USDX wave analysis for June 30, 2015 Market Analysis Review

The US Dollar Index was very weak yesterday as its main component, the EURUSD pair, made an impressive rally. The US Dollar Index completed an impulsive upward move with a complete set of 5 waves. The retracement has already reached the 61.8% retracement and the cloud support.

The US Dollar Index is above the cloud support and is making a bounce from that area. As long as the price is above the cloud, the short-term trend will remain bullish. However a break below the cloud will increase chances for a new lower low below 94.60. Critical short-term support is found at 93.50.

Blue line- trend line resistance

The weekly chart remains in a bearish trend as the price did not manage to break above the blue downward sloping trend-line resistance.The weekly candle is seen around the Ichimoku indicators of tenkan and kijun-sen. A weekly close below 95.20 will be bearish. I still prefer a bearish wave count where we are in a deeper downward correction that will bring the Index to the level of 90.

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Gold technical analysis for June 30, 2015 Market Analysis Review

Gold is trading around $1,175. The overall trend is neutral. Medium- and longer-term trends remain bearish. Critical support is at $1,160 while important resistance is at $1,230.

Gold remains below the Ichimoku cloud and is still inside the triangle pattern. The price is trading near the lower triangle pattern boundaries. Critical support is at $1,160-$1,150.

The weekly chart remains bearish in the long term as the price remains below the cloud resistance and both tenkan- and kijun-sen indicators. I would remain bearish and add to my short positions once we break below $1,130 with a tarteg at $1,000.The material has been provided by InstaForex Company - www.instaforex.com

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Technical analysis of AUD/USD for June 30, 2015 Market Analysis Review

Technical outlook and chart setups:

The AUD/USD pair is trading around 0.7670/80 at the moment and might be looking far an opportunity to rally further higher. Please note that the pair has re-tested the level of 0.7600 and now bulls should be poised to remain in control until prices stay above at least 0.7575. It is hence recommended to initiate fresh long positions at current levels with risk at 0.7500 for now. Immediate support is seen at 0.7550 followed by 0.7520/30 and lower while resistance is seen at 0.7850 (interim) and higher respectively.

Trading recommendations:

Initiate fresh long positions at current levels, stop is at 0.7530, a target is open.

Good luck!

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Technical analysis of USD/CAD for June 30, 2015 Market Analysis Review

The loonie falls against USD, GBP, and Euro on the back of recent dicline in crude prices. The Greek saga influenced crude oil prices. Maunting concerns about the economic situation in Dreece favor the US dollar . The optimism shifted to USD making crude oil prices dump. Today, traders eye the Canadian GDP . Data is expected to be printed between neutral and negative readings. We expect 0.0% or even 0.1%.

Technical view:

USD/CAD

The Greek sage supported the greenback and declining oil prices supported CAD bears. The pair regained lost daily moving averages and closed above them . The pair managed to erase most of its monthly loss trading with mild losses. The pair is trading above 20Wsma. All these factors support bulls. In the hourly and daily time frames, the pair has been approaching higher lows. At yesterday's session, we recommended buying above 1.2360. Today, ahead of the Canadian GDP and US consumer confidence data, the CAD is trading lower against USD. The intraday resistance is seen at 1.2425 and 1.2445. Intraday support is found at 1.2390 and 1.2360. The trend favours buying with sl 1.2300, whereas support base is found at 1.2200. The double top is at 1.2565. A high between 1.2445 and 1.2480 is likely to be hit today.

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Technical analysis of USD/JPY for June 30, 2015 Market Analysis Review

The US Dollar Index closed more than 1% down. Traders prefer the safe haven currency. Until the Greek saga takes a back seat, no US economic data reacted accordingly. Greece is expected to deliver so many releases today that volatility is likely to continue. Choppy trades are unlikely to obey the support and resistance levels. Traders can be more cautious this week.

In addition, market participants eye ADP non-farm data, non-farm employment change and unemployment rate. Besides, data on Tankan manufacturing and non-manufacturing index is due today.

