Daily analysis of GBP/USD for May 29, 2015 Market Analysis Review

GBP/USD is still trading lower, but there are no clear bearish patterns on the daily chart. That's why we would like to see a consolidation before a fall to the support level at 1.5199 in the medium term.

During the Thursday session, GBP/USD did a drop below the level of 1.5358. Now, it's trying to rise until the resistance zone of 1.5358, where it could find strong sellers reaction and test the support level at 1.5259 again. Of course, if the pair does a breakout in that zone, the lower continuation to 1.5158 will take place.

Daily chart's resistance levels: 1.5346 / 1.5543

Daily chart's support levels: 1.5199 / 1.5090

H1 chart's resistance levels: 1.5358 / 1.5443

H1 chart's support levels: 1.5259 / 1.5158

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5259, take profit is at 1.5158, and stop loss is at 1.5358.

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Daily analysis of major pairs for May 29, 2015 Market Analysis Review

EUR/USD: This pair slashed through the support line at 1.0850, but it could not reach the support line at 1.0800. From there, the price has bounced upwards, and that could be another good short-selling opportunity, unless the price manages to go above the resistance line at 1.1100. That is the only thing that can signify that the bearish bias has gone invalid.

USD/CHF: This currency trading instrument has nearly lost all its bullish gains. One might see the current bearish retracement as an opportunity to go short in the context of an uptrend. The bullish bias would not be over until the support level at 0.9300 is breached to the downside.

GBP/USD: There is still a Bearish Confirmation Pattern in this market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. The price has gone down by 200 pips this week and this could continue unless there is great weakness in USD.

USD/JPY: The latest price action on the USD/JPY pair is choppy. The bias is bullish and the price may continue its northward journey owing to the ongoing weakness in the yen. There are demand levels at 123.00 and 122.50. There are also supply levels at 124.00 and 124.50.

EUR/JPY: The EUR/JPY pair got above the demand zone at 135.00 generating a 'buy' signal. Bulls have started pushing the price upwards and they could attain the supply zones at 136.00 and 136.50. This could be the beginning of a long-term rally.

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NZD/USD potential reversal up after triple bottom Market Analysis Review

NZD/USD has been falling all the way from 0.8836 until the most recent low at 0.7129. It lost 1700 pips in a year. This is a very interesting moment on NZD/USD since it formed a triple bottom around 0.7200. Yesterday, the price has tested a 12-year low.

In addition to the triple bottom, the pair tested the downside target of the channel breakout. You can see more detailed analysis on that particular channel in my previous forecast for NZD/USD. This makes significant support and could result in a beginning of another corrective move up. The additional confirmation could be bullish divergence on the Demarker Indicator as well as a potential bounce of the uptrend trendline.

Consider buying NZD/USD at the current level with targets at the area of 0.7782-0.7833 that is also a 38.2% Fibonacci retracement level applied to a high of 0.8836 and the most recent low. A daily close below 0.7129 will invalidate this forecast.

Support: 0.7129

Resistance: 0.7534, 0.7782

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Technical analysis of EUR/USD for May 29, 2015 Market Analysis Review

When the European market opens, economic data on the Italian Prelim CPI m/m, Private Loans y/y, M3 Money Supply y/y, Spanish Flash CPI y/y, French Consumer Spending m/m, are German Retail Sales m/m are due today.The US will release economic data on the Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Prelim GDP Price Index q/q, Prelim GDP Price Index q/q, and Prelim GDP q/q. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1016.

Strong Resistance:1.1010.

Original Resistance: 1.0932.

Inner Sell Area: 1.0988.

Target Inner Area: 1.0963.

Inner Buy Area: 1.0938.

Original Support: 1.0927.

Strong Support: 1.0916.

Breakout SELL Level: 1.0910.

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 May 29, 2015 Market Analysis Review

In Asia, Japan will release the Housing Starts y/y, Prelim Industrial Production m/m, Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, and Household Spending y/y. The US is expected to publish data on Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Prelim GDP Price Index q/q, Prelim GDP Price Index q/q, and Prelim GDP q/q. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.36.

Resistance. 2: 124.12.

Resistance. 1: 123.88.

