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

GBP/JPY is expected to consolidate with bullish bias, tracking movements in GBP/USD. Sterling sentiment is boosted after Bank of England Governor Carney said, "The point at which interest rates may begin to rise is moving closer given the performance of the economy." Meanwhile BOE's David Miles said the central bank should begin raising interest rates in the UK soon in order to keep future increases in borrowing costs smooth and steady.

Technical comment:

The daily chart is mixed as the MACD is bearish, but stochastics is in bullish mode.

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 194 and the second target at 194.70. In the alternative scenario, short positions are recommended with the first target at 191.50 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 190.65. The pivot point is at 192.35.

Resistance levels: 194 194.70 195.50

Support levels: 191.50 190.65 190

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

NZD/USD is expected to trade with a bearish bias. It is undermined by the positive US dollar sentiment, divergent monetary policy stances of the Reserve Bank of New Zealand and the US Federal Reserve, and lower dairy prices. But NZD/USD losses are tempered by improved investors' risk appetite.

Technical comment:

The daily chart is mixed as the MACD is bullish, but stochastics is turning bearish.

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 0.6590. A break of that target will move the pair further downwards to 0.6540. The pivot point stands at 0.6670. 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 0.67 and the second target at 0.6745.

Resistance levels: 0.67 0.6745 0.6790

Support levels: 0.6590 0.6540 0.65

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

USD/CHF is expected to consolidate with risks skewed lower. It is undermined by the weaker dollar sentiment and franc demand on the soft EUR/CHF cross. But USD/CHF losses are tempered by 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 is bullish, stochastics stays elevated near 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 0.9570 and the second target at 0.96. In the alternative scenario, short positions are recommended with the first target at 0.9395 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 0.9365. The pivot point is at 0.9440.

Resistance levels: 0.9570 0.96 0.9650

Support levels: 0.9395 0.9365 0.9315

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

USD/JPY is expected to consolidate with risks skewed lower after hitting the eight-day high of 123.72 on Tuesday. USD/JPY is undermined by the weaker dollar sentiment (ICE spot dollar index last 96.60 versus 96.80 early Tuesday) after a surprise 0.3% on-month drop in the US June retail sales (versus forecast +0.2%), the weaker-than-expected US June NFIB Index of Small Business Optimism (came in at 94.1 versus forecast 98.4), and an unexpected 0.1% on-month drop in the US June import price index (versus forecast +0.1%). USD/JPY is also weighted by the lower US Treasury yields (10-year slipped 3.2 bps to 2.397% Tuesday) and Japan's exports. But USD/JPY losses are tempered by the reduced safe-haven appeal of the yen amid diminished investor risk aversion (VIX fear gauge eased 3.81% to 13.37; S&P 500 closed up 0.45% at 2,108.95 overnight), demand from the Japanese importers, and the Bank of Japan's ultra-loose monetary policy.

Technical comment:

The daily chart is tilting positive as stochastics is in bullish mode, the MACD is turning bullish, five-day moving average is rising above 15-day moving average.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 124.35 and the second target at 124.60. In the alternative scenario, short positions are recommended with the first target at 122.85 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 122.40. The pivot point is at 123.15.

Resistance levels: 124.35 124.60 135

Support levels: 122.85 122.40 122

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USD/CAD intraday technical levels and trading recommendations for July 15, 2015 Market Analysis Review

Overview:

When bulls pushed the price further above 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 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. Successive higher bottoms were established. Bullish pressure was applied against resistance levels of 1.2450 and 1.2500 (previous tops).

On the other hand, the previous weekly candlestick came quite bullish when the pair needed frank weekly closure below 1.2300. This reflected a lack of bearish momentum.

That is why, an extensive bullish movement is being expressed on the chart. A frank bullish breakout has been executed above the price level of 1.2770-1.2800.

Long-term bullish projection target would be located at the price level of 1.3080 if enough bullish support keeps defending the recently established support zone (1.2750-1.2800).

Conservative traders can wait for a bullish pullback towards 1.2800 or probably lower, for a valid BUY entry with a low risk/reward ratio.

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GBP/USD intraday technical levels and trading recommendations for July 15, 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 traders 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 where the depicted successive lower highs were initiated.

