Gold analysis for July 15, 2016

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Since our previous analysis, gold has been trading downwards. The price tested the level of $1,336.58 in a high volume. According to the 30M time frame, I found that sellers lost their power and that we may see a change in trend dynamic. Today I found that support at the price of $1,327.50-$1,330.00 held successfully. The price rejected few times from support, which is a sign that buyers took control over buyers today. Be careful when selling and watch for buying opportunities. I placed Fibonacci expansion to find potential upward targets and got the Fibonacci expansion 100% at the price of $1,342.00 and Fibonacci expansion 161.8% at the price of $1,351.95.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,338.90

R2: 1.343.35

R3: 1,350.50

Support levels:

S1: 1,324.40

S2: 1,320.80

S3: 1,313.10

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

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EUR/NZD analysis for July 15, 2016

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Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.5569 in a high volume. Both my targets from yesterday were reached. There is strong upward momentum on the market. The price went very strong out of a 4-day base and I found a higher value area. I am expecting a test of my third target and extreme profit level of Fibonacci expansion 161.8% at the price of 1.5675. Be careful when selling and watch for buying opportunities.The intraday support (swing high is acting like support) at the price of 1.5485 held successfully.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5489

R2: 1.5555

R3: 1.5666

Support levels:

S1: 1.5270

S2: 1.5200

S3: 1.5095

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

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USD/CAD intraday technical levels and trading recommendations for July 15, 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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NZD/USD Intraday technical levels and trading recommendations for July 15, 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 have been watched around the price zone of 0.7150 - 0.7200 (the upper limit of the depicted channel) for a valid SELL entry. 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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Intraday technical levels and trading recommendations for GBP/USD for July 15, 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 15, 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 15, 2016

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Overview:

  • The NZD/USD pair opened below the daily pivot point (0.7202). It continued moving downwards from the level of 0.7202 to the bottom around 0.7140. Today, the first resistance level is seen at 0.7202 followed by 0.7230, while daily support 1 is seen at 0.7138. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 0.7230.
  • So it will be good to sell at 0.7230 with the first target of 0.7138. It will also call for a downtrend in order to continue towards 0.7079 to test the double bottom. The strong daily support is seen at the 0.7079 level, which represents the double bottom on the H1 chart. According to the previous events, we expect the NZD/USD pair to trade between 0.7202 and 0.7079 in coming hours. The price area of 0.7202 - 0.7230 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.7230 is not broken. On the contrary, in case a reversal takes place and the NZD/USD pair breaks through the resistance level of 0.7230, then a stop loss should be placed at 0.7280.
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Technical analysis of USD/CHF for July 15, 2016

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Overview:

  • The USD/CHF pair opened below the daily resistance (0.9862). It continued moving downwards from the level of 0.9862 to the bottom around 0.9789. Today, the first resistance level is seen at 0.9830 followed by 0.9862, while daily support 1 is seen at 0.9738. This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any signs of a trend reversal at the moment.
  • Amid the previous events, the USD/CHF pair is still moving between the levels of 0.9862 and 0.9738, so we expect a range of 124 pips today. Therefore, the major resistance can be found at 0.9862 providing a clear signal to sell with a target seen at 0.9770. If the trend breaks the minor support at 0.9770, the pair will move downwards continuing the bearish trend development to the level of 0.9738 in order to test the daily support 2. Overall, we still prefer the bearish scenario that suggests that the pair will stay below the zone of 0.9862.
  • On the other hand, the daily strong resistance is seen at 0.9862. Thus, if a breakout happens at the resistance level of 0.9862, then this scenario may be invalidated.
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Technical analysis of USDX for July 15, 2016

The US dollar index continues sliding lower but still it is inside a sideways neutral channel. As long as the price is below 96.70 short trades are preferred and only near 94.80 we would start looking for buying opportunities unless we see a breakout.

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Blue lines -neutral short-term channel

Red lines - bullish channel

The dollar index has been making higher highs and higher lows since late April. Bulls need to see the breakout of the index above the upper red channel boundary in order to have confirmation of the uptrend towards new highs. A break below the red lower boundary will be a bearish sign that will push the index even below 92-91 level.

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The weekly candle in the dollar index is promising for bears not bulls. The price is getting rejected by the weekly Kumo (cloud) and is testing the weekly Kijun-sen (yellow line indicator). If this weekly candle closes below 95.80 we should expect more downside next week. Strong resistance is at 96.70 and if we break it, we should expect a push higher towards 97.70 at least.