Support. 1: 123.57.

Support. 2: 123.33.

Support. 3: 123.09.

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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EUR/NZD offering good risk/reward Market Analysis Review

Following our previous technical analysis of EUR/NZD, I have mentioned that it might be too early to go short that time. Yesterday, we had a very strong pullback up that potentially is offering an excellent risk/reward sell trade for this pair.

Consider selling EUR/NZD at the current level (1.5266), targeting either S2 (1.4819) or S3 (1.4636), or even a double bottom near 1.3873. Only a break above R1 (1.5398) should result in continuation of the corrective move up.

Support: 1.5039, 1.4819, 1.4636, 1.4456

Resistance: 1.5398, 1.5679

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Technical analysis of EUR/USD for May 29, 2015 Market Analysis Review

Overview:

• The resistance of the EUR/USD pair has been already set at 1.0993 (50% of Fibonacci retracement level). Also, it should be noted that the level at 1.0993 represents the daily pivot point. Furthermore, it will be very profitable to sell below this level for retesting this level in the short term. Therefore, sell deals are recommended below the daily pivot point (1.0993) with targets at 1.0881 (the level of 1.0881 is representing the daily support 1) and 1.0820 to reach the double bottom. On the contrary, the support is going to set at the level of 1.0820 today. As a result, the ascendant movement will probably be higher than the 1.0820 level with a target at the daily pivot point (1.0993). Moreover, if the trend is able to break the level of 1.0993, the market will continue straightly towards the second target at 1.1105, which is a golden ratio in the H4 chart.

Comment:

• The weekly key level sets at 1.1000 and this level could not hit the moving average (100).
• The value of 50% Fibonacci retracement levels: 1.0993. The area aroiund 1.0993 is a useful spot to buy above it in the long term today.
• We expect a range of 110 pips.
• Stop loss should never exceed your maximum exposure amounts.
• As a rule, the market is highly volatile if the lprevioust day had a huge volatility.

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Technical analysis of USD/CHF for May 29, 2015 Market Analysis Review

Overview:

• According to the previous events, the price of the USD/CHF pair has been trading between 0.9556 and 0.9374. The level of 0.9556 represents the weekly pivot point. It should be noted that the weekly pivot point is coinciding with a ratio of 61.8% Fibonacci retracement level. In consequence, sell below 0.9556 in the short term with the first target at 0.9374 in order to test support 1. If the trend is able to break the support 1 at 0.7374; then it might resume to 0.9287 with a view to form the double bottom. Hence, the market will indicate a bearish opportunity at the level of 0.9556 and continue towards the last bearish wave at 0.9287. However, the best location for placing your stop loss should be set at 0.9575 because the stop loss should never exceed your maximum exposure amounts.

Intraday technical levels:

Date: 29/05/2015

Pair: USD/CHF

• R3: 0.9611
• R2: 0.9577
• R1: 0.9535
• PP: 0.9501
• S1: 0.9459
• S2: 0.9425
• S3: 0.9383

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Technical analysis of USD/JPY for May 28, 2015 Market Analysis Review

Fundamental overview:

USD/JPY is expected to consolidate with bullish bias after hitting almost an 8-year high of 124.09 on Wednesday. USD/JPY is underpinned by the positive dollar sentiment (ICE spot dollar index last 97.29 versus 97.24 early Wednesday) on expectations that the Fed would increase interest rates later this year. USD/JPY is supported by the higher shorter-dated US Treasury yields (2-year at 0.648% versus 0.618% late Tuesday), demand from Japan's importers, and the Bank of Japan's ultra-loose monetary policy as well. The pair is also boosted by reduced safe-haven appeal of the yen and the yen-funded carry trades as global risk sentiment improved (VIX fear gauge eased 5.62% to 13.27; S&P 500 closed up 0.92% at 2,123.48 overnight) after Greek Prime Minister Tsipras said the country is close to an agreement with its international creditors over its rescue program. However, The Wall Street Journal reported that one European Union official is doubtful of Greece's ability to close a deal quickly. But USD/JPY gains are tempered by the Japanese exports.

