Technical analysis of Silver for June 16, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is trading above the level of $16.00 now after hitting interim highs at $16.30 yesterday. As seen here, the metal has bounced off its support trendline after testing it several times and also taken out an interim resistance around the level of $16.20. The metal confirms a bullish reversal candlestick pattern as well. It is safe to buy on dips from here. It is hence recommended to remain long from earlier positions. Look to add further around the level of $15.90/95, with risk at $15.30. Immediate support is seen at $15.80 (interim) followed by $15.60, $15.30, and lower. Resistance is seen at $17.20/30 now followed by $17.70 and higher respectively.

Trading recommendations:

Remain long and look to add further positions, stop is at $15.30, a target is open.

Good luck!

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Technical analysis of EUR/JPY for June 16, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is trading around 139.30/40 at the moment after bouncing off from its fibonacci 0.382 support around 138.00 yesterday. The pair could push higher towards the level of 140.00 at least before dropping lower or producing a retracement. Please note that potential still remains at 141.00 before reversing lower. Immediate support is seen at 138.00 (interim) followed by 135.00, 133.00, and lower. Resistance is seen at 140.00 (interim) followed by 141.00, 142.00, and higher respectively.

Trading recommendations:

Remain flat for now. Looking to go long at lower levels.

Good luck!

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Technical analysis of GBP/CHF for June 16, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading around 1.4510/15 now after pulling back lower from 1,4550/60 yesterday. The pair should be still poised to at least retrace/pullback towards the level of 1.4250 before rallying ahead. Bulls should be poised to remain in control until the prices stay above 1.4150 from here on. It is therefore recommended to remain short for now with risk around 1.4650 or to remain flat and wait for a drop lower before going long again. Immediate support is seen at the level of 1.4400 followed by 1.4200, 1.4150, and lower. Resistance is seen at 1.4650/1.4700 respectively.

Trading recommendations:

Remain short, stop at 1.4650, a target is at 1.4250. Remain flat and look to buy lower.

Good luck!

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Elliott wave analysis of EUR/NZD for June 16 - 2015 Market Analysis Review

Technical summary:

We are looking for acceleration higher in red wave iii towards 1.6446 as the first minor upside target, while a continuation higher to 1.6787 is expected to follow. In the short term, minor support at 1.6084 will ideally protect the downside for a break above resistance at 1.6159, which confirms the expected acceleration higher to 1.6446.

A break below minor support at 1.6084 will delay the expected upside pressure, but downside potential should be limited to 1.6054.

Trading recommendation:

We are long EUR from 1.5810 with stop placed at 1.5935. If you are not long EUR yet, then buy near 1.6084 or upon a break above resistance at 1.6159 with the same stop at 1.5935.

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Elliott wave analysis of EUR/JPY for June 16 - 2015 Market Analysis Review

Technical summary:

We are still looking for a break above minor resistance at 139.61 as confirmation that the correction in blue wave ii is over and blue wave iii is ready to accelerate higher to 141.04 on the way towards 144.03.

In the short term, we expect minor support at 138.58 to protect the downside for a break above 139.61.

Trading recommendation:

We are long EUR from 138.10 with stop placed at 137.85. If you are not long EUR yet, then buy near 138.58 or upon a break above 139.61 with the same stop at 137.85

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Daily analysis of major pairs for June 16, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair has potential to move further upwards, reaching the resistance line at 1.1350. With more buying pressure, another resistance line at 1.1400 could also be reached. However, any movement below the support line at 1.1150 would pose the serious threat to the extant bullish outlook.

USD/CHF: This pair continues to be volatile as struggles between bull and bear continue. As it was mentioned last week, the support level at 0.9250 should be breached to the downside. So, the existing bearish bias would become stronger. Otherwise, there would be a risk of a significant upward movement.

GBP/USD: This pair has potential to move further upwards, reaching the distribution territory around1.5650. With more buying pressure, another distribution territory at 1.5700 could also be reached. However, any movement below accumulation territory at 1.5400 would pose the serious threat to the extant bullish outlook.

USD/JPY: In spite of the struggles, thetrend in the USD/JPY pair is still bearish in the short-term. The only factor that can render the bearish trend useless is an event in which the price goes above the supply level at 125.00; otherwise the bearish outlook would be valid for most part of this week.

EUR/JPY: The consolidation phase that started here last week has continued until now. Bulls are making attempts, which could become more conspicuous when the supply zone at 140.50 is crossed to the upside. This expectation may not materialize if EUR becomes realy weak.

