Technical analysis of USD/JPY for June 28, 2017

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Our both targets which we predicted for USD/JPY in the analysis from 26th June have been hit. The pair is expected to continue its upside movement. Although the pair retreated from 112.45 (the high of June 27), a support base at 112.00 has been formed and has allowed for a temporary stabilization. The rising 20-period and 50-period are playing support roles. The relative strength index is above it neutrality level at 50.

Hence, as long as 111.80 is not broken, look for a further rise to 112.45 and even to 112.65 in extension.

Alternatively, if the price moves in the opposite direction as predicted, short position is recommended below 111.80 with targets at 111.55 and 111.35.

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: 111.80, Take Profit: 112.45

Resistance levels: 112.45, 112.65, and 113.00

Support levels: 111.55,111.30, and 111.00

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Technical analysis of USD/CHF for June 28, 2017

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All our targets in the USD/CHF pair, which we predicted on 26th June, have been hit. USD/CHF is under pressure; and the downside trend is still expected to prevail. The pair is holding on the downside. Further downward momentum is reinforced by the declining 20-period and 50-period moving averages. The relative strength index has broke down its oversold level of 30, but has not displayed any reversal signal.

Hence, as long as 0.9635 is resistance, another decline to 0.9550 and even to 0.9525 seems more likely to occur.

Chart Explanation: The black line shows the pivot point; the 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: 0.9635, Take Profit: 0.9550

Resistance levels: 0.9660, 0.9685, and 0.9705

Support levels: 0.9550, 0.9525, and 0.9500

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Technical analysis of GBP/JPY for June 28, 2017

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All our targets which we predicted for the GBP/JPY pair have been hit. Our forecasts for GBP/USD have been true since the 1st June. The pair is still holding on the upside. The upward momentum is further reinforced by the rising 20-period and 50-period moving averages. The relative strength index is mixed with a bullish bias.

European Central Bank President Mario Draghi pointed out that the economic recovery in the eurozone remained on track with signs of reflationary pressures. Besides, he said the central bank could adjust its policy tools of sub-zero interest rates and massive bond purchases. Such hawkish comments sparked a wave of selling in government bonds in Germany, Sweden, the U.K., and the U.S.

To sum up, as long as 144.00 is not broken, look for the continuation of the uptrend with targets at 146.15 and 147.00 in extension.

Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 144.00 with the target at 143.20.

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 a 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: 144, Take Profit: 146.15.

Resistance levels: 146.15, 147.00, and 148.05

Support levels: 143.20, 142.80, and 142.00

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Technical analysis of NZD/USD for June 28, 2017

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NZD/USD is expected to trade in a lower range. Although the pair posted a rebound, it is still trading below the declining 50-period moving average, which plays a resistance role and maintains the downside bias. The relative strength index is below its neutrality level at 50.

To conclude, as long as 0.7320 is not surpassed, look for a new drop to 0.7240 and even to 0.7210 in extension.

Strategy: SELL Stop Loss: 0.7320. Take Profit: 0.7240

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: 0.7350, 0.7375, and 0.7405

Support levels: 0.7240, 0.7210, and 0.7170

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GBP/USD analysis for June 28, 2017

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.2861 in an ultra high volume. According to the 30M time frame, I found a buying climax in the background, which is a strong sign of weakness. My advice is to watch today for selling opportunities. The downward targets are set at the price of 1.2785, 1.2770, and 1.2750.

Resistance levels:

R1: 1.2835

R2: 1.2850

R3: 1.2875

Support levels:

S1: 1.2800

S2: 1.2775

S3: 1.2760

Trading recommendations for today: watch for potential selling opportunities.

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

EUR/USD analysis for June 28, 2017

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Recently, the EUR/USD pair has been trading upwards. The price tested the level of 1.1388 in a ultra high volume. According to the 30M time frame, I found a successful test of supply in a low volume, which is a sign that the price is heading for higher levels. My advice is to watch for potential buying opportunities. I have placed Fibonacci levels to find potetnial upwards targets. The upward targets are set at the prices of 1.1385 and 1.1410.

Resistance levels:

R1: 1.1385

R2: 1.1410

R3: 1.1430

Support levels:

S1: 1.1345

S2: 1.1320

S3: 1.1300

Trading recommendations for today: watch for potential buying opportunities.

