AUD/USD bouncing up nicely, remain bullish

We remain bullish above 0.7441 support (Fibonacci retracement, horizontal swing low support) for a push up and reintegration into the bullish channel for a rise to at least 0.7510 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance).

Stochastic (34,5,3) is seeing strong support above the 5.1% where stochastic is bouncing up nicely from.

Correlation analysis: AUD/USD has a strong positive correlation with NZD/USD which means they usually move together. We are expecting a bounce on AUD/USD but a drop on NZD/USD. Hence, it is best to exercise caution on this trade.

Buy above 0.7441. Stop loss at 0.7397. Take profit at 0.7510.

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EUR/JPY profit target reached perfectly, prepare to buy

Price has dropped perfectly from our selling area and has reached our profit target. We prepare to buy above 124.12 major support (Fibonacci retracement, horizontal overlap support) for a bounce up to at least 125.70 resistance (Fibonacci extension, horizontal resitance).

Stochastic (34,5,3) is seeing major support above 3.2% where we expect a bounce from.

Correlation analysis: We're expecting general JPY weakness with AUD/JPY and EUR/JPY expecting bounces.

Buy above 124.12. Stop loss at 123.28. Take profit at 125.70.

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Trading Plan for EUR/USD and GBP/USD for May 29, 2017

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Technical outlook:

The EUR/USD pair seems to be stalling just below 1.1200 levels for now, having produced a tight consolidation range. Looking into the wave structure, the pair might be wanting to hit 1.1300 resistance before pulling back in a meaningful manner. At the same time, the overall bearish trend (bigger picture) still remains intact at least for now. The recent rally from 1.0800 through 1.1263 levels suggest that prices should retrace towards 1.1000 levels as depicted here on the Daily chart, before producing further rallies. High probability trade setup is to sell on rallies till prices remain below 1.1263 levels going forward. Immediate resistance remains at 1.1268 levels, while support is seen at 1.0800 levels on the daily chart view. On an intraday basis, please expect one more low towards 1.1150/55 levels before pulling back again.

Trading plan:

Sell on rallies towards 1.1230/40 levels, stop above 1.1268, targeting 1.1000

GBP/USD chart setups:

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Technical outlook:

The GBP/USD pair has reacted well around the 1.0340/50 levels last week as anticipated. With our first short-term profits taken last week, the trading plan remains fairly similar to what was discussed earlier. The GBP/USD pair has broken past 1.2800 levels and is pulling back right now only to drop back again lower. Please note that the pair is unfolding its first 5 waves lower at a lower degree and that intraday pullbacks would provide us the opportunity to sell again. At this moment, the pair is trading at 1.2834 levels and is looking to have completed wave iv at a lower degree. If this wave count holds true, the pair should be heading lower again into wave v before correcting itself. We shall keep track of the counts at lower degrees and update here to enter next short side.

Trading plan:

Please take all intraday rallies as opportunity to sell again towards lower lows 1.2300 and 1.2000 in the weeks to come.

Fundamental outlook:

With US markets closed for Memorial Day, there are no major fundamental events out today.

Good luck!

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Intraday technical levels and trading recommendations for USD/CAD for May 29, 2017

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Since April 2016, the USD/CAD pair has been trending upward within the depicted ascending channel.

In December 2016, a bullish breakout above 1.3300 (50% Fibonacci level) was expected to allow a further advance toward 1.3700-1.3750 (the upper limit of the depicted channel).

However, a significant bearish rejection was expressed around 1.3580 (recently established top).

During the bearish pullback, the price level of 1.3300 (50% Fibonacci Level) failed to provide enough support to the pair.

This allowed a further bearish movement toward the price level of 1.2970 (61.8% Fibonacci level) where a valid BUY entry was offered in February 2017.

A few weeks ago, a bullish breakout above 1.3300 (50% Fibonacci Level) enhanced a further advance toward 1.3440 and 1.3580.

As long as the USD/CAD pair continues trading above 1.3450-1.3500 (confluence of prominent tops and the recent uptrend line), the market remains bullish. Otherwise, a bearish pullback should be expected towards 1.3300.

The expected bullish target would be located around 1.3950 and 1.4030 (the upper limit of the depicted channel and FE 100%).

