USD/CAD dropping perfectly, remain bearish

USD/CAD continues to drop perfectly towards our profit target and has made a nice bearish exit signalling that a change in momentum is expected. We remain bearish looking to sell below 1.3482 resistance (Fibonacci retracement, pullback resistance, swing high resistance) for a further push down to 1.3387 support (Fibonacci extension, horizontal swing low support, Elliott wave theory).

RSI (55,5,3) is seeing strong resistance below the 55% level where we expect to see further bearish movement. We also see a recent bearish exit signalling that a change in momentum to bearish is expected.

Sell below 1.3482. Set stop loss at 1.3543 and take profit at 1.3387.

analytics593816fc419ec.png

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

AUD/JPY reaches profit target perfectly, prepare to buy above major support

AUD/JPY has dropped perfectly and reached our profit target. We prepare to buy above major support at 81.78 (Fibonacci extension, horizontal swing low support, bullish divergence) for a push up to at least 82.77 resistance (Fibonacci retracement, swing high resistance).

Stochastic (34,5,3) is seeing strong support above 3.6% and also sees the long-term bullish divergence signalling that a bounce is impending.

Correlation analysis: We're expecting overall JPY weakness with bounces expected on AUD/JPY, USD/JPY and EUR/JPY. Hence, this scenario falls very nicely into a correlated move.

Buy above 81.78. Set stop loss at 81.50 and take profit at 82.77.

analytics593816e5bec94.png

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

Technical analysis of USD/JPY for June 07, 2017

USDJPYM30.png

As predicted in yesterday's analysis, the pair moved lower and hit a target at 109.10. Today, the pair is still under pressure and expected to break yesterday's low. The pair is still on the downside, capped by its falling 50-period moving average. The nearest resistance at 109.95 maintains the strong selling pressure on the pair. Besides, the relative strength index remains weak below its neutrality area at 50.

In this case, as long as 109.95 is not surpassed, the pair is likely to decline to 109.10 at first. A break below 109.10 would trigger a further drop towards 108.70.

The pair moved as predicted yesterday and all our targets have been hit. At present, 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 position is recommended with the first target at 109.10. A break below this target will move the pair further downwards to 108.70. The pivot point stands at 109.95. 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 110.35 and the second one at 110.80.

Graph 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 shows the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: SELL at highs, Stop Loss: 109.95, Take Profit: 109.10

Resistance levels: 110.35, 110.85, and 111.05

Support levels: 109.00, 108.70, and 111.55

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

Technical analysis of USD/CHF for June 07, 2017

USDCHFM30.png

The pair moved as predicted in yesterday's analysis and our take profit target has been hit. Today, USD/CHF is expected to trade with a bullish outlook. The pair recorded a secessions of higher tops and higher bottoms and is holding on the upside. The relative strength index is above its neutrality level at 50 and lacks downward momentum. The rising 50-period moving average is playing a support role and maintains the upside bias. In addition, 0.9605 is playing a key support role, which should limit the downside potential.

A trading volume stayed on the low side as stock investors became cautious ahead of events later in the week including the U.K. elections, the European Central Bank meeting and former FBI director James Comey's congressional testimony. On the other hand, receiving bids were safe haven assets including U.S. government bonds, gold, Japanese yen, and the Swiss franc.

As long as 0.9605 holds on the downside, look for a further upside toward 0.9685 and even 0.9720 in extension.

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

Strategy: Buy at dips, Stop Loss: 0.9605, Take Profit: 0.9685

Resistance levels: 0.9685, 0.9720, and 0.9750

Support levels: 0.9575, 0.9535, and 0.9500

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

Technical analysis of GBP/JPY for June 07, 2017

GBPJPYM30.png

Yesterday, GBP/JPY moved lower as predicted. Today, the pair is making rebound from its support of 140.70 and expected to continue its rebound. The pair is expected to trade with a bullish bias above 140.70. The pair is trading above the rising 50-period moving average, which plays a support role and maintain the upside bias. The relative strength index is above its neutrality level at 50. The key support at 140.70 should limit the downside potential.

To conclude, as long as this key level is not broken, a rebound to 142.45 and even to 142.78 seems more likely to occur.

