NZD/USD Intraday technical levels and trading recommendations for July 14, 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 14, 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 14, 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 14, 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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Technical analysis of NZD/USD for July 14, 2016

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Overview:

  • The NZD/USD pair fell from the level of 0.7316 towards 0.7215. Now, the price is set at 0.7200. The resistance is seen at the level of 0.7240 and 0.7316. Moreover, the price area of 0.7240 - 0.7316 remains a significant resistance zone. Today, there is a possibility that the NZD/USD pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside.
  • This would suggest a bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs.
  • The pair is expected to drop lower towards at least 0.7074 so as to test the daily support 2 ( first support is seen at 0.7181).
  • Thus, amid the previous events, the price is still moving between the levels of 0.7240 and 0.7181. If the NZD/USD pair fails to break through the first support level of 0.7181, the market will decline further to 0.7074 as the second target.
  • On the contrary, if a breakout takes place at the resistance level of 0.7320, then this scenario may become invalidated.
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Gold analysis for July 14 , 2016

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Since our previous analysis, gold has been trading downwards. The price tested the level of $1,324.45 in a high volume. According to the 30M time frame, I found that sellers are in control and that buying looks risky. The price is below the 21SMA and I found no demand bars, which is a sign that we may see selling continuation. The first take profit level is set at the price of $1,316.60. The second take profit level is set at the price of $1,307.85.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,347.80

R2: 1.350.35

R3: 1,354.50

Support levels:

S1: 1,339.50

S2: 1,336.80

S3: 1,332.75

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

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Technical analysis of USD/CHF for July 14, 2016

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Overview:

  • The USD/CHFpair rebounded from the top of 0.9891 to fall at 0.9803. The USD/CHF pair continues moving downwards from the level of 0.9891. Yesterday, the pair dropped from the level of 0.9891 to the bottom around 0.9820. Today, the first support level is seen at 0.9751, the price is moving in a bearish channel now. Furthermore, the price is seen below the strong resistance at the level of 0.9893, which coincides with the double top on the H4 chart. This resistance was rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the USD/CHF pair is able to break out a minor support at 0.9800, the market will decline further to 0.9751 in order to test the weekly support 1. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9800 with the first target at 0.9751 and further to 0.9707. However, stop loss is to be placed above the level of 0.9900.

Intraday key levels:

  • Resistance 3:0.9947
  • Resistance 2:0.9893
  • Resistance 1:0.9849
  • Pivot Point:0.9800
  • Support 1:0.9751
  • Support 2:0.9707
  • Support 3:0.9663
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EUR/NZD analysis for July 14, 2016

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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5432 in a high volume. According to the 1H time frame, I found a broken flat base. Strong upward momentum confirmed the breakout of the base, which is a sign that we may see a higher price. I have placed the Fibonacci expansion to find potential upward targets. I found Fibonacci expansion 61.8% at the price of 1.5455, Fibonacci expansion 100% at the price of 1.5540, and Fibonacci expansion 161.8% at the price of 1.5675.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5280

R2: 1.5305

R3: 1.5360

Support levels:

S1: 1.5160

S2: 1.5125

S3: 1.45070

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

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Global macro overview for 14/07/2016

Global macro overview for 14/07/2016:

The Crude Oil Inventories data published yesterday revealed lower than expected drawdown in stockpiles. Market participants had expected the inventories drain of -3,250K barrels that is more than -2,223K barrels a month ago, but the number of the stockpiles turned out to be at the level of -2,546K barrels. Moreover, in the interview in German newspaper Handelsblatt, the newly appointed Saudi energy minister Khalid al-Falih, said that the oil industry needs a price of more than $50 per barrel to sustain investments. Moreover, he added that the price above the $100 is too high and below $50 is too low to sustain investment, so the market should find the balance point somewhere in between. He also noticed a decrease in supply by roughly 1million barrels per day mainly due to the output drops in the United States and Canada.

Let's now take a look at the crude oil technical picture in the 4H time frame. Since the top at the level of 51.66, the market is posting a consecutive series of lower highs and lower lows, indicating that a corrective downtrend is still in progress. Currently, the price reversed down again after hitting the 100-period moving average at the level of 46.95 and it is heading to test the technical support at the level of 44.42 again. The double bottom formation is possible here.

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Global macro overview for 14/07/2016

Global macro overview for 14/07/2016:

The Australian job market data was released last night and it broadly met the market expectations. The unemployment rate edged higher to 5.8% from 5.7% a month ago ( as expected) and employment change was short of expectations posting a number of 7.9K, which is worse than the expected 10.1K and below 19.2K a month ago. The participation rate edged a little higher to 64.9% from 64.8% a month ago. In conclusion, there is no dramatic change in the Australian job market with the most of the released indicators met the market expectations.