Hence, the level of 1.5555 (prominent demand level/depicted uptrend line) got breached earlier this week due to excessive bearish pressure. This enhanced the bearish side of the market towards 1.5360.

The level of 1.5555 (prominent demand level/depicted uptrend line) got breached earlier this week due to excessive bearish pressure. This enhanced the bearish side of the market towards 1.5360.

As suggested in our previous articles, a bullish pullback towards 1.5550-1.5600 was expected to occur. Our suggested sell entry around 1.5550 got triggered on Monday. S/L should be set as a daily closure above 1.5630.

Note that early fixation below the level of 1.5550 is mandatory to pursue towards bearish targets, initially 1.5450.

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Intraday technical levels and trading recommendations for GBP/USD for July 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 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 around 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. Temporary bearish breakdown below 1.5500 took place last week.

However, the resulting previous weekly candlestick indicates bullish rejection besides lack of strong bearish momentum below 1.5500.

Another weekly candlestick closure above 1.5500 hinders further bearish decline and enhances the bullish side of the market. It allows a quick bullish pullback towards 1.5750 to occur shortly after.

On the other hand, the weekly demand level around 1.5200 becomes exposed only if GBP/USD bears manage to achieve a weekly candle closure below the price level of 1.5500.

After a bearish breakout of the lower limit of the depicted bullish channel (roughly around 1.5500-1.5550), 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%).

Previously, 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 (corresponding to 50% Fibonacci level and a previous prominent top) was broken-down on Tuesday allowing further bearish decline towards 1.5350 where an ascending bottom was recently established.

This week, quite strong bullish price actions have been expressed. A bullish pullback towards 1.5600 has been taking place. The price level of 1.5550 was breached during yesterday's consolidations.

The level of 1.5770 is the nearest supply level to meet the pair (61.8% Fibonacci level).

On the other hand, intraday bullish demand should exist around the level of 1.5550 if bearish pullback occurs soon enough.

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Intraday technical levels and trading recommendations for EUR/USD for July 15, 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, EUR/USD bears have already pushed the price slightly below the monthly demand level at 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 recent 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 (Long-term double-top reversal pattern).

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).

That is why, the current daily candlesticks should be monitored in order to clarify further direction. Bulls should keep defending their uptrend/demand zone around 1.1000-1.0950.

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).

On the other hand, please note that a single bearish closure below 1.0950 hinders the ongoing bullish scenario enabling a quick bearish decline towards 1.0850 and 1.0700 (projection target for the reversal pattern).

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Gold analysis for July 15, 2015 Market Analysis Review

Overview:

Gold has been trading sideways around the price of $1,154.00. We are facing again very low volatility and weak price action. According to the daily time frame, we can observe weak bearish bar in a volume below the average. According to the H4 time frame, we can observe a weak price action and lower volatility on the market. Selling still looks risky at this stage because of support at $1,146.00. There is a chance that the price will come back into our major trading range between $1,162.00 and $1,231.00. The short-term trend is neutral. Also, I found strong diagonal (support) trendline which is holding so far.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,165.00

R2: 1,171.00

R3: 1,181.00

Support levels:

S1: 1,146.00

S2: 1,140.00

S3: 1,130.00

Trading recommendations: Indecision market. Be careful when selling around the level of $1,150.00 since we got support level around $1,146.00.

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

Overview:

Recently, EUR/NZD is moving sideways around the price of 1.6435. In the daily time frame, we can observe a bearish bar in a volume below the average and there is also an inside-bar formation with high (resistance) at the price of 16677 and the low (support) at the price of 1.6340. Watch for potential breakout of inside-bar support or resistance. I found strong demand trendline (support) around the price of 1.6390. The short-term trend is neutral, but the mid-term trend is still bullish. We created new trading range between the level of 1.6340 and the level of 1.6675. I am still waiting for larger liquidity and stronger price action to confirm further direction.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6500

R2: 1.6530

R3: 1.6590

Support levels:

S1: 1.6390

S2: 1.6360

S3: 1.6300

Trading recommendations: Selling EUR/NZD looks risky. We can observe strong support around the level of 1.6425.

