Daily analysis of major pairs for June 5, 2015 Market Analysis Review

EUR/USD: This currency trading instrument rose from the support line at 1.0900, reaching the resistance line at 1.1350. This significant buying pressure has invalidated the recent bearish outlook; ushering in a clean bullish phase.

USD/CHF: The weakness in this market has not caused any significant movement to the downside. In fact, the market is volatile, and therefore a serious movement to the upside or the downside is expected (though the latter action is more likely).

GBP/USD: Although the GBP/USD pair has moved upwards by 200 pips this week, the bearish bias is still intact. What can render the bearish bias useless is the situation in which the distribution territory at 1.5500 is overcome.

USD/JPY: What is happening now can be described as a consolidating movement in the context of an uptrend. The supply level at 125.00 has been tested and the price now oscillates between that supply level and the demand level at 124.00. The price may close below the demand level at 124.00 but there could not be a real jeopardy to the existing bullish outlook unless another demand level at 122.50 is breached to the downside. It is more logical to anticipate further movement to north.

EUR/JPY: The EUR/JPY cross has moved upwards very strongly this week. A weekly movement of 500 pips is something that is significant enough to generate a Clean Bullish Confirmation Pattern in the chart. The supply zone at 141.00 has been tested. It could be tested again and breached to the upside.

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Technical analysis of GBP/USD for June 5, 2015 Market Analysis Review

Overview:

• The GBP/USD pair has set below the double top (1.5430) since yesterday. The price has faced a strong resistance at the level of 1.5434. Additionally, this level coincides with the ratio of 50% Fibonacci retracement level in the daily chart. On the other hand, the major support is found at 1.5232; therefore, the GBP/USD pair will move betwen 1.5430 and 1.5232 in coming hours. So, the market is likely to start showing signs of the bearish market again in order to indicate the bearish opportunity from the level of 1.5430 to 1.5400 with targets at strong support around 1.5294 (first target). Bears were forced to pull back in the area around 1.5232, therefore this level will represent support for indicating a bullish opportunity above the support. In consequently, it will be a good sign to buy in the short term above the level of 1.5232 with the first target at 1.5371 and it might resume to 1.5400.

Intraday technical levels:

Date: 5/06/2015

Pair: GBP/USD

• R3: 1.5568
• R2: 1.5504
• R1: 1.5431
• PP: 1.5367
• S1: 1.5294
• S2: 1.5230
• S3: 1.5157

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Technical analysis of NZD/USD for June 5, 2015 Market Analysis Review

Overview:

Amid previous events, the NZD/USD pair is still moving between the level of 0.7079 and 0.7199. The level of 0.7079 represents a weekly double bottom in the H1 chart. It should be noted that the weekly double bottom coincides with the ratio of 00% Fibonacci retracement levels. Consequently, the new resistance has set at the level of 0.7153; for that sell below the level of 0.7153 in the long term with the first target at 0.7100. If the trend is able to break the first support at 0.7100, it might resume to 0.7079 in order to test the double bottom in the same time frame. On the other hand, the stop loss should never exceed your maximum exposure amounts. Thus, it will be rather profitable to set your stop loss at the level of 1.7205.

Observations:

The resistance has set at the level of 0.7199 and support is found at 0.7079.

The key level is at 0.7117 today.

Expect a daily range of 68 pips

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GBP/USD intraday technical levels and trading recommendations for June 4, 2015 Market Analysis Review

Overview:

On March 2, a bearish breakdown of the lower limit of the previous daily channel occurred enhancing the bearish side of the market.

Persistence below the zone between 1.4950 and1.5000 indicated a further bearish decline towards 1.4700.

Shortly after, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was established.

Evident bullish recovery emerged at 1.4560 pushing the GBP/USD pair above the level of 1.4700, then successive higher highs were hit.

As anticipated, the daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where extensive bearish pressure was previously applied.

This enhanced the bearish side of the market towards the levels of 1.5300, 1.5250, and 1.5100 where the most recent bullish swing was initiated on May 5.

On the other hand, the price zone of 1.5750-1.5800 (critical resistance zone) offered a valid sell entry almost three weeks ago. Final bearish target at 1.5450 was already reached.

