AUD/USD above strong support, time to buy

Price is testing major support at 0.7567 (Fibonacci retracement, horizontal overlap support) and we expect to see a bounce above this level to at least 0.7632 resistance (Fibonacci extension, horizontal swing high resistance).

Stochastic (21,5,3) is seeing strong support above our 5.8% level and we expect price to bounce up as stochastic approaches this level.

Buy above 0.7567. Stop loss at 0.7520. Take profit at 0.7632.

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AUD/JPY profit target reached again, prepare to sell

Price has shot up and reached our profit target perfectly. We prepare to sell below 84.53 resistance (Fibonacci extension, horizontal swing high resistance) for a push down to at least 83.90 support (Fibonacci retracement, horizontal pullback support).

Stochastic (34,5,3) is seeing strong resistance below 93% where we expect a drop from.

Correlation analysis: We're expecting general JPY strength with drops on EUR/JPY and AUD/JPY expected.

Sell below 84.53. Stop loss at 84.88. Take profit at 83.90.

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Technical analysis of USD/JPY for June 16, 2017

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USD/JPY is expected to trade with a bullish bias. The pair is trading above the rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is bullish and calls for a further upside.

Therefore, as long as 110.70 is not broken, look for a new rise to 111.70 and even to 112.05 in extension.

Alternatively, if the price moves in the opposite direction as predicted, short position is recommended below 110.70 with targets at 110.20 and 109.80.

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 : BUY, Stop Loss: 110.70, Take Profit: 111.70

Resistance levels: 111.70, 112.05, and 112.45

Support levels: 110.20,109.80, and 109.35

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Technical analysis of USD/CHF for June 16, 2017

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USD/CHF is expected to advance further. The pair is holding on the upside and is trading above the rising 50-period moving average, which plays a support role. The relative strength index is mixed with bullish bias. The downside potential should be limited by the key support at 0.9720.

To sum up, as long as this key level is not broken, a further rise to 0.9780 and even to 0.9805 seems more likely to occur.

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:BUY at dips, Stop Loss: 0.9720, Take Profit: 0.9780

Resistance levels: 0.9780, 0.9805, and 0.9875

Support levels: 0.9695, 0.9680, and 0.9600

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Intraday technical levels and trading recommendations for NZD/USD for June 16, 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.

The price zone of 0.7150-0.7230 (SUPPLY-ZONE in confluence with 61.8% Fibonacci level) stood as a temporary Resistance-Zone until bullish breakout was expressed above 0.7230.

This resulted 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 16, 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.

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.

On the other hand, a bullish breakout above 1.1285 will be mandatory to pursue 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).

As anticipated, significant bearish rejection was expressed around the depicted supply level 1.1280-1.1295 (The upper limit of the wedge pattern). This was followed by bearish breakdown of the lower limit of the wedge-pattern as well.

Today, bearish persistence 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 around the price levels of 1.1170 (61.8% Fibonacci Level).

S/L should be placed above 1.1230 while T/P levels should be placed at 1.1100, 1.1050, and 1.0850.

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Technical analysis of GBP/JPY for June 16, 2017

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GBP/JPY is expected to move higher and continue the rebound . The pair bounced off its support at 122.35 last night, and is expected to post a new rebound. As both the 20-period and 50-period moving averages are turning up, they should continue to push the prices higher. In addition, the nearest support at 123.10 should also limit any downward attempts. The relative strength index is bullish and calls for further upside.

Hence, as long as 141.00 is support, we expect for an advance to 142.75 and 143.35 in extension.

Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 141.00 with targets at 142.75 and 141.80.

Chart Explanation: The black line shows the pivot point. The price above pivot point indicates the bullish position and when it is below pivot points, it 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: BUY, Stop Loss: 141.00, Take Profit: 142.75

Resistance levels: 142.75, 143.35, and 144.00

Support levels: 140.35,139.85, and 139

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GBP/USD analysis for June 16, 2017

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Recently, the GBP/USD pair has been trading sideways at the price of 1.2770 According to the 15M time frame, I found a big buying climax in the background and a broken symmetrical triangle, which is a sign that buying looks risky. My advice is to watch for selling opportunities. The downward target is set at the price of 1.2730 and 1.2700.

Resistance levels:

R1: 1.2785

R2: 1.2800

R3: 1.2810

Support levels:

S1: 1.2760

S2: 1.2750

S3: 1.2735

Trading recommendations for today: watch for potential selling opportunities.