Technical comment:

The daily chart is positive-biased as the MACD is bullish, stochastics stays elevated at overbought levels, 5 and 15-day moving averages are advancing.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 124.80 and the second target at 125.50. In the alternative scenario, short positions are recommended with the first target at 122.85 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 122.45. The pivot point is at 123.40.

Resistance levels: 124.80 125.50 126

Support levels: 122.85 122.45 121.70

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Technical analysis of USD/CHF for May 28, 2015 Market Analysis Review

Fundamental overview:

USD/CHF is expected to consolidate in a lower range after hitting almost a monthly high of 0.9545 on Wednesday. It is undermined by the franc demand on cross trades versus major currencies. But USD/CHF losses are tempered by the positive dollar sentiment, the negative Swiss interest rates, and the threat of the Swiss National Bank to carry out CHF-selling intervention.

Technical comment:

The daily chart is mixed as the MACD is bullish, five-day moving average is above 15-day moving average and is advancing. Stochastics is turning bearish at overbought levels, bearish dark-cloud-cover candlestick pattern was completed on Wednesday.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.94. A break of that target will move the pair further downwards to 0.9650. The pivot point stands at 0.9545. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.96 and the second target at 0.9650.

Resistance levels: 0.96 0.9650 0.97

Support levels: 0.94 0.9335 0.93

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Technical analysis of NZD/USD for May 28, 2015 Market Analysis Review

Fundamental overview:

NZD/USD is expected to trade in a higher range after hitting the 2.5-month low of 0.7208 on Wednesday. The kiwi sentiment is boosted after Fonterra said it will pay its 10,600 farmer shareholders NZ$5.25 per kilo of milk solids for the season starting June 1 versus downwardly revised NZ$4.40 (from prior forecast of NZ$4.50) for the season ending May 31. NZD/USD is also supported by the kiwi demand on the buoyant NZD/JPY cross amid reduced risk aversion and kiwi demand on the soft AUD/NZD cross and NZD-USD interest differential. But NZD/USD gains are tempered by the positive dollar sentiment, soft dairy prices, and speculation that the RBNZ would cut interest rate in the coming months.

Technical comment:

The daily chart is still negative-biased as the MACD is bearish, stochastics stays suppressed at oversold levels, 5 and 15-day moving averages are falling.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7120. A break of that target will move the pair further downwards to 0.7090. The pivot point stands at 0.7225. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.7270 and the second target at 0.730.

Resistance levels: 0.7270 0.73 0.7350

Support levels: 0.7120 0.7090 0.7050

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Technical analysis of GBP/JPY for May 28, 2015 Market Analysis Review

Fundamental outlook:

GBP/JPY is expected to trade in a higher range. It is underpinned by the improved euro sentiment as Greece worries subside and reduced safe-haven appeal of the yen amid better investor risk appetite and demand from Japan's importers. But GBP/JPY gains are tempered by the Japanese exports.

Technical comment:

The daily chart is mixed as the MACD is bearish, but stochastics is turned bullish at oversold levels.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 190 and the second target at 190.60. In the alternative scenario, short positions are recommended with the first target at 188.60 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 187.80. The pivot point is at 189.20.

Resistance levels: 190.60 191.20 191.75

Support levels: 188.60 187.80 187

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EUR/NZD : analysis for May 28, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5256 in an very high volume. The short-term trend is bullish. According to the daily time frame, we can observe demand in a volume below average but with strong price action. According to the H1 time frame, the price has broken the major resistance (1.5060) and the key supply trendline. Be careful when selling EUR/NZD since we may see bullish movements. Resistance levels are at 1.5285 and 1.5400. Anyway, watch for potential buying opportunities after bearish correction (buy on the dips).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5090

R2: 1.5120

R3: 1.5200

Support levels:

S1: 1.4980

S2: 1.4950

S3: 1.4890

Trading recommendations: Be careful when selling EUR/NZD at this stage since we can observe strong bullish activity (volume) in the background and broken supply trendline.

