Technical analysis of EUR/USD for June 10, 2015 Market Analysis Review

When the European market opens, economic data on Italian Industrial Production m/m and French Industrial Production m/m is due. The US will publish economic data about the Federal Budget Balance, 10-y Bond Auction, Crude Oil Inventories. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1345.

Strong Resistance:1.1339.

Original Resistance: 1.1328.

Inner Sell Area: 1.1317.

Target Inner Area: 1.1291.

Inner Buy Area: 1.1265.

Original Support: 1.1254.

Strong Support: 1.1243.

Breakout SELL Level: 1.1237.

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 10, 2015 Market Analysis Review

In Asia, Japan will release the PPI y/y and Core Machinery Orders m/m. The US will publish some economic data on the Federal Budget Balance, 10-y Bond Auction, and Crude Oil Inventories . So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 125.04.

Resistance. 2: 124.80.

Resistance. 1: 124.56.

Support. 1: 124.25.

Support. 2: 124.01.

Support. 3: 123.76.

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 USDX for June 10, 2015 Market Analysis Review

The USDX is currently trading above the support level of 94.66 and there is a strong fight between bears and bulls, because the Index could do a rebound at current levels. Thanks to a possible bullish momentum, which could give that support zone mentioned above. The MACD indicator is in the negative territory.

There are no major changes in the short-term outlook for the USDX, but the Index is still moving above the support level of 95.15, a zone which rejected the US Dollar Index during yesterday's session. Currently, we should expect a rise towards the resistance level of 95.71 and a breakout could happen there in coming hours.

Daily chart's resistance levels: 95.74 / 96.97

Daily chart's support levels: 94.66 / 93.75

H1 chart's resistance levels: 95.71 / 96.16

H1 chart's support levels: 95.15 / 94.63

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level isseen at 95.71, take profit is at 96.16, and stop loss is at 96.32.

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Daily analysis of GBP/USD for June 10, 2015 Market Analysis Review

GBP/USD is still making bullish corrective moves on the daily chart. Now it is trying to consolidate above the resistance level of 1.5346, because it is possible that could reach the 200 SMA very soon. However, the overall bearish bias is still alive and we could expect a lower continuation in coming days, but we should wait for a breakout of lows around 1.5199.

A bullish consolidation is in place above the 200 SMA in the H1 chart and that is why we expect a rally towards the resistance level of 1.5428. Anyway, that zone is so strong and there could happen a bearish reaction, because the current price action is not enough strong for an intraday bullish trend in the near term.

Daily chart's resistance levels: 1.5543 / 1.5755

Daily chart's support levels: 1.5346 / 1.5199

H1 chart's resistance levels: 1.5428 / 1.5502

H1 chart's support levels: 1.5358 / 1.5259

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 1.5358, take profit is at 1.5259, and stop loss is at 1.5459.

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NZD/CAD under downside pressure Market Analysis Review

Consolidation started on May 13 when NZD/CAD tested a low of 0.8788. The price has been ranging between 0.88 and 0.90 for over a month. Finally, the pair broke the formed double bottom on June 5 even with a weekly close below that major support.

This is a strong signal that NZD/CAD is still under a strong downside pressure and could be ready for the next move down. One of the confirmations is the 50 Moving Average. Recently, MA was rejected acting as a resistance. Another confirmation is the RSI oscillator bouncing off the downtrend trendline.

Consider selling NZD/CAD around 0.8800, which was a major support. Now, it should act as resistance. The target is 161.8% Fibonacci applied to a high and low of the range zone, 0.8824 and 0.9054, which is 0.8624. At the same time, the price could get lower to the psychological level near 0.8600. Only a break above R3 (0.8921) could provide some strength for the pair.

Support: 0.8788, 0.8624. 0.8600

Resistance: 0.8851, 0.8890, 0.8921

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GBP/USD intraday technical levels and trading recommendations for June 9, 2015 Market Analysis Review

Overview:

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

Persistence below the zone between 1.4950 and 1.5000 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, and then 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. The 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 and 1.5450 failed to stop this bearish momentum leading to its breakout.

