Technical analysis of NZD/USD for July 10, 2015 Market Analysis Review

The daily pivot point sets at the price of 0.6766.

Overview:

• The NZD/USD pair is still moving in a strong downward trend in the medium time frame. Additionally, according to the previous events, the NZD/USD pair has still been trapped between 0.6772 and 0.6700. So, it makes sense to be neutral at this spot for that we expect a daily range of 72 pips approximately. Equally important, the support has set at the level of 0.6691 and minor support has set at 0.6728 since yesterday. On the other hand, the strong resistance had already placed at 0.6772 and 0.6807, which are coinciding with the ratios of 50% Fibonacci retracement levels and the golden ratio respectively.
• The NZD/USD pair will give a good sign to sell below 0.6772 and 0.680 with a target of 0.6728. Also, if the trend is able to break the level of 0.6728, it will resume to 0.6700. However, if the trend fails to close below the strong support (0.6700), the market will indicate a bullish opportunity above 0.6700 in the short term. Thereupon, the level of 0.6700 is going to act as strong support. Therefore, it will a good sign to buy during the correction and open short trades above it 0.6700 with a target at 0.6775.

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

Overview:

On April 9, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom (which initiated the ongoing bullish swing) was reached.

A daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where a temporary bearish pullback took place on April 29.

The next bullish swing extended up to the levels of 1.5750-1.5800 which offered few valid sell entries (depicted with red arrows). The final bearish target at 1.5450 was already reached.

Recently, strong bullish pressure was applied against the resistance levels around 1.5800 via the ongoing bullish swing.

That is why, the resistance level at 1.5800 was temporarily breached. Hence, GBP/USD bulls pursued towards 100% Fibonacci Expansion located around 1.5900.

Significant bearish rejection was expressed around the price zone of 1.5900-1.5930. Since then, a major bearish swing has been taking place.

Recently, level of 1.5555 (prominent demand level/depicted uptrend line) was obviously breached earlier this week due to excessive bearish pressure. This enhances the bearish side of the market.

Conservative traders should wait for a bullish pullback towards 1.5550 for a valid sell entry. S/L should be placed above the level of 1.5620.

On the other hand, the price level of 1.5250 is the nearest support to meet the GBP/USD pair if the current bearish momentum persists. It should be watched for the signs of bullish rejection.

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

USD/JPY is expected to consolidate with bearish bias after hitting almost the two-month low of 120.38 on Wednesday. It is undermined by the flows to the safe-haven yen and unwinding of the yen-funded carry trades amid increased risk aversion (VIX fear gauge surged 22.19% to 19.66, S&P 500 closed 1.67% lower at 2,046.68 overnight) as a deepening rout in China's stock markets heightened anxiety over the potential knock-on effect on the global growth outlook. USD/JPY is also weighed by the lower US Treasury yields (10-year slipped 3.3 bps to 2.197% Wednesday) and weaker dollar sentiment (ICE spot dollar index last 96.22 versus 96.68 early Wednesday) after the release of the June FOMC meeting minutes signaled continued caution in shifting into higher interest rates and less-than-expected $16.09 billion increase in the US May consumer credit (versus forecast +$19.0 billion). But USD/JPY losses are tempered by 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 and 15-day moving averages are 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 121. A break of that target will move the pair further downwards to 120.65. The pivot point stands at 121.70. 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 mo ve further to the upside. According to that scenario, long positions are recommended with the first target at 122.15 and the second target at 122.60.

Resistance levels: 122.15 122.60 122.90

Support levels: 121 120.65 120

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Technical analysis of USD/CHF for July 08, 2015 Market Analysis Review

USD/CHF is expected to range-trade. It is undermined by the weaker dollar sentiment. But USD/CHF downside is limited by the franc sales on the rebounding EUR/CHF cross, the threat of the Swiss National Bank to carry out CHF-selling intervention, and the negative Swiss interest rates.

Technical comment:

The daily chart is still positive-biased as the MACD and stochastics are bullish, although the latter one is at overbought 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 0.9515 and the second target at 0.9545. In the alternative scenario, short positions are recommended with the first target at 0.9390 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 0.9360. The pivot point is at 0.9435.