At present, the pair is trading above its pivot point. It is likely to trade in a higher range as long as it remains above its pivot point. Therefore, long position is recommended with the first target at 142.45 and the second one at 142.78. In the alternative scenario, short position is recommended with the first target at 140.30 if the price moves below its pivot points. A break of this target is expected to push the pair further downwards, and one may expect the second target at 139.95. The pivot point lies at 140.70.

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

Strategy : BUY at dips, Stop Loss: 140.70, Take Profit: 142.45

Resistance levels: 142.45, 142.78, and 143.35

Support levels: 140.30,139.95, and 139.50

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

Technical analysis of NZD/USD for June 07, 2017

NZDUSDM30.png

The pair moved as predicted yesterday and all our targets have been hit. Today NZD/USD is expected to trade with a bullish bias above 0.7165. The pair recorded higher tops and higher bottoms since June 5, which confirmed a positive outlook. The rising 50-period moving average suggests that the prices have potential for a further upside.

Therefore, as long as 0.7165 holds on the downside, look for a new advance to 0.7230 and even to 0.7260 in extension.

At present, the pair is trading above its pivot point. It is likely to trade in a higher range as long as it remains above its pivot point. Therefore, long position is recommended with the first target at 0.7230 and the second one at 0.7260. In the alternative scenario, short position is recommended with the first target at 0.7145 if the price moves below its pivot points. A break of this target is expected to push the pair further downwards, and one may expect the second target at 0.7110. The pivot point lies at 0.7165.

Strategy : BUY at dips, Stop Loss: 0.7165, Take Profit: 0.7230

Graph 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 shows the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7230, 0.7260, and 0.7280

Support levels: 0.7145,0.7110, and 0.7080

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

Daily analysis of major pairs for June 7, 2017

EUR/USD: The EUR/USD pair simply consolidated on June 6. There would soon be a rise in volatility, and the resistance line at 1.1300 may be breached to the upside as price goes further upwards. However, a bearish reversal is bound this week or next, owing to the bearish outlook on EUR pairs, which would probably materialize within the next several trading days.

1496837732_1.png

USD/CHF: This pair is also in a bearish mode, although the market has moved sideways so far this week. The price is now below the resistance level at 0.09650, going towards the support level at 0.09600. Once that support level is breached to the downside, price would be able to target another support level at 0.9550. A serious pullback on the EUR/USD market would make USD/CHF to jump upwards.

2.png

GBP/USD: There is now a short-term bullish outlook for the Cable, as price manages to go above the accumulation territory at 1.2900. The next targets would be the distribution territories at 1.2950, 1.3000, and 1.3050. The long-term bias on the market remains bullish, and the bias would hold as long as there is no bearish journey of about 500 pips.

3.png

USD/JPY: A clean bearish signal has been regenerated on the USD/JPY pair. The overall bias has been bearish in the last few weeks, but a further bearish movement has occurred this week (120 pips), following the tight consolidation that was witnessed last week. The market would now go towards the demand levels at 109.00 and 108.50.

4.png

EUR/JPY: This cross pair has dropped 140 pips this week, leading to a strong Bearish Confirmation Pattern in the market. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. This bearish movement has thus happened according to the anticipated movement for the week, and a further southwards journey is possible.

5.png

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

Technical analysis of USD/CHF for June 07, 2017

USDCHFH4.png

Overview:

  • The USD/CHF pair continued to trade downwards from the level of 0.9733 which represented a major resistance today. The pair dropped from the level of 0.9733 (this level of 0.9733 coincides with the ratio of 23.6% Fibonacci) to the bottom around 0.9620. However, the trend has rebouned from the bottom of 0.9620 towards the level of 0.9677(minor resistance). Today, the first resistance level is seen at 0.9677 followed by 0.9733, while daily support 1 is seen at 0.9560. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9733 and 0.9560; for that, we expect a range of 173 pips (0.9560 - 0.9733) in coming hours. If the USD/CHF pair fails to break through the resistance level of 0.9733, the market will decline further to 0.9620 again. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.9560 with a view to testing the daily support 1. On the contrary, if a breakout takes place at the resistance level of 0.9733 (major resistance), then this scenario may become invalidated.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of NZD/USD for June 07, 2017

NZDUSDH4.png

Overview:

