Technical analysis of USD/JPY for June 23, 2017

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We will retain our yesterday's target of USD/JPY. Although the pair posted a rebound and broke above the 50-period moving average, it is still trading below the key resistance at 111.45 (the low of June 22), which should limit the upside potential. The relative strength index is mixed with bearish bias.

Hence, as long as 111.45 is not surpassed, look for a further drop to 110.80 and even to 110.60 in extension.

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 point 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 23, 2017

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Our USD/CHF yesterday downside target has been hit. It is still expected that pair will move further downward, and we are going to keep our downward target at 0.9680. The pair is capped by a bearish trend line since June 20, which confirmed a negative outlook. The relative strength index is bearish and calls for a further downside.

On the economic front, The U.S. Labor Department reported that initial jobless claims increased 3,000 to a seasonally adjusted 241,000 in the week ended June 17, compared with 240,000 expected.

To sum up, as long as 0.9750 is not surpassed, look for a new decline to 0.9680 and even to 0.9655 in extension.

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

Strategy: SELL, Stop Loss: 0.9725, Take Profit: 0.9680

Resistance levels: 0.9750, 0.9770, and 0.9790

Support levels: 0.9680, 0.9655, and 0.9600

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Technical analysis of GBP/JPY for June 23, 2017

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GBP/JPY is expected to trade in a higher range as bullish bias remains. The pair posted a rebound and broke above both 20-period and 50-period moving averages. The relative strength index lacks downward momentum. The downside potential should be limited by the key support at 140.85.

Therefore, as long as this key level holds on the downside, look for a new upside to 142.30 and even to 142.70 in extension.

Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 140.85 with the target at 140.40.

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: 140.85, Take Profit: 142.30.

Resistance levels: 142.30, 142.70, and 143.45

Support levels: 140.40, 139.80, and 139

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Technical analysis of NZD/USD for June 23, 2017

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We will retain our NZD/USD Yesterday's target, pair moved upward and we are looking for the upside target of 0.73. The pair is trading above the rising 50-period moving average, which plays a support role. The relative strength index stands firmly above its neutrality level at 50. The downside potential should be limited by the key support at 0.7240.

Hence, as long as this key level is not broken, a further rebound to 0.7300 and even to 0.7350 seems more likely to occur.

Strategy: BUY Stop Loss: 0.7240. 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 23, 2017

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Recently, gold has been trading upwards. The price tested the level of $1,258.00. Anyway, according to the 30M time frame, I found a climatic action followed by no demand bars, which is a sign that buying looks risky. The price also tested upper diaognal of channel, which is another sign of potential wekaness. My advice is to watch for potential selling opportunities. The downward targets are set at $1,247.00 and $1,243.00.

Resistance levels:

R1: $1,254.30

R2: $1,256.50

R3: $1,260.00

Support levels:

S1: $1,247.00

S2: $1,245.00

S3: $1,241.00

Trading recommendations for today: watch for potential selling opportunities.

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Analysis of GBP/USD for June 23, 2017

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.2744. Anyway, according to the 30M time frame, I found climax action followed by no demand bars, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. The downward targets are set at 1.2653 and 1.2640.

Resistance levels:

R1: 1.2700

R2: 1.2715

R3: 1.2740

Support levels:

S1: 1.2660

S2: 1.2635

S3: 1.2615

Trading recommendations for today: watch for potential selling opportunities.

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Intraday technical levels and trading recommendations for EUR/USD for June 23, 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 keeps 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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NZD/USD Intraday technical levels and trading recommendations for June 23, 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.

On the other hand, risky traders can have a high-risk SELL entry at retesting of the price level of 0.7310. S/L should be placed above 0.7400.

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Global macro overview for 23/06/2017

Global macro overview for 23/06/2017:

Three Federal Open Market Committee officials will be speaking today: James Bullard (15:15 GMT), Loretta Mester (16:40 GMT) and Jerome Powell (18:15 GMT). All of them represent either hawkish or dovish point of view regarding current FED monetary policy. The current market consensus seems to be that the Federal Reserve will continue tightening monetary policy, despite low inflation and lowering inflation expectations. Global investors fear that the Fed could tighten policy more than the data really warrants, and that it eventually hurt the US economy too much.

Current data from the US economy are showing the overall good health of all economic sectors with employment and housing as the top performers. The average wages growth is still limited and is not rising as fast as expected, but still, the pace of expansion is relatively good. On the other hand, a persistent lack of inflationary pressures is the biggest problem for FOMC members. In the near term, inflation in the US is expected to remain slightly below the 2% target, but in the medium term, the FED targets should be reached as household spending has picked up and fixed investment has continued to expand.

