NZD/USD Intraday technical levels and trading recommendations for July 7, 2016

analytics577e53d8c3524.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 ( 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.

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

USD/CAD intraday technical levels and trading recommendations for July 7, 2016

analytics577e5093b0005.pnganalytics577e50c395db2.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 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

Intraday technical levels and trading recommendations for GBP/USD for July 7, 2016

analytics577e4bb49de90.pnganalytics577e4bc48c4d3.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, 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.

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

Intraday technical levels and trading recommendations for EUR/USD for July 7, 2016

analytics577e4aec29e4b.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).

analytics577e4b009ac9b.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.

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.

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

Gold analysis for July 07 , 2016

analytics577e42db20b7f.png

Since our previous analysis, gold has been trading downwards. The price tested the level of $1,360.00 in an ultra volume (climax). According to the 30M time frame, I found a climatic action and responsive buyers reaction at the price of $1,359.90. Using market profile, I found single prints at the price of $1,139.90. Be very careful when selling Gold and watch for buying opportunities. The point of control for today is set at the price of $1,367.20. The second upward station is set at the price of $1,370.40.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,373.50

R2: 1.377.30

R3: 1,383.35

Support levels:

S1: 1,361.35

S2: 1,357.60

S3: 1,351.50

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

EUR/NZD analysis for July 07, 2016

analytics577e39ee20f1b.png

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.5318 in a high volume. The price reached our take profit levels from yesterday at 1.5450 and 1.5385. According to the 30M time frame, I found responsive buyers at the price of 1.5315. We may see potential upward correction. I placed Fibonacci retracement and I got Fibonacci retracement 38.2% at the price of 1.5425. Anyway, the trend is downward and once the upward correction ends, EUR/NZD may resume downward trend.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5590

R2: 1.5625

R3: 1.5685

Support levels:

S1: 1.5480

S2: 1.5445

S3: 1.5390

Trading recommendations for today: Reaction from buyers at the low, selling looks risky at this tage. Watch for potential buying opportunities.

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

Global macro overview for 07/07/2016

Global macro overview for 07/07/2016:

The yesterday's FOMC Metting Minutes revealed a cautious tone from the policy makers regarding further interest rate hike and economic outlook. The Fed's members might wait now until the end of the year to hike interest rate again. The main reason behind the wait-and-see approach is the unexpected Brexit vote and the following uncertain consequences of this situation. This dovish tone of the minutes reflects one more concern about the weak NFP Payrolls data from the last month period. The minutes suggested that there would need to be data improvement and that was even before having to deal with the fallout of a Brexit. In conclusion, the concerns over global growth are still present.

Let's now take a look at the EUR/USD technical picture in the 4H time frame. The technical resistance at the level of 1.1180 is still capable of stopping any rally as bulls are still trying to retrace more than 50% of the latest swing down. Nevertheless, the bear camp seems to be in control over this market and the next support is seen at the level of 1.1023.

analytics577e1410500c3.jpg

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

Technical analysis of NZD/USD for July 07, 2016

NZDUSDH1.png

Overview:

  • The NZD/USD pair is going to continue to rise from the level of 0.7174 in the long term. It should be noted that the support is established at the level of 0.7174 which represents the 61.8% Fibonacci retracement level on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7174. So, buy above the level of 0.7174 with the first target at 0.7228 in order to test the daily resistance 1 and further to 0.7259. Also, it might be noted that the level of 0.7259 is a good place to take profit because it will form a major resistance today. Moreover, it should be noted that the double top is seen at the point of 0.7298. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.7174, a further decline to 0.7137 can occur which would indicate a bearish market.

Daily key levels:

  • Major resistance:0.7298
  • Minor resistance:0.7260
  • Intraday pivot point:0.7217
  • Minor support:0.7174
  • Major support:0.7135
The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 07/07/2016

Global macro overview for 07/07/2016:

According to the data published yesterday, the ISM Non-Manufacturing PMI index advanced to 56.5 points and it beat the expectations of 53.3 points. Moreover, the number revealed was better than last month's reading of 52.2 as well. The ISM index gauges business conditions in non-manufacturing industries, based on measures of employment trends, prices, and new orders. The employment component rose from 49.7 to 52.7 points, which is a good sign for the NFP Payrolls report this Friday. In conclusion, it is the first sign of a rebound in the sector after horrible May reading (the weakest release since February 2014).