Let's now take a look at the AUD/USD technical picture in the daily time frame. The market is trading above the 55,100, and 200 DMA. Moreover, the bull camp managed to break out above the brown trend line and it is currently trying to challenge the technical resistance at the level of 0.7647. Any failure here would mean an immediate test of the nearest support at the level of 0.7503.

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Technical analysis of EUR/JPY for July 14, 2016

General overview for 14/07/2016:

The alternative count is now correct as there is a clear impulsive structure to the upside visible on the hourly time frame. Moreover, the bearish divergence between the price and momentum oscillator at the top of wave iii and wave v supports this view. Currently, the marginal higher high is expected (as the wave v), and then the market should start a downward corrective cycle.

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 Support

116.65 - WR3

117.70 - Intraday Resistance

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/CAD for July 14, 2016

General overview for 14/07/2016:

The golden trend line was broken and the market made another marginal lower low at the level of 1.29000. The complex corrective structure to the downside is still in progress and it might trade lower towards the intraday support at the level of 1.2875.

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 Resistance

1.2918 - WS1

1.2875 - 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 USDX for July 14, 2016

The inability for the US dollar index to break above the double top has brought more weakness as the price is stalling and we may see an even deeper correction below 95.50. The short-term trend is neutral as price consolidates near its highs.

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Blue line - trend line support (broken)

The dollar index broke below the short-term trend line support and now it is testing the 4-hour Kumo (cloud). Support is at 96.10-96 and if this level fails to hold we should expect a pullback towards 95.30 where the 38% Fibonacci retracement is found.

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As long as the dollar index is below 96.70 there will be a danger of a deeper pullback below 96. The weekly candle is turning dangerously below the weekly Kumo (cloud) and this is not a good sign. The weekly kijun-sen is at 95.87 so a close below it will open the way for a move towards 94.90. So we have to wait for the weekly closes.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Gold for July 14, 2016

Gold bounced towards short-term resistance of $1,350 yesterday as we expected and is turning back down towards its recent lows. The trend is bearish for the short term, and this pullback could extend much lower.

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Blue lines -bullish channel

The price has broken below the 4-hour Kumo confirming a bearish short-term trend. The price remains inside the bullish channel, but I believe a pullback towards the 38% Fibonacci retracement is very likely. If that support does not hold, we should expect Gold to move towards $1,250-70, where the 61.8% retracement of the latest rise is found and also the 38% Fibonacci retracement of the entire upward move from $1,045.

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Gold is expected to at least test the weekly tenkan-sen near $1,280. However, all this will happen only if we break below $1,300. As long as $1,300 is not breached, bulls still have hopes of a new higher high towards $1,400. I remain longer-term bullish. A pullback towards the weekly Kumo will be a gift for Gold bulls.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for July 14, 2016

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USD/JPY is expected to extend its upside movement as the bias remain bullish above 103.60. Although the pair has yet to break above the immediate resistance at 106.10, it keeps trading above the key support at 103.60. Currently, the intraday technical configuration is a bit negative - the pair has submerged below the 20-period (30-minute chart) moving average, which stands below the 50-period one, and the relative strength index remains below 50 - suggesting a continuation of the consolidation. However, as long as the key support at 103.60 is not breached, the pair is still expected to retest 106.10.

Market Commentary :

On Wednesday, US stock indexes were mixed even though the Dow Jones Industrial Average and the S&P 500 managed to inch up to new all-time highs. In fact, stocks stuck to extremely narrow trading ranges throughout the session.

The DJIA gained 0.1% to 18372, the S&P 500 edged up less than 1 point to 2152, while the Nasdaq Composite was down 0.3% to 5005, returning to the negative territory for the year. Telecoms, utilities and consumer staples gained the most, while energy shares were the biggest losers.

European stocks halted their recent rally, with the Stoxx Europe 600 declining 0.1%.

Nymex crude oil gave back all of the previous session's gain by tumbling 4.4% to $44.75 a barrel as US crude inventories fell less than expected last week. The benchmark US 10-year Treasury yield declined to 1.468% from 1.512% Tuesday. Gold rebounded 0.8% to $1342 an ounce, and silver was up 1.1% to $20.34 an ounce.

On the forex front, the British pound fell against the US dollar yesterday after rising 2.6%, or 335 pips, in a winning streak that spanned the prior three sessions, as the focus turned to the Bank of England's meeting tonight, where it is widely expected the central bank would lower its key interest rate to 0.25% from 0.50% and launch another round of quantitative easing to shield the economy from the fallout of last month's Brexit vote. GBP/USD dropped 0.7% to 1.3145 (day-high at 1.3336).