Last week, the Federal Reserve Bank raised the interest rate from 1.00% to 1.25% in an 8-1 vote. Moreover, the analysis of the dot-plot revealed that 8 out of the 16 FOMC members are seeing more interest rate hikes in the near future. This point of view should help the US Dollar to appreciate more across the board in the nearest future.

Let's now take a look at the US Dollar Index technical picture on the H4 time frame. After the interest rate decision, the bulls have managed to break out above the navy trend line resistance around the level of 97.50, but the price was capped at the next technical resistance at the level of 97.80. Currently, the price is testing the navy trend line from below in overbought market conditions.

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Global macro overview for 23/06/2017

Global macro overview for 23/06/2017:

Hawkish comments from Kristin Forbes have hit the financial newswires. In her last speech as a member of the Bank of England Monetary Policy Committee in London Business School, Forbes reiterated that a lift in the UK interest rates should not be delayed any longer. She argued that all the reasons that justified keeping interest rates at emergency levels over the past few years are now gone or are overvalued. At the same time, the British pound's slide has changed the underlying inflationary pressures in a way that makes higher interest rates even more pressing. The sterling depreciation is the best reason why the Bank of England should no longer postpone the interest rate hike as the UK is solid enough for a rate increase on most criteria and even over-stimulated on others. She also recommended that interest rates should be changed more frequently in either direction to make monetary policy more flexible and able to respond to fresh and new economic challenges.

Last week, the Bank of England has voted to leave the interest rates unchanged at the current record low of 0.25%, but there was a shocking split vote of 5-3 (three policymakers voted to hike rates, but five MPC members wanted to leave the interest rates unchanged). Kristen Forbes, Ian McCafferty, and Michael Saunders are the three hawkish members who wanted to raise rates to 0.5% for the first time since 2011. Forbes was replaced today by London School of Economics professor Silvana Tenreyro. The new MPC member is known for her negative view of Brexit that may make her less willing to press for a rate hike now. In conclusion, the pressure to hike the interest rate among the MPC members will now decrease as a new dove has just joined the committee, so the pound decline is more likely in the nearest term.

Let's now take a look at the GBP/USD technical picture on the H4 timeframe. The price is trading in the middle of the range between the technical support at 1.2587 and the technical resistance at 1.2818. Current market conditions favor a move to the upper levels of the trading zone.

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Trading plan for 23/06/2017

Trading plan for 23/06/2017:

A quiet Asian trading session went without any publications or important events. The dollar weakened against all currencies from the G10 basket, but the change did not exceed 0.2%. The risky currencies are leading now: AUD (+0.19%), GBP (+0.16%) and NZD (+0.15%). Besides, the the Asian stock market posted some modest changes, the Nikkei 225 is up 0.1%, and the Hang Seng oscillates around yesterday's closing price. The Shanghai Composite is down 0.6%.

On Friday 23rd of June, the event calendar is quite busy with some important news releases. The series of PMI reports from Japan, France Germany and Eurozone will be published in the morning. Later on, Canada will unveil the Consumer Price Index data and the US will present another set of PMI reports and the New Home Sales data.

Analysis of EUR/USD for 23/06/2017:

A set of various PMI data is scheduled for release during the early London trading session. All of them are flash readings (estimates). The French PMIs (manufacturing, services, and composite) are all expected to beat the consensus or to be in line with expectations. The German and Eurozone PMIs are expected to beat the consensus as well, so generally, a good, positive and optimistic mood has dominated the European economy. In France, election has obviously lifted sentiment, but possible reforms could also have a negative short-term impact on the economy. Germany is still considered a power horse for the whole Eurozone, so the German data might be more reliable in that case.

Let's now take a look at the EUR/USD technical picture on the H4 timeframe. The market trades quietly inside of a narrow sideway zone between the levels of 1.1108 - 1.1211.The market conditions are neutral, but the indicator is bouncing from the oversold levels. The momentum indicator is trying to bounce above the fifty level as well. If the data are in line with the expectations or better, then there is a chance for a test of the nearest technical resistance at 1.1211. Otherwise, the sideways price action is expected to continue until the end of the week.

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Market Snapshot: Gold bounces from 200 DMA

After making a possible Double Top pattern on the daily timeframe, gold reversed to the downside and lost around $40. The price has bounced from the 200 DMA recently, just around the level of $1,240. Nevertheless, the stochastic still shows a possible continuation of the down move, so the bounce might be short-lived. The next technical resistance is seen at $1,258 and the nearest technical support lies at $1,236.