Let's now take a look at the EUR/AUD technical picture in the daily time frame. The recent decline from 1.5657 top indicates that the bear camp might be getting strength, especially if the next support at the level of 1.4471 gets violated. The view supports the fact that the price is trending below the short-term dashed trend line and below 55, 100, and 200 DMA as well.

analytics577e109aba6c8.jpg

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

Technical analysis of USD/CHF for July 07, 2016

USDCHFH4.png

Overview:

  • The USD/CHF pair has faced strong support at the level of 0.9740 because resistance has become support. So, the strong support is already seen at the level of 0.9740 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9740, the market will indicate a bullish opportunity above the new support level of 0.9740 (the level of 0.9740 coincides with a ratio of 50% Fibonacci). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100). Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. From this point, the market is indicating a bullish opportunity above 0.9740 so it will be good to buy at 0.9740 with the first target of 0.9791. It will also call for an uptrend in order to continue towards 0.9863. The daily strong support is seen at 0.9689. 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 0.9660.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for July 7, 2016

General overview for 07/07/2016:

The wave v to the downside is developing as expected, but no new low has been made yet. 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. Patience is needed.

Support/Resistance:

109.07 - WS3

109.55 - Wave iii Bottom

110.32 - WS2

110.83 - 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.

analytics577e0c6e58615.jpg

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

Technical analysis of USD/CAD for July 7, 2016

General overview for 07/07/2016:

The five-wave impulsive rally to the upside has been completed and it was labeled as wave i. Currently, the market is in the corrective decline towards the intraday support at the level of 1.2928 and the impulsive rebound is expected when this level is reached. 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

1.2928 - Intraday Support

1.2952 - Weekly Pivot

1.3045 - WR1

1.3054 - Intraday Resistnace

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.

analytics577e0aced9851.jpg

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

Technical analysis of USDX for July 7, 2016

The US dollar index is backtesting the breakout level of 96. Price broke above the consolidation range of last week and now it is backtesting the broken resistance. The NFP numbers tomorrow will influence the future trend of the dollar index with chances favoring bulls.

analytics577dfd567ade6.jpg

Black line - resistance (broken)

The dollar index is backtesting the broken black trend line and the 4 hour Kumo (cloud). The trend is bullish as price remains above the cloud and above the trend line. Resistance is at the recent high of 96.50. A breakout above it will be a very bullish sign. Support is at 95.40 and next, at 94.90.

analytics577dfdaad224a.jpg

Red line - weekly trend line resistance (broken)

The weekly candle is shaping up to be a reversal candle as price is trying to break above the weekly kijun-sen (yellow line indicator) and move inside the weekly cloud. With price above the weekly trend line resistance and NFP numbers announced tomorrow, I believe the dollar is expected to make a strong move upwards.

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

Technical analysis of Gold for July 7, 2016

Gold price is trading inside a bullish channel. Price reached a new higher high as we had expected but still it is below $1,400. Price reached the resistance area and we might see a pullback towards $1,260 today. A deeper pullback towards $1,250-45 is also possible but overall trend remains strongly bullish.

analytics577dfc673a773.jpg

Blue lines - bullish channel

In the short term, price remains in a strong uptrend above clouds and tenkan- and kijun-sen indicators. Support is at $1,260 and next, at $1,250. Resistance is at $1,270. I continue to be bullish targeting $1,400.

analytics577dfcba635af.jpg

On the weekly chart, price reached the upper boundary of the expanding triangle and got rejected. A lower weekly low will be a reversal signal for gold price that could bring it even back towards $1,200. So bulls need to be very cautious.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for July 07, 2016

USDJPYM30.png

USD/JPY is expected to trade in a lower range as the key resistance is at 101.45. On Wednesday, U.S. stocks rebounded as the minutes of the U.S. Federal Reserve's latest monetary policy meeting, which showed officials' concerns over Britain's vote on whether to leave the European Union, and a slowdown in U.S. job growth left investors thinking that the central bank would not increase interest rates soon. The Dow Jones Industrial Average rose 0.4% to 17,918, the S&P 500 climbed 0.5% to 2,099, and the Nasdaq Composite was up 0.8% to 4,859. Healthcare stocks took the lead.

European stocks remained under pressure with the Stoxx Europe 600 falling another 1.7%. The U.K. FTSE 100 lost 1.3%.

On the economic front, the U.S. trade deficit widened to $41.1 billion in May (vs $40 billion deficit expected) from $37.4 billion in April. And the ISM non-manufacturing index jumped to 56.5 in June (vs 53.3 expected) from 52.9 in May.

The benchmark U.S. 10-year Treasury yield edged up to 1.385% from the record low of 1.367% on Tuesday. Gold rose 0.6% to $1,364 an ounce, having gained 3.9% or $51 an ounce in a winning streak of six straight days. Silver was up 1.1% to $20.16 an ounce. Besides, Nymex crude oil rebounded 1.8% to $47.43 a barrel.

On the forex front, the British pound managed to rebound from the a day low of 1.2796 and closed at 1.2929, down 0.7% day on day, it closed below 1.3000 for the first time since June 1985.

EUR/USD climbed 0.2% to 1.1099 (one-day low at 1.1029). USD/JPY declined 0.4% to 101.31, while it was down to 100.18 earlier in the session.

