USD/CAD intraday technical levels and trading recommendations for June 30, 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 30, 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 (A recent Head and Shoulders reversal pattern is being expressed on the chart).

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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EUR/NZD analysis for June 30, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5600. According to the 30M time frame, I found responsive reaction from sellers at the price of 1.5705, which confirmed a supply trend line. Using market profile I found that price broke yesterday's point of control at 1.5600. I am expecting lower price. The first take profit level is set at the price of 1.5540 and second take profit level is set at the price of 1.5455.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5695

R2: 1.5735

R3: 1.5800

Support levels:

S1: 1.5565

S2: 1.5525

S3: 1.5460

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

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Intraday technical levels and trading recommendations for GBP/USD for June 30, 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.

The price zone between 1.3845 and 1.3550 (Historical bottoms in January 2009) was considered a significant demand zone to be watched for bullish recovery.

However, temporary bearish breakdown below 1.3550 is currently manifested on the depicted charts.

Note that the price zone of 1.3845-1.4040 now constitutes a recent Supply Zone to be watched for new SELL entries if the current bullish pullback extends above 1.3550.

On the other hand, bearish persistence below the demand level at 1.3550 enhances the bearish scenario. Bearish decline towards 1.3050 (the nearest bearish projection target) should be expected then.

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Intraday technical levels and trading recommendations for EUR/USD for June 30, 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.

Again In February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the 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) constituted 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.

Price action should be watched around the price level of 1.1200 for a valid SELL entry if the current bullish pullback extends above 1.1100.

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

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Gold analysis for June 30, 2016

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Since our previous analysis, gold has been trading sideways at the price of $1,318.50. According to the 30M time frame, I found the key point of control from the massive bullish day in the background is set at the price of $1,317.50. Today, I found buying tails from the bottom at the price of $1,313.20. Watch for buying opportunities on the dips. The first take profit level is set at the price of $1,327.30. The major take profit level is set at the price of $1,358.00 (major swing high)

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,325.30

R2: 1.329.00

R3: 1,335.50

Support levels:

S1: 1,313.00

S2: 1,309.50

S3: 1,303.50

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 30, 2016

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Overview:

  • The NZD/USD pair is trading in a narrow sideways channel, and the market showed signs of instability. Amid the previous events, the price is still trapped between the levels of 0.7050 and 0.7140. In the H1 time frame, resistance and support are seen at the levels of 0.7050 and 0.7140 respectively. In addition, the double top is already set at the point of 0.7131. Therefore, it is recommended to be careful while placing orders in this zone. Consequently, we need to wait until the sideways channel becomes completed. The current price is seen at 0.7119, which represents a key level, because the level of 0.7131 will act as the first resistance today. Hence, if the pair fails to pass through the level of 0.7131, the market will indicate a bearish opportunity below the resistance level of 0.7131. As a result, sell deals are recommended below the level of 0.7131 with the first target at 0.7050. If the trend breaks the support level of 0.7050, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6973 in order to form a new double bottom in the same time frame.

Intraday technical levels:

  • R3: 0.7225
  • R2: 0.7180
  • R1: 0.7149
  • PP: 0.7104
  • S1: 0.7073
  • S2: 0.7028
  • S3: 0.6997
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Technical analysis of USD/CHF for June 30, 2016

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Overview:

  • The USD/CHF pair is facing strong resistances at the levels of 0.9836 and 0.9801 because the tend couldn't break this sport yesterday. So, the strong resistance is already seen at the level of 0.9836 and the pair is likely to try to approach it in order to test it again and continue its bearish movement. Furthermore, the RSI starts signaling a downward trend, as the trend is still showing weakness below the moving average (100). The trend has started breaking the moving average (100) since morning. Thus, the market is indicating a bearish opportunity below 0.9801 so it will be good to sell at 0.9801 with the first target of 0.9742. It will also call for a downtrend in order to continue towards 0.9694. The daily strong support is seen at 0.9694. consequently, we expect that the USD/CHF pair will move between the levels of 0.9801 and 0.9694. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9860.
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Technical analysis of USDX for June 30, 2016

The Dollar index continues to trade inside the consolidation range and inside the pennant formation. The trend is neutral for the short term, but I expect an upward breakout towards 99 over the coming weeks.