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Technical analysis of EUR/USD for June 16, 2015 Market Analysis Review

When the European market opens, economic data on Employment Change q/q, ZEW Economic Sentiment, German ZEW Economic Sentiment, European Court of Justice Ruling, German Final CPI m/m is due. The US will release data on Housing Starts and Building Permits. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1326.

Strong Resistance:1.1320.

Original Resistance: 1.1309.

Inner Sell Area: 1.1298.

Target Inner Area: 1.1273.

Inner Buy Area: 1.1247.

Original Support: 1.1236.

Strong Support: 1.1225.

Breakout SELL Level: 1.1219.

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

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Technical analysis of USD/JPY for June 16, 2015 Market Analysis Review

In Asia, Japan will not release any economic data, but the US is expected to publish economic data on Housing Starts and Building Permits. So, there is a big probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.18.

Resistance. 2: 123.92.

Resistance. 1: 123.69.

Support. 1: 123.41.

Support. 2: 123.17.

Support. 3: 122.92.

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 USDX for June 16, 2015 Market Analysis Review

The soft US data pushed the USDX below 100Dema. The Index closed below that. The US Dollar Index has been consolidating at 100Dema, finally closed below that level. Dollar bulls managed to hold the previous support. TheEmpire State Manufacturing Survey published on June 2015 indicates that business conditions worsened slightly for New York manufacturers. The general business condition index dropped by five points to -2.0. This index has been hovering near zero for the past three months, suggesting that activity has remained flat since April. Besides, manufacturing output fell unexpectedly. The strong dollar puts pressure on the US manufacturing sector. Analysts had forecasted 0.2% , but readings produced a drop of 0.2 %.

Ahead of the FOMC meeting, the USDX is trading higher at today's Asian session. The immediate resistance is seen at 95.00. The support is found at 94.70 and 94.30. The Index has been hitting lower highs and lower lows. We recommend intraday selling below 94.60 with targets at 94.40, 94.30, 94.00, and 93.75. The panic is likely to be triggered below 94.30. The strong support levels are found at 92.30 and 92.00.

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Technical analysis of GBP/JPY for June 16, 2015 Market Analysis Review

The cross rebounded after a sharp fall extending gains for the third consecutive day. We covered this cross last Friday. As of now, the cross hit a high of 192.60 metting our forecast. The cross has been moving higher for 10 straight weeks. The monthly resistance is seen at a high of 197.50 hit on September 2008 and 199.70 61.8 Fib level.

Ahead of today's UK CPI data, the pound muted at the Asian session. We expect a 0.1% uptick from negative readings. The trend favours buying on dips. Intraday resistance is seen at 192.75 and 193.00. Strong bullish momentum is available above 193.10 with an immediate target at 193.60 and at 194.40later. Intraday support is found at 192.20 and 191.90. Intraday bulls' last hope remains at 191.00. We recommend selling only below 191.00 with a target at 190.30 and 190.10. In case of a daily close below 190.00, a fall is likely to extend towards 189.00 and 188.50.

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Technical analysis of GBP/USD for June 16, 2015 Market Analysis Review

The pound rebounds to a 4-week high against USD. Soft US data helped the cable at yesterday's session. Ahead of the FOMC meeting scheduled for Wednesday, traders eye Yellen's comments. Traders are expecting fresh projection about the US economy and the interest rate long-term outlook.

The UK traders eye CPI data. We expect a 0.1% uptick from negative readings. Besides, US housing starts and building permits are due. We expect good volatility during today's session.

Technical view: The weekly resistance is seen at 1.5710 and 1.5800. Monthly resistance is seen at 1.5930. The trend favours buying on dips. In the hourly and daily charts, the cable has moving towards higher lows and higher highs. The cable closes above 20Wsma and all daily moving averages. These factors support pound bulls. The weekly support is found at 1.5330 and strong support is seen at 1.5170. Monthly support is found at 1.5089. We have been advising targets at 1.5440 and 1.5700 with sl 1.5170. As of now, the cable hit a high of 1.5614. Intraday is seen between 1.5620 and 1.5630. Bulls aim at 1.5670 and 1.5700 in case they manage to breach the level of 1.5630. In case of a daily close above 1.5700, bulls will aim at 1.5800 and 1.5940 in a day or two.

