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Friday, 29 May 2015

Technical analysis of EUR/USD for May 29, 2015 Market Analysis Review

The pair managed to bounce from a 2-week low thanks to support at 1.0820. The pair managed to hit the resistance 50Dsma.

German import prices declined by 0.6%, less than forecasted. According to the Federal Statistical Office, the import prices index decreased by 0.6% in April 2015 compared with the corresponding month of the preceding year. Besides, data from the US was strongly positive.

Today's events: Today is a big day. German retail sales, Spanish flash CPI y/y, Italian CPI m/m, and private loans y/y are due today. German data is ambiguous. The Spanish readings improved a lot compared to recent data. The ECB intends to improve the private loans. Besides, the US prelim GDP q/q is due.

Technical view: The pair managed to hold the 1.8020 levels bounced from the lows. The support zone is found at 1.0820 and 1.0800. At yesterday's session, we recommended buying and selling, but buying trade triggered 30 pips only. Intraday support is found at 1.0950, 1.0925, and 1.0900. In the H1 chart, we observe higher low and higher high formation. We change our intraday trading view to buying with sl 1.0865 with targets at 1.1000, 1.1020, 1.1040, and 1.1050. At the Asian session, the pair was trading at 1.0958 compared to Thursday's closing price of 1.0948. For bears, selling opportunity will arise below 1.0860, at 1.0820 and 1.0800. The real selling will emerge only below 1.0785 towards 1.0730 and 1.0650. Weekly resistance is seen at 1.1075 20sma. Until bulls manage to hold 1.0800, they will aim at 1.1070 or even 1.1100. The trading pattern is framed between 1.0800 and 1.1075. Break into either side will provide further room towards 1.0550 or 1.1208/1.1250. On Wednesday and Thursday, we forecasted positive divergence in the hourly chart. It resulted in the recent 100 pips pullback.

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#USDX technical analysis for May 29, 2015 Market Analysis Review

The US Dollar Index reversed lower as expected. There were signs of a pending reversal a couple of days ago as the extended rise in the US Dollar Index was reaching important resistance levels. The area around 93.10 is of great importance for the bullish scenario. I believe that the pullback will help the price reach 96 and the uptrend will resume. I remain neutral for the short term.

The US Dollar Index is above the Ichimoku cloud in the 4-hour chart. The trend is bearish in the medium term. In the short term, we expect some weakness that could bring the index towards the 38% retracement of a rise from 93.10 that coincides with the 61.8% retracement of a rise from 94.80. This level is at 96. The area between 96.60 and 96 is important short-term support.

In the daily chart, the US Dollar Index paused its rise right at the lower cloud boundary resistance. The index is expected to pullback towards the black area of support, which used to be a resistance level. So, this back test should bring the index towards the area of 96.50-96.

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For detail explanation and best discovery on daily market trends and news you may visit via #USDX technical analysis for May 29, 2015 . Thanks for your support.

Technical analysis of Gold for May 29, 2015 Market Analysis Review

The yellow metal managed to close with marginal gains at yesterday's session. For 2 sessions, the metal managed to close with mild gains after a strong decline on Tuesday. On a weekly basis, the metal lost 1.5% and managed to hold gains on a monthly basis. We expect big moves towards $1,230/$1,243 or $1,143.00 in June.

Mixed US data provided mild support to the gold bulls. In the week ended May 23, the figure for seasonally adjusted initial claims was 282,000, printing an increase of 7,000 from the previous week's revised level. Pending home sales rose in April for the fourth straight month and reached their highest level in nine years, according to the National Association of Realtors.