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Black lines - pennant formation

The Dollar index is trading above the Kumo on the 4 hour chart with the stochastic oversold and turning upwards. I expect some Dollar strength to be seen in the market soon. Support is at 95.60 and resistance at 96.30.

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The weekly candle is getting weaker and is testing the lower cloud boundary support. This pullback is justified after the gap-up open on Monday, and I believe that only partially will the gap be filled, and the prices will reverse to the upside soon for the Dollar index.The material has been provided by InstaForex Company - www.instaforex.com

Wave analysis of Gold for June 30, 2016

Gold has completed 5 waves up in the short term from $1,305 to $1,328 and also made a corrective pullback towards the 61.8% Fibonacci retracement. This is the first short-term bullish signal after the spike last week, and as long as we hold above $1,305, we can say that the next leg up has started.

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Gold is in the final stages of the corrective wave as can be seen on the 30 minute chart above. A break above $1,317 will confirm the correction is most probably over and we should expect a sharp rise towards at least $1,330. Breaking above it will open the way for $1,350-60 at first.

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Gold remains above the Kumo on the 4-hour chart and still inside the triangle pattern or consolidation range. A clear break above $1,330 will trigger a bigger upward move. The target remains $1,400 and can be achieved by the end of next week. I remain longer-term bullish and continue to believe that $1,045 is a long-term low.The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 30/06/2016

Global macro overview for 30/06/2016:

The crude oil inventories data revealed a deeper drain in stockpiles than anticipated. The indicator plunged by 4100k barrels, compared to an estimate of -2500k, way below the last week figure of -917k only. US crude oil stockpiles have declined for six straight weeks, with the recent one being the largest so far. This situation could lead to tightening the domestic supply, which might send crude oil prices higher as a result. Moreover, the local shale producers might enter the market if the price jumps above $50 to prevent it from rallying even further.

Let's now take a look at the crude oil technical picture on the 4H time frame. The price rallied after yesterday's data, but it was capped at the dashed trend line resistance around the level of 50 dollars. This recent high might be another lower high in the sequence, but a confirmation will come with the level of 45.81 violation. For now, the market is trading in a down-sloping congestion zone between the levels of 45.81 - 50.55.

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Global macro overview for 30/06/2016

Global macro overview for 30/06/2016:

The Industrial Production data from Japan were released overnight, and they disappointed the market participants. Industrial production declined for a sixth consecutive month in May, as factories were stymied by weak international demand and the aftershocks of recent earthquakes near the country's manufacturing centre. The Ministry of Economy, Trade and Industry revealed that industrial output fell 0.1% in the 12 months through May following a 3.3% year-over-year decline in the previous month. Compared to April, industrial production declined 2.3% after rising 0.5% in the previous month. Economists forecast a monthly drop of only 0.1%. Moreover, private research firms Markit/Nikkei showed last week that the manufacturing sector declined for a fourth consecutive month in June as the manufacturing PMI slid to 47.7 points. In conclusion, another challenge in the form of industrial production must be overcome by the Japanese economy in order to get back on its feet again. Japanese Prime Minister Shinzo Abe has promised new rounds of stimulus this autumn, but after the recent economic data the help might come much sooner than that.

Let's now take a look at the USD/JPY technical picture on the daily time frame. The big down candle after the UK's referendum results is now the main point of reference for bears as they are in control over this market. The price is trading below 55, 100, and 200 DMA, which supports the bearish view. The next support is seen at the level of 99.01, and the next resistnace is seen at the level of 103.52.