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Gold : analysis for May 28, 2015 Market Analysis Review

Overview:

Gold has been trading sideways around the level of $1,186.00. The short-term trend is neutral. I found strong trading range between the levels of $1,192.00 and $1,183.00. I am waiting for a clear breakout with strong volume to confirm further direction. Our Fibonacci retracement 50 % at the level of $1,187.00 is on the test. If the price breaks the level of $1,183.00, support levels will be set at $1,178.00 and $1,167.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,190.00

R2: 1,192.00

R3: 1,195.40

Support levels:

S1: 1,184.50

S2: 1,183.00

S3: 1,179.90

Trading recommendations: Price is in trading range (sideways). Wait for a clear breakout in a high volume to confirm further direction.

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NZD/CAD preparing for corrective move up Market Analysis Review

After a steady uptrend started on September 30, 2014, and continued until the level of 0.9617, NZD/CAD reversed and declined even faster than it climbed up. The fall ended on May 13 hitting the bottom at 0.8790.

NZD/CAD started a correction and faced the resistance at the 23.6% Fibonacci retracement applied to a high hit on March 23 and a low reached on May 13. However, yesterday's daily close was above the high (0.9038) established near the 23.6% Fibonacci resistance. Now, this level should act as a support with potentially good buying point. Also, the RSI trendline breakout and recent exit from the oversold zone could be treated as an additional confirmation of bullish sentiment.

With all the facts, consider buying NZD/CAD near S1 (0.8986) or on the breakout of the most recent high (0.9054), which could be a safer approach. The target area is located near 62.8% (R3) Fibonacci retracement level and extends slightly higher. This is because the major resistance level is located at R4 (0.9355), which previously acted as resistance as well as support. Only a break below S2 (0.8895) could push the price lower forming a double bottom near S3.

Support: 0.8986, 0.8895, 0.8790

Resistance: 0.9106, 0.9203, 0.9301, 0.9355

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Technical analysis of GBP/USD for May 28, 2015 Market Analysis Review

Overview:

• Today, thThe GBP/USD pair moved from 1.5395 to 1.5319; the market opened at 1.5325. The downtrend represents the double bottom of the channel emerging at the level of 1.5325. It is equally important that the RSI has still been negative in the daily time frame. So, it calls for a new downward movement. Therefore, the price movement will be moved between the levels of 1.5330 and 1.5189 (50% Fibonacci retracement levels in H4 chart). Moreover, the pair has already formed major resistance at the level of 1.5395. The price was set below this level a day ago. The market will indicate a bearish opportunity at the level of 1.5330 with the first target at 1.5275. Thus, if it breaks the support at 1.5275, a breakout above this level will take place with the second target at 1.5189. On the other hand, the best location for placing a stop loss is seen above the last bullish wave 1.5395.

Technical levels:.

• Projected high: 1.5395.
• Strong resistance (sell limit): 1.5388.
• Current Pivot: 1.5325.
• Strong support (buy limit): 1.5266.
• Projected low: 1.5189.

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Technical analysis of USD/CAD for May 28, 2015 Market Analysis Review

Overview:

• The USD/CAD pair has already formed a strong support at the level of 1.2351. The same level is coinciding with a ratio of 50% Fibonacci retracement levels. It should be noticed that minor support will be set at the level of 1.2453 around the 61.8% Fibonacci retracement levels in the H4 chart. The price of the USD/CAD pair has moved between 1.2450 and 1.2570. The price moved higher to 1.2490 and turned lower. So, we expect a range about 257 pips this week. Additionally, the RSI and moving average (75) are still calling for an uptrend. The market is going to indicate bullish opportunities at the levels of 1.2450 with the first target at 1.2510 and continuing towards 1.2590 in order to test resistance at 1.2598. On the other hand, if the price closes below 1.2450. The price will call for a bearish market to go further towards the double bottom at 1.2351 to test it again.

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Technical analysis of EUR/JPY for May 28, 2015 Market Analysis Review

General overview for 28/05/2015 11:25 CET

The immediate downward impulsive wave progression had been invalidated due to wave one and wave two overlap. The current count incorporates the new price action into new, slightly changed labeling. According to this new count, the market is at a crucial level right now. The recent drop might still be counted as a five-wave decline to the level of 133.09. So, an upward rally would be a corrective cycle that has been labeled as abc pattern ending into the Fibonacci zone between the levels of 135.47 - 135.67. This would be an ideal level for the market to resume the downtrend and a breakout below the weekly pivot point. On the other hand, any further rally continuation above the level of 135.66 will be considered bullish. There is a possibility that the recent high at the level of 136.95 might be tested soon. The near-term to mid-term outlook is still bearish and only a sustained breakout above the recent local swing high would be considered to be a bias change to bullish.

