Technical analysis of GBP/JPY for July 14, 2017


Yesterday's targets which we predicted have been hit precisely in line with our outlook. The technical picture of the pair remains positive above a rising trend line and the pair is expected to continue its upside movement. The rising 20-peirod and 50-period moving averages maintain the upside bias. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum.

As long as 146.60 is support, look for a further upside towards 147.75 and even 148.10 in extension.

Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 146.60 with the target at 146.00.

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: 146.60, Take Profit: 146.60.

Resistance levels: 147.75, 148.10, and 148.45

Support levels: 146, 146.25, and 145.75

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NZD/USD Intraday technical levels and trading recommendations for July 14, 2017


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 and a valid SELL opportunity can be offered if enough bearish rejection is expressed.

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 can 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 July 14, 2017


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.

Currently, the EUR/USD pair remains trapped within the depicted consolidation range (1.0500-1.1300) until a breakout occurs in either direction.

Any bullish breakout above 1.1300 will probably liberate a quick bullish advance towards 1.1495 and 1.1600.


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 recent bearish correction was initiated towards 1.1120.

Evident bullish rejection was expressed around 1.1120 where the current bullish movement towards 1.1400 was initiated.

As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further advance towards 1.1415-1.1520 (Daily Supply-Zone) where a valid SELL entry can be offered if the current bearish rejection is maintained.

On the other hand, the price zone of 1.1260-1.1130 stands as a prominent DEMAND zone to be watched for bullish rejection.

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Global macro overview for 14/07/2017

Global macro overview for 14/07/2017:

The unexpected data from the Australian economy has hit the financial markets. Australian inflation expectations rebounded sharply in July, pointing to stronger cost pressures across the country. The monthly report from the Melbourne Institute that tracks expected inflation using the 30% trimmed mean measure, has delivered a 4.4% jump in consumer inflation expectations, after falling 0.4 percentage point to 3.6% last month. The general inflation expectations have decreased over the last few months in Australia, but the general trend is still positive. The underlying cost pressures in the economy in the last 12 months have been increasing, so the official inflation indicator climbed to the level of 2.1% on a year-to-year basis. Moreover, a majority of market analysts and some other economists, including Prime Minister Malcolm Turnbull's currency economic adviser, are strongly convinced that the inflation might go even higher this year.

This situation, in turn, might put pressure on the Reserve Bank of Australia to start tightening monetary policy sooner than expected. Nevertheless, at its recent meeting last week, the RBA held interest rates at record lows and delivered another neutral policy statement. This point of view might be changed very soon as the RBA will try to adapt to the economic conditions, so the interest rate hike will mean stronger appreciation of the AUD across the board.

Let's now take a look at the AUD/USD technical picture on the daily time frame. The pair is trading near an 8-month high around the level of 0.7756 as the momentum indicator bounces from the fifty level. The next technical resistnace is the multi-month high at the level of 0.7777 and the next important support is seen at the level of 0.7748.


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USD/JPY analysis for July 14, 2017


Recently, the USD/JPY pair has been trading sideways at the price 113.20. Anyway, according to the 4H time frame, I found a breakout of rising wedge in the background, which is a sign that buying looks risky. My advice is to watch for selling opportunities. The downward target is set at the price of 112.85.

Resistance levels:

R1: 113.50

R2: 113.65

R3: 113.75

Support levels:

S1: 113.25

S2: 113.35

S3: 113.00

Trading recommendations for today: watch for potential selling opportunities.

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EUR/USD analysis for July 14, 2017


Recently, the EUR/USD pair has been trading sideways at the price 1.1415. Anyway, according to the 30M time frame, I found a fake breakout of a two-day low in the background, which is a sign that selling looks risky. Relative strength index looks strong and my advice is to watch for potential buying opportunities. The upward target is set at the price of 1.1455.

Resistance levels:

R1: 1.1415

R2: 1.1420

R3: 1.1430

Support levels:

S1: 1.4000

S2: 1.1390

S3: 1.1385

Trading recommendations for today: watch for potential buying opportunities.

