Fundamental Analysis of EUR/CAD for June 30, 2017

Recently, EUR/CAD is residing in a volatile corrective structure between 1.4730 and 1.4970. Today, EUR receives support from the economic reports including German Retail Sales report which showed a rise to 0.5% from the previous value of -0.2% and which was expected to be at 0.3%, French Consumer Spending increased to 1.0% from the previous value of 0.4% which was expected to be at 0.5%, French Prelim CPI was unchanged at 0.0%, German Unemployment Change showed an increase to 7k which was expected to decrease to -10k, CPI Flash Estimate was better than expected at 1.3% which was expected to be at 1.2%, and Core CPI Flash Estimate was also slightly better today at 1.1% which was expected to be at 1.0%. On the CAD side, today Canada's GDP actual result was as expected at 0.2% which previously was at 0.5%, RMPI showed a decrease to -1.8% which was expected to be at -0.6% and IPPI also showed a decrease to -0.2% which was expected to be at 0.4%. Today, Canada's economic reports have been quite negative in nature. However, CAD did not lose ground against EUR till now which signals CAD is quite powerful against EUR. If Canada comes up with better economic reports in the coming days, we might see further gains on CAD against EUR.

Now let us look at the technical chart. The price is currently trading inside the corrective range of 1.4730 to 1.4970. Currently the price is being held by dynamic resistance of 20 EMA inside the range which signals the presence of bears in the market. The market is currently in a bearish bias despite the recent corrective structure but for proper bearish pressure we will anticipate breaking below the corrective structure support of 1.4730 with a daily close and with a target towards 1.4300 support level. On the other hand, if the price breaks above 1.4970, only then the bearish bias will change to bullish.

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Fundamental Analysis of AUD/JPY for June 30, 2017

AUD/JPY has reached the resistance level of 86.20 after an impulsive buying off the 83.00 level. After the positive Employment Change and Unemployment Rate report from Australia, AUD has been quite dominating over JPY recently. Today, Japan presented mixed economic reports including Household Spending data which came in at -0.1%, better than the expected -0.7%, National Core CPI was published as expected at 0.4% which previously was at 0.3%, Tokyo Core CPI was worse than the forecast for 0.0% which was expected to be at 0.2%, Unemployment Rate report showed an increase to 3.1% which was expected to be unchanged at 2.8%, Prelim Industrial Production was also worse at -3.3% which was expected to be at -3.1% and Housing Starts showed some improvement and published with a better figure of -0.3% which was expected to be at -1.1%. On the AUD side, today Private Sector Credit report was unchanged at 0.4%. To sum up, due to mixed economic reports from Japan and the unchanged value of AUD today, the pair is currently is in indecision where AUD still has the upper hand over JPY on the back of the ongoing economic conditions in those countries.

Now let us look at the technical chart. The price is currently on the verge of breaking over the resistance of 86.20 but currently in indecision due to mixed economic reports today. If the price breaks above the 86.20 with a daily close, then we will consider buy positions with a target towards 87.50 in the coming days. The bullish bias is expected to continue until price breaks below 84.50 with a daily close.

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Technical analysis of USD/JPY for June 30, 2017

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USD/JPY is expected to trade with a bearish outlook. The pair retreated from 112.90 (the high of June 29) and broke below both 20-period and 50-period moving averages. In addition, the 20-period moving average crossed below the 50-period one. The relative strength index is bearish and is calling for a further drop.

Hence, as long as 112.40 is resistance, look for a further drop to 111.70 and even to 111.35 in extension.

Alternatively, if the price moves in the opposite direction as predicted, LONG position is recommended below 111.70 with targets at 112.65 and 112.85.

Chart Explanation: The black line shows the pivot point. The present price above pivot point indicates the bullish position while the price below pivot point indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy : SELL, Stop Loss: 112.40, Take Profit: 111.70

Resistance levels: 112.65, 112.85, and 113.25

Support levels: 111.70,111.35, and 111.00

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Technical analysis of USD/CHF for June 30, 2017

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USD/CHF is expected to trade in a lower range as it is capped by a negative trend line. The pair has been capped by a bearish trend line since June 26, which confirms a negative outlook. The descending 20-period and 50-period moving averages are playing resistance roles. The relative strength index is also capped by a declining trend line since June 26.

Hence, as long as 0.9605 is not broken, look for a further decline to 0.9550 and even to 0.9525 in extension.

Chart Explanation: The black line shows the pivot point; the present price above pivot point indicates the bullish position and below pivot points indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: SELL, Stop Loss: 0.9605, Take Profit: 0.9550

Resistance levels: 0.9630, 0.9660, and 0.9685

Support levels: 0.9550, 0.9525, and 0.9500

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Technical analysis of GBP/JPY for June 30, 2017

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GBP/JPY is expected to trade with a bearish outlook. The pair is under pressure below the key resistance at 145.90 . The relative strength index is below its neutrality level at 50 and lacks upward momentum.

Therefore, as long as 145.90 is not surpassed, look for a return to 144.85 A break below this level would trigger a new decline to 144.15.

Alternatively, if the price moves in the opposite direction as predicted, a long position is recommended above 146.50 with the target at 147.00.

Chart Explanation: the black line shows the pivot point. The price above pivot point indicates the bullish position and when it is below pivot points, it indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: SELL, Stop Loss: 145.90, Take Profit: 144.85.