Support/Resistance:

136.12 - 78%Fibo

135.66 - 135.47 - Key Zone

135.34 - Intraday Support

135.23 - WR1

Trading recommendations:

Daytraders should consider opening sell orders from the current market levels with SL orders should be placed very tight above the level of 135.67 and TP orders should be placed at the level of 135.08 with a possible downside extension.

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GBP/NZD price drop can be expected Market Analysis Review

GBP/NZD moved up since April 21 without facing any significant resistance. Finally, the price topped the level of 1.1482 on May 21 followed by a large sell-off.

After testing the top level, the pair found the resistance area around 2.1260 (R1), which is currently being rejected again. Applying the fibonaccy retracement to a low of 2.0562 (the last poit where uptrend trendline has been rejected) made on May 8 and a high of 2.1482 established back on May 21, it can be seen that 23.6% Fibonaccy support ( R1) has been penetraded and is currently acting as a resistance that has been already mentioned. At the same time, the H4 candle closed below 38.2% retracement level (S1) and the DeMarker oscillator formed a berish divergence.

Everything poinys to a potental reversal of the trend where GBP/NZD should start moving lower. Consider selling GBP/NZD near R1 (2.1263) targeting previously tested area as support and resistance, which is 76.4% Fibonacci retraccement at 2.0778. A break above R2 (2.1482) will favor bulls. However, this seems to be unlikely scenario.

Support: 2.1129, 2.1022, 2.0913, 2.0778

Resistance: 2.1263, 2.1482

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Technical analysis of USD/CAD for May 28, 2015 Market Analysis Review

General overview for 28/05/2015 09:20 CET

Diminishing momentum in this market shows that the recent up leg to the level of 1.2491 is just a part of a corrective cycle wave b purple and the market should continue to move lower in leg c purple soon. Two possible target levels for this sub-wave were projected on the intraday chart: one is a zone between the levels of 1.2356 - 1.2375 and the other is support at the level of 1.2321. Please notice the corrective cycle in wave 2 blue might get more complex and time-consuming than a simple abc irregular corrective cycle.

Support/Resistance:

1.2491 - Swing High

1.2456 - WR1

1.2395 - Intraday Support

1.2356 - 1.2376 - Support Zone

1.2321 - Technical Support

Trading recommendations:

Daytraders should consider opening sell orders only is the intraday support at the level of 1.2359 is violated. The SL orders should be placed very tight (20-30 pips) and TP orders should be placed at the level of 1.2321.

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#USDX wave analysis for May 28, 2015 Market Analysis Review

The US Dollar Index is reversing lower as expected. I have turned neutral about the dollar in the short term as the price has made an extended impulsive move higher that reached important resistance levels. A pullback towards 96 is justified. However, my long-term view remains bullish targeting at 101-102.

The US Dollar Index is trading above the Ichimoku cloud in the 4-hour chart and the short-term trend is reversing to bearish as a rise from 93.10 seems to be complete. Support is found at 96.30 and 96. The 38% retracement will give us important information as whether we see a deeper correction or a shallow one.

A decline from this year's highs is represented in 3 corrective waves . The impulsive upward move in the US Dollar Index is overlapping March's lows confirming that this upward move is not a wave 4 type correction. The three-wave decline has most probably completed the longer-term wave 4 correction and we are now in the early stages of an upward wave 5 that will bring the index above 102. Wave 1 of 5 is most probably completed, so we need to see a pullback before we jump back into longs.

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Gold technical analysis for May 28, 2015 Market Analysis Review

Gold price is above short-term support at $1,180-85 and we might see an upward pullback towards $1,200. Gold price has been mainly trading within a range of $1,220-$1,180 for some time now. As long as I do not see a weekly close outside of this range, I will remain neutral.

