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

analytics592d630ad301f.png

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 early bullish breakout above 0.7100 (key level) is achieved on a daily basis.

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

Intraday technical levels and trading recommendations for USD/CAD for May 30, 2017

analytics592d62ae82a46.pnganalytics592d62ce872ee.png

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%).

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

Fundamental Analysis of EUR/JPY for May 30, 2017

EUR/JPY has been rejected off the 123.50 support level, so a bullish move is expected if the price remains above the support level with a daily close. Today, Japan released mixed economic reports. The Household Spending report was negative at -1.4% which was expected to be at -0.7%, the Unemployment Rate was unchanged as expected at 2.8%, Retail Sales report was positive at 3.2%, much stronger than expectations for a 2.2% gain. Eventually, BOJ Core CPI was also positive at 0.2% which previously was at -0.1%. On the EUR side today, the eurozone also presented mixed reports. German Import Prices were negative at -0.1% instead of the 0.2% expected rise, French Consumer Spending came in at 0.5%, worse than the expected 0.8% gain, French Prelim GDP was positive at 0.4%, stronger than the forecast for a 0.3% growth, and Spanish Flash CPI came in at 1.9%, down than the forecast for a 2.1% increase. Overall, both Japan and the eurozone showed mixed economic data which did bring some volatility in the market but could not provide clues about a further dynamic of any currency in the pair. Currently, EUR is quite stronger than JPY fundamentally, so EUR is expected to advance further in the coming days.

Now let us look at the technical view, price is currently retesting the 123.50 support level with a rejection off the 20 EMA as well. Currently, the pair is trading in a bullish non-volatile trend which is expected to proceed further up towards 125.80-126.00 resistance area. As the price remains above 123.50, we will be in a bullish bias. If the price breaks below 123.50 with a daily close, then we will be looking forward to sell with a downward target towards 121.10 support level.

analytics592d599f856b7.jpg

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

EUR/JPY analysis for May 30, 2017

analytics592d53b9affd6.png

Recently, the EUR/JPY pair has been trading downwards. The price tested the level of 123.15. According to the 30M time frame, I found bullish correction but there is a broken bearish flag, which is a sign that EUR/JPY may re-continue a downward movement. My advice is to watch for potential selling opportunities. The downward target is set at the price of 123.15.

Resistance levels:

R1: 124.00

R2: 124.25

R3: 124.60

Support levels:

S1: 123.35

S2: 123.10

S3: 122.80

Trading recommendations for today: watch for potential selling opportunities.

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

Analysis of Gold for May 30, 2017

analytics592d51cba7ef1.png

Recently, Gold has been trading sideways at the price of $1,264.00. Anyway, according to the 30M time frame, I found a fake breakout of a 2-day high, which is a sign that buying looks riksy. There is also a breakout of the upward channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,253.20.

Resistance levels:

R1: $1,267.20

R2: $1,269.00

R3: $1,271.60

Support levels:

S1: $1,261.90

S2: $1,260.00

S3: $1,257.50

Trading recommendations for today: watch for potential selling opportunities.

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

Global macro overview for 30/05/2017

Global macro overview for 30/05/2017:

Solid data were released from the Australian house market. According to the Australian Bureau of Statistics new house approvals climbed 4.4% to 17,414 on a seasonally adjusted basis in April, following the preceding month's upwardly revised fall of 10.3% and surpassing expectations for a 3.2% increase. On the other hand, on a yearly basis the number of domestic building permits was down 17.2%, but it was still better than market expectations of a 18.1% decrease and last month figure of 19.9%. Private sector houses represented more than half of the total, which translated into a month-on-month increase of 0.5%.