Resistance levels: 146.50, 147.00, and 147.90

Support levels: 144.85, 144.15, and 143.15

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Fundamental Analysis of USD/CHF for June 30, 2017

The non-volatile bearish trend is still intact in USD/CHF. Recently, Credit Suisse Economic Expectation report showed a worse figure of 20.7 from the previous value of 30.8. Despite a sharp decline in the index, CHF has managed to gain over USD consistently. Recently, the US Final GDP has been revised upwards to 1.4% which was expected to be unchanged at 1.2% but Unemployment Claims increased to 244k which was expected to decrease to 241k from 242k previously. Today, US Core PCE Price Index report was published which showed the unchanged figure of 0.1%, Personal Spending decreased to 0.1% as expected from the 0.4% previous print. Besides, the personal income rose to 0.4% which was expected to be unchanged at 0.3%. Amid the mixed economic reports from the US, the greenback has somehow managed to gain some pips over CHF today bouncing off the support at 0.9550. Nevertheless, USD gains seem to be short-lived due to recent heavy bearish pressure from CHF.

Now let us look at the technical chart. The price has bounced from the support level of 0.9550 and currently showing some bullish evidence in the market. As the level 0.9550 is one of the most important ones to lift the price up in the earlier days, the price is expected to bounce back to 0.9700 resistance level before resuming its bearish trend much lower with a downward target towards 0.9260 support level. The bearish bias will continue further until price breaks above 0.9810 with a daily close.

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NZD/USD Intraday technical levels and trading recommendations for June 30, 2017

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Daily Outlook

The NZD/USD pair has been trending up within the depicted bullish channel since January 2016.

In November 2016, early signs of bullish weakness were expressed on the chart when the pair failed to record a new high above 0.7400.

A bearish breakout of the lower limit of the channel took place in December 2016.

In February 2017, the depicted short-term downtrend was initiated in the depicted supply zone (0.7310-0.7380).

However, a recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.

The price zone of 0.7150-0.7230 (SUPPLY ZONE in confluence with 61.8% Fibonacci level) stood as a temporary resistance zone until a bullish breakout was expressed above 0.7230.

This resulted in a quick bullish advance towards the next supply zone around 0.7310-0.7380 where evident bearish rejection was expressed on June 14.

Currently, the NZD/USD pair remains trapped between the price levels of 0.7230 - 0.7310 until a breakout occurs in either direction.

Trade recommendations:

Risky traders can have a valid SELL entry at retesting of the price level of 0.7310. S/L should be placed above 0.7400.

Conservative traders can wait for a bearish closure below 0.7230 then 0.7150 (61.8% Fibo level) for a valid SELL position.

S/L should be placed above 0.7250 while T/P levels should be placed at 0.7050, 0.6970, and 0.6850.

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Intraday technical levels and trading recommendations for EUR/USD for June 30, 2017

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Monthly Outlook

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target is projected toward 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.

In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.

Currently, the EUR/USD pair remains trapped within the depicted consolidation range (1.0500-1.1300) until a breakout occurs in either direction.

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Daily Outlook

In January 2017, the previous downtrend reversed when the Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.

The next daily supply level for the EUR/USD pair is located between 1.1400-1.1520 where the price action should be watched for possible bearish rejection.

Recently, the price levels around 1.1280-1.1295 stood as an intraday resistance where recent bearish correction was initiated towards 1.1120.

Evident bullish rejection was expressed around 1.1120 where the current bullish movement towards 1.1400 was initiated.

As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further advance towards 1.1415 (Daily Supply-Zone) where a valid SELL entry can be offered if enough bearish rejection is expressed.

Early signs of bearish rejection should be expressed by the bears around 1.1400. Otherwise, further bullish advance towards 1.1520 should be expected soon.

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Technical analysis of NZD/USD for June 30, 2017

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NZD/USD is expected to trade in a higher range as there is possibility of a trend change. The pair posted a rebound from 0.7275 (the low of June 29) and broke above both 20-period and 50-period moving averages. In addition, the 20-period moving average is turning up. The relative strength index has just landed on its neutrality level at 50 and is turning up.

To sum up, above 0.7300, expect a continuation of rebound to 0.7360 and even to 0.7375 in extension.

Strategy: BUY Stop Loss: 0.7300. Take Profit: 0.7360

Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it is below the pivot points, it indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7360, 0.7375, and 0.7405

Support levels: 0.7275, 0.7255, and 0.7200

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Analysis of Gold for June 30, 2017

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Recently, Gold has been trading sideways at the price of $1,244.00. According to the 4H time frame, I found a diamond formation in creation. Currently the price is testing the upward trendline and my advice is to watch for buying opportuntiies. The first upward target is set at the price of $1,250.00.

Resistance levels:

R1: $1,247.50

R2: $1,251.00

R3: $1,253.00

Support levels:

S1: $1,242.30

S2: $1,240.00

S3: $1,237.00

Trading recommendations for today: consider potential buying opportunities.

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GBP/USD analysis for June 30, 2017

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Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.2959. According to the 15M time frame, I found broken upward channel and hidden bearish divergence in the background, which is a sign that buying looks risky today. My advice is to watch for potetntial selling opportunities. The downward target lies at the price of 1.2915.

Resistance levels:

R1: 1.3025

R2: 1.3040

R3: 1.3055

Support levels:

S1: 1.2990

S2: 1.2980

S3: 1.2960

Trading recommendations for today: watch for potential selling opportunities.

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Global macro overview for 30/06/2017

Global macro overview for 30/06/2017:

The inflation in Japan stays low again according to the data. The National CPI index in the month of May was released at the level of 0.4%, a little bit lower than the forecast for a 0.5% rise, but at the same level as a month ago. This means it was a fifth consecutive month when Japanese core inflation increased or stayed above zero percent. The consumer price index minus fresh food rose at an annualized 0.4% in May and this one was in line with expectations. Core inflation in Tokyo, a leading measure of nationwide price trends, was unchanged in May. Core prices in the capital city edged up 0.1% in April.

Nevertheless, according to the recent communications from the Bank of Japan, they are not poised to tighten monetary policy anytime soon. The bank has been very consistent in its message that the ultra-loose accommodative policy will stay in place until inflation levels rise closer to the BoJ's target of 2.0%. Despite years of stimulus from the BoJ, the inflation target remains out of reach so far. However, instead of lowering the inflation target, the rigid bank has insisted that it's only a matter of time before the improved Japanese economy triggers higher inflation. BoJ Governor Haruhiko Kuroda has assured markets that the latest burst of optimism won't lead to a material shift in monetary policy anytime soon, as the Bank remains committed to a low level of interest rates and quantitative easing, especially after the policymakers adopted yield-curve targeting.