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Technical analysis of Gold for July 15, 2016

Gold made a new low at $1,320 yesterday and is making a small bounce since then towards $1,340. The trend remains bearish as the price is making lower lows and lower highs. Only a break above $1,350 could give hope to bulls for a new high closer or above $1,400.

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Blue lines - bullish short-term channel

Red line - medium-term support

Gold is above the Daily Kumo (cloud). The price is still inside the upward sloping channel. As long as the price remains inside the channel, hopes for a new high near $1,400 are real. Support is at $1,300 and next at $1,250. If broken, short-term support at $1,320 will push the price towards $1,300. Resistance is at $1,347-50.

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The weekly reversal candle is an important bearish signal. However, the price is still above the weekly tenkan-sen (red line indicator), so we cannot speak with certainty about a retracement of the entire upward move yet. My longer-term view remains bullish for Gold, and it will be a gift for bulls to see the price between $1,250-$1,170.The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 15/07/2016

Global macro overview for 15/07/2016:

Real GDP data from China has surprised global investors as the published figures were better than expected. The second-quarter economic growth increased from 1.2% q/q to 1.8% q/q, 0.2% more than expected. Moreover, on the yearly basis, the Chinese GDP stayed at 6.7% level despite the expected slight decrease to 6.6%. Moreover, the industrial production and retail sales have surprised market participants as well, rising to the level of 6.2% y/y and 10.6% y/y respectively. In conclusion, good data from China added fuel to the fire and the positive sentiment is clearly visible on the market, with S&P 500 at new all-time highs and all risky currencies like the yen and euro gaining ground.

In the current risk-on situation, the gold metal is no longer attractive for investors as they like to buy it when the global outlook is uncertain or markets are in turmoil. This is why we will take a look at the gold technical picture on the daily time frame now. The double top pattern at the level of 1375 has made the price decrease to the level of 1320, just shy of technical support at the level of 1314. Moreover, there is a clear bearish divergence visible between the price and the momentum oscillator. The purple trend line might provide temporary dynamic support, but if the zone between the levels of 1304 - 1314 is violated, then the next support is seen at the level of 1249.

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Global macro overview for 15/07/2016

Global macro overview for 15/07/2016:

The Bank of England disappointed market participants and held interest rates steady at the level of 0.50% yesterday. Moreover, the asset purchase facility was left unchanged at the level of 375 bln pounds as anticipated. The only marginal change occurred in the official bank rates vote. Last month, the votes were 0-0-9, but for this month we can see a small change to 0-1-8, which means that a possible rate cut might happen as soon as at the BoE's next meeting in August.

Let's now take a look at the GBP/USD technical picture on the 4H time frame. The key resistance at the level of 1.3562 is still not violated, but the bulls are moving higher in the corrective move towards it. The market is trading above the 55 and 100 moving average, but the bigger time frame trend is still down. The next support is seen at the level of 1.3342.

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Technical analysis of EUR/JPY for July 15, 2016

General overview for 15/07/2016:

The bearish divergence between the price and momentum oscillator at the top of wave iii and wave v is getting more visible now, and a corrective cycle to the downside is expected. A breakout below the intraday support at the level of 116.42 is needed to confirm the bearish intraday wave progression. The first possible target for wave (ii) or b is at the level of 114.75.

Support/Resistance:

108.24 - WS2

109.25 - WS1

109.55 - Wave ii Bottom

111.93 - Weekly Pivot

113.00 - WR1

114.76 - Technical Support

115.55 - WR2

116.42 - Intraday Support

116.65 - WR3

118.40 - 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 15, 2016

General overview for 15/07/2016:

The bottom for the wave iii or c has now been established, and further upward price action is anticipated now. Please notice that any breakout above the intraday resistance at the level of 1.2979 will invalidate the impulsive count and make the corrective cycle more complex and time-consuming. A breakout above the dashed blue trend line is needed to confirm the temporary reversal.

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 USD/JPY for July 15, 2016

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USD/JPY is expected to continue its upside movement. The pair remains in a consolidation phase, which started after the price reached a day-high of 105.93 yesterday. Currently, it is seeking support from the ascending 50-period (30-minute chart) moving average. The intraday relative strength index is below the neutrality level of 50, indicating that the consolidation phase may extend for a while. However, as long as key support at 105 is not breached, the intraday outlook remains bullish, and the pair should re-test immediate resistance at 106.60. Above 106.60, look for a bounce toward 107.00.

