Trading Plan for AUD/USD for June 29, 2018

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Technical outlook:

The Daily chart for AUD/USD suggests that a major impulsive wave lower might have just completed or is on the verge to complete. Today's candlestick pattern is also showing a complete ideal Morning Star bullish pattern completing. If this holds for the day, it is a good indication that AUD/USD is ready for a potential reversal for a huge counter trend rally. Technically, a break above 0.7450 would confirm that bulls are in control and traders should be looking for higher levels to be carved out going forward. Furthermore, the resistance trend line is now passing through 0.7550 levels and a push above that puts the pair clearly into the buy zone and probability of breaking 0.7650 resistance would be higher. Also, the fibonacci 0.618 resistance at 0.7820 levels would be the ideal price for wave((2)) termination at a higher degree.

Trading plan:

Aggressive traders go long, stop below 0.7320, target is at least 0.7650.

Fundamental outlook:

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

Good luck!

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Trading Plan for Dow Jones for June 29, 2018

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Technical outlook:

The Daily chart for the Dow Jones is indicating that the index might have topped out and finally terminated wave (2) correction as a a-b-c around 25,400 levels earlier in this month. The index has reversed sharply after that and seems to have started constructing wave (3). As labelled here, wave 1 of wave (3) is ready and if this structure holds to be true, we should witness a counter trend rally towards 25,100 levels. Looking at the wave counts in general, the indice has formed waves (1) and wave (2) of a larger degree and till the time prices stay below 25,400 levels broadly, selling on rallies is recommended. Furthermore, the break below consolidation support line shown above would confirm and accelerate the bearish view further. Much time has been spent into carving wave (2) as a consolidation, hence a breakout is expected to be powerful and would surprise most traders going forward.

Trading plan:

Short around 25,100/200, stop above 25,500, target below 22,000.

Fundamental outlook:

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

Good luck!

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Trading plan for the US session of EUR / USD pair on June 28

To open long positions for EUR / USD pair, you need:

Buyers have coped well with the levels mentioned in my morning forecast. And now, it is trying to cling to the resistance of 1.1578, which in the second half of the day can fulfill the role of support that will strengthen the upward impulse. This allows updating the resistance level of 1.1620, where fixing profits are recommended. In the event of the EUR / USD pair returning under the support level 1.1578 in the afternoon, returning to the purchases is best for a rebound from 1.1532.

To open short positions for EUR / USD pair, you need:

The bears have no choice but to try returning to the level of 1.1578, below of which there will be fixation of profit on long positions. This will lead to a decrease of the EUR / USD pair to the area of the day's lows to support level of 1.1532. In the case of further growth, you can sell the euro after a false breakout at 1.1620, or on a rebound from 1.1669.

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Description of indicators

  • MA (average sliding) 50 days - yellow
  • MA (average sliding) 30 days - green
  • MACD: fast EMA 12, slow EMA 26, SMA
  • Bollinger Bands 20
The material has been provided by InstaForex Company - www.instaforex.com

Intraday technical levels and trading recommendations for EUR/USD for June 29, 2018

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Daily Outlook

In April 2018, the short-term outlook turned to become bearish when the EUR/USD pair maintained trading below the broken uptrend as well as the lower limit of the depicted consolidation range.

The price zone (1.1850-1.1750) offered temporary bullish rejection towards 1.1990 where a descending high was established. However, the EUR/USD bulls failed to pursue towards higher bullish targets.

Instead, further bearish momentum was expressed in the market.

Recently, the price zone (1.1850-1.1750) offered significant bearish rejection and a valid SELL entry. Bearish target around 1.1520 has already been reached.

The price zone of 1.1520-1.1420 was considered a prominent bullish demand where a valid bullish BUY entry was offered during the last week's consolidations.

Initial Bullish target levels was located around 1.1750. However, significant bearish pressure was applied around 1.1700 which led to the current bearish decline again towards the price zone of 1.1520-1.1420.

Hence, the EUR/USD pair remains trapped between the depicted key levels of 1.1520 and 1.1700 until a breakout occurs in either direction.

Bearish breakdown below 1.1520-1.1420 might occur if enough bearish pressure is applied. This would potentially enhance further bearish decline towards 1.1270 (recent consolidation range and demand level).

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Intraday technical levels and trading recommendations for NZD/USD for June 29, 2018

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The NZD/USD pair had been trapped between the price levels of 0.7170 and 0.7350 until bearish breakdown of 0.7200 occurred on April 23.

The breakdown of 0.7220-0.7170 (neckline zone) was needed to confirm the depicted reversal pattern. Bearish target levels around 0.7050 and 0.7000 have been already achieved.

The price level of 0.7050 was considered to be a key level for the NZD/USD bears. That's why, bearish persistence below 0.7050 allowed further bearish decline to occur towards the price levels around 0.6800.

As anticipated, the recent bullish pullback towards the price level of 0.7050 (Broken Demand-Level) offered a good opportunity for sellers to have a valid SELL entry. It's already running in profits. S/L should be lowered to 0.6800 to secure some profits.

Recently, the price zone of 0.6820-0.6780 was being challenged by the NZD/USD bears. This price zone was considered as a target level for current sellers.

The bearish breakdown of the 0.6820-0.6780 price zone will probably allow further bearish decline towards 0.6700-0.6670 if the current bearish momentum is maintained on a daily basis.

Any bullish pullback above the mentioned zone will probably allow further bullish movement towards 0.6900 and 0.6990.

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Trading plan for the US session of GBP / USD pair on June 28

To open long positions for GBP / USD, you need:

Buyers of the pound need to gain a foothold above resistance level 1.3101, which will lead to a new wave of growth and exit to the region of a larger area of 1.3147, where fixing profits are recommended. In case of further GBP / USD decline in the afternoon, long positions can be opened for a rebound of 1.3040.

To open short positions for GBP / USD, you need:

While the trade is below 1.3101, the pressure on the pound will be maintained, which will lead to new weekly lows in the 1.3040 and 1.2996 areas, where fixing profits are recommended. In case of a refund in the second half of the pound day to the level of 1.3101, I recommend postponing the sales until resistance 1.3147 is updated.

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Description of indicators

  • MA (average sliding) 50 days - yellow
  • MA (average sliding) 30 days - green
  • MACD: fast EMA 12, slow EMA 26, SMA
  • Bollinger Bands 20
The material has been provided by InstaForex Company - www.instaforex.com

The dollar is declining, but it's temporary

The results of the EU summit were positive for the single European currency, which soared to news about the forum's achievement of some agreement which satisfied all 28 countries on the updated migration policy.

