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Tuesday, 2 June 2015

Technical analysis of EUR/JPY for June 02, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is trading around the level of 136.50 now and is likely to face resistance here. The pair is expected to form a lower top below 137.00 and reverse towards the level of 130.00. Only a push above 137.00 would indicate that the pair could test 138.00/50 before reversing. It is hence recommended to remain short with risk at the level of 137.30 now. Immediate support is seen at 135.10 followed by 134.00, 133.00, 131.50, and lower while resistance is seen at 137.00 and higher respectively.

Trading recommendations:

Remain short, stop at 137.30, a target is open.

Good luck!

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 Technical analysis of EUR/JPY for June 02, 2015 . Thanks for your support.

Technical analysis of GBP/CHF for June 02, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is trading around 1.4330/40 at the moment looking to retrace higher towards 1.4550 before dropping lower again. The pair might be poised to drop and form a base around 1.4100/50 in the coming trading sessions. Aggressive traders could go long now with risk at 1.4280. More conservative approach tells us to remain flat and look to buy at lower levels. Immediate support is seen at 1.4150 followed by 1.3950 and lower. Resistance is seen at the level of 1.4650 and higher respectively.

Trading recommendations:

Remain flat for now, look to buy at lower levels.

Good luck!

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 Technical analysis of GBP/CHF for June 02, 2015 . Thanks for your support.

Elliott wave analysis of EUR/NZD for June 2 - 2015 Market Analysis Review

Technical summary:

We saw an anticipated correction in red wave iv. We should see red wave v soon moving higher towards 1.5640 to finish the first impulsive rally in wave (iii). Once this first impulsive rally is over, a correction to 135.10 (bottom of red wave iv) should be expected.

In the long term, we are looking for much higher levels with 1.5802 being the next major upside target.

Trading recommendation:

We are long EUR from 1.5080 and will move our stop higher to 1.5300. If you are not long EUR yet, buy on a break above 1.5392 and place stop at 1.5300 too.

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 June 2 - 2015 . Thanks for your support.

Elliott wave analysis of EUR/JPY for June 2 - 2015 Market Analysis Review

Technical summary:

We saw an anticipated correction in blue wave iv yesterday. It moved a little lower than we expected and tested support at 135.10 before moving higher in blue wave v. We have already seen a new high for the rally of the 133.07 low. Now, we can count five waves in the first small impulsive rally in wave (iii). We would like to see blue wave v moving higher to just above 136.96 to end red wave i and set the stage for a correction in red wave ii to 135.10 as the first downside target.

In the longer term, we are looking for a much larger rally with 144.03 as the first upside target, where wave (iii) will be equal in length to wave (i). However, as wave (ii) showed an expanded flat correction, we should expect extension in wave (iii). That would call for a continuation higher to 150.77 as the first extension target, where wave (iii) will be 161.8% of the length of wave (i).

Trading recommendation:

Our stop at 135.25 was hit and we booked a nice profit. We will look for a new EUR buying opportunity near 133.25.

Daily analysis of major pairs for June 2, 2015 Market Analysis Review

EUR/USD: The dominant bias remains bearish here, irrespective of a formidable rally in the context of the downtrend, which occurred last week. This price action would be taken as a short-selling opportunity unless the resistance line at 1.1100 is overcome. The support line at 1.0850 was tested last week and it could be tested this week again.

USD/CHF: Bulls are making desperate efforts to push the price upwards, but the outcome would depend of what happens to CHF. For the pair to move upwards, the CHF has become weak, since USD/CHF would find it difficult to experience any meaningful rally if CHF remains strong.

GBP/USD: The cable has continued its gradual journey to the downside. A movement of about 100 pips to the downside has made the Bearish Confirmation Pattern stronger. Short trades still make lots of sense in this market, for the accumulation territories at 1.5150 and 1.5100 could be attained soon.

USD/JPY: The USD/JPY pair moved upwards by over 90 pips on Monday, closing above the demand level at 124.50. The next target for this week is located at the supply levels of 125.00 and 125.50, which would be attained as long as the yen is weak.

