Trading Plan for Gold and US Dollar Index for June 21, 2017

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Technical outlook:

Gold is looking to produce a bullish reversal today. Should it manage to close above $1,252.00 at least, the yellow metal would confirm the bullish scenario as well. Please note that a number of convergences is seen through $1,241/45 levels as depicted above. The fibonacci 0.382 extension of a counter trend is matching up the fibonacci 0.618 retracement of the trending wave. Furthermore, prices are also seen to be bouncing right from a 6-month trend line support as seen on the Daily chart (not provided here). A push through $1,257.00 would also confirm that the uptrend has resumed towards $1,390.00 levels at least in the weeks to follow. Immediate support is seen around $1,230 levels, while resistance is at $1,257 levels respectively.

Trading plan:

Remain long on Gold for now, stop is below $1,230, target is from $1,390 and higher.

US Dollar Index chart setups:

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Technical outlook:

The US Dollar Index also seems to have completed its sideways consolidation structure around 97.80 for now. Moreover, the complex corrective structure a-b-c looks to be taking resistance from the fibonacci 0.382 levels as well, which is a typical co-relation for a wave 4 termination. If this wave count is correct and it comes to be true, we should see prices dropping lower from here and continue to print below 96.30 to complete wave 3 of a larger degree before resuming its rally. On the flip side, it the index pushes beyond 98.00/10 levels from here it would mean that the flat corrective structure is not complete yet and should terminate around 99.00 levels. In either case, we shall be looking to remain short (on rallies) going forward.

Trading plan:

Please remain short, stop is at 98.20/30, targeting below 96.30.

Fundamental outlook:

There are no major events for the rest of the day.

Good luck!

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EUR/USD analysis for June 21, 2017

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Recently, the EUR/USD has been trading upwards. The price tested the level of 1.1155. Anyway, according to the 15M time frame, I found a hidden bearish divergence on the RSI oscillator, which is a sign that buying looks risky. There is a pin bar and strong reversal price action, which is another sign of weakness. My advice is to watch for selling opportunities. The downward targets are set at the price of 1.1127 and 1.1120. The final target can be placed at the price of 1.1100.

Resistance levels:

R1: 1.1160

R2: 1.1190

R3: 1.1205

Support levels:

S1: 1.1115

S2: 1.1090

S3: 1.1065

Trading recommendations for today: watch for potential selling opportunities.

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GBP/USD analysis for June 21, 20117

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.2703. According to the 30M time frame, I found a climax action and my advice is to watch for potential selling opportuntiies today. The downward target is set at the price of 1.2605. The price respected resistance at 1.2700 (round number), which is another sign of weakness.

Resistance levels:

R1: 1.2725

R2: 1.2820

R3: 1.2880

Support levels:

S1: 1.2570

S2: 1.2500

S3: 1.2415

Trading recommendations for today: consider potential selling opportunities.

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NZD/USD Intraday technical levels and trading recommendations for June 21, 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 failed to record a new high above 0.7400.

A 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 a bullish breakout was expressed above 0.7230.

This resulted in a quick bullish advance towards the next Supply-Zone around 0.7310-0.7380 where evident bearish rejection was expressed on June 14.

Trade recommendations:

Conservative traders can wait for a bearish closure below 0.7150 (61.8% Fibo level). This 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 21, 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 bearish pullback will probably extend towards 1.1110 and 1.1000 provided that the EUR/USD pair maintains trading below 1.1170.

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

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H4 Outlook

On May 30, 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 ).

On June 14, 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 the 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 correction) will be needed to enhance a further decline towards 1.1110 and 1.1050.

On the other hand, note that re-closure above 1.1200 (lower limit of the wedge pattern) brings bullish pressure into the market again. This allows a further bullish advance towards 1.1270 initially.

Trade recommendations:

A valid SELL entry can be considered around the price levels of 1.1200 (61.8% Fibonacci Level).

S/L should be placed above 1.1250 while T/P levels should be placed at 1.1100, 1.1050 and 1.0850.