The news from the EU summit instilled optimism in investors thanks to the hopes that resolving the migration crisis will strengthen the unity of the association among 28 countries and allow it to concentrate on solving economic problems. Indeed, on the wave of this news, the main currency pair of Eurodollars increased significantly, having played it. And while the details of the agreement are unclear, we believe that the strengthening of the euro is still a local, speculative nature. The beginning of the liquidation of the migrant crisis is good news, but the euro does not yet have any significant reasons for a global upward turn. It is the reasons for the fundamental nature that could allow the markets, like a year ago, to buy it.

The main problem of the euro is the cautious position of the ECB regarding the change in the monetary policy. After almost one-year growth against the dollar, the euro in recent months has significantly surrendered its position, as the market has already outlined a previously forgotten trend of discrepancies in the interest rates of the Fed and the ECB, which is clearly not in favor of the euro. If the European regulator signals that it is not going to hurry in stopping incentive measures, as well as raising interest rates, the Fed has frankly pointed out that two more interest rates should be expected in total to a level of 2.50% this year.

Given this state of affairs, we believe that the local weakening of the dollar is a temporary phenomenon and occurs on the wave of fixing profits previously obtained on its purchases. While our general view on its strengthening is still in force. We prefer buying the dollar on its significant decline, since the negative factor of trade wars have not disappeared anywhere and will not only remind us of itself. In the meantime, we can expect an increase in the limited demand for the risk of buying shares in companies, commodity and raw materials against the background of the technical overbought dollar and the reduction of tensions in world markets.

Forecast of the day:

The USD/CAD pair is falling, breaking the 1.3265 mark on the wave of rising crude oil prices and easing tensions in financial markets, which contributes to the demand for risky assets. It is likely that after some recovery, it will continue to fall to 1.3150-55.

The NZD/USD pair adjusted higher against the background of a local weakening of the US dollar, but most likely this will be a temporary phenomenon and it will resume the decline to 0.6680.

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* The presented market analysis is informative and does not constitute a guide to the transaction.

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

Fractal analysis for major currency pairs as of June 29

Forecast for June 29:

Analytical review of currency pairs in the H1 scale:

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For the Euro/Dollar pair, the key levels on the H1 scale are: 1.1654, 1.1614, 1.1583, 1.1530, 1.1497, 1.1469 and 1.1403. Here, a potential local downward movement of June 26 is being formed. The downward movement is expected to continue after the breakdown of 1.1530, in this case the target is 1.1497 near the consolidation level. Passage at the price of the noise range 1.1497 - 1.1469 should be accompanied by the determined downward movement with the target at 1.1403, and we expect a rollback to the top from this level.

Short-term upward movement is possible in the corridor 1.1583 - 1.1614, and the breakdown of the last value will lead to an in-depth correction with the target at 1.1654, an area which is the key support for the downward structure.

The main trend is the formation of a downward structure from June 26.

Trading recommendations:

Buy: 1.1585 Take profit: 1.1612

Buy 1.1616 Take profit: 1.1652

Sell: 1.1530 Take profit: 1.1500

Sell: 1.1467 Take profit: 1.1405

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For the Pound/Dollar pair, the key levels on the H1 scale are 1.3198, 1.3154, 1.3129, 1.3092, 1.3070, 1.3025, 1.2992 and 1.2957. Here, we have expanded the potential downward movement to the level of 1.2957. Continued downward movement is expected after passing through the noise range of 1.3092 - 1.3070. In this case the target is 1.3025, in the corridor 1.3025 - 1.2992 short-term downward movement. The potential value for the bottom is the 1.2957 level, and we expect a rollback to the top upon reaching this zone.

Short-term upward movement is possible in the corridor 1.3129 - 1.3154, while the breakdown of the last value will lead to an in-depth correction with the target at 1.3198, an area which is the key support for the bottom.

The main trend is the downward cycle from June 22nd to the M30 scale.

Trading recommendations:

Buy: 1.3130 Take profit: 1.3152

Buy: 1.3156 Take profit: 1.3196

Sell: 1.3070 Take profit: 1.3027

Sell: 1.3021 Take profit: 1.2995

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For the Dollar/Franc pair, the key levels on the H1 scale are: 1.0062, 1.0031, 1.0016, 0.9992, 0.9975, 0.9948, 0.9926 and 0.9902. Here, we follow the formation of the upward structure of June 25. The continuation of the upward movement is expected after the passage at the price of the noise range 0.9975 - 0.9992. In this case, the target is 1.0016 within the corridor 1.0016 - 1.0031 consolidation. The potential value for the top is the level of 1.0062 and we expect a downward pullback.

Short-term downward movement is possible in the corridor 0.9948 - 0.9926, while the breakdown of the last value will lead to an in-depth correction with the target at 0.9902, which is the key support for the upward structure of June 25.

The main trend is the formation of the upward structure of June 25.

Trading recommendations:

Buy: 0.9975 Take profit: 0.9990

Buy: 0.9994 Take profit: 1.0014

Sell: 0.9946 Take profit: 0.9928

Sell: 0.9624 Take profit: 0.9905

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For the Dollar/Yen pair, the key levels on the H1 scale are: 111.58, 111.39, 111.09, 110.85, 110.25, 110.01 and 109.69. Here, we determined the following targets from the upward structure on June 26. The upward movement is expected to continue after the breakdown of 110.85, and in this case the target is 111.09 near this level is consolidation. The level 111.10 break should be accompanied by a determined upward movement and the target is the 111.39. The potential value for the top is the level of 111.58 and we expect consolidation and a downward pullback.

Short-term downward movement is possible in the corridor 110.25 - 110.01, while the breakdown of the last value will lead to an in-depth correction with the target at 109.69, which is the key support for the top.

The main trend: the upward structure of June 26.

Trading recommendations:

Buy: 110.85 Take profit: 111.06

Buy: 111.12 Take profit: 111.35

Sell: 110.25 Take profit: 110.05

Sell: 110.00 Take profit: 110.70

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For the Canadian Dollar/US Dollar pair, the key levels on the H1 scale are: 1.3454, 1.3400, 1.3340, 1.3260, 1.3219, 1.3159 and 1.3116. Here, we follow the local upward structure of May 31. The upward movement is expected to continue after the breakdown of 1.3340 and in this case the target is 1.3400 near consolidation level. The potential value for the top is the level of 1.3454 and we expect a downward pullback from this area.