Market Commentary:

On Thursday, the Dow Jones Industrial Average and the S&P 500 continued to chalk all-time-high closing levels. Financial shares led all sectors - except utilities, which finished in the red - to charge higher. Investors were cheered up by the better-than-expected second-quarter earnings released by JPMorgan (JPM), the first among banks to report quarterly results. The DJIA rose 0.7% to 18506, the S&P 500 gained 0.5% to 2163, and the Nasdaq Composite was up 0.6% to 5034.

To the surprise of investors, who widely expected the Bank of England would lower its key interest rate to 0.25% from 0.50%, the central bank decided to keep interest rates unchanged. Instead, it said, stimulatory measures would be determined in August.

European stocks turned positive, as the STOXX Europe 600 advanced 0.8%. Germany's DAX rose 1.4% but the UK's FTSE 100 was down 0.2%.

The benchmark US 10-year Treasury yield climbed to 1.529% from 1.468% in the prior session.

Nymex crude oil rebounded 2.1% to $45.68 a barrel. Gold lost 0.6% to settle at $1335 an ounce (day-low at $1320), and silver declined 0.4% to $20.26 an ounce (day-low at $19.98).

The British pound rocketed to 1.3470 against the US dollar from 1.3211 the moment the Bank of England announced its decision to hold rates steady. GBP/USD then trimmed its gains and settled at 1.3338, up 1.5% on day. Meanwhile, GBP/JPY surged 2.3% to 140.52.

USD/JPY jumped 0.8% to 105.32. At one point, the pair marked a day-high of 105.93, near the closing level of 106.13 seen just before the Brexit vote last month. At the same time, EUR/USD stepped up 0.3% to 1.1118 (day-high at 1.1164).

Regarding commodities-linked currencies, the Canadian dollar strengthened against the greenback for the third day in a row, with USD/CAD falling another 0.7% to 1.2890. In contrast, the New Zealand dollar continued to exhibit weakness, plunging 1.1% to 0.7192 against the US dollar.

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 106.60 and the second one, at 107.00. In the alternative scenario, short positions are recommended with the first target at 104.15 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 103.90. The pivot point is at 105.00.

Resistance levels: 106.60, 107.00, 107.45

Support levels: 104.15, 103.90, 103

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

Technical analysis of USD/CHF for July 15, 2016

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USD/CHF is expected to trade with a bearish bias as key resistance lies at 0.9825. On Thursday, the New Zealand dollar continued to exhibit weakness, plunging 1.1% to 0.7192 against the US dollar. The pair failed to break above the key resistance at 0.9825 and remains weak below the threshold. Meanwhile, the declining 50-period moving average acts as resistance, which should limit upside attempts. In addition, the relative strength index lacks upward momentum. In conclusion, as long as the resistance at 0.9825 is not surpassed, the pair is likely to return to its next support at 0.9760. A break below this level would trigger a drop toward 0.9730.

Resistance levels: 0.9855, 0.9875, 0.9915

Support levels: 0.9760, 0.9735, 0.9700

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

Technical analysis of NZD/USD for July 15, 2016

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NZD/USD is under pressure and is expected to extend losses. The pair recorded a succession of lower tops and lower bottoms since July 13 and is heading downward. The declining 20-period and 50-period moving averages are playing resistance roles and maintain the downside bias. Besides, the relative strength index broke below its 30 level. To conclude, as long as 0.7215 holds on the upside, look for further drop toward 0.7115 and 0.7095 in extension.

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 0.7115. A break below this target will move the pair further downwards to 0.7095. The pivot point stands at 0.7215. 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 0.7250 and the second one, at 0.7270.

Resistance levels: 0.7250, 0.7270, 0.7310

Support levels: 0.7115, 0.7095, 0.7035

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

Technical analysis of GBP/JPY for July 15, 2016

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GBP/JPY is expected to extend its upside movement. The pair broke above its 20-period and 50-period moving averages and accelerated on the upside. The upward momentum is further reinforced by the rising 50-period moving average, which acts as support and maintains the upside bias. Besides, the relative strength index is bullish above its neutrality area at 50 and calls for further advance. In conclusion, as long as 139.50 serves as support, further upside is expected with the next horizontal resistance and overlap set at 144 and even 145.90 in extension.

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 144.00 and the second one, at 145.90. In the alternative scenario, short positions are recommended with the first target at 137.80 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 136.40. The pivot point is at 139.50.

Resistance levels: 144.00, 145.90, 146.80

Support levels: 137.80, 136.40, 135.65

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

Technical analysis of EUR/USD for July 15, 2016

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When the European market opens, some economic news will be released such as the Trade Balance, Final Core CPI y/y, Final CPI y/y, and Italian Trade Balance. The US will release economic data too such as the Prelim UoM Inflation Expectations, Business Inventories m/m, Prelim UoM Consumer Sentiment, Industrial Production m/m, Capacity Utilization Rate, Empire State Manufacturing Index, Retail Sales m/m, Core Retail Sales m/m, Core CPI m/m, and CPI 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: 1.1158.

