EUR/NZD analysis for July 01, 2016

analytics577674b29e22a.png

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.5466 in a high volume. According to the 30M time frame, I found response from sellers at the price of 1.5536 (yesterday's point of control); sellers are in control over the market. Watch for selling opportunities on pullbacks. The next downward take profit level is set at the price of 1.5450.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5670

R2: 1.5720

R3: 1.5805

Support levels:

S1: 1.5500

S2: 1.5445

S3: 1.5360

Trading recommendations for today: Watch for selling opportunities on pullbacksThe material has been provided by InstaForex Company - www.instaforex.com

Gold analysis for July 01, 2016

analytics577665934042f.png

Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,337.91 in a high volume. According to the 30M time frame, I found that demand is in control in the market. Anyway, the today point of control is set at the price of $1,333.90. Watch for breakout of swing high at the price of $1,338.00 to confirm further upward movement. An upward target is set at the price of $1,358.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,328.10

R2: 1.331.40

R3: 1,336.55

Support levels:

S1: 1,317.80

S2: 1,314.65

S3: 1,309.50

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

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

USD/CAD intraday technical levels and trading recommendations for July 1, 2016

analytics577661e0a8fff.pnganalytics577661ee963e6.png

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.

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

NZD/USD Intraday technical levels and trading recommendations for July 1, 2016

analytics57765fcd025d6.png

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. S/L should be placed above 0.7260.

On the other hand, the price zone between 0.6760 - 0.6860 constitutes a significant support zone to offer bullish rejection and a valid BUY entry if bearish pullback persists below 0.7000.

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

Intraday technical levels and trading recommendations for GBP/USD for July 1, 2016

analytics57765e341118f.pnganalytics57765e4914a40.png

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.

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

Intraday technical levels and trading recommendations for EUR/USD for July 1, 2016

analytics57765d8d41d67.png

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450.

In March 2015, the EUR/USD bears challenged the next monthly demand level around 1.0570, which had been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.

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).

analytics57765da23b378.png

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 to occur towards 1.0820.

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

Technical analysis of NZD/USD for July 01, 2016

1467366759_NZDUSDM30.png

Overview:

  • The NZD/USD pair will continue rising from the level of 0.7137 today. So, the support is found at the level of 0.7137, which represents the 50% Fibonacci retracement level in the H1 time frame. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. For that reason, the NZD/USD pair is continuing with a bullish trend from the new support of 0.7137. The current price is set at the level of 0.7166 that acts as a daily pivot point seen at 0.7137. Equally important, the price is in a bullish channel. According to the previous events, we expect the NZD/USD pair to move between 0.7137 and 0.7200. Therefore, strong support will be formed at the level of 0.7137 providing a clear signal to buy with the targets seen at 0.7200. If the trend breaks the support at 0.7200 (first resistance), the pair will move upwards continuing the development of the bullish trend to the level 0.7222 in order to test the daily resistance 2. In the same time frame, resistance is seen at the levels of 0.7200, 0.7259 and. Stop loss should always be taken into account for that it will be reasonable to set your stop loss at the level of 0.7107.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for July 01, 2016

USDCHFH1.png

Overview:

  • As expected the USD/CHF pair continues to move downwards from the level of 0.9801 and settles down around the spot of 0.9742. Yesterday, the pair dropped from the level of 0.9801 to the bottom around 0.9742. Today, the first resistance level is seen at 0.9801 followed by 0.9836, while daily support 1 is seen at 0.9742. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9836 and 0.9742; for that we expect a range of 94 pips. If the USD/CHF pair fails to break through the resistance level of 0.9801, the market will decline further to 0.9742. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.9694 with a view to test the daily pivot point. Moreover, another support levels are seen at 0.9641 and 0.9626. On the contrary, if a breakout takes place at the resistance level of 0.9742, then this scenario may become invalidated. But in overall, we still prefer the bullish scenario in the H1 chart.
The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 01/07/2016

Global macro analysis for 01/07/2016:

The PMI Manufacturing data from across the Eurozone are scheduled for release at 08:30am GMT today. Last month, the flash reading for the whole EU was at the level of 52.6 and no change is expected in the final reading. That is the highest score since January 2016, which means the real economy was not damaged yet by the looming Brexit possibility. This month PMI reading might be even a little better than the last time, but the figure will not reflect the referendum vote, so it will probably not show the full effect until the June data. In order to see how Brexit has affected the sentiment change and economy, we will have to wait until next month data.