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

Technical outlook and chart setups:

Gold is trading around $1,155.00/56.00 at the moment, looking for an opportunity to break through the levels of $1,175.00 and $1,190.00 subsequently as depicted here. Bulls are expected to remain in control untill prices stay above $1,147.00. The metal would confirm a meaningful bottom formation around $1,147.00 once initial resistance is taken out at $1,175.00. It is hence recommended to remain long for now with risk at $1,143.00. Immediate support is seen at $1,147.00 levels (interim), followed by $1,143.00 and lower while resistance is seen at $1,175.00 followed by $1,190.00 and higher respectively.

Trading recommendations:

Remain long for now, stop is at $1,143.00, a target is open.

Good luck!

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

Technical outlook and chart setups:

Silver is trading around $15.30/32 at the moment and could dip lower to the level of $15.15 before resuming its rally. Please note that the metal has taken out initial resistance at $15.85 earlier and undergoes retracement now, which could form a base at the fibonacci 0.618 around $15.15 levels. It is hence recommended to remain long and also look to add further at lower levels with risk at $14.30. Immediate support is seen at $14.50/60 (interim), followed by $14.30 and lower while resistance is seen at $16.40/50 followed by $17.20 and higher respectively.

Trading recommendations:

Remain ling for now, stop is at $14.30, a target is open.

Good luck!

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

Technical outlook and chart setups:

The EUR/JPY pair is trading around 136.15 at the moment, looking for an opportunity to move higher towards 140.00 and potentially above 141.00 in coming sessions. The pair has found support just ahead of 135.00 for now and it could re-test 135.00 before rallying further. In any case, it is recommended to remain long and look to add further positions on dips with risk at 133.00. Immediate support is seen at the level of 133.50 (interim), followed by 133.00, 131.50, and lower, while resistance is seen at 139.00 followed by 140.00, 141.00, and higher respectively.

Trading recommendations:

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

Good luck!

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Technical analysis of AUD/USD for July 15, 2015 Market Analysis Review

Overview:

• According to the previous events, the AUD/USD pair has still moved between the level 0.7552 and 0.7365.
• Strong resistance is seen at the level of 0.7552, providing a clear signal for sell deals with a target at 0.7367 in order to test the double bottom. Stop-loss is to be placed above 0.7583.
• Strong support is expected to be found at the level of 0.7367, providing a clear signal for buy deals with targets seen at 0.7457 and 0.7550. Stop-loss is to be placed below the double bottom at the level of 0.7330.

Observations:

• The weekly resistance is seen 0.7552. Also, the double top will be formed at 0.7566.
• The weekly support is seen at 0.7367. Also, the double bottom will set at the same level.
• The previous range was 68 pips. TTherefore, we expect a range about 90 pips today. Additionaly, it should be noted that risk of 60 pips could result in a profit of 90 pips.

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

Technical outlook and chart setups:

The GBP/CHF pair dropped lower to 1.4550/1.4600 as we had discussed and expected and raised through the levels of 1.4800/25 as seen here on the H4 chart. Please note that potential now remains for a push through 1.5000 and higher from here on. Bulls are expected to remain in control until prices stay above 1.4450/1.4500 broadly. It is hence recommended to remain long and also look to add further on dips. Immediate support is seen at 1.4550 (interim), followed by 1.4450/70 and lower while resistance is seen at 1.4830/50 respectively. A sharp reversal from here and subsequent break of 1.4550 could confirm a double top.

Trading recommendations:

Remain ling from yesterday and look to add on dips, stop is at 1.4500, a target is at 1.5000.

Good luck!

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Technical analysis of GBP/USD for July 15, 2015 Market Analysis Review

Overview:

• According to the previous events, the GBP/USD pair has still been trapped between 1.5549 and 1.5766. The level of 1.5549 represent the daily pivot point. It should be noted that the daily pivot point is coinciding with a ratio of 50% Fibonacci retracement levels. So, if the trendmanages to break minor resistance at 1.5651, buy above 1.5549 and 1.5651 in the short term with the first target at 1.5703. It might resume to 1.5766 in order to test the double bottom. On the other hand, the stop loss should never exceed your maximum exposure amounts. Thus, it will be too profitable to set your stop loss at the level of 1.5525.

Review:

• If a trend is of an upside character, strength of the currency will be defined as following: GBP is an uptrend and USD is a downtrend
• It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. Othewise, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.

Technical levels on July 15, 2015.

