Daily analysis of Gold for July 08, 2016

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Overview

Gold price approached from testing the main bullish trend line that rises now to 1347.50 and bounced bullishly from there. This keeps the bullish trend scenario valid efficiently for the upcoming period. This stochastic reaches the thresholds of the oversold areas, providing positive motive that we are waiting to assist to push the price to resume the bullish bias. Therefore, we will keep our bullish overview that its next main target located at 1400.00, supported by the EMA50. Noting that is above 1347.50 level represents the first protecting factor to the continuation of the suggested rise.

The expected trading range for today is between the 1347.50 support and the 1400.00 resistance

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Daily analysis of Silver for July 08, 2016

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Overview

Silver price returns to fluctuate negatively to move below the 0.00 level. Taking a deeper look at the chart, we find that the price is facing potential negative formation shown on the minor image. This pattern's confirmation line is located at 19.50, thus, breaking this level might push the price to test the most important support for the short-term trading at 18.63 before any new attempt to rise. In general, we will continue to suggest the overall bullish trend as long as the 18.63 level remains intact and supported by the EMA50 waiting to head towards 22.00 followed by 22.40 levels mainly. The expected trading range for today is between the 19.00 support and the 21.00 resistance.

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USD/CAD intraday technical levels and trading recommendations for July 8, 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 8, 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 8, 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. Bearish fixation below 1.1000 is needed to enhance this bearish scenario.

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 08, 2016

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Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5190 in a high volume. According to the 30M time frame, I found lower value areas in past days and today price is trading below yesterday's value area, which is a sign that sellers are in control. I placed Fibonacci expansion to find a potential downward target for today. I got Fibonacci expansion 161.8% at the price of 1.5110. Watch for selling opportunities on the pullbacks.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5500

R2: 1.5570

R3: 1.5685

Support levels:

S1: 1.5275

S2: 1.5200

S3: 1.5090

Trading recommendations for today: Sellers are in control on the market. Watch for selling opportunities.

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Gold analysis for July 08 , 2016

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Since our previous analysis, gold has been trading downwards. The price tested the level of $1,350.64 in a high volume. According to the 30M time frame, I found potential end of bullish corrective phase at the price of $1,362.70. The value area from previous day is lower, which is a sign that sellers are in control. Watch for selling opportunities. Take profit level is set at the price of $1,350.80.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,367.50

R2: 1.371.70

R3: 1,378.60

Support levels:

S1: 1,353.60

S2: 1,349.35

S3: 1,342.50

Trading recommendations for today: Buying gold looks risky, watch for selling opportunities.

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Technical analysis of NZD/USD for July 08, 2016

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Overview:

  • The NZD/USD pair rose from the level of 0.7229 to top at 0.7261 yesterday. Today, the NZD/USD pair has faced strong resistance at the spot of 0.7261 - 0.7298. So, the strong resistance has been already faced at the level of 0.7261 and the pair is likely to try to approach it in order to test it again and form a double top (0.7298). For this reason, the NZD/USD pair is starting to trade in a bearish trend from the new resistance levels of 0.7261 - 0.7298 to form a bearish channel. According to the previous events, we expect the pair to move between 0.7298 and 0.7174. Also, it should be noted that major support is seen at 0.7174, while immediate resistance is found at 0.7228. Then, we may anticipate potential testing of 0.7228 to take place soon. Moreover, if the pair succeeds in passing through the level of 0.7228, the market will indicate a bearish opportunity below the level of 0.7261. A breakout of that target will move the pair further downwards to 0.7174. Sell orders are recommended below the area of 0.7261 - 0.7298 with the first target at the level of 0.7228; and continue towards 0.7174. On the other hand, if the NZD/USD pair succeeds to break out through the resistance level of 0.7298; the market will rise further to the level of 0.7375 in order to form a new double top on the H4 chart.
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Technical analysis of USD/CHF for July 08, 2016

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Overview:

  • The USD/CHF pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bullish in the nearest term testing 0.9863 or higher. Immediate resistance is seen around the area of 0.9791 (61.8% Fibonacci retracement). A clear break above that area could lead price to the neutral zone in the nearest term. Price will test 0.9863, because in general, we remain bullish on July 8th, 2016. Yesterday, the market moved from its bottom at 0.9740 and continued to rise towards the top of 0.9791. Today, on the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 0.9863 (major resistance), the market will indicate a bearish opportunity below the strong resistance level of 0.9863 (the level of 0.9863 coincides with the ratio of 78.6% Fibonacci retracement). Since there is nothing new in this market, it is not bearish yet. Buy deals are recommended above the level of 0.9766 with the first target at 0.9863 to test the major resistance. If the trend breaks the major resistance level of 0.9863, the pair is likely to move upwards continuing the development of a bullish trend to the level of 0.9963 in order to test the weekly support 1. We expect that the pair will move between the levels of 0.9743 and 0.9863.
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Global macro overview for 08/07/2016