Strong growth in new approvals and permits indicates a growing housing market and a strong housing market also tends to lead consumer spending. Because real estate generally leads economic developments - housing tends to thrive at the start of booms and wane at the onset of a recession. Currently, the prices of real estate in Australia remain at highly elevated levels and many house market analysts think they are already in a bubble. The Australian two most expensive housing markets are located in Sydney ale Melbourne. Despite the fact that this month the prices were down 1.3% in Sydney and 1.8% in Melbourne, the overall gains for the last twelve months have increased in double-digit percentage gains.

Let's now take a look at the AUD/USD technical picture on the H4 time frame. The market has broken out of the golden descending channel and now the price is testing the golden trend line from the downside. The next support is seen at the level of 0.7416 and the next resistance is seen at the level of 0.7461.

analytics592d391adeae3.jpg

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

Global macro overview for 30/05/2017

Global macro overview for 30/05/2017:

Two important news for financial markets hit the newswires overnight. German "Bild" newspaper reports that Athens are prepared to refuse to pay the next tranche of the loan if lenders fail to agree to write off part of the country's debt. Refusal of repayment means an increase in the risk of bankruptcy and the revival of Grexit. The Greek economy contracted by more than 25% since the start of its financial crisis and after the fail in reaching the agreement with lenders last month, the Greek finance minister Euclid Tsakalotos made an urgent appeal to Brussels to extend the 86bn Euro in debt repayments. So far, Greece introduced and executed highly unpopular reforms to produce savings of 2% of GDP, which is clearly not enough to stop the recession and repay the creditors.

In Italy, the scenario of accelerated elections in the fall is now even more real, if the main political parties agree to change the electoral system in June. As the currency union (Eurozone) is blamed for Italy's economic problems, the election increases the risk of eurosceptics coming into power.

It looks like the old fears are now coming back to haunt the Eurozone. Both situations are clearly increasing the uncertainty in the financial markets and the Euro currency might be greatly affected in the coming weeks. The volatility might get increased as the market will be reacting to every news regarding those two countries.

Let's now take a look at the EUR/JPY technical picture on the H4 time frame. The price bounced from the technical support at the level of 123.26 in oversold market conditions. Nevertheless, to regain the control over this market, the bear camp must break out below the strong support between the levels of 121.97 - 123.26.

analytics592d307fce949.jpg

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

Technical analysis of EUR/USD for May 30, 2017

Forex analysis review
Technical analysis of EUR/USD for May 30, 2017

Trading plan for 30/05/2017

Trading plan for 30/05/2017:

The Euro lost ground overnight amid mounting political risks. The EUR/USD pair slumped overnight to 1.1130 with rising pressure on Greece, Italy, and the ECB. The Chinese market is still closed for the holiday, but general sentiment in Asia is cautious with a slight risk aversion. The commodity market continues to move sideways due to the closure of major stock exchanges.

On Tuesday 30th of May, the event calendar is quite busy with important economic releases, so global investors will pay attention to French GDP data, German Preliminary CPI data, Canadian Current Account data, CB Consumer Confidence, and Financial Stability Review presented by Reserve Bank of New Zealand.

EUR/USD analysis for 30/05/2017:

The French GDP data are scheduled for release at 06:45 am GMT and German Preliminary CPI is scheduled for release at 12:00 am GMT. The CPI is the headline inflation figure that indicates the strength of domestic inflationary pressures and assesses changes in the cost of living by measuring changes in the prices of consumer items. Market participants expect the CPI to decrease -0.1% from 0.0% a month ago and on a yearly basis the CPI is expected to decline from 2.0% to 1.6%. These market expectations mean the inflationary pressure should decrease, which is not a good data for European Central Bank because they expect the inflation to increase up to 2.0% on a yearly basis, so they could change the current accommodative monetary policy. This means the ECB will still support the current accommodative monetary policy as long as necessary. Any change in inflation, especially to the upside might cause Euro to rally across the board.