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Technical analysis of NZD/USD for June 16, 2017

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NZD/USD is expected to trade with a bullish bias above 0.7185. The pair is holding firmly above its key support at 1.3225, and may post some consolidations before a further advance. The process of higher highs and lows remains intact on the prices, which should confirm a positive outlook. Besides, the relative strength index lacks downward momentum.

Hence, as long as 0.715 is not broken, look for a limited consolidation before a new rise to 0.7280 and 0.7300 in extension.

Strategy: BUY at dips, Stop Loss: 0.7185, Take Profit: 0.7280

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: 0.7280, 0.7300, and 0.7345

Support levels: 0.7160, 0.7125, and 0.7100

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EUR/USD analysis for June 16, 2017

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Recently, the EUR/USD pair has been trading sideways at the price of 1.1174. According to the 5M time frame, I found a broken upward trendline and broken H3 (Camarilla resistance), which is a sign that buying looks risky. My advice is to watch for selling opporutntiies. The downward target is set at the price of 1.1120.

Resistance levels:

R1: 1.1175

R2: 1.1185

R3: 1.1200

Support levels:

S1: 1.1145

S2: 1.1130

S3: 1.1115

Trading recommendations for today: watch for potential selling opportunities.

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Global macro overview for 16/06/2017

Global macro overview for 16/06/2017:

The Bank of England decided to leave the interest rate unchanged at the level of 0.25% as expected, but MPC vote was a surprise. The Monetary Policy Committee was expected to vote 7-1 as usual, but the vote was 5-3 as two more policy members, Saunders and McCafferty, join Forbes in calling for a rate hike. The asset purchase targets were unchanged: prior asset purchase target was 435billion and prior corporate bond purchase target was 1billion.

In the Monetary Policy Summary we can read that all MPC agree any rate increase should be gradual and limited. The CPI inflation could exceed 3% by autumn 2017 and the sterling's fall since the May inflation report will add to this if fall is sustained. The BoE's tolerance of the above-target CPI is being eroded as strong employment growth could suggest spare capacity. The UK wage growth remains weak even relative to historic norms, so it can further slow the consumer spending. At the end, the BoE revised Q1 GDP growth to +0.3%, and Q2 to +0.4%.

In conclusion, market participant were surprised by the voting results (there hasn't been a split like 5-3 since 2011) and hawkish tone of the policy summary. There was a talk of more QE or a rate hike in the future, but the BoE is headed in the other direction despite political uncertainty. The Brexit negotiations will begin on Monday, 19th of June. It looks like the BoE is seeing things differently than the markets and isn't sure what's happening in the economy or what will be the result of the negotiations, even if it will be favorable for the UK.

Let's now take a look at the GBP/USD technical picture on the H4 timeframe. The cable jumped right after the news release, but then slowly gave up all the gains. Currently, it is trading in the middle of the range in a sideways price action pattern. The next technical resistance is seen at the level of 1.2818 and the next support lies at 1.2690.

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Global macro overview for 16/06/2017

Global macro overview for 16/06/2017:

The Bank of Japan decided overnight to leave the interest rate unchanged at the level of -0.1% after a two-day meeting. This decision was in line with market expectations. Importantly, the negative short-term key deposit rate at -0.1% has not been changed since the beginning of 2016. Moreover, the policymakers voted to maintain their purchase of Japanese government bonds so that the 10-year JGB yield remains at zero percent and the amount of the purchase has been confirmed again at the level of 80 trillion Yen annually.

At the press conference, BoJ Governor Kuroda said, that Japanese economy is growing well, but inflation is still not picking up as projected. Nevertheless, if the economy goes on with its expansion, the output gap will shrink and that process will have an impact on inflation. Currently, BoJ is not ready to start discussing exit strategy with inflation at the present levels. Moreover, he added that it is wrong to link shrinking population and consumer prices as other nations have shrinking population as well, but not deflation. At the end, he added that short-term rate and balance sheet will be in focus when BoJ will start normalizing monetary policy again.

In conclusion, not much guidance for the financial markets was prepared by Kuroda, but the overall statements during the press conference can be viewed as dovish. It is worth to point out, that BoJ has been able to keep rates steady even as US rates rose, but it might be the right time to start to talk about the beginning of the policy normalization on the back of developments in the US, the UK, and the Eurozone. If any of other global central banks start to hike interest rates, the BoJ will have no choice, but to join them. This move will have a massive consequences for the Japanese yen.

Let's now take a look at the USD/JPY technical picture on the H4 time frame. After the FED interest rate decision, the pair is rallying after the golden trend line violation and is currently trading just below the technical resistance at the level of 111.70. The market conditions are slightly overbought and the next technical support is seen at the level of 110.81.

