Intraday technical levels and trading recommendations for NZD/USD for June 15, 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 breakout of the lower limit of the channel took place in December 2016.

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

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

A temporary bearish pressure was expressed around 0.7050 (previous daily tops) before further advance was pursued towards 0.7120.

The price zone of 0.7150-0.7230 stood as a SUPPLY-ZONE in confluence with (61.8% Fibonacci level). That's why temporary bearish rejection was expressed within the depicted zone.

Recent Update: Yesterday, the Bullish breakout was temporarily expressed above 0.7230 resulting in a quick bullish advance towards the next supply zone around 0.7310-0.7380.

As anticipated, Evident bearish rejection was expressed around 0.7310. This brought the pair again inside the previous congestion zone (0.7230-0.7150).

Trade recommendations:

Conservative traders can wait for a bearish closure below the current zone. Bearish closure below 0.7150 (61.8% Fibo level) indicates a valid 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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Intraday technical levels and trading recommendations for EUR/USD for June 15, 2017

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Daily Outlook

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

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

Recent Update: The price levels around 1.1280-1.1295 constituted Intraday resistance where the current bearish movement was initiated.

On the other hand, a bullish breakout above 1.1285 will be mandatory to allow further bullish advance towards 1.1400.

Otherwise, the current bearish pullback will probably extend towards 1.1110 and 1.1000 as long as the EUR/USD pair maintains trading below 1.1170.

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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 ).

As anticipated, significant bearish rejection was expressed around the depicted supply level 1.1280-1.1295 (The upper limit of the wedge pattern)

Today, Bearish fixation below 1.1170 (Lower limit of the wedge pattern and 61.8% Fibonacci Level) will be needed to enhance further bearish decline towards 1.1110 and 1.1050.

Trade recommendations:

A valid SELL entry can be considered upon bearish closure below 1.1170 (61.8% Fibonacci Level).

S/L should be placed above 1.1230 while T/P levels should be placed at 1.1100, 1.1020 and 1.0850.

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GBP/USD analysis for June 15, 2017

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Recently, the GBP/USD has been trading downwards. The priced spiked up and tested the level of 1.2795. According to the 30M time frame, I found climatic action and testing of H3 (Camarilla resistance), which is a sign that buying looks risky. My advice is to watch for selling opportunities. The downward targets are set at the price of 1.2728 and 1.2700.

Resistance levels:

R1: 1.2800

R2: 1.2860

R3: 1.2900

Support levels:

S1: 1.2710

S2: 1.2650

S3: 1.2615

Trading recommendations for today: watch for potential selling opportunities.

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Technical analysis of NZD/USD for June 15, 2017

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Overview:

  • The NZD/USD pair continues to move upwards from the level of 0.7205.
  • Currently price is seen at the level of 0.7205. As long as the trend is above this level, the market is still in an uptrend.
  • In addition, the trend is still strong above the moving average (100). The NZD/USD pair didn't make any significant movements this week.
  • The market is indicating a bullish opportunity above the mentioned support levels. The bullish outlook remains valid as long as the 100 EMA is headed to the upside.
  • Therefore, strong support will be found around the spot of 0.7159-0.7205 providing a clear signal to buy with a target seen at 0.7250. If the trend breaks the first resistance at 0.7250, the pair will move upwards continuing the bullish trend development to the level of 0.7305 in order to test the daily resistance 2.
  • Besides, it should be noted that the major resistance is seen at 0.7344 on the H4 chart. However, if the NZD/USD pair succeeds to break through the support level of 0.7122 today, the market will decline further to 0.7057. It is recommended to set your stop loss at 0.7122.
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Technical analysis of EUR/USD for June 15, 2017

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Overview:

  • The EUR/USD pair continues to rise from the level of 1.1106 since last week. 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 1.1106. So, buy above the level of 1.1106 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 1.1106, a further decline to 1.1052 can occur which would indicate a bearish market. However, overall, we prefer a strong bullish market as long as the trend is still above the area of 1.1106.
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EUR/USD analysis for June 15, 2017

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Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1156. Acorrding to the 5M time frame, I found that sellers are are setting the tone for the trade today and that price broke L4 (Camarilla support), which is a sign that buying looks risky. My advice is to consider selling opportunities. The downward targets are set at the price of 1.1115 and 1.1060.

Resistance levels:

R1: 1.1230

R2: 1.1240

R3: 1.1250

Support levels:

S1: 1.1210

S2: 1.1200

S3: 1.1190

Trading recommendations for today: watch for potential selling opportunities.

