Daily analysis of GBP/USD for July 27, 2015 Market Analysis Review

GBP/USD is still trading above the key support level of 1.5450, waiting to see more patterns that cleans the road to follow during the next days. We have been calling for a downside on this pair, but it seems that the support zone remains rather strong at current levels, and that is why we should expect a breakout above the resistance level of 1.5543 if bulls gets stronger in coming hours.

On the H1 chart, GBP/USD was rejected by support zone of 1.5472 and it is also trying to break the resistance level of 1.5524. Also, the pair is forming a lower low pattern, which could fail when the breakout mentioned above happens. If case of success, it would open the way to test the 200 SMA. The MACD indicator remains in the positive territory.

Daily chart's resistance levels: 1.5543 / 1.5640

Daily chart's support levels: 1.5450 / 1.5332

H1 chart's resistance levels: 1.5524 / 1.5568

H1 chart's support levels: 1.5502 / 1.5472

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 1.5524, take profit is at 1.5568, and stop loss is at 1.5481.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for July 27, 2015 . Thanks for your support.

Elliott wave analysis of EUR/NZD for July 27 - 2015 Market Analysis Review

Technical summary:

A flat correction from 1.6812 is still unfolding. We will be looking for an opportunity of a new test at 1.6812 before renewed downside pressure in wave c, which is expected below 1.6325 to end wave 2 and set the stage for wave 3 much higher.

The correction in wave 2 could turn out into an expanded flat, which would call for a push in wave b towards 1.7002 before wave c moves lower to 1.6217 to end wave 2 and wave 3 to move higher.

Trading recommendation:

Will will keep our neutral stance until the picture gets more clear.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for July 27 - 2015 . Thanks for your support.

Elliott wave analysis of EUR/JPY for July 27 - 2015 Market Analysis Review

Technical summary:

We continue to look higher for a break above minor resistance at 136.44 and more importantly a break above resistance at 137.80 as long as support at 134.83 protects the downside. That said, we are clearly aware of the risk of a break below minor support at 134.83 as long as minor resistance at 136.44 is able to protect the upside. This tug-of-war, we think, is likely to be won if bulls call for a test of important resistance at 137.80 and call for a new test of the 141.06 higher on the way higher to 144.03.

If however, resistance at 134.83 gets broken, bears will gain the upper hand for a test of important support at 133.27 and below here will definitely shift the long-term count from bullish to bearish call for a new test of 126.05 on the way lower.

Trading recommendation:

We are long EUR from 134.07 with our stop placed at 134.80. If you are not long EUR yet, then buy a break above 136.44 and use a stop at 135.40.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for July 27 - 2015 . Thanks for your support.