Red line = trend line support

Gold price touched the red line which acts as support for the 3rd time. The price is below the Ichimoku cloud in the 4-hour chart. I believe we could see a bounce towards $1,200 as long as we hold above $1,185.

The weekly chart remains bearish as the price has moved below the tenkan-sen (red line) support. The weekly chart remains below the cloud resistance and below the kijun-sen (yellow line) indicator. The long-term trend remains bearish and critical support is found at $1,130 and $1,170.

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Technical analysis of EUR/USD for May 28, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/USD pair dropped to the level of 1.0818 yesterday before pulling back sharply. The pair seems to have completed its counter trend (3 waves down) from 1.1450. Please also note that the pair bounced off the fibonacci 0.681 support of the rally between 1.0550 and 1.1450 respectively. Furthermore, the past resistance turned support is also passing through the same region (1.0800). It is hence recommended to initiate long positions now with risk around 1.0700. The upside extensions could cross the level of 1.1450 in coming weeks. Immediate support is seen at 1.0650 followed by 1.0550 and lower. Resistance is seen at 1.1200 (interim) followed by 1.1450 and higher respectively.

Trading recommendations:

Initiate long positions, stop at 1.0700, and a target above 1.1450.

Good luck!

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Technical analysis of Silver for May 28, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver seems to have finally formed bottom around $16.60 before bouncing back. The metal is trading around the level of $16.70 at the moment, bouncing off the trendline support as well. Also note that the past resistance turned support region is also around $16.60/70 levels. It is hence recommended to hold long positions for now and look to add further with risk at $16.20 at least. Immediate support is seen at $16.20 levels followed by $15.80, $15.30, and lower. Resistance is seen at the level of $17.30 (interim) followed by $17.70, $18.40/50, and higher respectively.

Trading recommendations:

Remain long for now, stop at $16.20, and a target is open.

Good luck!

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Technical analysis of Gold for May 28, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold seems to have finally bottomed out around the level of $1,183.00 yesterday before bouncing back. The metal is currently forming a bullish morning star candlestick pattern on the H4 chart indicating a potential reversal. Also note that the metal has bounced off its support trendline passing through the level of $1,183.00. It is hence recommended to remain long and also look to add fresh long positions with risk around $1,180.00. Immediate support is seen at $1,180.00 levels followed by $1,168.00, $1,143.00, and lower. Resistance is seen at $1,215.00 followed by $1,231.00, $1,240.00, and higher respectively.

Trading recommendations:

Remain long for now, stop at $1,180.00, and a target is open.

Good luck!

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Technical analysis of EUR/CAD for May 28, 2015 Market Analysis Review

After the BoC's statement, the loonie is trading lower against the euro. Developments in Greece turned sentiments on the euro to positive. The cross managed to close above 50& 20Dsma at yesterday's session. At yesterday's session, we recommend buying above 1.3540 with targets at 1.3560, 1.3580, and 1.3600. The cross made a high at 1.3603. At today's Asian session, the cross managed to hold the 20Dsma trading at1.3592 compared to Wednesday's closing of 1.3576. Intraday support is found at 1.3565, 1.3560, and 1.3540. For an intraday session, we recommend fresh buying above 1.3605 with targets at 1.3640 and 1.3660. Bulls are likely to regaine control above 1.3675 towards 1.3700 and 1.3730.

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Technical analysis of EUR/JPY for May 28, 2015 Market Analysis Review

The cross managed to hold the last support level available at 133.00. On Tuesday, the cross made a low at 133.09 and changed the direction. The cross managed to close above 100Dema and 20Dsma. Developings in Greece turned sentiments on the euro to positive. Today, the cross is driven by inflation data from Japan. The cross was trading at 134.80 at the Asian session. The cross managed to hold the 20Dsma 134.69. Bulls have an opportunity to aim at 135.35 initially and 135.50 later. The nearest resistance is seen at 135.55 200Dema and parallel resistance is seen at 135.35. The cross rejected at 200Dsma 137.00 on May 18. The same level acts as the trend-change level. The cross has been trading between 133.00 and 137.00. In case of a daily close above 137.20, bulls will aim at 141.00 initially. We expect a clear direction in a day or two. Intraday support is found at 134.75,134.40, and 134.00. The selling pressure is expected below 134.75.