Resistance levels: 0.9515 0.9540 0.96

Support levels: 0.9390 0.9360 0.9315

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

NZD/USD is expected to trade in a higher range. It is supported by the weaker dollar sentiment and kiwi demand on the soft AUD/NZD cross. But NZD/USD gains are tempered by the increased risk aversion, soft dairy prices, and divergent monetary policy stances of the Reserve Bank of New Zealand nad the US Federal Reserve.

Technical comment:

The daily chart is tilting positive as the MACD and stochastics are turning bullish.

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 0.6735 and the second target at 0.6780. In the alternative scenario, short positions are recommended with the first target at 0.6635 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 0.66. The pivot point is at 0.6680.

Resistance levels: 0.6735 0.6780 0.6815

Support levels: 0.6635 0.66 0.6580

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

GBP/JPY is expected to consolidate with bearish bias. It is undermined by the flows to the safe-haven yen amid increased risk aversion.Today, the Bank of England announced its monetary policy decision: the BOE keept its benchmark interest rate at 0.5%. GBP/JPY is weighed by the sterling sales on the buoyant EUR/GBP cross and increased risk aversion.

Technical comment:

The daily chart negative-biased as the MACD and stochastics bearish; five- and 15-day moving averages are 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 185.50. A break of that target will move the pair further downwards to 184.350. The pivot point stands at 187.45. 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 188.2 and the second target at 189.15.

Resistance levels: 188.20 189.15 190

Support levels: 185.50 184.30 183.65

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USD/CAD intraday technical levels and trading recommendations for July 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 looks 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.

Daily fixation below 1.2300 opened a way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend) for the USD/CAD pair. Bullish support was found around these levels. A bullish pullback took place shortly after.

The price zone of 1.2450-1.2500 (backside of the broken uptrend) then provided temporary resistance. Shortly after, a daily candlestick closure below 1.2430 enhanced further bearish decline.

However, the previous weekly candlestick closed at 1.2270 when the USD/CAD pair needed a frank weekly closure below 1.2300 to ensure further bearish decline in the long term. This reflected a lack of bearish momentum.

That is why, an extensive bullish movement is currently being expressed on the chart. An overbought state is being manifested on the charts (temporary breaching of the upper limit of the weekly channel).

Persistence above the level of 1.2400 enhanced a quick bullish movement towards 1.2570 (the previous weekly closure level) and 1.2770, which has been tested since yesterday.

The price zone of 1.2740-1.2770 should be defended by bears (the upper limit of the weekly channel as well as 100% Fibonacci Expansion level of the most recent bullish move).

A valid sell can be offered around the current price levels. S/L should be placed slightly above 1.2850.

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Intraday technical levels and trading recommendations for GBP/USD for July 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 key zone of 1.5500-1.5550 where significant bearish pressure was previously applied on February 22.

Last month, the market was pushed above this weekly key zone at 1.5550 in an attempt to reach the area around 1.5900 (100% Fibonacci Expansion), which provided evident supply for the GBP/USD pair.

As anticipated, a bearish pullback was executed towards the level of 1.5550. Evident bearish breakdown below 1.5500 is already taking place this week.

The weekly demand level around 1.5200 is currently exposed to be visited soon.

That's why, the weekly candlestick closure should be monitored by the end of the week.

A bearish breakout of the depicted bullish channel took place as a result of the bearish pressure around 1.5780 and 1.5660 (depicted on the chart with arrows).

After a bearish 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 of 1.5100.

Significant bullish pressure was observed around 1.5200. Hence, a bullish swing was established towards 1.5780 (61.8% Fibonacci level) and 1.5880 (FE 100%).

As anticipated, the price zone of 1.5800-1.5880 acted as a significant supply zone for the GBP/USD pair. It offered a valid sell entry last week. All T/P levels were successfully reached.

On the other hand, the level at 1.5550 constituted a significant demand level (corresponding to 50% Fibonacci level and a previous prominent top). It was broken down on Tuesday.

The current demand level around 1.5375 should be watched for a short-term price reaction (bullish rejection for example).

On the other hand, the level of 1.5200 is the nearest demand level, which will come next if bearish breakdown below 1.5350 takes place.

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Intraday technical levels and trading recommendations for EUR/USD for July 9, 2015 Market Analysis Review

The market was pushed lower after breaking below 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, the EUR/USD bears have already pushed the price slightly below the monthly demand level of 1.0550 (established on January 1997).

