EUR/USD analysis for June 12, 2017

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Recently, the EUR/USD has been trading sideways at the price of 1.1200. According to the 1H time frame, I found an expanding wedge and broken supply trednline, which are signs of potential strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 1.1270. There is also a hidden bullish divergence on the moving average oscilator, which is another sign of strength.

Resistance levels:

R1: 1.1225

R2: 1.1244

R3: 1.1255

Support levels:

S1: 1.1200

S2: 1.1185

S3: 1.1165

Trading recommendations for today: watch for potential buying opportunities.

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Technical analysis of USD/JPY for June 12, 2017

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USD/JPY is expected to trade in lower resistance as far as key resistance lies at 110.45. The pair posted a technical rebound, and is now challenging its nearest resistance at 110.45. The upward potential is likely to be limited by the key resistance which is at 110.45. In addition, the 50-period moving average is still heading downward. Therefore, even though a continuation of the technical rebound cannot be ruled out, its extent should be very limited.

As long as 110.45 holds on the upside, look for a return to 109.65 and 109.35 in extension.

Alternatively, if price moves in the opposite direction as predicted, long position is recommended above 110.45 with targets at 109.65 and 109.35.

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

Strategy : SELL, Stop Loss: 110.45, Take Profit: 109.65

Resistance levels: 120.80, 111.10, and 111.45

Support levels: 109.65,109.35, and 109

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Technical analysis of USD/CHF for June 12, 2017

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USD/CHF is expected to trade with a bearish outlook. Although the pair posted a rebound, its trading seems to be shifting its trend from upward to downward, which should limit the upside potential. The relative strength index is below its neutrality level at 50. Even though a continuation of a technical rebound cannot be ruled out, its extent should be limited.

Therefore, as long as 0.9705 is not surpassed, expect a return to 0.9655 and even to 0.9635 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 show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: SELL at dips, Stop Loss: 0.9705, Take Profit: 0.9655 and 0.9635

Resistance levels: 0.9730, 0.9760, and 0.9800

Support levels: 0.9655, 0.9635, and 0.9610

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Technical analysis of GBP/JPY for June 12, 2017

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All our targets which we predicted on Friday have been hit. GBP/JPY is still expected to trade in a lower range as key resistance lies at 140.80. The pair is trading below the key resistance at 140.80, which should limit the upside potential. The relative strength index is mixed with a bearish bias.

The British pound tumbled to the low level, when Prime Minister Theresa May announced the June 8 snap election as a result of which the ruling Conservative Party unexpectedly lost its majority in Parliament.

Hence, as long as 140.80 holds on the upside, look for a return to 138.25. A break below this level would trigger a further drop to 137.75 in extension.

Alternatively, if price moves in the opposite direction as predicted, long position is recommended above 140.80 with targets at 141.20 and 141.80.

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

Strategy : SELL, Stop Loss: 140.80, Take Profit: 138.25

Resistance levels: 141.20, 141.80, and 142.45

Support levels: 138.25,137.75, and 137

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Trading Plan for EUR/USD and GBP/USD for June 12, 2017

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Technical outlook:

The EUR/USD pair continues to drift within a trading range broadly between 1.1150 and 1.1250 levels for now. As shown on the 4-hour time frame, the pair might have either completed its correction at 1.1150/60 last week or should be looking to retest lows at 1.1100 levels before terminating and resuming rally again. Please note that fibonacci 0.382 support and an intermediary trend line support is also converging at around the same levels, hence a bullish bounce is quite possible there. As an alternative though, the pair could be forming a running flat and already bottomed out at 1.1150/60 levels last week. In this case we should see further higher highs in the making. At least for now, staying flat would make good sense and give time to evaluate waves properly,

Trading plan:

Please remain flat for now and wait for another signal to trade.

GBPUSD chart setups:

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Technical outlook:

The GBP/USD pair is probably looking to produce an up gartley, which should push prices towards 1.2840/50 levels in the near term. The pair is seen to be trading at 1.2665 levels at this moment and till the time it remains above 1.2635 levels, we should be looking to see a sharp rally towards 1.2840/50 levels at least. Looking at the wave structure as well on the hourly chart, the pair has already dropped 5 waves from 1.2980 levels last week. Furthermore, it looks like waves A and B have also completed as a counter-trend rally is expected through higher levels. If this scenario holds true, we should see a sharp looking wave C rally towards 1.2840/50 levels before GBP/USD resumes lower again. On the flip side, a continued drop below 1.2635 levels would cancel the bullish counter-trend scenario.