Global macro overview for 08/07/2016:

After Brexit, there might be more changes in sovereign credit rating in EU countries. Credit rating agencies (CRA) have to announce beforehand the days when they could change the ratings of the European Union's members. Usually, the sovereign credit ratings are not that much important for market participants as long as they meet certain criteria, but after Brexit, the criteria and ratings are likely to be adjusted. Scheduled possible changes, current rating and current outlook for the most important countries are:

- Moody's European Union (Aaa, stable), Netherlands (Aaa, stable)

- Standard & Poor's European Financial Stability Facility (AA, stable), Germany (AAA, stable)

-DBRS United Kingdom (AAA, stable)

The UK's credit rating is probably the most at danger after the Brexit vote, but so far none of the agencies have decided to adjust it yet. This situation might change in the nearest future. CRAs are expected to cut the UK's rating lower towards AA or AA+ level.

Let's now take a look at the EUR/GBP technical picture in the daily time frame. As anticipated before, bulls have managed to hit the weekly resistance at the level of 0.8585 and now the market trades just below this level. This is a clear bull market, so up trend continuation is anticipated. The next support is seen at the level of 0.8380.

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Daily analysis of major pairs for July 08, 2016

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USD/JPY is expected to trade with bearish bias as capped by a declining trend line. On Thursday, U.S. stock indexes were mixed, with the Dow Jones Industrial Average edging down 0.1% to 17895, the S&P 500 dipping 0.1% to 2097, and the Nasdaq Composite being up 0.4% to 4876. Automobiles, media and semiconductors were the leading sectors, while utilities, telecoms and energy lost the most.

Nymex crude oil slumped 4.8% to $45.14 a barrel as crude inventories declined slightly less than expected.

European stocks rebounded, with the Stoxx Europe 600 gaining 1.1%.

The benchmark U.S. 10-year Treasury yield settled at 1.387%, up from 1.385% Wednesday. Gold declined 0.2% to $1360 an ounce, ending a six-day winning streak, and silver was down 2.0% to $19.66 an ounce.

On the economic front, the ADP national employment report showed that the private sector in the U.S. added 172,000 jobs in June (vs. +159K expected, +168K in May). And tonight the government will release the June jobs report where it is widely estimated that 180,000 non-farm payrolls were added (vs. +38,000 in May) and the jobless rate would rise to 4.8% from 4.7%.

Regarding forex trading, the British pound traded in a roller-coaster-ride style yesterday. GBP/USD surged up to 1.3047 from the prior-day close at 1.2929 before slumping back to close at 1.2907. This morning the pair reached as low as 1.2876 before rebounding to levels over 1.2930.

The euro remained under pressure as EUR/USD fell 0.4% to 1.1059, while USD/JPY posted a 3-day losing streak by dropping 0.6% to 100.75.

The Australian dollar once sank to 0.7464 against the greenback yesterday (previous close: 0.7515) after S&P revised the Australia's rating outlook to 'negative' from 'stable'. AUD/USD finally settled 0.5% lower at 0.7477.

On the other hand, the New Zealand dollar soared 1.4% to 0.7226 against the U.S. dollar after New Zealand's central bank deputy governor warned against further interest rate cuts. This morning NZD/USD bounced to 0.7255.

The 5% plunge in oil prices helped to weigh down the Canadian dollar. USD/CAD rebounded powerfully from a day-low of 1.2873 to close at 1.3001, up 0.3% day on day. The pair eventually breached the key support at 101.20 turning the intraday outlook bearish. At the same time it is capped by a bearish trend line. As long as the bearish trend line and the key resistance at 101.20 (around yesterday's high) restrict the pair's upside, the intraday outlook remains bearish and a return to 99.90 is expected.

Recommendations for USD/JPY:

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 101.45 and the second one, at 101.80.

Resistance levels: 101.45, 101.80, 102.20

Support levels: 99.90, 99.25, 98.65

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Global macro overview for 08/07/2016

Global macro overview for 08/07/2016:

The main event of the week, the NFP Payrolls and Unemployment Rate release is scheduled at 12:30am GMT. Market participants are expecting a nice rebound in this month's figure, up to 175k from 38k a month ago (the smallest monthly increase in the nonfarm payrolls since January 2011). The unemployment rate is expected to increase slightly to 4.8% from 4.7% a month ago. Nevertheless, a better than expected figure today is unlikely to be enough for FED policymakers to switch from dovish to hawkish tone. Investors' expectations for a Fed rate hike in 2016 have collapsed totally following the previous jobs report and then the UK's referendum on EU membership.