Short-term downward movement is possible in the corridor 1.3260 - 1.3219, while the breakdown of the last value will lead to an in-depth correction with the target at 1.3160. The range 1.3159 - 1.3116 is the key support for the top.

The main trend is the upward structure of May 31.

Trading recommendations:

Buy: 1.3340 Take profit: 1.3400

Buy: 1.3402 Take profit: 1.3452

Sell: 1.3260 Take profit: 1.3220

Sell: 1.3216 Take profit: 1.3160

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For the Australian Dollar/US Dollar pair, the key levels on the H1 scale are: 0.7569, 0.7512, 0.7440, 0.7400, 0.7322, 0.7262 and 0.7216. Here, we continue to follow the downward cycle from June 6. The downward movement is expected after the breakdown of the 0.7322 level, with the target at 0.7262, in the corridor 0.7262 - 0.7216 consolidation and we expect a major upward reversal from that point.

Consolidated trend is possible in the corridor 0.7400 - 0.7440, while the breakdown of the last value will lead to an in-depth correction with the target at 0.7512. We expect initial conditions for the upward cycle to reach the level of 0.7569.

The main trend is the downward cycle from June 6, the correction stage.

Trading recommendations:

Buy: 0.7442 Take profit: 0.7510

Buy: 0.7514 Take profit: 0.7566

Sell: 0.7320 Take profit: 0.7264

Sell: 0.7260 Take profit: 0.7218

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For the EUR/JPY pair, the key levels on the H1 scale of are: 129.52, 128.80, 127.80, 126.77, 126.18, 125.08 and 124.15. Here, the situation has entered the equilibrium state. Short-term downward movement is expected in the corridor 126.77 - 126.18, while breakdown of the last value will lead to the 125.08 near consolidation level. Potential value for the bottom is level 124.15, from which we expect an upward rollback.

Short-term upward movement is possible in the corridor 127.80 - 128.29, while breakdown of the last value will lead to an in-depth correction with the target at 128.80, this level is the key support for the downward structure from June 13. Its breakdown is expected to develop an upward structure, and in this case the potential target - 129.52.

The main trend is the equilibrium state.

Trading recommendations:

Buy: 127.80 Take profit: 128.25

Buy: 128.32 Take profit: 128.80

Sell: 126.75 Take profit: 126.20

Sell: 126.14 Take profit: 125.15

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For the Pound/Yen pair, the key levels on the H1 scale are: 145.62, 145.11, 144.69, 143.96, 143.16, 142.69 and 141.97. Here, we determined the following targets for the downward movement from the local structure on June 22. The downward movement is expected to continue after the breakdown of 143.96, and in this case the target is 143.16, in the corridor 143.16 - 142.69 consolidation. The potential value for the bottom is the level of 141.97, which we expect a rollback to the top upon reaching that point.

Short-term uptrend is possible in the corridor 144.69 - 145.11, while breakdown of the last value will lead to an in-depth correction with the target at 145.62 level, which is the key support for the downward structure from June 22.

The main trend is the local structure for the bottom of June 22.

Trading recommendations:

Buy: 144.70 Take profit: 145.10

Buy: 145.20 Take profit: 145.60

Sell: 143.95 Take profit: 143.25

Sell: 143.15 Take profit: 142.75

* The presented market analysis is informative and does not constitute a guide to the transaction.

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

Fundamental Analysis of EUR/CAD for June 29, 2018

EUR/CAD has been quite impulsive with the bullish gains recently which led the price to reside at the edge of 1.5350 area from where currently the price is climbing higher as expected. EUR has been quite soft with the recent economic reports whereas CAD has been affected by the recent trade jitters.

As the EU Economic Summit is going on since yesterday, certain volatility and indecisive momentum can be observed throughout the day. Additionally, today German Retail Sales report was published with a decrease to -2.1% from the previous value of 1.6% which was expected to be at -0.5%, German Import Prices increased to 1.6% from the previous value of 0.6% which was expected to be at 1.0%, French Prelim CPI was published as expected with a decrease to 0.1% from the previous value of 0.4%, French Consumer Spending increased to 0.9% from the previous negative value of -1.8% which was expected to be at 0.8%, and German Unemployment Change showed a decrease to -15k from the previous figure of -12k which was expected to be at -8k. Moreover, CPI Flash Estimate report was published with an increase to 2.0% as expected from the previous value of 1.9% and Core CPI Flash Estimate decreased to 1.0% as expected from the previous value of 1.1%.

On the other hand, today Canada's GDP report is due today which is expected to decrease to 0.0% from the previous value of 0.3%, RMPI is expected to increase to 1.2%, IPPI is expected to increase to 0.9% from the previous value of 0.5%. Besides, BOC Business Outlook Survey is going to be released a few hours before the market close today which is expected to inject certain volatility, mostly leading to further weakness of CAD as a result of the trade conflict.

As for the current scenario, EUR is expected to have an upper hand over CAD in the coming days as CAD could not sustain its bearish momentum. Though the eurozone's economic reports revealed mixed results, BOC policy decision may create indecisive mood in the pair, mostly leading to CAD weakness.

Now let us look at the technical view. The price has bounced off the 1.5350 area which is yet to get sealed with a daily close today. Ahead of the upcoming high impact economic reports and event of CAD today, certain volatility is expected to striker the market momentum. A daily close below or above 1.5350 will decide further definite pressure in the pair for the coming days.

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Bitcoin analysis for June 29, 2018

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Trading recommendations:

According to the H1 time frame, I found a potential end of the downward correction (flat abc), which is a sign that selling looks risky. I also found also a fake breakout of the support at the price of $5.808, which is another sign of strength. My advice is to watch for potential breakout of the intraday supply trendline to confirm further upward movement. The upward targets are set at the price of $6.323 and at the price of $6.675.

$5.915 – Intraday resistance; $5.735 – Intraday support; $6.323 – Objective target 1$6.675 - Objective target 2

With InstaForex, you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4. *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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GBP/USD analysis for June 29, 2018

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Recently, GBP/USD has been trading upwards. The price tested the level of 1.3183. According to the H1 time frame, I found a broken resistance trendline in the background, which is a sign that buyers are in control. I also found a fake breakout of the previous week low at the price of 1.3100 which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 1.3310.

Resistance levels:

R1: 1.3140

R2: 1.3164

R3: 1.3200

Support levels:

S1: 1.3080

S2: 1.3045

S3: 1.3022

Trading recommendations for today: watch for potential buying opportunities.