It should be acting as intraday resistance when further retesting takes place. A low-risk sell entry can be offered there. S/L to be set above 1.5700.

The price levels of 1.5150 and 1.5100 are exposed to be reached now. However, a recent daily candlestick came as a bullish engulfing one. This may hinder further bearish decline for sometime.

Conservative traders can wait for a bearish pullback towards 1.5080-1.5100 for 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 9, 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 reached 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 opened 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 significant resistance.

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:

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 9, 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 a strong bearish tendency.

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

The 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.

A bearish breakout off the depicted bullish channel took place as a result of the bearish pressure at 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 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 9, 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, EUR/USD bears have already pushed the price 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 on the chart.

In the long term, a 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.

However, a bullish corrective movement towards 1.1500 and 1.1600 is still possible only if May's monthly high (1.1465) gets breached as soon as possible.

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

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 1.1150-1.1050 on April 29. Temporal bullish fixation took place above 1.1100 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 an ascending bottom and a bullish breakout pattern were established on the H4 chart.

Bullish persistence above the level of 1.1190 allowed the market to push the price near 1.1390 (Fibonacci Expansion 100%). Early signs of bearish rejection are manifest on the chart.

Moreover, a double-top reversal pattern is being established on the H4 chart. Bearish breakdown of the neckline 1.1100 is needed to confirm the pattern.

The price zone of 1.1290-1.1330 constitutes as a perfect intraday SELL zone. Initial bearish target would be located at 1.1090 and 1.1000.

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Technical analysis of USD/JPY for June 09, 2015 Market Analysis Review

USD/JPY is expected to trade in a lower range. It is undermined by the broadly weaker USD undertone (ICE spot dollar index last 95.26 versus 96.40 early Monday) after a news report cited President Barack Obama as saying he was worried about a strong dollar was a problem, triggered liquidation of long USD positions, although the White House and Mr. Obama himself denied the report. USD/JPY is also weighed by lower US Treasury yields (2-year slipped 3.7 bps to 0.684% Monday), Japan's exports, and flows to haven JPY amid increased risk aversion (VIX fear gauge rose 7.6% to 15.29, S&P 500 closed 0.65% lower at 2,079.28 overnight). But USD/JPY losses are tempered by the lingering impact of strong US May non-farm payrolls report published on Friday, demand from Japanese importers, and ultra-loose Bank of Japan's monetary policy.

Technical comment: The daily chart is mixed as the MACD is bullish, but stochastics is turned bearish at overbought levels.

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 123.75. A break of that target will move the pair further downwards to 123.40. The pivot point stands at 124.85. 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 125.15 and the second target at 125.35.

Resistance levels: 125.15 125.35 125.95

Support levels: 123.75 123.40 122.90

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EUR/NZD : analysis for June 09, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD is moving downwards. In the daily time frame, we can observe an up-thrust bar (supply bar) around the level of 1.5930 in a high volume. We can see a fake bullish breakout in the background and strong bearish leg in the M30 time frame. My advice is to watch for potential selling opportunities after retracement. I placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38% at 1.5785, Fibonacci retracement 50% at 1.5815, and Fibonacci retracement 61.8% at the level of 1.5845.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.5845

R2: 1.5875

R3: 1.5925

Support levels:

S1: 1.5740

S2: 1.5710

S3: 1.5660

Trading recommendations: Be careful when buying EUR/NZD at thi stage since we got strong bearish leg in the background and also bullish fake breakout.

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Technical analysis of USD/CHF for June 09, 2015 Market Analysis Review

USD/CHF is expected to trade in a lower range. It is undermined by the broadly weaker dollar undertone (ICE spot dollar index last 95.26 versus 96.40 early Monday) after news reports cited US President Barack Obama as saying the strong dollar was a problem triggered liquidation of long USD positions, although the White House and Mr. Obama himself denied the report. But USD/CHF losses are tempered by the negative Swiss interest rates and the threat of the Swiss National Bank CHF-selling intervention.

