Daily analysis of GBP/USD for May 29, 2015 Market Analysis Review

GBP/USD is still trading lower, but there are no clear bearish patterns on the daily chart. That's why we would like to see a consolidation before a fall to the support level at 1.5199 in the medium term.

During the Thursday session, GBP/USD did a drop below the level of 1.5358. Now, it's trying to rise until the resistance zone of 1.5358, where it could find strong sellers reaction and test the support level at 1.5259 again. Of course, if the pair does a breakout in that zone, the lower continuation to 1.5158 will take place.

Daily chart's resistance levels: 1.5346 / 1.5543

Daily chart's support levels: 1.5199 / 1.5090

H1 chart's resistance levels: 1.5358 / 1.5443

H1 chart's support levels: 1.5259 / 1.5158

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5259, take profit is at 1.5158, and stop loss is at 1.5358.

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Daily analysis of major pairs for May 29, 2015 Market Analysis Review

EUR/USD: This pair slashed through the support line at 1.0850, but it could not reach the support line at 1.0800. From there, the price has bounced upwards, and that could be another good short-selling opportunity, unless the price manages to go above the resistance line at 1.1100. That is the only thing that can signify that the bearish bias has gone invalid.

USD/CHF: This currency trading instrument has nearly lost all its bullish gains. One might see the current bearish retracement as an opportunity to go short in the context of an uptrend. The bullish bias would not be over until the support level at 0.9300 is breached to the downside.

GBP/USD: There is still a Bearish Confirmation Pattern in this market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. The price has gone down by 200 pips this week and this could continue unless there is great weakness in USD.

USD/JPY: The latest price action on the USD/JPY pair is choppy. The bias is bullish and the price may continue its northward journey owing to the ongoing weakness in the yen. There are demand levels at 123.00 and 122.50. There are also supply levels at 124.00 and 124.50.

EUR/JPY: The EUR/JPY pair got above the demand zone at 135.00 generating a 'buy' signal. Bulls have started pushing the price upwards and they could attain the supply zones at 136.00 and 136.50. This could be the beginning of a long-term rally.

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NZD/USD potential reversal up after triple bottom Market Analysis Review

NZD/USD has been falling all the way from 0.8836 until the most recent low at 0.7129. It lost 1700 pips in a year. This is a very interesting moment on NZD/USD since it formed a triple bottom around 0.7200. Yesterday, the price has tested a 12-year low.

In addition to the triple bottom, the pair tested the downside target of the channel breakout. You can see more detailed analysis on that particular channel in my previous forecast for NZD/USD. This makes significant support and could result in a beginning of another corrective move up. The additional confirmation could be bullish divergence on the Demarker Indicator as well as a potential bounce of the uptrend trendline.

Consider buying NZD/USD at the current level with targets at the area of 0.7782-0.7833 that is also a 38.2% Fibonacci retracement level applied to a high of 0.8836 and the most recent low. A daily close below 0.7129 will invalidate this forecast.

Support: 0.7129

Resistance: 0.7534, 0.7782

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

When the European market opens, economic data on the Italian Prelim CPI m/m, Private Loans y/y, M3 Money Supply y/y, Spanish Flash CPI y/y, French Consumer Spending m/m, are German Retail Sales m/m are due today.The US will release economic data on the Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Prelim GDP Price Index q/q, Prelim GDP Price Index q/q, and Prelim GDP q/q. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1016.

Strong Resistance:1.1010.

Original Resistance: 1.0932.

Inner Sell Area: 1.0988.

Target Inner Area: 1.0963.

Inner Buy Area: 1.0938.

Original Support: 1.0927.

Strong Support: 1.0916.

Breakout SELL Level: 1.0910.

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 May 29, 2015 Market Analysis Review

In Asia, Japan will release the Housing Starts y/y, Prelim Industrial Production m/m, Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, and Household Spending y/y. The US is expected to publish data on Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Prelim GDP Price Index q/q, Prelim GDP Price Index q/q, and Prelim GDP q/q. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.36.

Resistance. 2: 124.12.

Resistance. 1: 123.88.

Support. 1: 123.57.

Support. 2: 123.33.

Support. 3: 123.09.

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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EUR/NZD offering good risk/reward Market Analysis Review

Following our previous technical analysis of EUR/NZD, I have mentioned that it might be too early to go short that time. Yesterday, we had a very strong pullback up that potentially is offering an excellent risk/reward sell trade for this pair.

Consider selling EUR/NZD at the current level (1.5266), targeting either S2 (1.4819) or S3 (1.4636), or even a double bottom near 1.3873. Only a break above R1 (1.5398) should result in continuation of the corrective move up.

Support: 1.5039, 1.4819, 1.4636, 1.4456

Resistance: 1.5398, 1.5679

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

Overview:

• The resistance of the EUR/USD pair has been already set at 1.0993 (50% of Fibonacci retracement level). Also, it should be noted that the level at 1.0993 represents the daily pivot point. Furthermore, it will be very profitable to sell below this level for retesting this level in the short term. Therefore, sell deals are recommended below the daily pivot point (1.0993) with targets at 1.0881 (the level of 1.0881 is representing the daily support 1) and 1.0820 to reach the double bottom. On the contrary, the support is going to set at the level of 1.0820 today. As a result, the ascendant movement will probably be higher than the 1.0820 level with a target at the daily pivot point (1.0993). Moreover, if the trend is able to break the level of 1.0993, the market will continue straightly towards the second target at 1.1105, which is a golden ratio in the H4 chart.

Comment:

• The weekly key level sets at 1.1000 and this level could not hit the moving average (100).
• The value of 50% Fibonacci retracement levels: 1.0993. The area aroiund 1.0993 is a useful spot to buy above it in the long term today.
• We expect a range of 110 pips.
• Stop loss should never exceed your maximum exposure amounts.
• As a rule, the market is highly volatile if the lprevioust day had a huge volatility.

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