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Global macro overview for 29/06/2018

Wall Street on Thursday was still influenced by the increasing prospects of a full-blown trade war. In the morning, European exchanges were optimistic that only the half-finished window dressing could justify. Then it was much worse. European indices lost more than on Wednesday, and indices of emerging markets (especially Asian) continued to look very bad. The question was whether there would be a pretext in the US, but to raise the indexes at the end of the first half of the year.

As usual, on Thursday, a weekly report from the labor market was published in the USA. Traders learned that in the last week 227,000 new applications for unemployment benefits were submitted (220,000 were expected). The average of four weeks for these data decreased slightly.

There was also a report on the increase in US GDP in the first quarter, but this was already the second revision, so the market reaction was negligible. Let us note that GDP increased by 2.0%, and not as expected by 2.2%, so the global investors have right to fell a little disappointed.

Wall Street started the session very uncertainly. Normally, after the end of the session in Europe, the bull camp attacked, but after another 90 minutes, the indices returned to the vicinity of the neutral level. Then, again, more convincingly, they started to move higher. The increase in the price of oil and more expensive shares in the financial sector helped the bulls. The reason was the approaching date of the second phase of stress tests carried out by the Fed (as if it did not have obvious that everyone would pass them). It also helped that there was no new information about trade wars, which gave the opportunity to create a slow window dressing. Finally, the SP500 index gained 0.62% at the end of the day.

In conclusion, there are still no new highs at the SP500 index, but there are some other markets, like NASDAQ, that are making all-time highs again. Nevertheless, the most of the indices are still trading in the middle of the range established after the sell-off from the beginning of the year. This situation might continue towards the next quarter as well.

Let's now take a look at the SP500 technical picture at the H4 time frame. The price is trading around the level of 268.00 after the price was rejected at the technical resistance at the level of 273.42. The momentum remains weak, but the RSI is pointing to the north, which might suggest the continuation of the horizontal consolidation between the levels of 267.00 - 274.15.

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USD/CAD analysis for June 29, 2018

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Recently, USD/JPY has been trading downwards. The price tested the level of 1.3220. According to the H1 time - frame, I found a broken support trendline in the background which is a sign that sellers are in control. I also found a hidden bearish divergence in the background which is a sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3130 and at the price of 1.3020.

Resistance levels:

R1: 1.3320

R2: 1.3390

R3: 1.3430

Support levels:

S1: 1.3200

S2: 1.3175

S3: 1.3110

Trading recommendations for today: watch for potential selling opportunities.

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Global macro overview for 29/06/2018

The US Dollar has been the best perfomer on Forex in Q2. Indeed, it gained against other major currencies from 2.5% (CAD) up to 7.0% (SEK). EUR/USD has dropped over 5.5% and USD/JPY increased by 4.0%. The last three months will, however, go down in history as a period in which turbulence has returned to emerging markets.

The leading themes of the quotations include: growing fear of trade wars and higher US debt yields, that are attracting previously pushed out capital as a magnet and increasing interest attractiveness of the Dollar. The hardship over Eurozone economic strength has been painfully verified by a long (and ongoing) series of disappointing readings, the ECB has postponed the first rate hike for at least a quarter, and the tensions on the political scene of Italy, Spain and even Germany have appeared.

However, in the Dollar valuation, there is a lot of positive information, in Euro - quite the opposite. The Dollar has largely exhausted its appreciation potential resulting from undervaluation and extreme positioning. In the second half, it will not be so easy to extend the rally. The key issue is to determine if and when a market environment will emerge that will facilitate the realization of expectations. For the upcoming sessions, the EUR/USD should consolidate over spring lows around 1.1510. Over time, traders should expect improvement in sentiment towards the Euro and exchange rate hikes towards 1.20, which might be the target at the end of the year. In the short term, more space to recover from the last weakness against the Dollar has a Pound. GBP/USD retraced the typical range after making the double top formation and should enter the phase of recovering from weaknesses. This will be favored by the increase in the probability of the August rate hike and the calm of the political mood in a calmer holiday season.

In conclusion, considering the combination of structural, monetary, fiscal and macroeconomic factors, the traders should expect to maintain higher yields on US government bonds. The interest rate differentials between the major currencies are favorable for USD, thus they should be maintained.

Let's now take a look at the US Dollar Index technical picture at the daily time frame. The uptrend is developing, but the growing bearish divergence between the price and the momentum indicator is suggesting the correction is coming. The nearest technical support is seen at the level of 94.46 and 94.18. In a case of a down move extension, the next technical support is seen at the level of 92.21. Moreover, please notice the possibility of a Double Top technical pattern at the level of 95.53, which supports the short-term bearish scenario.

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Trading Plan for FTSE for June 29, 2018

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Technical outlook:

The 4-hour chart has been presented here for FTSE. Likewise, the chart is indicating that FTSE is heading for lower lows from here, until prices stay broadly below the 7,793.00 levels going forward. Please note that FTSE broke below the steep support trend line earlier (May 2018) and since then has carved out a lower trade cycle. The most probable wave counts can be described as follows: The drop from 7,900 through 7,610 levels can be labelled as wave (1). The subsequent corrective rally can be labelled as wave (2), that terminated at 7,793.00 levels. If this count holds to be true, then FTSE seems to be progressing into its wave (3) now and within the 3rd wave it is looking to wave wave 2 of a lower degree. If this bearish view needs to remain true, prices should ideally stay below 7793.00 levels.

Trading plan:

Short now, stop above 7,800 levels, target 7,400 and 7,130.

Fundamental outlook:

Watch out for Euro Zone Consumer Price Index at 05:00 AM EST.

Good luck!

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Trading Plan for DAX for June 29, 2018

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Technical outlook:

The Daily chart for DAX, which is presented here, is clearly indicating that it would be a good idea to sell the index on counter trend rallies. Besides, itis clear that the index is heading steeply downward from the current levels. The wave structure is also indicating that DAX might be already carving out a potential Head and Shoulder pattern and the Right Shoulder is in place around the 13,200 levels. The H&S labeling is not shown here, but if this stands to be true, then DAX has tumbled much lower from current levels. The downside potential remains through 8,700 levels as well. Looking into the wave counts, the index seems to be progressing into the 3rd wave (3) and within the 3rd wave it is progressing to terminate into wave 1 of a lower degree. Bottom line: Till prices stay below 13200 levels, bears shall remain in control.

Trading plan:

Remain short stop 13200 and target below 10000.

Fundamental outlook:

Watch out for German Unemployment claim at 03:55 AM EST, followed by Euro Zone Consumer Price Index at 05:00 AM EST.

Good luck!