The selling pressure emerges below 1.5530 with small targets at 1.5510/1.5500, 1.5485/1.5470, and 1.5440. Selling will accelerate below 1.5420 with targets at 1.5400 and 1.5370. The panic will be triggered below 1.5370 towards 1.5340 and 1.5300.

Trade: Safe buying above 1.5630

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Technical analysis of EUR/USD for June 16, 2015 Market Analysis Review

The euro gave a strong close after a muted weekend's session. Soft US data and Greece's issue powered euro bulls during yesterday's session. Ahead of the FOMC meeting, USD is trading lower against the most majors. But the pair was unable to breach Friday's high of 1.1296. At today's Asian session, the pair opened higher on a bearish note. The pair managed to close above 100Dema at 1.1240. The weekly support is found at 1.1050 20Wsma.

In case bulls manage to take off 1.1296, they will aim at 1.1387 with intermediate resistance at 1.1345. Intraday support is found at 1.1260, 1.1240, and 1.1220. The selling pressure looms below 1.1189 accelerates below 1.1150 towards 1.1130 and 1.1110. The panic will be triggered below 1.1050 towards 1.1000, 1.0930, 1.0890, and 1.0853. Until the pair closes below 1.1380, a target is seen at 1.1050 and even lower at 1.0850. We expect higher lows in the daily and H1 charts. But the higher high is not reached yet. Bulls must breach 1.1300 during the intraday session. On a weekly basis, they need to breach 1.1400.

Trade: Based on the above given levels, buying is available above 1.1300 with targets at 1.1330, 1.1345, and even 1.1380/1.1420. Selling is available below 1.1240 with targets at 1.1220, 1.1205, 1.1190, and even lower a t1.1150. Safe selling emerges below 1.1185.

Tomorrow's FOMC meeting and Thursday's Euro group meeting will provide a new trend in this pair.

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

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Daily analysis of USDX for June 16, 2015 Market Analysis Review

On the daily chart, the USDX is still finding support around 94.66, but in lower time frames, the bearish bias remains alive and we could expect a breakout in that zone in order to reach the support level of 93.75 in coming days. Anyway, a rebound at current levels, will unleash a strong bullish reaction above the resistance level at 95.74.

The USDX continues to deal with the dynamic resistance offered by the 200 SMA on the H1 chart and now, the Index will test the support level of 94.63 again in order to do a possible lower continuation towards 94.33. Currently, the bias is bearish and long trades are risky. So, we should wait for bearish pattern formation in order to ride the intraday trend.

Daily chart's resistance levels: 95.74 / 96.97

Daily chart's support levels: 94.66 / 93.75

H1 chart's resistance levels: 95.15 / 95.71

H1 chart's support levels: 94.63 / 94.33

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is at 94.63, take profit is at 94.33, and stop loss is at 94.93.

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Daily analysis of GBP/USD for June 16, 2015 Market Analysis Review

The GBP/USD pair is still trading higher and it's looking to do a mid-term consolidation above the 200 SMA on the daily chart. That's why short trades are not advised at this stage. Also, we should wait for a test at the resistance level of 1.5755, where the cable could turn into the bearish bias again in the medium and long term.

If we do an extensive analysis at the H1 chart, we can notice a bullish trendline following, which is helping the GBP/USD pair stay alive in the upside above the 200 SMA. The short-term outlook is still bullish and a breakout at the resistance level of 1.5610 will help the pair test the next resistance around the level of 1.5671.

Daily chart's resistance levels: 1.5755 / 1.5898

Daily chart's support levels: 1.5543 / 1.5346

H1 chart's resistance levels: 1.5610 / 1.5671

H1 chart's support levels: 1.5548 / 1.5502

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5610, take profit is at 1.5671, and stop loss is at 1.5548.

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Technical analysis of USD/JPY for June 15, 2015 Market Analysis Review

USD/JPY is expected to trade in a lower range. It is undermined by the flows to the sefe-haven yen amid increased risk aversion (VIX fear gauge rose 7.24% to 13.78, S&P 500 closed 0.70% lower at 2,094.11 Friday) on escalating fears that Greece could go ino default due to its debts. USD/JPY is also weighed by the Japanese exports. But USD/JPY losses are tempered by the higher shorter-dated US Treasury yields (2-year rose 1 basis point to 0.726% Friday), positive dollar sentiment (ICE spot dollar index last 95.15 versus 95.09 early Friday) after stronger-than-expected preliminary UoM June consumer sentiment of 94.6 (versus forecast 91.5), higher-than-expected 0.5% on-month rise in the US May PPI (forecast +0.4%), demand from Japan's importers, and the Bank of Japan's ultra-loose monetary policy.