Strong Resistance: 1.1152.

Original Resistance: 1.1141.

Inner Sell Area: 1.1130.

Target Inner Area: 1.1104.

Inner Buy Area: 1.1078.

Original Support: 1.1067.

Strong Support: 1.1056.

Breakout SELL Level: 1.1050.

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

Technical analysis of USD/JPY for July 15, 2016

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In Asia, Japan will not release any economic data, but the US will release some economic data such as the Prelim UoM Inflation Expectations, Business Inventories m/m, Prelim UoM Consumer Sentiment, Industrial Production m/m, Capacity Utilization Rate, Empire State Manufacturing Index, Retail Sales m/m, Core Retail Sales m/m, Core CPI m/m, and CPI 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: 106.15.

Resistance. 2: 105.94.

Resistance. 1: 105.74.

Support. 1: 105.48.

Support. 2: 105.28.

Support. 3: 105.07.

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

Daily analysis of major pairs for July 15, 2016

EUR/USD: This currency trading instrument has gone only flat so far, and nothing has yet changed, 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: The USD/CHF moved downwards by 110 pips yesterday; which is a threat to the ongoing bullish bias. The bias would be rendered completely invalid once the price goes below the support level at 0.9700, which would require a considerable amount of selling pressure. Some fundamental figures are expected today, and they could have some impact on the market.

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GBP/USD: This pair topped at 1.3475 this week and then eased a bit. However, given the current bullish outlook on the market (though the bias on the weekly chart remains bearish), it is more probable that the price would continue going upwards. The high of this week – 1.3475 – would be tested again. It might even be breached to the upside.

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USD/JPY: Just like other JPY pairs, this market has gone upwards significantly this week, without much bearish retracement. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. It is no longer sensible to short this market, for the price could reach the supply levels at 106.00, 106.50 and 107.00 within the next several trading days.

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EUR/JPY: The EUR/JPY cross has gone upwards by 700 pips this week, reaching the supply zone at 118.00. Although there is a shallow bearish correction here, bulls are still interested in pushing the price further north. There is a Bullish Confirmation Pattern on the 4-hour chart, and the supply zone at 119.00 is a target for bulls today or early next week.

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Daily analysis of USDX for July 15, 2016

Despite positive US data released yesterday, USDX is currently trading with a bearish bias below the 200 SMA on the H1 chart and remains supported by the 95.89 level, where a rebound can happen. However, a breakout below that zone could push the Index lower to the 95.20 level first. In a different scenario, a bullish move will be possible only if the USDX does a breakout above the 96.60 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.

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

Daily analysis of GBP/USD for July 15, 2016

On the H1 chart, GBP/USD had a bullish reaction after the BoE decided to leave its interest rates unchanged, and now it's doing a retracement from the 1.3475 level towards the 1.3300 psychological zone. That's why we would like to see a bullish continuation, as the 200 SMA still provides dynamic support for the pair.

GBPUSDH1.png

H1 chart's resistance levels: 1.3406 / 1.3493

H1 chart's support levels: 1.3300 / 1.3148

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3406, take profit is at 1.3493 and stop loss is at 1.3316.

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

Daily analysis of Gold for July 14, 2016

GOLDH4.png

Overview

The gold price resumed its negative trading after testing the EMA50 this morning and headed towards our main awaited target at 1,303.58 – 1,297.75 levels. The current dynamic is supported by stochastic negativity that appears clearly on the four-hour time frame. It is important to monitor price behavior when reaching the targeted levels. A break will extend the bearish wave on the short-term basis to 1,249.95 that is represented by the 38.2% Fibonacci level for the upside track measured from 1,047.60 to 1,375.00.

In general, the negative scenario will remain valid for today unless breaching the 1,357.70 level and holding above it. The expected trading range for today is between the 1,303.58 support and the 1,357.70 resistance.

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

Daily analysis of Silver for July 14, 2016

SILVERH4.png

Overview

The silver price keeps fluctuating within a tight track above 20.00 levels, while the EMA50 continues providing support to the price from below, which keeps the bullish trend scenario valid for the upcoming period. Stochastic is likely to provide a positive signal on the four-hour time frame. Our main awaited targets reach to 22.00 and then 22.40; their achievement is conditioned by holding above 19.35 levels.

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

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