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Will USD/CHF drop?! | Daily Forex Technical Analysis | 14th July 2017

USD/CHF looks like it is setting up nicely to plummet from here! Get ready to get in on the action guys!

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Divergences Analysis of USD / JPY July 14



The correction of the pair halted at the level of 76.4% - 113.06 allowed the reversal to be in favor of the U. S. dollar and the uptrend began towards the 100.0% correction level at 114.36. There is no sign of divergence today. The pullback of the USD/JPY pair with the Fibonacci level of 76.4% was in favor of the Japanese currency and the continuation of the decline headed towards 112.25 with the correction of 61.8%. This ends the quotation from 100.0% Fibonacci level that works in favor of the beginning of a decline.



On the 24-hour chart, the quotation was in favor of the Japanese yen from the correction level of 23.6% at 114.07. Consequently, the price fell towards 111.17 with 38.2% Fibonacci level. Emerging divergence is not observed in any of the indicator. Fixing the pair above the 23.6% retracement level at 118.66 level will be in favor of the U.S. dollar and will proceed towards the Fibonacci level of 0.0% at 118.66. Similarly, a retracement of the pair from the correctional level of 38.2% could lead to a slight increase.

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Daily analysis of Gold for July 14, 2017



The Gold price settles around 1,214.30 level, and stochastic managed to reach the oversold areas, to form positive factor that we expect to assist to push the price to rebound bullishly and resume the bullish bias again, waiting to visit 1229.32 level initially. Therefore, we will continue to suggest the bullish trend in the upcoming sessions unless breaking 1,208.92 level and holding below it, as breaking this level will push the price to visit 61.8% Fibonacci correction level at 1188.52 before any new attempt to rise. The expected trading range for today is between 1205.00 support and 1235.00 resistance.The material has been provided by InstaForex Company -

Daily analysis of Silver for July 14, 2017



The Silver price shows some bearish bias to approach from testing the key support 15.49, and the price needs to hold above this level to keep the bullish trend scenario active for the upcoming period, as breaking this level will put the price under the negative pressure again, and it might head to visit 14.60 followed by 13.75 areas on the short term basis. The price might be forced to show some sideways fluctuation until it managed to get enough positive momentum to push trading to rise again, reminding you that our first positive target is located at 16.56. The expected trading range for today is between 15.50 support and 15.90 resistance.

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Global macro overview for 14/07/2017

Global macro overview for 14/07/2017:

Yesterday, FED Chairperson Jannet Yellen delivered the second part of the two-day semi-annual monetary policy testimony in front of the US Congress.

She basically reiterated most of the points of her speech yesterday and answered the questions from the US Congress Committee, who had additional doubts about generating 3.0% growth by the Trump administration over the next two years. Moreover, the US Congress Committee expressed more doubts regarding the ability of the Trump administration to boost productivity through tax reform, which is linked to a rather insecure fiscal policy. Nevertheless, Yellen expressed her point of view regarding the FED's balance sheet reduction and plans to shrink them later this year. The trajectory of further rate hikes is still under the influence of further inflationary pressures, which was more dovish in the conclusion than expected. Later she admitted that the fed funds rate remains somewhat below its neutral level and "because the neutral rate is currently quite low by historical standards, the federal fund's rate would not have to rise all that much further to get to a neutral policy stance." It means the current economic factors that are preventing FED from faster interest rate hike are all transitory and will diminish somewhat over time. All in all, FED Chairperson indicated that the central bank policy makers want first to reduce the balance sheet and then continue with additional gradual rate hikes, which are likely to be still appropriate over the next few years. Currently, the biggest concern for FED is inflation, which is the key uncertainty and right now it is running below their target. It has declined recently.