EUR/JPY: The weak yen is a factor that would keep this cross going upwards. The upward movement can be accelerated further if the euro gains stamina. Now, bulls are trying to reach the supply zone at 137.00, which would be attained irrespective of strong volatility in the market.

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 major pairs for June 2, 2015 . Thanks for your support.

Technical analysis of EUR/USD for June 02, 2015 Market Analysis Review

The euro paused the winning 3days streak against USD at yesterday's session closed below 50dSMA. Ahead of non-farm employment change USDX trading The euro formed a winning 3-day spike against USD at yesterday's session, closed below 50dSMA. Ahead of non-farm employment changes, the USDX is trading higher.

The German, Italian, and Spanish readings improved a lot. The recent German data readings were inconsistent compared to Spanish. The inflation rate in Germany is expected to be +0.7% in May 2015. The Federal Statistical Office (Destatis) also reported that the consumer prices are expected to increase by 0.1% in April 2015. Manufacturing PMI readings were not impressive in Germany and France. But Spain and Italy ones beat the expectations. The German Manufacturing Purchasing Managers' Index dropped from 52.1 in April to 51.1 in May. The Markit France PMI rose to 49.4, up from 48.0 in April. Spanish PMI rose to 55.8 in May from 54.2 in April, signaling the strongest improvement in business conditions since April 2007. Italian PMI rose for the fifth consecutive month in May, registering at 54.8 from 53.8 in April. This latest reading pointed to the most marked improvement in overall operating conditions since April 2011.

The US manufacturing PMI dominated the trade. Economic activity in the manufacturing sector expanded in May for the 29th consecutive month, and the overall economy grew for the 72nd consecutive month.

Greece saga: This Friday, Greece is due to make the payment to the IMF.

Upcoming events: Today, traders eye German and Spanish unemployment changes. CPI and Core CPI are expected from the eurozone. Besides, US factory orders are due. We expect Spanish unemployment readings to beat the expectations. But German readings were inconsistent. Major events fall on Wednesday. All members of the ECB's governing council will meet to set monetary policy.

Technical Analysis: The pair closed below 50Dsma and 20Wsma. Weekly resistance is seen at 1.1045. In the four-hour chart, the pair has been moving towards lower highs and lower lows. Intraday support is found at 1.0860 and resistance is seen at 1.0945 and 1.0980. The trend-change support level is found between 1.0820 and 1.0800. The pair managed to breach the falling bearish channel. Small bearish trading opportunity is available below 1.0900 with immediate targets at 1.0860 and 1.0820. The real selling pressure looms below 1.0790, at 1.0770, 1.0700, 1.0660, and 1.0620 in a day or two. Bulls can buy above 1.1010 with targets at 1.1040 and 1.1060. Technically, the trading day favours selling below the support line or using a spike to open sell positions.

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

Technical analysis of GBP/AUD for June 02, 2015 Market Analysis Review

The RBA is expected to hold the interest rates firm. Ahead of the major event, AUD is trading higher against crosses like Euro and GBP.

We can observe divergence between EUR/AUD and GBP/AUD. The AUD remains bearish against the pound, whereas bullish against the euro. The GBP/AUD cross printed a new high at 2.0051 in May. Now, the cross is unable to breach May's highs. The cross has been forming long spike for 2 days. Today, ahead of major events, AUD is trading higher 1.9933 against GBP at the Asian session compared to 1.9980 Monday's close. The intraday support finds at 1.9900 and 1.9870. Safe selling will emerge below 1.9860 with targets at 1.9820 and 1.9785. We can observe negative divergence in the four-hour chart. Until the pair is below 2.0051 on the down side, the level of 1.9730 is projected in a day or two. Intraday resistance is seen at 1.9965. Risky buying is advised above 1.9970, safe buying is seen at 2.0000 with targets at 2.0020, 2.0050, and 2.0075. Another strong fresh upside leg is available above 2.0075 towards 2.0350 and 2.0500.

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 Technical analysis of GBP/AUD for June 02, 2015 . Thanks for your support.