Technical analysis of USD/JPY for June 22, 2017

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USD/JPY target which was predicted in previous analysis has been hit. The pair retreated from 111.75 (highs of June 20 and 21) and broke below the 20-period moving average. The relative strength index is below its neutrality level at 50.

Hence, as long as 111.45 holds on the upside, look for a return to 110.85. A break below this level would trigger a new decline to 110.60.

Alternatively, if the price moves in the opposite direction as predicted, a long position is recommended above 111.45 with targets at 111.75 and 112.10.

Chart Explanation: The black line shows the pivot point. The present price above pivot point indicates the bullish position while the price 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, Stop Loss: 111.15, Take Profit: 112.10

Resistance levels: 111.75, 112.10, and 112.50

Support levels: 110.85,110.60, and 110.35

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Technical analysis of USD/CHF for June 22, 2017

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The pair is trading below its declining 20-period and 50-period moving averages, which are playing resistance roles and maintain the downside bias. The relative strength index is bearish and is calling for a further downside.

To sum up, as long as 0.9750 holds on the upside, a new drop to 0.9700 and even to 0.9680 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: SELL, Stop Loss: 0.9750, Take Profit: 0.9700

Resistance levels: 0.9770, 0.9790, and 0.9875

Support levels: 0.97000, 0.9680, and 0.9655

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Technical analysis of GBP/JPY for June 22, 2017

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GBP/JPY is expected to trade with a bearish outlook. Despite the pair's bounce, it is still trading below the key resistance at 141.20, 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.

To conclude, below 141.20, look for a return to 140.30 and even to 139.80 in extension.

Alternatively, if the price moves in the opposite direction as predicted, a long position is recommended above 141.20 with targets at 141.75 and 142.30.

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: SELL, Stop Loss: 141.20, Take Profit: 140.30 and 139.80

Resistance levels: 141.75, 142.30, and 143.00

Support levels: 140.30,139.80, and 140.35

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Technical analysis of NZD/USD for June 22, 2017

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Our 20th June, targets have been hit precisely as predicted. NZD/USD rebounded from our second target 0.7195 and now is expected to trade with a bullish outlook. The pair made a rebound from 0.7195 (the low of June 21) and broke above both 20-period and 50-period moving averages. The relative strength index lacks downward momentum.

Hence, as long as 0.7210 holds on the downside, expect a further upside to 0.7260 and even to 0.7280 in extension.

Strategy: BUY Stop Loss: 0.7230. Take Profit: 0.7300

Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it is below the 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.

Resistance levels: 0.7300, 0.7320, and 0.7355

Support levels: 0.7210, 0.7195, and 0.7160

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Analysis of gold for June 22, 2017

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Recently, gold has been trading upwards. The price tested the level of $1,254.80. Anyway, according to the 30M time frame, I found buying climax in the background and broken upward channel, which is sign that buying looks risky. My advice is to watch for potential selling opportunities. The downward targets are set at $1,245.00 and $1,241.00

Resistance levels:

R1: $1,249.15

R2: $1,252.00

R3: $1,256.00

Support levels:

S1: $1,242.00

S2: $1,238.00

S3: $1,235.00

Trading recommendations for today: watch for potential selling opportunities.

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Analysis of GBP/USD for June 22, 2017

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.2703. Anyway, according to the 30M time frame, I found buying climax in the background followed by no buying presure, which is a sign for potential distribution (selling). My advice is to watch for selling opportunities. The downward targets are set at 1.2640 and 1.2590.

Resistance levels:

R1: 1.2730

R2: 1.2780

R3: 1.2850

Support levels:

S1: 1.2600

S2: 1.2530

S3: 1.2480

Trading recommendations for today: watch for potential selling opportunities.

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Fundamental Analysis of EUR/GBP for June 22, 2017

EUR/GBP is currently at the edge of breaking above the corrective structure resistance of 0.8850. After the UK Parliament Election, recently GBP has lost grounds against EUR and due to Brexit situation GBP is expected to get much weaker in the coming days. Today GBP CBI Industrial Order Expectation report was published with an increased figure at 16 which was expected to decrease to 7 from previous value of 9. As it is one of the leading indicators of economic health it has a high impact on the market as it signals future economic activity such as spending, hiring, and investment in the country. On the EUR side today we have Consumer Confidence report which is expected to be unchanged at -3, as it is one of the leading indicators of consumer spending thus overall economic activity, this event is expected to bring in a good amount of volatility in the pair today. Today ECB Economic Bulletin was also held which did not provide any high impact update on upcoming interest rates decisions and future economic conditions for which no such impact in the pair was observed today. To sum up, the corrective structure seems to continue further until the currencies in this pair show a positive economic outcome to dominate each other and set up a trend in the coming days.

