Review of Gold for June 16, 2014 Trend News

The yellow metal gained support due to the Middle East concerns. The metal moved to a 2-week high. In Asia's session, it is trading at $1,282. In the weekly chart, the metal gave an upside breakout from a descending pattern. We recommended twice to buy, the first one, at $1,253 and the second time, at $1,278.50. Our targets are open at $1,284.50, $1,286, $1,289.60 and $1,296.50 levels. Currently it is reaching a critical resistance level at $1,285.50 (50-day SMA). Once the metal crosses this, it can extend the rally up to $1,288.70, and $1,297 levels. A day close above $1,285.50, the metal will gain some more strength and again a safe buy will activate above $1,288.70 for $1,297 levels. A week close above $1,297, the bulls will take the metal up to $1,310 levels as an initial target. This week we can expect it going up to $1,288.70/$1,289 or $1,297 levels. Traders can book profit at the current market price $1,281.50.

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Technical analysis of USD/CHF for June 16, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with bearish bias.It is supported by the positive dollar sentiment, dovish Swiss National Bank's monetary policy stance, and franc sales on buoyant EUR/CHF cross. Daily chart is positive-biased as stochastics is bullish, five- and 15-day moving averages are advancing.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8955. A breach of this target will move the pair further downwards to 0.8940. The pivot point stands at 0.9015. In case the price moves in the opposite direction and bounces back from the support level, and then it moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.9035 and the second target at 0.9060.

Resistance levels:

0.9035

0.9060

0.9085

Support levels:

0.8955

0.8940

0.89

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Technical analysis of NZD/USD for June 16, 2014 Trend News

Overview:

NZD/USD is expected to consolidate. It is supported by the Reserve Bank of New Zealand's signal of more rate increases in coming months , positive risk appetite and Kiwi demand on soft AUD/NZD cross. But NZD sentiment are dented by the drop in New Zealand Westpac McDermott Miller Consumer Confidence Index to 121.1 in 2Q from 121.7 in 1Q; a 1.2% on-month drop in Reinz House Price Index in May. NZD/USD upside is also limited by the positive dollar sentiment. Daily chart is still positive-biased as five-day moving average is above 15-day MA and is advancing, MACD and stochastics are bullish, although the latter is at overbought zone and inside-day-range pattern was completed on Friday.

Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8710 and the second target at 0.8745. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8565. A breach of this target will push the pair further downwards and one may expect the second target at 0.8525. The pivot point is at 0.8620.

Resistance levels:

0.8710

0.8745

0.8775

Support levels:

0.8565

0.8525

0.8475

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Weekly forecast for EUR/JPY for June 16-20, 2014 Trend News

EUR/JPY

The pair has been in a down trend from 143.78 levels. It is trading at 137.90 levels. In Asia's session, the pair opened on a bearish note, opened higher at 138.19 levels. On the down side, the pair has strong support at 137.30 levels (50-week SMA). If the pair breaks this level, it will extend its fall to 136.21, 135.30 and 134 levels, maybe even 130 levels. So, traders can wait patiently until the pair breaks the 50-week SMA. On the upper side, it has initial strong resistance at 140.10 levels. The trading pattern is fixed between 140.10-137.30 levels.

In the daily chart, the pair is framed between 200SMA and EMA. For the last two days, it is taking support at 137.70 levels (small double bottom), below this, it has strong support at 137.60 (200-day EMA). On the upside, the pair has strong resistance at 138.60 (200-day SMA). Once the pair breaches the resistance, it can fly up to 140.13 levels.

NUTSHELL-

Support zone is between 137.60-137.30.

Strong selling is below 137.30.

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Technical analysis of EUR/USD for June 16, 2014 Trend News

When the European market opens, some economic news will be released such as CPI y/y, Core CPI y/y. The US will release the economic data too such as the Empire State Manufacturing Index, TIC Long-Term Purchases, Capacity Utilization Rate, Industrial Production m/m, NAHB Housing Market Index, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3602.

Strong Resistance:1.3594.

Original Resistance: 1.3581.

Inner Sell Area: 1.3568.

Target Inner Area: 1.3536.

Inner Buy Area: 1.3504.

Original Support: 1.3491.

Strong Support: 1.3478.

Breakout SELL Level: 1.3470.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3491 and 1.3581. The rate is accompanied by strong support at 1.3478 and by 1.3594 as strong resistance.

If EUR/USD breaks out and closes below the 1.3470 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3602 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3504 and at 1.3568, a SELL position. In this case both targets should be placed at the level of 1.3536.

Official Analyst of InstaForex Group

InstaForex Group http://instaforex.com email: Arief.jakarta@indo.instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/arief

Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all 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 of USD/JPY for June 16, 2014 Trend News

In Asia, Japan will release the BOJ Monthly Report, and the US will release some economic data such as Empire State Manufacturing Index, TIC Long-Term Purchases, Capacity Utilization Rate, Industrial Production m/m, NAHB Housing Market Index. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.41.