Let's now take a look at the EUR/GBP technical picture in the daily time frame. Bulls are in control over this market as the sequence of higher high is still being made.The next important resistance is at the level of 0.8401 and the support is at the level of 0.8116.

analytics5776205326380.jpg

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

Global macro overview for 01/07/2016

Global macro analysis for 01/07/2016:

The Bank of England Governor Mark Carney said yesterday, that in order to improve the economic growth after Brexit, further rate cuts would be needed. The U.K. benchmark interest rate is at a record low of 0.50 percent. Political stability in Britain is another victim of the uncertainty caused by Brexit. Boris Johnson, former London mayor and leading Brexit campaigner, has taken himself out of the running after failing to keep the support of his campaign manager Michael Cove. In conclusion, if BoE is going to cut the rates this summer, then FED will keep the interest rates at the record lows or cut it as well.

Let's now take a look at the GBP/CAD technical picture in the daily time frame. After Brexit, the market has made another lower low at the level of 1.7145 and now this is the most important support for bulls. On the other side, the most important resistance is at the level of 1.7521, but it looks highly unlikely for bulls to manage to break above it any time soon.

analytics57761ca4da0ab.jpg

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

Technical analysis of USDX for July 1, 2016

The Dollar index remains inside the triangle consolidation pattern. I continue to expect the Dollar index to break to the upside and move towards 99.50 over the coming weeks. I remain bullish in the Dollar.

analytics577617f4c1cc1.jpg

Black lines - triangle pattern

The Dollar index is in a short-term neutral trend. Support is at 95.75-95.60 and resistance is at 96.20-96.45. This price formation suggests that traders should be neutral and wait patiently for a breakout before opening new positions. I believe that the instrument is most likely to break upwards.

analytics57761876e7cfe.jpg

The weekly candle is moving back above the weekly kijun-sen (yellow line indicator) and remains inside the weekly Kumo. Indecisiveness is clear this week as the weekly candle has distinctive upper and lower tails. It is important to see how this week ends so we would have more information on what to expect next week.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for July 1, 2016

General overview for 01/07/2016:

The corrective cycle is evolving towards a more complex and time-consuming pattern. The leg c of this pattern might be completed soon, and the projected target is at the level of 1.2857. When the corrective cycle is completed, the uptrend might be resumed and a new higher high can be made. 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.

analytics57761854c8259.jpg

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

Technical analysis of Gold for July 1, 2016

Gold has broken out of the triangle consolidation and is making higher highs and higher lows. The price is heading at least towards the $1,360 high with expectations of breaking it and reaching $1,400 by the end of next week.

analytics577616b5ce116.jpg

Black lines - triangle pattern (broken)

Gold continues to trade above the Ichimoku cloud and, as we said yesterday, the price formation was impulsive and a breakout was very near. Short-term support is at $1,313. Resistance is at $1,340 and next at $1,360. I'm bullish in Gold.

analytics5776172080c38.jpg

Red lines - expanding triangle

Gold is above the weekly cloud and is approaching post-Brexit levels. I continue to be bullish expecting to see $1,400 by next week. Gold has made a long-term low at $1,045, and I believe we are witnessing the early stages of a bullish long-term reversal.

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

Technical analysis of EUR/JPY for July 1, 2016

General overview for 01/07/2016:

The ongoing complex corrective cycle in wave iv can be completed anytime. 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

113.34 - Intraday Support

114.81 - 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.

analytics577616d89f526.jpg

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

Elliott wave analysis of EUR/NZD for July 1 - 2016

analytics5776158306ebc.png

Wave summary:

Wave (ii) is taking longer than we expected. In the short term, we are looking for a break above minor resistance at 1.5600 confirming another rally closer to 1.5816 to complete a flat correction as wave (ii). From 1.5816, the next impulsive decline lower to 1.4490 is expected.

Trading recommendation:

We will sell EUR at 1.5805 with stop placed at 1.5875.