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Global macro overview for 28/06/2017

Global macro overview for 28/06/2017

Mario Draghi's speech at the opening of the central bank symposium yesterday was supposed to be quite subdued. Nevertheless, the ECB head surrendered to his optimism, which was conducive to the strengthening of the Euro. It is possible that similar moves will happen today, as heads of banks from Japan, Britain, and Canada will join Draghi.

The joint panel conference of four central bankers on ECB Forum on Central Banking in Sintra, Portugal is scheduled at 01:30 pm GMT. Except for ECB President Mario Draghi, to the panel discussion will join Mark Carney (Bank of England), Haruhiko Kuroda (Bank of Japan) and Stephen Poloz (Bank of Canada). It might be a time for Draghi to continue what he did yesterday. He announced a possible turn in monetary policy, which resulted in a definite strengthening of the Euro and a sell-off in European equity markets. Currently, global investors want to learn more details that can be presented at the discussion panel at the central bank symposium. Will Draghi elaborate a little more during his speech? Well, a joint discussion is a place for more general exchange of ideas, but the expectations of investors are so intense, that every word spoken there will be carefully analyzed. Moreover, it is rarely possible to meet the presidents of four large central banks in one place during a conference.

Any hints from any central banker, regarding a possible termination of QE by ECB or a possibility of an interest rate hike or more details regarding the turn in ECB monetary policy will make the common currency to appreciate again and new highs on various Euro-related pairs across the board can be made.

Let's now take a look at one of them, EUR/JPY on the H4 time frame. This pair is trading at 15th month's high around the level of 127.78, which is a 161%Fibo extension of the previous swing down. Nevertheless, despite the other bullish clues like trading above all the important moving averages, the visible bearish divergence between the price and the momentum indicator might suggest, it is a time for a pullback towards the next technical support at the level of 125.77.

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Global macro overview for 28/06/2017

Global macro overview for 28/06/2017:

The FOMC policy members were less hawkish yesterday than anticipated, so the dollar index was sliding down. Markets ignored yesterday's higher-than-expected Conference Board consumer confidence index and Richmond Fed index data. In turn, Janet Yellen's speech did nothing new except reiteration of the same statements from the June FOMC meeting. FED will continue its policy of gradual rate hikes in the US. The Fed chairperson also expressed her concerns about historically high valuations of US shares. An interesting remark during the speech was made, when she said: "Can't rule out another crisis but the system is much safer. Don't expect another crisis in our lifetimes". Nevertheless, the FED Chairperson Jannet Yellen still remains dovish and data dependent in her monetary policy statements.

The Minneapolis Federal Reserve President Neel Kashkari, on the other hand, upheld his cautious approach to further US money growth, arguing that the lack of wage pressure does not point to the overheating of the US economy.From his point of view, there is still no rush needed to hike the interest rates as there is no economic indicator that would suggest the US economy risks overheating anytime soon.

Kashkari is a member of this year's Federal Open Market Committee (FOMC), where he has opposed back-to-back rate hikes. On June 14, the Fed voted to raise interest rates by a quarter-point to 1.25%, with officials expecting one more upward adjustment before year's end. The crucial for US Dollar will be next set of data published from the US economy - without their further improvement and rising inflation rates, it will be difficult to justify further rate hikes.

Let's now take a look at the US Dollar technical picture at the H4 timeframe. The price just broke below the technical support at the level of 96.32 and it looks like it is heading towards the next technical support at the level of 95.91. The market conditions are very oversold, so a bounce might occur any time now.

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Trading plan for 28/06/2017

Trading plan for 28/06/2017:

After yesterday's busy trading day, the mood of the Asian session was calm. The dollar is losing to other G-10 currencies today. The strongest are commodity currencies like CAD, AUD, NZD, EUR/USD after breaking above 1.1230 and 1.1300 currently trades around 1.1350. USD/JPY is in the correction phase and from yesterday's highs around 112.50 is moving back to 112.20.

On Wednesday 28th of June, the event calendar is again busy with the central banker's speeches. First to speak is Bank of Japan Governor Haruhiko Kuroda at 01:30 pm GMT. Next one to speak is Bank of Canada Governor Stephen Poloz, Bank of England Governor Mark Carney and European Central Bank President Mario Draghi. The global investors will pay attention to Goods Trade Balance and Pending Home Sales data from the US later in the session.