Commodities-linked currencies were mixed. USD/CAD edged down 0.1% to 1.2960 after reaching as high as 1.3055. AUD/USD rebounded 0.8% to 0.7515. On the other hand, NZD/USD fell further 0.3% to 0.7128. A rebound brought the pair from a day low of 100.20 to 101.45 overnight, while leaving the key resistance at 101.45 . The pair was under pressure, and it is currently trading below the 20-period moving average. Meanwhile the relative strength index is around the neutrality level of 50 but lacks upward momentum. As long as the key resistance at 101.45 is not surpassed, the intraday outlook remains bearish, and the pair could return to 100.40 and 99.90 in extension.

Recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 100.40. A break below this target will move the pair further downwards to 99.90. The pivot point stands at 101.45. 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: 100.40, 99.90, 99.25

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

Technical analysis of USD/CHF for July 07, 2016

USDCHFM30.png

USD/CHF is expected to trade in a lower range as the key resistance is at 0.9770. The pair remains under pressure below its key resistance at 0.9770, which maintains the strong selling pressure. In addition, a bearish cross was identified between the 20-period and 50-period moving averages (a negative signal). To conclude, as long as resistance at 0.9770 is not surpassed, the risk of the break below 0.9710 remains high. A break below this level would open the way to further weakness towards the horizontal support at 0.9685.

Resistance levels: 0.9785, 0.9805, 0.9860

Support levels: 0.9710, 0.9685, 0.9655

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

Technical analysis of NZD/USD for July 07, 2016

NZDUSDM30.png

NZD/USD is expected to trade with bullish bias above 0.7105. The pair broke above the 50-period moving average and remains on the upside. A support base at 0.7105 is formed and allows a temporary stabilization. Meanwhile, a bullish cross was identified between the 20-period and 50-period moving averages. Besides, the relative strength index is above its neutrality area at 50 and lacks downward momentum. In this case, as long as 0.7105 holds on the downside, the intraday outlook stays positive with targets at 0.7185 and 0.7220 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 0.7185 and the second one, at 0.7220. In the alternative scenario, short positions are recommended with the first target at 0.7075 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 0.7040. The pivot point is at 0.7105.

Resistance levels: 0.7185, 0.7220, 0.7260

Support levels: 0.7075, 0.7040, 0.7

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

Technical analysis of GBP/JPY for July 07, 2016

GBPJPYM30.png

GBP/JPY is expected to trade in bullish bias. The pair broke below its 20-period moving average but is still trading above the 50-period one. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. As long as support is at 129.75, look for a technical rebound towards 131.50. A break above this level would call for further advance towards 132.60.

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 131.50 and the second one, at 132.60. In the alternative scenario, short positions are recommended with the first target at 128.75 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 127. The pivot point is at 129.75.

Resistance levels: 131.50, 132.60 , 134.15

Support levels: 128.75 , 127.00 , 126.15

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

Elliott wave analysis of EUR/NZD for July 7, 2016

analytics577deba918592.png

Wave summary:

We do prefer wave (ii) having finished at 1.5775, but we still need a break below support at 1.5280 to confirm this is the case and confirming the next part of the decline towards 1.4490.

As long as support at 1.5280 remain untouched wave (ii) could develop into an expanded flat correction, which will call for a rally to just above 1.5775 before the next impulsive decline can begin.

Trade recommendation:

We are looking for a selling opportunity and will sell EUR here at 1.5500 with stop placed at 1.5610.

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

Elliott wave analysis of EUR/JPY for July 7, 2016

analytics577dea32013a0.png

The expected decline towards 108.16 is unfolding nicely. Short term, we expect minor resistance at 112.50 will protect the upside for a break below minor support at 110.92 calling for the next part of the decline towards 108.16.

Once the 108.16 target has been tested a new corrective rally is expected before the final decline to the ideal long term corrective target at 106.03.

Trading recommendation:

Stay short with stop placed at 112.75 securing a porfit no matter what happens. If you are not short EUR yet, then sell near 112.50 using the same stop. Place take profit at 108.25.

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

Silver Technical Analysis for July 07, 2016.

Technical outlook and chart setups:

Silver had pushed through $21.15 level earlier before pulling back lower. The metal is seen to be trading at $20.15 level at the moment, looking to resume lower from here. Looking into the wave structure, the metal might have completed an impulse (5 waves) rally from $13.60 through $21.15 levels as depicted here. Please also note that the 5th wave here looks to be an extension, normally seen in metals. We can expect one last high above $21.15 level before turning lower and hence it is recommended to remain flat for now and prepare to go short on a rally. Immediate resistance is seen at $21.15 level, while support is at $19.50 level respectively. A push below $19.50 level would produce further confidence into the bearish setup.