Let's now take a look at the USD/JPY technical picture on the H4 time frame. The market has almost reached the 78% Fibo and then reversed sharply towards the level of 112.00, breaking the golden uptrend line. The bearish divergence indicates a possible deeper pullback towards the level of 111.44.

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Global macro overview for 30/06/2017

Global macro overview for 30/06/2017:

Upbeat data from the US economy did not prevent the US Dollar from falling. The Final GDP data from the US was revised up to 1.4% from 1.2%, mainly due to better indicators of personal consumption expenditure, which hit a level of 1.1% from the low of 0.6% (but there was a small downward revision to investment growth for the quarter). The net exports were revised higher and the government spending was estimated to have contracted at a slower rate. The GDP Price Index was revised down to 1.9% from the previous estimate of 2.2% and this might trigger some uncertainty regarding the inflationary pressures.

At the last FOMC meeting, Chairperson Jannet Yellen still remained dovish and data-dependent in her monetary policy statements.The FED policy members still planning at least two interest rate hikes this year. However, if the underlying inflationary pressures will not rise fast enough, markets might start to feel disappointed as the hike will not be justified by the fundamentals. This is why the FED prefers to wait for more data before making any decision regarding the interest rate hike. Therefore, the next hike might be expected not in September 2017 but in December 2017, just before the year's end.

Let's now take a look at the US dollar index technical picture on the H4 time frame. The inflow of positive data from the US does not contribute to the strength of the dollar in the foreign exchange market, which assumes superiority to almost all G10 currencies. The price has violated the important technical support at the level of 95.91 and made a low at the level of 95.47 in oversold market conditions. The bias remains to the downside.

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US Dollar to Rebound

The EUR/USD continues to rise to multi-month highs, as investors speculate over what Mario Draghi recently said. The unease associated with the words "normalization of monetary policy", "reflation", "temporary nature of slowing inflation", is gradually taking place, which leads to the question of "what next?". In fact, the president of the ECB noted that inflationary forces are currently fragile, which requires the presence of accommodative monetary policy. The speech of Vitor Constancio has its own reason as the Vice-President of the European Central Bank did not see anything new in his leader's speech.

According to Mario Draghi, as the euro area's GDP recovers, monetary policy becomes more accommodative, and the ECB should gradually normalize it, in order to leave it at a level that reaches economic development. This certainly makes sense, however such remarks are enough to compel the market to follow orders to BUY or SELL. No one will wait for a long period of time. Something similar also happened to the EUR/USD.

It is clear that more solid foundations are needed to extend the rally: the support of the stock market, further improvement of macroeconomic data from the euro area and the gradual recovery of inflation. There are problems with the latter. According to forecasts of Bloomberg experts, both German and European CPI in June are seen to slow down, which will force the ECB to reconsider before they unwind the Quantitative Easing programme.

The dynamics of German and European inflation

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Source: Trading Economics.

At the same time, the Federal Reserve, in contrast, has more freedom to to decide as it sees fit. The S&P 500 moves near record highs, the yield of US Treasury bonds is increasing more slowly than its European, Canadian or British counterparts, and the dollar index has dropped to its lowest level since September. Furthermore, the market is often heard implying an end to the "bull" market of the US dollar. In such conditions, the Federal Reserve can afford to turn a blind eye to the slowdown of the PCE and hike its federal funds rate. Futures market are pricing in the chances of such an outcome with 18% in September and 57% by December. If the indicator falls back into growth, then the "bears" for EUR/USD will chose to attack.

Looking at the FOMC representatives' consideration towards stock market concerns, it appears that not only is raising rates possible but is also necessary. The words of Janet Yellen, Stanley Fischer and John Williams on securities that could become overvalued based on the perspective of some fundamental analysis, the excitement of investors, will push holders of shares to sell. In addition, the rise of yield on debt instruments is a "bearish" factor for the S&P 500.

Technically, the EUR/USD price ranges between 1,1345-1,1475. Breaching the resistance level raises the risks of reaching the target by 127.2% on the "Crab" pattern. On the contrary, a successful attack on support will lower the euro to $1,128-1295.

EUR/USD daily chart

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Trading plan for 30/06/2017

Trading plan for 30/06/2017:

The US Dollar continues to lose ground against most major currencies. EUR/USD is close to the annual maximum. It is worth noting the sharp reversal of USD/JPY in response to the decline of sentiment in the US. Yesterday's session on Wall Street is clearly down, SP500 fell 0.9%, the NASDAQ Technology fell 1.7 %. In Asia, the weakest index is Nikkei 225 which has shed 1.25%.

On Friday 30th of June, the event calendar is busy with important news releases. Switzerland will release KOF Economic Barometer data, Germany will unveil Unemployment Rate and Unemployment Change data, the UK will present Final GDP, Current Account, and Business Investment data, and the Eurozone will post Flash CPI and Flash Core CPI data. During the US session, the Canada will reveal Gross Domestic Product data and the US will provide Personal Spending and Personal Income data. Moreover, two important US sentiment gauges will be released as well: Chicago Purchasing Manager Index and Revised UoM Consumer Sentiment Index.

EUR/USD analysis for 30/06/2017:

The Unemployment Rate and Change data are scheduled for release at 7:55 am GMT and market participants expect no change in the number of individuals in the labor force who are without a job but actively seeking one (5.7%) and in the number of unemployed people during the previous month (-10k). Another set of good data is expected from the German job market, which comes as no surprise after very high and positive sentiment readings that are currently dominating the economic performance of the Eurozone's most wealthy nation. The figures better than expected (lower rate and change) will only lift the Euro even higher across the board.