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Technical analysis of NZD/USD for June 16, 2017

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Overview

  • The NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7205. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. So, the NZD/USD pair continues to move upwards from the level of 0.7205. As long as the trend is above the price of 0.7205, 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 heads for 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. However, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7122.
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Technical analysis of USD/CHF for June 16, 2017

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Overview:

  • The USD/CHF pair is still moving downwards from the level of 0.9803 for two days. The market seems stable for that there are no changes in our technical outlook. The bias remains bearish in the nearest term testing 0.9620 or lower. The bottom price is seen at 0.9620. The trend has rebounded from the bottom of 0.9620 towards the level of 0.9730. So, the strong resistance has already formed at the level of 0.9803 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9803, the market will indicate a bearish opportunity below the new strong resistance level of 0.9803 (the level of 0.9803 coincides with a ratio of 38.2% Fibonacci). Overall I still prefer a bearish scenario at this phase. Hence, the market is indicating a bearish opportunity below 0.9803 so it will be good to sell at 0.9803 with the first target of 0.9620. It will also call for a downtrend in order to continue towards 0.9560. The daily strong support is seen at 0.9560. On the other hand, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9860.
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Trading plan for 16/06/2017

Trading plan for 16/06/2017:

Bank of Japan left the monetary policy parameters unchanged while inflation expectations remain weak despite improving economic conditions. As a result, JPY is the weakest currency from the G10 basket and is the only one losing to the dollar. The strongest are risky currencies - AUD (+0.15%), GBP, and NZD (+ 0.1%). The US dollar is gaining ground across the board again.

On Friday 16th of June, the event calendar is busy with important economic news. Eurozone will unveil the Consumer Price Index, Russia will present Key Bank Rate decision, and Canada will post Foreign Securities Purchases. The US will publish Building Permits, Housing Starts, and Michigan Consumer Sentiment Index.

EUR/USD analysis for 16/06/2017:

The Consumer Price Index data are scheduled for release at 09:00 am GMT and market participants expect no change here, so the 1.4% yearly infaltion increase should remain in place. In April, the increase was much higher at 1.9%, which some commentators erroneously interpreted to imply that the European Central Bank is close to its inflation target of 2%. Low inflation readings, as well as the moderate and declining inflation outlook, will more or less keep the ECB from too-hawkish statements in the near future. Despite a lack of changes in ECB monetary policy, the inflation is not rising fast enough in the Eurozone and recent dovish comments from ECB President Mario Draghi still support the view of wait-and-see approach implemented by ECB. Moreover, the FED hawkish comments this week might suggest the EUR/USD pair will face more selling pressure in the near future as US policymakers have agreed to deliver at least one more hike this year.

Let's now take a look at the EUR/USD technical picture on the H4 time frame. The market is too weak to rally above the golden trend line resistnace, so a failure is expected around the level of 1.1200 again, even if today's data will be better than expected. The market conditions are starting to look oversold and the momentum indicator is still hovering below the fifty level, so the price action at the end of the week should remain sideways. The nearest technical support is seen at the level of 1.1130 - 1.1108 and the next technical resistance is seen at the level of 1.1236.

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Market Snapshot: Crude Oil trades below 78% Fibo level

The prices of Crude Oil deteriorated below the 78%Fibo and now are trading just above the last May's low at the level of $43.74. All of the attempts to rally higher resulted only in a fake breakout above the navy trend line and after that the price made new lows. The market conditions remain oversold, but the momentum indicator is still hovering below the fifty level, so no bullish pressure is present at the moment. The next technical resistance is seen at the level of $45.21.

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Market Snapshot: AUD/USD under an increasing selling pressure

On the daily time frame chart of AUD/USD, selling pressure (gray rectangle) around the 61%Fibo level can be seen, but the pair is still trying to break out above the technical resistance at the level of 0.7636. The market conditions look overbought, so a corrective move to the downside can happen anytime now. The next technical support is seen at the level of 0.7568

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Fundamental analysis of NZD/USD for June 16, 2017

NZD/USD has been in a bullish non-volatile trend since the break above 0.7050 resistance level. Currently the price is showing some volatility in the market on the back of recent economic reports from the US and New Zealand. New Zealand published the GDP report at 0.5% which was better than previous value of 0.4% but worse than expected value of 0.7% which affected the NZD negatively yesterday. Moreover, the Fed rate hike decision provided some positive gains on USD side which currently paused the NZD bullish trend. Today NZ Business Manufacturing Index was published which showed a rise to 58.5 from 56.9 previously and the news helped NZD to make some gains today. The United States will unveil the Building Permits report which is expected to increase to 1.25M from 1.23M previously. The Housing Starts report is also expected to show a rise to 1.23M from 1.17M. As the high impact US reports are to be published, a good amount of volatility is expected to hit the market today where positive USD reports may lead to counter trend move in this pair in the coming days.