• Resistance 3: 1.5766
• Resistance 2: 1.5708
• Resistance 1: 1.5651
• Pivot point: 1.5549
• Support 1: 1.5490
• Support 2: 1.5421
• Support 3 1.5352

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EURCAD trading in the demand area, again. Market Analysis Review

According to my previous analysis of EUR/CAD, the demand area remains strong support and was tested once again yesterday. At the same time, the price hit a new high confirming the validity of a major uptrend that should result in further extensions up.

Consider buying EUR/CAD this week while it remains near S1 (1.4000) support / demand area targeting 161% retracement level of the Fibonacci applied to the trend-line breakout point - R2 (1.4640). Although the strong support is at S1, some spikes are still possible and therefore it would be reasonable to place stop loss below S2 (1.3868). A break below S2 would invalidate these analysis and would trigger a consolidation on the EUR/CAD.

Support: 1.3983, 1.3868

Resistance: 1.4639

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AUD/CHF ready to fall any time Market Analysis Review

Clear downtrend has appeared on AUD/CHF where the rate is moving within the descending channel.

The price broke through a major support area near 0.71, fell lower and retraced back to the same level of R2 (0.7092).

Currently, AUD/CHF has found a resistance at the midline of the descending channel that is near R1 (0.7042). The pair should be ready to fall very shortly providing an excellent opportunity to go with the flow.

Consider selling AUD/CHF near R1 targeting S1 (0.6893) area that is 261.8% Fibonacci retracement level of the 07.05 low and 14.05 low. The stop loss could be placed just above the R2.

Support: 0.6893

Resistance: 0.7042, 0.7095

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

Technical summary:

Once again our patience was tested as blue wave ii moved lower than expected, but important support at 1.6329 was never in any real danger of being broken. We will now look for a break above minor resistance at 1.6535 confirming that blue wave iii higher is developing for a rally towards at least 1.6907 and more likely even higher to 1.7050 on the way higher to 1.7154.

Only an unexpected break below support at 1.6329 will force a re-count for the short term.

Trading recommendation:

We are long EUR from 1.6588 and will keep our stop at 1.6320. If you are not long EUR yet, then buy a break above 1.6535 and use the same stop at 1.6320.

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

Technical summary:

An expanded flat correction has unfolded as expected. We are now looking for an upside acceleration through resistance at 138.14 confirming a continuation higher towards at least 141.52 and possibly even higher to 143.05, which also marks the inverse S/H/S bottom measured target.

Only an unexpected break below support at 133.27 will invalidate the bullish outlook and indicate that the entire rally from 126.05 has been part of a more complex correction and that the low of 126.05 will be retested.

Trading recommendation:

We are long EUR from 134.07 and will move our stop higher to 135.10 upon a break above resistance at 136.44. If you are not long EUR yet, then buy near 135.92 or upon a break above resistance at 136.44 and use the same stop at 135.10.

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Global macro overview for 15/07/2015 Market Analysis Review

Global macro overview for 15/07/2015:

The overnight data release from China, world's no. 2 economy, had beat experts' expectations in all measurable fields. The main growth rate, measured by nations GDP, was reported at the level of 7% vs. 6.9% in second quarter this year, slightly higher than expected. The real GDP was also reported higher, 1.7% q/q (7% y/y) vs. 1.5%q/q/ (6.9%y/y) and even better than the previous quarterly reading of 1.4% q/q (7% y/y). Also, other numbers beat the expectations: the industrial output came out at 6.8% y/y vs. the forecast of 6%. The Fixed Asset Investment is 11.4% y/y better than expected 11.2% y/y. All this numbers show no real slowdown in the Chinese economy so far.

The Australian dollar is influenced by the data release from China, because of two facts: AUD is a commodity currency and China is Australian number 1 business partner. This is why the initial reaction to better-than-expected data was a small rally up on AUD/USD pair to the level of 0.7488. Currently, the market is consolidating, but the near-term bottom might have been found and further gains are anticipated. Any breakout above the level of 0.7496 will be a short-term bullish sign.

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USDX technical analysis for July 15, 2015 Market Analysis Review

The US Dollar Index held above support despite the selling pressures arisen yesterday after weak retail sales data and comments of BOE's Carney. The trend remains bullish as long as the price is above 95.40.