April's monthly candlestick came as a bullish engulfing one. However, the next monthly candlesticks (May and June) reflect bearish rejection being expressed around 1.1450.

In the long term, a bearish breakout of the monthly demand level at 1.0550 should not be excluded as the long-term projection target is located at 0.9450.

However, a bullish corrective movement towards 1.1500 may be executed only if May's monthly high of 1.1465 gets breached (considered a very low probability currently).

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

Multiple ascending bottoms were established around the levels of 1.0470, 1.0550, and 1.0850. These levels corresponded to the daily uptrend depicted on the chart.

Further bullish pressure was observed until bearish rejection was applied around 1.1400 (slightly below the depicted daily supply level).

A daily closure below the level of 1.1150 brought the EUR/USD pair towards 1.1000 again where the uptrend comes to meet the EUR/USD pair (significant demand level depicted on the chart).

Single bearish closure below the price level of 1.0980 hinders the ongoing bullish scenario enabling a quick bearish decline towards 1.0850 and 1.0700 to occur.

That's why, the current daily candlesticks closure should be monitored in order to clarify further direction.

EUR/USD bulls must keep trading above 1.1000, so further bullish advancement can be achieved. Initial bullish target would be located at 1.1150 and 1.1300 (a prominent supply level to be watched).

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

Overview:

Recently, EUR/NZD is moving downwards. The price tested the level of 1.6355 in an average volume. In the daily time frame, we can observe a bearish bar in a volume above the average. The short-term trend is downward but the mid-term trend is still upward. The price has broke our strong trading range between the level of 1.6615 (resistance) and 1.6420 (support). Anyway, the breakout isn't strong since the price action is weak. Selling still looks risky due to a weak breakout.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6560

R2: 1.6610

R3: 1.6690

Support levels:

S1: 1.6410

S2: 1.6365

S3: 1.6290

Trading recommendations: Selling EUR/NZD looks risky. We can observe a weak breakout of our trading range.

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Gold analysis for July 09, 2015 Market Analysis Review

Overview:

Gold has been trading upwards. As we expected, the price has tested the level of $1,166.37 in a high volume. According to the daily time frame, we can observe selling climax (hidden buying) in the background. According to the H1 time frame, we can observe that the price has broken resistance at the level of $1,158.00. Bullish phase is in progress. We may see possible testing of the level of $1,174.00. Selling looks risky at this stage because of the climatic action in the background and strenght. There is a chance that the price will come back into our major trading rage between the prices of $1,162.00 and $1,231.00. The short-term trend is neutral.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,164.00

R2: 1,169.00

R3: 1,175.00

Support levels:

S1: 1,151.00

S2: 1,146.00

S3: 1,140.00

Trading recommendations: Supply in an ultra high volume is in the background (selling climax). Be careful when selling around the price of $1,147.00 since the price created support there. Bullish phase is in progress. Selling gold at this stage looks risky.

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

Forecast:

• The GBP/USD pair will call for downside momentum rather convincing. The structure of a rise does not look corrective. If case of indicating a bearish opportunity below the level of 1.5491, it will be a good sign to sell at 1.5490 with the first target at 1.5437 (the daily pivot point). The pair is likely to continue its bearish move towards 1.5330.

Review:

• According to the previous events, the GBP/USD pair is going to move between 1.5491 and 1.5330.
• The resistance will be set at the level of 1.5490 and the support has already been placed at 1.5330.
• We expect a new range about 325 pips this week.
• The key level is seen at 1.5437 because it represents a weekly pivot point on July 9 ,2015.
• The level of 1.5566 is going to represent the double top.
• By the way, the GBP/USD pair is still calling for strong bearish market from the level 1.5491/1.5500.