Technical comment: The daily chart is negative-biased as stochastics is bearish, the MACD histogram bars are turning negative.

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 0.9245. A break of that target will move the pair further downwards to 0.9210. The pivot point stands at 0.9360. 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 0.9420 and the second target at 0.9475.

Resistance levels: 0.9420 0.9475 0.9525

Support levels: 0.9245 0.9210 0.9195

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Technical analysis of NZD/USD for June 09, 2015 Market Analysis Review

Fundamental Outlook: NZD/USD is expected to trade in a higher range. It is underpinned by the broadly weaker dollar undertone, kiwi demand on soft AUD/NZD cross, and NZD-USD interest differential. But NZD/USD gains are tempered by increased investor risk aversion, dovish Reserve Bank of New Zealand monetary policy stance, and low dairy prices.

Technical comment: The daily chart is mixed as the MACD is bearish, but stochastics is turning 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 0.7170 and the second target at 0.7210. 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 0.7105.

Resistance levels: 0.7170 0.7210 0.7270

Support levels: 0.7080 0.7030 0.7

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Technical analysis of GBP/JPY for June 09, 2015 Market Analysis Review

Fundamental outlook: GBP/JPY is expected to trade in a higher range. It is underpinned by the firmer GBP/USD undertone and demand from Japanese importers. But GBP/JPY gains are tempered by Japan's exports, lingering concern over Greece, and increased investor risk aversion.

Technical comment: The daily chart is positive-biased as the MACD is bullish, stochastics stays elevated at overbought levels, five-day moving average is above 15-day moving average and is advancing.

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 189.70. A break of that target will move the pair further downwards to 189.10. The pivot point stands at 190.90. 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 191.50 and the second target at 192.

Resistance levels: 191.50 192 192.70

Support levels: 189.70 189.10 188.60

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Gold : analysis for June 09, 2015 Market Analysis Review

Overview:

Gold has been trading upwards. As we expected, the price tested the level of $1,182.76 in a high volume. In the daily time frame, we can observe a demand bar in an volume below the average (weak demand). I found the strong mid-term trading range between the levels of $1,230.00 and $1,169.00. The pair is testing strong resistance around the level of $1,185.00. Be careful when buying at this stage. We can observe buying climax (hidden selling) in the H1 time frame . Also, I found potential bearish flag. So, watch for potential selling opportunities of a breakout of lower diagonal.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,176.36

R2: 1,178.38

R3: 1,181.67

Support levels:

S1: 1,170.00

S2: 1,167.76

S3: 1,164.45

Trading recommendations: Weak demand around the level of $1,183.00. Be careful when buying gold at this stage.

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Technical analysis of USD/CAD for June 9, 2015 Market Analysis Review

General overview for 09/06/2015 14:25 CET

As anticipated, after breaking yesterday's support at the level of 1.2432, the market went down to the level of 1.2323, almost where the technical support is. Currently, the pair is trading in a very interesting zone, just above the important technical support at 1.2321. There is a high probability of a bounce and reversal in this zone, as wave (c) blue looks completed and the building bullish divergence on momentum oscillator supports this view.

Support/Resistance:

1.2256 - WS2

1.2321 - Technical Support|Intraday Support|

1.2342 - WS1

1.2451 - Weekly Pivot

Trading recommendations:

As we have been repeating all the week so far, it is better to stay aside and wait for the corrective cycle to complete. Now the cycle might look finished and buying on dips is the way to trade on this market at the moment. Please use a tight SL (20-30 pips) and wait for a daily candle close: any level above 1.2321 would be a good indication of possible reversal coming soon.

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Technical analysis of EUR/JPY for June 9, 2015 Market Analysis Review

General overview for 09/06/2015 14:15 CET

The market is developing a typical corrective cycle called regular flat, where wave c green is in progress now. The first projected target is at the levels of 138.87 and the second is inside the supply breakthrough zone between the levels of 138.03 and 138.32. Please notice that only a sustained breakout above the last swing high would invalidate this count.