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Intraday technical levels and trading recommendations for NZD/USD for May 29, 2017

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In December 2016, a bullish breakout above 0.6960-0.7000 allowed the pair to head toward the price level of 0.7100 (the key level) which failed to provide sufficient bearish pressure on the pair.

Bullish persistence above 0.7100 allowed a further advance towards 0.7250-0.7350 (sell zone) where the bearish price action was expected.

Bearish persistence below 0.7250 allowed a further decline towards 0.7100 then 0.6960 that failed to provide enough support for the pair.

That is why, a further fall was expected toward 0.6860 (the lower limit of the depicted BUY zone) where a bullish position was suggested in previous articles.

Recently, a bullish breakout was achieved above the depicted key level (0.6960). However, the pair failed to keep enough bullish momentum above 0.7050.

That is why, the NZD/USD pair became trapped within the depicted consolidation range (0.6860-0.6960) once again.

Note the depicted bullish 1-2-3 pattern remains valid as long as bullish fixation above 0.6900-0.6850 is maintained on a daily basis.

As anticipated, the current bullish breakout above 0.6960 enhanced further bullish movement towards 0.7100.

An expected, the projection target for the pattern is located around 0.7250 provided that bullish breakout above 0.7100 (key level) is achieved on a daily basis.

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Analysis of EUR/JPY for May 29, 2017

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Recently, the EUR/JPY pair has been trading downwards. The price tested the level of 124.17. Anyway, according to the 30M time frame, I found a potential breakout of horizontal trading range, which is a sign that selling looks risky. There is a hidden bullish divergence on the moving average oscilator in the background, which is another sign of strength. Watch for potential buying opportuntiies. The upward targets are set at 124.80 and 124.90.

Fibonacci pivot levels:

R1: 124.42

R2: 124.50

R3: 124.60

Support levels:

S1: 124.25

S2: 124.20

S3: 124.12

Trading recommendations for today: watch for potential buying opportunities.

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GBP/USD analysis for May 29, 2017

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Recently, the GBP/USDr has been trading upwards. The price tested the level of 1.2848. According to the 15M time frame, I found a potential bearish flag, which is a sign of weakness. There is also a hidden bearish divergence on the moving average oscilator, which is another sign of weakness. My advice is to watch for a potential breakout of the support at 1.2820 for selling opportunities. The downward target is set at the price of 1.2777.

Resistance levels:

R1: 1.2815

R2: 1.2825

R3: 1.2830

Support levels:

S1: 1.2800

S2: 1.2795

S3: 1.2785

Trading recommendations for today: watch for potential selling opportunities.

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Global macro overview for 29/05/2017

Global macro overview for 29/.05/2017:

The British economy expanded at a weaker pace than expected. The Office for National Statistics reported that the second estimate of Gross Domestic Product (GDP) was at the level of 0.2% in the first quarter, while market participants expected 0.3% increase, just as the preliminary expectations were. This was the slowest pace of growth since the beginning of 2016 and the biggest contributors to the weak GDP were in the services sector: the retail and accommodation reported the largest drops amid the post-Brexit vote sharp fall in the value of the British Pound. Moreover, the biggest drop was noted in household consumption, that account for about 70% of Britain's GDP growth. The household consumption increased by mere 0.3%, the weakest number since 2014.

There are three versions of GDP released a month apart: Preliminary, Second Estimate, and Final. The Final UK GDP for the first quarter will be released next month and if the numbers will still be lower than expected, then the British Pound might depreciate further, giving more reasons for EUR/GBP pair to rally higher.

Let's now take a look at the GBP/USD technical picture on the H4 time frame. The price had tested the technical support at the level of 1.2772 and bounced back but is still trading below the techcnail resistance at the level of 1.2844. The market conditions still look oversold, so sideways moves are expected.

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Technical analysis of USD/JPY for May 29, 2017

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USD/JPY is expected to trade in a lower range as the key resistance is holding at 111.70. The pair remains capped by the descending 50-period (30-minute chart) moving average as well as the key resistance is seen at 111.45. The bounce from Friday's low of 110.85 is losing steam. Meanwhile, the intraday relative strength index is still under the neutrality level of 50, further indicating a lack of upward momentum for the pair.