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

Elliott wave analysis of EUR/JPY for July 1 - 2016

analytics57761331718b4.png

Wave Summary:

Red wave ii has taken more time to go up than we first expected, but a break below the minor support line near 113.65 and a break below support at 113.31 confirm that red wave iii is developing for a decline towards 109.40 before a shallow flat correction expected in red wave iv.

The next major downside target we are looking for is seen at 108.00 as the ideal target for wave iii.

Trading recommendation:

Sell a break below 113.65 with stop placed at 114.80 and take profit at 108.25.

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

Technical analysis of USD/JPY for July 01, 2016

USDJPYM30.png

USD/JPY is challenging 103.30. On Thursday, US stock indices tallied a third straight day of gains as the UK's central bank signaled the need for further stimulus measures in the wake of the country's vote to leave the European Union. The Dow Jones Industrial Average rose 1.3% to 17929, chalking a 4.6% gain in a three-day winning streak. The S&P 500 climbed 1.4% to 2098, and the Nasdaq Composite was up 1.3% to 4842. By this point, those indices have pared most of the deep two-day loss following the "Brexit" vote.

Consumer staples shares took the lead, as Hershey (HSY) surged 16.8% upon rejecting a $23 billion takeover offer from Mondelez (MDLZ), which gained 5.9%.

European stocks stayed positive, with the Stoxx Europe 600 climbing 1.0%.

The benchmark US 10-year treasury yield edged up to 1.483% from 1.477% Wednesday. Nymex crude oil plunged 3.1% to $48.33 a barrel, gold was up 0.3% to $1322 an ounce, while silver rose 2.3% to $18.69 an ounce.

Bank of England Governor Mark Carney pointed out that the economic outlook has deteriorated and some monetary policy easing will likely be required over the summer. Reacting to this, the British pound slumped over 1.6% to a day-low of 1.3202 against the US dollar before closing the session at 1.3306, down 0.9% day on day.

Meanwhile, EUR/USD declined 0.2% to 1.1104 (day-low at 1.1022), and USD/JPY rose 0.4% to 103.25.

Volatile trading was also spotted in commodities-linked currencies. USD/CAD edged down 0.1% to 1.2923 though it had reached as high as 1.3015 in the session. AUD/USD sank down to 0.7369 before closing at 0.7450, only 2 pips higher than the prior session. And NZD/USD climbed 0.3% to 0.7130 (day-low at 0.7053). The pair has struck against the immediate resistance at 103.30 (a level of over-lapping support and resistance seen on June 24) while riding on the bullish trend line drawn from June 27. Upon breaking above this level, the pair is expected to rise further to 104.25 (a key support seen in June 21-23).

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 102.15 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 101.70. The pivot point is at 102.45.

Resistance levels: 103.30, 104.25, 105.00

Support levels: 101.70, 101.40, 100.80

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

Technical analysis of USD/CHF for July 01, 2016

USDCHFM30.png

USD/CHF is expected to trade with a bearish bias as key resistance is at 0.9800. The pair failed to break above its horizontal resistance and overlap at 0.9800 after having tested it for at least two times yesterday. Meanwhile, both the 20-period and 50-period moving averages are heading downward. In addition, the relative strength index lacks upward momentum. In conclusion, as long as 0.9800 holds on the upside, the pair is likely to return to 0.9725, and then to 0.9690. Alternatively, only a break above 0.9800 would call for a new rise to 0.9840 and 0.9900 as targets.

Resistance levels: 0.9840, 0.9900, 0.9945

Support levels: 0.9725, 0.9725, 0.9660

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

Technical analysis of NZD/USD for July 01, 2016

NZDUSDM30.png

NZD/USD is expected to trade with a bullish bias. The pair is turning up and is expected to post further rebound. Meanwhile, a bullish cross has been identified between the 20-period and 50-period moving averages. Besides, the relative strength index is bullish above its neutrality area at 50, calling for further upside. To sum up, as long as 0.7095 is not broken, we are positive and expect a bounce to 0.7200 and 0.7255 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 0.720 and the second one, at 0.7255. In the alternative scenario, short positions are recommended with the first target at 0.7055 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 0.7095.