Let's now take a look at the EUR/USD technical picture on the H4 time frame. The market has broken the technical support at the level of 1.1159 and now this level will act as a technical resistance for the price. The next technical support is seen at the level of 1.1075, but the trading conditions on this time frame are starting to look oversold a little, an intraday bounce might be in play now. The upside momentum is still weak and it is confirmed by RSI indicator. In a case of a bigger sell-off, please mind the gap between the levels of 1.0820 - 1.0730.

analytics592d278ab1c2f.jpg

USD/JPY analysis for 30/05/2017:

The CB Consumer Confidence data are scheduled for release at 02:00 pm GMT and market participants do not expect any drastic changes in the sentiment. The number expected by the market is at the level of 120.1 points which is very close to the last month figure of 120.3 points. So the mood among consumers remains bullish, but this month the figure indicates the fourth time that the benchmark has held in a relatively tight range. The reason for this behavior is a growing number of doubts about whether Trump's administration can fulfil its promises such as to spur economic growth, decrease regulation, and implement a tax reform. Any data below 120 points might start to suggest these doubts are starting to get serious and the US Dollar might decrease in value even more.

Let's now take a look at the USD/JPY technical picture on the H4 time frame. The market broke out of the rising wedge formation but soon bounced from the nearest technical support at the level of 110.85. Nevertheless, the move down does not look completed as the market conditions are not oversold yet. The next important support for the bears is the level of 110.22, so if the CB Consumer Confidence data will be worse than expected, then this level might be tested soon. The nearest technical resistance is seen at the level of 111.44.

analytics592d279731ad7.jpg

Market Snapshot: GBP/JPY bounces from 50% Fibo

The price of GBP/JPY pair had bounced from the 50% Fibo at the level of 141.03 and now is trying to test the technical resistance at the level of 143.08. The trading conditions look oversold and the momentum is clearly pointing to the north, so the current intraday move might reach the resistance. Nevertheless, there is still a chance for an extended drop towards the 61% Fibo at the level of 140.36. Only a sustained break out of the golden channel would change the bias to bullish.

analytics592d279f6e557.jpg

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

Daily analysis of major pairs for May 30, 2017

EUR/USD: Since it tested the resistance line at 1.1250, the EUR/USD pair has gone downwards by 100 pips. The downwards movement is slow and gradual, but its continuation could threaten the ongoing bullish bias on the market. Although the outlook on EUR/USD is bearish for June 2017, a transitory rally's attempt is likely to be made here.

1496131120_1.png

USD/CHF: This currency trading instrument consolidated last week and made a very weak bullish effort on May 29. The outlook on the market is bearish, and it would be difficult for price to go confidently upwards this week (in spite of the imminent weakness of EUR/USD); owing to the expected weakness in the Greenback and the expected stamina in CHF. Please watch CHF pairs.

2.png

GBP/USD: The GBP/USD pair dropped sharply last week, resulting in a huge Bearish Confirmation Pattern on the 4-hour chart. On Monday, there was a weak rally in the context of a downtrend, and that would turn out to be another good opportunity to sell short. Price might reach the accumulation territories at 1.2800, 1.2750, and 1.2700 this week, as it goes more and more bearish.

3.png

USD/JPY: This pair still moves 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.

4.png

EUR/JPY: A bearish signal has already been generated on the EUR/JPY cross. The market has moved below the supply zone at 124.00, now targeting the demand zones at 123.50, 122.00, and 122.50. Based on the expectation on JPY pairs for June 2017, this cross would become more and more bearish, thereby rendering the recent bullish bias completely invalid.

5.png

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

Ichimoku indicator analysis of USDX for May 30, 2017

The Dollar index is showing reversal signs. This is not the time to be bearish on the Dollar. I expect a strong bounce higher in the Dollar index where we will get a better opportunity to sell the Dollar.

analytics592d19b78f61e.png

Blue lines - trading range

The Dollar index has broken the trading range upwards. Price is inside the 4-hour Kumo. Trend has changed to neutral from bearish for the short term. Resistance is at 98.35. Support is at 97.28.

analytics592d19f8abf76.png

Red line - resistance

Green line - long-term support trend line (broken)

The Dollar index is bouncing off the weekly Kumo (cloud). This is the time for the Dollar to bounce. The Dollar is expected to move towards 99 or even higher. I'm bullish on the Dollar at current levels for at least a short-term bounce.