In conclusion, FED Chairperson Yellen gave some hints, that the September interest rate hike is off the table for now as the FED policymakers want to start to normalize the FED's $4.5 trn balance sheet accumulated since the financial crisis of 2007. Nevertheless, the gradual interest rate hikes are still possible later in 2017 if the economic data, especially inflation, will justify such a move.

Let's now take a look at the SPY (SP500 ETF) technical picture on the H4 time frame. After Yellen's testimony, the index rallied to almost new highs but eventually was capped at the level of 244.50. The next technical support is seen at the level of 243.72 and the next technical resistance is seen at the level of 244.70 - 245.00 (all time highs).


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Elliott Wave Ananlysis of EUR/NZD for July 14, 2017


Wave summary:

Red wave ii has turned into an expanded flat, which is now calling for an extended rally in red wave iii. Ideally red wave ii completed with the test of 1.5419 and red wave iii towards at least 1.6232 now is developing. To confirm red wave iii is developing, we need to see a break above minor resistance at 1.5737.

Trading recommendation:

We bought EUR at 1.5510 and have placed our stop at 1.5410. If you are not long EUR yet, then buy near 1.5510 or upon a break above 1.5737 and use the same stop.

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Elliott Wave Ananlysis of EUR/JPY for July 14, 2017


Wave summary:

We continue to look for a deeper correction closer to support near 125.82 before the next rally higher should be expected.

Short-term, we are looking for minor resistance at 129.66 to be able to protect the upside for the next decline towards 125.82.

Trading recommendation:

We are short EUR from 129.85 with a stop placed at 129.70. If you are not short EUR yet, then sell near 129.65 and use the same stop. Take profit at 126.10.

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Fundamental Analysis of USD/CHF for July 14, 2017

USD/CHF is currently struggling at the edge of 0.9700 area and seems to be correcting itself before an impulsive breakout. CHF has been quite stronger than USD earlier but currently seems to show some weakness along the way. Yesterday, Switzerland's PPI report was published with an actual reading of -0.1% which previously was at -0.3% but could not meet the expectation at 0.0%. As a result, CHF was quite weak after the economic report was published. On the USD side, today CPI report is going to come in at 0.1% which previously was at -0.1%, Core CPI is expected to show an increase to 0.2% from the previous value of 0.1%, Core Retail Sales report is expected to show positive value at 0.2% which previously was at -0.3%, and Retail Sales report is also expected to show positive figure at 0.1% which previously was at -0.3%. Along with all these high impact economic events today, Capacity Utilization Rate report is also slated today with a slight improvement to 76.7% from previous value of 76.6%, Industrial Production report is expected to show a rise to 0.3% from the previous score of 0.0%, Prelim UoM Consumer Sentiment is expected to be unchanged at 95.1, Business Inventories report is expected to be positive at 0.3% from the previous negative value of -0.2%, and Prelim UoM Inflation Expectation is also expected to be upbeat as well which previously was at 2.6%. Today, FOMC Member Kaplan is also going to speak on the US key interest rate and future monetary policy. To sum up, a deluge of high and medium impact economic events today may lead to higher volatility in the market. Amid positve expectations for all these reports, USD is expected to gain stronger against CHF in the coming days.

Now let us look at the technical chart. The price is currently at the edge of 0.9700 resistance level which is expected to break above it as per hawkish sentiment and expectation of the USD economic events today. If the price breaks above 0.9700 with a daily close, then we will consider buy positions with a target at about 0.9810. On the other hand, if the price rejects 0.9700 with a daily close today, then we will plan sell positions with a target towards 0.9550 support level. As the trend is bearish, there are higher chances of price rejecting off the level. Then, the pair could proceed further with more bearish pressure in the market. The bearish bias will continue until price breaks above 1.0100 resistance level with a daily close.


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Trading plan for 14/07/2017

Trading plan for 14/07/2017:

It was a quiet overnight Asian session with no major price movements. The strongest currencies are AUD (0.16%) and GBP (0.15%). On the other side of the table is the yen, which is down -0.13% against USD. Crude oil has slowed yesterday's gains, now WTI gains 0.1% and is at $46.15. The Nikkei 225 is up 0.2%, Hang Seng 0.1%, and Shanghai Composite 0.05%.