EUR/USD, USD/JPY and GBP/USD analysis for 28/06/2017:

The central banker's remarks have contributed to the global market shifts. ECB President Mario Draghi comments on deflation risks and inflation ease by short-term global factors have given the Euro a rather strong impulse to further strength. The President of the ECB pointed to "stronger and more widespread reflection in the euro area economy" and stated that "deflationary tendencies have been replaced by reflationary", but the European economy still needs significant support. The market read these words as a prelude to the upcoming tapering and possibility of sooner rate hikes in the Eurozone. The markets vigorously repriced Eurozone assets sending EUR/USD rocketing higher led by EURJ/PY which traded at the highest point in over a year.

An effective blow to the British banking sector was set by Mark Carney, the governor of the Bank of England, who reported on the planned increase in capital requirements. The reason behind such a statement is, that the UK is preparing for the worst case scenario regarding post-Brexit negotiations result as Mark Carney said yesterday, that the central bank is putting contingencies in place for the possibility that Britain drops out of the European Union without any deal in just under two years time.

No hawkish mentions during the speech of Janet Yellen clearly favor the Euro again. An interesting remark during the speech was made, when she said: "Can't rule out another crisis but the system is much safer. Don't expect another crisis in our lifetimes". This might suggest more confidence in FED's current monetary policy and announces more interest rate hikes and balance sheet rollover in the near future.

Let's now take a look at the EUR/USD, GBP/USD and USD/JPY technical picture at the H4 timeframe.

EUR/USD ripped up yesterday and currently trades around the level of 1.1380 in overbought market conditions. The next important technical resistance is seen at the level of 1.1425 at the daily timeframe. The next support is seen at the level of 1.1283 - 1.1295. The current bias is bullish, and might even get parabolic is Mario Draghi will deliver more hawkish statements during today's speech later in the day.

GBP/USD had broken above the technical resistance at the level of 1.2817 after Mark Carney remarks, but reversed at the level of 1.2680 and got back to the range zone. The market still trades below the golden trend line in overbought market conditions. The next important support is seen at the level of 1.2709.

USD/JPY had hit the 61%Fibo at the level of 112.23 and reversed back under it. The intraday high at the level of 112.46 will now act as the technical resistance as the growing bearish divergence between the pice and the momentum oscillator clearly favors the downside.The next important support is seen at the level of 111.75.

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Ichimoku indicator analysis of NZD/USD for June 28, 2017

The price action here is very bearish. Technically we have a fake breakout and rejection. Bearish divergence signs. Reversal candle formations.

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In the 4-hour chart, the price has broken below both the tenkan- and kijun-sen indicators and is going to test the Ichimoku cloud support. Both RSI indicators have provided bearish divergence signals. Support is at 0.7240.

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Red lines - bearish channel

The NZDUSD has made a false break out above the upper channel boundary and is turning downwards. I expect a deep pull back for this pair at least towards 0.7165 as the price is already trading below the tenkan-sen.

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Ichimoku indicator analysis of USD/JPY for June 28, 2017

The USD/JPY pair rallied yesterday from 111.50 to 112.50 where we previously mentioned that this is important resistance area. USD/JPY could reach 112.85 where the blue trend line resistance from the previous highs is found.

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Price has broken out of the cloud but will have to stay above it and break above the blue trend line in order for the trend to remain bearish. Important daily support is at 111.70. If this support level is lost, we should expect prices to fall hard and start a new downward move to 104.

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In the 4-hour chart price remains above the tenkan- and kijun-sen. Trend is bullish. Support is at 111.95 and at 111.70. Breaking below these two levels will also change short-term trend to bearish.The material has been provided by InstaForex Company - www.instaforex.com

Ichimoku indicator analysis of USDX for June 28, 2017

Selling pressure in the US dollar index pushed it below the important resistance levels opening the way for a move towards 95-94. The trend is clearly bearish on all time frames.

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Red line - resistance

Blue line - support

Price has broken below the Tenkan- and Kijun-Sen on the daily chart. The index has been forming something like a megaphone for the last few weeks and this provides a support at 95.70. However, I believe that the move that started just below 98 last week is not going to stop there but much lower. The consolidation of the last few weeks is being broken downwards.

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Blue lines - bearish channel

The rejection from the Ichimoku cloud was a stronger bearish signal than the bullish divergence by the RSI(5). The trend remains bearish as a new weekly low is made. We have to wait and see if the RSI indicators provide a new low or a new divergence.