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Trading Plan for GBP/USD for June 29, 2018

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Technical outlook:

The GBP/USD Daily chart presented here is suggesting that the drop from 1.4370 which began in April 2018, through the 1.3050 levels, is either complete or just about to be complete around the 1.3020 levels. That is the support level (shown by a horizontal line) which bears might want to break before a meaningful counter trend rally takes place. The structure remains very simple for now with wave (1) probably complete and wave (2) rally to begin soon. Please note that the Fibonacci resistance and past support turned resistance zone converges around the 1.3700/50 levels as shown here. Also note that backside of support which turned resistance trend line is passing through the 1.3860/70 levels now. Going forward, the projected zone for the wave (2) termination point should be between 1.3700/50 through the 1.3860/70 levels.

Trading plan:

Aggressive trades should look for buying opportunities with stop below the 1.2950 levels, targeting the 1.3750 and 1.3850 levels.

Fundamental outlook:

Watch out for German Unemployment rate and claims at 0355 AM EST followed by Euro Zone Consumer Price Index at 0500 AM EST.

Good luck!

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Trading plan for 29/06/2018

On Friday 29th of June, the event calendar is busy in important data releases. Germany will post Retail Sales and Import Price Index data, Unemployment Rate and Unemployment Change. Switzerland will present KOF Economic Barometer data. The UK will post GDP, Current Account and M4 Money Supply data. Eurozone will present Consumer Price Index data. Canada will issue Gross Domestic Product and Raw Materials Price Index data. The US will post Personal Spending, Personal Income, PCE Core, Chicago Purchasing Managers Index and UoM Consumer Sentiment.

EUR/USD analysis for 29/06/2018:

The EU summit made up an agreement on the immigration crisis. This creates a clear demand for the single currency. The achievement of a consensus is not only positive in itself but also gives hope that cooperation with the new Italian government will also be possible on other sensitive issues. In addition, the risk of deepening the government crisis in Germany is falling

The Retail Sales data from Germany disappoints. The indicator showed dynamics -2.1% on monthly basis and -1.6% on yearly basis. In the latter case, the market consensus was at 1.9%, so the difference is huge and adds more doubts regarding the possibility of ECB interest rate hike on the next meeting.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The euro does not react clearly as the rate remains close to the early-high peaks. More important for investors are positive reports from the EU summit. The market is still closed inside of the range between the levels of 1.1719 - 1.1509 in the last trading day of the week, month and the quarter. The sentiment remains positive, so there is still a chance for another move towards the 61% Fibo at the level of 1.1719. The strong and positive momentum supports the short-term bullish outlook.

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Technical analysis on EUR/USD for June 29, 2018

The EUR/USD pair has bounced strongly from 1.1530 as it did not violate the 1.1507 low from June 21st. EUR/USD bounced towards the 61.8% Fibonacci retracement that shows signs of rejection. It is important for the EUR/USD bulls to continue making higher highs and higher lows in order for the trend to change to bullish.

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Magenta line - RSI support

Blue rectangle - resistance area

The EUR/USD pair has reached the resistance area of 1.1660. Trend remains bearish as long as the price is below 1.1720. A break above 1.1720 will be very bullish sign as we will have higher highs and higher lows on a daily basis. Support at 1.1510 is critical. A break below it will open the way for a move to at least 1.1450. Short-term support is at 1.16-1.1610. Resistance is at 1.1680. As long as we trade below 1.1680-1.1720, I prefer to go short and reverse to long if we break resistance.

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Ichimoku cloud indicator analysis on GOLD for June 29, 2018

Gold price made new lows around $1,246 yesterday, but now it is showing some early reversal signs. Gold price is trading again above $1,250 and all our indicators justify a strong bounce from the current levels.

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Blue lines - bearish channel

Gold price remains in a bearish trend according to Ichimoku clouds, as the price is still below the 4 hour cloud. However, Gold price has moved above the tenkan-sen (red line indicator) and is trying to exit the bearish channel. This is the first bullish sign for some time now. However, strong resistance is found at $1,258 where we find the kijun-sen (yellow line indicator) and at $1,270 where the lower boundary of the Kumo (cloud) is found. Gold bulls have a lot of work to do in order to change a short-term trend.

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Technical analysis of USD/CHF for June 29, 2018

analytics5b35d1567fa48.pngThe USD/CHF pair faced resistance at the level of 0.9943. The strong resistance has been already formed at the level of 0.9943 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9943, the market will indicate a bearish opportunity below the new strong resistance level of 0.9943 (the level of 0.9943 coincides with a ratio of 78.6% Fibonacci). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below 0.9943, so it would be good to sell at 0.9940 with the first target of 0.9795. It will also call for a downtrend in order to continue towards 0.9733. The daily strong support is seen at 0.9733. On the other hand, the stop loss order should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.0055 (the double top on the H4 chart).

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Technical analysis of AUD/USD for June 29, 2018

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Overview:

The AUD/USD pair fell from the level of 0.7474 towards 0.7348. Now, the price is set at 0.7371. The resistance is seen at the levels of 0.7426 and 0.7474. Moreover, the price area of 0.7474 remains a significant resistance zone. Therefore, there is a possibility that the AUD/USD pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Thus, amid the previous events, the price is still moving between the levels of 0.7426 and 0.7257. If the AUD/USD pair fails to break through the resistance level of 0.7426, the market will decline further to 0.7474 as the first target. This would suggest the bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.7302 so as to test the daily support 2. On the contrary, if a breakout takes place at the resistance level of 0.7474, then this scenario may become invalidated.

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Technical analysis of USD/CHF for June 29, 2018

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The Swiss Franc at the 4-hour charts looks like still moving in a rectangle area between the 0.9803 and 0.9985, and it seems, they will get a significant movement or break out from their rectangle area on Jul 14, 2018, (New Moon & Moon Perigee phenomenon), for now, because the Stochastic already entered the Oversold area and the price is near the Lower Up Trendline, it seems that the USD/CHF pair will go up in a few days ahead to test their nearest Resistance at 0.9985 as long as this pair is not going down and close bellow 0.9891.

(Disclaimer)

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Technical analysis of GBP/JPY for June 29, 2018

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If we look at the 4-Hour Charts of the GBP/JPY pair, we will see clearly that this pair already moves in Bearish bias, this already indicated by the price moving in a down slope channel and bellow the Exponential Moving Average Periode 200 but seems in a few days ahead as long as they not break out and close above the 146.61, the GBP/JPY pair will continue their downtrend to test their nearest Support level at 143.74 as their first target and the 143.17 as their secondary target.