Trading recommendations:

Remain flat for now. Initiate short positions near $21.15/20 levels.

Good luck!

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

Gold Technical Analysis for July 07, 2016.

Technical outlook and chart setups:

Gold printed fresh highs yesterday around $1,375.00 levels before pulling back lower. The metal is seen to be trading at $1,267.00 level at the moment, looking to resume lower. The wave structure indicates that the yellow metal might have completed a 5-wave rally from $1,046.00 through $1,375.00 level as depicted here. Please note that the upper side looks limited from here and may push through $1,378.00/80.00 levels maximum before reversing. It is hence recommended to prepare to sell around those levels on confirmation. Immediate resistance is seen through $1,378.00/80.00 levels, while support is at $1,340.00 level respectively. Furthermore, the daily chart produced a Pinbar candlestick pattern yesterday, indicating a potential reversal lower from here.

Trading recommendations:

Remain flat for now. Look to sell around $1,278.00/80 levels.

Good luck!

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

EUR/USD Trading Recommendations for 7th July, 2016

analytics577daae752318.png

Trading recommendations :

Sell now and below 1.1120

Stop loss at 1.1186

Take profit at 1.0970

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

NZD/USD Trading Recommendations 7th July, 2016

analytics577da67c1e1a5.png

Trading recommendations :

Sell now

Stop loss at 0.7180

Take profit at 0.7040

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

AUD/NZD Elliott Wave trading recommendations for 7th July, 2016

analytics577da5ef5d073.png

Trading recommendations :

Sell now and below 1.0550

Take profit at 1.0495

Stop Loss at 1.0580

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

Daily analysis of major pairs for July 7, 2016

EUR/USD: All the shallow upswings and downswings in the market have not contributed anything significant to this market. There is still a possibility of a strong directional movement, which would most probably favor bears, for price could test the support lines at 1.1050 and 1.0000. A movement above the resistance line at 1.1400 would result in a strong bullish signal, but that would require persistent buying pressure.

1.png

USD/CHF: USD/CHF made some bullish attempt, but further bullish movement was rejected at the resistance level at 0.9800. There has been a minor bearish correction since then, and there is a need for price to go above that resistance level: Otherwise bulls would lose their dominance in the market.

2.png

GBP/USD: The cable has dropped seriously this week, testing a low of 1.2796. Price got corrected a bit after that, and then moved sideways, all in the context of a downtrend. Further bearish movement is possible, and the low of this week may be tested again this week or next week.

3.png

USD/JPY: No matter what happens on this pair (like the shallow rally that was witnessed on it yesterday), the bias on the market is bearish. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Since there is a Bearish Confirmation Pattern in the market, further bearish movement is possible. Some fundamental figures are expected today and they would have impact on the market.

4.png

EUR/JPY: This cross has continued its bearish journey, which was made prominent on Wednesday (in spite of the current faint bullish attempt). 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.

5.png

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

Daily analysis of USDX for July 07, 2016

The index is still supported by the 95.89 level after the FOMC minutes didn't show major announcements, but the risk to the upside is still there, as the USDX is hovering above the 200 SMA on H1 chart. Currently, a breakout above the 96.60 level will open the doors to test the 97.74 level in a first degree. MACD indicator is into the negative territory.

USDXH1.png

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.

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

Daily analysis of GBP/USD for July 07, 2016

On H1 chart, GBP/USD had another bearish session. The pair challenged new fresh multi-year lows around the 1.2858 level, where the pair already formed a new support on the road. A rebound from the current levels will drive it to test again the psychological zone of 1.3000, but the risk to the downside remains alive as the 200 SMA is still bearish.

GBPUSDH1.png

H1 chart's resistance levels: 1.3000 / 1.3148

H1 chart's support levels: 1.2858 / 1.2750

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.

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

Daily analysis of Gold for July 06, 2016

GOLDH4.png

Overview

The gold price bounced bullishly after testing the bullish trend line yesterday. This reinforces the continuation of our bullish overview for the upcoming period. Stochastic continues providing a positive signal on the four-hour time frame helping the price move towards our main awaited target at 1,400.00. Note that a break of the 1,343.50 level will 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 1,343.50 support and the 1,390.00 resistance.

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

Daily analysis of Silver for July 06, 2016

SILVERH4.png

Overview

The silver price has been trading around 19.90 since yesterday after finding a solid resistance at 21.10, which means the price needs to get enough positive momentum to resume the main bullish trend that is affected by the completion of the inverted head and shoulders' pattern seen on the chart. Until now, our bullish trend expectations are still valid on the short-term basis unless breaking the 18.63 level and holding below it. We are waiting for the price to head towards 22.00 followed by 22.40 levels that represent the next main targets of the current bullish wave.

The expected trading range for today is between the 19.20 support and the 21.00 resistance.

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