Today, traders eye the prelim GDP q/q. Ahead of the major event, the metal opened on a bullish note. The trading pattern at the level of $1,187 acts as the key level. The strong support is found between $1,180.00 and $1,178.00. Intraday resistance is seen at $1,190.00 and $1,192.00. The selling opportunity is seen below $1,183.00 at $1,180.00 and $1,177.00. The real selling ignites below $1,177.00 towards $1,172.00 and $1,170.00. The key support is found at $1,165.00. In case bears manage to break $1,165.00 in the next week or two, we expect $1,144.00. For bulls, buying opportunity is likely to arise above $1,192.00 with targets at $1,195.00, $1,197.50, and $1,200.00. Bulls are likely to regain strength above $1,204.50 towards $1,208.00,$1,211.00, and $1,214.00. We can observe positive divergence in the four-hour chart.

Gold technical analysis for May 29, 2015 Market Analysis Review

Gold price remains above the support area of $1,180-85, increasing chances to move towards $1,200. My longer-term view remains bearish. Critical long-term support is seen at $1,130.

Red line - support trend line

Gold price has held above the red upward sloping trendline from $1,140. Gold is showing signs of a possible bounce towards at least $1,200. Resistance by the Ichimoku cloud is at $1,200-$1,205. Support is at $1,185. The trend remains bearish as the price continues to make lower lows and lower highs.

The weekly chart remains bearish. The price remains below the cloud resistance and below both the kijun- and tenkan-sen indicators (yellow and red line). If this week closes below the red line, there will be increased chances of a push towards the bottom area of $1,130-$1,140. This is important support. If it gets broken, the way down towards $1,000 will be open.

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For detail explanation and best discovery on daily market trends and news you may visit via Gold technical analysis for May 29, 2015 . Thanks for your support.

Technical analysis of Gold for May 29, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold triggered stops at $1,180.00 yesterday before pulling back sharply. The metal is trading at the leve; of $1,188.00 at the moment. It tested its trendline support and fibonacci 0.786 levels yesterday. Bulls should remain poised to push prices higher from here on until the metal stays above $1,168.00. It is hence recommended to initiate 50% long positions again with risk below $1,168.00. Immediate support is seen at the level of $1,170.00 levels followed by $1,162.00, $1,143.00, and lower. Resistance is seen at $1,215.00 (interim) followed by $1,231.00, $1,235.00/40.00, and higher respectively.

Trading recommendations:

Initiate fresh long positions now, stop is at $1,168.00, a target is open.

Good luck!

Elliott wave analysis of EUR/NZD for May 29 - 2015 Market Analysis Review

Technical summary:

A break above minor resistance at 1.5109 warned us that the correction in wave (ii) has already terminated at 1.4927 and a new impulsive rally in wave (iii) is developing. The first target for wave (iii) is seen at 1.6310 where the wave (iii) will be equal in length to the wave (i). This means that as an expanded flat wave (ii) is seen, we should look for an extension in wave (iii) with the first target at 1.7154. So, that will be the first target to look for.

Short-term minor support at 1.5277 will ideally protect the downside for a break above 1.5405.

Wave (i) was a textbook five wave rally. But it's wave three where the real money is made, as this wave is normally very powerful and corrections tend to be small. Wave three is the wonder to behold!

Trading recommendation:

We are long EUR from 1.5080 and will move our stop higher to 1.5180. If you are not long EUR yet, then buy EUR near 1.5277 with the same stop at 1.5180.

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 May 29 - 2015 . Thanks for your support.

Elliott wave analysis of EUR/JPY for May 29 - 2015 Market Analysis Review

Technical summary:

The rally of a low of 133.07 continues to unfold impulsively. In the short term, we will ideally see minor support at 135.43 protecting the downside for a continuation higher to 136.50 and even 137.17 before a correction of the first impulsive cycle, which is expected.

Even if the minor support at 135.43 gets broken, back-up support is found just below at 135.11, which should be able to protect the downside for the next move higher.

Trading recommendation:

We are long EUR from 134.20. Will move our stop higher to 134.65. If you are not long EUR yet, then buy near 135.43 with the same stop at 134.65. Take profit should be placed at 137.00 in both cases.