Support/Resistance:

141.05 - Swing High|Intraday Resistance|

138.88 - Intraday Support

138.71 - Weekly Pivot

138.03 - 138.32 - Supply Breakthrough Zone

136.95 - Technical Support

Trading recommendations:

Daytraders should consider opening sell orders from current price levels with SL above the level of 140.01 and TP at the level of 138.87.

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AUD/JPY weakness might result in strong correction Market Analysis Review

After AUD/JPY had tested 96.93 on June 3, it formed a double top reversal pattern. Prior to that, the pair had broke below the uptrend trendline signalling that the uptrend might be over.

The Fibonacci levels applied to the trend-line breakout point shows that the pair failed to test even the nearest support after the breakout, which is 38.2% Fibs – S2 (94.46). This could mean that AUD/JPY is prepearung to test S2, S3 or S4.

It is clear that the pair was trading around 61.8% Fibs – R1 (95.50) for the past tree weeks. This time, this level could act as a final bouncing point before the pair will start to move lower. Consider selling AUD/JPY anywhere between the current level and R1. Although, any of the support levels starting from S2 could be a target. It seems reasonable to target the final fibonacci level, which is S4 (92.74). Only a break above R2 (96.17) could result in a potential triple top.

Support: 94.99, 94.46, 93.80, 92.74

Resistance: 95.52, 97.24

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GBP/USD should be heading up towards 1.5430 Market Analysis Review

GBP/USD formed a double bottom reversal pattern after testing the area of 1.52 for the second time on June 5. The pair has also broken above the 200D moving average that could be a signal of a potential range trading, where the rate would move around the MA.

Amid these conditions, it seems the best to use overbought/oversold oscillator readings in order to capitalize during consolidation. Currently, stochastic oscillator is in the oversold zone, which could be a good entry point to go long.

Therefore, consider buying GBP/USD around the current level (1.5290) targeting 50% Fibonacci retracement level (1.5430 area) applied to 1.5698 (a high back on May 21) and 1.5169 (a low back on June 1). Only a daily close below the minor support S1 (1.5264) could push the price further down to form a triple bottom, but I'd expect the rate to grown in the near future.

Support: 1.5264, 1.5169

Resistance: 1.5294, 1.5371, 1.5433

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Technical analysis of EUR/USD for June 9, 2015 Market Analysis Review

Overview:

• The EUR/USD pair broke major support at the level of 1.1310 last week. The level of 1.1325 became strong resistance. Also, it should be noted that the weekly pivot point is seen at 1.1126. Therefore it is likely to start moving downside in this area and recover again. So, the market will indicate a bearish opportunity at the level of 1.1310 and it will be a good sign to sell at this spot with the first target at 1.1180, and continue towards 1.1126 in order to test the weekly pivot point. On the other hand, if the trend manages to break the level of 1.1335, the level at 1.1340 will be a good location to place stop loss at.

• The weekly technical levels of the EUR/USD pair.

Forecast:

• According to previous events, the EUR/USD pair has still been trading between 1.1126 and 1.1330.
• Below the level of 1.1330, look for further downside with targets at 1.11 80 and 1.1130.
• The stop loss should be set at 1.1340.

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Technical analysis of GBP/USD for June 9, 2015 Market Analysis Review

The weekly echnical analysis of GBP/USD pair:

Trading recommendations:

• According to the previous events, the GBP/USD pair is still moving between the levels of 1.5271 and 1.5383. Also, it should be noted that the psychological level has set at 1.5291 which represents the weekly pivot point on June 9, 2015. Buy above the minor support at 1.5271 with the first target at 1.5330. In case the trend will be able to break the level of 1.5330, it might move towards 1.5414 in order to test the weekly resistance 1. On the other hand, look further downside below the resistances of 1.5414 and 1.5400 with targets at 1.5225 and 1.5201. It should be noted that a double bottom will be formed at the level of 1.5200 in the H1 chart.

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USDX technical analysis for June 9, 2015 Market Analysis Review

The US Dollar Index has made a bearish reversal from the 61.8% retracement as we expected. It has reached the recent low and support in the area of 94.80-94.60. A beak below this level will increase the chances of new intermediate lows bleow 93.10.