Now let us look at the technical view, the price is currently being carried upward by 20 EMA which signals most probable break above the resistance of 0.8850. Currently, the price is in bullish bias due to the non-volatile bullish structure in this pair observed recently. A daily close above 0.8850 will signal a further bullish move in this pair with a target towards 0.9050 resistance area. If the price rejects of the 0.8850 resistance level in the coming days we may look for shorter-term bearish move with a target towards 0.8740-50 support area. The bullish bias will continue until the price breaks below the 20 EMA with a daily close.

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Trading Plan for Gold and US Dollar Index for June 22, 2017

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Technical outlook:

Gold has managed to bounce right at the 6-month support trend line seen on the daily chart (not depicted here). Please note that the rally looks to be corrective till now and it needs to clear through $1257/58 levels at least and also $1264/65 levels to produce an impulse wave and hence confirm that further upside remains intact. At present, the wave structure remains constructive for bulls and the resent drop from intraday highs is just a mere retracement. Please note that the counter trend resistance trend line is passing through $1265/66 levels for now and a break above that confirms that a meaningful bottom is in place and that the yellow metal is heading towards fresh swing highs towards $1350/90 levels in the weeks to come. Please also note that Gold can still drop towards $1235 levels just in case to test support there and then reverse sharply.

Trading plan:

Remain long for now, stop at $1225, target is open.

US Dollar Index chart setups:

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Technical outlook:

The US Dollar Index has reacted well at Fibonacci resistance at 97.80 levels. The drop might still not be enough to confirm new lows but it might have initiated already. At least it could be confirmed now that till prices remain below 98.20 levels, the US Dollar Index could continue to drift lower below 96.30 levels as well. Please note that the index has been consolidating since a while now before it met resistance at 97.80 yesterday and reversed lower. If this interpretation of waves is correct, we should see at least one low below 96.30 levels. Also, the index has been behaving differently against major currency pairs lately, adding further doubts to its near-term trend possibilities.

Trading plan:

Please exit short positions from yesterday and remain flat for now till further clarification on trend setups.

Fundamental outlook:

There are no major events lined up for the day.

Good luck!

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Trading Plan for EUR/USD and GBP/USD for June 22, 2017

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Technical outlook:

The EUR/USD pair is still drifting sideways leaving traders confused about the immediate trade direction. Believe it or not, in spite of the fact that the pair has broken above the resistance trend line as shown here, we need to see a bullish reversal signal around 1.1140/50 levels to confirm that the short-term trading bias is bullish. Consolidations are mostly tricky to handle and this one seem to be extending a lot. At least for now it can be confirmed that till prices remain above 1.1109 levels, the near-term outlook remains bullish for EUR/USD and that we would be looking to buy on dips till then. On the flip side though, a break below 1.1109 would trigger drop towards 1.1000 levels before prices reverse. We shall review situation again in that case and decide on a further course of action.

Trading plan:

Please remain flat for now and look to buy on bullish reversal around 1.1140/50 levels, stop below 1.1109 target higher.

GBPUSD chart setups:

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Technical outlook:

GBP/USD rallied sharply after we discussed and submitted the plan yesterday. The pair looks to have formed the first wave within the corrective wave C (not labelled here). Ideally, the pair should unfold into 5 waves from here and looking to push at least towards 1.2850 levels, which is also fibonacci 0.618 resistance of the entire drop between 1.2970 through 1.2635 levels respectively. Please note that the short-term bias looks constructive for bulls but it is within the complex corrective rally, and bears should come back strong at higher levels. Interim support is now seen at 1.2587 levels and till prices remain above these, one can look for a push higher through 1.2850 at least. On the flip side, a continued drop below 1.2587 levels would confirm further lows.

Trading plan:

Remain long, risk below 1.2590, target 1.2830/50

Fundamental outlook:

No major events are lined up for the day.

Good luck!