Resistance levels: 0.720, 0.7255, 0.73

Support levels: 0.7055, 0.7015, 0.6980

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

Technical analysis of GBP/JPY for July 01, 2016

GBPJPYM30.png

GBP/JPY is expected to trade with a bearish bias. The pair is currently challenging its key resistance at 138, while the relative strength index lacks upward momentum. As long as 138 holds as the key resistance, a drop toward 135 is possible. However, if the pair stands above 138, further upside is likely.

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 135.85. A break below this target will move the pair further downwards to 135. The pivot point stands at 138. 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 139 and the second one, at 140.85.

Resistance levels: 139.00, 140.85, 142

Support levels: 135.85, 135, 133.30

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

Technical analysis of EUR/USD for July 01, 2016

!!!_EURUSD.jpg

When the European market opens, some economic news will be released such as the Unemployment Rate, Italian Monthly Unemployment Rate, Final Manufacturing PMI, German Final Manufacturing PMI, French Final Manufacturing PMI, Italian Manufacturing PMI, and Spanish Manufacturing PMI. The US will release economic data too such as the Total Vehicle Sales, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing, PMI, and Final Manufacturing PMI. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1155.

Strong Resistance: 1.1149.

Original Resistance: 1.1138.

Inner Sell Area: 1.1127.

Target Inner Area: 1.1101.

Inner Buy Area: 1.1075.

Original Support: 1.1064.

Strong Support: 1.1053.

Breakout SELL Level: 1.1047.

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 July 01, 2016

2_USDJPY.jpg

In Asia, Japan will release the Consumer Confidence, BOJ Core CPI y/y, Final Manufacturing PMI, Tankan Non-Manufacturing Index, Tankan Manufacturing Index, Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, and Household Spending y/y. The US will release some economic data such as the Total Vehicle Sales, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing, PMI, and Final Manufacturing PMI. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 103.44.

Resistance. 2: 103.24.

Resistance. 1: 103.04.

Support. 1: 102.79.

Support. 2: 102.58.

Support. 3: 102.38.

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 major pairs for July 1, 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 not too far from 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.

1.png

USD/CHF: This is a bull market in the short term, and a Bullish Confirmation Pattern is still very much visible on the 4-hour chart, though there is an ever present threat from the bears. As it was once mentioned, the fate of this pair would be determined by whatever happens to the EUR/USD. Further decline in the EUR/USD would bringmore northward movement in the USD/CHF.

2.png

GBP/USD: This currency trading instrument has not brought about any bullish or bearish domination so far this week, though everything remains in the context of a downtrend. Bears might continue proving their stamina, but this instrument would go further and further upwards (most probably gradually). It might take weeks or months for the price to reach the distribution territory at 1.4950 again.

3.png

USD/JPY: The USD/JPY has only moved sideways so far this week, and the chances of a rising momentum are slim today. However, a closer look at the market reveals that bulls are still willing to push the price further upwards, and they would gladly do that whenever an opportunity arises. The chances of a strong momentum are high for the next week, which could most probably favor bulls.

4.png

EUR/JPY: Following the gap-down that happened at the beginning of this week, this cross has gone upwards by 250 pips. A movement of additional 300 pips to the upside would signal a bullish bias in the short term. The EMA 11 is below the EMA 56, but the RSI period 14 has crossed the level 50 to the upside. While the bias remains bearish, it is under threat. What happens next week would determine whether bulls would win or bears would continue to dominate.

5.png

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

Daily analysis of USDX for July 01, 2016

On the H1 chart, the USDX is trying to extend the rally above the 200 SMA, but the support level could be challenged within the next few hours, as the US NFP is coming. A breakout above the 96.60 level will open the doors to test the 97.52 price zone, as the Index keeps trading strongly in a bullish tone, at least on a short-term basis.

1467324243_USDXH1.png

H1 chart's resistance levels: 96.60 / 97.52

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 97.52, and stop loss is at 95.67.

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

Daily analysis of GBP/USD for July 01, 2016

GBP/USD had a decline during yesterday's session after BoE's Mark Carney announced that a rate cut is coming this summer. That would put the Cable into a bearish scenario for the next weeks, and it could break the support zone around the 1.3148 level, in order to extend the decline towards the 1.3148 price zone. The MACD indicator is favoring that bias, as it remains in negative territory on the H1 chart.