Technical comment:

The daily chart is negative-biased as the MACD and stochastics are bearish. Five-day moving average is below 15-day moving average and is declining.

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 122.90. A break of that target will move the pair further downwards to 122.45. The pivot point stands at 124.10. 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 124.65 and the second target at 124.95.

Resistance levels: 124.65 124.95 125.35

Support levels: 122.90 122.45 122

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Technical analysis of USD/CHF for June 15, 2015 Market Analysis Review

USD/CHF is expected to trade with bearish bias. It is undermined by the franc demand on cross trades versus major currencies amid mounting fears of the Greek default. 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 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 0.9420 and the second target at 0.9475. In the alternative scenario, short positions are recommended with the first target at 0.9230 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 0.9170. The pivot point is at 0.9290.

Resistance levels: 0.9420 0.9475 0.9525

Support levels: 0.9230 0.9170 0.9115

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Technical analysis of NZD/USD for June 15, 2015 Market Analysis Review

NZD/USD is expected to consolidate with bearish bias after hitting almost the five-year low of 0.6941 on Friday. It is undermined by the dovish Reserve Bank of New Zealand monetary stance, positive dollar sentiment, kiwi sales on the buoyant AUD/NZD cross, kiwi sales on the soft NZD/JPY cross amid increased investor risk aversion, and soft dairy prices. But NZD/USD losses are tempered by the NZD-USD interest differential.

Technical comment:

The daily chart is negative-biased as the MACD and stochastics are bearish. Five- and 15-day moving averages are declining.

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 0.6950. A break of that target will move the pair further downwards to 0.690. The pivot point stands at 0.7065. 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 0.7130 and the second target at 0.7170.

Resistance levels: 0.7130 0.7170 0.7210

Support levels: 0.6950 0.69 0.9845

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Technical analysis of GBP/JPY for June 15, 2015 Market Analysis Review

GBP/JPY is expected to consolidate with bullish bias. It is undermined by the weak euro sentiment amid increased fears of a Greece's default, flows to the safe-haven yen amid increased investor risk aversion, and Japan's exports. But GBP/JPY losses are tempered by the demand from the Japanese importers.

Technical comment:

The daily chart is negative-biased as stochastics is falling from overbought levels; the MACD histogram bars are turning negative; bearish parabolic stop-and-reverse signal was hit on Friday.

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 192.50 and the second target at 193.30. In the alternative scenario, short positions are recommended with the first target at 190.05 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 190.75.

Resistance levels: 192.50 193.30 194

Support levels: 190.05 189.10 188.60

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Intraday technical levels and trading recommendations for GBP/USD for June 15, 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 two recent bearish engulfing weekly candlesticks.

Note that persistence below the weekly supply at 1.5530 (corresponding to 50% Fibo level) hindered the bullish swing. It's a prominent key-zone for GBP/USD bears.

It should act as an intraday supply zone to enhance bearish decline towards 1.5100 as long as no weekly closure takes place above the price level of 1.5550.

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, the GBP/USD pair formed a prominent demand zone 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 which originated around 1.5660 (a bearish engulfing candlestick and a lower high).

After a breakout of 1.5500-1.5550 (lower limit of the broken channel), the market failed to gather enough bearish momentum towards the intraday demand level at 1.5100.

A bullish pullback towards 1.5550 (intraday supply) is currently taking place. It is likely to offer a valid sell entry for those who missed the initial breakout.

S/L should be set as daily closure above 1.5560.

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Intraday technical levels and trading recommendations for EUR/USD for June 15, 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 has 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 breakout 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%) where significant signs of bearish rejection were expressed on the chart.

Moreover, a double-top pattern with a possible lower high is being formed on the H4 chart. A bearish breakout below the neckline at 1.1100 is needed to confirm the pattern.

As anticipated, the zone of 1.1300-1.1350 constituted a perfect intraday sell zone. An initial bearish target would be located at 1.1090 and 1.1000.

Note that the level of 1.1140 is depicted on the daily chart as a prominent demand/support level. That is why, a bearish daily candlestick closure below 1.1140 is mandatory to pursue towards lower targets.