Trading plan:

Aggressive traders look to remain long now, stop below 1.2635 and target 1.2840/50.

Fundamental outlook:

There is no major fundamental event lined up for the day. But in the coming days we shall be having the Fed bringing in more volatility.

Good luck!

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Technical analysis of NZD/USD for June 12, 2017

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As predicted on Friday, NZD/USD has been trading with bullish outlook and expected to continue its bullish outlook above 0.7170, and recommend buy position above 0.7170. The pair is consolidating above the key support at 0.7185, which should limit the downside potential. The relative strength index lacks downward momentum. Even though a further consolidation cannot be ruled out, its extents should be limited.

Hence, as long as 0.7170 is not broken, a further rise to 0.7230 and even to 0.7260 seems more likely to occur.

Strategy: BUY at dips, Stop Loss: 0.7170, 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 indicate the short position. The red lines shows the support levels and the green line indicates the resistance levels. These levels can be used for enter and exit trades.

Resistance levels: 0.7230, 0.7260, and 0.7280

Support levels: 0.7145,0.7120, and 0.7100

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Intraday technical levels and trading recommendations for EUR/USD for June 12, 2017

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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.

Recent Update: The price levels around 1.1270-1.1285 constitute Intraday resistance where some bearish pullback is being expressed.

Bullish breakout above 1.1285 is needed to allow further bullish advance towards 1.1400.

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H4 Outlook

By the end of last week, significant bullish rejection was expressed around the price level of 1.1170 (Lower Limit of the wedge pattern in confluence with 61.8% Fibonacci Level ).

The nearest Supply level to meet the pair is located around 1.1280 (The upper limit of the wedge pattern) provided that the EUR/USD pair succeed to extend above 1.1225 (recent resistance level).

On the other hand, bearish fixation below 1.1170 enhances further bearish decline towards 1.1110 and 1.1070.

Trade recommendations:

The EUR/USD pair remains bullish initially towards 1.1400 unless evident signs of bearish rejection are expressed earlier around 1.1280. This hinders further bullish advance towards our mentioned entry level.

A valid SELL Entry can be considered at the depicted supply zone (1.1400 up to 1.1520). S/L should be placed above 1.1550 while T/P levels should be placed at 1.1100, 1.1020 and 1.0850.

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NZD/USD Intraday technical levels and trading recommendations for June 12, 2017

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Daily Outlook

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

In November 2016, early signs of bullish weakness were expressed on the chart when the pair 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.

On the other hand, daily candlestick closure above 0.7230 (Upper Limit of the current SELL-Zone) opens the way for bullish advance towards the next supply zone around 0.7310-0.7380.

Trade recommendations:

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

Conservative traders can wait for bearish closure below 0.7150 (61.8% Fibo level) to confirm thementioned SELL signal.

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

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Technical analysis of GBP/USD for June 12, 2017

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Overview:

  • The GBP/USD pair continues to move downwards from the area of 1.2765. Last week, the pair dropped from the level of 1.2765 to 1.3634. Today, resistance is seen at the levels of 1.2765 and 1.2806. So, we expect the price to set below the strong resistance at the levels of 1.2765; because the price is in a bearish channel now. The level of 1.2765 which coincides with a ratio of 38.2% Fibonacci on the H1 chart. Amid the previous events, the price is still moving between the levels of 1.2765 and 1.2600. In overall, we still prefer the bearish scenario as long as the price is below the level of 1.2765. Furthermore, if the GBP/USD pair is able to break out the bottom at 1.3634, the market will decline further to 1.2600. Moreover, the price will fall into a bearish trend in order to go further towards the strong support at 1.2550 to form a new double bottom. On the other hand, if the price closes above the strong resistance of 1.2765, the best location for a stop loss order is seen above 1.2780.
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USD/JPY analysis for June 12, 2017

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Recently, the USD/JPY pair has been trading downwards. The price tested the level of 109.88. According to the 1H time frame, I found a broken bearish flag and bearish divergence on the OSMA osilator. There is a head and shoulders formation in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of 109.15.