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Trading Plan for EUR/USD and GBP/USD for June 21, 2017

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Technical outlook:

Last session, we had been discussing a potential bottom formation in EUR/USD and taking profits off the short positions earlier. The pair is seen to be rallying towards higher levels either from here or from slightly lower levels at 1.1000. Looking into the wave structure, EUR/USD might have completed its sideways consolidation (flat) structure near 1.1110 levels yesterday. If this wave count holds true, then we should be seeing higher levels above 1.1300 levels before the pair turns lower again. On the flip side, an extended drop below 1.1100 levels could find support at 1.1000 levels to terminate a standard flat wave structure and resume rally.

Trading plan:

Please consider long positions from here, stop below 1.1109, target above 1.1300

GBP/USD chart setups:

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Technical outlook:

The GBP/USD pair has finally made interim lows or bottom at 1.2589 levels today. The pair has managed to pull off a sharp recovery through 1.2630 levels after that, taking out initial resistance at 1.2630 levels as seen on lower timeframes. The 4-hour indicators are also telling a story that a recovery should be underway and it may exceed 1.2830 levels going forward. Furthermore, it has also produced a huge engulfing bullish candlestick pattern as well, indicating that bulls are coming back in control for now. Besides, the indicators are showing a bullish divergence (not shown here), indicating a potential recovery to a meaningful fibonacci resistance level as shown above.

Trading plan:

Please remain long now, stop at 1.2580, targeting 1.2830/40.

Fundamental outlook:

Even today the event book shall remain void of major news for the rest of the trading day.

Good luck!

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Technical analysis of NZD/USD for June 21, 2017

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Overview:

  • The NZD/USD pair is showing signs of force following a breakout of the highest price of 0.7205 (a major support).
  • Currently, the price was in a bullish channel since yesterday. 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 (MA100). 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.
  • It should be noted that the major resistance is seen at 0.7344 today. Otherwise, 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 21, 2017

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Overview:

  • The USD/CHF pair has dropped sharply from the level of 0.9769 towards 0.9910. Now, the price is set at 0.9736 to act as a daily pivot point. It should be noted that volatility is very high for that the USD/CHF pair is still moving between 0.9769 and 0.9691 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 0.9751 and 0.9769. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the USD/CHF pair is continuing in a bearish trend from the new resistance of 0.9751/0.9769. Thereupon, the price spot of 0.9751/0.9769 remains a significant resistance zone. Therefore, a possibility that the USD/CHF pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9751, sell below 0.9751 with the first targets at 0.9706 and 0.9691. However, the stop loss should be located above the level of 0.9800.
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Global macro overview for 21/06/2017

Global macro overview for 21/06/2017:

The Reserve Bank of New Zealand is not expected to change its Official Cash Rate tonight. The current rate should remain at the level of 1.75%. At its last meeting in May, the RBNZ was dovish, tending to dismiss the rise in Q1 inflation as largely temporary, and forecasting only a very gradual return to underlying inflation to its 2.0% target towards the end of its three-year horizon. Moreover, the interest rate hikes were put down until the second half of 2019. The RBNZ monetary policy statement tonight is likely to maintain its dovish policy assessment and the phrase from the last statement "Monetary policy will remain accommodative for a considerable period of time" will likely be reiterated.

Since the May RBNZ meeting, the business conditions and consumer surveys still remain strong, but the GDP was reported to be modest for the second quarter in a row, which means the annual economic growth has slowed to the bottom side of its range for the last 5 years. Inflation expectations, wages, and employment remain unchanged since the last meeting as well and the construction appears to have peaked along with the housing market.

Nevertheless, all the dovish statements and a neutral economic picture did not have a massive dampening impact on the New Zealand dollar as it rebounded to the top of the trading range again in just six weeks. This is why the RBNZ is likely to express some disappointment in their statement with the rebound in the NZD. The general overtone and conclusions should remain very silimar to the last month statement.

Let's now take a look at the NZD/USD technical picture on the daily time frame. The price is trading above 100 and 200 DMA, but still below the long-term golden trendline at the level of 0.7300. The market conditions look overbought, but no bearish divergence is visible yet. The next support is seen at the level of 0.7186 and the next resistance is seen at the level of 0.7318.