The US Dollar Index made a pullback yesterday, but held above the tenkan-sen support in the 4-hour chart and pushed back up above the Ichimoku cloud. Short-term support is found at 96.20 while short-term resistance at 97.25.

Blue line - medium-term trend line resistance

The US Dollar Index has broken above the medium-term trend-line resistance and it seems that the weekly close will take place be above it. This is a bullish sign but US dollar bulls will also need to see a higher weekly candle stick relative to last week's level of 97.25. In case my bullish expectations after this trend-line breakout are not confirmed, the first bearish signal will come with a break below 95.40. This will increase chances ofa deeper correction towards the 38% retracement.

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Global macro overview for 15/07/2015 Market Analysis Review

Global macro overview for 15/07/2015:

The Canadian BoC interest rate decision is the main event today, with a high volatility coming into USD/CAD and other Canadian crosses in the time of data realse. The market does not expect any rate cut yet, but please bare in mind that the BoC was the first among the central banks to cut the rate to 0.75% early this year (Jan 21st). If the BoC cuts the rate again to the level of 0.5% due to deteriorating economic conditions and falling oil prices, the USD/CAD pait might jump above the yearly highs (1.2835 seen in March 2015).

The news realse is scheduled as follows ( all time GMT):

14:00 Canada BOC Monetary Policy Report for 3rd quarter

14:00 Canada Overnight Rate forecast 0.75% vs Expected 0.75%

14:00 Canada BOC Rate Statement

15:15 Canada BOC Press Conference

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Gold technical analysis for July 15, 2015 Market Analysis Review

Gold price did not manage to break above resistance despite yesterday's short-term upward spike towards $1,160 . The price got rejected and remained below the cloud and trend-line resistance.

Blue line - trend line resistance

Short-term resistance is found at $1,160 by the downward sloping trendline and by the red Ichimoku cloud. Trend remains bearish. Short-term support is found at $1,150-47. If broken we should then test $1,140-30.

Blue line - long-term trend line support

This week's candle is trying to break below the long-term trend-line support. A weekly close below $1,146 will be a bearish signal for the weeks to come. The price remains in a longer-term bearish trend. Any bounce from this level could push the price towards the tenkan-sen at $1,200. My longer-term view remains bearish.

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

General overview for 15/07/2015 09:30 CET:

An upward rally was not that impressive as expected, however a new high has been reached again. The current Elliott wave count still indicates a possible upside wave progression after the alternative count wave is completed. The target still remains at the level of 1.2897. Only a sustained breakout below the intraday support at the level of 1.2631 would invalidate this view.

Support/Resistance:

1.2897 - WR2

1.2802 - WR1

1.2725 - Intraday Support

1.2681 - Weekly Pivot

Trading recommendations:

Buy orders placed yesterday should be still kept open; nevertheless, daytraders should consider opening more buy orders for intraday scalp if the level of 1.2805 is clearly violated (hourly candle close below this level), with SL just below the level of 1.2775 and TP at the level of 1.2897.

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

General overview for 15/07/2015 09:10 CET:

The corrective cycle is evolved into a more complex and time-consuming pattern. There are two important levels to watch. The first one is intraday resistance at the level of 136.41 and the second level is intraday support at 135.09. Any breakout below the intraday support will invalidate the alternative impulsive count and make the top for wave a established at the level of 137.78.

Support/Resistance:

138.50 - WR1

138.10 - Technical Resistance

137.78 - Intraday Resistance (strong)

136.41 - Intraday Resistance (weak)

135.92 - Weekly Pivot

135.10 - Intraday Support

134.54 - WS1

Trading recommendations:

As the daily volatility is now limited, daytraders still should consider opening sell orders for intraday scalp only if the level of 135.08 is clearly violated (hourly candle close below this level), with SL just above the level of 1.35.10 and TP at the level of 134.54.

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Forecast of EUR/CAD for July 15, 2015 Market Analysis Review

The cross has been making multiple tops at 1.4120, forming negative divergence in the daily chart. The same divergence we can observe in the USD/CAD H4 chart. In the H1 chart, the cross is moving towards lower highs and lower lows. The trend favors buying with sl 1.3870. The monthly support is found at 1.3780 and resistance is seen at 1.4365. The parallel resistance is seen at 1.4254 and 1.4320 100Wsma. A daily close above 1.4120 is likely to enable bulls to aim for 1.4250 and 1.4320 in a day or two.