Moreover, a lower high at 1.5660 applied significant bearish pressure. That is why the support zone between 1.5500 and1.5450 failed to stop this bearish momentum leading to its breakdown.

It should be acting as an intraday resistance when further retesting takes place. A low-risk sell entry can be offered at retesting.

The price levels of 1.5150 and 1.5100 are exposed to be reached now. However, Tuesday's daily candlestick came as a bullish engulfing one which weakens the bearish momentum.

Conservative traders can wait for a bearish pullback towards 1.5080-1.5100 for a low risk buy entries. SL should be set as daily closure below 1.5080.

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USD/CAD intraday technical levels and trading recommendations for June 4, 2015 Market Analysis Review

Overview:

Since bulls pushed the price further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level, the market looked quite overbought. That is why the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a Triple-top pattern.

Successive lower highs were established within the depicted consolidation zone enhancing the bearish side of the market.

Support levels around 1.2350 and 1.2300 (79.6% Fibonacci level) were broken after providing significant support for several weeks on the daily and weekly charts.

Daily fixation below 1.2300 cleared the way for the USD/CAD pair towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend).

That is why significant bullish support was offered around these levels. Since then, a bullish pullback has been taking place.

On the other hand, the price zone of 1.2430-1.2500 constitutes a significant resistance zone despite being breached after the opening bell.

Only a bearish candle closure below 1.2430 is needed to enhance further bearish advancement. This offers a low-risk sell position with good potential targets.

Trading recommendations:

Risky traders can take a sell entry anywhere around 1.2400-1.2450. Conservative traders should wait for a daily closure below 1.2420 as a sell signal.

T/P levels should be placed at 1.2220, 1.2100, and 1.1950 while S/L should set as a weekly candlestick closure above 1.2460.

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Intraday technical levels and trading recommendations for GBP/USD for June 4, 2015 Market Analysis Review

Evident bullish recovery emerged from the area around 1.4550 where a significant bullish engulfing weekly candlestick was expressed.

Shortly after, persistence above the levels of 1.5000-1.5080 exposed the weekly supply zone of 1.5500-1.5550 (roughly corresponding to weekly 50% Fibonacci level), where a significant bearish pressure was previously applied on February 22.

The market has been already pushed above the weekly supply at 1.5530 (50% Fibo level) and slightly above 1.5720 (FE 100%) until the evident bearish pressure was applied around 1.5800, resulting in the recent two bearish engulfing weekly candlesticks.

Note that persistence below the weekly supply at 1.5530 (corresponding to 50% Fibo level) hinders the ongoing bullish swing. It gives more time for sideways movement with strong bearish tendency.

Sideways movement with a slight bearish tendency had been expressed on the daily chart until the bullish breakout took place above 1.4970-1.5000 (through a long-term bullish reversal pattern).

The price zone between 1.5000 and 1.5100 failed to keep prices below. Moreover, it formed a prominent demand zone for the GBP/USD pair while trending within the depicted bullish channel.

A daily closure above the weekly supply zone of 1.5500-1.5530 exposed the next supply level located at 1.5720 (100% Fibonacci Expansion of the recent bullish swing) where evident bearish pressure was applied.

Bearish breakout off the depicted bullish channel took place as a result of the bearish pressure that emerged at the level of 1.5660 (lower high).

Persistence below 1.5450 (lower limit of the broken channel) is needed to maintain current bearish momentum towards the intraday demand level at 1.5100

However, a bullish pullback towards 1.5450 (intraday supply) will probably offer a valid sell entry for those who missed the initial breakout.

Initial bearish targets would be located at 1.5250 and probably at 1.5100 (depicted demand level) where a short-term buy entry can be offered.

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Intraday technical levels and trading recommendations for EUR/USD for June 4, 2015 Market Analysis Review

The market was pushed lower after breaking below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously hit back in July 2012 and June 2010.

The EUR/USD pair lost almost 850 pips since the beginning of 2015. Moreover, the EUR/USD bears have already pushed the market slightly below the monthly demand level of 1.0550 (established on January 1997).

The previous monthly closure had a negative impact on the EUR/USD pair. However, April's monthly candlestick came as a bullish engulfing candle as depicted on the chart.