Resistance levels:

R1: 110.20

R2: 110.45

R3: 110.60

Support levels:

S1: 109.85

S2: 109.70

S3: 109.45

Trading recommendations for today: watch for potential selling opportunities.

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

Technical analysis of EUR/USD for June 12, 2017

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Overview:

  • The EUR/USD pair continues to rise from the level of 1.1184 in the long term. It should be noted that the support is established at the level of 1.1106, which represents the 61.8% Fibonacci retracement level on the H4 chart. Since the trend is above the 61.8% Fibonacci level, the market is still in an uptrend The price is likely to form a double bottom on the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.1240. So, buy above the level of 1.1240 with the first target at 1.1283 in order to test the daily resistance 1 and further to 1.1350. Also, it might be noted that the level of 1.1350 is a good place to take profit because it will form a new double top. However, it would also be sage to consider where to place a stop loss; this should be set above the second resistance of 1.1106. On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1184, a further decline to 1.1106 can occur which would indicate a bearish market.
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Fundamental analysis of USDJPY for June 12, 2017

The USD/JPY pair has been under bearish pressure but recently the price has bounced from 109. Currently it is expected to remain bullish in the coming days. JPY has been quite strong against USD before last week's negative economic reports like Japan's GDP report. It was expected to be at 0.6% but published with a worse figure at 0.3%. Today Japan presented some more downbeat news. The report on Core Machinery Orders came in at -3.1% which was expected to be at 0.6%. At the same time, the PPI was unchanged at 2.1% which was expected to rise to 2.2%. In the United States the 10-y Bond Auction will be held. Previously it was at 2.40|2.3. This news will cast minimal impact and is not expected to create volatility in the market. Tomorrow we have USD PPI report which is expected to show a decrease to 0.0% from 0.5%. This event is quite important and expected to bring in good volatility in the market as it is one of the leading indicator of consumer inflation and development of the economy. To sum up, currently USD is expected to gain over JPY in the coming days on the back of the upcoming high impact events in the United States.

Now let us look at the technical view. The price has recently bounced off the 109.00 support area and is currently residing above 20 EMA dynamic support. Further bullish move with a target towards the resistance area of 111.60-112.20 is expected. If the price manages to break above 112.20 with a daily close, we will be looking forward for further rally in this pair with a target towards 114.00 resistance area. If the price rejects the bulls off the resistance area of 111.60-112.20, then we will be looking forward to sell with a target towards 108.50 support level.

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Global market overview for 12/06/2017

Global market overview for 12/06/2017:

The Canadian job market delivered very good data for the last month. The Canadian employment increased 54k in May compared with an expected increase of around 11k for the month and following a 3,2k increase for the previous month. Full-time employment increased by 77k in May and overall there was an annual increase of 1.5% in full-time jobs in the year-to-date period. On the other hand, the part-time employment declined 22,3k jobs in May, but there is still a 3.2% increase over the year. The unemployment rate increased from 6.5% to 6.6% which was in line with consensus forecasts. The participation rate increased from 65.6% to 65.8% for the month. In his Financial Stability Review, Bank of Canada Governor Stephen Poloz said, that he remains optimistic about the Canadian economic growth even with the recent slide in the price of the crude oil. The employment data should enhance his optimism even more, especially as the full-time employment is surging (which might indicate a higher earnings). This means there is a potential monetary policy tightening on the horizon for the Bank of Canada, but market participants must wait until 12 of July to find out. Nevertheless, even after the FED interest rate hike, which is mostly priced in, the Canadian Dollar should slowly appreciate in time.

Let's now take a look at the USD/CAD technical picture on the H4 time frame. The price got stuck in a tight range between two important levels: technical support at the level of 1.3387 and technical resistance at the level of 1.3540. Moreover, as the price is trading below 200-period moving average, the outlook remains bearish until FED interest rate decision this Wednesday.

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Global market overview for 12/06/2017

Global market overview for 12/06/2017:

In the wake of the UK general election, let's take a look at the most important economic events this week.

Monday, 11th of June

This is the day when the exit polls of the French parliamentary elections will be counted and officially announced later in the day. It is hard to expect that the outcome has affected the markets as significantly as Britain's recent voting or even the recent election to the Elysee Palace, but markets will surely keep an eye on this event.