(Disclaimer)

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Technical analysis: Intraday Level For EUR/USD, June 29, 2018

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When the European market opens, some Economic Data will be released such as Belgian NBB Business Climate, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI. The US will release the Economic Data too, such as Flash Services PMI and Flash Manufacturing PMI, so, amid the reports, EUR/USD will move in a medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1620.

Strong Resistance:1.1613.

Original Resistance: 1.1602.

Inner Sell Area: 1.1591.

Target Inner Area: 1.1564.

Inner Buy Area: 1.1537.

Original Support: 1.1526.

Strong Support: 1.1515.

Breakout SELL Level: 1.1508.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis: Intraday level for USD/JPY, June 29, 2018

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In Asia, Japan will release the All Industries Activity m/m, Flash Manufacturing PMI, and National Core CPI y/y data, and the US will release some Economic Data, such as Flash Services PMI and Flash Manufacturing PMI. So, there is a probability the USD/JPY will move with a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 111.09.

Resistance. 2: 110.88.

Resistance. 1: 110.66.

Support. 1: 110.38.

Support. 2: 110.17.

Support. 3: 109.96.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Bitcoin analysis for 29/06/2018

Robert Shiller, Nobel laureate, currently a professor of economics at Yale, described in an interview for financial media that Bitcoin is not just a cryptocurrency, a means of payment and an investment, but has also become a social movement: "it's a social movement. It is an epidemic of enthusiasm. It's a speculative bubble. Which does not mean that it will drop to zero".

Shiller, recognizing that there is some "impressive cryptographic theory" coming from the crypto industry's IT specialists, argued that these innovations attract disproportionate attention, mainly due to the investors' excitement at quick enrichment:

Cryptocurrency status, according to Shiller, does not threaten their ability to recycle multiple times, even when the bubble temporarily breaks, referring to the 87% drop in Bitcoin in November 2013 and its many infamous ups and downs.

Therefore, he suggested that Bitcoin, as an extraordinary social phenomenon, remains with "high immunity", regardless of what can be compared with "classic" speculative bubbles. In fact, Bitcoin still enjoys its "afterlife", even though many of its opponents have repeatedly proclaimed the "death" of cryptocurrencies.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has tested the previous bottom at the level of $5,742 and bounced a little towards the level of $5,900. Nevertheless, the bears still have the control over the market and it looks like they will push the price lower towards the level of $5,627. Please notice, that there is a clear and visible bullish divergence between the price and the momentum oscillator so the down move rage is limited.

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Trading Plan for USD/JPY for June 29, 2018

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Technical outlook:

The USD/JPY Daily chart might be suggesting that the pair has room to correct lower. At this moment, it looks range bound since it is trading between 108.20 and 111.20 levels since long and that it needs to break either of them to confirm the further direction of the trend. The higher probability remains lower looking at other USD counterpart pairs topping out yesterday. But a sustained push above 111.20 levels would indicate further strength in the pair ahead. Looking into the wave counts, the USDJPY seems to have rallied into an impulse wave early between 104.60 and 111.20/30 labeled as 5 waves here. The subsequent drop might be into wave B as labeled above; and if this count holds true, then the next wave C should be pushing lower as shown here.

Trading plan:

Aggressive traders might go short now, with a stop above 111.30 levels target 107.50.

Fundamental outlook:

Watch out for German Unemployment Rate and Claims at 0355 AM EST followed by Euro-Zone Consumer Price Index at 0500 AM EST.

Good luck!

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USD/CHF Testing Major Resistance, Watch For The Drop

USD/CHF is testing major resistance at 0.9987 (Fibonacci retracement, horizontal swing high resistance, bearish divergence) and a strong reaction could occur from here pushing prices all the way down to major support at 0.9920 (Fibonacci retracement, horizontal overlap support).

Stochastic (34,5,3) is seeing major resistance at 99% and also sees bearish divergence vs price signaling that a reversal could be impending.

Sell below 0.9987. Stop loss at 1.0020. Take profit at 0.9920.

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AUD/CAD Testing Major Support, Look For The Bounce

AUD/CAD is testing major support at 0.9737 (Fibonacci retracement, Fibonacci extension, horizontal swing low support) and a strong bounce could occur at this level to push prices all the way up to major resistance at 0.9809 (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is seeing strong support above 5.8% where a corresponding bounce could occur.

Buy above 0.9737. Stop loss at 0.9698. Take profit at 0.9809.

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#forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom #daytrader #scalper #swingtrader #fx #currency #pips #technicalanalysis #forexmarket

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BITCOIN Analysis for June 29, 2018

Today Bitcoin has reacted quite well as expected leading to definite impulsive bearish pressure trying to break out of the corrective range it formed since it broke below $6,500 area with a daily close. After the recent hacking activities, there has been uncertainty going on the market which leads market participants to deviate from their investments. Currently, the price is expected to push lower with a confluence of the non-volatile bearish trend and dynamic levels. As of the current scenario, the price is expected to push lower with the target towards $5,000 in the coming days and as the price remains above $6,500 area with a daily close, the bearish bias is expected to continue further.

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Fundamental Analysis of NZD/USD for June 29, 2018

NZD/USD has been quite bullish today after being dominated by USD since the price broke below 0.7250 area with a daily close. NZD has been quite positive with the economic reports this week but it actually gained momentum over USD on the weakness for worse economic reports on the USD side.

This week, NZD Trade Balance report was published with an increase to 294M from the previous figure of 193M which was expected to be at 100M, ANZ Business Confidence increased in deficit -39.0 from the previous figure of -27.2 and Official Cash Rate report was published unchanged as expected at 1.75%. Today NZD Building Consent report was published with a significant increase to 7.1% from the previous negative value of -3.6% which is indeed a great improvement. As a result, NZD is currently being observed to gain good momentum over USD in the process.

On the USD side, after a decrease in Final GDP from 2.2% to 2.0% yesterday, USD lost some grounds against NZD in the process. Today USD Core PCE Price Index report is going to be published which is expected to be unchanged at 0.2%, Personal Spending is expected to decrease to 0.4% from the previous value of 0.6%, Personal Income is expected to increase to 0.4% from the previous value of 0.3%, Chicago PMI is expected to decrease to 60.1 from the previous figure of 62.7 and Revised UoM Consumer Sentiment is expected to have slight decrease to 99.1 from the previous figure of 99.3.