The US Dollar Index is below the Ichimoku cloud. Gold was rejected at both the upper cloud boundary and at the 61.8% retracement. Yesterday, we got a bearish signal that warned bulls about it. On the other hand, bears want to break below 94.60 in order to put the level of 93.10 to the test.

The weekly chart remains bearish. Weekly support is at 93.90. If we close below that level this week, we should expect another round of US dollar selling and downward pressures towards 90 and the 50% retraceent.The material has been provided by InstaForex Company - www.instaforex.com

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Gold technical analysis for June 9, 2015 Market Analysis Review

Gold price bouncef off $1,170 yesterday. Today it is trading at $1,179, which was short-term resistance yesterday. I remain bearish in the long term. The support at $1,130-$1,140 is expected to be tested soon.

Black lines - bearish channel

Red line - broken support

Gold price remains ina bearish trend inside the downward sloping channel. The price remains below the Ichimoku cloud and broken trend-line support. Short-term resistance by the kijun-sen is at $1,179. Support is at $1,170 and $1,162.

The weekly chart remains fully bearish as gold is trading below the red tenkan-sen indicator. The trend is bearish as the price is below the weekly cloud resistance and blow both the tenkan- and kijun-sen. Critical support is at $1,140-$1,130. If it gets broken, we will see a move towards $1,000.

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Technical analysis of Gold for June 09, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is trading around $1,177.00 now after having reached lows at $1,161.00 earlier. The metal is seen to be producing a bullish morning star candlestick pattern on the daily chart, indicating potential reversal from the current levels. It is recommended to remain long for now and look for an opportunity to add further at current levels. Risk remains at $1,150.00. Immediate support is seen at $1,143.00 and lower. Resistance is seen at $1,195.00 followed by $1,205.00, $1,215, $1,231.00, $1,235.00/40, and higher respectively.

Trading recommendations:

Remain long for now, stop is at $1,150.00, a arget is open.

Good luck!

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Technical analysis of Silver for June 09, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver have formed potential support, just below the level of $16.00 and bounced off higher for now. Please also note that the metal has formed an engulfing bullish candlestick pattern, indicating a potential reversal. The metal is trading around the level of $16.09 at the moment, preparing to rally towards at least $16.80/$17.00. It is hence recommended to remain long for now, with risk at $15.30. Immediate support is seen at the level of $15.80, followed by $15.60, $15.30, and lower. Resistance is seen at $16.80 followed by $17.20, $17.70, and higher respectively.

Trading recommendations:

Remain long for now, stop is at $15.30, a target is open.

Good luck!

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Technical analysis of EUR/JPY for June 09, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is stalling around the level 141.00 at the moment. Please note that fibonacci 0.618 resistance is faced at 141.00 as depicted here. Bearish reversal cannot be ruled out from the current price action. A push below 139.00 should accelerate the drop further lower. It is hence recommended to remain short for now with risk above the level of 142.00. Immediate support is seen at 139.00 (interim), followed by 137.00, 135.00, 133.00, and lower while resistance is seen at the levels 142.00 followed by 144.50 and higher respectively.

Trading recommendations:

Remain short, stop is at 142.50, a target is open.

Good luck!

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Technical analysis of GBP/CHF for June 09, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair dropped lower towards 1.4200 yesterday. The pair making an attempt to form a base around 1.4150-1.4300 before resuming its rally. Please also note that the fibonacci 0.618 support is also around the level of 1.4150. Bulls should be poised to bounce off around 1.4150 towards fresh swing highs. It is hence recommended to remain long for now and also look to add further around the level of 1.4150, risk remains at 1.4050. Immediate support is seen at 1.4150, followed by 1.4000, 1.3850, and lower. Resistance is seen at 1.4450 followed by 1.4650, 1.4700, and higher respectively.

Trading recommendations:

Remain ling for now, stop at 1.4050, target is open.

Good luck!