Intraday support is found at 1.3985 and 1.3960. Resistance is seen at 1.4030, 1.4060, and 1.4100. Strong buying momentum is available above 1.4130. We express optimism in our longer-term forecast.

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Forecast of USD/CAD for July 15, 2015 Market Analysis Review

Ahead of data, which is expected to have a sinificant influence on CAD, the USD/CAD pair is trading on a verge of a breakout.

An upcoming BOC's interest rate is another major factor to watch followed by Canadian inflation. We expect BOC to cut the interest rate. In case this happens, the USD/CAD pair is likely to fly another 250 pips up.

USD/CAD- The pair has been facing strong resistance at 1.2800. A daily close above 1.2835 is likely to enable the pair to touch the level of 1.3060 immediately. Strong multi-resistance is seen between 1.2980 and 1.3060.

We expect wild moves at today's session. In case the pair falls badly, buying will be available between 1.2680 and 1.2660 with sl 1.2640. In case the pair falls even below 1.2630, it is likely to extend towards 1.2600, which is an arrested level for a fall during a day. We express optimism in our long-term forecast.

Intraday buying is available above 1.2750 with targets at 1.2790 and 1.2830. Strong buying momentum is expected above 1.2840 towards 1.2900 and 1.2950 . In case of a daily close above 1.2850, bulls will aim for 1.2980 and 1.3050. Intraday support is found at 1.2720 and 1.2700.

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Forecast for gold for July 15, 2015 Market Analysis Review

The metal lost momentum again. Traders focused on the Fed's rate hike.

Fed'sEsther George said "Delayed too long to raise interest rates or will hurt the economy.

The US economy has been back on track in the second quarter following first quarter's slowdown.

US wages will begin to grow. Personally, I think that the Fed's rate hike time has already come. The United States will call for a losing monetary policy over a period of time. Current interest rates 25 basis points would not hurt the economy." This is an optimistic view from George.

Barclays says if the price of gold fell below $ 1,100.00 ounce, gold production will be vulnerable.

The metal has been reaching lower tops and lower bottoms for a while, consolidating on the lower end of the large bearish head & shoulder pattern. The nominal support $1,150.00 acts as a crucial level in the near term. The level of $1,155.00 is a key level to watch. On the down side, $1,151.00 and $1,148.00 act as multi-support levels. In all time frames, the precious metal lost all moving averages. On the higher side, $1,165.00 and $1,175.00 act as strong resistance levels to watch. A daily close above $1,175.00 is likely to lighten the bullish views. The parallel support is found at $1,142.50.

A daily close below $1,148.00 opens gate to re-test the previous low of $1,142.50 and $1,135.00 initially, and it is likely to extend further later.

At today's Asia's session, the metal is trading at $1,155.00 compared to Tuesday's closing price of $1,155.90. Intraday support is found at $1,152.50, $1,150.90, and $1,147.00. Resistance is seen at $1,157.00, $1,160.00, and $1,164.500. Intraday selling is available below $1,150.00 with targets at $1,148.00 and $1,147.00. Selling accelerates below $1,146.00 towards $1,144.00, $1,142.00, and even $1,139.00.

The metal has been consolidating in a tight range. We want to see a clear picture either in case of a close below $1,148.00 or above $1,175.00. We do not expect the metal to close below $1,150.00.

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Technical analysis of GBP/USD for July 15, 2015 Market Analysis Review

The cable made a strong pullback at yesterday's session. The UK monetary policy encouraged investors.

The pound got new wings after the BoE's statements about its rate hike. The claimant count change and average earnings index are due today. Besides, Federal Reserve Chair Janet Yellen testifies before the House Financial Services Committee and before Senate Banking Committee tomorrow.

Technical view: The cable gave a break from the bullish broadening wedge, close above that. The cable managed to gain momentum on the back of growing optimism about Greece. As we forecasted in our previous articles: "Until the Greece saga in the limelight the liquidity still remains of the euro". The cable is approaching towards 20Dsma 1.5645. In case of a daily close above 20Dsma, bulls will test 1.5700, 1.5775, and 1.5800. The trend favors buying on dips with sl 1.5450. The 50Dsma found at 1.5555 and 100Dems at 1.5440. The 50Wsma is seen at 1.5600.