In the long term, bearish breakdown of the monthly demand level at 1.0550 should not be excluded as the long-term breakout target is projected towards the level of 0.9450.

A bullish corrective movement towards 1.1500 and 1.1600 is still possible provided that May's monthly candlestick high (1.1465) gets breached as soon as possible.

The obvious bearish breakout of the weekly demand level at 1.1100 allowed the price to fall dramatically shortly afterwards.

After such a long bearish rally (which started around the levels of 1.1300), bullish rejection was expressed at 1.0570 (monthly demand level).

A bullish continuation pattern with an ascending bottom was established around the level of 1.0650.

That is why bears failed to hinder ongoing bullish momentum around the key zone of 1.1150 to 1.1050 on April 29. Temporal bullish fixation above 1.1100 took place shortly after.

Further bullish advancement was enhanced until bearish pressure was applied around 1.1450 (just below the depicted supply level of 1.1500).

Last week, a bearish pullback took place towards 1.0800 -1.0830 where a bullish breakout pattern with an ascending bottom was established on the H4 chart.

That is why, a profitable buy entry was suggested at retesting of 1.0820. S/L should be advanced to 1.1200 to offset the risk.

On the H4 chart, bullish persistence above the level of 1.1190 is mandatory to pursue towards 1.1390 (Fibonacci Expansion 100%).

The price zone of 1.1180-1.1230 should be defended by bulls to keep enough bullish momentum. Otherwise, long-term bullish positions should be closed.

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Technical analysis of EUR/USD for June 4, 2015 Market Analysis Review

Overview:

• The resistance was broken and turned to support at the level of 1.1264. Moreover, the same level is coinciding with the ratio of 78.6% Fibonacci retracement levels in the H4 chart. The pair has already formed strong support at 1.1264. But it should be noticed that minor support will be set at the level of 1.1302. However, EUR/USD pair was not able to close below 1.1302 and 1.1264. Additionally, the price has been still moving between above these supports for a while. The RSI and moving average (14) are still calling for an uptrend from the level of 1.1264/1.1302. The market indicates a bullish opportunity at the levels of 1.1264/1.1302 with the first target at 1.1408 and continues towards 1.1466 in order to try to test the weekly double top. On the other hand, if the price closes below the major support, the best location for placing a stop loss should be below 1.1264. Thus, the price will call for a bearish market in order to go further towards 1.1235.

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Technical analysis of AUD/USD for June 4, 2015 Market Analysis Review

Overview:

• The AUD/USD pair will continue rising straight from the level of 0.7696 in еру H4 chart. It is likely to form a double bottom at the level of 0.7696. Therefore, the aussie is showing signs of strenght following the break of the highest level of 0.7700. So, it will be a good sign to buy in the short term above the level of 23.6% of Fibonacci retracement levels (0.7700) with the first target at 0.7785 in order to retest the daily pivot point and further 0.8740 (the price of 0.7857 will act as strong resistance, hence it is going to be a good place to take profit). Also, it should be noted that this level will coincide at 50% of Fibonacci.
• On the other hand, in case a reversal takes place and AUD/USD breaks through the support level of 0.7700, the market will make a further decline to 0.7624 with a view to indicate the bearish market today.

Intraday technical levels:

• R3: 0.7885
• R2: 0.7851
• R1: 0.7817
• PP: 0.7783
• S1: 0.7749
• S2: 0.7715
• S3: 0.7681

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Gold: analysis for June 04, 2015 Market Analysis Review

Overview:

Gold has been trading downwards. The price tested the level of $1,180.26. According to the daily time frame, we can observe a supply bar in an average volume. The price has broken our supply trendline in the background, which is a sign that selling looks very risky. The key resistance is around the level of $1,203.00 (reistance cluster). Watch for potential buying opportunities on dips. The major support around $1,184.00 in on the test. According to the H4 time frame, we got selling climax (hidden buying) around $1,180.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,193.00

R2: 1,196.75

R3: 1,203.00

Support levels:

S1: 1,180.25

S2: 1,176.00

S3: 1,170.40

Trading recommendations: Support at the level of $1,184.00 is on the test. Be careful when selling gold at this stage and watch for potential buying opportunities.