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Technical analysis of NZD/USD for June 22, 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). The NZD/USD pair will continue rising from the level of 0.7205 in the long term. It should be noted that the support is established at the level of 0.7205 which represents the daily pivot point on the H4 chart. Currently, the price was in a bullish channel since two days. 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 last two days. 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. On the other hand, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7128 (61.8% Fibonacci retracement levels).
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Technical analysis of USD/CHF for June 22, 2017

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Overview:

  • The USD/CHF pair has dropped sharply from the level of 0.9736 towards 0.9709. Now, the price is set at 0.9736 to act as a daily pivot point. The USD/CHF pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bearish in the nearest term testing 0.9769or higher 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 22/06/2017

Global macro overview for 22/06/2017:

The Crude Oil Inventories data have revealed bigger than expected draw in the stockpiles. The latest Energy Information Administration (EIA) data recorded an inventory draw of 2,451k barrels for the week ending June 16th following a draw of 1,660k barrels in the previous week while consensus was made for a draw of around 1,200k barrels. So oil prices have been in a downward spiral for the third day in a row, being badly affected by weekly oil stock updates in the United States. Yesterday, WTI was heading for $42.00.

Sentiment on the oil market has reversed by 180 degrees. At the beginning of the year, the market was too optimistic about the prospects of quickly erasing gigantic oversupply and limiting inventories following the November OPEC agreement. Since then, convincing beliefs have certainly changed into unequivocal skepticism despite OPEC's strict discipline and respect for its production quotas. Nevertheless, the oil production is still on the rise and the good example here is oil drilling in Norway (highest since 2011), with oil inventories on tankers rising and already exceeding 110 million barrels. In the US, the Baker Hughes Rig Count shows the biggest amount of active oil drilling rigs since 2015.

In conclusion, the sentiment on the energy commodity market remains negative for the time being and the space to deepen the price of crude oil and brent oil is still big. The price might even reach the lows from 2016 at $39. If the supply glut keeps rising despite the OPEC and non-OPEC members efforts, it might hit the lows of $26 from the end of 2015.

Let's now take a look at the Crude Oil technical picture on the H4 time frame. Despite the bullish efforts, the momentum is unable to break out above the fifty level and the bearish pressure is growing. The next technical resistance is seen at the level of $43.74 and the next technical support is seen at the level of $42.01. Please notice the oversold market conditions might indicate a bounce is coming soon.

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Global macro overview for 22/06/2017

Global macro overview for 22/06/2017:

The Reserve Bank of New Zealand voted to keep its official cash rate at 1.75% as expected. In the official statement, RBNZ said is "remaining accommodative for some time" due to the "uncertainties remaining". Nevertheless, RBZN may still need to "adjust policy accordingly", so all the statements are again in line with expectations. One important change in the statement was related to the GDP projections and it was: "outlook for domestic economic growth remains positive", which is a change in tone from the previous statements. As the government data showed last week, New Zealand's economy expanded at a slightly weaker than expected pace in the first quarter of 2017. That resulted in a year-over-year expansion of 2.5%, which was fueled by agriculture, retail trade, manufacturing and household consumption. Moreover, the latest Westpac consumer survey revealed, that consumption might continue higher in the second quarter of 2017 as the consumer confidence index in on highest level in two years.

In conclusion, RBNZ wants to keep the interest rates low in support of faster inflation and economic growth. The inflationary pressures were hotter in the first quarter after the consumer price index (CPI) climbed to 2.2% in January-March, much higher than the Reserve Bank's forecast of 1.5%. If the inflation accelerates even higher, RBNZ will have no choice, but to change the rhetoric to more hawkish and eventually hike the interest rate. Eventually, the New Zealand dollar might appreciate even more in the longer term.

Let's now take a look at the NZD/USD technical picture on the H4 time frame. The bulls are trying to break out above the golden trend line around the level of 0.7300, but so far no avail. The Market conditions are overbought and the next technical support is seen at the level of 0.7183 - 0.7169 and the next technical resistance is seen at the level of 0.7319.

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NZD/USD Intraday technical levels and trading recommendations for June 22, 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 in 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.

Currently, the NZD/USD pair remains trapped between the price levels of 0.7230 - 0.7310 until breakout occurs in either direction.

Trade recommendations:

Conservative traders can wait for a bearish closure below 0.7230 then 0.7150 (61.8% Fibo level) for a valid SELL position.

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 22, 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 the 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 advance towards 1.1400.

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H4 Outlook

On May 30, a 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, a 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 a 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 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 1.1220 (the most recent top) while T/P levels should be placed at 1.1100, 1.1050 and 1.0850.