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Ichimoku indicator analysis of gold for June 28, 2017

Gold price might have made an important low last week and needs to hold above it. Next sign of strength will be to break above $1,260 and the most important resistance for bulls to break, will be the $1,300 area of the previous double top.

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Red line - short-term resistance trend line

Gold price is still trading below the Ichimoku cloud in the 4 hour chart. Price holds above the 61.8% Fibonacci retracement and it shows signs of a possible bullish reversal from current levels. Short-term resistance at $1,260. Support at $1,235.

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On a daily basis Gold price is holding above the Kumo and this is a bullish sign. The RSI (5) is also turning upwards which is a bullish sign. Next important daily resistance is at $1,266. If broken we will test the double top at $1,290-$1,300. If however break below the cloud, we should expect $1,200 to be tested. I remain longer-term bullish.The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 27/06/2017

Forex analysis review
Global macro overview for 27/06/2017

Elliott wave analysis of EUR/NZD for June 28, 2017

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Wave summary:

EUR/NZD spiked lower to 1.5215 hitting our stop before taking off for real. The rally off the 1.5215 low is clearly impulsive, confirming that wave ii/ has completed and wave iii/ to above 1.6237 now is developing. Short-term, we are looking for a correction lower to 1.5475 and maybe even closer to 1.5395 before the next strong rally higher should be expected.

R3: 1.5800

R2: 1.5725

R1: 1.5640

Pivot: 1.5600

S1: 1.5534

S2: 1.5475

S3: 1.5439

Trading recommendation:

Our stop at 1.5246 was hit for a loss. WE will re-buy EUR at 1.5450 or upon a break above 1.5645.

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Daily analysis of major pairs for June 28, 2017

EUR/USD: The EUR/USD has gained about 150 pips this week, to continue the bullish movement that gradually started in the last few trading days of last week. Price is now between the support line at 1.1300 and the resistance level at 1.1350 (and the resistance level would soon be breached to the upside). There is a very strong Bullish Confirmation Pattern in the market, which signals further northward journey.

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USD/CHF: This currency trading instrument went downwards yesterday, in what could be called an end to the gradual downwards movement that started last week. The market lost 120 pips, enabled by the rise of the EUR/USD. The support level at 0.9600 has been tested and it would soon be breached to the downside.

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GBP/USD: The Cable also shot upwards yesterday, briefly testing the distribution territory at 1.2850 before the retracement we are seeing right now. Needless to say, there is a now a Bullish Confirmation Pattern in the 4-hour chart, and further upwards movement is anticipated as price goes towards the distribution territories at 1.2900, 1.2950, and the ultimate target, 1.3000. Price would first break the distribution territory at 1.2850, which was already tested yesterday.

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USD/JPY: The movement on this pair, which is also bullish, has not been as strong as that of the EUR/JPY. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. This means the market is supposed to continue going upwards, reaching the supply levels at 112.50, 113.00 and 113.50.

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EUR/JPY: The EUR/JPY has gone upwards by 300 pips this week, ending the recent tight consolidation which happened last week. Price is now above the demand zone at 127.00, almost reaching the supply zone at 127.50. After that, the price would go towards the supply zones at 128.00 and 128.50.

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Elliott wave analysis of EUR/JPY for June 28, 2017

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Wave summary:

We have finally seen the expected upside acceleration confirming more upside towards 133.34 as the next major upside target. Short-term, we will be looking for a rally to 127.80, which likely will be followed by a minor correction before higher again towards 129.50 as the next minor upside target.

R3: 129.50

R2: 129.10

R1: 127.80

Pivot: 127,50

S1: 126.95

S2: 126.61

S3: 126.14

Trading recommendation:

We are long EUR from 124.46 and will move our stop higher to 126,00. If you are not long EUR yet, then buy EUR near 126.95 and use the same stop at 126,00.

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NZD/USD Intraday technical levels and trading recommendations for June 28, 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 a breakout occurs in either direction.

Trade recommendations:

Risky traders could have a valid SELL entry at retesting of the price level of 0.7310. S/L should be placed above 0.7400.

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 28, 2017

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Monthly Outlook

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 (Multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target is projected toward 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.

In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.

Otherwise, the EUR/USD pair remains trapped within the depicted consolidation range (1.0500-1.1300).

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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 the price action should be watched for possible bearish rejection.

Recently, the price levels around 1.1280-1.1295 stood as an Intraday resistance where the recent bearish movement was initiated towards 1.1120.