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Daily analysis of major pairs for June 15, 2017

EUR/USD: The EUR/USD pair is neutral in the long term and bearish in the short term. The EMA 11 has crossed the EMA 56 to the downside, and the Williams' % Range period 20 is in the oversold region. This show a possibility of further short-selling in the market, which would ultimately put an end to the current neutral bias.

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USD/CHF: The USD/CHF pair is neutral in the long term and bullish in the short term. The EMA 11 has crossed the EMA 56 to the upside, and the Williams' % Range period 20 is in the overbought region. This shows a possibility of a further bullish effort in the market, which would ultimately put an end to the current neutral bias.

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GBP/USD: There is essentially a bearish signal on GBP/USD as price traded lower yesterday. Price is currently below the distribution territory at 1.2700, going towards the accumulation territory at 1.2650. Any rallies here would be transient and eventually lead to further southwards movements.

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USD/JPY: Although this currency trading instrument has remained rather quiet till now, there is a possibility of a breakout in the market, which would most probably favor bears. The outlook on the JPY pairs is bearish for this week, so price is expected to go more and more bearish when volatility returns to the market.

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EUR/JPY: There is a Bearish Confirmation Pattern in the EUR/JPY 4-hour chart, as price is currently testing the demand zone at 122.50, which is expected to be breached to the downside very soon. Should this become possible, price would move further downwards to another demand zone at 122.00.

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Global macro overview for 15/06/2017

Global macro overview for 15/06/2017:

The Swiss National Bank has maintained the interest rate at the level of -0.75% as expected. In the Monetary Policy Assesment issued after the decision, the SNB said, that the franc is still significantly overvalued and that it would remain active in the foreign exchange market as necessary (which is basically the same rhetoric as seen at the previous meetings). The negative interest rates and the ability to intervene in the financial markets are in the mandate of the SNB as it continues to achieve price stability and make the franc less overvalued.

At the press conference, SNB Chairman Thomas Jordan reiterated, that the inflation remains very low and inflation expectations are in the range that is consistent with SNB definition of price stability. The SNB inflation forecast was unchanged at 0.3% while the 2018 forecast was cut slightly from 0.4% to 0.3%. Nevertheless, according to Jordan, the franc is still subject to higher upward pressure. This is why the SNB will continue to monitor closely current developments on financial markets across the globe. The main focus will still be on the ECB policy actions and the SNB will be looking for a tapering of ECB bond purchases in order to ease upward pressure on the Swiss currency. Until there is any significant shift by the ECB, the National Bank will have very little room for adjustments.

In conclusion, the good old SNB rhetoric did not change much the situation as it still sees the Swiss franc undervalued. This is why the risk of the SNB market intervention is always present, especially if there will be even a clue from the ECB regarding a possible change in the monetary policy.

Let's now take a look at the USD/CHF technical picture on the daily time frame. The interest rate decision did now make any impression on the market, not that much as yesterday's FOMC interest rate hike. The price bounced from the support at the level of 0.9641 and now is heading towards the next technical resistance at the level of 0.9811.

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Daily Video Technical Analysis | EUR/USD | 14th June 2017

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Daily Video Technical Analysis | EUR/USD | 14th June 2017

Trading plan for 15/06/2017

Trading plan for 15/06/2017:

After yesterday's interest rate hike by the Fed, the US dollar is gaining across the board. EUR/USD is breaking below the intraday trendline at 1.1190, USD/CHF is trying to break out above 0.9730 resistance and USD/JPY is trading around the level of 109.50. During the overnight Asian session, the indices closed lower with Nikkei at 0.27%. Gold is not performing well too, it lost 0.86% after yesterday's sell-off.

On Thursday 15th of June, the event calendar will be heavy with data releases that include two more interest rate decisions. One will be delivered from Swiss National Bank and the second one from the Bank of England. Moreover, later in the day another set of economic data from the US will be released that include Unemployment Claims and Industrial Production data.

Analysis GBP/USD for 15/06/2017:

The Bank of England interest rate decision and monetary policy summary is scheduled for release at 11:00 am GMT. Market participants expect that the BoE will leave the interest rates unchanged at the level of 0.25% together with asset purchase facility at 435bln. No surprise is expected here, so let's take a look at another important data release from the UK - the Retail Sales with Auto Fuel that are scheduled for release at 08:30 am GMT. Global investors expect sales to decrease significantly from 2.3% to -0.9% in the reported month. The possible reason for this is a continued slide in inflation-adjusted wages, highlighting a risk factor for the economy in the months ahead. The average wages increased only 2.1% on yearly basis, which is below 2.7% inflation level, the biggest slide since August 2014. This will, of course, affect consumer spending which is sliding in annual terms already. Moreover, previously released sentiment data also point to weaker consumer spending.