Let's now take a look at the EUR/USD technical picture in the 4H time frame. Bulls were too weak to break out above the 1.1180 technical resistance level, so the price stays in the neutral zone, marked by the technical support at the level of 1.1023 and technical resistance at the mentioned level of 1.1180. Market participants are waiting for the NFP Payrolls news.

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Technical analysis of USDX for July 8, 2016

The Dollar index is sliding lower on top of the broken trend line resistance waiting for the announcement of the Non-Farm Payrolls today that will greatly influence the balance between bulls and bears.

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Black line- resistance trend line (broken)

The Dollar index continues to trade above the 4 hour Kumo (cloud) and the black trend line resistance that is broken. A backtest is in play and I expect the NFP numbers today to provide a good excuse for the Dollar to rally higher as the technical setup suggests.

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Red line - long-term resistance (broken)

The weekly candle is entering the Ichimoku cloud and a close inside it will provide a bullish signal and a possible target of reaching the upper cloud boundary in the next few weeks. Support is at 94.90. Trend favors bulls. Traders with no positions should be patient and wait to act after the announcement of the NFP numbers today.

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Technical analysis of USD/CAD for July 8, 2016

General overview for 08/07/2016:

The three wave corrective decline in form of an abc irregular flat pattern had been completed and now the market is trending back up again. To confirm this bullish scenario, the price must break our above the golden trend line again and violate the intraday resistance at the level of 1.3054. Please notice, that the level of 1.2829 is the line in the sand for the impulsive structure and it can not be violated.

Support/Resistance:

1.2698 - WS2

1.2788 - WS1

1.2876 - 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.

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Technical analysis of Gold for July 8, 2016

Gold price is pulling back as short-term support is broken. This is considered a normal corrective pullback in a larger bull market. We warned bulls that profits should be taken and positions should be protected as a pullback was imminent. Now the pullback has started and could even bring price back towards $1,300.

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Blue lines -bullish channel

Gold price is finding short-term support at the kijun-sen of the 4-hour chart. Support is at $1,354-55. Resistance is at $1,364. A break above short-term resistance could bring price to new highs near $1,400. If price closes below $1,354 on the 4 hour chart, we should be expecting a deeper pullback towards $1,335-40.

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Red lines - expanding triangle

The resistance at $1,370 rejected price and the expanding triangle scenario is still in play. First important daily support is found at $1,342 where the daily tenkan-sen is found. A daily close below the tenkan-sen will be a bearish sign. My logner-term view remains bullish.

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Technical analysis of EUR/JPY for July 8, 2016

General overview for 08/07/2016:

The market keeps trading below the weekly pivot and one more low below the level of 109.55 is still being expected. Currently, the price is trading inside of the congestion zone between the intraday resistnace at the level of 113.36 and intraday support at the level of 110.82. 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.

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Elliott wave analysis of EUR/NZD for July 8, 2016

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Wave summary:

With the clear break below 1.5280 the possible expanded flat correction has been invalidated and we will remain focused towards the downside for a continuation lower towards 1.4490.

The next support to look for along the way lower is seen at 1.4920. While short-term resistance is seen near 1.5298 and again at 1.5330.

Trade recommendation:

Stay short from 1.5500 and move your stop to break-even. If you are not short EUR yet, then sell near 1.5330 and use the same stop.

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Elliott wave analysis of EUR/JPY for July 8, 2016

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Wave summary:

No change in view here.

We remain focused towards the downside for a test of the 108.17 target. A break below minor support at 110.80 will confirm more downside pressure towards 109.80 on the way towards 108.17.

Resistance is now seen at 111.86, which ideal will be able to protect the upside, but only a break above 112.61 will delay the expected downside pressure

Trading recommendation:

Stay short and move your stop slightly lower to 112.65 and keep take profit at 108.25. If you are not short yet, then sell near 111.43 and use the same stop at 112.65.

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Technical analysis of USD/CHF for July 08, 2016

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USD/CHF is expected to hit further upside targets. The pair is supported by a rising trend line since June 7, which confirms a positive view. The upside momentum is further reinforced by the rising 20-period and 50-period moving averages, which act as support roles and maintain the upside bias. At the same time, the relative strength index is also supported by a bullish trend line. To sum up, as long as 0.9755 holds on the downside, look for further rise to 0.9805 and 0.9820 in extension.