On Friday 14th of July, the event calendar will get busy during the US session, because the US will present a series of statistics of crucial importance: Retail Sales, Consumer Price Index, Capacity Utilization Rate, Industrial Production, and Preliminary UoM Consumer Sentiment. Moreover, there is one speech from FOMC member Robert Kaplan scheduled later in the global trading day.

EUR/USD analysis for 14/07/2017:

From the bunch of US economic data, the most important are inflation data in form of Consumer Price Index. The global investors expect an increase in inflationary pressures from -0.1% to 0.1% on a monthly basis. However, on the yearly basis, the CPI is expected to decrease from 1.9% to 1.7%, but Core CPI (which excludes food and energy prices) should remain stable at the level of 1.7%. The inflation peaked in February 2017 and has been falling since. In that situation, the Federal Reserve will need to find a good justification whether they should continue with rate hikes as planned and even move toward normalizing the balance sheets or should they wait for more data to come later this year.The danger here is the FED might start to tighten the monetary policy too early while the pace of economic growth is too slow and the inflation is not picking up as projected. This is why today's inflation data are so important.

The latest testimony of FED Chairperson Jannet Yellen on monetary policy to the US Congress was rather dovish. Nevertheless, Yellen still thinks all the recent US economic troubles are transitory (especially low inflation) and the economic growth will pick up later this year.

Other economic data are also expected to improve, like Retail Sales from -0.3% to 0.1%, Industrial Production from 0.0% to 0.3%, and Business Inventories from -0.2% to 0.3%. The Retail Sales data are not expected to improve too much as long as wage growth remains subdued. The strong US job market helps to some extent, but so far it is still not enough to improve the sales over 1.0% on monthly basis.

Let's now take a look at the EUR/USD technical picture on the H4 time frame. The market is trading under the golden trend line and still can not break out above the 61%Fibo at the level of 1.1422. This will be the key level for both bulls and bears as any violation of this level will open the road towards the last high at the level of 1.1489 or towards the recent lows at the level of 1.1370. Better than expected US data will favor the downside move in this pair.


Market Snapshot: USD/JPY trades in oversold zone

The price of USD/JPY is trying to bounce from the technical support at the level of 112.92, but so far the bulls are too weak to violate the intraday resistance at the level of 113.68. The market conditions remain oversold and the momentum indicator is moving sideways around the fifty level. Breakout below the level of 112.74 will accelerate the sell-off towards the next technical support at the level of 111.77.


Market Snapshot: EUR/NZD bounces from support

The price of EUR/NZD had bounced from the technical support zone at the level of 1.5450 - 1.5503 and left a long candle wick in this zone. Despite the oversold market conditions, the bulls are so far unable to push the prices towards the next technical resistance at the level of 1.5633 and it looks like the downside move might continue after the period of consolidation. Any violation of the level of 1.5450 will open the road towards the technical support at the level of 1.5232.


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NZD/USD Intraday technical levels and trading recommendations for July 13, 2017

Forex analysis review
NZD/USD Intraday technical levels and trading recommendations for July 13, 2017

The dollar leads the competition

The euro could not stay for long in the region of 14-month highs and has hit the wave of profit-taking on longs after rumors circulated in the market that the ECB could follow the Fed in slowing down the process of normalizing monetary policy amid deteriorating financial conditions. The TD Bank believes that the level of 1.15 will be the ceiling of the EUR/USD in the short-term. Moreover, Credit Agricole is sure that the regulator will express dissatisfaction at the next meeting, The of the weighted trade rate of the euro was at 5% since April with strengthened risks of a slowdown in inflation for the next 6-12 months. This will allow the European Central Bank to postpone the reduction in the scale of quantitative easing.