On the other hand, the Eurozone Flash CPI data, that is scheduled for release at 09:00 am GMT, might cast a shadow on the overall positive mood in the Eurozone. Market participants are expecting a tick up in the core inflation from 0.9% to 1.0% on a yearly basis and a downtick in CPI from 1.4% to 1.2%. The inflation is stubbornly below the ECB target of 2.0% and it does not look as it wants to skyrocket higher despite the ECB monetary policy. Any numbers worse than expected might very soon cause a corrective pullback in the Euro-related pairs, but market participants will need something more significant to change overall positive sentiment towards the Euro these days.

Let's now take a look at the EUR/USD technical picture on the H1 time frame. The market conditions are now overbought and multiple bearish divergences can be seen on this time frame. In a case of a worse than expected data, the price might very quickly test the technical support at the level of 1.1386 or even 1.1295. On the other hand, any price move above the 1.1444 level will be considered overstretched and prone for correction.

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GBP/USD analysis for 30/06/2017:

The Final GDP and Current Account data from the UK are scheduled for release at 08:30 am GMT and market participants foresee unchanged GDP figures at the level of 0.2% in the first quarter and the Current Account gap is expected to widen from -12.1Bln to -17.2Bln Pounds. The lack of an economic progress in the UK after the Brexit vote, recent political turmoil and prospects of a "hard Brexit" worsen the economic performance. The 0.2% increase in the GDP is surely not enough to be considered as a quality performance, so any talks and speculations regarding the possible change in the monetary policy might very soon get confronted with hard economic data. Currently, any GDP figures worse than expected might quickly start a reverse in positive sentiment towards the British Pound and cause a sell-off.

Let's now take a look at the GBP/USD technical picture on the H4 time frame. The Bulls have managed to push the pair towards the level of 1.3000 after somehow hawkish comments from Bank of England Governor Mark Carney, but the market is still trading below the key resistance at the level of 1.3047. The overbought market conditions are indicating a possible corrective pullback, but no divergence is present at the moment. The next technical support is seen at the level of 1.2978.

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Euro and oil headed for a restricted growth

The European Central Bank Chief Mario Draghi's speech yesterday further provided the euro with support. This came as the currency disclosed their upcoming monthly highs against the greenback, allowing them to reach new and larger resistance levels.

Draghi said the eurozone economy will receive backing from the increasing number of investments and productivity amid a recovery process. He added that productivity will is expecting a development because of economic improvement, which will also boost investments.

Overall, the general state of the EURUSD pair remains positive. The current break of the next high, which is 1.1420 as updated during the morning Asian session, can result to a demand for risky assets in order to meet the new annual level of 1.1470 and 1.1530. This will display a huge profit-taking after the initial rising wave of euro growth.

If sellers are able to maintain the 1.1420 range today, tomorrow will make it easier to adjust for a small correction on this month's results.

Meanwhile, in Germany, inflation data is expected to be released along with a weekly report about the US labor market. This could lead to market to heightened market fluctuations. In case the consumer price index data beats the forecasts, the demand for euro will again continue.

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Oil quotes are interesting topic as well. After a significant decline last week, the commodity has been opting for a rebound over the past three days. Yesterday, the US Department of Energy expressed support for "black gold," as stocks issued a less-than-expected stock growth.

A report from the Energy Information Administration of the US Department of Energy cited that oil reserves hiked by 100,000 barrels from June 17-23. Gasoline stocks, on the other hand, decreased by 900,000 barrels while distillates were down by 200,000 barrels.

Nevertheless, it is considered too early to form conclusions regarding an upward trend in oil. The existing recovery quotations are more linked to the correction, which has a real basis for indicating potential growth.

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Быки по евро взяли передышку

В первой половине дня вышли данные, которые указали на более оптимистичные оценки своих перспектив среди компаний и потребителей в еврозоне. Это еще раз подчёркивает факт ускорения роста экономики еврозоны во 2-м квартале этого года.

Согласно отчету Еврокомиссии, индекс настроений в экономике еврозоны в июне этого года вырос до 111,1 пункта с 109,2 пункта в мае. Экономисты прогнозировали, что индекс составит 109,5 пункта.

Данные по инфляции федеральных земель Германии указывают на возможный рост потребительских цен в июне этого года. Согласно отчету, гармонизированный индекс потребительских цен в июне может вырасти на 1,5% после роста на 1,4% в мае. Экономисты ожидают, что индекс должен замедлиться до 1,3%.

Так, индекс потребительских цен земли Гессен в июне вырос 0,1% м/м, а земли Бранденбург на 0,2% м/м. В землях Баварии аналогичный индекс прибавил 0,1%, так же как и в федеральной земле Баден-Вюртемберг.

Некоторое давление на рост европейской валюты в первой половине дня оказало выступление представителя ЕЦБ Йенса Вайдмана, который заявил, что считает правильной текущую мягкую денежно-кредитную политику. Однако он также отметил, что, несмотря на уместность текущей политики ЕЦБ, ее практическая реализация вызывает разногласия. Вайдман также выступил за отказ от программы покупки государственных облигаций, которую ЕЦБ планирует завершить лишь в следующем году.

Что касается технической картины пары EURUSD, то неудачная попытка выбраться за пределы сопротивления 1.1420 привела к небольшой фиксации прибыли в рисковых активах и коррекции торгового инструмента по направлению к промежуточной поддержке 1.1380.

Сегодня во второй половине дня выйдут данные по рынку труда США, и если показатели окажутся лучше прогнозов экономистов, а планируется, что число первичных обращений за пособием по безработице вырастет на 214 тыс., то спрос на американский доллар может усилиться, что приведет к еще большему давлению на пару EURUSD и ее возврату в район более сильных уровней поддержки 1.1340.