Technical levels:

• It should be noted that if there is no significant news to influence, the price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.
• Resistance 3: 1.5640
• Resistance 2: 1.5566
• Resistance 1: 1.5491
• Pivot: 1.5437
• Support 1: 1.5330
• Support 2: 1.5290
• Support 3: 1.5249

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

Short overview:

• According to the previous events, the major support is going to set at the level of 1.0950. Moreover, the price had hit the weekly pivot point and support 1 this week at the levels of 10950 and 1.1114. Furthermore, the level of 1.1114 represents the weekly pivot point. Therefore, the EUR/USD pair is going to move between 1.0950 and 1.1114. So, we expect a new range of 164 pips in coming hours. As a result, sell below the level of 1.1114 in the short term with the first target at 1.1030. Moreover, if the trend is able to break the double bottom at 1.10300; it might resume to 1.0955. If the trend is downward, then the strength of the currency will be defined as follows: EUR is in an downtrend and USD is in a uptrend.

Intraday technical levels:

Date:9/07/2015

Pair:EUR/USD

• R3: 1.1239
• R2: 1.1165
• R1: 1.1120
• PP: 1.1046
• S1: 1.1001
• S2: 1.0927
• S3: 1.0882

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EUR/CAD rally has begun Market Analysis Review

As per my previous EUR/CAD analysis, the price bounced off the S1 (1.3866) support and started to move higher. Although a high of 1.4162 hit back on June 4 has not been broken, the uptrend is beyond any doubt.

Currently, the pair is tradign right at the area near 1.4015 and this is where bulls should start openning long trades. In overall, this is the second opportunity to join an uptrend train. So, consider buying EUR/CAD near 1.4020 today targeting 161.8% Fibs, that is R2 (1.4640) area.

Support: 1.3866, 1.3775

Resistance: 1.4162, 1.4640

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GOLD should form a double bottom near 1140 Market Analysis Review

GOLD has been moving downwards since May 18 hitting new lower lows. It is clearly a continuation of a larger trend down that might form a double bottom near a low of $1,142 hit back on March 17.

While moving down, gold broke the ascending channel. The Fibonacci applied to the channel breakout point clearly shows that R2 (1185.55) and R1 (1174.61) resistance levels were rejected and currently the price rejecting the downtrend trendline.

There are no signs of a correctional move, and neither of reversal. Consider selling the yellow metal today while it is trading above S1 (1160.98). There is a possibility that the price will attempt to break above the downtrend trendline. But, I expect this to be just a spike up. I would stay safe with stop loss just above R1. The target is near 0% Fibs that is an area around 1138.90.

Support: 1160.98, 1138.90

Resistance: 1174.61, 1185.55, 1196.69

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

Yellow metal prices rebounded from 4-months lows at yesterday's session after the FOMC minutes. Though the metal had made a low below the previous day's one, it managed with gains. On a closing basis, 1155.00 acts as the key level to watch. On the down side, 1151.00 acts as a multi support level. In all time frames, the precious metal lost all the moving averages. On the higher side, 1165.00 and 1175.00 are strong resistance levels to watch. A daily close above $1,175.00 is likely to lighten bullish views. The parallel support is found at $1,142.50.

A daily close below $1,148.00 opens gates to re-test previous lows of $1,142.50 and $1,135.00. At yesterday's session, we forecasted "At today's session if any steep fall favours to for a positive divergence. In this case, mild pull back towards $1,162.00 or $1,165.00". Exactly the metal hit a high of $1,164.20.

According to the world gold council, Turkey reported 6% of global consumer demand. The Ramadan ends on July 16. It's a culture in the Turkey after the Ramadan, people willing to buy gold in the account of Seker Bayrami festival also known as The sugar Feast. We expect mild physical buying durinf these days.

For an intraday trade, buying is available above $1,160.00 with targets at $1,162.00, $1,164.00, and $1,167.00.The price is likely to accelerate above $1,167.00 towards $1,175.00. The real bullish strength is seen above $1,175.00. On the down side, selling is available below $1,154.00 with targets at $1,151.00 and $1,148.00. Safe selling will be triggered below $1,146.00 towards $1,143.00. Panic is expected below $1,142.00. We expect a pullback from the current levels.

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

At yesterday's session, the pair again rejected at 1.2780 again losing 80 pips. We has already forecasted "from here on we expect maximum 1.2760 or 1.2800" . So, the pair hit a high at 1.2780 and fell back. Falling oil prices weigh on CAD against USD . The 20Wsma is found at 1.2400 and the parallel resistance is seen at 1.2800 and 1.2835 .Bulls laid a strong base in different layers initiated at 1.2200, extended later to 1.2300 and 1.2400. The hourly oscillators indicate the overbought market. Negative divergence has been firming in the H4 chart. We can observe higher highs and higher lows in the daily and hourly charts. On the other hand, in case of positive news from Greece, we expect big moves in EUR/USD and big falls on USD/CAD. This is the only pair taken an advantage from the Greece saga in the near term.