  • The NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7122. On the H4 chart. the level of 0.7122 coincides with 78.6% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 78.6% Fibonacci level, the market is still in an uptrend. But, major support is seen at the level of 0.7122. Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. Therefore, strong support will be found around the spot of 0.7122 - 0.7159 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 0.7305 in order to test the daily resistance 2. However, if the NZD/USD pair succeed to break through the support level of 0.7122 today, the market will decline further to 0.7057.
The material has been provided by InstaForex Company - www.instaforex.com

Analysis of EUR/USD for June 07, 2017

analytics5937da1f0b371.png

Recently, the EUR/USD pair has been trading sideways at the price of 1.1205. According to the 30M time frame, I found a broken upward trendline and successful confirmation of the resistance (double top). My advice is to watch for selling opportuntiies. The downward targets are set at 1.1200, 1.1180 and 1.1160.

Resistance levels:

R1: 1.1285

R2: 1.1300

R3: 1.1315

Support levels:

S1: 1.1250

S2: 1.1240

S3: 1.1220

Trading recommendations for today: watch for potential selling opportunities.

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

Analysis of GBP/USD for June 07, 2017

analytics5937d7dfd7179.png

Recently, the USD/JPY pair has been trading downwards. The price tested the level of 109.12. Anyway, according to the 30M time frame, I found a fake breakout of the yesterday's low, which is a sign of strength. My advice is to watch for potential buying opportuntiies. The upward targets are set at 109.70 and 109.90.

Resistance levels:

R1: 110.20

R2: 110.50

R3: 111.00

Support levels:

S1: 109.20

S2: 108.90

S3: 108.40

Trading recommendations for today: watch for potential buying opportunities.

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

Global macro overview for 07/06/2017

Global macro overview for 07/06/2017:

The Ivey Purchasing Managers Index (PMI) from Canada disappointed global investors by printing the weakest reading for 9 months. The index (which measures a month-to-month variation in economic activity as indicated by a panel of purchasing managers from across Canada, and is prepared by the Richard Ivey School of Business) fell sharply to 53.8 in May from 62.4 in April and it was well below the consensus of 62.0 points. The other two sub-indices have printed mixed results. The deliveries index declined to 44.6 points from 49.1 points that means it has stayed below the fifty level for the sixth straight month now. On the other hand, the inventories index rose sharply to 56.5 points from 46.5 points previously. Moreover, the biggest decline was noted in the prices index: from 70.9 points to 51.3 points and it was the weakest reading for over 2 years. In conclusion, since May 2015 (with one small decrease in June 2016) the Ivey PMI index remains above the threshold fifty level, so it still indicates industry expansion, but remains very violate on a monthly basis. The recent reading in prices, the weakest one in 2 years, might increase concern, whether the underlying inflation pressures have peaked already, so the Bank of Canada might start to take this data into the account for a more serious consideration. For now, the BoC remains optimistic about the overall growth outlook, so the impact on the monetary policy might be limited.

Let's now take a look at the USD/CAD technical picture on the H4 time frame. The recent rally towards the technical resistance at the level of 1.3540 has failed and the higher prices have been rejected. Currently, the market is sliding down towards the 61% Fibo at the level of 1.3441 again. In case of a further deterioration, the next technical support is seen at the level of 1.3387.

analytics5937caa74574f.jpg

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

Fundamental Analysis of USD/CAD for June 7, 2017

USD/CAD is currently trading inside a range between 1.3410 to 1.3540 area. Currently we can see some bearish pressure in the market due to recent USD negative reports. Today, the economic calendar contains the Canadian Building Permits report is an excellent barometer of future construction activity because obtaining a permit is the first step of constructing a new building and further development in the economy. The Canadian Building Permit report today is expected to be positive at 2.4%, much stronger than -5.8% previously. On the USD side, the US Energy Department is due to release Crude Oil Inventories report which is expected to show a less drawdown by -3.1M barrels which previously was at -6.4M. The US report is not the first-tier news to overcome the Canadian Building Permits report. Nevertheless, the reports are to bring in higher volatility in the market today. If the Canadian news comes better or equal to the consensus, CAD is expected to gain further against USD in the coming days.