Британский фунт оставил практически без внимания данные по росту необеспеченного потребительского кредитования в Великобритании, не сумев зацепиться за новые месячные максимумы в паре с американским долларом.

Согласно отчету Банка Англии, объем необеспеченного потребительского кредитования в Великобритании в мае этого года вырос на 1,7 млрд британских фунтов. Экономисты ожидали, что кредитование в мае должно было вырасти 1,4 млрд фунтов, показав годовой рост на 10,3%.

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Trading Plan for EUR/USD and GBP/USD for June 30, 2017

Forex analysis review
Trading Plan for EUR/USD and GBP/USD for June 30, 2017

Trading Plan for EUR/USD and GBP/USD for June 30, 2017

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Technical outlook:

We have waited for the entire week to get this opportunity to present. The EUR/USD pair has extended beyond past 6 months resistance at 1.1430 levels now. The pair has managed to print highs at 1.1444 levels today and should be facing stiff resistance here. The most high probable trade outlook from here should be looking lower due to several factors coming in together. Last trading day of the series attracts major high/lows to form, major resistance taken out at 1.1430 levels, wave 3 completes at a higher degree as well. So immediate probability remains on the down side from here and upside remains absolutely limited. Once the immediate support trend line shown here, the acceleration shall be seen.

Trading plan:

Remain short now, stop above 1.1460, target 1.1100.

GBP/USD chart setups:

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Technical outlook:

GBP/USD looks to have formed a wave (2) at a higher degree as labeled on the daily chart view here. The pair needs to stay below 1.3047 levels to confirm this scenario and that bears are ready to take over from here. One obvious probability is that the pair pushes lower towards 1.2300 and lower levels as depicted here but on the flip side, bulls do manage to take out 1.3047 levels from here, we are looking into 1.3200/3300 levels easy to act as next resistance zone. For now, till prices remain below 1.3047 levels we should be thinking to fetch opportunities to go short. Another alternative could be a meaningful retracement towards 1.2800 levels and then resume rally.

Trading plan:

Look to sell now, stop above 1.3055 levels, target 1.2800 levels.

Fundamental outlook:

Please watch out for German Unemployment numbers, Euro Zone Consumer Price Index numbers and USD Personal Expenditure numbers later today before we go into an extended holiday weekend.

Good luck!

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

Technical picture of the EURUSD currency pair on the system "Regression channels" for June 29, 2017

4-часовой таймфрейм

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Technical picture of the EURUSD currency pair on the system "Regression channels" for June 29, 2017

Technical data:

The major channel of linear regression: the direction is up.

The minor channel of linear regression: the direction is sideways.

The moving average (20; flattened) is up.

СCI: 121.2121

Explanations:

The EUR/USD continued to cope with recoilless up movement amid trading on June 29 and prevail over the level of Murray "5/8". The major channel is heading higher which shows an ascending direction of the global trend movement. The minor channel moved sideways indicating a potential change in movement through the upward trend in the near-term.

As of this writing, the price is on top of the moving average and beyond Murray level "5/8".

Hence, the target for an uptrend came in at the Murray level "6/8" - 1,1475.

When the target is reached, the new goal can be found at the level of Murray "7/8" - 1,1597. The moving average is driving higher as the price go higher than the MA and an actual upward movement is expected eventually.

Heiken Ashi generated purple bars in the last candlesticks which point out an ascending trend that could maintain open long positions, therefore, prior the downward movement of the indicator indicating the onset of downward correction,

Sell orders can be made only underneath the line of the moving average followed by the reversal of any descending channel.

The Commodity Channel Index (CCI) settled around the 100 level which shows for a possible weak overbought pair of euro and dollar. Moreover, a downward pullback is mentioned to forecasts.

Nearest support levels:

S1 - 1.153

S2 - 1.1230 S3 - 1.1108

Nearest resistance levels:

R1 = 1.1475

R2 = 1.1597

R3 = 1.1719

Trading recommendations:

Dealing with the EURUSD currency pair, we further believe to consider long positions and the target is at 1.1475. The next goal hit the 1.1597 mark.

It is suggested for the stop-loss placed beneath the moving average and when it rises up then stop level will be reached. Passing through the points 70-90 would transfer the stop-loss to the black.

In order to manually reduce a buy order, you can color 1-2 bar in blue using the Heiken Ashi indicator or when the price bounced back from the initial target.

Take Profit orders can be fixed slightly under the target regions. Sell order is ruled out.

Market participants should also reflect on fundamental data and release period.

Explanations for illustrations:

The main channel of linear regression is the blue lines of unidirectional motion.

The lowest linear regression channel is the violet lines of unidirectional motion.

CCI - the blue line in the indicator window.

Moving average (20, smoothed) - the blue line on the price chart.

Levels of Murray - multicolored horizontal stripes. Heiken Ashi is an indicator that colors bars in blue or purple.

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

Elliott wave analysis of EUR/NZD for June 30, 2017

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Wave summary;

Red wave ii is likely turning into an expanded flat correction, which calls for a final decline to just below 1.5480 before turning strongly higher in red wave iii. After an expanded flat wave two correction, the following wave three rallies should be expected to extend and that will call for a rally to at least 1.6232 and possibly even higher.

R3: 1.5931

R2: 1.5801

R1: 1.5712

Pivot: 1.5650

S1: 1.5600

S2: 1.5500

S3: 1.5450

Trading recommendation:

We are long EUR from 1.5645 with stop placed at 1.5210. If you are not long EUR yet, then buy EUR near 1.5450 and use the same stop.

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

Elliott wave analysis of EUR/JPY for June 30, 2017

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Wave summary:

Wave iii completed just below the ideal wave iii target at 129.09 (the high was seen at 128.83) and wave iv is currently unfolding. This wave iv correction has already entered the target area between 127.00 - 127.81 and once complete a new impulsive rally towards at least 129.43 should be expected. The ideal target for the rally in wave v is seen at 133.34, where wave C will be equal in length to wave A.

