Technical analysis of USD/JPY for July 06, 2016

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USD/JPY is under pressure and expected to persist its downside movement. On Tuesday U.S. stocks halted their recent winning streak which spanned the prior four sessions as fears that Britain's exit from the European Union would drag global growth resurfaced. The Dow Jones Industrial Average fell 0.6% to 17840, the S&P 500 dropped 0.7% to 2088, and the Nasdaq Composite was down 0.8% to 4822. Automobile, bank and energy shares lost the most, while utilities and consumer staples showed gains.

European stocks were broadly weaker, with the Stoxx Europe 600 declining 1.7%. However, the U.K. FTSE 100 gained 0.4%.

Nymex crude oil plunged 4.9% to $46.60 a barrel.

Bank of England said it would let banks free up more funds for lending by lowering the amount of capital reserves they are required to hold. BoE Governor Mark Carney pointed out, "There is the prospect of a material slowing of the economy."

On the economic data front, U.S. factory orders dropped 1.0% month on month in May (vs -0.8% expected) and durable goods orders (final reading) decreased 2.3% in May (vs -2.2% expected).

As investors rushed to safe-haven assets, government bonds received overwhelming buying orders, pushing benchmark 10-year government debt yields in the U.K., Germany, Switzerland, France, Denmark and Sweden down to fresh historic lows. The benchmark U.S. 10-year Treasury yield settled at a record low of 1.367%, down from 1.446% Friday.

Gold also benefited from safe-haven buying as it rose 0.4% to $1356 an ounce. Although silver saw profit-taking and was down 2.0% to $19.91 an ounce yesterday, it rebounded up to $20.41 an ounce this morning.

The British pound chalked a fresh 31-year low against the U.S. dollar at 1.2997 yesterday (prior session close: 1.3289), weighed down by serious concerns on the suspension of trading in three U.K. commercial property funds worth about 10 billion pounds announced by Standard Life, Aviva and Prudential's M&G Investments. This morning GBP/USD slumped down to 1.2928.

The Japanese yen was in demand as USD/JPY fell 0.8% to 101.70. This morning the pair crossed below the 101.00 mark. As a result the ICE U.S. Dollar Index gained 0.5% to 96.16.

At the same time EUR/USD slid 0.7% to 1.1075, USD/CAD surged 1.1% to 1.2978, AUD/USD plunged 1.0% to 0.7458, and NZD/USD retreated 1.0% to 0.7152. The pair has crossed below the 101.00 level while trading around the lower Bollinger band as those bands were widening, suggesting a further acceleration to the downside. The intraday relative strength index is headed below the over-sold level of 30, indicating continued downward momentum for the pair. The present down-leg could bring the pair down to 99.900 and 99.25.

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 99.90. A break below this target will move the pair further downwards to 99.25. The pivot point stands at 101.20. 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 101.90 and the second one, at 102.20.

Resistance levels: 101.90, 102.20, 102.80

Support levels: 99.90, 99.25, 98.55

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NZD/USD Intraday technical levels and trading recommendations for July 6, 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 ( 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 any bearish swing persists below 0.7000.

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Technical analysis of USD/CHF for July 06, 2016

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USD/CHF is expected to trade with bullish bias. The pair accelerated on the upside after it has broken above the descending trend line since June 30. Meanwhile, the rising 20-period and 50-period moving averages are playing support roles and maintain the upside bias. Besides, the relative strength index is bullish above its neutrality area at 50 and calls for further upside. Hence, as long as 0.9750 holds on the downside,I am positive and expect a bounce to 0.9820 and 0.9835 in extension.

Resistance levels: 0.9820, 0.9835, 0.9880

Support levels: 0.9725, 0.9685, 0.9655

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Technical analysis of NZD/USD for July 06, 2016

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NZD/USD is under pressure and expected to prevail its downside movement. The pair broke below a bullish channel and is currently testing the nearest support at 0.7075. In addition, the relative strength index is capped by a descending trend line. Besides, it broke below 30 (oversold area) without displaying any reversal signal. Besides, both the 20-period and 50-period moving averages are heading downwards. To sum up, as long as 0.7125 holds as the key resistance, the pair is likely to return to 0.7075 at first, and then to 0.7040.

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 0.7240 and the second one, at 0.7265. In the alternative scenario, short positions are recommended with the first target at 0.7155 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 0.7115. The pivot point is at 0.7175.