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EUR/NZD: analysis for June 04, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5905 in a very high volume with strong price action. The short-term trend is bullish. According to the daily time frame, we can observe demand in a high volume with strong price action in the background. According to the H4 time frame, the price tested our objective point at the level of 1.5800. Next bullish objective point is seen around 1.6200. Selling looks risky since we are in the bullish trend and we have strong bullish activity in the background (re-accumulation). Watch for potential buying opportunities after the bearish correction (buy on dips).

Fibonacci Pivot Points :

Resistance levels:

R1: 1.5790

R2: 1.5855

R3: 1.5960

Support levels:

S1: 1.5580

S2: 1.5515

S3: 1.5415

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. Re-accumulation is in progress.

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Technical analysis of USD/JPY for June 04, 2015 Market Analysis Review

Fundamental overview: USD/JPY is expected to consolidate. It is undermined by weaker dollar sentiment (ICE spot dollar index last 95.37 versus 95.92 early Wednesday) after the ADP employment report showed fewer-than-expected 201,000 increase in US private sector jobs in May (versus forecast +215,000) and US May ISM non-manufacturing PMI which came at 55.7 (versus forecast 57.1). USD/JPY is also weighed by Japan's exporters and profit-taking on long USD positions as traders are trimming risk exposure ahead of Friday's critical US May non-farm payrolls report. But USD sentiment is soothed by the US April trade balance deficit of $40.88 billion (versus forecast $44.1 billion). USD/JPY downside is also limited by demand from Japanese importers, ultra-loose Bank of Japan's monetary policy, higher US treasury yields (10-year rose 9.4 bps to 2.360% overnight), and improved investor risk appetite (VIX fear gauge eased 4.07% to 13.66, S&P 500 closed 0.21% higher at 2,114.07 Wednesday).

Technical comment: The daily chart is mixed as the MACD is bullish but stochastics bearish is at overbought levels. Inside-day-range pattern was completed on Wednesday.

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 123.60 and the second target at 122.90. In the alternative scenario, short positions are recommended with the first target at 125.25 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 125.80. The pivot point is at 124.55.

Resistance levels: 125.25 125.80 126

Support levels: 123.60 122.90 122.50

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Technical analysis of USD/CHF for June 04, 2015 Market Analysis Review

Fundamental overview: USD/CHF is expected to consolidate with soft tone. It is undermined by weaker dollar sentiment(ICE spot dollar index last 95.37 versus 95.92 early Wednesday) after the ADP employment report showed fewer-than-expected 201,000 increase in US private sector jobs in May (versus forecast +215,000). US May ISM non-manufacturing PMI came weaker than expected at 55.7 (versus forecast 57.1). USD/CHF downside is limited by franc sales on buoyant EUR/CHF cross, negative Swiss interest rates, and the threat of the Swiss National Bank CHF-selling intervention.

Technical comment: The daily chart is negative as stochastics is falling from overbought levels. Positive MACD histogram bars are contracting. Bearish parabolic stop-and-reverse signal was hit 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 0.9250. A break of that target will move the pair further downwards to 0.9195. The pivot point stands at 0.9325. 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 0.9375 and the second target at 0.9430.

Resistance levels: 0.9375 0.9430 0.9480

Support levels: 0.9250 0.9195 0.9150

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Technical analysis of NZD/USD for June 04, 2015 Market Analysis Review

Fundamental overview: NZD/USD is expected to consolidate with soft tone. It is undermined by kiwi sales on buoyant AUD/NZD and EUR/NZD crosses, speculation that the Reserve Bank of New Zealand would cut its interest rates in coming months, and lower dairy prices. But NZD/USD losses are tempered by weaker dollar sentiment, NZD-USD interest differential, and improved investor risk appetite.

Technical comment: The daily chart is mixed as the MACD is bearish, but stochastics is bullish at oversold levels. Iinside-day-range pattern was completed on Wednesday.

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 0.7210 and the second target at 0.7270. In the alternative scenario, short positions are recommended with the first target at 0.7080 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 0.7030. The pivot point is at 0.7120.