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Fundamental Analysis of USD/CAD for June 21, 2017

Forex analysis review
Fundamental Analysis of USD/CAD for June 21, 2017

Global macro overview for 21/06/2017

Global macro overview for 21/06/2017:

The Existing Home Sales data from the US are scheduled for release at 02:00 pm GMT. Market participants expect sales of previously owned homes in the United States to show again a high level of performance. Last month the sales were at the level of 5.57M sold houses and this month are expected at the level of 5.54M. Nevertheless, even this lower than the previous month number might indicate, that the housing market has been cooling down in recent months, despite a positive sentiment in the home building industry. Moreover, new home sales fell to the slowest pace in eight months and newly issued building permits also eased last month. Some analysts say the reason behind this slump in home construction and sales are shortages of qualified workers and available land for new housing.

Whatever the reason is, today's numbers will shed more light on the current US house market situation. It's is still unclear if this situation is another temporary stumble or the start of something more troubling. The sensitivity of the housing market to business cycle twists is very big, it can be an important indicator of overall conditions at times when a housing is particularly important to the economy. In the US, sellers of used homes often use capital gains from property sales on consumption that stimulate the economy and elevated levels of consumer spending may also increase inflationary pressures. As the result, the US dollar is depreciating in value, so the Federal Reserve Bank might adjust its monetary policy projections sooner than expected.

Let's now take a look at the EUR/USD technical picture on the H4 time frame. After a failure to break out above the golden trend line the market reversed and now is trading close to the technical support at the level of 1.1130. The next support is seen at the level of 1.1108 and 1.1075, the next technical resistance is seen at the level of 1.1211.

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Ichimoku indicator analysis of USDX for June 21, 2017

The US dollar index is reversing higher. The short-term trend is bullish as price has broken above the 97.50 short-term resistance and is trying to break above a multi-week sideways consolidation.

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Red line - resistance (broken)

Blue line - support

USDX is making higher highs and higher lows. Price has broken above the red trend line resistance and is trading above both the tenkan- and kijun-sen indicators. The trend is bullish. Short-term support is found at the 4-hour Kumo at 97.

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Blue lines - bearish channel

Red line - bullish divergence

The daily chart confirms our bullish expectations. The bullish divergence has warned us that a bounce was coming. Price has broken above the kijun-sen and is heading towards the Daily Kumo at 98.50 or even the upper channel boundary at 99. I warned dollar bears to protect their positions. This was not the time to be bearish in this market. Only after a bounce towards our target we will look to sell again.

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Ichimoku indicator analysis of gold for June 21, 2017

Gold price has stopped its decline around the 61.8% Fibonacci retracement and our $1,245 target since $1,280. Now we expect at least a short-term bounce that will test the important $1,260-70 short-term resistance.

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Gold price remains in a bearish trend, but there are several signs of a bullish reversal, at least for the short

term. I expect Gold price to bounce towards the Kumo (cloud) near $1,255-60. This is important short-term resistance. If broken,we could see a bigger upward reversal. If price gets rejected, we should expect one more leg down towards $1,200-$1,180.

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Black line -long-term resistance

Blue line - long-term support

Red line - short-term support

Gold price got rejected at the black trend line resistance. Price as expected is testing weekly cloud support and there are initial signs of a bounce coming. Kumo support is important and it looks like that price is respecting support. I expect a bounce from this area. It could be a big longer-term reversal, so I would look for new additional longs. I remain longer-term bullish.

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Trading plan for 21/06/2017

Trading plan for 21/06/2017:

The Crude Oil prices decline below $43.74 during late Tuesday's session. EUR/USD is trading below 1.1150 and GBP/USD is holding at 1.2650, near two-month lows. Oil price volatility followed enthusiasm on stock exchanges and triggered a decline in US debt yields. In such an environment, the Yen is strengthening and USD/JPY is trading close to 111.20.

On Wednesday 21st of June, the event calendar is light in important economic releases, but market participants will pay attention to Public Sector Net Borrowing data from the UK and Existing Home Sales data from the US. Later tonight the Reserve Bank of New Zealand will make a decision on the interest rate and will release the official statement just after the event. Moreover, market participants might turn their attention to the Queen's Speech in the UK.

GBP/USD analysis for 21/06/2017:

The Public Sector Net Borrowing data from the UK are scheduled for release at 08:30 am GMT and market participants expect the number of expenditures less than the total receipts taken in by the government to decrease from 9.6Bln to 7.3Bln, so the public sector should maintain the fiscal deficit, but a little bit lower. Nevertheless, the expected difference seems to be small and not really capable of triggering any significant move in GBP/USD or a trend reversal. The political scene, however, might grab investors' attention today as focus remains on the Queen's Speech (which outlines the government's legislative agenda for the coming parliamentary session) taking place today (despite Theresa May not having agreed on a deal with the Democratic Unionist Party (DUP) yet). The other important event will be Chief Economist at the Bank of England Andy Haldane speech and he is likely to reiterate yesterday's Carney remarks regarding the interest rate and the Bank of England monetary policy. Any other rhetoric than this will be a big surprise for the markets.