If the expectation meets the consensus or if the data will get worse than expected and the BoE will not hike the interest rates, the British pound might face a tough day today. GBP/USD had started to slide after the FOMC decision yesterday and now it is hanging just above the technical support 1.2722. The next support is seen at the level of 1.2707, but the most important one is the level of 1.2633 which is just above the 61%Fibo support. Any breakout lower will result in a more aggressive sell-off towards the level of 1.2514. However, if bulls want to regain the control over this market, they must break above the technical resistance at 1.2818.

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Market Snapshot: Gold price is deteriorating further

After making a Double Top pattern on the daily timeframe chart at $1,296, gold prices slid towards the next technical support at the level of $1,258. Moreover, after the yesterday's FOMC interest rate hike, the down candle closed at its lows at $1,261. The trading conditions are overbought and the momentum indicator is below the fifty level, pointing down. In this situation, any breakout below yesterday's low at the level of $1,257 will result in an immediate sell-off towards the next technical support at $1,246.

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Market Snapshot: Crude Oil is trading close to last month's lows

Crude oil prices fell yesterday on the back of the inventories data, and currently the commodity is trading below the technical support from the level of $45.21. The trendline still provides the dynamic resistnace for the price despite oversold market conditions. The next support is seen at the May's lows at the level of $43.74.

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Global macro overview for 15/06/2017

Global macro overview for 15/06/2017:

The Federal Reserve Bank hiked the interest rate from 1.00% to 1.25% as it was priced in by markets. As it was a predictable move, it did not make a big impact on the market. The announcement also suggested that the FED would maintain a policy of reinvesting interest on purchased bonds for the time being, but it would probably start balancing this year. FED Chairperson Jannet Yellen said during the press conference, that central bank expects to implement its balance sheet normalization plans this year, initially trimming holdings of Treasury securities by $6bn per month and $4bn per month for mortgage-backed securities. However, this will (as usual) depend on ongoing economic data. In the near term, inflation in the US is expected to remain slightly below the 2% target, but in the medium term, the FED targets should be reached as household spending has picked up and fixed investment has continued to expand.

In conclusion, the statement and rate projections contained no major surprises and were close to expectations. There was an 8-1 vote for the decision with Minneapolis FED President Kashkari again dissenting and preferring to wait for further evidence. Moreover, according to the dot plot, 8 of the 16 FOMC members are seeing one further rate increase this year, which will probably happen rather in December than September. The US Dollar should benefit from this decision in the nearest future as the hawkish FED statements will make the US Dollar to appreciate across the board.

Let's now take a look at the US Dollar Index technical picture on the H4 time frame. The price is bouncing from post-FOMC low at the level of 96.32 and it looks like it is heading to test the level of 97.51 again. A breakout higher will help the bulls to regain the control over this market.

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Fundamental Analysis of USD/CHF for June 15, 2017

USD has gained ground against CHF after the increase in the Federal Funds Rate in the FOMC Statement today. The Federal Funds Rate was increase to 1.25% from previous rate of 1.00% which did provide USD with a solid support against CHF. Today is very important day for both USD and CHF as the US Federal Funds Rate decision has been announced by the FOMC and Switzerland's Libor Rate is going to be published at SNB Press Conference which is expected to be unchanged at -0.75%. The Libor Rate is the short-term interest rate report which is one of the most crucial factor for a CHF forex rate. If the report comes unchanged or better than expected, then CHF is likely to gain further against USD in the near term. On the USD side, today the economic calendar has Unemployment Claims report which is expected to decrease to 241k from the previous value of 245k, Empire State Manufacturing Index is expected to increase to 5.2 from -1.0 previously, Import Prices are expected to decrease to 0.1% from previous 0.5%, Philly Fed Manufacturing Index is expected to decrease to 25.5 from previous 38.8, Capacity Utilization Rate is expected to have a slight increase to 76.8% from 76.7%, and Industrial Production is expected to decrease to 0.2% from 1.0% previously. To sum up, the upcoming economic reports today could reveal mixed data and any negative report is set to strengthen CHF further against USD in the future.

Now let us look at the technical chart. The price closed above 0.9700 with a daily close yesterday. The pair is currently in a long term bearish trend but currently the price is expected to reach 0.9800 before price continues its bearish move along with the trend by rejecting off the level. The short-term bullish bias is expected to continue until price breaks below 0.9650 with a daily close.

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Ichimoku indicator analysis of USDX for June 15, 2017

Despite the Dollar weakness all day long yesterday, after the FOMC the Dollar showed reversal signs. There are important bullish divergence signs that imply the Dollar should bounce strongly from current levels.