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Trading plan for 22/06/2017

Trading plan for 22/06/2017:

In the last few dozen of hours, the US dollar lost momentum, and now it is dominated by the Pound Sterling and supported by the Reserve Bank of New Zealand. USD/JPY is moving back towards 111.00 and EUR/USD is trading around 1.1170. Meanwhile, precious metals are taking advantage of Dollar's weakness. Silver has grown by 1% and Gold is balancing on the 200-session moving average, having risen to $1,254 per ounce. After yesterday's sharp fall to 7-month lows, the Crude Oil price has bounced slightly to trade at $42.50 a barrel.

On Thursday 22nd of June, the event calendar is light in important economic news releases, but the global investors will pay attention to Retail Sales data from Canada and Unemployment Claims data from the US. Moreover, later during the US session, FOMC official Jerome Powell will give a speech.

EUR/USD analysis for 22/06/2017:

The Unemployment Claims data from the US are scheduled for release at 12:30 pm GMT and market participants expect jobless claims to rise slightly to a seasonally adjusted 241k for the week through June 17, up to 4k from the last week's number. That leaves claims close to the multi-decade low of 227k, which was set earlier in the year. The Unemployment Claims is a leading indicator and if it stays close to the lows, then it is a clear bullish signal for the job market. This means, that if the expected number is correct, then today's release will strengthen the view that employment growth may lead to a faster rate of growth in the months ahead. The Unemployment Rate in the US is already at record lows of 4.6%, but the problem seems to be in persistent lack of increase in the average wages growth.

Let's now take a look at the EUR/USD technical picture on the H4 time frame. The bulls failed to break out above the golden trend line at the level of 1.1211 and the price reversed towards the technical support at the level of 1.1130. The volatility is so far limited, so the market is trading inside of a range marked by this two levels. The market conditions are oversold, but the momentum indicator stubbornly refuses to move above the fifty level. The most important support is still at the level of 1.1075 and violation of this level might lead to gap fill.

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USD/CAD analysis for 22/06/2017:

The Retail Sales data from Canada are scheduled for release at 12:30 pm GMT and market participants expect a decrease in sales from the level of 0.7% to 0.3% in the reported month. As a leading economic indicator, retail sales gauge the goods sold at retail outlets last month. Rising consumer spending fuels economic growth, confirms signals from consumer confidence and may spark inflationary pressures. However, in the current economic situation, the retail sales volatility is not big enough to initiate a discussion regarding a potential interest rate hike by the Bank of Canada due to the inflationary pressures.

Let's now take a look at the USD/CAD technical picture at the H4 timeframe. The price is trading just at the level of 200 days moving average at 1.3333, but on the H4 time frame, it is still below the average. Moreover, the price is testing from below the golden trend line from February lows, so it might get rejected here, especially as the market conditions are now starting to be overbought a little. The key level to the upside is the resistance zone between the level of 1.3387 - 1.3408. Weak data from the Canadain economy might trigger an attempt to test this level. On the other hand, better than expected data might cause a move lower towards the next technical support at the level of 1.3309 and 1.3222.

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Market Snapshot: EUR/JPY is not strong enough to break out

After a 200-pips rally from the technical support zone, the price of EUR/JPY was capped at the level of 124.64. The price has managed to violate the golden trend line, but the breakout was false and now the price got back to the range. The most important support is still the area between the levels of 122.53 - 123.26 and only a sustained impuslive sell-off might initiate the attempt to fill the French Elections gap.

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Daily analysis of GBP/USD for June 22, 2017

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Daily analysis of GBP/USD for June 22, 2017

Ichimoku indicator analysis of USDX for June 22, 2017

The Dollar index stopped its rise and has pulled back towards the previous resistance area for a backtest. A successful backtest and bounce will confirm the bullish short-term trend. A break back below the previous resistance will be a bearish sign.

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Red line - resistance (broken)

The Dollar index is breaking below the 4-hour kijun-sen and is back testing the broken red trend line resistance. Price is above the 4-hour Kumo. As long as it holds above 97, bulls will remain alive. However a break below the red trend line will not be a good sign.

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Blue lines - bearish channel

The weekly candle has touched the weekly Kumo (cloud) lower boundary and got rejected. This is not a good sign. Bulls need to break above this week's high in order to bounce towards our short-term target of 98.50. Inability to retake yesterday's high will open the way for a new low below 96.50 before a bigger bounce comes. I'm not anymore that bullish for the short term as the 98.50 scenario is seriously being challenged.