At yesterday's session, we advised buying above 1.5520 with a target at 1.5650. As of now, the level of 1.5647 was done at today's Asian session. We are optimistic in the longer-term forecast.

Intraday support is found at 1.5600 50Wsma and resistance is seen at 1.5650 and 1.5675. For today's session, fresh buying is available above 1.5650 towards 1.5675, 1.5700, and 1.5735 during the day. We can expect the level of 1.5790 to be reached in the extreme case.

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Technical analysis of EUR/USD for July 15, 2015 Market Analysis Review

The pair managed to move higher, but rejected at the higher levels again. It closed below 100Dsma.

ZEW indicator of economic sentiment inGermany slightly declined in July 2015. It decreased by 1.8 points compared to the previous month and now stands at the level of 29.7.

Besides, US retail sales data unexpectedly fell down 0.3%. May's numbers were revised little bit down.

Trend- The weekly resistance is seen at 1.1035, 1.1095, and 1.1125. Until the pair closes below 1.1125 use every rise to sell towards 1.0720 and even 1.0500. Earlier, the pair made a double top at 1.1465 and at 1.1225 is a new cap. We are pesimistic about the longer-term forecast.

Intraday- The pair was rejected at 100Dsma (1.1020) again at today's Asian session.The intraday support is found at 1.0990 and 1.0970. Strong selling emerges below 1.0890 towards 1.0850 initially. Later, it is likely to expand a bearish wave towards 1.0720. Intraday resistance is seen at 1.1020, 1.1050, and 1.1085. The selling trade is available with sl 1.1025 targets at 1.0970, 1.0950, 1.0920, and 1.0890. If a bounce takes place, use rises to sell with sl 1.1070 during a day.

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Technical analysis of EUR/USD for July 15, 2015 Market Analysis Review

When the European market opens, economic news about German 10-y Bond Auction and French CPI m/m is due. The US will unveil data about the Beige Book, Crude Oil Inventories, Fed Chair Yellen Testifies, Industrial Production m/m, Capacity Utilization Rate, Empire State Manufacturing Index, Core PPI m/m, and PPI m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1059.

Strong Resistance:1.1053.

Original Resistance: 1.1042.

Inner Sell Area: 1.1031.

Target Inner Area: 1.1005.

Inner Buy Area: 1.0979.

Original Support: 1.0968.

Strong Support: 1.0957.

Breakout SELL Level: 1.0951.

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 15, 2015 Market Analysis Review

In Asia, Japan will release data on the BOJ Press Conference and Monetary Policy Statement. The US will publish economic data about Beige Book, Crude Oil Inventories, Fed Chair Yellen Testifies, Industrial Production m/m, Capacity Utilization Rate, Empire State Manufacturing Index, and Core PPI m/m, PPI m/m . So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.01.

Resistance. 2: 123.77.

Resistance. 1: 123.53.

Support. 1: 123.23.

Support. 2: 122.99.

Support. 3: 122.75.

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

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Daily analysis of major pairs for July 15, 2015 Market Analysis Review

EUR/USD: the EUR/USD pair is moving in a very dicey way now, though the outlook is bearish. For the outlook to continue to be logical, the price needs to get to the support line at 1.0950; otherwise there is a possibility of a rally.

USD/CHF: This pair still finds it difficult to breach the resistance level at 0.9500 to the upside, though the overall bias remains bullish. A failure to breach the resistance level at 0.9500 to the upside, or better, the failure of the price to close above that resistance level would result in a massive sell-off.

GBP/USD: The northward movement that happened here on Tuesday has led to a Bullish Confirmation Pattern in the market. The EMA 11 is now above the EMA 56 and the RSI period 14 is above the level of 50. The price may keep on going north, reaching the distribution territory of 1.5700.

USD/JPY: The 'buy' signal for the USD/JPY pair is still valid, though the price finds it difficult to breach the supply level at 123.50 to the upside. In case the supply level is breached, the next target may be the supply level at 124.00. Should this fail to happen, there is a possibility of a bearish correction.

EUR/JPY: Would the price go upwards or downwards? Only time would tell. It would be great to stay away from the cross until a clear directional bias is confirmed.

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