Resistance levels: 0.7155, 0.7185 0.7240

Support levels: 0.7075, 0.7040, 0.7

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Technical analysis of GBP/JPY for July 06, 2016

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GBP/JPY is under pressure and expected to trade in a lower range. On Tuesday, U.S. stocks halted their recent winning streak, which spanned the prior four sessions as fears that Britain's exit from the European Union would drag global growth resurfaced. European stocks were broadly weaker, with the Stoxx Europe 600 declining 1.7%. However, the U.K. FTSE 100 gained 0.4%. The pair was capped by its descending 20-period moving average and is accelerating on the downside, while the relative strength index is badly directed. As long as 131.60 holds as the key resistance, a drop towards 128.75 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 128.75. A break below this target will move the pair further downwards to 127.00. The pivot point stands at 1131.60. 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 132.60 and the second one, at 134.15.

Resistance levels: 132.60 , 134.15, 136.85

Support levels: 128.75 , 127.00 , 126.15

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USD/CAD intraday technical levels and trading recommendations for July 6, 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 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 July 6, 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, significant bearish breakdown below 1.3550 is currently being manifested on the depicted charts.

Note that the price zone of 1.3845-1.4040 now constitutes the recent supply zone to be watched for new SELL entries if any 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 should be expected towards 1.2700 (the nearest bearish projection target) where price action should be watched for a possible short-term BUY entry.

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Intraday technical levels and trading recommendations for EUR/USD for July 6, 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.

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.

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

On the other hand, bearish fixation below 1.1000 allows a quick bearish decline towards 1.0820 where price action should be considered.

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EUR/NZD analysis for July 06, 2016

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Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.5596 in a high volume. The price reached our take profit level from yesterday at 1.5550. According to the 30M time frame, I found weakness at the price of 1.5595, which is a sign that buying at this stage looks risky. My advice is to watch for selling opportunities on pullbacks. An intraday take profit level is set at the price of 1.5465.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5535

R2: 1.5570

R3: 1.5630

Support levels:

S1: 1.5420

S2: 1.5385

S3: 1.5330

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

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Gold analysis for July 06, 2016

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Since our previous analysis, gold has been trading upwards. As I expcted, the price tested the level of $1,374.25 in an high volume. According to the 30M time frame, I found strong upward trend and successful testing of supply in a low volume at the price of $1,364.00. I have placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 100% at the price of $1,380.00 and Fibonacci expansion 161.8% at the price of $1,389.90.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,367.70

R2: 1.374.00

R3: 1,384.40

Support levels:

S1: 1,346.90

S2: 1,340.45

S3: 1,330.00

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

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Daily analysis of major pairs for July 6, 2016

EUR/USD: Price went downwards a little on June 5, 2016, but it was nothing significant to put bulls in jeopardy. The Bearish Confirmation Pattern in the market could be rendered useless price goes above the resistance line at 1.1300. Otherwise, the extant bearish outlook would be underlined again.

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USD/CHF: This currency trading instrument is making commendable effort to go upwards, though the odds are against it. The price action that happened yesterday has returned a pristine bullish signal to the market. Bulls might thus test the resistance levels at 0.9800 and 0.9850. Testing of the resistance level at 0.9850 would make the bullish signal particularly stronger.

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GBP/USD: Cable dropped 230 pips this week, making it a decrease of about 1,960 pips since June 24, 2016. There are strong Bearish Confirmation Patterns on the 4-hour, daily and weekly charts, which warn against long trades in the market. There are accumulation territories at 1.3000, 1.2950, and 1.2900, which could be reached this week or next.

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USD/JPY: Price dropped below our targets, which are now supply levels (102.50 and 102.00). Further bearish movement is anticipated, since the outlook on the JPY pairs is bearish for this week and for this month. The EMA 11 remains below the EMA 56, and the RSI period 14 remains below the level 50. Further southwards drop is possible.

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EUR/JPY: This cross continued its bearish journey, which was made prominent on Tuesday. There is no logical reason to seek long trades in this market: The EMA 11 is far below the EMA 56, while the RSI period 14 is vividly below the level 50. This is a kind of market that shows rallies that turn out to be "sell" signals.

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Global macro overview for 06/07/2016

Global macro overview for 06/07/2016:

Despite the fact that Britain voted "Out" there is still no specific point in time set concerning when the exit will take place or what type of trade agreement will define the new economic relationship between the eurozone and Britain. After Nigel Farage resignation as a leader of UKIP, other British politicians are in no rush to leave. Nevertheless, the EU officials reminded to do the exit as soon as possible in order to minimize the uncertainty and instability in financial markets. The current situation looks like a political and economic waiting game, so this situation will continue to weigh on the currency and commodity markets for the foreseeable future.

Let's now take a look at the EUR/GBP technical picture in the daily time frame. After the Brexit vote bulls are clearly in control over this market, so the price is making another higher high and the technical resistance at the level of 0.8585 is now violated. The next resistance can be seen at the weekly chart at the level of 0.8816.