Now let us look at the technical view. The price has moved in a non-volatile way since the break above the resistance at 0.7050. There have been very little retracements in the trend so far which has taken the price quite far from the dynamic level of 20 EMA. As of the recent bearish price action, currently the pair is expected to retrace back to 20 EMA. If 20 EMA is breached below, then the price may fall to 0.7050 level to retest it as a support before proceeding further upward. The bias is currently bullish in this pair until the price breaks below 0.7050 with a daily close.

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Ichimoku indicator analysis of USDX for June 16, 2017

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Ichimoku indicator analysis of USDX for June 16, 2017

Fundamental analysis of AUD/JPY for June 16, 2017

AUD/JPY is currently in an impulsive bullish run after the positive economic report published yesterday. The Australian Employment Change report was published with a better than expected result at 42.0k versus the forecast of 9.7k. Moreover, the unemployment rate decreased to 5.5% which was expected to be unchanged at 5.7%. With the positive employment reports, AUD got a massive boost against JPY yesterday which can still be observed. Today the Bank of Japan revealed its policy statement, leaving the rate unchanged. As the short-term interest rate is one of the key factors for currency valuation, this news could not provide much support to the Japanese currency to compete against the aussie. As of the current fundamental situation, AUD is expected to dominate over JPY in the coming days.

Now let us look at the technical view. The price is currently at the edge of the resistance level of 84.50. If it breaks above the level with a daily close today then we will be looking forward to buy with a target towards 86.20. As the market has already shown a good amount of exhaustion recently, further bullish move is expected in this pair. The bullish bias is expected to continue until price breaks below 83.00 with a daily close.

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Ichimoku indicator analysis of USDX for June 16, 2017

The Dollar index bounced strongly towards short-term resistance at 97.50. This is important resistance and price has stopped the rise. Bulls need to break above 97.50 in order for our bounce target of 99 to be achieved. 96.50 is now very critical support. If lost, we are most probably going near 94-95.

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Red line - resistance

Blue line - support

The Dollar index is mainly moving sideways for the last few weeks. Price is at important short-term resistance. Price is above the Kumo (bullish) but the Kumo is very thin (bearish or weak support).

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Blue lines - bearish channel

Red line -short-term resistance

The Dollar index is bouncing hard off the lower channel boundary. The 14th June daily candle is a reversal daily candle and as previously mentioned, I expect the Dollar index to move towards the Daily Kumo resistance at 98.50-99. This is not the time to be bearish the Dollar as long as price is above 96.50.

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Ichimoku indicator analysis of gold for June 16, 2017

Gold price has reached the $1,250 area as we expected from $1,280 and higher. Trend is bearish. I believe that Gold weakness will continue and we might see even below $1,245 where important support is found. However Gold bears should be cautious as the time for a bullish reversal is approaching.

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Gold price is trading below both the tenkan- and kijun-sen. There are some bullish divergence signs in the short-term. Price is below the 38% Fibonacci retracement. Price is expected to reach the 61.8% Fibonacci retracement towards $1,245. This is now the time to cover and take profits from any Gold short position.

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Black line - long-term resistance trend line

Red line - trend line support

Blue line - long-term support trend line

Gold price is approaching the red trend line support after being rejected at the black long-term trend line resistance. Price is above the weekly cloud. A bounce off the weekly Kumo at $1,245 will be a very bullish sign. As I have been saying last week, Gold was not ready for a big breakout. I believe the time for a big breakout has come closer and I remain longer-term bullish.

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Daily analysis of major pairs for June 16, 2017

EUR/USD: There is a bearish signal on the EUR/USD. Price has gone further downwards and it is below the resistance line at 1.1200, now very close to the support line at 1.1150. The support line is expected to be breached to the downside as price goes towards another target at 1.1100.

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USD/CHF: There is a "buy" signal on this pair. The EMA 11 is above the EMA 56, and the Williams' % Range period 20 is in the overbought region. This means that price is expected to continue going upwards, reaching the resistance line at 0.9750 (an easy target), and then the resistance lines at 0.9800 and 0.9850.

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GBP/USD: The Cable has been making some effort to go upwards, though things remain bearish. Irrespective of the rally in the market, the bias would not really go bullish until the distribution territories at 1.3000 are breached to the upside, and that is something that requires a serious buying pressure.