Meanwhile, EUR/USD climbed 0.3% to 1.1088, and USD/JPY declined 0.2% to 104.48 (day-low at 103.89), as a result the ICE Dollar Index was down 0.2% to 96.21.

The Canadian dollar strengthened against the greenback overnight after the Bank of Canada kept interest rates unchanged and expressed optimism on improvement in exports and business investment. USD/CAD lost 0.5% to settle at 1.2976 (day-low at 1.2936).

At the same time, AUD/USD eased 0.2% to 0.7605, and NZD/USD was down 0.3% to 0.7273.

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 106.10 and the second one, at 106.60. 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: 106.10, 106.60, 107.10

Support levels: 102.85, 102.45, 101.85

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Technical analysis of USD/CHF for July 14, 2016

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USD/CHF is under pressure as key resistance is at 0.9860. The pair failed to break above the key resistance at 0.9860, which should limit the upside potential. The declining 50-period moving average is playing a resistance role and maintains the downside bias. In addition, the relative strength index is bearish below its neutrality area at 50 and lacks upward momentum. In conclusion, as long as the resistance at 0.9860 is not surpassed, the risk of a break below 0.9815 remains high. A break below 0.9815 would trigger a drop toward 0.9790. Alternatively, above 0.9860, look for further upside with 0.9895 and 0.9925 as targets.

Resistance levels: 0.9895, 0.9925, 0.9990

Support levels: 0.9815, 0.9790, 0.9765

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Elliott wave analysis of EUR/NZD for July 14 - 2016

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Wave summary:

The strong break above resistance at 1.5336 is of concern, but not yet destoying the possibility of more downside pressure. However, if the minor resistance line near 1.5455 is also broken, then a strong indication of a bottom already being in place has been seen.

We have considered the decline from 1.9023 as corrective all the time, but did expect wave C of 2 to move closer to the equallity target at 1.4470, but a break above the resistance line near 1.5455 will indicate that wave C will fall short of the equallity target and call for more upside towards 1.6931 and higher.

Trading recommendation:

Our stop at 1.5365 was hit for a small profit. We will sell EUR at 1.5450, then will stop and reverse at 1.5475.

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Technical analysis of NZD/USD for July 14, 2016

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NZD/USD is under pressure and is expected to extend its downside movement.The pair broke below its 20-period and 50-period moving averages and consolidated on the downside. The relative strength index is below its neutrality area at 50 and lacks upward momentum. Nevertheless, 0.7240 (previous low) represents a significant key support level, which should limit the downside potential. Meanwhile, the prices are capped by the descending 20-period and 50-period moving averages, which maintain strong selling pressure. Besides, the relative strength index is also capped by a falling trend line. To conclude, as long as 0.7270 holds on the upside, the pair is likely to return to 0.7175 and then to 0.7150.

Recommendation:

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 0.7175. A break below this target will move the pair further downwards to 0.7150. The pivot point stands at 0.7270. 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 0.7315 and the second one, at 0.7350.

Resistance levels: 0.7315, 0.7350, 0.7400

Support levels: 0.7175, 0.7150 , 0.7100

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Elliott wave analysis of EUR/JPY for July 14 - 2016

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Wave summary:

Short-term important resistance at 116.14 has been broken indicating that a important low has been seen at 109.48, and a new impulsive rally is now building.

To confirm that the low is in place, a break above important resistance at 122.00 is still needed, A break above here will leave no more doubt confirming that the corrective low is in place for the decline from 1.4956 and that a new long-term rally higher to above 149.56 is developing.

Trading recommendation:

We will buy EUR here at 116.20 with stop placed at 115.30.

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Technical analysis of GBP/JPY for July 14, 2016

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GBP/JPY is expected to trade with a bullish bias above 139.55. European stocks halted their recent rally, with the Stoxx Europe 600 declining 0.1%. The British pound fell against the US dollar yesterday after rising 2.6%, or 335 pips, in a winning streak that spanned the prior three sessions, as the focus turned to the Bank of England's meeting tonight, where it is widely expected that the central bank would lower its key interest rate to 0.25% from 0.50% and launch another round of quantitative easing to shield the economy from the fallout of last month's Brexit vote. The pair stays above 136.10 and remains on the upside. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Further upside is expected with 139.55 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 139.55 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: 139.55, 141.00, 142

Support levels: 134.85, 133.70, 133.00

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Technical analysis of EUR/USD for July 14, 2016

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When the European market opens, there is no economic data to be released from the eurozone, but the US market will release some economic data such as the Natural Gas Storage, Core PPI m/m, Unemployment Claims, and PPI 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: 1.1149.

Strong Resistance: 1.1142.

Original Resistance: 1.1131.

Inner Sell Area: 1.1120.

Target Inner Area: 1.1094.

Inner Buy Area: 1.1067.

