Elliott wave analysis of EUR/NZD for July 13 - 2016

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Wave summary:

There is no change in view here.

We remain focused on the downside for a break below the minor support at 1.5072 calling for more downside pressure towards 1.4920 as the next downside target.

In the long term, we could see a deeper decline towards 1.4490 as this corrective decline from 1.9023 is in progress.

Trade recommendation:

We are short on the EUR from 1.5500 with stop placed at 1.5365. If you are not short on the EUR yet, then sell a break below the minor support at 1.5072 and place you stop at 1.5277

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Elliott wave analysis of EUR/JPY for July 13 - 2016

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Wave summary:

We were focused on the bearish corrective count for a long time, but in the light of the GBP/JPY break above it's reflex point at 136.85, we think it will be better to look at a possible bullish count.

A break above 116.14 will be the first indication that a bottom is in place at 109.48 and a new impulsive rally is developing. However, to confirm that a low is in place a break above resistance at 122.00 will be needed.

Trade recommendation:

In light of a possible bullish count, we will remove all sell orders for this cross.

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NZD/USD Intraday technical levels and trading recommendations for July 13, 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 a 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, an obvious bearish closure below 0.6750 was achieved on May 24.

On May 30, an 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 advance was expected towards the price zone around 0.7200 (the upper limit of the depicted channel).

Price action should be watched around the price zone of 0.7150 - 0.7200 (the upper limit of the depicted channel) for a valid SELL entry (a recent Head and Shoulders reversal pattern is being expressed on the chart).

T/P levels should be located at 0.6970, 0.6900, and 0.6850. S/L should be placed above 0.7260.

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

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USD/CAD intraday technical levels and trading recommendations for July 13, 2016

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On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of significant bearish rejection was manifested during recent consolidations.

On May 18, temporary bullish fixation above 1.3000 (61.8% Fibonacci level) opened the way towards the 1.3180 level where significant bearish pressure was originated.

Bearish persistence below 1.3000-1.2970 (61.8% Fibonacci level) was needed to enhance bearish momentum in the market.

However, recent signs of bullish recovery were manifested around the price level of 1.2650 on June 9.

The current bullish pullback towards the price level of 1.3000-1.3070 (61.8% Fibonacci level) should be considered as another SELL entry.

S/L should be placed above 1.3150. Initial T/P levels should be located at 1.2820 and 1.2710.

Please note that daily fixation above 1.2980 (61.8% Fibonacci level) allows a quick bullish movement to occur towards 1.3300 (50% Fibonacci Level).

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 13, 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 for further bullish advancement initially towards 1.4950 (Weekly Supply) where a 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 a bullish recovery.

However, by the end of June, a significant bearish breakdown below 1.3550 was expressed as depicted on the charts.

Note that the price zone of 1.3845-1.4040 now stands as a 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 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 13, 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, the 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 the 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 a bearish rejection and a valid SELL entry were previously suggested. That's why an obvious bearish breakdown of 1.1200 took place on June 16.

However, the 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 are 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 for a quick bearish decline towards 1.0820 where price action should be considered.

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EUR/NZD analysis for July 13, 2016

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Recently, EUR/NZD has been moving downwards. As I expected, the price reached my take profit level at 1.5115. According to the 30M time frame, I found downward pressure on the market and a breakout of the upward trend line in the background. Watch for selling opportunities on the pullbacks with the take profit at 1.5115. If the price breaks the level of 1.5115 in a high volume, it will confirm larger downward movement.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5280

R2: 1.5325

R3: 1.5400

Support levels:

S1: 1.5120

S2: 1.5070

S3: 1.4990

Trading recommendations for today: Be careful when buying and watch for selling opportunities.