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Red line - resistance

Blue line - support

Short-term resistance is at 97.50. Support at 96.50-96.30. Despite the new lower low yesterday, prices snapped back upwards. Price remains below the cloud and below the important red trend line resistance. Price is mainly moving sideways since late May.

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Red line - resistance

Blue lines - bearish channel

The Daily chart in the Dollar index shows clearly the divergence signs while trading on top of the lower channel boundary. Price behavior like this usually is followed by a sharp move higher. I expect price to reach the daily Kumo resistance area around 98.50-99 once the red trend line is broken.

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Ichimoku indicator analysis of gold for June 15, 2017

Gold price reached the Ichimoku cloud resistance as expected at $1,280 and got rejected. This rejection implies that the entire corrective move is not over and we should expect to see Gold price fall below the $1,259 area and near $1,245-50.

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Gold price is below the Kumo in the 4hour chart. The rejection is a very bearish sign for Gold. Price is below the 38% Fibonacci retracement. I can see Gold price reach the 61.8% Fibonacci retracement. Trend is bearish.

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Black line - long-term resistance trend line

Red line - short-term support trend line

Blue line- long-term support trend line

The weekly chart continues to favor a pullback towards the weekly Kumo near $1,240. I continue to be bullish long-term and expect Gold price to eventually reverse upwards and break above the black trend line. The buy zone is at $1,200-$1,245.

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Fundamental Analysis of AUD/USD for June 15, 2017

AUD/USD is currently trading in a bullish bias after breaking above the resistance of 0.7550. Today, we have seen a good amount of exhaustion in this pair in light of two high impact economic events. Today, the US FOMC Statement was released after the Federal Funds Rate had been lifted to 1.25% from previous rate of 1.00%. The decision provided USD with fresh impetus against AUD. However, a few hours later since the reports on AUD Employment Change and Unemployment Rate report were published, USD shed all its gains. Today Australian Employment Change showed a positive change to 42.0k, much stronger than the expected 9.7k rise and Unemployment Rate was also decreased to 5.5% which was expected to be unchanged at 5.7%. Currently, the market is correcting itself after the exhaustion. Moreover, today RBA Assist Gov. Debelle is due to speak about nation's key interest rate and future policy shifts. Besides, US Unemployment Claims is due to be published which is expected to decrease to 241k from 245k previously. These events are likely to bring in good volatility in the market and provide a signal for an upcoming move of this pair.

Now let us look at the technical chart. The price is currently above the resistance area of 0.7500-50. As the price remains above the resistance area, a further bullish move is expected in this market to reach 0.7750 level. Because of the positive Employment Change and Unemployment Rate report today, the Australian dollar is quite stronger and expected to gain more in the coming days. We might see some corrective structures along the way to 0.7750 and a bullish bias is expected to remain intact until the price breaks below 0.7500 level with a daily close.

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Elliott wave analysis of EUR/NZD for June 15, 2017

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Wave summary:

The corrective decline from 1.6237 extended lower to 1.5369, which did not come as a major surprise due to the lack of upside momentum. That said, the final decline to 1.5369 was followed by a clear lack of downside momentum indicating that the final corrective low likely have been seen. To confirm that outlook, we need a break above the resistance-line now sitting at 1.5567 and more importantly a break above 1.5633 for a rally to 1.5931 and 1.6237 on the way higher to 1.6655 and above longer term.

R3: 1.5724

R2: 1.5633

R1: 1.5567

Pivot: 1.5525

S1: 1.5490

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 a break above 1.5567 and use the same stop.

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Elliott wave analysis of EUR/JPY for June 15, 2017

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Wave summary:

Important support at 122.53 should continue to protect the downside for a break above minor resistance seen at 123.64 for the expected rally higher to 124.62 to complete wave d of the triangle consolidation.

Only an unexpected break below 122.53 will extend the decline from 125.82 lower to 121.63 in new corrective pattern.

R3: 124.62

R2: 124.04

R1: 123.64

Pivot: 123.25

S1: 122.67

S2: 122.53

S3: 121.63

Trading recommendation:

We will buy EUR here at 122.95 with a stop placed at 122.45 risking only 50 pips. Take profit will be placed at 124.50.

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Technical analysis of USD/JPY for June 15, 2017

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In Asia, Japan today will not release any Economic Data, but the US will release some Economic Data, such as TIC Long-Term Purchases, Natural Gas Storage, NAHB Housing Market Index, Industrial Production m/m, Capacity Utilization Rate, Philly Fed Manufacturing Index, Import Prices m/m, Empire State Manufacturing Index, and Unemployment Claims. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 110.14.