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Daily analysis of major pairs for June 9, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair moved upwards by 200 pips on Monday, closing above the support line at 1.1250. Further bullish movement is possible and the next bullish targets are located at the resistance lines of 1.1400 and 1.1450.

USD/CHF: The USD/CHF pair moved downwards by 150 pips on Monday, closing below the resistance level at 0.9300. Further bearish movement is possible and the next targets are located at the support levels of 0.9250 and 0.9200.

GBP/USD: In a negative correlation attempt with EUR/USD, the cable has made some weak upwards efforts (though the general market outlook remains bearish). Only a movement above the distribution territory at 1.5450 would lead to a new bullish signal; otherwise sell short.

USD/JPY: This pair has been coming down gradually, starting from this week. This can be coased by a bearish correction in a context of an uptrend. It might happen that the price would go upwards from here, for the uptrend cannot be invalidated as long as the price is above the demand level of 123.00.

EUR/JPY: Once again, we see the euro at work (as other EUR pairs are also making a rally). In the next several days, what happens to the euro would dominate the cross. There is a Bullish Confirmation Pattern in this market. Thus, a further northward movement is possible.

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Elliott wave analysis of EUR/NZD for June 9 - 2015 Market Analysis Review

Technical summary:

The correction at 1.5920 has been very small. This is not common for corrections in the third wave. We are going to look for a clear break above 1.5920 to confirm that the correction in wave ii is over and wave iii is moving higher to at least 1.6308 and more likely even higher to 1.7154, in line with our expectations.

In the short-term, we will look for support at 1.5785, which is expected to protect the downside for a clear break above the resistance at 1.5920. The risk is that a flat correction is unfolding and a new test around 1.5716 will be seen before the next impulsive rally.

Trading recommendation:

We are long EUR from 1.5800 and will place our stop at 1.5700. If you are not long EUR yet, Then buy EUR near 1.5785 or upon a break above 1.5920 and place the stop at 1.5700.

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Elliott wave analysis of EUR/JPY for June 9 - 2015 Market Analysis Review

Technical summary:

A correction from 141.06 was very small, which is not that uncommon during wave three corrections. We will be looking for a clear break above the base channel resistance-line near 140.75 confirming acceleration higher towards 144.03 as the first minor upside target. However, an extension of wave (iii) should be expected and that would call for a continuation higher towards 150.77 as the first extension target.

Short-term support is found at 140.27 and 139.85, which will ideally protect the downside for a clear break above 141.06. The risk is that some kind of flat correction is unfolding, but consolidation at 141.06 should remain rather small.

Trading recommendation:

We are long EUR from 140.55 and will place stop at 138.75. If you are no long EUR yet, then buy EUR near 140.27 or upon a break above 141.06 and use the same stop at 138.75 for now.

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Technical analysis of USD/JPY for June 09, 2015 Market Analysis Review

After Japanese GDP data, JPY is trading higher against USD. The pair posted a big loss which completely erased Friday's gains at yesterday's session. Yesterday, we forecasted bearish views on USDX & USD related pairs. We said bulls had to close above 125.60 on Monday's session, but they failed. The parallel resistance is seen at 126.00. At today Asian session, the pair is trading at 124.44 compared to Monday's closing price of 124.48. We recommended selling below 125.00 with targets at 124.80 and 124.60. Selling will be tightened below 124.60 towards 124.25 and 124.00. We expect the pair to touch 123.75 prior to the US retail sales data report. It is likely to trade around 123.00 later. The pair formed a support base on 123.76. If bulls faile to hold this level, selling pressure will be tighten. The real problem for bulls will arise in case the price corrects below 123.70.0. Small buying opportunity for bulls is seen above 124.85 with targets at 125.00, 125.30, and 125.50. We recommend fresh buying only if the pair closes above 125.60 on a daily basis. Strong upswing is expected above 126.00 towards 129.00 and 133.00 or even 136.00.