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Technical analysis of NZD/USD for July 13, 2016

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Overview:

  • The NZD/USD pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bullish. In the nearest term the price will test 0.9315 or move higher. Immediate resistance is around 0.9315. A clear break above that area could lead the price to the neutral zone in the nearest term. The price will test 0.7415, because in general, we remain bullish market in coming hours.
  • The market moved from its bottom at 0.7242 and continued rising towards the top of 0.9315. 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 0.9315 (minor resistance), the market will indicate a bullish opportunity above the level of 0.9315 (the level of 0.9315 coincides with the double top). Since there is nothing new in this market, it is not bearish yet.
  • Buy deals are recommended above the level of 0.9315 with the first target at 0.7415. If the trend breaks the double bottom level of 0.7415, the pair is likely to move upwards continuing the development of a bullish trend to the spot of 0.7425 - 0.7450 so as to form a new double top.
  • On the contrary, if a breakout takes place at the support level of 0.7181, then this scenario may become invalidated. Remember to place stop loss; it should be set below the second support of 0.7053.
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Gold analysis for July 13 , 2016

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Since our previous analysis, gold has been trading downwards. The price tested the level of $1,327.40 in a high volume. According to the 30M time frame, I found a change in the trend dynamic from bearish to bullish. I found a fake breakout of the swing low in the background and a successful testing of supply in the average volume at the price of $1,336.00. Watch for buying opportunities. The first take profit level is set at the price of $1,354.00 (yesterday's point of control).

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,350.00

R2: 1.356.00

R3: 1,366.00

Support levels:

S1: 1,330.45

S2: 1,324.50

S3: 1,314.50

Trading recommendations for today: Selling gold looks risky, watch for buying opportunities.

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Technical analysis of USD/CHF for July 13, 2016

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Overview:

  • The USD/CHF pair continues moving in a bullish trend from the support levels of 0.9789 and 0.9738. Currently, the price is in a bullish channel on the one-hour chart. As the price is still above the moving average (100), immediate support is seen at 0.9789, which coincides with a golden ratio (61.8% of Fibonacci).
  • As a result, the first support is set at the price of 0.9789. So, the market is likely to show signs of a bullish trend around the spot of 0.9789 - 0.973 . In other words, buy orders are recommended above the golden ratio (0.9789) with the first target at the level of 0.9904.
  • Furthermore, if the trend is able to breakout through the first resistance level of 0.9904. It should see the pair climbing towards the double top (0.9955) in order to form a new double top.
  • On the other hand, if a breakout happens at the support level of 0.9738, then this scenario may be invalidated.
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Global macro overview for 13/07/2016

Global macro overview for 13/07/2016:

The reason for the recent Japanese yen sell-off is a market rumor that the Bank of Japan might be preparing a 20 trillion yen package of fiscal stimulus as well as policy easing at month-end. The markets heard that before the latest BoJ interest rate decision last month the BoJ did not deliver the package and investors witnessed a massive reversal on Nikkei and yen-related pairs. It is worth to mention, that the current mood is a risk-on after better than expected NFP Payrolls, but it might change very soon as the central bankers are known for over-promise and under-deliver. The next BoJ interest rate decision is scheduled for Wednesday 27th of July.

Let's now take a look at the USD/JPY technical picture in the daily time frame. The bears are still in control over this market, because the price still trades below 55,100, and 200 DMA and the sequence of the lower lows and lower highs is still clearly visible. The next support is seen at the level of 103.52 and the next resistance is seen at the level of 106.85.

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Global macro overview for 13/07/2016

Global macro overview for 13/07/2016:

Mass media published information that Theresa May will be appointed UK Prime Minister after Andrea Leadsom withdrew from the Conservative leadership contest on Monday. Moreover, the current UK Prime Minister David Cameron might resign not in September, but just on days. This political change might be a reason for the British pound rally, because the new PM (if chosen) will try to invalidate the Brexit referendum. Therefore all the losses made by the pound as a reaction to Brexit might get reversed. Anyway, we will see if this political change will bring any good to the UK"s economy and whether on Thursday, the BoE will decide to cut the interest rates or introduce any other form of help in order to stimulate the economy (the BoE interest rate decision is scheduled for release at 11.00am GMT on Thursday).

Let's take a look at the EUR/GBP technical picture in the daily time frame. After making higher high just into weekly supply zone at the level of 0.8625, bears managed to cut the price towards the level of the previous higher high at 0.8380. Nevertheless, in the medium-term bulls will be still in control over this market. Higher prices are still expected.