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

Ichimoku indicator analysis of gold for May 30, 2017

Gold price continues to make higher highs. The trend remains bullish but we have several bearish divergence signals. Gold is likely to make a pullback towards $1,200 before the up trend resumes towards $1,400. I do not expect gold to make any major breakout now.

analytics592d189039c11.jpg

Red lines - bullish short-term channel

Gold is trading above both the tenkan- and kijun-sen indicators. The trend is bullish. However, the RSI (5) produces some bearish divergence signals. I believe bulls should be extremely cautious as a break below $1,263 will open the way for a bigger correction towards $1,243 at least.

analytics592d190de85e5.jpg

Despite having broken above the sideways consolidation, gold lacks the upside momentum which is not as strong as it should be. This means that the best bulls can hope for is a slow grind higher towards $1,280-90 maximum before the downturn. I feel pretty confident that this is not the time when gold will make any major breakout. I expect gold price to get rejected at the 78.6% Fibonacci retracement.The material has been provided by InstaForex Company - www.instaforex.com

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

analytics592cff371dd7a.png

Wave summary:

We continue to look for a spike lower to 1.1.5537 to complete the expanded flat correction in wave ii/ and turning prices higher in wave iii/ to above 1.6237 for a continuation higher to 1.6655. Only a direct break above minor resistance, seen at 1.6006, will indicate that a running flat has been unfolding and wave ii/ completed early.

R3: 1.6080

R2: 1.6006

R1: 1.5847

Pivot: 1.5800

S1: 1.5734

S2: 1.5660

S3: 1.5537

Trading recommendation:

We are looking for 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 30, 2017

analytics592cfdc333bef.png

Wave summary:

The decline from 125.81 has extended and a low does not yet seem to be in place, this calls for a little more downside to 123.02 and maybe even slightly closer to the invalidation point seen at 122.53. Should this support be broken, that would indicate that a more complex wave B correction is unfolding.

At this point, only a break above minor resistance, seen at 124.11, will ease the downside pressure, while a break above resistance at 124.65 will confirm that a new impulsive rally to above 125.81 is developing.

R3: 124.65

R2: 124.11

R1: 123.88

Pivot: 123.50

S1: 123.02

S2: 122.82

S3: 122.53 - Invalidation point

Trading recommendation:

Our stop at 123.20 was hit for a 100 pip loss. We will look to buy EUR again at 123.05 with stop placed at 122.50.

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

Technical analysis of EUR/USD for May 30, 2017

EURUSD.jpg

When the European market opens, some Economic Data will be released, such as Italian 10-y Bond Auction, Spanish Flash CPI y/y, French Prelim GDP q/q, French Consumer Spending m/m, German Prelim CPI m/m, and German Import Prices m/m. The US will release the Economic Data, too, such as CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1183.

Strong Resistance:1.1177.

Original Resistance: 1.1166.

Inner Sell Area: 1.1155.

Target Inner Area: 1.1129.

Inner Buy Area: 1.1103.

Original Support: 1.1092.

Strong Support: 1.1081.

Breakout SELL Level: 1.1075.

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

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

Technical analysis of USD/JPY for May 30, 2017

USDJPY.jpg

In Asia, Japan will release the BOJ Core CPI y/y, Retail Sales y/y, Unemployment Rate, and Household Spending y/y data, and the US will release some Economic Data, such as CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 111.42.

Resistance. 2: 111.20.

Resistance. 1: 110.98.

Support. 1: 110.73.

Support. 2: 110.51.

Support. 3: 110.29.