Tuesday, 12th of June

Tuesday is primarily data release day from two big European economies. First, a CPI reading for the UK will be published, which will be interesting for two reasons. Firstly, recently this index exceeded the target set by the BoE, and secondly, the publication is preceded by a Thursday's decision on interest rates. Another indicator of interest is German ZEW index and market participants expect another strong reading here. Estimates show an increase from 20.6 to 21 points.

Wednesday, 13th of June

Monday and Tuesday, however, can be considered barely as an appetizer compared to the Wednesday feast. It is Wednesday that is just "the day" in which the Fed is expected to raise interest rates in the US. Any other decision would be a surprise. The Fed Watch Tool calculates that the probability of an increase of 25 bps is 99.6% which means that a better illustration of consensus can not be imagined.

Thursday, 14th of June

For this day the Greek theme will return again as there is a scheduled meeting of Athens with the Eurogroup. Besides, there will still be a lot going on around central banks as the decisions regarding the rates will be made in Switzerland and the UK. Whilst no one expects a revolution, the BoE Meeting Minutes and Thomas Jordan's speech may, however, appear to be indicative of a further action by these institutions.

Friday, 15th of June

On Friday there will be further decisions by central bankers. The most important country that will announce interest rates decision will be Japan. Moreover, an important reading, especially in the context of the ECB's recent decision, will be Consumer Price Index news release in the Eurozone.

Let's now take a look at the USD/JPY technical picture on the H4 time frame before the FED interest rate decision. As the interest rate is almost 100% certain, only a lack of this action by FED would push this pair below the important technical support at the level of 109.08. The golden trend line, that provides a dynamic resistance for the price, should be broken and the market should re-test the level of 111.67 after the FED decision.

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Daily analysis of GBP/USD for June 12, 2017

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Daily analysis of GBP/USD for June 12, 2017

Trading plan 12/06/2017

Trading plan 12/06/2017:

At the beginning of the week, the US Dollar is weak, it only gains against NZD. GBP/USD is rising to 1.2765, EUR/USD is holding above 1.12 and USD/JPY is oscillating around 110.25. Precious metals and grain are getting cheaper, crude oil is gaining slightly. On the Asian stock markets, weak sentiment is dominating after the direction set by Friday's depreciation of the of the US technology market blue chips.

On Monday 12th of June, the event calendar is not busy at all and just few important data are scheduled for release. Market participants are preparing for the main event of the week, which is Federal Reserve's interest rate decision and statement on Wednesday, 14th of June.

Market snapshot: SP500 made a short-term top? Will other indices follow it?

Last Friday, the US tech sector suffered a relative huge sell-off from the record levels. The technology benchmark index Nasdaq Composite slid 1.8% on Friday, and the S&P 500 technology index plunged 2.7%. The stocks from the FAANG group (Facebook, Amazon, Apple, Netflix, and Google) slid more than 3%, a sell-off that has not been seen for some long time. All these stocks have hit new highs recently, so now this is just a simple profit-taking and possible capital rotation to other stocks. Nevertheless, it is still worth to mention, there is a possibility of a capital inflow to the commodity markets like gold and crude oil, so this move might be more significant than expected as there is no fundamental reason to short the US tech stocks. The move up in this sector might be considered as overextended, so natural market participants' reaction will be some profit taking at the attractive levels, but if the recent upside breakout in the gold market will sustain, then the possible mid-term high in the US stock market might be in place.

The sharp drop in US tech companies last Friday can be seen even in today's Asian markets, where this sector is also poorly performing. The market is dominated by sellers, and their dominance is particularly evident in the Hong Kong market, where Hang Seng is down 1.2% at the time of writing. The Nikkei 225 and Shanghai Composite lost 0.5%. After a week dominated by lower levels, yields on US 10Y bonds rallied more than 2.20%.

Let's now take a look at the US stock market technical picture on the daily time frame for any early clues of a trend reversal. Almost all of the stocks and indices have a suspicious candlestick reversal pattern. All traders need now is to wait for the pattern confirmation.

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Ichimoku indicator analysis of USDX for June 12, 2017

The Dollar index showed reversal signs at the end of last week and we could see a strong bounce towards 99 as long as we trade above 97-96.50. Short-term trend is bullish as price has broken above the 4-hour Kumo (cloud).