Now let us look at the technical chart. The price is currently showing some bearish pressure in the range of 1.3410 to 1.3540 area. The selling pressure is still not quite strong as expected as 1.3410 is not yet taken out with a daily close below it. So if the price takes out 1.3410 with a daily close we will be looking forward to sell with a target towards 1.3260 support level.

analytics5937c64f1083e.jpg

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

Fundamental analysis of AUD/USD for June 7, 2017

Today AUD/USD has showed a good amount of bullish pressure as the Australian GDP report came out better than expected at 0.3% versus the expected reading of 0.2%. The Australian GDP report has high impact on the currency as it is one of the widest measure of the economic activity and the primary gauge of economic health. Moreover, the AIG Construction index also showed a significant rise to 56.7 which previously was at 51.9. The United States will unveil the crude oil inventories report which is expected to show less deficit at -3.1M which previously was at -6.4M. This report may bring volatility in this pair upon release. To sum up, the positive GDP news on AUD is expected to gain further against USD in the coming days.

Now let us look at the technical view. The price is currently residing inside the resistance area of 0.7500-50 and as of positive Australian GDP news today it is expected that price will climb further up towards 0.7750 resistance level in the future. A daily close today above 0.7550 will confirm the upward move towards 0.7750. The pair is in bullish bias until the price takes out 0.7500 with a daily close below it.

analytics5937c047e9744.jpg

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

Global macro overview for 07/06/2017

Global macro overview for 07/06/2017:

The Gross Domestic Product data from Australia beat market expectations. According to the National Statistics Bureau, the first quarter GDP increased 0.3%, whicle market participants expected only a 0.2% increase. Nevertheless, on a yearly basis, GDP grew 1.7%, following a 2.4% year-over-year gain in the fourth quarter. Seventeen of twenty industries tracked by the statistics bureau reported growth. Final consumption expenditure grew at a seasonally adjusted 0.6%. However, net exports detracted 0.7% from overall growth, while investment in total dwellings fell 4.4%. This yearly decrease in GDP is seen as temporary because the most important reason behind the yearly decrease in GDP is weather conditions. Cyclone Debbie and wet weather on the East coast weighed on housing construction and exports which contribute a large chunk to the overall GDP. In conclusion, the overall economic indicators (job market, construction, business conditions) are still at elevated levels and are trending up, supporting the Australian economy in the longer term. This is why the Reserve Bank of Australia might still wait for the interest rate hike and apply the wait-and-see policy to collect more evidence for a monetary policy change. If the economy keeps performing at the current levels, the RBA might even start to hike the interest rates in the beginning of 2018, which in turn will make the Australian Dollar to appreciate more.

Let's now take a look at the EUR/AUD technical picture on the H4 time frame. The market is trading at the very important technical support at the level of 1.4915 and it might break out below it. If this level is clearly violated, then the next support will be seen at the level of 1.4670 - 1.4656.

analytics5937bc66b3f9d.jpg

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

GBP/USD analysis forJune 06, 2017

Forex analysis review
GBP/USD analysis forJune 06, 2017

Trading plan for 07/06/2017

Trading plan for 07/06/2017:

The volatility overnight was very low. EUR/USD remains below 1.13 and goes back to 1.1260. In the last days before the general election, GBP/USD is trading at 1.29. USD/JPY is near 109.50 after yesterday's fall. On Wall Street, the trade was taking place with light selling pressure but no major low was made either. During the Asian trading session, the Shanghai Composite is rising slightly and the Nikkei 225 fell slightly below 200,000 points, testing the temporary support from the last week.

On Wednesday 7th of June, the event calendar is light in important economic releases, but market participants will pay attention to German Factory Orders, Halifax House Price Index data from the UK, Building Permits data from Canada and Crude Oil Inventories data from the US.

GBP/USD analysis for 07/06/2017:

The Halifax House Price Index data are scheduled for release at 07:30 am GMT and market participants expect another decrease in prices from 0.1% last month to -0.2% for the reported month. On a quarterly basis, the price should decline as well, from 3.08% to 3.0%. The Halifax House Price Index is the UK's longest running monthly house price series with data covering the whole country going back to January 1983. This survey reflects prices for new constructions and real estate markets. It is a leading indicator of the housing industry's health because rising house prices attract investors and spur industry activity. Nevertheless, after the peak in house prices at the level of 4.0% in 2014, the index has been sliding down, with 2.5% in 2015 and 2.4% in 2016. After the Brexit referendum, the prices of new houses are not rising again and further deterioration is expected, especially in the London area, which will, in turn, weaken the British Pound in the long term.