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 111.05. A break below this target will move the pair further downwards to 110.80. The pivot point stands at 111.70. If 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 111.95 and the second one at 112.20.

Resistance levels: 111.95, 112.20, and 112.60

Support levels: 111.05, 110.80, and 110.50

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Technical analysis of USD/CHF for May 29, 2017

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USD/CHF is expected to trade with a bullish outlook above 0.9720. The pair is rebounding on its horizontal support at 0.9720, and is likely to continue its rebound. The 20-period moving average has just crossed above the 50-period one, and the relative strength index is crossing above the neutrality area at 50. Even though a continuation of the consolidation in current stage cannot be ruled out, its extent should be limited.

As long as 0.9720 is not broken, look for further advance to 0.9760 and 0.9775 in extension.

Resistance levels: 0.9760, 0.9790, and 0.9835

Support levels: 0.9695, 0.9670, and 0.9650

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Technical analysis of NZD/USD for May 29, 2017

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NZD/USD is expected to trade with a bullish bias above 0.7040. The pair has bounced up from another test of its key support at 0.7040, which should limit the downside potential. The rising 50-period moving average is playing a support role and maintains the upside bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum.

As long as 0.7040 is not broken, look for a further upside towards 0.7080 and even 0.7095 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7080 and the second one at 0.7095. In the alternative scenario, the short position is recommended with the first target at 0.7025 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 0.6930. The pivot point is at 0.7040.

Resistance levels: 0.7080, 0.7095, and 0.7135

Support levels: 0.7025, 0.7005, and 0.6965

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Technical analysis of GBP/JPY for May 29, 2017

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GBP/JPY is under pressure. The pair is consolidating around its 20-period moving average, which remains below the descending 50-period moving average. The horizontal level at 143.15 should also play a key resistance role. In addition, the relative strength index is below its neutrality area at 50, and lacks upward momentum.

Therefore, as long as 143.15 holds as the key resistance, expect a break below the nearest support at 142.40 at first.

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 142.40. A break below this target will move the pair further downwards to 142.00. The pivot point stands at 143.15. If 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 143.50 and the second one at 144.10.

Resistance levels: 143.50, 144.10, and 145.00

Support levels: 142.40,142.00, and 141.00

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Global macro overview for 29/05/2017

Global macro overview for 29/05/2017:

The Preliminary GDP data from the US surprised market participants. The US Commerce Department reported the first-quarter GDP was revised up to 1.2% instead of the 0.7% pace reported last month, while market participants expected only a 0.9% increase. A non-defense capital goods orders excluding aircraft, which are strongly related to business spending plans, were unchanged in April for the second month in a row. Growth in consumer spending, which accounts for 70% of the US economic activity, rose at a 0.6% rate instead of the previously reported 0.3% pace, which was the slowest pace since the fourth quarter of 2009. In conclusion, President Donald Trump's ambitious plan to sharply boost economic growth to the level of 4.0% is still not materializing. Despite good figures in the first quarter, the softening business investment and moderate consumer spending are limiting down the expectations of a possible sharp acceleration in the second quarter. The consequences for the US Dollar will include a possible further deterioration when more of the second quarter data will be available.

Let's now take a look at the USD/JPY technical picture on the H4 time frame. The price has broken out of the wedge and it is currently trading around the 200 periods moving average. The next support is seen at the level of 110.85 and the next resistance is seen at the level of 111.44.

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Fundamental analysis of EUR/USD for May 29, 2017

EUR/USD has been in a non-volatile bullish trend recently which is expected to continue till the price reaches the 1.1450 resistance area. Today the United States celebrates the Memorial Day, so there are no economic events in the US calendar. Meanwhile, the eurozone posted the M3 Money Supply report which showed a decrease to 4.9% versus the expected level of 5.2%. At the same time, the Private Loans showed an unchanged value at 2.4% which was expected to increase to 2.5%. Moreover, today ECB President Draghi will deliver a speech. He will likely discuss the short-term interest rates and monetary policies, and his comments are expected to be hawkish and bring a good amount of volatility in the market today. Overall, the euro is expected to gain momentum this week.