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Technical analysis of EUR/GBP for June 30, 2016

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EUR/GBP is expected to continue its bullish rebound. The pair has posted a pullback and is rebounding on its support at 0.8200. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Further bounce is expected with 0.8320 and 0.8380 as the next targets. Only a break below the horizontal support at 0.8200 would allow for a drop toward 0.8130 and 0.8035 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 0.8320 and the second one, at 0.8380. In the alternative scenario, short positions are recommended with the first target at 0.8130 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 0.8035. The pivot point is at 0.8200.

Resistance levels: 0.8320, 0.8380, 0.85

Support levels: 0.8105, 0.7975, 0.7915

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Technical analysis of AUD/USD for June 30, 2016

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AUD/USD is expected to trade with a bullish bias. The pair eventually broke above the key resistance at 0.7380 before rallying further. It has reversed a bearish pattern of lower highs while establishing a bullish trading channel at the same time. Currently, it is trading above the 20-period moving average, which stands above the 50-period one. The intraday outlook has turned very bullish, and the pair is expected to rise toward the first upside target at 0.7475 and the second target at 0.7510 (a reaction high seen on June 24).

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 0.7475 and the second one, at 0.7510. In the alternative scenario, short positions are recommended with the first target at 0.7350 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 0.7300. The pivot point is at 0.8200.

Resistance levels: 0.7475, 0.7510, 0.7580

Support levels: 0.7350, 0.73, 0.7260

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Daily analysis of major pairs for June 30, 2016

EUR/USD: This market is bearish – there is a Bearish Confirmation Pattern on the chart. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is pointing to the overbought region, though that could end up being an opportunity to sell short. Long trades are not yet recommended here unless the price goes upwards by about 200 pips.

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USD/CHF: The USD/CHF is in a bullish mode, and it just moved sideways yesterday. The price is now above the support level at 0.9800, and bulls are still willing to push the market further upwards. Therefore, the resistance levels at 0.9850 and 0.9900 are the next targets for bulls.

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GBP/USD: Against all odds, the Cable is still making some bullish attempt in the context of a major downtrend. It is possible for the Cable to continue moving upwards because certain major accumulation territories have been tested already. Some fundamental figures would be released today, and they could have an impact on the markets.

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USD/JPY: This currency trading instrument merely went flat on Wednesday in the context of a downtrend. A breakout could happen before the end of this week, which would enable the price to reach the demand levels at 101.50 and 101.00 since there is a strong Bearish Confirmation Pattern on the chart.

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EUR/JPY: Following the gap-down that happened at the beginning of this week, this cross has gone upwards by 230 pips. A movement of additional 300 pips to the upside would signal a bullish bias in the short term (though the long-term bias is bearish because the EMA 11 is below the EMA 56, while the RSI period 14 is below the level 50). By the time the price has moved upwards by another 300 pips, the RSI period 14 would have gone above the level 50.

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Technical analysis of USD/JPY for June 30, 2016

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USD/JPY is expected to trade in a higher range and is supported by a rising trend line. On Wednesday, US stock indices kept rallying along with global markets, led by financial and energy shares. The Dow Jones Industrial Average gained another 1.6%, climbing to 17694, the S&P 500 rose 1.7% to 2070, and the Nasdaq Composite was up 1.9% to 4779.

European stocks continued their rebound, with the Stoxx Europe 600 adding 3.1%.

Government bonds extended losses, with the benchmark US 10-year treasury yield rising further to 1.477% from 1.463% Tuesday. Nymex crude oil surged 4.2% to $49.88 a barrel, and gold gained 0.5% to $1319 an ounce.

On the forex front, the US dollar remained under pressure as the British pound and the euro rebounded for a second session. GBP/USD rose 0.6% to 1.3424 (day-high at 1.3533), and EUR/USD added 0.5% to close at 1.1123.

On the other hand, USD/JPY edged up to 102.81 from 102.74 Tuesday.