Let's now take a look at the GBP/USD technical picture on the H4 time frame. The bears have managed to break out below the technical support at the level of 1.2634 and now are testing it from below. They are likely to fail here and move lower towards the golden trend line support around the level of 1.2585. If the golden trendline is violated as well, then the sell-off will likely accelerate ant the next important support at the level of 1.2514 will be tested.

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Market Snapshot: Crude Oil breaks below the support

Crude Oil broke below the technical support at the level of $43.74, so the idea of a Double Bottom formation has already gone. The market fell as low as $42.67 and now the price is trying to test the level of $43.74 from below. Only a sustained breakout above this level and then the navy trendline violation would have put the bulls back in control over the market, at least for the corrective cycle. The key levels for any upside price developments are $ 44.22 and $45.07. The overall bias remains bearish.

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Market Snapshot: SP500 start a correction?

The prices of SPY (SP500 EFT) fell yesterday just as the prices of Crude Oil as the risk-off mood dominated financial markets yesterday. The index still has a gap between the levels of 242.70 - 243.43 to fill. So if the negative sentiment continues, the market will be able to do it even today and the overbought market conditions are supporting this view. The most important technical support is still the level of 242.01, any breakout lower will be considered as a beginning of a more deeper correction.

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Daily analysis of major pairs for June 21, 2017

EUR/USD: A bearish signal has appeared on the EUR/USD, which has led to a Bearish Confirmation Pattern in the 4-hour chart. This is according to the anticipated movement for the week, and further downwards movement is possible, as price goes towards the support lines at 1.1100 and 1.1050.

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USD/CHF: A bullish signal has appeared on the USD/CHF, which has led to a Bullish Confirmation Pattern in the 4-hour chart. This is according to the anticipated movement for the week, and further upwards movement is possible, as price goes towards the resistance levels at 0.9570 and 0.9800.

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GBP/USD: The Cable has dropped about 160 pips this week, and it is now below the distribution territory at 1.2650; going towards the accumulation territory at 1.2600 (the initial target). The next target after that would be the accumulation territory at 1.2550, which could be reached before the end of the week.

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USD/JPY: Despite the shallow pullback witnessed in this market, its short-term bullishness remains valid. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. Price may endeavor to go further upwards before the well-anticipated bearish run happens in the market.

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EUR/JPY: This currency trading instrument is in a precarious situation. There are mixed signals in the market. The RSI period 14 has crossed the level 50 to the upside, giving a bearish signal; whereas the EMA 11 remains above the EMA 56. When the price goes below the demand zone at 123.00, a clean bearish signal would have been generated.

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Technical analysis of EUR/USD for June 21, 2017

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When the European market opens, some Economic Data will be released, such as German 30-y Bond Auction. The US will release the Economic Data, too, such as Crude Oil Inventories and Existing Home Sales, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1189.

Strong Resistance:1.1183.

Original Resistance: 1.1172.

Inner Sell Area: 1.1161.

Target Inner Area: 1.1135.

Inner Buy Area: 1.1109.

Original Support: 1.1098.

Strong Support: 1.1087.

Breakout SELL Level: 1.1081.

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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Technical analysis of USD/JPY for June 21, 2017

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In Asia, Japan will release the All Industries Activity m/m, Monetary Policy Meeting Minutes data, and the US will release some Economic Data, such as Crude Oil Inventories, Existing Home Sales. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 111.92.

Resistance. 2: 111.70.

Resistance. 1: 111.48.

Support. 1: 111.22.

Support. 2: 111.00.

Support. 3: 110.78.

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 analysis of USDX for June 21, 2017

The index has been favored by a bullish bias above the 200 SMA at H1 chart and it's now heading to the first target around 98.18, where a selling's pressure might happen. Overall, the structure remains bullish and as long as USDX stays above the 200 SMA, further gains are expected to take place towards 98.98, which is our main target to the upside.