As of the current scenario, USD economic reports to be published are forecasted to be dovish and expected to weaken the USD gains in the process whereas NZD is currently expected to gain momentum being backed by positive economic reports published recently. To sum up, NZD is expected to have an upper hand over USD in the coming days.

Now let us look at the technical view. The price is currently quite bullish in nature which is expected to push higher towards the resistance area of 0.68 to 0.69 area. Later, if the price manages to break above 0.69 with a daily close, a further bullish pressure is expected to push the price higher towards 0.7150 area in the future. Having strong Bullish Divergence backing up the bullish momentum, the price is expected to push higher as it remains above 0.67 with a daily close.

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Trading Plan for US Dollar Index for June 29, 2018

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Technical outlook:

The US Dollar Index has dropped from the recent top printed yesterday at the 95.53 levels as expected and discussed earlier. The candlestick patter that was forming yesterday was that of a shooting star and and most probable pattern is turning out as a bearish candle today. If the prices manage to hold and close at current levels, the trading signal would be of an Evening Star which implicates that a meaningful top is in place at the 95.53 levels and that the drop should continue lower. Looking at the wave counts presented on the daily chart here, it is quiet evident that the US Dollar Index is producing a complex wave (4) structure now. Only a sustained break above 95.53 now would nullify the bearish stance.

Trading plan:

Aggressive traders, please remain flat from yesterday, stop above 95.53, target at 92.50 and 92.00.

Fundamental outlook:

Watch out for German Unemployment Change and Claims at 0355 AM EST, followed by Euro Zone Consumer Price Index at 0500 AM EST.

Good luck!

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Trading Plan for EUR/USD for June 29, 2018

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Technical outlook:

The EUR/USD pair rallied as expected and discussed yesterday. Believe it or not, the probability for a push towards 1.1850 and higher levels is increasing now. The rally from yesterday's lows needs to complete 5 waves to confirm further upside. We shall bring more updates as it happens. Please note that the Daily chart presented here suggests a deeper correction (rally) into 1.2000/50 resistance zone before the drop begins. Looking into the wave counts as well, the EURUSD pair is probably heading towards a more complex construction of wave (4), towards 1.2050 levels before resuming lower again. Only a drop below yesterdays' low would change the existing bullish scenario.

Trading plan:

Aggressive traders remain long, stop below 1.1500 levels, target 1.1850 and 1.2050.

Fundamental outlook:

Watch out for German Unemployment Change and Claims at 0355 AM EST followed by Euro-Zone Consumer Price Index at 0500 AM EST.

Good luck!

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BITCOIN Analysis for June 28, 2018

Bitcoin is still in a corrective phase since it broke below $6,500 area. The market seems quite indecisive with low liquidity. After the recent plunge, the price is expected to climb higher for a certain period before showing any impulsive momentum on either side of the market. After breaking below $6,500 area, the price is more likely to move lower with a target towards $5,000 area. Nevertheless, certain correction and volatility is expected to persists on its way lower. As for the current scenario, the price is expected to retest $6,500 area before showing further bearish pressure in the short term.

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Fundamental Analysis of AUD/USD for June 28, 2018

AUD/USD has been quite non-volatile and impulsive, following the bearish bias. As a result, the pair is trading below 0.7350 with a daily close. USD has been the dominant currency in the pair since the recent rate hike by the US Fed from 1.75% to 2.00% that ecouraged a further USD strength against AUD.

This week, Australia posts no macroeconomic reports. Next week, the Reserve Bank of Australia is due to make a policy decision. The benchmark cash rate is widely expected to be unchanged at 1.50%. Moreover, Australia's regulator is going to make a rate statement on the same day which is expected to shed light on a rate hike. Till now, the central bank hasn't dropped any hints about monetary tightening in Australia. However, global investors are betting on the more hawkish stance of RBA in the short term.

On the USD side, today Final GDP report was published with a decrease to 2.0% which was expected to be unchanged at 2.2%, Unemployment Claims increased significantly to 227k from the previous figure of 218k which was expected to be at 220k, and Final GDP Price Index was increased to 2.2% which was expected to be unchanged at 1.9%. Moreover, today Natural Gas Storage report is going to be published which is expected to decrease to 73B from the previous figure of 91B. Besides, FOMC Member Bostic is going to speak today who was quite optimistic in his latest speech. Amid escalating trade tensions between the US and its trade partners, his speech is expected to contribute to further USD gains today.

USD is expected to extend its gain further in the long term. As for a short- and medium-term scenario, AUD is expected to gain certain momentum ahead of the Cash Rate report, which is due next week.

Now let us look at the technical view. The price is currently quite indecisive and showing certain bullish pressure below 0.7350 area after a daily close recently. The dynamic level of 20 EMA has been quite far from the current price position which is expected to attract the price towards the mean leading with retracement. As the price remains below 0.75 area with a daily close, the bearish bias is expected to continue.

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Trading plan for EUR / USD as of June 28, 2018

To be frank, American statistics yesterday was extremely weak. Thus, preliminary data on stock in warehouses of wholesale trade showed that they have been growing for the seventh month in a row, and this time they increased by 0.5%, which was much more than predicted. Also, orders for durable goods have been decreasing for the second month in a row, and now they have decreased by another 0.6%, although this was slightly better than forecasts. However, none of this interested anyone, as market participants continued to sell a single European currency. The second day in a row, representatives of the Bank of England are doing everything possible to bring down the pound, and with it, a single European currency. This time, the head of the Bank of England has already added fuel to the fire. After statements by the representative of the Bank of England that it is still too early to talk about raising the refinancing rate, and also added that the possibility of a resumption of the quantitative easing program has not been ruled out, Mark Carney was waiting for confirmation or refutation of these statements. The head of the Bank of England said that the unpredictability of the consequences of the trade war between the US and Europe jeopardizes the increase in the refinancing rate. In other words, the head of the Bank of England confirmed the words of his colleague. And since the Bank of England does not exclude the possibility of resuming the program of quantitative easing, it means that they are confident that the ECB will continue to extend its quantitative easing program.

Today will be the next representative of the Bank of England. Mark Haldane, who heads the committee on monetary policy, is also waiting for the words about the refinancing rate. If he also declares about the risks and prematureness of raising the refinancing rate, investors will continue to get rid of the pound and the single European currency. In addition, Germany and Italy are issuing preliminary data on inflation, and if the Apennines expect its acceleration from 1.0% to 1.3%, then in the largest economy in Europe, it is expected to slow from 2.2% to 2.1% . Naturally, this can not add optimism to market participants. At the same time, the US data on GDP for the first quarter, which should confirm the fact of accelerating the rate of economic growth from 2.6% to 2.8%. These data will not have a serious effect, since they have already been taken into account in the value of the dollar.