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Blue line - support

The Dollar index has moved above the Kumo in the 4-hour chart and is back testing it now. I expect price to at least bounce towards the 38% Fibonacci retracement where the first important short-term resistance is found. I would then expect a pullback and then bounce towards the 61.8% Fibonacci level. But it is still too early for this. As I have been saying, the Dollar index is to be shorted higher and not around 97.

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Blue lines - bearish channel

Red line - trend line resistance (broken)

In the Daily chart, the index has broken the short-term trend line resistance. Price is bouncing and I expect at least a move towards the kijun-sen (yellow line indicator). However there are good chances of testing cloud resistance around 99, so bears should be very patient as they will get better prices. For now I remain bullish or at least neutral the Dollar index waiting for higher levels to sell.

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Ichimoku indicator analysis of gold for June 12, 2017

Gold price continued its decline on Friday as we expected towards $1,250. Price stalled at its short-term cloud support at $1,265. There is a chance of a bounce towards $1,280 before the next leg down, or a straight move lower towards $1,250 to complete the correction.

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Blue lines - bearish channel

Price is trading right on the edge of the 4-hour Kumo (cloud) support and still inside the bearish channel. There are some bullish divergence signals that justify a bounce for a couple days. However, if we get rejected at the upper channel boundary now, expect price to decline towards $1,250 very fast.

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As mentioned in previous posts, I expect Gold price to move towards the cloud support around $1,240-50. The double top formation is a very bearish sign that could open up the potential for a move even lower towards $1,200. For now we focus on the scenario where the decline stops at the daily cloud support and reverses.

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Fundamental Analysis of EUR/USD for June 12, 2017

EUR/USD recently had a volatile week after the break above 1.1140 resistance area. On Friday, after a good amount of bearish pressure in the market the price was supported by 20 EMA dynamic support. Last week due to several negative economic reports from the Eurozone, USD gained fresh momentum but that was not quite enough as USD also had a streak of negative economic reports recently. Today, Italian Industrial Production report is going to be published which is expected to show a decrease to 0.2% from 0.4% previously. Tomorrow, Quarterly French Final Non-Farm Payroll report will be published which is expected to be unchanged at 0.3%. These two economic events is expected to provide a good amount of volatility in the market as these are related to production and employment which are among the major economic drivers of the currency. On the USD side, today we don't have any high impact economic report rather than 10-y Bond Auction report which previously was at 2.40|2.3 and it hardly change anythuing due to its inconsistent effect as it carries both growth and risk implications. Tomorrow, we have US PPI report which is expected to show a decrease to 0.0% from 0.5%. As it is one of the leading indicators of consumer inflation, it is expected to have a high impact on USD during its release. To sum up, both currencies in this pair have been impacted by negative economic reports recently which made the market quite volatile and corrective in nature. This week, if we see any strong positive outcome on either currency of this pair, we might see a further gain of the trend or start of a new counter trend.

Now let us look at the technical chart. The price is currently residing above the support area of 1.1140 and recently has bounced off the 20 EMA support. As the price remains above the 20 EMA as well as 1.1140 area we will consider buy positions with a target towards the resistance area of 1.1280-1.1360. The bullish bias is expected to continue until the price breaks below 1.1140 with a daily close.

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Elliott wave analysis of EUR/NZD for June 12, 2017

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Wave summary:

We continue to look for confirmation that the wave ii has completed in form of a break above the resistance line near 1.5685 and more importantly a break above resistance at 1.5720. Once this resistance is broken, renewed upside pressure will be expected towards 1.6002 on the way higher to 1.6655.

R3: 1.5931

R2: 1.5796

R1: 1.5671

Pivot: 1.5600

S1: 1.5491

S2: 1.5439

S3: 1.5369

Trading recommendation:

We are long EUR from 1.5540 with stop placed at 1.5340. If you are not long EUR yet, then buy upon a break above 1.5671 and place stop at 1.5430.

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Elliott wave analysis of EUR/JPY for June 12, 2017

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Wave summary:

The outlook has not been changed. We are still looking for the wave d of the triangle consolidation to move closer to the resistance at 124.62 before turning lower in wave e to complete the triangle consolidation and set the stage for a new impulsive rally towards at least 134.48 and likely even closer to 138.52.

The minor support is now seen at 123.19, which is expected to be able to protect the downside for the rally higher in wave d.