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USD/CAD intraday technical levels and trading recommendations for June 15, 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 has looked quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in a 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 USD/CAD pair a way 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 1.2450-1.2500 constituted a strong resistance zone for USD/CAD.

As anticipated, a daily candlestick closure below 1.2430 (last Monday) enhanced further bearish decline. That is why, the price zone of 1.2380-1.2400 now constitutes a solid intraday resistance for the USD/CAD pair.

The weekly candlestick closed above 1.2300 by the end of Friday (signs of weak bearish momentum). Hence, a bullish pullback towards 1.2400 should not be excluded this week.

On the other hand, a daily candlestick closure below the level of 1.2300 brings again the bearish scenario to the market. TP levels are roughly located at 1.2220, 1.2100 and 1.1950.

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GBP/USD intraday technical levels and trading recommendations for June 15, 2015 Market Analysis Review

Overview:

On March 2, a bearish breakout of the 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. 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 one month ago. The final bearish target at 1.5450 was 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. This led to a bearish breakout.

The recent daily candlesticks came as bullish engulfing ones. This hindered a further bearish decline and allowed the occurrence of the current bullish pullback towards the price zone of 1.5550-1.5600.

Conservative traders can take a valid sell entry around 1.5550-1.5575 (the key-zone depicted on the chart). Initial T/P levels are located at 1.5380 and 1.5200 while S/L should be set above 1.5670.

On the other hand, a daily candlestick closure above 1.5550 threatens the previous bearish scenario.

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EUR/NZD analysis for June 15, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD is moving sideways around the price of 1.6050. In the daily time frame, we can observe a weak bullish bar in a volume just above the average. Our strong trading range between 1.5925 (resistance) and 1.5675 (support) was finally broken (re-accumulation). Anyway, we have created another smaller trading range with resistance at the price of 1.6150 and support at the price of 1.5990. It looks like that this is more consolidation trading range after strong climatic action. Be careful when selling EUR/NZD and watch for buying opportunities on dips. I placed Fibonacci retracement to find potential support levels. Next bullish objective points are at 1.6250 and 1.6400.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6150

R2: 1.6190

R3: 1.6250

Support levels:

S1: 1.6025

S2: 1.5985

S3: 1.5925

Trading recommendations: Be careful when selling EUR/NZD since we saw strong bullish momentum and broken trading range in the background. Watch for potential buying opportunities on the dips. Key resistance is at the price of 1.6150.

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Gold analysis for June 15, 2015 Market Analysis Review

Overview:

Gold has been trading sideways around the price of $1,180.00. In the daily time frame, we can observe a neutral bar in a volume below the average. In the M30 time frame, we can observe fail absorption volume in the background but also selling climax and strong reaction near the price of $1,172.00. Anyway, I am neutral on this pair since we got major support around the levels of $1,168.00-$1,162.00. Since we got strong buying climax in the background and fail absorption volume, bearish side is more possible.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,185.30

R2: 1,186.50

R3: 1,188.50

Support levels:

S1: 1,181.00

S2: 1,179.60

S3: 1,177.20

Trading recommendations: Buying climax around the price of $1,184.00 is in the background. Buying gold at this stage looks risky.

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Technical analysis of EUR/JPY for June 15, 2015 Market Analysis Review

General overview for 15/06/2015 13:45 CET

After initially gapping down on Monday open, the market had filled the gap back up just to reverse at the level of 139.09 and continue lower again. This is a typical corrective price action behavior that had been labeled as wave X black so far. This means that there is at least wave Y black to the downside missing and to continue with the decline, the market must break out below the supply break-through zone between the levels of 138.02 - 138.30. If it does so, the next support will be at the level of 136.95, very close to the first weekly pivot support at the level of 136.69.

Support/Resistance:

141.05 - Swing High

139.68 - WR1

139.30 - Intraday Resistance

138.82 - Weekly Pivot

138.02 - 138.30 - Supply Breakthrough Zone

136.95 - Technical Support

136.69 - WS1

Trading recommendations:

Aggressive daytraders might consider opening sell orders from current market levels with very tight SL (10-20 pips) and TP at the level of 138.02 with a possible extension downwards to the level of 136.95.

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Analysis of AUD/CHF for June 15, 2015 Market Analysis Review

AUD/CHF confirmed a short-term uptrend today and broke above the downtrend trendline. At the same time, the pair broke above 200 Moving Average right at the same spot as it broke above the trendline – 0.7205 (S2).