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Daily analysis of major pairs for July 13, 2016

EUR/USD: The EUR/USD pair has been moving sideways so far this week, while other major pairs are now in a trending mode. The price would either go above the resistance line at 1.1200 or go below the support line at 1.1000. A breakout to the upside is more likely because the outlook on the market is bullish for this week.

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USD/CHF: This market succeeded in going above the support level at 0.9850, now it is targeting the resistance level at 0.9900. As long as the USD is stronger than the CHF, this market would be going upwards. It might even go beyond the resistance level of 0.9950.

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GBP/USD: Cable has moved upwards by 320 pips this week, according to our expectation. Other GBP pairs are also trending upwards in the context of a downtrend (save the EUR/GBP). Unless the price goes above the distribution territory at 1.3400, the downtrend would remain valid. Right now, a bullish signal is being formed in the market.

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USD/JPY: The USD/JPY moved upwards by 440 pips, contrary to the expectation of bears. There is already a Bullish Confirmation Pattern in the market. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. It is no longer logical to go short in this market, since the rally that is being witnessed here is more than a corrective rally.

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EUR/JPY: The EUR/JPY pair has moved upwards by over 500 pips this week, and this action resulted in a Bullish Confirmation Pattern on the 4-hour chart (which occurred yesterday). Although, the price hovers above the demand zone at 115.50, further bullish movement is possible, and the supply zones at 116.50, 117.00, and 117.50 would be targeted.

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Technical analysis of USDX for July 13, 2016

The US dollar index held above the short-term support at 96.10 and is retesting previous highs. Price is mainly moving sideways in the short-term and we should focus on 96 and 96.70 levels for a breakout.

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Blue line - trend line support

The Dollar index is above the 4-hour Kumo (cloud) and above the blue trend line support. The short-term support below 96.10 is at 95.90. Resistance remains at 96.70.

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The weekly candle entered the weekly Kumo once again and remains above the weekly kijun-sen. The trend remains bullish on the weekly chart with the potential of moving towards the upper cloud boundary near 97.50 even this week. As long as the price is above 93 the longer-term view remains bullish. A rejection at the weekly cloud and move below it will open the way for a pullback towards the red trend line that was once resistance.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Gold for July 13, 2016

Gold continued lower yesterday breaking short-term support and the NFP low at $1,335. The short-term trend is bearish but a bounce back towards $1,350 is justified for today. However, it seems that gold is heading towards the $1,300 level where the 38% Fibonacci retracement of the latest rise is found.

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Blue lines - bullish channel

The gold price remains inside the bullish channel and has entered the 4-hour Kumo (cloud). The short-term trend is not bullish. The trend is about to change to bearish, and a confirmation will come once the price breaks below $1,328. Short-term resistance is at the $1,350-60 area.

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The entire rise from $1,045 lows could very well be complete. A pullback towards the 38% or even 61.8% Fibonacci retracement is very possible. A pullback towards the weekly Kumo is possible if a top is in place. Current price action with the rejection at the upper boundary of the megaphone pattern is a bearish sign. My longer-term view remains bullish.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for July 13, 2016

General overview for 13/07/2016:

The impulsive upward count has been invalidated after wave one and wave four overlaps. The alternative labeling has been applied to incorporate the latest price developments. This last labeling indicates a possible wave evolution into a more complex and time-consuming horizontal corrective structure. So far, wave W of this new structure has been completed, and currently the market is developing wave X. The outlook for this pair is neutral to bearish as the market still trades inside of the yellow neutral zone.

Support/Resistance:

1.3175 - WR1

1.3138 - Intraday Resistance

1.3118 - Wave (i) Top

1.3089 - Intraday Resistance

1.3002 - Weekly Pivot

1.2978 - Intraday Support

1.2918 - WS1

1.2876 - Technical Support

Trading recommendations:

All buy orders from last week should be closed with profit, and traders should consider opening sell orders with SL above the level of 1.3139.

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Technical analysis of EUR/JPY for July 13, 2016

General overview for 13/07/2016:

The technical resistance at the level of 115.50 has been broken, and the price has made another higher high at the level of 116.40. According to the main count, this level might be the top for the abc corrective cycle in wave (b), but there is still a chance that the impulsive structure to the upside is in progress after the truncated wave v terminated at the level of 110.83. Moreover, any breakout below the intraday support at the level of 114.77 will likely make the price move lower towards the level of 113.00.