Now let us look at the technical picture. The price is currently above the support of 1.1130-50 area, and the price will likely move up towards 1.1450 in the coming days owing to the non-volatile structure of the trend. As long as the price remains above 1.1130-50 support area, we will be in a bullish bias. If the price breaks below 1.1130 level with a daily close, then we will be looking for selling opportunities.

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Daily analysis of Silver for May 26, 2017

Forex analysis review
Daily analysis of Silver for May 26, 2017

Trading plan for 29/05/2017

Trading plan for 29/05/2017:

The Bank Holiday in China, UK, and the US will lead to low volatility trading today, so the financial markets oscillate around Friday close levels. Gold is trading inside of the range, while crude oil is declining slightly. The major and minor forex pairs have made marginal moves without any surprises. Stock indexes in Asia are drifting nearer to Friday's closing levels. The Nikkei is up 0.1% and the Shanghai Stock Exchange is closed.

On Monday 29th of May, the event calendar is bereft of any key news. However, there are two events that might bring some action to the market today: the Eurozone Money Supply data and the ECB President Mario Draghi speech about the economy and monetary developments before the Economic and Monetary Affairs Committee in Brussel.

Analysis of EUR/USD for 29/05/2017:

The Eurozone Money Supply data is scheduled for release at 08:00 am GMT and the ECB President Mario Draghi speech in Brussel is expected at around 02:00 pm GMT today. The general economic trend in the eurozone that started in the middle of 2016 is still expected to move higher at a steady pace. The recent estimates of the GDP growth rate in the second quarter were revised higher to 0.76% last Friday. The May was one of the most bullish months in the recent years, with the expansion of the business activity and high sentiment levels (highest in recorded history). The question remains, whether the upbeat outlook will soon convince the ECB to start winding down its extraordinary loose monetary policy. One of the first clues might come from today's monetary aggregates report. Market participants expect a slight dip in the broad measure of money supply (M3): a 5.2% year-on-year rate for April, down from March's 5.3%, but that's still close to the fastest pace in nearly a decade. This slight decrease in the money supply would reduce the likelihood of immediate interest rate hikes.

Let's now take a look at the EUR/USD technical picture on the daily and H4 timeframes. As we know, a larger money supply reduces the purchasing power of the euro and puts downward pressure on the exchange rate. Nevertheless, EUR/USD on the daily timeframe is still trading above all of the moving averages (21,50,100,200 periods). Moreover, recently 50 DMA has crossed over 200 DMA for the first time in eight weeks, which means the upside momentum remains intact. On the smaller timeframes, like H4, there is a corrective cycle expected, especially if the money supply data will not meet expectations. The next support is seen at the level of 1.1075 and the next technical resistance lies at 1.1266 and 1.1300.

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Market Snapshot: Gold breaks above 61%Fibo

Gold has broken out above the 61%Fibo at the level of $1,264 and now the market is testing this level from below. This clearly outlines the direction of the trend, although it is worth waiting for the end of the correction in the first place. Another resistance for the bulls will be the 78% Fibo at the level of $1,278. Please notice that the price is still trapped between the the larger timeframe golden trend line resistance and the smaller timeframe navy trend line support. Moreover, the price still trades in the resistance area between the levels of $1,259 - 1,270.

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Market Snapshot: Crude oil bounces from 50%Fibo

Crude oil prices have bounced from the 50%Fibo support zone around the level of $48.24 and now are trading just below the technical resistance at the level of $50.04. The market conditions look oversold, so there is a chance of a further move up towards the next technical resistance at $51.01. But in order to do this, the momentum indicator should raise above its fifty level. Any violation of the level of $52.00 will erase all the losses and bulls will likely continue to move towards the next swing high at the level of $53.74.

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Ichimoku indicator analysis of USDX for May 29, 2017

The Dollar index as expected is showing signs of reversal off the weekly Kumo. I continue to expect the Dollar index to strengthen significantly from current levels.

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Red lines - bearish channel

Blue lines - trading range

The Dollar index has broken out of the bearish channel but remains below the 4-hour Kumo (cloud) and inside a sideways trading range. Cloud resistance is found at 97.50. Support is at 97.