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USD/JPY: A short-term bullish signal has been generated on the USD/JPY pair, leading to a pristine Bullish Confirmation Pattern in the market. Buy all indication, the price is supposed to continue going upwards, by at least 200 pips. However, that does not invalidate a possibility of a pullback, according to the bearish outlook on JPY pairs in June.

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EUR/JPY: There are conflicting signals on this cross: The EMAs are yet to give any directional signal while the RSI period 14 has already generated a bullish signal. It is better to wait for a directional signal to occur before one takes a position. That is expected to happen within the next several trading days.

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Daily analysis of USDX for June 16, 2017

USDX posted strong gains during Thursday's session, consolidating its price action above the 200 SMA at H1 chart. The next hurdle to test is located around 97.75, which is a key supply area for sellers. To the downside, we can find some solid supports at the 96.95 and 96.70 levels; the last one is possible to generate some selling pressure once it's broken.

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H1 chart's resistance levels: 97.41 / 97.75

H1 chart's support levels: 96.95 / 96.70

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 at 97.75 and stop loss is at 97.07.

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Daily analysis of GBP/USD for June 16, 2017

After having a volatile day due to the BOE's rate decision, GBP/USD started to look for clues in order to strengthen the bearish bias that is being held since the UK elections' results. The support zone of 1.2741 is still the line in the sand for sellers, where a breakout should open the doors to test the 1.2660 level across the board.

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H1 chart's resistance levels: 1.2826 / 1.2880

H1 chart's support levels: 1.2741 / 1.2660

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 1.2741, take profit is at 1.2660 and stop loss is at 1.2823.

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Daily Video Technical Analysis | EUR/JPY | 15th June 2017

We reached our profit target on EUR/JPY perfectly! Think we can catch the impending drop on it?

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Daily analysis of GBP/JPY for June 15, 2017

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Overview

The GBP/JPY pair held higher above the support at 138.75. However, the ongoing formation of a barrier by the moving average 55 at 141.70 might support sideways fluctuations in the near-term period. Therefore, we recommend monitoring the price behavior and wait for surpassing one of the mentioned levels to detect the true targets in the upcoming period without suffering any sudden losses. Note that continuation of the negative pressure and an attempt to break the current support will confirm regaining the bearish bias with targets at 137.70 and then 135.05 levels. A breach of the moving average 55 will open the way for resuming the bullish trend with upward targets at 143.35 and 145.50 levels. The expected trading range for today is between 138.75 and 141.70.

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Daily analysis of Gold for June 15, 2017

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Overview

The gold price bounced lower after retesting the previously broken bullish channel support, keeping the bearish trend scenario valid until now. The price is likely to test the critical support levels between 1,254.56 and 1,249.94 before attempting to rise again. It is important to note that a break of the mentioned levels will make the price suffer more losses falling to 1,229.32 as the next correctional target, while the price needs to breach 1,280.00 levels to stop the current negative pressure and regain the main bullish trend again. The expected trading range for today is between the 1,249.94 support and the 1,275.00 resistance.

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Daily analysis of Silver for June 15, 2017

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Overview

The silver price has been trading lower since morning, heading gradually towards our awaited target at 16.56 on the back of negative pressure formed by the EMA50. This keeps the bearish trend scenario valid for today. Besides, stochastic reaches the oversold areas now, supporting chances of a bullish bounce to resume the bullish trend after touching the mentioned target. We remind you that a break of 16.56 will push the price lower with the next target at 15.49, while the expected decline will remain valid unless breaching and holding above 17.43 levels. The expected trading range for today is between the 16.60 support and the 17.00 resistance.

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

USD/CAD testing major support, remains bullish

The price continues to drop strongly and seems to have turned a corner recently. We remain bullish above 1.3221 support (horizontal swing low support, horizontal overlap support, fake bearish breakout) for a corrective bounce up to 1.3387 resistance (Fibonacci retracement, horizontal pullback resistance).

Stochastic (55,5,3) is seeing strong support above 0.18% from where we're starting to see a nice bounce up.

Buy above 1.3221. Set top loss at 1.315 and take profit at 1.3387.

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

EUR/JPY testing major support, prepare to buy for a strong bounce

The price is now testing major support at 122.56 (Fibonacci extension, horizontal swing low support, bullish divergence) and we expect a strong bounce up from this level to reach at least 123.63 resistance (Fibonacci extension, horizontal swing high resistance).

Stochastic (21,5,3) is seeing strong support above 4.1% and also displays bullish divergence vs price, signalling that a bounce is impending.

Buy above 122.56. Set stop loss at 122.30 and take profit at 123.63.

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