Intraday support is found at 1.2690, 1.2675, and 1.2660. Resistance is seen at 1.2735, 1.2785, and 1.2800. In case the pair manages to close above 1.2835, we will open buy positions again with a target at 1.3150. Today, the pair opened on a bearish note.

At yesterday's session, we opened a bearish trade. We stick to that today as well. Risky sellers can use a rise to sell with sl 1.2835 on a closing basis hold for the next 2 or 3 days. For bulls, buying is available above 1.2740 with aims at 1.2760 and 1.2775, and 1.2800 and 1.2820 in the extreme case.

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

As we expected earlier, Fed's decision influenced the greenback. We have been recommending selling USD against JPY for a while. USD fell to a 7-week low against JPY at yesterday's session.

Earlier,the pair made a top at 124.45, fell, and close below 122.48, which is the channel lower band. Prio to a fall, the pair consolidated between 124.45 and 122.48 breaking the lower end of the band.

The pair lost the 20,50,100Dsma and 100Dema as well. It is trading below 20Wsma seen at 121.15. As per the previous trading consolidation range calculation, the pair found a mild support between 120.40 and 119.80. The hourly momentum oscillators indicate the oversold market.

On the deep down side, strong support is found at 118.40 and 117.80 200Dsma and 200Dema is seen there. The double bottom was framed between 118.30 and 118.50.

At today's Asian session, the pair is trading at 121.17 compared to Wednesday's closing price of 120.70. Intraday resistance is seen at 121.30, 121.50, and 121.90. Use a rise to sell following the trend.

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USDX technical analysis for July 9, 2015 Market Analysis Review

The US Dollar Index pulled back yesterday to test the breakout area after it had broken out above the medium-term resistance. This pullback was considered a buying opportunity as the trend remains bullish in the short term and bulls are in control of this trend.

Blue lines - important support trend lines

The US Dollar Index broke above the downward sloping trendline and back tested it and bounced. The price also holds above the Ichimoku cloud and above the upward sloping blue trendline. The Index is headins towards higher highs and higher lows. A trend is bullish. Support is seen at 95.85. In case it gets broken, we should expect a push towards 95-94.50.

Blue line - medium-term trend line resistance

The US Dollar Index weekly chart is trading above the medium-term trend-line resistance. The price is also above the kijun- and tenkan-sen indicators. The medium-term trend is unclear yet. Short- and long-term trends remain bullish. Important weekly resistance is seen at 97.80. A weekly break above this resistance level will increase chances for a new upward move towards new highs.

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Gold technical analysis for July 9, 2015 Market Analysis Review

Gold price is testing the long-term trend-line support in the area of t $1,140-50. Yesterday, buyers stepped in and produced a bounce above $1,160. The short-term trend remains bearish despite a small bounce. The long-term trend also remains bearish and I believe that if we break $1,130, we will reach $1,000.

Blue lines - triangle pattern

Gold price broke below the triangle and gave a new sell signal. The price is below the Ichimoku cloud implying that the trend remains bearish. It is making a short-term bounce towards cloud resistance. Short-term support is seen at $1,155.

Blue line-long-term support trend line

Weekly chart remains bearish. Weekly candle is still bearish as we made lower lows. The price remains above the long-term trend-line support. It also remains below the ichimoku indicators (red and yellow lines). My longer-term expectations are bearish. Confirmation of weekly sell signal is expected if the price closes below $1,130.

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

Short-term pound bulls gave up for the second consecutive day. They had lost 20Dsma, 50Dsm, and 200Dema earlier, and lost 100Dema at yesterday's session

The euro likely to be speculators' choice and USD is seen to be benefited. Today, traders eye the UK interest rate and US unemployment claims.

Technical view: Last week, the cable closed below 50Wsma at 1.5630 rejecting at 1.5780. This week, the cable lost 50Dsma seen at 1.5525 and 200Dema at 1.5550. The same levels are going to act as strong resistance in coming weeks. The nearest support is found at 1.5270 100Dema and 1.5260 20Wsma. The cable fell below 3-month ascending trendline testing its fate at 100Dema. In case of a daily close below 1.5260, bears are likely to re-test the previous swing low at 1.5170.