R3: 130.19

R2: 129.43

R1: 128.83

Pivot: 128.30

S1: 127.81

S2: 127.56

S3: 127.00

Trading recommendation:

WE are long EUR from 124.46 with stop placed at 126.40. If you are not long EUR yet, then buy EUR near 127.00 and use the same stop.

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

Daily analysis of major pairs for June 30, 2017

EUR/USD: The EUR/USD has gained about 250 pips this week, forming a very strong Bullish Confirmation Pattern in the market. Price is currently above the support line at 1.1400 and it would soon reach the resistance line at 1.1450 (it may even exceed that resistance line), as the buying pressure continues in the market.

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USD/CHF: The USD/CHF has lost about 160 pips this week, forming a very strong Bearish Confirmation Pattern in the market. Price is currently below the resistance level at 0.9600 and it would soon reach the support level at 0.9550 (it may even exceed that support level), as the selling pressure continues in the market.

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GBP/USD: The GBP/USD has also been pulled upwards by the buying pressure existing on its EUR/USD counterpart (since both of them are positively correlated). The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. This means further bullish movement is a possibility. The target for this week – at the accumulation territory of 1.3000 – has been exceeded. There is an immediate target at the distribution territory at 1.3050.

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USD/JPY: Unlike certain JPY pairs, which have gone significantly upwards. This pair is simply in a bullish bias, and that is even being threatened. The EMA 11 is above the EMA 56, while the RSI period 14 is above the level 50. This shows mixed signals in the market and it would be OK to stay away from it until there is a directional movement, just as it is on the EUR/JPY.

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EUR/JPY: As it was forecast, the EUR/JPY has gone seriously northwards, gaining about 420 pips this week, before getting retraced below the supply zone at 128.00. The bearish retracement may give another opportunity to go long at a better price, because the price may go upwards again to test the supply zone at 128.50.

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

Technical analysis of NZD/USD for June 30, 2017

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Overview:

  • The NZD/USD pair is still trading around the spot of 0.7250 and 0.7343 because the NZD/USD pair hadn't made any significant movements yesterday. Hence, it should be noted that the support is established at the level of 0.7205 which represents the daily pivot point. The NZD/USD pair is showing signs of force following a breakout of the highest price of 0.7205. The price was in a bullish channel since two days. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The NZD/USD pair continues to move upwards from the level of 0.7205. As long as the trend is above the price of 0.7205, the market is still in an uptrend. In addition, the trend is still strong above the moving average. The NZD/USD pair didn't make any significant movements last two days. The market is indicating a bullish opportunity above the mentioned support levels. The bullish outlook remains valid as long as the 100 EMA heads for the upside. Therefore, strong support will be found around the spot of 0.7159-0.7205 providing a clear signal to buy with a target seen at 0.7250. If the trend breaks the first resistance at 0.7250, the pair will move upwards continuing the bullish trend development to the level of 0.7305 in order to test the daily resistance 2. It should be noted that the major resistance is seen at the levels of 0.7344 and 0.7400. However, the stop loss should be placed at the price of 0.7200.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for June 30, 2017

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Overview:

  • The USD/CHF pair:
  • The current price is moving around the area of 0.9590 and 0.9570. The USD/CHF pair continues moving downwards from the level of 0.9590. Yesterday, the pair dropped from the level of 0.9590 to the bottom around 0.9540. Today, the first resistance level is seen at 0.9590 followed by 0.9660, while daily support 1 is seen at 0.9545. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9590 and 0.9500 If the USD/CHF pair fails to break through the resistance level of 0.9590, the market will decline further to 0.9500 today. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend reversal signs. On the other hand, if a breakout takes place at the resistance level of 0.9660, then this scenario may become invalidated. Also, it should be noted that the price is still trading around the spot of 0.9660.

Daily key levels:

  • Major resistance:0.9660
  • Minor resistance:0.9590
  • Intraday pivot point:0.9590
  • Minor support:0.9545
  • Major support:0.9500
The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of USDX for June 30, 2017

The focus is now placed in the USDX bearish, as we're seeing a breakout around 95.77, where it should expose the next support placed at the 95.10 level. However, because of this week's decline, the index might start to retrace and it can face the resistance zone of 96.24. A break above it can push USDX to test the 200 SMA at H1 chart.

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H1 chart's resistance levels: 96.77 / 97.20

H1 chart's support levels: 96.38 / 95.77

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 95.77, take profit is at 95.10 and stop loss is at 96.42.

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

Daily analysis of GBP/USD for June 30, 2017

The pair gained traction on Thursday's session with a consolidation above the support zone of 1.2923. Now the focus is in the resistance area of 1.3011, where a breakout should expose the next key target to the upside around 1.3105. To the downside, a break below 1.2923 will open the doors to test the 200 SMA at H1 chart.

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H1 chart's resistance levels: 1.3011 / 1.3105

H1 chart's support levels: 1.2923 / 1.2756

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3011, take profit is at 1.3105 and stop loss is at 1.2918.

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

Technical analysis of USD/JPY for June 29, 2017

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All our targets which we predicted in yesterday's analysis have been hit. The pair is expected to continue its upside move as it is trading above the rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is bullish and calls for a further advance.

Therefore, as long as 112.35 holds on the downside, look for a new rise to 112.90 and even to 113.25 in extension.

Alternatively, if the price moves in the opposite direction as predicted, short position is recommended below 112.35 with targets at 112.10 and 111.80.

Chart Explanation: The black line shows the pivot point. The present price above pivot point indicates the bullish position while the price below pivot point indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy : BUY, Stop Loss: 112.35, Take Profit: 112.90

Resistance levels: 112.90, 113.25, and 113.75

Support levels: 112.10,111.80, and 111.30

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

Technical analysis of USD/CHF for June 29, 2017

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We will keep our yesterday's negative outlook as the pair is moving downward and now trading at 0.9569. The pair remains under pressure below its nearest resistance at 0.9605, and is likely to test its next support at 0.9550. The risk of a slide below this level remains high, as both the 20-period and 50-period moving averages are heading downward, calling for a new pullback. Besides, the relative strength index is mixed to bearish.