R3: 124.62

R2: 124.15

R1: 123.86

Pivot: 123.50

S1: 123.19

S2: 123.06

S3: 122.60

Trading recommendation:

We are long EUR from 123.56 with stop placed at 122.85. Take profit is set at 124.50.

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

Daily analysis of major pairs for June 12, 2017

EUR/USD: This pair remains bullish, but the bullish momentum is getting weaker and weaker. The outlook on EUR pairs is bearish this week, and more downward movement may be witnessed. It would put an end to the current bullish bias, but that would be when the support lines at 1.1050 and 1.1000 are breached to the downside.

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USD/CHF: This currency trading instrument was moving sideways on Monday and Tuesday and then it went upwards on Wednesday, Thursday and Friday, but that was not significant enough. This week, USD could become weak versus CHF, AUD and NZD, which means the price would go down towards the support levels at 0.9650 and 0.9600. The only factor that can help USD/CHF gain ground is when EUR/USD experiences a major pullback.

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GBP/USD: As it was anticipated, GBP pairs underwent major pullbacks on June 9, while EUR/GBP shot skywards. It put an end to the short-term neutrality on the GBP/USD pair which lost 300 pips initially. The outlook on GBP pairs remains bearish for this week, and further southwards movement is expected as the accumulation territories at 1.2700, 1.2650 and 1.2600 are tested.

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USD/JPY: This pair was moving with a bearish bias from Monday to Tuesday, and then it went bullish from Wednesday to Friday. Nonetheless, that was not significant enough to bring a bullish momentum on the market, for the dominant bias remains bearish. The outlook on the market for this week is strongly bearish, and so it is for other JPY pairs. Bears would target the demand levels at 109.50, 109.00 and 108.50.

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EUR/JPY: This cross pair dropped 150 pips last week, testing the demand zone at 123.00. The market then remained volatile for the rest of the week. This week, the market would go southwards (as it is also expected on other JPY pairs), reaching the demand zones at 123.00, 122.50 and 122.00. That would eventually lead to a clean Bearish Confirmation Pattern in the market.

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Technical analysis of EUR/USD for June 12, 2017

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When the European market opens, little economic data will be published. Thus, the Italian industrial production data is due for release. At the same time, the US will unveil the Federal Budget Balance and 10-y Bond Auction. Therefore, amid the reports EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1254.

Strong Resistance:1.1248.

Original Resistance: 1.1237.

Inner Sell Area: 1.1226.

Target Inner Area: 1.1200.

Inner Buy Area: 1.1174.

Original Support: 1.1163.

Strong Support: 1.1152.

Breakout SELL Level: 1.1146.

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 12, 2017

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In Asia, Japan will release the Prelim Machine Tool Orders, PPI, and Core Machinery Orders. The US will also present some economic data such as the Federal Budget Balance and 10-y Bond Auction. Therefore, there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 110.75.

Resistance. 2: 110.53.

Resistance. 1: 110.32.

Support. 1: 110.04.

Support. 2: 109.83.

Support. 3: 109.61.

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 GBP/USD for June 12, 2017

USDX managed to end last week with some considerable gains above the 200 SMA which is seen on the H1 chart. Now we focus on the 97.75 level, with the bulls gathering momentum at the current higher high pattern's formation. To achieve that, the index should break the 97.41 level, while a pullback should send it to test the 96.95 level.

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H1 chart's resistance levels: 97.41 / 97.75

H1 chart's support levels: 97.22 / 96.95

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 97.41, take profit is found at 97.75 and stop loss lies at 97.07.

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

Daily analysis of GBP/USD for June 12, 2017

GBP/USD plummeted strongly during the Thursday and Friday's sessions, as the pair is looking to break below 1.2719 in order to test again the post-elections' lows around 1.2660. UK PM Theresa May didn't manage to get a majority, so the Conservatives struggle to earn enough votes to set up a Parliament. That's why the uncertainty surronding Brexit negotiations should keep pressuring the cable.

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H1 chart's resistance levels: 1.2826 / 1.2882

H1 chart's support levels: 1.2719 / 1.2660

Trading recommendations for today: Based on the H1 chart, sell (short) orders are recommended only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2719, take profit lies at 1.2660 and stop loss is found at 1.2778.

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