Recently, several central banks have decided to follow the footsteps of the Federal Reserve in 2015 and 2016. Even the BoC raised their overnight rates. In this regard, it is not surprising that everyone continues to look towards what the Fed has to say, Janet Yellen's words about the readiness of the regulator to review the trajectory of the federal funds rate if inflation continues to slow were initially regarded as a "dovish" rhetoric. This forced investors to sell the dollar. Otherwise, if Yellen talked about the temporary nature of PCE growth rates and claimed that the Fed will act according to plan then the opposite would have happened. As a result, the likelihood of a monetary restriction went down and the EUR/USD quotes returned to the middle of the 14th figure.

Chart of the probability of monetary restrictions of the Fed in 2017


Source: Bloomberg

It is interesting that other central banks adhered to similar positions in the present day. Mario Draghi, like a blueprint, echoed the words of the head of the Federal Reserve on inflation. Nevertheless, after Yellen's speech before the Congress, the situation changed. The likely reason for changing rhetoric was the deterioration in financial conditions. The strengthening of the dollar and the growth of US Treasury bonds yields have become a catalyst for this process, However in Europe, due to the reevaluation of the euro and the rapid rise in rates of the debt market, financial conditions are deteriorating even faster compared to the US. Meanwhile, the ECB, following the example of the Fed, is unlikely to turn a blind eye.

Thus, if the "bears" for the EUR/USD currency pair managed to keep the quotes below the marke of 1.138. The risk of correction is in the direction of the base of the 13th figure and below the increase. Nevertheless, it should be understood that the uptrend remains in place. Statistics on Germany's foreign trade and industrial production in the euro area convinces the economy in Europe. The risks of the collapse of the currency bloc declined from 25% at the beginning of the year to 8.5% currently. In the United States, the situation is reversed. Macro statistics is mixed with the scandal surrounding the ties between Trump's son and Russia intensifying political risks.

Technically, the inability of the "bulls" to consolidate above the resistance at 1.1475 indicates their weakness. To develop a corrective movement for the "bears", it is necessary to storm the diagonal support in the form of a lower boundary of ascending trading channel.

EUR/USD daily chart


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Technical analysis of USDX for July 14, 2017

The Dollar index remains above the recent lows at 95.50 although the chances of breaking the lows are high. The trend remains bearish. Breaking below 95.50 will open the way for a move towards 94.70.


Red line - resistance

Blue line- support

The Dollar index is trading below the Kumo in the 4-hour chart and looks ready to break below 95.50. There are some bullish divergence signs by both the RSI and this is a warning for traders not to get too bearish.


Blue lines - bearish channel

Nothing new on the weekly chart where we see price below the weekly Kumo (cloud), inside the bearish channel, very close to the lower channel boundary and the RSI (5) diverging. I continue to expect a bounce towards 97.70-98 over the coming weeks.

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Technical analysis of gold for July 14, 2017

The Gold price bounced towards the upper channel boundary and resistance area of $1,230 and got rejected. The price has turned back lower towards $1,215. Gold bulls need to break above $1,230 in order to confirm that an important low is in.


Blue lines - bearish channel

The Gold price is below the Kumo (cloud) and still inside the bearish channel. Support is at $1,205 and next support is at $1,190. Resistance is at $1,230.


Red lines - wedge pattern

The Gold price broke out of the downward sloping wedge pattern but the tenkan-sen (red line indicator) is providing important resistance and bulls cannot overcome this obstacle...yet. I believe that eventually the Gold price will turn back again upwards and break above $1,230 and move at least towards $1,260.

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Analysis of GBP / USD Divergences for July 13



On the 4-hour chart, the pair executed a turn in favor of the British currency and began the growth process in the direction of the corrective level of 161.8% - 1.3076. However, on July 13, the bearish divergence of the CCI indicator is boiling: The last peak of quotations may turn out to be lower than the previous one, and the analogous peak of the indicator is higher than the previous one. Bearish divergence will allow us to expect a turn in favor of the US currency and the resumption of a decline in the direction of the correction level of 100.0% - 1.2707.