Resistance levels: 0.9805, 0.9820, 0.9860

Support levels: 0.9735, 0.9710, 0.9685

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Technical analysis of NZD/USD for July 08, 2016

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NZD/USD is expected to trade in higher range as pair will prevail its upside movement. The pair broke above its 20-period moving average with strong momentum and is heading upwards. The rising 50-period moving average maintains the upside bias. Furthermore, the pair also broke above the upper boundary of the Bollinger Band, which could signal a continuation of bullish acceleration. Meanwhile, a support base has formed around 0.7200, which should limit the downside potential. As long as 0.7200 is support, look for further upside toward 0.7300 and 0.7330 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 0.7300 and the second one, at 0.7330. In the alternative scenario, short positions are recommended with the first target at 0.7170 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 0.7135. The pivot point is at 0.7200.

Resistance levels: 0.7300, 0.7330, 0.7375

Support levels: 0.7170, 0.7135, 0.7075

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Technical analysis of GBP/JPY for July 08, 2016

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GBP/JPY is under pressure and expected to trade in lower range. The pair recorded a succession of lower tops and lower bottoms, which confirms a negative view. Additionally, the declining 50-period moving average is playing a resistance role and maintains the downside bias. The relative strength index is capped by a bearish trend line. Furthermore, 131.95 is playing a key resistance role, which should limit the upside potential. As long as this key level holds on the upside, look for further drop toward 128.75 and 128 in extension.

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 128. The pivot point stands at 131.95. 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 133.40.

Resistance levels: 131.50, 132.60 , 134.15

Support levels: 128.75 , 128.00, 127.00

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EUR/USD Trading Recommendations for 8th July, 2016

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Trading recommendations :

Sell now and below 1.1120

Stop loss : 1.1186

Take profit : 1.0970

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USD/JPY Trading Recommendations for 8th July, 2016

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Trading recommendations :

Buy now and above 100.50

Take profit at 101.40

Stop loss at 100.10

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Daily analysis of major pairs for July 8, 2016

EUR/USD: There is still a Bearish Confirmation Pattern on the 4-hour chart for EUR/USD, though price has only moved sideways this week. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. When a breakout occurs, it is most likely to favor bears, thus pushing price further south.

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USD/CHF: USD/CHF made some bullish attempt, but further bullish movement was rejected at the resistance level of 0.9800. There has been a minor bearish correction since then, but price has been going upwards again since yesterday, heading towards the resistance level at 0.9800. Once price goes above that resistance level, bulls would have won a decisive victory.

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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.

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USD/JPY: Bears have made known their willingness to continue pushing down the USD/JPY price. Price has gone down 200 pips this week, now below the supply level at 101.00. There is a Bearish Confirmation Pattern on the chart, and price could go further downwards by another 100 pips today or next week.

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EUR/JPY: Bears have made known their willingness to continue pushing down the EUR/JPY price. Price has gone down 300 pips this week, now below the supply zone at 112.00. There is a Bearish Confirmation Pattern on the chart, and price could go further downwards by another 200 pips today or next week.

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Daily analysis of USDX for July 08, 2016

USDX is hovering around the 200 SMA ahead of the US NFP release that is scheduled during the American session. Currently, a resistance can be found at the 96.60 level, where a breakout should happen in order to test the 97.74 level. In the bearish scenario, a breakout below the 95.89 level can open the doors to reach the 95.20 level.

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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 08, 2016

The pair remains untouched in a bearish bias around the historical lows reached this week and now it's being supported by the 1.2858 level. A rebound above it can push the cable towards the psychological level of 1.3000. 200 SMA on H1 chart is still bearish and as long as the pair remains trading below that indicator, we could expect further declines.

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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.

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Daily analysis of Gold for July 07, 2016

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Overview

The gold price has been showing sideways and tight-range trading above 1,345.80 since morning. Therefore, our bullish trend expectations remain valid for today, supported by the positive overlapping signal that comes from stochastic now, looking to head towards 1,400.00 that represents the next main target. In general, we still expect the bullish bias in the upcoming period conditioned above the 1,345.80 level. A break of this mark represents a negative factor that will push the price to test the most important support for the short- term trading at 1,303.58 before any attempt to rise.

The expected trading range for today is between the 1,350.00 support and the 1,400.00 resistance.

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

Daily analysis of Silver for July 07, 2016

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Overview

The silver price traded steadily above 20.00 levels yesterday to reinforce the expectations of further upside on the intraday and short-term bases. We are waiting for the price to resume the bullish bias, which next targets are located at 22.00 then 22.40. The price needs to gain enough positive momentum to reach the mentioned targets, while the EMA50 continues to support the price from below, thus keeping our bullish overview valid and active unless breaking the 18.63 level and holding below it.

The expected trading range for today is between the 19.50 support and the 21.20 resistance.

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