Resistance. 2: 109.92.

Resistance. 1: 109.71.

Support. 1: 109.44.

Support. 2: 109.23.

Support. 3: 109.01.

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

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Daily Video Technical Analysis | EUR/USD | 14th June 2017

Think we can catch the super drop we're expecting on EUR/USD? If we get it right, this could be one of the juiciest trades of the week!

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Technical analysis of USD/JPY for June 14, 2017

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As it was predicted in the yesterday analysis, USD/JPY has moved is same direction and both our take profits targets have been hit. USD/JPY is still under pressure and expected to post further losses. The pair broke below the 20-period and 50-period moving averages. In addition, the 20-period moving average is turning down and is about to cross below the 50-period one. The relative strength index is heading downwards.

To conclude, as long as 109.95 holds on the upside, look for a further drop to 108.70 and even to 108.35 in extension.

Alternatively, if the price moves in the opposite direction as predicted, long position is recommended above 109.95 with targets at 108.70.

Chart 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: 110.45, 110.80, and 111.15

Support levels: 108.70,108.35, and 108

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Technical analysis of USD/CHF for June 14, 2017

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The USD/CHF pair moves in the same direction. Our take profit target has been hit. The pair is still expected to trade in a lower range as far as the key resistance lies at 0.9700. The pair is consolidating below the key resistance at 0.9700 (the high of June 13), which should limit the upside potential. The relative strength index lacks upward momentum. Even though a continuation of technical rebound cannot be ruled out, its extent should be limited.

Therefore, as long as 0.9700 is not surpassed, expect further weakness to 0.9635 and even to 0.9610 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: 0.9700, Take Profit: 0.9635

Resistance levels: 0.9730, 0.9750, and 0.9800

Support levels: 0.9635, 0.9610, and 0.9565

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Technical analysis of GBP/JPY for June 14, 2017

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The yesterday take profit target for GBP/JPY has been hit. After hitting the mark of 140.80 (today's high), which was also our target moved downward, the pair went downwards. Therefore, the level played a resistance role. The pair is now expected to trade in a lower range below 140.60. The pair has clearly reversed downwards after its failure to break above the resistance at 140.80. The 20-period and 50-period moving averages are turning down and should continue to push the prices lower. Besides, the relative strength index is negative below its neutrality area at 50.

Therefore, as long as 140.60 is not surpassed, expect a return to 139 and 138.60 in extension.

Alternatively, if the price moves in the opposite direction as predicted, long position is recommended above 140.60 with targets at 141.20 and 141.80.

Chart 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: 140.60, Take Profit: 139

Resistance levels: 141.20, 141.85, and 142.15

Support levels: 139.00,138.60, and 138

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Technical analysis of NZD/USD for June 14, 2017

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The NZD/USD pair moved as predicted and all our targets have been hit. The pair is on the upward side since June 1 and is still expected to advance further.

To sum up, look for a continuation of rebound to 0.73450 and even to 0.7375 in extension above 0.723.

Strategy: BUY at dips, Stop Loss: 0.7230, Take Profit: 0.7345

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

Resistance levels: 0.7345, 0.7375, and 0.7405

Support levels: 0.7210, 0.7190, and 0.7150

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GBP/USD bouncing perfectly as expected, remain bullish

The price has tested our buying level and has bounced perfectly from it. We remain bullish above 1.2633 (Fibonacci retracement, Fibonacci extension, horizontal pullback support, bullish divergence) and we expect a further rise above this level to at least 1.2886 resistance (Fibonacci retracement).

The RSI (34) sees major support above the 26% level where we expect a bounce from and also sees bullish divergence signalling that a strong bounce is expected.

Buy above 1.2633. Stop loss at 1.2483. Take profit at 1.2886.

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USD/JPY remain bearish for a further drop

The price continues to hold well below our descending resistance line. We remain bearish below the 110.66 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) for a further push down to at least the 108.23 support (Fibonacci extension, horizontal swing low support).

Stochastic (55,5,3) is seeing major resistance below our 96% level and has good downside potential.

Sell below 110.66. Stop loss at 111.25. Take profit at 108.23.

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AUD/JPY approaching profit target, remain bullish

The price has bounced up nicely from our buying level yesterday and is on track to reaching our profit target. We remain bullish above the 82.83 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support) for a push up to at least the 83.40 resistance (Fibonacci extension, swing high resistance, Elliott wave theory).

Stochastic (21,5,3) is seeing strong support above 2.7% where we expect a bounce from.

Buy above 82.83. Stop loss at 82.54. Take profit at 83.40.

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