Let's now take a look at the GBP/USD technical picture on the H4 time frame. In the last days before the parliamentary election, the market is behaving rather calmly. Any bullish rally is being faded, so was the test of the golden trend line resistance. The overall market conditions at this time frame are overbought and the bias is rather to the downside. The price should now test the technical support at the level of 1.2844 and then 1.2828. In a case of a breakout lower, the road to the important technical support zone remains open.

analytics5937b25d8764a.jpg

Market Snapshot: EUR/JPY is testing the technical support again

Despite the oversold market conditions on the H4 time frame, the price of EUR/JPY is again testing the technical support at the level of 122.89. After the price fell out of the golden channel zone, the price has made a lower high and now the bears are trying to push the price below the support. If they succeed then the next support is seen at the level of 122.53 and this is the line in the sand for bulls.

analytics5937b2672cc9f.jpg

Market Snapshot: AUD/USD bullish breakout towards 0.7555

The bulls have managed to breakout above the important technical resistance at the level of 0.7516 and now are trying to test the next important resistance at the level of 0.7555. Nevertheless, the market conditions are overbought and some sideway price action can be expected now, but the overall bias remains bullish.

analytics5937b26e39a1d.jpg

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

Ichimoku indicator analysis of USDX for June 7, 2017

The Dollar index remains in a bearish oversold trend diverging. As I have said in previous posts, I prefer to be at least neutral at current or lower levels if not bullish as I expect the Dollar index to make a strong bounce soon.

analytics5937a5d5804a7.png

Blue line - resistance

Price is making lower lows and lower highs in the 4-hour chart and trend is clearly bearish. Short-term resistance is at 96.70. A 4-hour close above it will open the way for a backtest of the broken support blue trend line at 96.95.

analytics5937a6d586dc1.png

Blue lines - bearish channel

The Dollar index weekly chart has broken below the weekly cloud. I expect price to reach the lower channel boundary around 96 and bounce towards 98 for a backtest of the broken weekly cloud. I prefer to look for short positions only after a bounce in the Dollar index.

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

Intraday technical levels and trading recommendations for EUR/USD for June 7, 2017

analytics5937a598b2ce9.png

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.

Otherwise, the EUR/USD pair remains trapped within the depicted consolidation range (1.0500-1.1260).

analytics5937a5a927fa1.png

Daily Outlook

In January 2017, the previous downtrend was reversed when a 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 to meet the EUR/USD pair is located between (1.1400-1.1520) where price action should be watched for possible bearish rejection.

Trade recommendations:

The EUR/USD pair remains bullish initially towards 1.1400 unless evident signs of bearish rejection are expressed earlier on the chart.

A valid SELL Entry can be considered at the depicted supply zone (1.1400 up to 1.1520) especially if signs of bearish rejection are expressed.

S/L should be placed above 1.1550 while T/P levels should be placed at 1.1100, 1.1020 and 1.0850.

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

Ichimoku indicator analysis of gold for June 7, 2017

Gold remains in a bullish trend. There is still no sign of reversal but bulls should continue raising their protective stops as a pullback towards $1,250 is justified. Gold has reached our short-term targets.

analytics5937a47d5f5c2.jpg

Short-term support by the tenkan-sen (red line indicator) is at $1,287 and next is at $1,278 (kijun-sen). Kumo support is at $1,265 in the 4-hour chart and this is the minimum pullback I can see once we break below the tenkan-sen.

analytics5937a529bd737.jpg

Black line -long-term resistance

Blue line -long-term support

Gold weekly chart shows us how important the $1,290-$1,300 resistance area is. Price is once again breaking above the weekly cloud and this is a bullish sign. Combined with a break above the black trend line resistance, we will have a very bullish combination. Although I remain longer-term bullish on Gold, I would prefer to buy Gold on a pullback towards $1,260-50.

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

NZD/USD Intraday technical levels and trading recommendations for June 7, 2017

analytics5937a579e9987.png

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 market failed to record a new high above 0.7400.

Bearish breakdown of the lower limit of the channel took place in December 2016.

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

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

The temporary bearish rejection was expressed around 0.7050 (previous daily-tops) before further bullish advance was pursued towards 0.7120.