As we expected earlier, bulls failed to rebound between 1.5525 and 1.5430. Bulls' last accumulation point is found at 1.5260 20Wsma and 100Dsma sleeping there. TBulls' real problem will arise in case the price closes below 1.5260 opening gates to a re-test of the previous low of 1.5170 initially, and 1.5090, 1.5040, and 1.4900 later.

The intraday resistance is seen at 1.5385, 1.5440, and 1.5480. The support is found at 1.5300 and 1.5260. In the hourly charts (h1&h4), we can observe +ve divergence taking place. If a dip is available, traders can use it to open buy positions with sl 1.5260 on a 2-day closing basis. For the next couple of trading days, the trading pattern is likely to be framed between 1.5260 and 1.5550.

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Technical analysis of EUR/USD for July 09, 2015 Market Analysis Review

The FOMC minutes failed to deliver surprising data again helping the euro close back above 100Dsma found at 1.1030. The 20Wsma was found at 1.1020.

Traders' eye shifted to the Sunday's event as this is a day when the EU heads of 28 member states will attend the summit again.

Technical view: The weekly resistance is seen at 1.1101, 1.1120, and 1.1180. Until the pair closes below 1.1180, bears will have the upper hand. The long-term picture favors moving to the sub-level at 1.000.

After the FOMC minutes release, USD lost its gains against the euro. The pair successfully closed above 100Dsma. It has been consolidating at 1.0950 on a daily closing basis. A daily close below this will open gates for 1.0820, which is the previous swing low. The pair has been extending lower highs and lower highs.

Developments in Greece are the only driving factor during this week.

Intraday: The pair is trading at 1.1070 compared to Wednesday's closing price of 1.1076. Intraday resistance is seen at 1.1100, 1.1120, and 1.1150. Small buying trade is available above 1.1120 with targets at 1.1150 and 1.11750, which looks risky. Safe buying is available above 1.1180 with targets at 1.1220, 1.1240, and 1.1280. At today's session, the pair is likely to stretch to 1.1100 or 1.1120 in the extreme case. Use any rise to sell. Today's trade is likely to be influenced by US unemployment claims.

Intraday fresh selling trade is available below 1.1000 with targets at 1.0980, 1.0960, 1.0940, and 1.0900. Safe selling is likely to be triggered below 1.0950.

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Global macro overview for 09/07/2015 Market Analysis Review

Global macro overview for 09/07/2015

Most important today's data is the UK rate decision and asset purchase facility.

The market doesn't expect any surprising readings today as the interest rate should be left unchanged together with its purchase facility. Any surprise here might be played out in two ways:

- surprising rate increase - highly unlikely - the GBP/USD pair will shoot straight up breaking the technical resistance at the level of 1.5532

- surprise rate cut - unlikely - the GBP/USD pair and other GBP related crosses will start a sell-off with GBP/USD breaking the technical support at the level of 1.5160

News events from UK scheduled for today: ( all times are GMT):

11:00 Great Britain BoE Interest Rate Decision 0.50% 0.50%

11:00 Great Britain Asset Purchase Facility 375bln 375bln

11:00 Great Britain MPC Rate Statement

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Global macro overview for 09/07/2015 Market Analysis Review

Global macro overview for 09/07/2015

The Federal Open Market Committee (FOMC) meeting minutes released on June 17 showed the committee's uncertainty regarding the US economic growth. An expected rate hike will be postponed until further economic data improvement. The market interpretation of this dovish statement was immediate and the US Dollar Index dropped significantly with USD/JPY sell-off as a leader. Please notice that the FOMC meeting took place hree weeks ago and the committee was not aware of what is going on today. Thus, Greece is on the brink of leaving the EU ( if it can not reach the deal with the creditors) and the Chinese stock market is collapsing ( despite the government restricting short selling). This is why the Fed studies multiple economic data to be digested before its next meeting in September. Nevertheless, the rate hike is being pushed away until the economic conditions improve significantly.