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Ichimoku indicator analysis of gold for June 22, 2017

Gold price bounced off the 61.8% Fibonacci retracement and the $1,245-40 area as expected. Price should test the $1,260 short-term resistance area. A rejection there will open the way for a push towards $1,200, but if the week closes around $1,260 and higher, we could have a bullish reversal sign on a weekly basis.

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Gold price is trading above both the tenkan- and kijun-sen but below the 4-hour Kumo. Price needs to break above $1,260-70 cloud area to turn short-term trend to bullish. First important short-term resistance is at $1,260. Support is at $1,241 and if broken we could see $1,230. However I believe downside is limited....a bounce higher is what we should focus in the short term.

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Black line - long-term resistance

Blue line - long-term support

Gold weekly chart could shape up to be a very bullish one as the candle formation of this week touched the weekly Kumo (cloud) support as expected and bounced higher. This long-tailed candle is a bullish reversal sign and will strengthen the higher we close this week. I'm short-term and longer-term bullish about Gold.

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Elliott wave analysis of EUR/NZD for June 22, 2017

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Wave summary:

The resistance line from 1.6232 is finally being broken indicating a corrective low likely is in place with the test of 1.5296. That said, we still need a break above minor resistance at 1.5564 to confirm that the corrective low in wave ii/ is in place and wave iii/ to above 1.6232 now is developing.

R3: 1.5564

R2: 1.5504

R1: 1.5440

Pivot: 1.5400

S1: 1.5343

S2: 1.5317

S3: 1.5296

Trading recommendation:

We bought EUR at 1.5446 and have placed our stop at 1.5246.

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Daily analysis of major pairs for June 22, 2017

EUR/USD: Yesterday, there was an upwards bounce on the EUR/USD, in the context of a downtrend. The upwards bounce could end up giving a good short-selling signal as the price is expected to go downwards, reaching the support lines at 1.1150 and 1.1100. Some fundamental figures are expected today and they could have an impact on the market.

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USD/CHF: The recent bullish signal on the USD/CHF is in a precarious situation, owing to the current bearish correction in the market (which is shallow anyway). There remains a possibility of price reaching the resistance level at 0.9800. The recent bullish bias cannot be invalidated unless the price goes below the support level at 0.9650.

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GBP/USD: The bias on the Cable remains bearish, though the price is currently choppy. The accumulation territories at 1.2650 and 1.2600 could be tested within the next few trading days. These accumulation territories were previously tested this week, and they could be re-tested as price goes south.

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USD/JPY: The USD/JPY has continued to be corrected lower and this poses threat to the already weak bullish bias in the market. The RSI period 14 has gone below the level 50. Once the EMA 11 crosses the EMA 56 to the downside, the outlook on the market would turn essentially bearish. After all, that is what is anticipated for this month.

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EUR/JPY: This cross has not done anything significant this week. A movement above the supply zone at 125.00 would result in a clean Bullish Confirmation Pattern, while a movement below the demand zone at 123.00 would result in a Bearish Confirmation Pattern. This is the scenario that is supposed to happen before the end of this week or early next week.

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Fundamental Analysis of NZD/USD for June 22, 2017

NZD/USD is currently in a volatile corrective structure ahead of the Official Cash Rate and RBNZ Rate Statement. As the Cash Rate is the short-term interest rate which is a crucial factor in currency valuation it is expected to have a high impact on the market today. NZD Cash Rate today is expected to be unchanged at 1.75% and any positive or negative change in the report will signal a further move in this pair in the future. The RBNZ Cash Rate Statement is also expected to have a high impact today as it is one of the primary tools RBNZ uses to communicate to the investors about the monetary policies and the interest rates. It also discusses the economic outlook and offers clues on the outcome of future decisions as well, which has a higher possibility of injecting a good amount of volatility in the market today during the event. On the USD side today, Unemployment Claims report which is expected to rise to 241k from previous value of 237k and HPI report is expected to show a decrease to 0.4% from 0.6% previously. Along with the economic reports, FOMC Member Powell will speak about the future interest rates decisions and monetary policies. To sum up, a good amount of high impact economic event is going to take place today on the both currencies of the pair and any positive or negative reports on each side is expected to bring a good amount of volatility in the pair and breakout of the current corrective range.

