing off our ascending support. However, we are also seeing a strong descending resistance line on our RSI. Our goal is to play to the key graphical overlap and Fibonacci retracement at 81.30, which is also near the channel upper limit. This would be in line with our resistance on our RSI. Our view is strengthened by our RSI showing bullish divergence vs price.

Trading recommendations:

Buy now and at 72.50

Stop loss at 65.00 (Fibonacci projection level)

Take profit at 81.30 (graphical overlap resistance + Fibonacci retracement level + channel upper limit.

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