Commodities-linked currencies also rose for a second session in a row. The Canadian dollar was boosted by surging oil prices, with USD/CAD dropping 0.7% to 1.2929. The pair has failed to break above its 200-day moving average in recent attempts. The pair did finish a consolidation with a positive tone yesterday as the bullish trend line drawn from June 27 remained intact. While still enjoying support provided by that rising trend line, the pair is currently trading on the upside, and intraday technical indicators (20-, 50-period moving averages, relative strength index on a 30-minute chart) are well oriented suggesting continued upward momentum. As long as the bullish bias is maintained, the pair is on track to re-visit the first upside target at 103.30 (a level of overlapping support and resistance seen on June 24). Key support has been raised to 102.15.

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 101.70 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 101.40. The pivot point is at 102.15.

Resistance levels: 103.30, 104.25, 105.00

Support levels: 101.70, 101.40, 100.80

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Technical analysis of USD/CHF for June 30, 2016

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USD/CHF is expected to trade with a bullish bias above 0.9760. The pair remains bullish on an intraday basis. In addition, a strong support base around 0.9760 should limit any downward attempts. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. To sum up, as long as 0.9760 holds on the downside, we are still positive and expect a new rebound to 0.9840 at first, and then to 0.9900.

Resistance levels: 0.9840, 0.9900, 0.9945

Support levels: 0.9720, 0.9660, 0.9585

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Technical analysis of NZD/USD for June 30, 2016

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NZD/USD is expected to extend its upside movement. The pair has been supported by a rising trend line since June 28 and is likely to challenge the horizontal resistance at 0.7155 in sight. Meanwhile, both the 20-period and 50-period moving averages are playing support roles. Besides, the relative strength index lacks downward momentum. Further upside is therefore expected with the next horizontal resistance at 0.7155 at first. A break above 0.7130 would trigger a new bounce toward 0.7155. Alternatively, only a break below the horizontal support at 0.7075 could bring a pullback toward 0.7040 and 0.7015 as targets.

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 0.7130 and the second one, at 0.7155. In the alternative scenario, short positions are recommended with the first target at 0.7040 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 0.7015. The pivot point is at 0.7055.

Resistance levels: 0.7130, 0.7155, 0.72

Support levels: 0.7040, 0.7015, 0.6980

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Technical analysis of GBP/JPY for June 30, 2016

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GBP/JPY is expected to trade with a bullish bias. The pair has been supported by a rising trend line, as well as the 20-period and 50-period moving averages and continues its rebound. The relative strength index stays above 50. Further bounce is expected with 139.65 and 140.85 as targets.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 139.65 and the second one, at 140.85. In the alternative scenario, short positions are recommended with the first target at 135.85 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 135. The pivot point is at 136.90.

Resistance levels: 139.65, 140.85, 142

Support levels: 135.85, 135, 133.30

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Technical analysis of EUR/JPY for June 30, 2016

General overview for 30/06/2016:

The market is trying to develop a clear, corrective, choppy bounce from the lows at the level of 109.55. According to the Elliott Wave Theory, 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

111.37 - Intraday Support

113.84 - Intraday Support

114.62 - 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 30, 2016

General overview for 30/06/2016:

The sub-wave c of the corrective cycle in wave (ii) looks completed, and the whole correction looks like an irregular flat pattern. This is why the uptrend might be now resumed and a new higher high can be made. Please note that the corrective cycle might evolve into a more complex and time-consuming pattern as well. 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:

1.3119 - 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 EUR/USD for June 30, 2016

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When the European market opens, some economic news will be released such as the ECB Monetary Policy Meeting Accounts, Italian 10-y Bond Auction, Italian Prelim CPI m/m, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, German Unemployment Change, French Prelim CPI m/m, French Consumer Spending m/m, and German Retail Sales m/m. The US will release economic data too such as the Natural Gas Storage, Chicago PMI, and Unemployment Claims. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1176.

Strong Resistance: 1.1170.

Original Resistance: 1.1159.

Inner Sell Area: 1.1148.

Target Inner Area: 1.1122.

Inner Buy Area: 1.1096.

Original Support: 1.1085.