The evident bullish rejection was expressed around 1.1120 where the current bullish movement was initiated.

Today, the current bullish breakout above 1.1285 should be maintained to pursue further advance towards 1.1415 where price action should be watched for a possible bearish position.

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Technical analysis of NZD/USD for June 28, 2017

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Overview:

  • The NZD/USD pair will try to rebound from the level of 0.7205 again. Remind that history usually repeats itself at the certain level. Hence, it should be noted that the support is established at the level of 0.7205 which represents the daily pivot point. The NZD/USD pair is showing signs of force following a breakout of the highest price of 0.7205. 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. 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. NZDUSDH1.png 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 the levels of 0.7344 and 0.7400. However, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7122 (first support).
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Technical analysis of USD/CHF for June 28, 2017

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Overview:

  • The USD/CHF pair has kept moving downwards from the level of 0.9701. Yesterday, the pair dropped from the level of 0.9701(this level of 0.9701 coincides with the ratio of 61.8% Fibonacci retracement) to the bottom around 0.9591. Today, the first resistance level is seen at 0.9660 followed by 0.9701, while daily support 1 is seen at 0.9545. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9660 and 0.9545; for that, we expect a range of 115 pips (0.9660 - 0.9545). If the USD/CHF pair fails to break through the resistance level of 0.9545, the market will decline further to 0.9500 in coming days. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend reversal signs. On the contrary, if a breakout takes place at the resistance level of 0.9731 (the double top), then this scenario may become invalidated.
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Daily analysis of USDX for June 28, 2017

The index was under a heavy selling pressure during Tuesday's session, pushing lower towards 96.38, where is located the immediate support for the greenback. If that level gives up, we can witness a downside's continuation towards the support area of 95.77. To the upside, if USDX does a rebound, it can retrace back towards 96.77.

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H1 chart's resistance levels: 96.77 / 97.20

H1 chart's support levels: 96.38 / 95.77

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 96.38, take profit is at 95.77 and stop loss is at 97.00.

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Daily analysis of GBP/USD for June 28, 2017

The pair gained momentum during Tuesday's session amid weakness seen in the US Dollar across the markets. Currently, GBP/USD is attempting a bullish consolidation above the resistance level of 1.2826, targeting the next key barrier around 1.2881. If the pair manages to retrace, it's possible to see a decline towards 1.2756.

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H1 chart's resistance levels: 1.2826 / 1.2881

H1 chart's support levels: 1.2756 / 1.2710

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 1.2756, take profit is at 1.2710 and stop loss is at 1.2802.

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

Fundamental Analysis of GBP/USD for June 27, 2017

GBP/USD has shown a good amount of bullish pressure after the hawkish BOE Financial Stability Report today. As this report is an assessment condition in the financial system and potential risks to financial stability. Along with the Financial Stability Report, BOE Gov. Carney's speech was also hawkish in nature about the upcoming interest rates and future monetary policies. Today CBI Realized Sales report was published with a rise to 12 which was expected to be at 4. With all the positive economic events today GBP has shown a massive bullish move today which is about to surpass the 1.2800 resistance. On the USD side, today CB Consumer Confidence report was published with a positive figure at 118.9 which was expected to be at 116.1 but it could not provide enough push to gain against the GBP. Currently, GBP is having the upper hand above the USD today and it is expected to continue further this week.

Now let us look at the technical view, the price is currently residing at the edge of breaking above the resistance level of 1.2800. As of the recent impulsive price action further bullish pressure, it is expected that price will move up higher with a target towards upcoming resistance at 1.3050 if we see a daily close above 1.2800 in the coming days. A daily close below 1.2750 will negate the current bullish bias.

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USD/CHF testing major resistance, remain bearish

Price is now testing major resistance at 0.9734 (Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction from this level to drive price down to at least 0.9675 support (Fibonacci retracement, horizontal swing low support, Fibonacci extension).

RSI (34) has broken below our long term ascending support-turned-resistance line signalling that a change in momentum is about to be seen in price. It is also now on pullback resistance.

Sell below 0.9734. Stop loss at 0.9756. Take profit at 0.9675.

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USD/JPY shooting up nicely, remain bullish for a further rise

Price has started to shoot up nicely after consolidating for the past few days. 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) remains above its support at 52% and we remain bullish on price as long as it holds above this level.

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

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