From the technical point of view, the US Dollar Index has broken above the golden trendline and now it is testing it from below. Any move below this trendline will be considered a fake breakout and the recent swing lows at the level of 94.00 might be tested soon. On the other hand, a healthy bounce here would mean the market is about to test the resistance at 97.80. A breakout higher is not excluded as well.

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

Technical outlook and chart setups:

Gold dropped to $1,146.00/47.00 yesterday before recovering sharply back to the territory above $1,150.00. The metal has re-tested a low at $1,143.00 and sustained. Moreover, the daily chart view is indicating a morning star formation, which is extremely encouraging for bulls. It is still recommended to wait for the confirmation before entering long positions again. The metal could be possibly forming a double bottom around $1,143.00/45.00 before resuming its trend on the higher side. Immediate support is seen at $1,143.00, while resistance is seen at $1,175.00 followed by $1,190.00 and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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

Technical outlook and chart setups:

Silver dropped to he level of $14.68 levels yesterday re-testing the level of $14.66 before pulling back sharply. The metal has just reached an intraday high around $15.60 before regaining 30 cents. Now, we can see a morning star candlestick pattern in the daily chart indicating potential reversal and a double bottom formation at $14.66. It is still recommended to wait for a day or two to get the above confirmation before long trades. Immediate support is seen at $14.60 (interim), while resistance is seen at $15.85/95 followed by $16.40, and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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

Technical outlook and chart setups:

The EUR/JPY pair is comfortably trading aroubd the level of 134.80 at the moment after testing recent lows around 133.27 yesterday. The pair can break below 133.00 and bullish recovery is still possible. That could push the price higher towards 140.00 as depicted on the H4 chart. It is therefore recommended to hold long positions for now with risk around 133.00. Immediate support is seen at 133.00 followed by 132.00 and lower, while resistance is seen at 136.00 followed by 138.00, 139.00, and higher respectively.

Trading recommendations:

Remain long for now, stop is at 133.00, a target is open.

Good luck!

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

Technical outlook and chart setups:

Th GBP/CHF pair is trading around the levels of 1.4540/50 at the moment after hitting lows around 1.4450 yesterday. Please note that a potential dip towards 1.4430 and 1.4400 respectively is still probable . Also note that fibonacci 0.618 support and rising trend-line support fell around the 1.4400/10 region as well. It is recommended to book profits on short positions partially or completly and look for an opportunity to initiate long positions around 1.4430. Immediate support is seen at 1.4400 followed by 1.4250 and lower, while resistance is seen at 1.4725 and 1.4830 respectively.

Trading recommendations:

Book partial/full profits on short positions. Look to buy around 1.4430 again.

Good luck!

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

General overview for 09/07/2015 08:05 CET

The last wave of the overall corrective wave development to the downside was made in the shape of an ending diagonal triangle. It was labeled as wave Z black of wave A blue. If this count is correct, upward wave progression should start to complete the wave B blue of a higher degree. The first hurdle is the intraday resistance at the level of 135.42, the next one is wave b purple top at 136.05. Only if the market moves above this level, a low for the wave A blue will be confirmed. Any violation of intraday support at 134.57 will suggest the lows might be tested/broken again.

Support/Resistance:

133.26 - Swing Low

134.57 - Intraday Support

134.97 - Weekly Pivot

135.42 - Intraday Resistance

136.05 - Wave b Purple Top

136.25 - WR1

Trading recommendations:

Daytraders and swingtraders should consider opening buy orders only if the level of 135.43 is violated, with SL below the level of 134.57 and TP at the level of 136.05.

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

General overview for 09/07/2015 07:40 CET

As anticipated yesterday, corrective cycle development resulted in a steady horizontal price action. The market is currently range-bounding between the intraday support at the level of 1.2674 and intraday resistance at the level of 1.2778. Any breakout below/above of this level is needed to continue the wave progression. However, the current intraday bias is bearish, so the intraday support might be tested any time now.

Support/Resistance:

1.2778 - Intraday Resistance

1.2773 - WR1

1.2674 - Intraday Support

1.2632 - Technical Support

Trading recommendations:

Daytraders should consider closing the buy orders (TP from yesterday was hit) and wait for a further price action to develop. Sell orders should be opened only if the level of 1.2674 is clearly violated.