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Global macro overview for 06/07/2016

Global macro overview for 06/07/2016:

The FOMC Meeting Minutes for the month of June will be released today at 06:00pm GMT and this is what is to be expected from the US policy makers in the statement. We expect that the Fed will need to further scale back its planned interest rate path at the upcoming FOMC meetings. The current plan was to introduce two more interest rate hikes this year, but the key thing to watch in the June minutes is how the Fed's officials assessed the recent slowdown in US data, particularly the labor market, and how concerned they were about adverse global spillovers. In conclusion, the overall tone is likely to be cautious and dovish, although markets have moved further to price in some chance of a rate cut by December.

Let's now take a look at the US Dollar index before the FOMC Meeting Minutes release. The market bounced from the 100 DMA and from technical support at 95.32 level. Currently, bulls are in control over this market and if the technical resistance at the level of 96.72 is violated, then another higher high in the overall sequence will be made.

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Technical analysis of EUR/JPY for July 6, 2016

General overview for 06/07/2016:

The triangle downside breakout occurred as anticipated after a small, internal triangle pattern in wave e had been terminated as well. Currently, the market is trading below the weekly pivot and one more low below the level of 109.55 is still being expected. There are no signs of any divergence yet as well.

Support/Resistance:

109.07 - WS3

109.55 - Wave iii Bottom

110.32 - WS2

111.37 - Intraday Support

112.53 - WS1

113.29 - Intraday Resistance

113.66 - Weekly Pivot

114.78 - Intraday Resistance

115.48 - Technical Resistance

116.00 - WR1

117.07 - WR2

119.33 - WR3

Trading recommendations:

The sell order should be kept open and SL should be moved to the level of 113.30. The reason for this trade is that there is still one more wave to the downside missing.

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Elliott wave analysis of EUR/NZD for July 6, 2016

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Wave summary:

We are still looking for more downside here, the question is whether wave (ii) did finish at 1.5775 or a more complex expanded flat is unfolding. As long as support at 1.5280 is able to protect the downside, the expanded flat can not be ruled out and if this corrective formation is unfolding, then a break above 1.5600 shortly will be seen for a rally to just above 1.5775 before turning lower again towards 1.4490.

A direct break below support at 1.5280 confirms that wave (ii) already complete at 1.5775 and wave (iii) lower towards 1.4490 is unfolding.

Trading recommendation:

Look for a selling opportunity at 1.5780 or sell on a break below 1.5280.

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Elliott wave analysis of EUR/JPY for July 6, 2016

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Wave summary:

The expected decline towards the next downside target near 108.16 is unfolding nicely.

Short-term minor resistance is seen at 111.80, which ideally will protect the upside for the next part of the decline towards 108.16, but even if the minor resistance at 111.80 is broken, back-up resistance is seen already at 112.09 that should be able to protect the downside for the decline to 108.16.

Trading recommendation:

Move stop on your short position lower to 112.75 securing a profit no matter what happens. If you are not yet, then sell near 111.80 and use the same stop at 112.75. Take profit should be placed at 108.25

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Technical analysis of USD/CAD for July 6, 2016

General overview for 06/07/2016:

The golden trend line around the level of 1.3030 was hit overnight as anticipated and currently the market is testing this dynamic resistance from below. More upside price action is expected soon. Please notice, that the level of 1.1829 is the line in the sand for the impulsive structure and it can not be violated.

Support/Resistance:

1.2698 - WS2

1.2788 - WS1

1.2952 - Weekly Pivot

1.3015 - Intraday Support

1.3045 - WR1

1.3118 - Wave (i) Top | Intraday Resistance |

Trading recommendations:

All buy orders should be kept open and SL should be now moved just below the level of 1.2829. The reason for this trade is that the market should rebound and the uptrend should continue soon.

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Technical analysis of NZD/USD for July 06, 2016

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Overview:

  • The NZD/USD pair dropped sharply from the level of 0.7139 towards 0.7080. Now, the price is set at 0.7089. On the H1 chart, the resistance of NZD/USD pair is seen at the level of 0.7107 and 0.7037. It should be noted that volatility is very high for that the NZD/USD pair is still moving below the resistance level of 0.7107. Moreover, the price spot of 0.7107 remains a significant resistance zone. Therefore, there is a possibility that the NZD/USD pair will move downside and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 0.7107, sell below 0.7107 with the first target at 0.7075 in order to test yesterday's bottom. Besides, it should be noted that support 1 is seen at the level of 0.7075 which coincides with the daily pivot point. Additionally, if the NZD/USD pair is able to break out the bottom at 0.7075, the market will decline further to 0.7036 in order to test the weekly support 2. On the other hand, if a breakout happens at the resistance level of 0.7139, then this scenario may be invalidated.
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Technical analysis of USD/CHF for July 06, 2016

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Overview:

  • The USD/CHF pair continues to move upwards from the level of 0.9965. Yesterday, the pair dropped from the level of 0.9720 (this level of 0.9720 coincides with the ratio of 23.6% Fibonacci retracement) to the top around the spot of 0.9779. Today, the first support level is seen at 0.9767 followed by 0.9742 (the weekly pivot point), while daily resistance 1 is found at 0.9798. Amid the previous events, the pair is still in an uptrend, because the USD/CHF pair is trading in a bullish trend from the weekly pivot line of 0.9742 towards the first resistance level at 0.9798 in order to test it. Therefore, the first bearish wave is seen at 0.9767, for that i the pair succeeds to pass through the level of 0.9767, the market will indicate a bullish opportunity above the level of 0.9767. In other words, buy orders are recommended above the spot of 0.9767 with the first target at the level of 0.9798; and continue towards 0.9836. However, if the NZD/USD pair fails to break through the weekly pivot level of 0.9742 today, the market will decline further to 0.9720 and 0.9684.
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Daily analysis of USDX for July 06, 2016

USDX made a rebound above the 200 SMA on H1 chart and the bullish momentum could extend toward the 97.74 level in coming days. However, a strong supply zone is currently in place at this stage. Eventually, the index will try to perform another decline to the support level of 95.20. MACD indicator is in positive territory.

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H1 chart's resistance levels: 96.60 / 97.74

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 97.74, and stop loss is at 95.47.

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Daily analysis of GBP/USD for July 06, 2016

GBP/USD tested a 31-year low and it's trying to extend the lower continuation below the 1.3000 psychological level. A rebound could drive it to test the resistance level of 1.3148, where the Cable has been trapped into a low range. The 200 SMA on H1 chart is still pointing to the downside and bears are still favored on a short-term basis.

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H1 chart's resistance levels: 1.3148 / 1.3380

H1 chart's support levels: 1.3000 / 1.2858

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 1.3000, take profit is at 1.2858 and stop loss is at 1.3148.

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Technical analysis of USDX for July 6, 2016

The Dollar index has broken out and above the triangle pattern consolidation and is showing signs of a bullish trend starting. A price target remains near 99 for the medium-term trend while for the longer-term trend we can expect to see new highs above 101.

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Red lines - triangle pattern

The Dollar index reached the Ichimoku cloud support and bounced off the support area breaking above the downward sloping red trend line resistance of the triangle pattern. This is a bullish sign not to be ignored as this could be the beginning of the next leg upwards towards 100. Short-term support remains at 95.50 while resistance is at 96.45.

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The weekly candle has turned bullish back above the weekly Kijun-sen (yellow line indicator) and inside the weekly Kumo. This is a bullish sign after the breakout above the black downward sloping TL. Price has backtested the breakout area and is now slowly climbing higher. A

trend is bullish for the medium-term as long as price is above 93. I remain bullish on the US dollar.

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Technical analysis of Gold for July 6, 2016

Gold price remains in a bullish trend holding above the short-term support of $1,340 and testing the post-Brexit high at $1,360. I continue to expect a new higher high near $1,400 where the first important long-term resistance is found.

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Blue lines - bullish channel

Gold price continues to trade above the Ichimoku cloud and inside the bullish short-term channel. A trend remains bullish. A target is $1,400 and could be achieved this week as I have been saying from last week. Support is at $1,345, resistance is at $1,360 and next at $1,400.

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On the weekly chart we observe the clear breakout above the weekly Kumo resistance as Gold has most probably made a long-term bullish reversal. The $1,400 price level also marks the important long-term resistance of the 38% Fibonacci retracement of the decline from its all time highs. I believe this level will be tested and an initial rejection will be seen.

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Daily analysis of Gold for July 05, 2016

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Overview

The gold price tests the bullish trend line shown in the image and keeps trading steadily above this level. Stochastic reaches the thresholds of the oversold levels now, supporting the chances of resuming the main bullish trend, which next target is located at 1,400.00. Therefore, the positive scenario will remain valid for today conditioned by holding above 1,341.00, where a break of this level represents a negative factor that we expect to push the price to test the most important support for the short-term trading at 1,303.58 before any new attempt to rise.

The expected trading range for today is between the 1,330.00 support and the 1,380.00 resistance.

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Daily analysis of Silver for July 05, 2016

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Overview

The silver price ended yesterday's trading above the 20.00 barrier to build a new support base above this level that reinforces the continuation of the bullish trend scenario on the short- and mid-term bases. Besides, the EMA50 continues providing support to the price from below, and the price is likely to head towards 22.00 followed by 22.40 levels mainly. We remind you that the expected bullish rally is affected by the completion of the inverted head and shoulders' pattern, while the suggested bullish trend will remain active unless breaking the 18.63 level and holding below it. The expected trading range for today is between the 19.70 support and the 21.50 resistance.

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