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H1 chart's resistance levels: 98.18 / 98.98

H1 chart's support levels: 97.70 / 97.10

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 98.18, take profit is at 98.98 and stop loss is at 97.37.

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Daily analysis of GBP/USD for June 21, 2017

GBP/USD had a strong decline during Tuesday's session, accelerating its downside towards the first target placed around 1.2567. If that level gives up, we might expect another fall to test the 1.2467 level, which is a key demand zone, where in the past, buyers have been present and pushing higher to the pair. MACD indicator is turning oversold, favoring to a possible correction.

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H1 chart's resistance levels: 1.2704 / 1.2826

H1 chart's support levels: 1.2567 / 1.2467

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 1.2567, take profit is at 1.2467 and stop loss is at 1.2665.

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Fundamental Analysis of USD/CAD for June 21, 2017

USD/CAD is currently at the edge of breaking above or below the event level of 1.3265. Despite the oil prices trading in a lower range recently, CAD is quite stronger against USD now. The bearish trend in this pair is expected to continue further due to the determination of the BOC looking forward to economic turnaround. Recently CAD had positive Wholesale Sales report which turned out to be better than expected at 1.0% which was expected to be at 0.5%. and USD also had positive Current Account report showing less deficit at -117B which was expected to be at -124B. The current account report of the US did help the currency to gain some strength over CAD but it is still struggling to break above 1.3265 resistance level. Today USD Existing Home Sales report is going to be published which is expected to decrease to 5.54M from 5.57M previously and Crude Oil Inventories report is expected to show less deficit at -1.2M which previously was at -1.7M. If USD reports come out negative today then we might see further bearish move in this pair in the coming days with more impulsive bearish pressure.

Now let us look at the technical view, the price is currently struggling to break over 1.3265 which signals the presence of bears at the level which is trying to hold the price down. If the price remains below the level with a daily close then we will be looking forward to selling with a target towards 1.3000 and on the other hand if the price breaks above the 1.3265 with a daily close then we will be looking forward to buying with a target towards 1.3390-1.3400 resistance area.

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Fundamental Analysis of EUR/JPY for June 21, 2017

EUR/JPY is currently residing in a corrective volatile structure after the break above 123.30-50 area. Euro has been gaining over Yen recently due to recent negative JPY economic reports. Today is an important day for JPY as Monetary Policy Meeting Minutes will be held which is a detailed record of BOJ Policy Boards Meeting providing in-depth insights into the economic conditions which influence the interest rate decision. As the news has a quite high impact, a good amount of volatility is expected to hit the market today. Along with the Monetary Policy Meeting Minutes, All Industry Activity report is going to be published which is expected to show a rise to 1.7% from -0.6% previously. On the Eurozone side, recently the trade balance report was published with the worst figure at 22.2B which was expected to be at 31.3B and along with it, German PPI report was also worst at -0.2% which was expected to be at -0.1%. As the recent JPY and EUR economic reports were negative the market is seen correcting itself due to no proper trendy move on each side of the market.

Now let us look at the technical view, the price has shown a good amount of bearish pressure due to negative economic reports of the Eurozone. Currently, the price is expected to show good amount bearish pressure after breaking below 123.30 with a daily close having a down target towards 118.40-50 support area. As the price remains below the trendline resistance of 124.65 the bearish bias is expected to continue further. The bearish bias will only negate if the price breaks above the trendline resistance with a daily close.

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USD/JPY approaching profit target perfectly, remain bullish for a further rise

Price has bounced up perfectly from our buying area yesterday and is on track to reaching our profit target. We remain bullish looking to buy on dips above 111.32 support (Fibonacci retracement, horizontal pullback support) for a further push up to at least 113.06 resistance (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance).

RSI (34) has bounced off nicely from our pullback support at 52% and has good upside potential for us to play the rise from here.

Buy above 111.31. Stop loss at 110.45. Take profit at 113.06.

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AUD/JPY testing major resistance, prepare to sell

Price is now testing a major level of resistance at 84.88 (Multiple fibonacci extensions) and we expect a strong reaction from here for a drop to at least 83.90 (Fibonacci retracement, horizontal pullback support).

Stochastic (34,5,3) is seeing strong resistance below 90% where we expect a drop from.

Sell below 84.88. Stop loss at 85.41. Take profit at 83.90.

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