Strong Support: 1.1074.

Breakout SELL Level: 1.1068.

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 30, 2016

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In Asia, Japan will release the Housing Starts y/y and Prelim Industrial Production m/m. The US will release some economic data such as the Natural Gas Storage, Chicago PMI, and Unemployment Claims. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 103.26.

Resistance. 2: 103.06.

Resistance. 1: 102.86.

Support. 1: 102.61.

Support. 2: 102.41.

Support. 3: 102.21.

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 USDX for June 30, 2016

USDX is looking to extend the decline towards the support level of 95.20, where the 200 SMA is located; a zone where a rebound can happen to resume the bullish bias on a short-term basis. The index will try to break the resistance level of 95.89, looking to test the 96.60 level on a short-term basis, in order to strength the bullish bias.

USDXH1.png

H1 chart's resistance levels: 95.89 / 96.60

H1 chart's support levels: 95.20 / 94.59

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 95.19.

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Daily analysis of GBP/USD for June 30, 2016

The Cable has been doing consolidation moves during the week, and now we can see a breakout above the 1.3380 level, which should expose the resistance zone of 1.3653, where a pullback can happen to resume the bearish bias. However, the pair aims to reach the 200 SMA on the H1 chart, because the price action is being favored to fill the bearish gap left at the start of the week.

GBPUSDH1.png

H1 chart's resistance levels: 1.3653 / 1.3770

H1 chart's support levels: 1.3380 / 1.3148

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 1.3380, take profit is at 1.3148 and stop loss is at 1.3612.

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Daily analysis of EUR/USD for June 29, 2016

EURUSDH4.png

Overview

The EURUSD traded positively this morning testing 1.1100 levels, but it returned to fluctuate below 1.1067 again. It shows the need for enough positive momentum that will confirm a breach of the mentioned level followed by pushing the price to more gains. In general, we still expect the bullish trend for today as long as the price is above 1.1025 as a break of this level represents a negative factor that will push the price to test 1.0937 levels again before any new attempt to rise. We remind you that the first awaited target of the current bullish wave is located at 1.1196. The expected trading range for today is between the 1.1000 support and the 1.1196 resistance.

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Daily analysis of USD/JPY for June 29, 2016

USDJPYH4.png

Overview

The USDJPY pair showed some positive trading yesterday settling near 102.70, as long as the price is below 103.80 levels. So our overall bearish trend expectations will remain valid and active, where a breach of this level represents a positive factor that will make the price test 106.63 levels before any new attempt to decline. The first expected target is represented by a break of 100.70 levels; this will confirm further movement to the next correction level located at 96.76. The expected trading range for today is between the 101.00 support and the 103.80 resistance.

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Daily analysis of Gold for June 29, 2016

GOLDH4.png

Overview

The gold price has been trading with slight positivity since morning moving away from the key support at 1,303.58, supported by the bullish trend provided by stochastic. We are waiting for the price to breach 1,333.00 levels to confirm further movement to 1,400.00. Therefore, we still expect the bullish trend on the intraday and short-term bases, as the chances to trade positively in the upcoming sessions seem valid. Targets begin at a breach of the 1,333.00 barrier that will reinforce the chances of targeting the 1,400.00 area. Holding above 1,303.58 represents the key condition of the continuation of the suggested positive scenario.

The expected trading range for today is between the 1,300.00 support and the 1,360.00 resistance.

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Daily analysis of Silver for June 29, 2016

SILVERH4.png

Overview

The silver price rallied upwards strongly this morning breaching 18.00 levels and settled above it, which supports the continuation of our bullish overview for the upcoming period; the way is open to head towards 18.63 as a next main target. Therefore, we expect the continuation of the bullish bias on the intraday and short-term bases supported by the organized trading inside the bullish channel shown on the chart. Holding above the support base formed by 18.00 is considered the key condition to the continuation of the bullish momentum for today. The expected trading range for today is between the 17.50 support and the 18.63 resistance.

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