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

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

Technical analysis of NZD/USD for May 30, 2017

NZDUSDH4.png

Overview:

  • The NZD/USD pair indicated for a bullish trend from the support level of 0.6985 since last week. The price is still in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100) and (50), immediate support is seen at 0.6985, which coincides with a golden ratio (61.8% of Fibonacci). The second support is set at the level of 0.6953 (major support). So, the market is likely to show signs of a bullish trend around the spot of 0.6985. In other words, buy orders are recommended above the golden ratio at 0.6985 with the first target at the level of 0.7057. Furthermore, if the trend is able to breakout through the first resistance level of 0.7057. We should see the pair climbing towards the double top (0.7089) to test it. It should be noted that the major weekly resistance is seen at the 0.7135 price (major resistance this week). On the other hand, if a breakout happens at the support level of 0.6953 (50% of Fibonacci), then this scenario may be invalidated. Then set your stop loss at the price of 0.6930.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/USD for May 30, 2017

GBPUSDH4.png

Overview:

  • The GBP/USD pair traded around the strong resistance at the spot of 1.2973 because the double top is set around the spot of 1.3047.
  • Consequently, the strong resistance has already been formed at the level of 1.2973 and the pair is likely to trade around the spot of 1.2973 and 1.2744.
  • However, if the pair fails to pass through the level of 1.3047, the market will indicate a bearish opportunity below the new strong resistance level of 1.2973.
  • Moreover, the RSI starts signaling a downward trend which is still showing strength above the moving averages 100 and 50.
  • Thus, the market is indicating a bearish opportunity below 1.2973, so it will be good to sell at 1.2973 with the first target at 1.2744.
  • It will also call for a downtrend in order to continue towards 1.2582 in coming days. The daily strong support is seen at 1.2582.
  • On the other hand, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.2973.
The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of USDX for May 30, 2017

The index remained in sideways during the Memorial Day in the United States, capped by the 200 SMA at H1 chart. The bears are still strong across the greenback and we can expect some declines towards 96.90. However, if USDX manages to break above the 200 SMA, it's expected to see a rally that tests the resistance area of 98.11.

USDXH1.png

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.

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

Daily analysis of GBP/USD for May 30, 2017

The pair had a limited trading range during Monday, as we had holidays in the United States. The resistance zone of 1.2845 acted as intraday resistance in the Cable and we can expect a lower consolidation below that scenario in order to reach the support zone of 1.2791. If GBP/USD plunges below that area, then a testing of the 1.2718 level is likely to happen.

GBPUSDH1.png

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

Fundamental Analysis of GBP/USD for May 30, 2017

GBP/USD has once again bounced off the support of 1.2750-1.2800 area. Currently, the pair is showing some evidence of bullish bias in the market as the price could not break below the support area after an impulsive bearish pressure on Friday. Today on the USD side, we have CB Consumer Confidence report which is expected to show a slight decrease to 120.1 which previously was at 120.3, Core PCE Price Index is expected to show some positive value at 0.1% which previously was at -0.1% and Personal Spending is also expected to show increased value at 0.4% which previously was at 0.0%. On the GBP side today we don't have any economic events but tomorrow GfK Consumer Confidence is going to be published which is expected to show increased negative figure at -8 which previously was at -7, Net Lending to Individuals report is expected to show a decrease to 4.5B which previously was at 4.7B, M4 Money Supply is expected show an increase to 0.4% which previously was at 0.3% and Mortgage Approvals is expected to show decreased value to 66k which previously was at 67k. As of today, USD has the upper hand and expected to show some gain in this pair but tomorrow GBP might show a good comeback if the price succeeds to remain above the support area today.