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Market Snapshot: USD/CAD rejected at the trend line level

As anticipated earlier, the USD/CAD pair went up to test the broken golden trend line from below and got rejected around the level of 1.3350. Currently, the price went all the way down to the nearest technical support at the level of 1.3210 and slowly tries to bounce again. The momentum indicator is indicating a weakness, so the next techncial support at the level of 1.3165 might be tested soon.

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USD/JPY remain bullish for a further push up

Forex analysis review
USD/JPY remain bullish for a further push up

Ichimoku indicator analysis of USDX for June 23, 2017

The Dollar index is weakening. Price is breaking below support and this is not a good sign. The bounce we were expecting was shallow. If price breaks below 97, we should expect more selling pressures to push the index to new monthly lows.

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Red line - support (previous resistance)

Blue line- support

The Dollar index has broken below both the tenkan- and kijun-sen indicators. Price is heading towards Kumo (cloud) support at 97.15-97. Breaking below the 4-hour Kumo will turn trend back to bearish and will bring more sellers and push price towards 95-94.

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Blue lines - bearish channel

The weekly price action remains inside a bearish channel. Weekly candle got rejected at the lower Kumo (cloud) boundary resistance. This rejection is not a good sign. Bulls need to make a new weekly high to remain in control and to continue to hope for a move towards 98.50-99. The rejection has however brought a new scenario where we see a new weekly low and then reverse.

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Ichimoku indicator analysis of gold for June 23, 2017

Gold is making higher highs and higher lows in the 4-hour chart and is unfolding the upward reversal we expect off the $1,245 price area. Gold is expected to continue the bounce towards $1,260 and higher. We could see a short-term new low towards $1,230 but it is not necessary.

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Red line - resistance

Gold price is bouncing off the 61.8% Fibonacci retracement but remains below the red trend line resistance and the 4-hour Kumo (cloud). Price is above the tenkan- and kijun-sen indicators and this is a short-term bullish sign that the upside could continue.

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Black line -long-term resistance

Blue line - long-term support

Gold price remains trapped inside the weekly triangle pattern. Price got rejected again at the long-term resistance channel. Price has broken out and above the weekly Kumo and has successfully back tested the Kumo (cloud) support. A break above the black trend line will be a very bullish signal. It is not clear however if we first test the long-term blue trend line first or break right away.

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Daily analysis of major pairs for June 23, 2017

EUR/USD: On Thursday, there was an upwards bounce on the EUR/USD pair in the context of a downtrend. The upwards bounce could end up giving a good short-selling signal as price is expected to go downwards, reaching the support lines at 1.1150 and 1.1100.

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USD/CHF: This pair continues to be corrected gradually lower and lower, and this has begun to pose a threat to the recent bullish signal. The Williams' % Range period 20 is already in the overbought region, and the EMA 11 is almost crossing the EMA 56 to the downside. By the time prices crosses the support level at 0.9650 to the downside, the bias would have turned bearish.

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GBP/USD: The Cable also has continued to climb upwards in the context of a downtrend. Price would not really turn bullish until it goes above the distribution territory at 1.2900, which would require a serious bullish movement. On the other hand, price may eventually drop from here, supporting the current dominant bearish bias.

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USD/JPY: There has been nothing significant on this market since yesterday, since it is generally quiet now. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50, which means that the bias remains bullish. Once the RSI period 50 goes below the level 50, it would warn of a trend reversal.

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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 early next week, since price may not do anything serious today.

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Elliott wave analysis of EUR/NZD for June 23, 2017

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Wave summary:

Not much to add here. EUR/NZD is trying to bottom in wave ii/, but a break above minor resistance at 1.5564 remains needed to confirm that wave ii/ has completed and wave iii/ higher to above 1.6237 is developing.

As long as resistance at 1.5564 is able to cap the upside, we will need to allow for a slightly new low, but the downside potential should remain limited.

R3: 1.5633

R2: 1.5564

R1: 1.5504

Pivot: 1.5400

S1: 1.5352

S2: 1.5291

S3: 1.5238

Trading recommendation:

We are long EUR from 1.5446 with stop placed at 1.5246. If you are not long EUR yet, then buy a break above 1.5564 and start by using the same stop.

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Elliott wave analysis of EUR/JPY for June 23, 2017

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Wave summary:

We are still looking for a break above 124.46 to confirm the next impulsive rally higher towards at least 127.00 and possibly even closer to 129.10 in wave iii. Short-term support is seen at 123.99 and again at 123.79. Ideally the later will be able to protect the downside for the expected break above 124.46.