Technical view: The pair opened with a gap closing below 20Dsma. The pair made a double top at 124.40 breaching the support base at 122.48. The pair has been consolidating at 122.43 for more than 12 hours. It has been consolidating at the lower levels, indicating more room on the down side. The nearest support is found at 122.10, 121.80 50Dsma and 121.00 20Wsma. Bulls' last hope remains at 120.75. At yesterday's session, the pair managed to cover the gap. The weekly resistance is seen at 123.60 and 124.40. Until a close below these, bears have the upper hand this week. Intraday selling is available below 122.30 towards 122.15, 122.00, and 121.80. The selling pressure is expected to accelerate below 121.80 towards 121.00 or even 120.80. Safe selling is available below 121.80

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Technical analysis of GBP/USD for June 30, 2015 Market Analysis Review

The cable managed to close with marginal gains erased half of its intraday gains. The cable is currently moving in a tight range.

At today's Asian session, Gfk consumer confidence is in the limelight. The UK Consumer Confidence Index increased by six points to 7 in June. Today, traders eye the final GDP on quarterly basis and current account data. Besides, US consumer confidence data is due.

Technical view: The cable managed to breach the falling bearish channel consolidating in a tight range of 138 pips between 1.5665 and 1.5803. The weekly resistance is seen at 1.5805, 1.5870, and 1.5950. Today's closing is likely to determine the situation for coming weeks. We recommend buying on every dip with sl 1.5170. The cable is fundamentally strong and technically well-built. The weekly support is found at 1.5650 50Wsma, 1.5550, and 1.5490. In case of a daily close above 1.5805, bulls will aim for 1.5860 and 1.5950 in a day or two.

Intraday resistance is seen at 1.5740, 1.5780, and 1.5805. Buying is available above 1.5740 towards the next resistance levels. Bullish strong momentum is expected above 1.5805. Intraday support is found at 1.5720, 1.5690, and 1.5665. The cable is likely to re-test 1.5700/1.5690 before making the next leg up. Buyers can open small buying positions with sl 1.5665. Selling is likely to get more active below 1.5660 with targets at 1.5635, 1.5620, and 1.5550. Safe selling is available below 1.5620.

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Technical analysis of EUR/USD for June 30, 2015 Market Analysis Review

The euro rebounded from its lows managed to close above the gap. The pair managed to close with big gains.

The pair gave a strong recovery after 1.5% gap managed to regain the lost moving averages. On a closing basis, the pair was unable to close above 100Dema. At today's Asian session, it was trading at 1.1211 compared to Monday's closing price of 1.1236 rejected at 100Dema. The Germany inflation rate, measured by the consumer price index, is expected to be +0.3% in June 2015. Based on the results available so far, the Federal Statistical Office (Destatis) reported that the consumer price index is expected to decline by 0.1% in May 2015. Besides, data on German CPI flash estimate from INE, the annual inflation is due today.

As there was some improvements in the Greek situation, I guess there is some more room for talks to go further. If it happens, the euro will rally towards 1.1700 or 1.1900 immediately. Today traders eye German retail sales and unemployment data, euro CPI estimate and unemployment rate. Greek PM Alexis Tsipras called for a referendum this Sunday. So, we expect wild moves next Monday. This week, the volatility continues ahead of the weekend event.

Technical view: The pair managed to trade above 20Wsma at 1.1040. It closed above 100 and 50Dsma. These are bullish factors which influence the pair. Bears managed to hold 100Dema and 20Dsma seen at 1.1250 and 1.1260 respectively. On the down side, strong support is found at 1.0820, which is the previous daily swing low. Now, bulls must close above another swing high of 1.1460. In the daily chart, the pair made a double top with a lower high between 1.1437 and 1.1460. Until the pair closes above 1.1460, bears are seen to be trying to breach the support of 1.0820 initially and to re-test the level of 1.0550 later.

Intraday support is found at 1.1170 and 1.1140. Until the pair trades above 1.1140, bulls will try to close above 1.1260 20Dsma. The previous double top pattern is seen at 1.1380 and the parallel resistance is seen at 1.1460. Today bulls can aim for 1.1340, 1.1380, and 1.1410. Selling opportunity is available below 1.1160, safe selling is expected below 1.1130 with targets at 1.1110, 1.1060, and 1.1010.

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