Trade: Fresh buying is seen above 135.60 with a target at 136.00 initially, 136.40 and 137.00 later.

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Technical analysis of EUR/USD for May 28, 2015 Market Analysis Review

The euro rebounded a bit from a 3-week low. Developments in Greece initially supported the euro in US session. The German and Belgium data reads mild positive.

German consumer climate increased slightly again. Developments in consumer mood in Germany have not been uniform in May. After 10.1 points in May 2015, the overall indicator is forecasted to hit the level of 10.2 points in June. The National Bank of Belgium's business barometer rose further in May, posting an increase for the fourth consecutive month.

Today, the trend is likely to depend on the US data. Unemployment claims and pending home sales m/m are due. We expect positive readings from the US.

Technical view: The par managed to hold the parallel support at 1.0820, a low was made at 1.0819. The pair managed to closed with mild gains, paused the 3-days losing streak. The bearish still continues. The pair has been facing strong resistance at 1.0911 for 10 hours. Intraday resistance is seen at 1.0927.The safe small buying will trigger above 1.0930 for a small target at 1.0960. Strong bullish momentum is seen only above 1.0970, where the 1.0965 50Dsma lies. In case bulls manage to sustain above 1.0970, they will aim at 1.1000, 1.1030, and 1.1050. Intraday support is found at 1.0860, 1.0820, and 1.0800. At Asian session, the pair is trading at 1.0893 compared to Wednesday's closing price of 1.0904. The pair gave a bearish break earlier and closed below the ascending trendline. Sell on a rise. Bulls' last hope remains at 1.0820 and 1.0800. Intraday selling is available below 1.0860 to 1.0820 and 1.0800. The panic will be triggered below 1.0800. We expect another 150 and 250 pips down. Each spike added to be on the selling side. More room is available for bears. Use every rise to sell with sl 1.1070 on a closing basis. We forecasted 1.0800 this week and 1.0550 later. The first part of our forecast (1.0819) is already done.

Trade: Selling below 1.0860

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Elliott wave analysis of EUR/NZD for May 28 - 2015 Market Analysis Review

Technical summary:

We still favor more downside movment towards 1.4725 in wave c of the expanded flat correction that has been unfolding since wave (i) topped at 1.5467. That said, it will only take a break above 1.5109 and more importantly a break above resistance at 1.5208 to indicate that wave (ii) ended at 1.4927 and wave (iii) higher towards at least 1.6300 is developing. As long as resistance at 1.5109 is able to protect the upside, we will look for a final decline in wave c closer to 1.4725 to terminate the expanded flat. It will only take a break above 1.5109 to indicate that wave (ii) has terminated and wave (iii) higher is developing.

Trading recommendation:

Our stop and revers at 1.5080 was hit. Now, we are long on EUR. As we still can see more downside pressure, we will place our stop at 1.5020. If our stop gets hit, we will re-buy EUR at 1.4750.

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Technical analysis of GBP/USD for May 28, 2015 Market Analysis Review

It is understandably a quiet day on the markets owing to a lack of macroeconomic data. Things should pick up rapidly from today. We have a number of high-impact data releases to look forward to, starting with the UK GDP estimates q/q. We expect data to expand 0.4%, but remains below the previous estimates. Beside, Unemployment claims and pending home sales m/m are due. We expect positive readings from the US.

Technical view: The cable has been falling for 4 consecutive days. At yesterday's session, the cable managed to hold the 200Dsma closed above that. At today's Asian session, the cable was trading at 1.5350 compared to Wednesday's closing price of 1.5354. We advised selling for 1.5300. At yesterday's session we advised selling for 1.5300 and 1.5260 again, a low was made at 1.5302. Intraday resistance is seen at 1.5360, 1.5390, and 1.5460. Intraday support is found at 1.5320 and 1.5300. We recommend buying above 1.5390 with targets at 1.5440 and 1.5460. For today's trade, selling is available below 1.5280 with targets at 1.5240, 1.5200, and 1.5170. The weekly support is found at 1.5150 and 1.5100.

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