GBPUSDH1.png

H1 chart's resistance levels: 1.3380 / 1.3653

H1 chart's support levels: 1.3148 / 1.3000

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 1.3000 and stop loss is at 1.3298.

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

Daily analysis of GBP/JPY for June 30, 2016

GBPJPYH4.png

Overview

The GBPJPY pair showed more sideways trading around 137.60 levels, affected by the stability of the 133.00 support. Stochastic attempts to exit the oversold areas, which might push the price to test the main resistance of the bearish channel at 142.00 for today, followed by renewing the bearish attempts of breaking the mentioned support. In general, the main bearish bias will remain valid for the upcoming trading; the price is likely to be limited between 135.10 and the main resistance today. A negative close below 135.10 will make the price place the 133.00 support under negative pressure; a break of the support will open the way to the main negative target at 127.40.

The expected trading range for today is between 135.10 and 142.00.

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

Daily analysis of EUR/USD for June 30, 2016

1467301282_EURUSDH4.png

Overview

The EURUSD rallied higher yesterday and breached the 1.1067 level settling with a daily close above it. This efficiently supports the continuation of the bullish trend scenario in the upcoming period. The way is open for heading towards our main awaited target at 1.1196. This level represents a crossing of the previously broken 38.2% Fibonacci level and the previously broken bullish channel's support, forming together an important resistance barrier to detect the next trend on the short and med-term bases. A breach of the targeted level will extend the pair's gains to reach 1.356 as the next main station, while the suggested positive scenario will remain valid and active for today unless breaking the 1.1067 level and holding below it. The expected trading range for today is between the 1.1050 support and the 1.1270 resistance.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of USD/JPY for June 30, 2016

USDJPYH4.png

Overview

The USDJPY pair keeps fluctuating near 102.88 levels (the 50% Fibonacci level for the last decline from 106.78 to 98.97), where the price makes some bullish correction after the sharp drop shown in the image. The price is likely to resume the overall bearish trend, which gets continuous support from the EMA50. Therefore, the bearish trend scenario remains valid and active unless breaching the 103.80 level and holding above it. We remind you that our main targets begin by surpassing the 100.70 barrier extending the bearish wave towards 69.76 as the next main target. The expected trading range for today is between the101.00 support and the 103.80 resistance.

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

Daily analysis of EUR/JPY for June 30, 2016

EURJPYH4.png

Overview

The EURJPY traded positively yesterday facing the 114.65 resistance line and forming a solid barrier that makes the price settle within the negative level until this moment. Besides, the stability of the 61.8% Fibonacci level around 115.05 reinforces the negative pressure, and we expect formation of a new negative attack, the price's attempt to reach the first target at 109.50. Note that attempting to rally above 115.05 levels and closing positively will cancel the negative overview and begin a new bullish bias formation that will try to reach 117.40 levels as the first positive station.

The expected trading range for today is between 115.05 and 109.50.

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

Daily analysis of Gold for June 30, 2016

GOLDH4.png

Overview

The gold price showed positive trading yesterday, but it is again fluctuating with slight negativity. The price is affected by stochastic negativity shown on the four-hour time frame that is likely to get rid of this negativity and gain enough positive momentum to make the price resume the main bullish wave, which gets continuous support from the EMA50. Therefore, we still expect the bullish trend on the intraday and short-term bases conditioned by the price stability above the 1,303.58 level. A breach of 1,335.00 levels will ease the mission of heading towards our next main target at 1,400.00. The expected trading range for today is between the 1,300.00 support and the 1,360.00 resistance.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of Silver for June 30, 2016

SILVERH4.png

Overview

The silver price has been trading sideways since morning. Meanwhile, stochastic begins to overlap positively on the intraday time frames, supporting the chances of resuming the main bullish trend that is forming within the bullish channel shown in the image. We are waiting for the price to test the 18.63 level that represents our next main target. Therefore, the bullish trend scenario will remain valid and active for today supported by the EMA50 and conditioned by holding above 18.00 and, most important, above 17.45 levels.

The expected trading range for today is between the 18.00 support and the 18.80 resistance.

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