Resistance levels: 0.7210 0.7270 0.73

Support levels: 0.7080 0.7030 0.7

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Technical analysis of GBP/JPY for June 04, 2015 Market Analysis Review

Fundamental outlook: GBP/JPY is expected to consolidate with bullish bias markets ahead of 11:00 GMT Bank of England interest rate announcement: the BOE is expected to maintain its interest rate at record low of 0.5% and its asset purchase program at GBP375 billion. It is underpinned by positive GBP sentiment and demand from Japanese importers. But GBP/JPY gains are tempered by Japan's exports.

Technical comment: The daily chart is positive-biased as the MACD and stochastics are bullish, although the latter is at overbought levels. Five- 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 191.70 and the second target at 192. In the alternative scenario, short positions are recommended with the first target at 189.70 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 189.10. The pivot point is at 190.15.

Resistance levels: 191.70 192 192.35

Support levels: 189.70 189.10 188.60

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Technical analysis of Gold for June 04, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold tested recent lows at $1,180.00 levels yet again. The metal is trading just around its base at $1,181.00 at the moment, looking to resume its rally. Please note that a break below $1,180.00 could test the level of $1,168.00 before bulls resume the rally. It is recommended to remain long for now and look to add at lower levels, with risk at $1,168.00. Immediate support is seen at $1,180.00 (interim) followed by $1,168.00, $1,162.00, and lower. Resistance is seen at $1,215.00 followed by $1,231.00, $1,235.00/40.00, and higher respectively.

Trading recommendations:

Remain long and look to add further lower, stop is at $1,168.00, a target is open.

Good luck!

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USDX technical analysis for June 4, 2015 Market Analysis Review

The US Dollar Index did not hold the short-term support and is heading towards our initial target at the 61.8% retracement. We are trading below the 50% retracement. I remain bullish in the longer-term and I expect the trend to reverse higher from the 61.8% retracement.

The US Dollar Index has broken below the cloud support and is trading around the 50% retracement. This could be a new bearish flag. Support is at 94.90 and if my bullish scenario is true, we should see reversal from that level or earlier.

The weekly chart is neutral as the price is trapped between the tenkan-sen and the kijun-sen indicators. Support is at 94 on a weekly basis but I believe it will not be a good sign if we reach that level. Resistance is at 97.80. So, a break above this area will be a very bullish sign that will confirm the important long-term low at 93.10 as a point of the trend reversal.

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Gold technical analysis for June 4, 2015 Market Analysis Review

Gold price has broken below the trend-line support at $1,185 and is trading around $1,180 now. The price remains in a bearish trend and I believe we should expect a test of the important support at $1,140-30 soon.

Red line = trend line support

Gold price is trading below the Ichimoku cloud and below the upward sloping red trendline. The short-term trend remains bearish. Resistance is found at $1,200. The short-term trend changes above $1,200. The medium- and longer-term trends remain bearish.

The weekly chart remains bearish. This week's candle is below the tenkan-sen and has already reached a lower low relative to last week. The price remains below the cloud resistance and below the kijun-sen. I remain bearish in the longer-term looking for a test of support at $1,130 and a move towards $1,000 once a low at $1,130 is reached.

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Technical analysis of EUR/JPY for June 4, 2015 Market Analysis Review

General overview for 04/06/2015 09:00 CET

The target zone, projected yesterday, had been met and the market went even higher establishing the current local top at the level of 140.33. Wave five progression to the upside had been completed as well. Now, the market should enter a downward corrective cycle with the first support at the level of 138.87. Please notice that any sustained breakout below the supply breakthrough zone (grey rectangle between 138.05 and 138.31) means the top for the wave B is in place and sell-off will continue lower.

Support/Resistance:

140.33 - Swing High

138.87 - Intraday Support

138.05 - 138.31 - Supply Breakthrough Zone

136.95 - Technical Support

Trading recommendations:

Reversal is not confined yet, but the impulsive cycle looks completed. Daytraders might consider opening intraday scalps from current price levels with SL above the level 140.34 and TP at the level of 138.87.