Support/Resistance:

108.24 - WS2

109.25 - WS1

109.55 - Wave ii Bottom

111.93 - Weekly Pivot

113.00 - WR1

114.76 - Intraday Support

115.55 - WR2

116.39 - Intraday Resistance

116.65 - WR3

Trading recommendations:

All sell orders from last week should be still kept open as another wave to the downside is anticipated. New sell orders can be opened if the level of 110.83 is violated.

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Technical analysis of USD/JPY for July 13, 2016

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USD/JPY is expected to extend its upside movement. The pair continued to trade on the upside though it is off its recent high at around 105.00. Intraday (30-minute chart) technical indicators are still positively oriented (the 20-period moving average stands far above the 50-period one, the relative strength index remains above 50), helping to maintain the bullish intraday outlook. A test of the first upside target at 105.30 is expected. And above this level, further resistance would be found at 106.10 and 106.85, levels that were seen just before the Brexit vote. Key support is located at 103.60.

Market Commentary :

On Tuesday, US stocks extended gains bringing the Dow Jones Industrial Average and the S&P 500 to all-time-high closing levels. Energy, materials and technology shares were market leaders.

The DJIA rose 0.7% to 18347, above its previous closing record of 18312 set in May 2015, while the S&P 500 also climbed 0.7% to 2152, a new high for the second day in a row. And the Nasdaq Composite was up 0.7% to 5022, stepping in the positive territory for the first time in 2016.

European stocks were also positive, with the Stoxx Europe 600 rising 1.1%.

As global stock markets gained ground along with an improvement in risk sentiment, government bonds in the US and Europe experienced a selloff. The benchmark US 10-year Treasury yield rose to 1.512% from 1.434% Monday (and 1.366% Friday), marking the biggest two-day increase since December 2015.

Nymex crude oil soared 4.6% to $46.80 as the Organization of the Petroleum Exporting Countries (OPEC) projected a more-than-expected decline in oil production by non-member countries. Meanwhile, as investors jumped ship to riskier assets from safe-haven ones, gold dropped 1.7% to $1,331 an ounce, and silver was down 0.7% to $20.12 an ounce.

In forex trading, the Japanese yen continued to slump against the US dollar as expectations of Japan's Prime Minister Shinzo Abe launching new stimulus measures remained high, and investors' risk appetite grew. USD/JPY gained 1.9% to 104.69, having surged 4.1% in two sessions, the biggest two-day increase since November 2014.

Cheering the confirmation of the Conservative Party's Theresa May as Britain's next prime minister, which helped to ease political tensions, the British pound surged 1.9% or 249 pips to 1.3242. At the same time, GBP/JPY soared 3.8% to 138.64. Meanwhile, Bank of England Governor Mark Carney signaled when testifying in Parliament that he is comfortable with the pound's recent sharp depreciation, which could shrink the country's current-account deficit.

EUR/USD was broadly flat at 1.1057, although it reached as high as 1.1125 in the session. As a result, EUR/GBP plunged 1.9% to 0.8358.

Commodities-linked currencies were broadly higher, with USD/CAD falling 0.5% to 1.3041 (day-low at 1.2978), AUD/USD surging 1.2% to 0.7621 (day-high at 0.7657), and NZD/USD rising 1.1% to 0.7295 (day-high at 0.7323).

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 105.30 and the second one, at 106.10. In the alternative scenario, short positions are recommended with the first target at 102.85 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 102.45. The pivot point is at 103.60.

Resistance levels: 105.30, 106.10, 106.75

Support levels: 102.85, 102.45, 101.85

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Technical analysis of USD/CHF for July 13, 2016

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USD/CHF is expected to post some further advance. The pair broke above its 20-period and 50-period moving averages and accelerated on the upside. Meanwhile, the 20-period moving average crossed above the 50-period one and is playing a support role. Besides, the relative strength index stands above its neutrality area at 50 and lacks downward momentum. In conclusion, as long as 0.9820 is not broken, further upside is expected with the next horizontal resistance and overlap set at 0.9910 and 0.9950 in extension.