Now let us look at the technical view, the price is currently residing inside a corrective range of 0.72 to 0.73 area. As of the high impact economic events is going to take place soon, a good amount of volatility is expected to hit the market today. As of the recent trend in place market is in bullish bias and expected to reach 0.7370 resistance level soon but as the price is stuck inside a range and ahead of a high impact event a daily close will signal a further move in this pair.

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Fundamental Analysis of AUD/JPY for June 21, 2017

AUD/JPY has returned below the resistance of 84.50 after confirming the last bullish breakout was a false break. After the positive Employment Change and Unemployment Rate report last week the Australian Dollar has been seen gaining quite well over the Japanese Yen. Recently AUD has been seen losing some grounds due to decreased HPI report at 2.2% which previously was at 4.1%. Today JPY had All Industry Activity report which was published with a better than expected figure at 2.1% which was expected to be at 1.7% and Monetary Policy Meeting Minutes were quite hawkish to provide JPY with a positive boost against the AUD today. Today AUD MI Leading Index report was published with a slightly improved figure at 0.0% which previously was at -0.1%. As of the current situation of the market, JPY is expected gain further over AUD in the coming days due to positive economic reports and hawkish monetary policy forecasts.

Now let us look at the technical view, the price has returned below the resistance level after a daily close above it. Currently, the price is expected to be bearish as of the recent false break and as the price remains below 84.50 resistance level further bearish pressure is expected in this pair with a target towards 83.00 support area and further downward.

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Daily analysis of USD/JPY for June 21, 2017

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Overview

The USD/JPY pair shows sideways fluctuations after approaching the 112.00 barrier yesterday. Stochastic is getting rid of its negativity clearly and approaching the oversold levels, which forms positive motive to push the price to resume the bullish trend. Therefore, we will keep our bullish trend expectations active in the upcoming sessions unless breaking and holding below 110.65 levels. Our main awaited target at 113.97. The expected trading range for today is between the 111.00 support and the 112.80 resistance.

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Daily analysis of GBP/JPY for June 21, 2017

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Overview

The GBP/JPY pair faced clear negative pressure yesterday due to stochastic exit from the overbought areas. The pair declined below the moving average 55 and consolidated around 140.50. We remind you that the bullish scenario mainly depends on the stability of the bullish channel's support at 139.00, which allows us to wait for new bullish momentum and a renewed attempt to hit positive targets that start at 143.35 followed by 145.45. We should note that a new negative close below the main support will stop the bullish bias domination and start new bearish bias to target 50% Fibonacci correction level at 137.60. The expected trading range for today is between 139.00 and 142.20.

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Daily analysis of Gold for June 21, 2017

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Overview

The gold price has not shown any strong moves since morning holding around 1,245.00 levels. Thus, there is no change in the bearish trend scenario that depends on holding below 1,254.56 levels. Stochastic is reaching the overbought areas now. Our main awaited target is located at 1,229.32. The expected trading range for today is between the 1,229.30 support and the 1,254.00 resistance.

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Daily analysis of Silver for June 21, 2017

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Overview

The silver price closed yesterday's trading below 16.56 levels after the attempt to breach it. This keeps the negative pressure valid on the intraday and short-term basis; the price is likely to resume the bearish bias that targets testing 15.49 mainly. Therefore, we wait for negative trading in the upcoming sessions supported by the EMA50, being aware that a breach of 16.56 and then 16.70 levels will release the price from the current negative pressure and will help the price attempt to return to the main bullish trend. The expected trading range for today is between the 16.20 support and the 16.60 resistance.

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Daily Video Technical Analysis | EUR/JPY | 21stJune 2017

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

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

Subscribe to me for more daily technical analysis!

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EUR/JPY approaching major support, prepare to buy

Price is approaching major support at 123.78 (Fibonacci retracement, Fibonacci extension, horizontal overlap support) and we expect to see a bounce above this level for a rise to at least 125.32 resistance (Fibonacci extension, horizontal swing high resistance).

Stochastic (34,5,3) is seeing strong support above 4.7% from where we expect a bounce.

Buy above 123.78. Set stop loss at 123.15 and take profit at 125.32.

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USD/JPY remains bullish for a further push up

The price has retraced to its entry level and looks set for another bounce for a further push up. We remain bullish looking to buy 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. Set stop loss at 110.45 and take profit at 113.06.

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