The price zone of 0.7150-0.7220 stands as a prominent supply zone in confluence with Fibonacci level 61.8%. That's why a bearish rejection should be anticipated.

Trade recommendations:

A valid SELL-Entry can be considered at the depicted SELL-Entry zone (0.7150 up to 0.7220) especially if signs of bearish rejection is expressed.

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

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

Elliott wave analysis of EUR/NZD for June 7, 2017

analytics59379143b9895.png

Wave summary:

We continue to look for one more dip to just below 1.5588 in an expanded flat correction. This final dip should make it closer to 1.5485 to complete wave ii/ and turn prices higher in wave iii/ to above resistance at 1.6237 for a rally towards 1.6655 and above.

R3: 1.6006

R2: 1.5837

R1: 1.5805

Pivot: 1.5700

S1: 1.5598

S2: 1.5519

S3: 1.5485

Trading recommendation:

Our stop at 1.5650 has been hit. We will re-buy EUR at 1.5505 and place stop at 1.5455.

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

Elliott wave analysis of EUR/JPY for June 7, 2017

analytics59378f1e2a5d4.png

Wave summary:

A decline to 122.91 has been seen, but important short-term support at 122.53 remains untouched favoring the larger triangle consolidation unfolding. Under this count, we should now see a rally towards 124.92 in wave d and then a final dip in wave e to complete the triangle consolidation to set the stage for a rally in wave C higher towards at least 134.62.

A break below important short-term support at 122.53 will change the corrective pattern and favor a decline closer to 121.67 and maybe even down to 120.32 to complete wave B.

R3: 124.39

R2: 123.85

R1: 123.55

Pivot: 123.25

S1: 122.90

S2: 122.53 - Important support

S3: 121.98

Trading recommendation:

Our stop at 123.05 was hit for a loss. We will buy a break above 123.55 with stop placed at 122.85 and take profit at 124.75.

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

Technical analysis of EUR/USD for June 07, 2017

EURUSD.jpg

When the European market opens, some Economic Data will be released, such as Italian Retail Sales m/m and German Factory Orders m/m. The US will release the Economic Data, too, such as Consumer Credit m/m and Crude Oil Inventories, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1324.

Strong Resistance:1.1318.

Original Resistance: 1.1307.

Inner Sell Area: 1.1296.

Target Inner Area: 1.1270.

Inner Buy Area: 1.1244.

Original Support: 1.1233.

Strong Support: 1.1222.

Breakout SELL Level: 1.1216.

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 June 07, 2017

USDJPY.jpg

In Asia, Japan will release the Leading Indicators data, and the US will release some Economic Data, such as Consumer Credit m/m and Crude Oil Inventories. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 110.07.

Resistance. 2: 109.86.

Resistance. 1: 109.64.

Support. 1: 109.37.

Support. 2: 109.16.

Support. 3: 108.94.

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

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

Daily analysis of USDX for June 07, 2017

The index extended its losses across the markets, with a consolidation ongoing around the support level of 96.53, which is the last barrier before to reach the 96.25 zone. However, as long as USDX doesn't manage to break recent lows, it could be heading towards the 200 SMA at H1 chart around 97.00. MACD indicator remains flat, calling for more sideways.

USDXH1.png

H1 chart's resistance levels: 96.93 / 97.41

H1 chart's support levels: 96.53 / 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 96.53, take profit is at 96.25 and stop loss is at 97.21.

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

Daily analysis of GBP/USD for June 07, 2017

The pair didn't manage to consolidate above the resistance level of 1.2911, but it seems that a consolidation above the 200 SMA at the H1 chart is taking place and it could hold for the rest of the week. If the level of 1.2962 is broken, then it can rally to test the psychological level of 1.3000. MACD indicator remains in the negative territory.

GBPUSDH1.png

H1 chart's resistance levels: 1.2911 / 1.2962

H1 chart's support levels: 1.2845 / 1.2791

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 1.2845, take profit is at 1.2791 and stop loss is at 1.2900.

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

Daily Video Technical Analysis | USD/CAD | 6th June 2017

We take a nice detailed look at USD/CAD and see if there are any trading opportunities for us to make some juicy pips!

We combine the art of Fibonacci retracements, Fibonacci extensions, Support & Resistance along with Stochastic and RSI to determine the best entry, stop loss and profit targets.

Subscribe to me for more daily technical analysis!

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