Original Support: 1.1056.

Strong Support: 1.1045.

Breakout SELL Level: 1.1038.

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

USD/JPY Trading Recommendations for 14th July 2016

We see new developments in our USD/JPY trade with the price reaching a good buying level which corresponds to our MACD ascending support level, with the price right on the support. This presents us a good signal to go bullish from here for a push up to 106.50, which is a fractal resistance level.

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Trading recommendations:

Buy now and above 103.52

Take profit at 106.50

Stop loss at 101.90

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

Technical analysis of USD/JPY for July 14, 2016

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In Asia, today Japan will not release any economic data, but the US will release some economic data such as the Natural Gas Storage, Core PPI m/m, Unemployment Claims, and PPI 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: 104.77.

Resistance. 2: 104.56.

Resistance. 1: 104.36.

Support. 1: 104.11.

Support. 2: 103.90.

Support. 3: 103.70.

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

EUR/AUD Trading Recommendations for 14th July 2016

EUR/AUD has reached a good buying area at 1.4520, where we expect a strong bounce up to 1.4700. We can see that the MACD has crossed above its descending resistance-turned-support line and displays a bullish divergence vs the price, signalling a good bounce from here. 1.4700 is our major resistance we're playing because of it being a fractal resistance level (graphical overlap + fibonacci retracement + fibonacci projection).

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Trading Recommendations:

Buy now and above 1.4520

Stop loss at 1.4370

Take profit at 1.4700

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Daily analysis of major pairs for July 14, 2016

EUR/USD: The EUR/USD has moved 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: There is a Bullish Confirmation Pattern on this pair: the EMA 11 is above the EMA 56 and the Williams' % Range period 20 is not far from the overbought region. Although the outlook on the market is bullish, the price is yet to move upwards significantly this week. There is a formidable resistance level at 0.9900, but bulls need to push the price towards that resistance level so as to avoid bears' domination.

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GBP/USD: This market, which trended upwards on Monday and Tuesday, got corrected to the downside on Wednesday. This has become a threat to the new bullish bias in the market. Should the price drop further by another 200 pips, the bias on the market would turn bearish. This means bulls need to push the market upwards in order to avoid the bias turning bearish.

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USD/JPY: The USD/JPY is now in a bullish mode, having trended upwards by 430 pips this week. The price is now around the demand level of 104.00 – which is part of the pause in the market. It is expected that the bullish movement would resume today or tomorrow, which would enable the price to reach the supply levels at 105.50 and 106.00.

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EUR/JPY: This cross consolidated on Wednesday, having moved upwards by more than 500 pips this week. The EMA 11 is above the EMA 56; and the RSI period 14 is above the level 50. This is a "buy" signal, and when momentum returns to the market, it would most probably favor bulls.

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Daily analysis of USDX for July 14, 2016

USDX is looking to perform a rebound above the 200 SMA, as the Index is hovering around that indicator. That's why we would like to see a rally to test the resistance level of 96.60, where a breakout could push it towards the 97.74 level. However, if we can see a turn lower in coming hours, the price could try a breakout below the 95.89 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 14, 2016

GBP/USD closed yesterday's session with a bearish bias after Theresa May took her new duties formally as the UK's Prime Minister. Currently, the Cable is looking to break below the support level of 1.3148, which also opens the doors to reach the next zone around the 1.3036 level, as the price remains below the 200 SMA on the H1 chart. A rebound at the current stage could drive it to re-test the 1.3300 psychological level.

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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.

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Daily analysis of Gold for July 13, 2016

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Overview

The gold price has been showing some slight bullish bias since morning approaching from testing the EMA50, which forms an intraday resistance barrier at 1,345.25 and supports our negative scenario. Stochastic's positivity interprets the reasons for the current bullish bias. Therefore, the bearish bias will be expected on the intraday basis, noting that this decline is temporary and that the price is likely to rebound bullishly after touching the mentioned level. Stochastic provides positive signals supporting the chances of resuming the main rise. A break of the 1,303.58 level will push the price to suffer more losses with next targets reaching to 1,250.00.

On the other hand, a breach of the 1,356.50 level will stop the current negative pressure and bring the price to the main bullish track again, without the suggested decline.

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Daily analysis of Silver for July 13, 2016

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Overview

The silver price shows slight positive trades steadily above 20.00 levels as stochastic provides a positive signal on the four-hour time frame, which is likely to make the price continue the bullish trend in the upcoming period; it was affected by the completion of the inverted head and shoulders' pattern previously. The EMA50 keeps supporting the expected bullish wave, which next targets are located at 22.00 then 22.40, while its continuation is conditioned by holding above 19.35.

The expected trading range for today is between the 20.00 support and the 21.40 resistance.

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