R3: 124.65

R2: 124.46

R1: 124.35

Pivot: 124.25

S1: 123.99

S2: 123.87

S3: 123.79

Trading recommendation:

We are long EUR from 124.46 with stop placed at 123.55. If you are not long EUR yet, then buy a break above 124.46 and use the same stop.

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Technical analysis of NZD/USD for June 23, 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.

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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 23, 2017

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Overview:

  • The USD/CHF pair. The current price is seen at 0.9736 to act as a daily pivot point. The USD/CHF pair didn't make any significant movements yesterday. 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, 0.9691 and 0.9673. On the other hand, the stop loss should be located above the level of 0.9769.
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Daily analysis of USDX for June 23, 2017

USDX continues to ride a bullish structure above the 200 SMA at H1 chart and it's targeting the 98.18 level. However, moving average could give up to the bears' pressure and the index might extend the decline towards 97.10 in a first degree. In the bullish's outlook, once the 97.84 level has been broken, it can rise to test the 98.18 level.

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H1 chart's resistance levels: 97.84 / 98.98

H1 chart's support levels: 97.61 / 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 97.84, take profit is at 98.98 and stop loss is at 97.51.

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Daily analysis of GBP/USD for June 23, 2017

GBP/USD is consolidating between the 1.2704 and 1.2652 levels, while the sellers have been taking the control. Price action remains under selling's pressure and we're expecting a breakout below 1.2652 in order to reach the 1.2567 level across the markets. To the upside, we expect a rally towards 1.2826 once it manages to break above 1.2704.

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H1 chart's resistance levels: 1.2704 / 1.2826

H1 chart's support levels: 1.2652 / 1.2567

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 1.2652, take profit is at 1.2567 and stop loss is at 1.2739.

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Daily Video Technical Analysis | EUR/USD | 23rd June 2017

We caught the drop on EUR/USD really nicely, think we can ride it all the way down?

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Daily analysis of USD/JPY for June 22, 2017

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Overview

The USD/JPY pair has been fluctuating sideways in a tight range since yesterday. According to the chart, the price draws bullish pattern, which signs appear on the image; so the price needs to breach 111.75 levels to activate the positive effect of this pattern, enter a rally and continue the bullish trend on the intraday and short-term basis. Therefore, we still expect the bullish trend in the upcoming sessions supported by the EMA50. The main awaited target is located at 113.97. Holding above 110.55 levels conditions continuation of the expected rise. The expected trading range for today is between the 110.55 support and the 112.50 resistance.

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Daily analysis of GBP/JPY for June 22, 2017

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Overview

The GBP/JPY price keeps resisting negative pressure settling clearly above the main support at 139.10, which increases the chances for regaining the bullish bias in the near future. To confirm the bullish trend, the price needs to breach the moving average 55 at 141.50, reaching initial targets at 143.35 and145.45 levels in the upcoming period. Stochastic stability below 50 levels will decelerate the bullish attempts in the current period. The price is likely to show more sideways trading until gaining the required positive momentum and achieving the suggested targets. The expected trading range for today is between 139.40 and 142.20.

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Daily analysis of Gold for June 22, 2017

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Overview

The gold price keeps fluctuating within a tight range below 1,254.56 levels. Stochastic begins to provide a negative overlapping signal on the four-hour time frame and is likely to help the price resume the bearish bias with the main target at 1,229.32 in the upcoming sessions. Therefore, the bearish trend scenario will remain active for today supported by the EMA50. Holding below 1,254.56 levels represents an important condition for the continuation of the expected decline. 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 22, 2017

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Overview

The silver price traded upwards testing the key resistance at 16.70. Now the price is holding below this level, thus keeping the bearish trend active in the upcoming sessions. A breach of the mentioned level will help the price return to the main bullish trend, which first target is located at 17.43. You should be aware that a breach of 16.56 and 16.70 levels will stop the suggested negative scenario and lead the price to regain its main bullish track with upward targets beginning at 17.43. The expected trading range for today is between the 16.20 support and the 16.60 resistance.

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EUR/USD approaching profit target, prepare to sell

Price has bounced up strongly and is fast approaching our profit target. We prepare to sell below 1.1181 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 1.1120 support (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is seeing strong resistance below 96% with stochastic starting to turn down, signalling that we're expecting an impending bearish move.

Sell below 1.1181. Stop loss at 1.1216. Take profit at 1.1120.

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USD/JPY remain bullish for a further push up

Price continues to test our entry area. 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. Stop loss at 110.45. Take profit at 113.06.

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