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

EUR/USD: The EUR/USD pair has vigorously tested the support line at 1.0950 before the current upwards bounce. The price gained over 140 pips. Nevertheless, the bias cannot turn bullish as long as the price is below the resistance line at 1.1200.

USD/CHF: This pair has been able to maintain its bullish stance, though momentum is thinning out. When momentum in the market increases (as that is inevitable), bulls might challenge the resistance level at 0.9500. That resistance level has been tested several times this week. It must be broken to the upside, so that the buying pressure can continue.

GBP/USD: This is a weak market, and it might break below the accumulation territories at 1.5300 and 1.5250. There is a clear Bullish Confirmation Pattern in the chart: the EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. More selling pressure is expected.

USD/JPY: As expected, the USD/JPY pair broke below the supply levels at 122.00, 121.50, and 121.00. The demand level at 120.50 has already been tested, and it could be breached to the downside because this is the beginning of a strong southward movement. In addition, some fundamental figures are expected to be unveiled today, and they would have an impact on the market.

EUR/JPY: The market is bearish now. According to the recent price action, it looks wise to sell on rallies in the context of a downtrend. The price has dropped by over 600 pips over the past few weeks, and further drop is expected. This outlook also works for most JPY pairs.

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Technical analysis of EUR/USD for July 09, 2015 Market Analysis Review

When the European market opens, economic data on the German Trade Balance is due. The US will release data about the 30-y Bond Auction, Natural Gas Storage, and Unemployment Claims. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1123.

Strong Resistance:1.1117.

Original Resistance: 1.1106.

Inner Sell Area: 1.1095.

Target Inner Area: 1.1069.

Inner Buy Area: 1.1043.

Original Support: 1.1032.

Strong Support: 1.1021.

Breakout SELL Level: 1.1015.

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 July 09, 2015 Market Analysis Review

In Asia, Japan will release the Prelim Machine Tool Orders y/y, 30-y Bond Auction, M2 Money Stock y/y, and Core Machinery Orders m/m. The US will publish economic data on the 30-y Bond Auction, Natural Gas Storage, and Unemployment Claims. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.44.

Resistance. 2: 121.21.

Resistance. 1: 120.97.

Support. 1: 120.68.

Support. 2: 120.46.

Support. 3: 120.21.

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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Elliott wave analysis of EUR/NZD for July 9, 2015 Market Analysis Review

Technical summary:

We are still trading in a narrow range. As long as minor resistance at 1.6522 protects the upside, we could still see a move slightly lower to 1.6250 before a new rally set in to 1.7154.

A breakout below 1.6320 will change the short-term count and indicate that wave ii has become an expanded flat correction. Only an unexpected break below 1.6035 could indicate a top being in place for a deeper correction.

Trading recommendation:

We are long EUR from 1.6588 with stop placed at 1.6300. If you are not long EUR yet, Then buy close to 1.6320 with the same stop at 1.6300

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Elliott wave analysis of EUR/JPY for July 9, 2015 Market Analysis Review

Technical summary:

Important support at 133.07 is still holding firm keeping us cautiously bullish for a breakout above minor resistance at 134.57 and more important above resistance at 135.43 calling for a continuation to 138.14 and above.

Only a breakout below important support at 133.07 could indicate a corrective nature of the rally from 126.05 and call for a new test of this low.

Trading recommendation:

We will buy EUR here at 134.07 and place a stop + revers at 133.00.

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Daily analysis of USDX for July 09, 2015 Market Analysis Review

The USDX is currently facing very strong resistance in the daily time frame, because the zone around the level of 96.57 remains very solid acting as supply territory for the Index. That is why we want to see another pullback again until the support level of 95.74. The MACD indicator is reaching an overbought territory.

In the H1 chart, the USDX made a very interesting price action at the yesterday session/ The Index pulled back from the highs around the level of 97.20 and now it is looking for the dynamic support offered by the 200 SMA. If the USDX does a rebound over there, it would be expected to test the resistance level of 96.38 again.

Daily chart's resistance levels: 96.57 / 97.57

Daily chart's support levels: 95.74 / 94.66

H1 chart's resistance levels: 96.38 / 96.65

H1 chart's support levels: 96.13 / 95.89

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks out with a bullish candlestick; the resistance level is at 96.38, take profit is at 96.65, and stop loss is at 96.13.

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