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Technical analysis of Silver for June 04, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver hit a low of $16.40 yesterday as expected and discussed. Please note that $16.40 is also the fibonacci 0.618 support of a rally between $15.60 and $17.70/80 respectively.Bullish recovery here on the H4 chart view would confirm that the bottom has been formed for the next rally to resume. It is hence recommended to remain long for now and look to add further positions at current levels with risk around $16.00. Immediate support is seen at $16.00/10 followed by $15.80, $15.60, and lower. Resistance is seen at $17.30/40 (interim) followed by $17.70/80, $18.40/50, and higher respectively.

Trading recommendations:

Remain long for now and look to add positions, stop is at $15.80, a target is open.

Good luck!

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Technical analysis of EUR/JPY for June 04, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY popped higher yet again yesterday, taking out stops around 139.00/50. Now, it is reversing by forming a bearish engulfing candlestick pattern on the H4 chart. The pair is trading around 139.50/60 again, looking to produce a meaningful retracement lower with an immediate target at 134.00. It is hence recommended to initiate short positions again with risk around 140.90. Immediate support is seen at the level of 138.00 followed by 135.00, 133.00, 131.50, and lower. Resistance is seen at 140.30/50 and higher respectively.

Trading recommendations:

Now, initiate short positions again, stop is at 140.90, a target is open.

Good luck!

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Technical analysis of USD/CAD for June 4, 2015 Market Analysis Review

General overview for 04/06/2015 08:30 CET

After testing the internal golden trendline, the market returned back in the consolidation area to continue the corrective cycle. The wave (a) blue had been completed and now wave (b) blue is in progress with the projected target at the level of 1.2508. Please notice that there is still one more wave to the downside missing, wave (c) blue, to complete the corrective cycle. The first target for this wave is at the level of 1.2322. In the larger time frames, the bias is still bullish.

Support/Resistance:

1.2312 - WS1

1.2323 - Technical Support

1.2409 - Intraday Support

1.2422 - Weekly Pivot

1.2508 - Intraday Resistance

1.2561 - Swing High

1.2575 - WR1

Trading recommendations:

It is better to stay aside and wait for the corrective cycle to complete. Buying on dips during the corrective cycle is the way to trade on this market at the moment.

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Technical analysis of GBP/CHF for June 04, 2015 Market Analysis Review

Technical outlook and chart setups:

Yesterday, the GBP/CHF pair dropped lower to 1.4220 before pulling back again. The pair is trading above the level of 1.4300 at the moment and could be looking to rally towards 1.4600/50 at least. Please note that the resistance turned to be support trendline is still valid and a push above 1.4400 would be encouraging for bulls. It is hence recommended to remain long from yesterday with risk at 1.4200 for now. Immediate support is seen at the level of 1.4150 followed by 1.4000, 1.3850, and lower. Resistance is seen at 1.4450 (interim) followed by 1.4650, 1.4700, and higher respectively.

Trading recommendations:

Remain long for now, stop is at 1.4200, a target is open.

Good luck!

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Technical analysis of GBP/USD for June 04, 2015 Market Analysis Review

The cable muted after Tuesday's strong gains, hovering around 100Dema. Ahead of the BoE interest rate decision, the cable was trading with mild losses at the Asian session.

The services PMI missed expert's expectations, disappointed the pound bulls. The Business Activity Index indicated a rise in services output in May for 29 successive months, posting 56.5. The decline in the Index from 59.5 in April was the steepest since August 2011, but it remained above its long-term trend level of 55.2

Today, we expect the BoE to maintain its interest rates.

Technical analysis:The cable has been trading in a downward bearish channel in the H1 and four-hour charts. In the one-hour chart, the cable managed to come out of the bearish channel, but not in the four-hour chart. The intraday support is found at 1.5300 and 1.5280. Intraday resistance is seen at 1.5350 and 1.5375. The buying opportunity is available above 1.5390 with targets at 1.5430/1.5440. Real bullish strength is expected above 1.5450 towards 1.5490. For bears, selling opportunity will arise below 1.5280 with an initial target at 1.5250. Safe selling will emerge below 1.5250 towards 1.5220, 1.5200, and 1.5180. The selling pressure will be tightening below 1.5170 towards 1.5100. Today, in case bulls manage to close above 1.5500, we can see 1.5700 in a day or two. In the hourly chart, the RSI has been consolidating in a tight range. We expect big moves in coming days.