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Technical analysis of USD/CAD for June 09, 2015 Market Analysis Review

The Canadian dollar edged higher against USD at yesterday's session. The Canadian buildings permits rose above expectations, but remains below the March readings. Contractors took $7.8 billion for building permits in April, 11.6% up from the previous month. That was the second consecutive monthly of an advance. Besides, housing starts data provided mild support to the loonie as well. The trend measure of housing starts in Canada was 181,231 units in May compared to 179,524 in April, according to Canada Mortgage and Housing Corporation (CMHC). A fall in oil prices depressed CAD in the longer term. Besides, USD enjoying longer-term bullish view ahead of the rate hike buzz.

Today, traders eye the US jobs data and Thursday's retail sales data.

Technical view: The pair extended its fall for the second day. The pair failed to hold the 100Dsma. In addition, bears managed to close below that. At todays Asian session, the pair exactly rejected at 100Dsma. The pair is trading below 20Wsma 1.2430 as well. These factors are sending mild bearish signals in the near term. The pair is trading at 1.2405 compared to Monday's closing price of 1.2411. The support is found at 1.2350 and 1.2310. Crucial levels for bulls are found at 1.2290. The pair made a double top at 1.2563 edge lower. The weekly support is found at 1.2230. Until the pair trades below 1.2430 and 1.2465, bears will expand lower targets at 1.2300 and 1.2250. The pair is trading on a verge of making a new swing low. We recommend fresh selling below 1.2350 with targets at 1.2325, 1.2295, and 1.2250. In case if the US delivers positive readings, buying will be available above 1.2475 with targets at 1.2500, 1.2510,1.2530, and 1.2550.

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Technical analysis of USDX for June 09, 2015 Market Analysis Review

Analysis of USDX

The USDX fell 1.3% at yesterday's session, after a strong two-day pullback. At yesterday's session, we forecasted bearish views on USDX & USD related pairs. The index is making a mild distribution pattern at 96.55. We add further bearish views on the USDX. Until the Index closes below 96.90, bears will aim at 93.90, 92.75, and 92. The strong support zone is found at 92.15 and 91.70. In the daily chart, lower lows and lower highs formation has been expanding. Today, bears try hard to close below 95.00 with a target at 93.90.

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Technical analysis of GBP/USD for June 09, 2015 Market Analysis Review

The cable hold the 50Dsma managed to close with 0.6% gains at yesterday's session. The weak US dollar provided bullish moves on the pound. The USD weakens against the majors.

Today, traders eye on the UK trade balance. We expect trade deficit to narrow in April. The recent expansion in the eurozone will support the UK exports.

Technical analysis: The cable has been trading in a falling bearish channel. If we look back, the cable and the EUR/USD started falling after a sharp rally 3 weeks ago. The euro broke the bearish channel and moved towards higher highs and higher lows. But the cable is still moving in a bearish channel. The cable set its course to higher lows in the H1 chart. At yesterday's session, we forecast weakness in the USDX. With support from USD, the cable is likely to breach the falling channel. Tomorrow, BOE governor Carney's speech is due. We expect bullish trade after the event.

In the H1 chart, the cable has been forming higher highs. In the four-hour chart, double bottom formation has been taking place. Until bulls hold the 1.5170, bullish views remain in play. With the help of these factors we recommend bullish vision with sl 1.5170. Today, the cable is likely to touch 1.5380 and 1.5405. We recommend buying with sl 1.5290 on an intraday basis, positional sl is found at 1.5170. Intraday resistance is seen at 1.5365 and 1.5425. The trend-change level remains at 1.5445. Strong bullish momentum looms above 1.5460 towards 1.5520 and 1.5700 initially. Pound bulls lost the support at 200D&ema. The same levels are acting as strong resistance. In case bulls manage to take it off, they will aim at 1.5700. On the down side, bears will get the control below 1.5150 with an initial target at 1.5090. The real panic situation looms below 1.5085. Intraday selling is available below 1.5290 with targets at 1.5265 and 1.5230.

Trade: Buying with sl 1.5290 target 1.5380 1.5405 1.5420 1.5440

Selling below 1.5290 target 1.5265 and 1.5230

Safe buying above 1.5380

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