The Fibonacci applied to the trendline breakout point shows that 38.2% level has been taken out and now could be acting as a support for the next wave up.

Consider buying AUD/CHF at any minor retracement, targeting 0% Fib, that is 0.7267 (R2). If/when target is reached, it could be a good reversal point to enter the longer-term short position.

Support: 0.7219, 0.7204, 0.7190

Resistance: 0.7237, 0.7267

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Technical analysis of USD/CAD for June 15, 2015 Market Analysis Review

General overview for 15/06/2015 13:30 CET

There are two possible counts for the current wave progression on this pair and both are about corrective wave (iv) green cycle labeling. The first scenario assumes that the wave (iv) green had been completed as three wave correction labeled abc green, and now the impulsive sell-off in wave (v) green is expected. The second alternative scenario indicates a possibility of a more complex correction in wave (iv) green in a form of a triangle without an immediate sell-off yet. The most important level for both of the scenarios is the invalidation level at the level of 1.2434 because any violation of this line will invalidate both counts for wave (iv) green.

Support/Resistance:

1.2451 - WR1

1.2434 - Green Impulsive Count Invalidation Line

1.2351 - Intraday Resistance

1.2326 - Weekly Pivot

1.2267 - Intraday Support

1.2204 - Swing Low

Trading recommendations:

Aggressive daytraders might consider opening sell orders from current market levels with very tight SL (10-20 pips) and TP at the level of 1.2267 with a possible extension downwards to the level of 1.2204.

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Analysis of AUD/USD for June 15, 2015 Market Analysis Review

AUD/USD at this point does not have a clear direction, whether up or down. But the pair is certainly consolidating, and at the same time offering to capitalize on such market condition.

The pair is rejecting the uptrend trendline, where it also rejected the 200 Moving Average which has been acting as a support several times already. The RIS oscillator crossed the 30 level (oversold) above followed by the breakout of the downtrend trendline.

This price action should result in the AUD/USD short-term or intraday growth. Therefore, consider buying AUD/USD at the current level targeting 0.7775 area (R1). Onlya break below 0.7676 (S2) might add some more downside pressure, but while the rate is above 0.77, long positions are preferred.

Support: 0.7702, 0.7676

Resistance: 0.7775, 0.7791

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Elliott wave analysis of EUR/NZD for June 15 - 2015 Market Analysis Review

Technical summary:

After a small consolidation, we belive that the next strong upside rally is about to be seen, and a break above 1.6159 will confirm acceleration towards the next upside target at 1.6446.In the short term, we expect minor support at 1.6050 to protect the downside for the break above 1.6159 for the move higher towards 1.6446. However, an unexpected break below 1.6050 will delay the expected upside pressure for a move closer to 1.5942 before up again.

Trading recommendation:

We are long EUR from 1.5810 with stop at 1.5935. If you are not long EUR yet, then put EUR near 1.6050 or upon a break above 1.6159 with the same stop at 1.5935.

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Elliott wave analysis of EUR/JPY for June 15, 2015 Market Analysis Review

Technical summary:

As expected, a low was seen close to the 138.03 corrective target (the low came in at 137.94) and we are now looking for a break above 139.61 confirming a new test of 141.03 as the price in wave (iii) accelerates towards the next upside target at 144.03.

Only an unexpected break below support at 137.94 will delay the expected upside acceleration towards 144.03.

Trading recommendation:

We bought EUR at 138.10 and will place our stop at 137.85.

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Technical analysis of Gold for June 15, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is trading around $1,180.00 levels for now and could test $1,175.00 lows before rallying further higher. As seen in the chart view here, bulls should be poised to remain in control till prices stay above $1,160.00 levels and push the metal through $1,207.00 levels at least. It is hence recommended to remain long for now and also add on dips, with risk at $1,150.00 levels. Immediate support is seen at $1,175.00 levels (interim), followed by $1,161.00, $1,143.00 and lower while resistance is seen at $1,205.00/06.00 levels, followed by $1,215.00, $1,230.00 and higher respectively.

Trading recommendations:

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

Good luck!

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Technical analysis of Silver for June 15, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is seen to be trading around $15.96 levels for now and has been holding $15.90/$16.00 levels for a while now. Please also note that the metal has been testing its support trend line passing through the same levels as fibonacci 0.786, around $16.00. Bulls should be poised to remain in control till prices stay above $15.80 levels at least. It is therefore recommended to remain long for now with risk around $15.30 levels. Immediate support is seen at $15.60 levels followed by $15.30 and lower while resistance is seen at $16.20 levels, followed by $17.20 and higher respectively.