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The euro / dollar currency pair continued its downward movement after the gain from the periodic level of 1.1720. Now we see a slowdown, which is entirely due to the previous rally. Probably assume a temporary fluctuation within 1.1520 / 1.1580.

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Wave analysis of GBP / USD for June 28. Wave counting is fully processed.

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Analysis of wave counting:

During the trades on June 27, the GBP / USD currency pair lost about 100 percentage points. Thus, the construction of the supposed wave 3, 3, a, is proceeding according to plan. The minimum of the first wave of the new downward momentum is broken, so now there are no visible obstacles to further decrease of the pair in the direction of the calculated marks of 1.2962 and 1.2809, which corresponds to 200.0% and 261.8% of Fibonacci. Wave 2, a, received a very shortened view, which once again proves the strength of the "bearish" market sentiment. An unsuccessful attempt to break the 1.3054 mark may lead to a small withdrawal of quotations from the minima reached.

The objectives for the option with purchases:

1.3445 - 0.0% Fibonacci (formal goal)

The objectives for the option with sales:

1.3054 - 161.8% of Fibonacci

1.2962 - 200.0% of Fibonacci

1.2809 - 261.8% of Fibonacci

General conclusions and trading recommendations:

The assumed wave 2, 3, a, completed its construction. Thus, I recommend selling the pair with the targets of 1.3054 and 1.2962, which corresponds to 161.8% and 200.0% of Fibonacci. To buy in the near future there is no reason to return, because there is no reason to assume now the construction of an upward wave. It is possible only to roll back the achieved maximum within the framework of internal correctional waves in composition of wave 3, 3, a.

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EUR / USD. June 28th. The trade war is not a hindrance to the US dollar

4-hour timeframe

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Amplitude of the last 5 days (high-low): 126p - 75p - 84p - 86p - 131p.

The average amplitude for the last 5 days is 100p (87p).

The trade war between the US and China with the EU continues to gain momentum, countries and the Euroblock continue to consider the possibility of introducing new trade restrictions, and the US dollar continues to grow. One gets the impression that it is the States that have the priority right to impose sanctions on any country in the world, while nobody can answer them. This is how you can interpret what is happening, looking at the chart of the movement of the main currency pair. The trade war concerns both the EU and the US, but only the euro is cheaper. Yesterday's report on changes in the volume of orders for durable goods in America showed a decrease in May by 0.6%. And although this value is better than forecast, it is still a negative trend. However, traders did not even pay attention to this indicator and massively continued to buy up the US currency. Thus, it seems that we are returning to the scenario called "the dollar will go up in any case". Now it's even hard to say that it can stop the US currency from unrestrained strengthening. It is clear that not trivial macroeconomic reports from the EU or America. In the next few days, the currency pair can overcome the minimums of May 29 and June 21, which will allow traders to move the pair down even more forcefully. From a technical point of view, there are no factors that give hope for an upward movement. There is not even a hint of correction - the MACD indicator is pointing down. The price rested on the first support level of 1.1551, and its overcoming will allow the pair to continue free fall.

Trading recommendations:

For the pair EUR / USD, it is recommended to hold open short positions earlier, because there are still no signs of a correction beginning. The objectives are 1.1484 and 1.1446. The signal to shorten the shorts will turn the indicator MACD upward or a pronounced rebound from the level of 1.1551.

Long positions are recommended to be opened in case of a price rebound from the support level of 1.1551 or in case the MACD indicator turns up. However, the strong downward movement should be taken into account, therefore, longs can only be relevant to extremely small lots.

In addition to the technical picture, one should also take into account the fundamental data and the time of their release.

Explanations to the illustration:

Ichimoku Indicator:

Tenkan-sen is a red line.

Kijun-sen is a blue line.

Senkou Span A is a light brown dotted line.

Senkou Span B - a light purple dotted line.

Chinkou Span is a green line.

Bollinger Bands Indicator:

3 yellow lines.

MACD indicator:

Red line and histogram with white bars in the indicator window.

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Trading plan for the European session on June 28 EUR / USD

To open long positions for EUR / USD, you need:

Today, for euro buyers, the first priority will be returning to the resistance level of 1.1578, consolidation on which will lead to a larger corrective upward wave with the renewal of the area 1.1620, where I recommend fixing the profits. If the pressure on the euro persists in the first half of the day, only the formation of a false breakout at the support level of 1.1532 will be the first signal for purchases. Otherwise, buying the euro is best for a rebound of 1.1482.

To open short positions for EUR / USD, you need:

The formation of a false breakout and a return to the level of 1.1578 or a break with a fix below 1.1532 support will be a good signal for euro sales in order to form a further downtrend and update 1.1482, where I recommend fixing the profits. In the case of growth above 1.1578 in the morning, selling the euro can be on the rebound from 1.1620.

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Description of indicators

MA (average sliding) 50 days - yellow

MA (average sliding) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

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

Analysis of EUR / USD Divergences on June 28. The American currency is in the lead the second day in a row.

4h

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The EUR / USD pair on the 4-hour chart executed the fixation under the correction level of 76.4% - 1.1589. As a result, on June 28, the process of falling quotations can be continued in the direction of the next corrective level of 100.0% - 1,1508. The retreat of the pair from the Fibo level of 100.0% will allow traders to count on a turn in favor of the euro and a return to the correction level of 76.4%. Fixing the pair below the Fibo level of 100.0% will increase the chances of further falling towards the next correction level of 127.2% - 1.1415.

The Fibo grid is built on extremes from May 29, 2018, and June 14, 2018.

Daily

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On the 24-hour chart, the pair quotes performed a return to the correction level of 100.0% - 1.1553. The pair's exit from the Fibo level of 100.0% will allow traders to expect a turn in favor of the EU currency and some growth towards the correctional level of 76.4% - 1.1789. Brewing divergences today is not observed in any indicator. Fixing the pair below the Fibo level of 100.0% will increase the chances of continuing the fall towards the next correction level of 127.2% - 1.1285.

The Fibo grid is built on extremes from November 7, 2017, and February 16, 2018.

Recommendations for traders:

Buy EUR / USD will be possible with a target of 1.1589, and with a Stop Loss order under the correction level of 100.0%, if there is a retreat from the Fibo level 1,1508.

Sales of the EUR / USD pair can be held for 1,1508, as there was a close under the correction level of 76.4%, and with a Stop Loss order above 1.1589.

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