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Red line - resistance

Green line - former long-term support trend line

The weekly candle is still above the weekly Kumo (cloud). The bounce is starting and it is a positive sign the fact that we did not break below cloud. I continue to expect a strong weekly bounce towards the upper cloud boundary or even the red downward sloping trend line. This is not the right time to be bearish about the US Dollar.

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Ichimoku indicator analysis of gold for May 29, 2017

Gold price broke out of the triangle pattern last week and has made new highs above $1,265. Bulls need to continue to show improved strength so that we should not see the breakout as a false one. Short-term target and next important resistance is at $1,277-80.

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Blue lines - triangle

Red lines - bullish channel

Gold price is trading above the triangle pattern and inside the bullish channel. Short-term resistance at $1,277. Support is at $1,263 and next at $1,256. If support is broken, we could see Gold move towards $1,243.

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On the daily chart price has broken out of the Kumo. This is a bullish sign. However we have a small bearish divergence signal in the RSI (5). Important resistance is at $1,277 where we find the 78.6% Fibonacci retracement. Trend is bullish. A move towards $1,245 could not be ruled out and it would not change my longer-term bullish view.

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Technical analysis of EUR/USD for May 29, 2017

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When the European market opens, some Economic Data will be released, such as Private Loans y/y and M3 Money Supply y/y. Today, the US will not release any Economic Data, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1226.

Strong Resistance:1.1220.

Original Resistance: 1.1209.

Inner Sell Area: 1.1198.

Target Inner Area: 1.1172.

Inner Buy Area: 1.1147.

Original Support: 1.1136.

Strong Support: 1.1125.

Breakout SELL Level: 1.1119.

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

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Technical analysis of USD/JPY for May 29, 2017

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In Asia, today Japan and the US will not release any Economic Data. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 111.94.

Resistance. 2: 111.72.

Resistance. 1: 111.50.

Support. 1: 111.23.

Support. 2: 111.01.

Support. 3: 110.79.

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

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Daily analysis of major pairs for May 29, 2017

EUR/USD: This pair moved sideways last week, oscillating between the support line at 1.1150 and the resistance line at 1.1250. The resistance line at 1.1250 was tested several times without success but, it would be breached to the upside this week. The outlook on EUR pairs is bearish for June (though some EUR pairs would make bullish attempts). It is expected that the resistance line at 1.1250 would be breached to the upside this week.

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USD/CHF: This currency trading instrument consolidated last week, testing the support level at 0.9700 several times without breaking it to the downside, and also not going above the resistance level at 0.9800. The Greenback is supposed to become weak this week; while the Swissie would be strong: Hence a bearish movement on the USD/CHF. The support level at 0.9700 would be breached to the downside this week as price goes further south. However, this trend would be reversed when the EUR/USD plummets in June.

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GBP/USD: The GBP/USD moved sideways from Monday to Wednesday and then began to come down on Thursday. Price went downwards from the distribution territory at 1.3000 towards the accumulation territory at 1.2800 (a drop of 200 pips). The outlook on GBP pairs is bearish for this week and for the month of June 2017. Though the markets are supposed to become quiet in June, GBP pairs would trend seriously.

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USD/JPY: Last week, this currency trading instrument went between the supply level at 112.00 and the demand level at 111.00. The bias is bearish in the short-term and neutral in the long-term. The demand level at 111.00 would be breached to the downside as the instrument becomes weaker. The markets would generally become quiet in June. However, JPY pairs would trend nicely.

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EUR/JPY: The EUR/JPY did not do anything significant last week, save the shallow bearish run that was seen on May 26. It is possible that price would go upwards this week, but that is limited, owing to the expected bearishness in the market. The outlook on JPY pair is bearish for June 2017, and the EUR.JPY may lose about 300 pips within the next two weeks, potentially leading to the end of the current bullish bias on the market.