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Elliott wave analysis of EUR/NZD for June 4 - 2015 Market Analysis Review

Technical summary:

The rally turned out to be stronger than expected, but then we are in wave (iii) and this wave is the strongest one. We would also expect this wave three to be the strongest of the impulsive waves. Especially because of the expanded flat wave (ii) as an expanded flat wave two should always be taken as a warning that wave three will extend.

In the short term, we are looking for resistance at 1.5856, which could provide enough strength for a minor correction lower to 1.5520 and maybe even slightly lower to 1.5414 before the next rally higher to 1.6446 and above.

Trading recommendation:

Our take profit at 1.5630 was hit for a nice big profit. We will re-buy EUR at 1.5535.

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Elliott wave analysis of EUR/JPY for June 4 - 2015 Market Analysis Review

Technical summary:

A strong wave (iii) rally of a low at 133.07 low just keeps powering ahead and is currently testing the base-channel resistance line. We do expect this resistance line to be broken for acceleration higher towards at least 144.03, but we are not sure that the first test will be successful and will look for a small correction towards 138.03 and maybe slightly lower to the inverse S/H/S neckline at 137.00 before the next strong rally higher.

In the short term, a break below 139.76 indicates that minor correction is unfolding as anticipated. As tempting as it might be, don't sell EUR ahead of the correction. We are in wave three and correction tends to be small or even sub-normal.

Trading recommendation:

We are looking for a EUR-buying opportunity. We will buy EUR at 138.15.

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Technical analysis of EUR/AUD for June 04, 2015 Market Analysis Review

At the Asian session, Australia retail sales data hit the wires. The reading was flat. The trend estimate rose 0.3% in April 2015. This followed a rise of 0.3% in March 2015 and a rise of 0.3% in February 2015. AUD fell against USD, NZD, EUR, and GBP after the retail sales report. The cross has boken the bullish inverse head and shoulder pattern today. In the four-hour chart, higher lows formation is taking place. We advised buying above 1.4450 with an initial target at 1.4580. Now, we are extending our targets towards 1.4645, 1.4670, and 1.4800. Earlier, we advised buying above 1.4450. At yesterday's session, we advised buying above 1.4450 with a target at 1.4580 again. Those who wish to buy now can buy above 1.4620 aiming at 1.4645 and 1.4670.

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Technical analysis of EUR/JPY for June 04, 2015 Market Analysis Review

EUR/JPY- The cross broke bullish inverse head and shoulder pattern at Tuesday's session. The cross managed to close above all the moving averages in all time intervals. After 4 months, the cross managed to cross the 20MSma at 138.75. The pattern's target at 143.90 can expand to 148.00 and 150.00. Intraday support is found at 139.80 and 139.40. We recommend intraday buying above 140.15 with targets at 140.30, 140.50,140.70, and even 140.85. Small bearish trade is available below 138.80 with targets 138.40. The real selling pressure is likely to emerge below 138.00. We stoped the bullish story of EUR/NZD on April 30, 2015 at 1.4570, EUR/CAD on May 07, 2015 at 1.3657, and EUR/AUD on June 02, 2015 at 1.4450.

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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Technical analysis of EUR/USD for June 04, 2015 Market Analysis Review

The euro rose 1.0% against USD, 1.3% against JPY, 1.5% against CAD, 1.2% against GBP, 1% against AUD, and 1.5% against NZD. The ECB chief Draghi's speech generates positive signals on the euro.

The eurozone inflation report initially supported the pair; the ECB supported the euro later. Yesterday, Italy, Spain, and France produced positive readings for services PMI, but the German services PMI continued to slow down. The Spanish services sector employment rose at the fastest pace since September 2007. Services firms operating in Italy recorded a rise in business activity in May for the fourth time in the past five months. French services sector activity rose for the fourth successive month. Growth in the Germany services sector activity was the slowest in 2015 so far.

Early on Thursday, Greek Prime Minister Alexis Tsipras said Greece is close to an agreement with its creditors after talks with eurozone officials.

In recent weeks, the euro turned bullish across the relevant pairs. The euro turned bullish against the greenback in March, followed by JPY,NZD, and AUD in April and CAD in May.