Resistance. 2: 102.21.

Resistance. 1: 102.01.

Support. 1: 101.76.

Support. 2: 101.56.

Support. 3: 101.36.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.36) and resistance 3 (102.41). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

Best regards,

Official Analyst of InstaForex Group InstaForex Group http://instaforex.com email: Arief.jakarta@indo.instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/arief

Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all 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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Weekly forecast for GBP/USD for June 16-20, 2014 Trend News

The cable extending its rally towards the previous swing highs at 1.70 levels. The cable has been taking support at 1.6696 levels and trying to breach the previous resistance at 1.7043 (August 2009 high). Fresh buying will be above 1.7043 for 1.7280, 1.74 and 1.7520 levels. The monthly RSI favors new highs, but the monthly Stochastics is indicating a negative divergence. So we are requesting traders to wait for a clear indication (a breakout above 1.7043). The support level is at 1.6690 and 1.6440 levels.

Weekly basis-

The pair covered its 4-week losses in just 1 week thanks to the fundamental factors which supported the cable to move back to its peaks. Currently it's a tight situation for the bulls and bears, if the cable breaches the 1.7045 levels, the bulls will have an upper hand to make new highs. In the last week's trading session, the cable exactly touches the upper Bollinger band at 1.6992. We are in a neutral phase of this current situation. The cable has a rough road ahead at 1.6696 and 1.7043 levels. The middle BB and the 21-week EMA are supporting the cable. The RSI in the weekly chart has been consolidating at the overbought levels.

Resistance zone- 1.6696-1.7045.

Support zone- 1.6738-1.6693.

Buy above 1.7045.

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Weekly forecast for EUR/USD for June 16-20, 2014 Trend News

EUR/USD

It's a quiet week for EUR/USD. Traders will eye CPI & Core CPI on Monday, German ZEW economic sentiment on Tuesday, German PPI, on Friday. On the dollar front, FOMC data on Wednesday may show a path in coming days.

Short term- The monthly momentum oscillators favor selling mode. The pair is trading near the supported trend line and 50-month SMA at 1.3372 levels, at which we expect solid support in the medium term, breaks below this, may cause huge damages in the short term.

Weekly basis- For this week, the pair has initial support at 1.35 levels, breaks below this, it has an immediate support zone between 1.34877 levels. We are bearish below 1.3460 levels, the same we have been recommending for the last 2 weeks. On the up side, the pair has strong resistance at 1.3585 (50-week SMA). The pair favors buying above that, for 1.3615 and 1.3677 levels. On the lower side, below 1.3460, it can fall to 1.3410/1.34 and 1.3372 levels. As of now, in Asia's session the pair is taking support near weekly lower Bollinger bands.

NOTE- cmp 1.3543.

Reversal point 1.3677.

Sell below 1.3460 with targets at 1.3410 and 1.3372.

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Daily analysis of USDX for June 16, 2014 Trend News

Daily chart: The USDX has established again below the resistance level of 80.62. USDX is likely to find support at the 200-day moving average, which is close to the 80.45 level. If the USDX does make a breakout at that level, it would be expected to fall to a support level of 80.11. The MACD indicator is in negative territory.

H4 chart: The USDX is trying to stay above the support level of 80.60, which coincides with the bullish trend line, the closest to the current level of the USDX. However, if the USDX does make a breakout at that level, it would be expected to fall to the level of 80.34. For now, the USDX remains above the 200-day moving average, so the bullish outlook remains alive. The MACD indicator is in negative territory.

H1 chart: The USDX made a bullish rebound near the 80.45 level and now the USDX is consolidating again above the support level of 80.59. If the USDX does make a breakout on the resistance level of 80.73, it's expected to rise to the level of 80.93. The MACD indicator is in the overbought zone and entering negative territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 80.59, take profit is at 80.35, and stop loss is at 80.83.

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Daily analysis of GBP/USD for June 16, 2014 Trend News

Daily chart: GBP/USD continues to rise and approaching the resistance level of 1.7000. If the pair manages to make a breakout at that level, GBP/USD might be making new highs this year, because this pair has not been established above that resistance level for several months. However, it is expected that GBP/USD will start making corrective movements. The MACD indicator is in positive territory.

H4 chart: GBP/USD is trying to form a bullish pattern above the support level of 1.6920 and now this pair is trying to make a breakout on the resistance level of 1.6995. If successful, it is expected to rise to the level of 1.7100, at which one bullish trend line is. The MACD indicator is entering overbought area.

H1 chart: This pair is consolidating above the point of control at the level of 1.6950 and now, GBP/USD is approaching the resistance level of 1.7000. If GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.7050. On the other hand, if the pair takes a pullback at the current levels, it's expected to fall to the level of 1.6950. The MACD indicator is in neutral territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.7000, take profit is at 1.7050, and stop loss is at 1.6950.

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