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Technical analysis of USD/CHF for May 29, 2017

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Overview:

  • The USD/CHF pair:
  • The bias remains bearish in the nearest term testing 0.9645 or lower.
  • The first resistance level is seen at 0.9787 followed by 0.9847, while daily support 1 is seen at 0.9691. The USD/CHF pair broke support which turned to strong resistance at 0.9787.
  • The market is still set to trade around the daily pivot point of 0.9739. This week, it continued to move downwards from the level of 0.9787 to the bottom around 0.9739.
  • The pair is trading below this level. It is likely to trade in a lower range as long as it remains below the resistance of 0.9787 which is expected to act as major resistance.
  • Amid the previous events, the USD/CHF pair is still moving between the levels of 0.9787 and 0.9691.
  • For that reason, the major resistance can be found at 0.9787 providing a clear signal to sell with a target seen at 0.9691. If the trend breaks the minor support at 0.9691, the pair will move downwards continuing the bearish trend development to the level of 0.9645 and 0.9600 in order to test the daily support 3. The bearish scenario which suggests that the pair will stay below the spot of 0.9787.
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Technical analysis of EUR/USD for May 29, 2017

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Overview:

  • The EUR/USD pair is showing signs of strength following a breakout of a high at 1.1129 (pivot point). The level of 1.1129 coincides with 78.6% of Fibonacci, which is expected to act as a minor support today. Since the trend is above the 78.6% Fibonacci level, the market is still in an uptrend. At the same time, the major support is seen at the level of 1.1129. Furthermore, the trend is still showing strength above the moving average 100. Thus, the market is indicating a bullish opportunity above the support levels, for this reason, the bullish outlook remains valid as long as the 100 EMA is headed to the upside. Therefore, strong support will be found at the level of 1.1129 providing a clear signal to buy with a target seen at 1.1211. If the trend breaks the minor resistance at 0.6621, the pair will move upwards continuing the bullish trend development to the level of 1.1272 in order to test the daily resistance 1. Moreover, the second resistance is seen at the level of 1.1330.
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Daily analysis of USDX for May 29, 2017

USDX was favored by a bullish momentum witnesses during Friday's session and the resistance level of 97.41 is helping to cap the bulls. Also, the 200 SMA is acting as dynamic resistance and we can expect that it continues to be a barrier for the buyers. However, if the index manages to pull back at the current stage, then it can plummet towards 96.90, which is the critical zone to pay attention during this week.

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H1 chart's resistance levels: 97.41 / 98.11

H1 chart's support levels: 96.90 / 96.25

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 96.90, take profit is at 96.25 and stop loss is at 97.56.

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Daily analysis of GBP/USD for May 29, 2017

GBP/USD had a strong decline on Friday, as the Pound weakened across the markets and such selling pressure was fueled by a sell-off in the greenback following positive data in the United States. The support zone of 1.2791 is leading the path in the pair and if it gives up, then a decline towards 1.2718 is likely to happen.

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H1 chart's resistance levels: 1.2845 / 1.2911

H1 chart's support levels: 1.2791 / 1.2718

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2791, take profit is at 1.2718 and stop loss is at 1.2865.

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

Elliott wave analysis of EUR/NZD for May 29, 2017

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Wave summary:

The break below support seen at 1.5803 has forced us to change the short-term count slightly. This new count indicates that wave ii/ still is unfolding as an expanded flat correction. This calls for a move slightly lower to 1.5537 in wave c of ii/ before renewed upside pressure should be expected in wave iii/.

Short-term only a direct break above resistance, seen at 1.5985, will indicate that wave ii/ has completed and wave iii/ higher is developing.

R3: 1.6079

R2: 1.5985

R1: 1.5879

Pivot: 1.5800

S1: 1.5753

S2: 1.5689

S3: 1.5537

Trading recommendation:

Our stop at 1.5800 was hit for a 135 point profit. We will re-buy EUR at 1.5550 or upon a break above 1.5985.

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

Elliott wave analysis of EUR/JPY for May 29, 2017

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Wave summary:

The corrective decline from 125.81 has now entered the 123.78 - 124.17 area to complete wave ii. That said, we will need a break above minor resistance seen at 124.66 and more importantly a break above 125.06 confirming that wave iii higher towards 134.25 is developing.

As long as minor resistance at 124.66 is able to cap the upside as long will we need to allow for a slightly deeper correction in wave ii.

R3: 125.81

R2: 125.06

R1: 124.66

Pivot: 124.22

S1: 124.17

S2: 123.78

S3: 123.34

Trading recommendation:

We are long EUR from 124.20 and will place our stop at 123.20.

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