On the 24-hour chart, the drop in quotations continues in the direction of the Fibo level of 200.0% - 1.2653 after the formation of the bearish divergence. Leaving the quotations from the correction level of 200.0% will allow traders to count on a reversal in favor of the British currency and some growth towards the Fibo level of 161.8% - 1.3105. Brewing divergences are now not visible in any indicator. The consolidation of the pair's rate under the correction level of 200.0% will increase the chances for a further decline towards the corrective level of 261.8% - 1.1925.

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EUR/USD prepare to sell on strength for a further drop

Price has dropped sharply from yesterday. We prepare to sell below 1.1444 resistance (Fibonacci retracement, horizontal pullback resistance, Elliott wave theory) to play the further push down to at least 1.1381 support (Fibonacci extension, horizontal swing low support, Fibonacci extension).

Stochastic (55,5,3) still has some good downside potential to at least 4.6% for price to play the drop to.

Sell below 1.1444. Stop loss at 1.1470. Take profit at 1.1381.


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USD/JPY dropping nicely, remain bearish for a further drop

Price has started to drop really nicely from our selling area as expected, we do see a lot more downside potential in this move though. Our goal is to remain bearish looking to sell on rallies below major resistance at 114.32 (Fibonacci extension, horizontal swing high resistance, bearish divergence) so that we can get into good positions to play the push down to at least 111.77 support (Fibonacci retracement, horizontal overlap support).

Stochastic (89,5,3) is seeing major resistance below 95% and has made a bearish triangle exit. We can see that it has good downside potential to play the drop further before reaching any significant support.

Sell below 114.32. Stop loss at 115.09. Take profit at 111.77.


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Daily analysis of USD/JPY for July 13, 2017




The USD/JPY pair struggled to break 113.15 level yesterday but failed to hold below it. So the pair continues fluctuating around this level. USD/JPY has settled below the EMA50 that forms negative pressure in the intraday trading. Therefore, the correctional bearish trend will remain valid on the intraday basis. Let me remind you that our next main target is located at 112.32, while the expected decline will remain valid unless the price manages to breach 113.65 followed by 114.00 and holding above them. The expected trading range for today is between 112.32 support and 114.00 resistance.

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Daily analysis of GBP/JPY for July 13, 2017



The GBP/JPY pair touched the initial support level at 145.25, showing its affection by the expected bearish correctional bias. Let me remind you that the bearish scenario depends on the stability of 147.65 level to form the main barrier between a possible bullish attack and an attempt to achieve extra correctional targets. Stochastic approach from the oversold level will increase the negative pressure on the current trading, which makes us prefer more of the negative attempts to expect targeting 144.00 and 142.60 even lower so that the moving average could be tested. The expected trading range for today is between 146.70 and 144.00

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Daily analysis of Gold for July 13, 2017



Gold price has settled around 1,220.00 after the rise yesterday. Please note that stochastic is making attempts to get rid of its negativity gradually. The metal is waiting to get enough positive momentum to push the price to resume the bullish trend again, as our first target is located at 1,229.32. In general, we still suggest the bullish outlook as long as the price holds above 1,208.92. Breaking this level will push the price to extend its bearish correction towards 1,188.52, while breaching 1,229.32 represents the key level to extend Gold price gains towards 1,254.56 directly. The expected trading range for today is between 1,210.00 support and 1,235.00 resistance.

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Daily analysis of Silver for July 13, 2017



Silver price provided clear positive trading yesterday to test 16.00 barrier, as it gets positive signals through stochastic. The metal is waiting for a higher rise to test 16.56 level that represents our first main target. Therefore, we are waiting for a further rise in the upcoming sessions on condition of holding above 15.49 level. Breaking this level will push the price to decline again and head for 14.60 followed by 13.75 levels on the short-term basis. The expected trading range for today is between 15.70 support and 16.20 resistance.

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