EUR/USD: At Wednesday's session, the pair managed to close above 100Dema. In the H1 and four-hour charts, higher lows and higher highs formation is expanding. The pair managed to get above 20Dsma. These factors added further bullish views. The pair changed its direction with the support at 1.0820 aiming to 1.1450 initially. At Monday's session, the pair made a double bottom at 1.0890 moving higher. Today, the pair opened on a bearish note after two bullish days. Intraday buying is available above 1.1290 with targets at 1.1320, 1.1350, and 1.1380. Intraday support is found at 1.1240 and 1.1200. Today's trade is likely to depend on US economic data. Bearish trade is available below 1.1190 with targets at 1.1130, 1.1100, and 1.1070. The weekly support is found at 1.1060 and 1.0980. Until the pair holds 1.0980, a bullish view remains in play. In the hourly chart, negative divergence is observed. Before further movement up, we expect a mild healthy correction towards 1.1100, 1.1050, and even 1.1000.

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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Technical analysis of EUR/USD for June 04, 2015 Market Analysis Review

When the European market opens, economic data on French 10-y Bond Auction and Retail PMI is due. The US will release data tabout Natural Gas Storage, Revised Nonfarm Productivity q/q, Revised Nonfarm Productivity q/q, Unemployment Claims, and Challenger Job Cuts y/y. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1313.

Strong Resistance:1.1307.

Original Resistance: 1.1296.

Inner Sell Area: 1.1285.

Target Inner Area: 1.1259.

Inner Buy Area: 1.1233.

Original Support: 1.1222.

Strong Support: 1.1211.

Breakout SELL Level: 1.1205.

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 04, 2015 Market Analysis Review

In Asia, Japan will release the 30-y Bond Auction and the US is expected to publish economic data on Natural Gas Storage, Revised Nonfarm Productivity q/q, Revised Nonfarm Productivity q/q, Unemployment Claims, and Challenger Job Cuts y/y. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 125.07.

Resistance. 2: 124.82.

Resistance. 1: 124.58.

Support. 1: 124.28.

Support. 2: 124.03.

Support. 3: 123.79.

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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Daily analysis of major pairs for June 4, 2015 Market Analysis Review

EUR/USD: TThe EUR/USD pair has gone bullish as bulls continue to push the price further north. The resistance line at 1.1300 is the next target for bulls. If it gets breached to the upside, another resistance line at 1.1350 would be the next target. Certain fundamental figures are expected today and they would have an impact on the markets.

USD/CHF: There is a sell signal on this pair – which would be valid as long as CHF and EUR/USD are strong. The EMA 11 is below the EMA 56 and the Williams' % Range is very close to the oversold region. The best action to take here is to go short.

GBP/USD: What is now happening on the cable should best be described as a rally in the context of a downtrend. Unless the distribution territory at 1.5450 is breached to the upside, the current price action would be seen as a rally in the context of an uptrend, and the price could dive again towards the accumulation territory at 1.5200.

USD/JPY: The market is bullish. The Bullish Confirmation Pattern in the market remains intact irrespective of the current consolidation. This bullish outlook is valid (unless the demand level at 122.50 is breached to the downside) and the price may break out further upwards.

EUR/JPY: This is a significantly strong market in which the strength is coupled with weakness in the yen and the stamina in the euro. The current sideways movement is seen as a pause in the northwards journey and the price may break further upwards.

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NZD/JPY downtrend still valid Market Analysis Review

NZD/JPY has shown a very choppy price action over the past two months. At the same time, the price is moving lower towards new lows.

The pair broke below the descending channel providing interesting support and resistance levels as well as a potential downside target. For example, 61.8% level – R2 (89.90) was acting as resistance, which has been acting as a support prior to the channel breakout. Currently, NZD/JPY is trading near R1 (89.25) that was rejected yesterday. At the same time, CCI oscillator holding the downtrend trendline.

All in all, the pair looks bearish and the trend should continue downwards. Consider selling NZD/JPY at the current level (88.84) targeting 0% Fibonacci – S3 (86.49) area. Only a break above the key resistance (R2) could change the direction and establish an uptrend.

Support: 88.60, 87.80, 86.50

Resistance: 89.25, 89.90

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