Technical analysis of EUR/JPY for June 17, 2014 Trend News

General overview for 17/06/2014 08:00 CET

The first impulsive breakout to the upside has been done and now market should start to rally in the last wave of the corrective cycle. The key level is still the area of weekly pivot, technical resistance and supply zone between the levels of 138.49 - 138.58. Price must break higher in impulsive fashion to confirm higher levels will be tested. Any channel breakout to the downside is bearish and the count is invalidated.

Support/Resistance:

137.70 - Intraday Support

138.44 - Intraday Resistance

138.54 - Weekly Pivot

138.49 - 138.59 - Supply Zone (old)

139.36 - WR1

Trading recommendations:

The buy positions from yesterday should be kept open with the same valid SL and TP. More buy orders can be added to the existing ones if the level of 138.60 is broken and a minimum hourly candle has closed above this level.

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Review and intraday recommendations on gold for June 17, 2014 Trend News

The profit taking activity is pushing gold towards the south. The metal was rejected at 50-day SMA at $1,285.50, it made a high at $1,284.50. We recommended to book profits at $1,282 levels in yesterday's article. Today in Asia's session, the metal started melting and broke the 21 hrsma, moving towards 35 hrsma. On the down side, the metal has support at $1,264 and $1,262 levels. We can see another round of falling below $1,261.50 for $1,257.50 and $1,252 levels.

Traders can sell on the rise up to $1,272.50 with sl $1,275.

Buy with sl $1,262, cmp $1,264.

Sell below $1,261.50 for $1,257 and $1,252.

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Technical analysis of USDX and USD/CAD for June 17, 2014 Trend News

USDX

The USD index exactly hit 200-week EMA and started moving southwards. For the last 5 sessions, the pair has been making lower highs and lower lows. Today in Asia's session the index broke the 200-day EMA and drifted lower towards the lower end of the Symmetric triangle. On the upside, the price has strong resistance at 80.71 (double top), until the price breaches the double top, sell on the rallies for 80.30, 80.24, 80.12 and 80.05 levels. On the other side, if the index breaches 80.71, it can fly up to 82.50 and 84 levels (if it is able to close above 81 levels).

USD/CAD

The pair has been in an uptrend from 1.0814 and pushed towards the 50-day SMA. The pair was rejected for 4 times on a closing basis at 50-day SMA and pushed lower. The pair favors buying on dips for the short term. The pair made a short-term base between 1.0823 and 1.0814 levels, below this, it has strong support at 1.0790. Traders can buy until the pair breaks 1.0790 on a closing basis. On the up side, the pair has resistance at 1.0885 and 1.0922.

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Technical analysis of EUR/USD for June 17, 2014 Trend News

When the European market opens, some economic news will be released such as Italian Trade Balance, German ZEW Economic Sentiment, ZEW Economic Sentiment. The US will release the economic data too such as the Building Permits, Core CPI m/m, CPI m/m, Housing Starts, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3640.

Strong Resistance:1.3632.

Original Resistance: 1.3619.

Inner Sell Area: 1.3606.

Target Inner Area: 1.3574.

Inner Buy Area: 1.3542.

Original Support: 1.3529.

Strong Support: 1.3516.

Breakout SELL Level: 1.3508.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3529 and 1.3619. The rate is accompanied by strong support at 1.3516 and by 1.3632 as strong resistance.

If EUR/USD breaks out and closes below the 1.3508 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3640 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3516 and at 1.3632, a SELL position. In this case both targets should be placed at the level of 1.3574.

Official Analyst of InstaForex Group InstaForex Group http://instaforex.com email: Arief.jakarta@indo.instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/arief

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 June 17, 2014 Trend News

In Asia, Japan will not release any economic data and the US will release some economic news such as Building Permits, Core CPI m/m, CPI m/m, Housing Starts. So there is a big probability the USD/JPY will move with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.50.

Resistance. 2: 102.30.

Resistance. 1: 102.10.

Support. 1: 101.85.

Support. 2: 101.65.

Support. 3: 101.45.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.45) and resistance 3 (102.50). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

Best regards,

Official Analyst of InstaForex Group InstaForex Group http://instaforex.com email: Arief.jakarta@indo.instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/arief

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.

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



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Short-term forecast and intraday recommendations on USD/CHF for June 17, 2014 Trend News

The pair was rejected at 50-week SMA. So far this week, the pair made a double top at 0.9013 levels, above this, it has strong resistance at 0.9037 levels. It made a base at 0.8898 levels, holding 21-week EMA. This month the trading pattern is framed between 0.8898-0.9037. A breakout either side will create some more room for trading.

On the upper side, if the pair breaches 0.9037, it can fly up to 0.9082, 0.9157, 0.9198 and 0.9439 levels for the rest of the year. On the lower side, if it hits 0.8898, it will correct up to 0.8867, 0.8830 and 0.87 levels.

For intraday basis, the pair rejected at 200-day EMA (0.8987). It exactly hit the 200EMA and is trading below that. Traders can buy above 0.8987 for targets 0.9004 and 0.9013 levels. The support level is at 0.8965, below this, 0.8960 will act as minor support. Sellers can start to trade below 0.8960 for 0.8940, 0.8930 and 0.8910 levels.

Recommendations-

Buy above 0.8989 for targets at 0.9004, 0.9013 and 0.9035.

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Near-term forecast and intraday recommendations for GBP/USD for June 17, 2014 Trend News

Today traders will eye the CPI and RPI data on a yearly basis. We expect the CPI and RPI to be unchanged at 1.8% and 2.5%, respectively. The cable pushed to a 5-year high with respect to speculations of a interest rate hike. It made a high at 1.7011, a striking distance to a post-crisis high at 1.7043. We recommended yesterday buying above 1.7045, it still has not trigger. The cable made a high at 1.7011 and started moving back. Risky traders can short with sl 1.7043 with a reversal trade, buy above 1.7045, for 1.71 and 1.7140 levels.

The support level is at 1.6960 and resistance is between 1.7011-1.7043. The weekly support level is at 1.6820 (50-day SMA). Until the pair closes above 1.6820, traders can use the dip to buy on a positional basis. If a day close below 1.6820, we expect a healthy correction up to 1.6785 and 1.6740.

For intraday basis, the cable has support between 1.6960 and 1.6940. We can see the selling pressure below 1.6940 up to 1.6925 and 1.6870 levels. The hourly momentum oscillators favor selling side.

Support

21 hrsma 1.6925, 34 hrsma 1.6870, 50 hrsma 1.6845.

Resistance

1.6986, 1.7011, 1.7043.

Buy above 1.7045 for 1.7066, 1.71 and 1.7140.

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