Therefore, as long as 0.9605 holds on the upside, look for a new decline to 0.9550 and 0.9525 in extension.

Chart Explanation: The black line shows the pivot point; the present price above pivot point indicates the bullish position and below pivot points indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: SELL, Stop Loss: 0.9605, Take Profit: 0.9550

Resistance levels: 0.9630, 0.9660, and 0.9685

Support levels: 0.9550, 0.9525, and 0.9500

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

USD/JPY continues its rise up perfectly, remain bullish

Price continues to rise nicely towards our profit target. We start adjusting our position to lock in more of our profits to rise the move all the way up. Our goal is to remain bullish above 111.94 support (Fibonacci retracement, horizontal overlap support) for a further push up to at least 113.06 resistance (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance).

RSI (34) remains above its support at 52% and we remain bullish on price as long as it holds above this level.

Buy above 111.94. Stop loss at 111.40. Take profit at 113.06.

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

NZD/USD profit target reached perfectly, time to start selling

Price has shot up from our buying area and reached our profit target perfectly. We prepare to sell below 0.7317 resistance (Fibonacci extension, horizontal swing high resistance, bearish price action) for a push down to at least 0.7262 support (Fibonacci retracement, horizontal overlap support).

Stochastic (34,5,3) is seeing major resistance at 95% where we expect a drop from.

Correlation analysis: AUD/USD and NZD/USD are both expecting drops today.

Sell below 0.7317. Stop loss at 0.7347. Take profit at 0.7262.

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

Technical analysis of GBP/JPY for June 29, 2017

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Our yesterday's upside target of around 115 pips has been hit. We still expect GBP/JPY to continue its upside movement and place our target at 147.00. GBP/JPY is expected to continue its upside movement above 145.30. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index lacks downward momentum. The downside potential should be limited by the key support at 145.30.

Therefore, as long as this key level holds on the downside, look for a new challenge to 128.25 and even to 129.05 in extension.

Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 144.85 with the target at 144.00.

Chart Explanation: the black line shows the pivot point. The price above pivot point indicates the bullish position and when it is below pivot points, it indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: BUY, Stop Loss: 145.30, Take Profit: 147.00.

Resistance levels: 147.00, 147.90, and 148.50

Support levels: 144.85, 144.00, and 143.15

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

Technical analysis of NZD/USD for June 29, 2017

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NZD/USD is expected to continue trading in a lower range and we will keep our yesterday's target intact. The pair recorded lower tops and lower bottoms, which confirmed the negative outlook. The downward momentum is further reinforced by the declining 20-period and 50-period moving averages. The relative strength index is capped by the bearish trend line.

Hence, as long as 1.3075 is not surpassed, expect a further downside to 0.7255 and even to 0.7240 in extension.

Strategy: SELL Stop Loss: 0.7320. Take Profit: 0.7255

Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it is below the pivot points, it indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7355, 0.7375, and 0.7405

Support levels: 0.7255, 0.7240, and 0.7200

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

Daily analysis of major pairs for June 29, 2017

EUR/USD: The EUR is the real market leader at present, and the strength in it has influenced most EUR pairs positively. The EUR/USD has skyrocketed and this seems to be the beginning. There is a possibility that price may gain additional 200 pips before the end of this week, as it is going further northwards.

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USD/CHF: As it is often mentioned, whatever happens to EUR/USD will have an opposite effect on USD/CHF. The market has dropped precipitously as a result of the rise of EUR/USD. Further southwards movement is anticipated today and tomorrow. Some fundamental figures are expected today and they could have impact on the market.

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GBP/USD: Just as it was anticipated, the Cable has gone vividly upwards, gaining about 250 pips this week, and forming a Bullish Confirmation Pattern in the market. Price is currently above the accumulation territory at 1.2950, going towards the distribution territory at 1.3000, which is the ultimate target for this week.

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USD/JPY: Unlike certain JPY pairs which have gone significantly upwards, this pair is simply in a bullish bias, but there is nothing significant about it. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. As other JPY pairs (like the GBP/JPY, the CHF/JPY, etc.) remain significantly bullish, USD/JPY also may be forced to rally conspicuously.

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EUR/JPY: As it was forecast, the EUR/JPY pair has gone seriously northwards, gaining about 350 pips this week, and forming a Bullish Confirmation Pattern in the market. The market is currently testing the supply zone at 128.00, and it is almost breaching it to the upside, after which the supply zone at 128.50 would be targeted.

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

Мрачные перспективы доллара

Заказы на товары длительного пользования упали в мае на 1.1% относительно апреля, снижение отмечается второй месяц подряд, а темпы ежемесячного сокращения максимальные за 6 месяцев. Стремительный рост, вызванный ожиданиями запуска программы налоговой реформы и стимулирования производства, завершен, производственная активность в США замедляется. Индексы PMI снижаются до 8-месячных минимумов, региональные индексы также выходят с понижением.

Снижение заказов на товары длительного спроса имеет под собой и еще один аспект. На графике ниже можно видеть динамику восстановления корпоративных доходов после кризиса 2008/09 г. Примерно до 2012 г. корпоративные прибыли росли с той же скоростью, что и экономика в целом, однако затем наступило резкое замедление роста доходов, что особенно заметно по графику, отражающему прибыли корпораций после налогообложения.

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На текущий момент прибыли корпораций в абсолютном выражении те же, что и 5 лет назад. Соответственно, рост экономики обеспечивался в первую очередь восстановлением потребительского спроса, то есть ростом рынка труда, ростом располагаемых доходов и как следствие – ростом потребительских расходов.