Resistance levels: 0.9910, 0.9950, 0.9990

Support levels: 0.9765, 0.9735, 0.9710

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

Technical analysis of NZD/USD for July 13, 2016

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NZD/USD is expected to trade with a bearish bias and is turning down. The pair failed to hold on to the upside after surging up to 0.7325 yesterday and eventually slumped back to levels below 0.7300. Currently it is trading on the downside while being capped by the descending 20-period moving average, which has crossed below the 50-period one. And the relative strength index is badly directed below 50, calling for further downward momentum for the pair. The immediate support would be found at 0.7219, a break of which could lead to the next support at 0.7175.

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 0.7210 and the second one, at 0.7175. In the alternative scenario, short positions are recommended with the first target at 0.7325 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 0.7350. The pivot point is at 0.7300.

Resistance levels: 0.7325, 0.7350, 0.7400

Support levels: 0.7210, 0.7175, 0.7135

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

Technical analysis of GBP/JPY for July 13, 2016

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GBP/JPY is expected to trade in a higher range as the bias remains bullish. As global stock markets gained ground along with an improvement in risk sentiment, government bonds in the US and Europe experienced a selloff. European stocks were also positive, with the Stoxx Europe 600 rising 1.1%.

The pair remains on the upside and is supported by the 20-period moving average. The rising 50-period moving average also maintains a bullish bias. Further bounce is expected with 140.10 and 141.00 as targets.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 140.10 and the second one, at 141.00. In the alternative scenario, short positions are recommended with the first target at 134.85 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 133.70. The pivot point is at 136.10.

Resistance levels: 140.10, 141.00, 142

Support levels: 134.85, 133.70, 133.00

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Technical analysis of EUR/USD for July 13, 2016

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When the European market opens, some economic news will be released such as the German 10-y Bond Auction, Industrial Production m/m, and French Final CPI m/m. The US will release economic data too such as the Federal Budget Balance, Beige Book, 30-y Bond Auction, Crude Oil Inventories, and Import Prices m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1112.

Strong Resistance: 1.1106.

Original Resistance: 1.1095.

Inner Sell Area: 1.1084.

Target Inner Area: 1.1058.

Inner Buy Area: 1.1032.

Original Support: 1.1021.

Strong Support: 1.1010.

Breakout SELL Level: 1.1004.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for July 13, 2016

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In Asia, Japan will release the Revised Industrial Production m/m, and the US will release some economic data such as the Federal Budget Balance, Beige Book, 30-y Bond Auction, Crude Oil Inventories, and Import Prices m/m. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 105.00.

Resistance. 2: 104.79.

Resistance. 1: 104.59.

Support. 1: 104.33.

Support. 2: 104.12.

Support. 3: 103.92.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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

NZD/USD Trading Recommendations for 13th July 2016

analytics5785a2e0111b6.png

Trading recommendations:

Sell now

Stop loss at 0.7340

Take profit at 0.7210

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

USD/JPY Trading Recommendations for 13th July 2016

analytics5785a1f6d91eb.png

Trading recommendations:

Buy now and at 103.52

Stop loss at 101.90

Take profit at 106.50

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

Daily analysis of USDX for July 13, 2016

The index didn't experience any significant changes yesterday, as it performed a rebound above the 200 SMA on the H1 chart, and now it's close to the resistance level of 96.60. We're still expecting a breakout higher, which should place the 97.74 price level as the next key resistance for sellers. By the way, at this stage, we cannot discard a retracement towards the 95.89 level.

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 13, 2016

The Cable saw a strong recovery during Tuesday's session as it's posting gains above the 200 SMA and the psychological zone of 1.3200. Now, the GBP/USD could be looking to start pulling back to re-test the support level of 1.3148, where it converges with the moving average mentioned above. However, a breakout above the 1.3300 level will open the doors to test the 1.3406 price zone.

GBPUSDH1.png

H1 chart's resistance levels: 1.3300 / 1.3406

H1 chart's support levels: 1.3148 / 1.3036

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3148, take profit is at 1.3036 and stop loss is at 1.3263.

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