Now let us look at the technical view, the price is currently above the support area of 1.2750-1.2800 and as the price remains above the area bullish bias is expected to continue further. If the bullish pressure continues after today's high impact USD economic reports then we will be looking forward to the price to reach 1.3370 in the coming days. On the other hand, if the price breaks below 1.2750 with a daily close today then our bullish bias will change to bearish and we will be looking forward to selling with a target towards 1.2550.

analytics592c6642eb59b.jpg

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

Fundamental Analysis of USD/JPY for May 30, 2017

USD/JPY is currently residing inside a corrective structure after breaking below the important level of 111.60. Today we have JPY Household Spending Report which is expected to show a positive result at -0.7% which previously was at -1.3%, Unemployment Rate is expected to be unchanged at 2.8% and Retail Sales is expected to have a slight increase to 2.2% which previously was 2.1%. On the other hand, USD have CB Consumer Confidence report which is expected to show a slight decrease to 120.1 which previously was at 120.3, Core PCE Price Index is expected to show a positive value at 0.1% which previously was at -0.1% and Personal Spending is also expected to show an increase of 0.4% which previously was at 0.0%. Overall, both currencies have a good number of economic events today which is expected to bring in a good amount of volatility in the market. JPY is currently quite stronger than USD and if the JPY reports come positive which will be announced way before the USD reports the market is expected to show some gains on the JPY side after the JPY reports. If USD fails to show positive reports yesterday, further gains on JPY side is expected in this pair.

Now let us look at the technical view, the price is currently below the resistance level of 111.60 after the bearish pressure observed on Friday. As of the recent impulsive bearish pressure, further downside move is expected in this pair with a target towards 110.10. As the price remains below 111.60 we are bearish on this pair.

analytics592c6310a1af6.jpg

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

Daily analysis of EUR/JPY for May 29, 2017

EURJPYH4.png

Overview

The EUR/JPY pair was forced to start correctional bearish trading by fluctuating below the initial support at 124.75 today. Meanwhile, we expect moving towards the 55-moving average around 123.80. Breaking this barrier will extend the correctional bearish trading to reach another negative level that starts at 123.15 and extend to 121.90. Stochastic attempt to exit the oversold areas might force the price to provide intraday sideways trading until gaining new negative momentum that allows it to reach our expected correctional downward targets. The expected trading range for today is between 124.75 and 123.15

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

Daily analysis of GBP/JPY for May 29, 2017

GBPJPYH4.png

Overview

The GBP/JPY pair revealed the stable bearish trend in the recent trading. We can notice that the sideways range support line around 143.45 is broken. This forms the double top pattern that reinforces the bears' domination for the near term and medium term. We will depend on the stability of the broken support as a good resistance to expect breaking 142.00 level and reach 38.2% Fibonacci correction at 140.20. Stochastic fluctuation around 50 level might force the price to provide intraday sideways trading until gaining the negative momentum again. This will enable the pair to resume the bearish attack and achieve the expected target. The expected trading range for today is between 143.30 and 140.20

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

Daily analysis of Silver for May 29, 2017

1496071476_SILVERH4.png

Overview

Silver price continues its gradual rise to reach the thresholds of the first expected target at 17.43. The positive effect of the double bottom pattern keeps pushing the price to the upside, waiting until the mentioned level is breached to confirm the extension of the bullish wave to 18.30. Therefore, we believe that the way is open for achieving more of the upside moves in the upcoming sessions, supported by the EMA50. Please be aware that the continuation of the positive scenario depends on the stability above 16.56 level. The expected trading range for today is between 17.20 support and 17.55 resistance.

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

Daily analysis of Gold for May 29, 2017

GOLDH4.png

Overview

Gold price has settled above the main bullish channel's support that is displayed on the above chart. This keeps the bullish scenario valid on the intraday and short-term basis, supported by the completion of the bullish pennant that indicates a bulish bias. We expect it to push the price up to our expected main target at 1,295.37. Therefore, we still prefer the bullish trend in the upcoming sessions, which finds good support from the EMA50. Please be aware that holding above 1,262.00 is the first condition for the continuation of the suggested rise. In case it is broken, this will push the price to test the most important support at 1,249.94 before any new attempt to rise. The expected trading range for today is between 1,250.00 support and 1,280.00 resistance.

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