Однако последние тенденции выглядят неутешительно. Объем розничных продаж в мае – на уровне двухлетних минимумов, равно как и потребительская инфляция, рост рынка труда упирается в естественные границы минимальной безработицы, а замедление спроса на товары длительного пользования указывает и на снижение потребительской активности.

Таким образом, ситуация с корпоративными доходами может иметь решающее значение для оценки перспектив экономики США. Агентство FactSet в очередном обзоре по состоянию фондового рынка США отмечает следующую закономерность. В то время как индекс S&P500 бьет очередные максимумы, большинство компаний, входящих в индекс, сообщают о снижении расчетной прибыли во 2 квартале относительно 31 марта 2017 г, то есть снижение корпоративных доходов в 1 кв. может получить развитие. Наряду с ослаблением потребительского спроса эта тенденция приведет к снижению собираемости налогов, что в свою очередь поставит под угрозу наполнение бюджета.

Выводы довольно неутешительны, доллар реагирует снижением, поскольку причин для его роста все меньше и меньше. Международный валютный фонд во вторник понизил прогноз по экономике США, отметив, что не видит перспектив реализации программы Дональда Трампа, в частности, таких её аспектов, как расходы на инфраструктуру и налоговая реформа. МВФ ожидает рост экономики не более 1.7% в год в ближайшие 5 лет, таким образом, снижение прогнозов против апрельских ожиданий 2.5% годового роста выглядит довольно мрачно.

Подобный вариант развития событий резко диссонирует как с прогнозом Бюджетного комитета Конгресса (CBO), так и с позицией ФРС, которые на фоне прогноза МВФ выглядят чересчур оптимистичными. Слабость экономики неизбежно вносит изменения и в настроения инвесторов, особенно на фоне заметно улучшившихся перспектив зоны евро. Игроки практически проигнорировали выступление в среду главы ФРС Йеллен, в котором она заявила, что «...финансовая система США в настоящее время находится в большей безопасности и более здорова, чем перед кризисом 2008 года...». Этот удивительный вывод противоположен настроениям игроков, которые начинают готовиться к худшему – к новой рецессии.

Возможно, ситуация изменится в пятницу, когда будут опубликованы данные по личным расходам и доходам в апреле, однако ситуация складывается так, что вероятнее выход данных не лучше ожиданий рынка, а хуже.

Доллар находится под давлением, причин для возобновления роста немного.

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

Gold Goes From Hand to Hand

The fall of the dollar index to its lowest levels since early October has remained relatively unnoticed by gold. The fierce speech by Mario Draghi on victory over deflation and the temporary nature of the soft CPI drove up euro prices, however, traders in the precious metal market prefer to focus on different news. During the auction on June 26, futures were quickly sold within a minute, the amount was equivalent to 1.8 million ounces, which is more than Finland's entire gold reserves. A few hours later during forex trading of the European session on June 27, in just five minutes, buyers purchased 815 thousand ounces. Presumably, it was attributed to an erroneous order, which the market refers to as a "fat finger". Where the wrong key was pressed which executed a large position.

Dynamics of gold futures quotes

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Source: Bloomberg.

In general, the situation on the precious metal market is in favor of consolidation. "Bears" argue that given the acceleration of global GDP growth, global stock indices near record highs, consistent high risk appetite and the Federal Reserve's desire to continue the cycle of normalizing monetary policy, XAU/USD quotes should continue to rise in the direction of $1,230 and $1,200 per ounce. On the other hand, "bulls" expect a recovery of the medium-term uptrend while citing persistent political risks in the United States, geopolitical tensions in the Middle East and the Korean Peninsula as well as continued terrorist attacks. All these factors increase the demand for safe-haven assets.

The condition of the physical metal market is characterized as moderately negative. Chinese gold imports from Hong Kong in May fell to 45 tons. It is nearly 40% lower than in April, and 60% less than the previous year. While retail investors are gradually increasing ETF stocks, institutional investors are pulling out from the specialized exchange-traded funds.

XAU/USD is supported by the fall in the dollar index, but the fact that Draghi's "hawkish" rhetoric sparked a rally not only in Europe but also in yields in US government bonds, casts doubt on the rapid recovery of the medium-term uptrend. Gold, which does not provide its owners the opportunity to receive dividends or interest, in calm conditions would not be able to compete with stocks or bonds.

At the same time, the fact that the IMF lowered its US GDP growth forecasts for 2017-2018 from 2.3% to 2.1% and from 2.5% to 2.1% and no longer expects Trump reforms to boost the economy towards the President's promised 3% growth, is a "bullish" factor for precious metals. If the situation in the United States is not as good as expected, perhaps the global economy as a whole will not be able to deliver expected results.

Technically, the rebound of XAU/USD from the support level resembles a false breakdown. If the "bulls" manage to push gold above the resistance by $1,254 per ounce and get a strong position there, the risks of a revival of an uptrend will increase.

Gold Daily Chart

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

Intraday technical levels and trading recommendations for EUR/USD for June 29, 2017

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Monthly Outlook

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target is projected toward 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.

In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.

Currently, the EUR/USD pair remains trapped within the depicted consolidation range (1.0500-1.1300) until a breakout occurs in either direction.

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Daily Outlook

In January 2017, the previous downtrend reversed when the Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.

The next daily supply level for the EUR/USD pair is located between 1.1400-1.1520 where the price action should be watched for possible bearish rejection.

Recently, the price levels around 1.1280-1.1295 stood as an intraday resistance where recent bearish correction was initiated towards 1.1120.

Evident bullish rejection was expressed around 1.1120 where the current bullish movement towards 1.1400 was initiated.

As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further advance towards 1.1415 where a valid SELL entry can be offered if enough bearish rejection is expressed.

Early signs of bearish rejection should be expressed by the bears around 1.1400. Otherwise, further bullish advance towards 1.1520 should not be excluded soon.

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