Trading recommendations:

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

Good luck!

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Technical analysis of EUR/JPY for June 15, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading around 138.80 levels at the moment, looking to push higher at least for short term. Please note that the pair has bounced off the fibonacci 0.383 support levels, of the rally between 133.00 and 141.00 levels earlier. It is quite possible that the pair could pullback higher or continue uptrend from here. It is therefore recommended to exit short positions for now and remain flat. Immediate support is seen at 135.50 levels, followed by 135.00, 133.00 and lower while resistance is seen at 141.00 levels and higher respectively.

Trading recommendations:

Exit short positions for now.

Good luck!

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Technical analysis of GBP/CHF for June 15, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading around 1.4460 levels at the moment, looking to drop further lower towards at least 1.4200/50 levels. Please note that the pair had earlier bounced off the fibonacci 0.618 support around 1.4150 levels as seen here. Bulls should be poised to remain in control till prices stay above 1.4150 levels for now. It is recommended to remain short for now, with risk around 1.4650 levels. Immediate support is seen at 1.4150 levels (interim), followed by 1.4000 and lower while resistance is seen at 1.4550 levels (interim), followed by 1.4650/1.4750 and higher respectively.

Trading recommendations:

Remain short for now, stop at 1.4550, a target is at 1.4250.

Good luck!

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Technical analysis of USD/CAD for June 15, 2015 Market Analysis Review

USD/CAD

The pair closed below 20Wsma for the second consecutive week posting 2nd weekly loss. The 20Wsma is found at 1.2410. On the daily chart, the pair closed below 100Dsma as well which seems to be at 1.2415. These levels turn into weekly resistance at 1.2415. Bulls must close above 1.2415 to regain their control. Multi-top is seen at 1.2563 on the daily chart. Ahead of FOMC meeting on Wednesday, shorting is not a good idea. I request traders could wait patiently to open a good trade on the either side. Last Tuesday, the forecast was made at 1.2250, the pair made a low at 1.2200. Dollar bulls managed to hold the 100Dema on a closing basis. This is the best deal for bulls so far. With a daily close below 100Dema 1.2230, bears are aiming at 1.1970 and 1.1900.

Today, we expect wild moves ahead of the US and Canada's data. If the Canadian manufacturing readings turn out to be above expectations, bears aim at 1.2220.

Trade: Selling is available below 1.2300 towards 1.2270,1.2255, and 1.2220.

Buying is available above 1.2385 with targets at 1.2420 and 1.2440.

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USDX technical analysis for June 15, 2015 Market Analysis Review

USDX remains in bearish trend despite a try by the bulls to regain short-term trend last week. Important resistance levels to watch are found at 95.60 and 96.20. Support to watch out for is at 94.65 and 93.10.

Red line - resistance

The Dollar index is below the cloud resistance. Price is also below the red trend line. Short-term trend is bearish. Unless we see a break above 96.20 I will remain neutral or bearish. Short-term resistance at 95.60 if broken will change trend to neutral. Support at 94.60 if broken will put 93.10 to the test. This implies that a bigger correction should be expected until the end of June.

The weekly chart remains weak. Price is testing the kijun-sen weekly support at 94.80. A weekly close below 94.80 will imply a bearish move should be expected towards the cloud support at the 90 price level. The 50% retracement is important support so we should a push towards that level if we break below 93.10.The material has been provided by InstaForex Company - www.instaforex.com

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Gold technical analysis for June 15, 2015 Market Analysis Review

Gold price continues to trade mostly sideways with big up and down swings between $1,220 and $1,150. There is no clear direction in the medium-term while we see a short-term bullish trend forming after making an important low at $1,162.

Red line - support

Grey lines - resistance

Gold price is above the red trend line support and bulls are trying to break above the short-term resistance levels of $1,182-85. Short-term trend is near to reversing to bullish if we break above $1,185. The medium-term trend remains neutral as we remain below $1,230 and above $1,130.

Blue line - long-term support

Gold price remains below the weekly cloud and the weekly kijun- and tenkan-sen indicators. However the critical support at $1,130 is still no tested. We could see another move towards $1,200 where the 1st important resistance is found. If support at $1,160 is broken we should expect the critical support at $1,130 to be tested. My longer-term view remains bearish.

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