Technical analysis of GBP/USD for July 06, 2015 Market Analysis Review

The uncertainty around the situation in Greece pushed the British pound to a low of 1.5540 at today's opening. The final result in the referendum, published by the interior ministry, was 61.3% "No", against 38.7% who voted "Yes".

After a gap down, the cable managed to hold the parallel support at 1.5540 pulling back towards 1.5572. Last last week, the cable closed below 50Wsma at 1.5630, rejected at 1.5780. The same levels are going to act as strong resistance in coming weeks. The nearest support is found at 1.5520 50Dsma and 1.5487, which is another week low. The daily 200sma is found at 1.5450 and 100ema is seen at 1.5430. A daily close below 1.5520 opens gates for 1.5450 and 1.5430 in a day or two. Ahead of the FOMC meeting minutes, cable bulls are trying to rebound from 1.5430. If they fail, they will try to rebound from 1.5360. Bulls' last accumulation point is found at 1.5280 20Wsma and 100Dsma sleeping there.

The intraday resistance is seen at 1.5600, 1.5645, and 1.5665. The support is found at 1.5540, 1.5420, and 1.5490. Risk selling is available below 1.5540, safe selling is available below 1.5520 towards 1.5490, 1.5450, and 1.5430. Safe buying is expected above 1.5680 with a target at 1.5735.

Upcoming events: Manufacturing production is due on Tuesday, UK's budget is due on Wednesday, and the Bank rate is due on Thursday. Besides, the FOMC meeting minutes will be published on Thursday. We guess the Fed is unlikely to deliver a new approach on the rate hike. The cable will find the support around 1.5300 as it is likely to change the direction.

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Technical analysis of EUR/USD for July 06, 2015 Market Analysis Review

The final result in the referendum, published by the interior ministry, was 61.3% "No", against 38.7% who voted "Yes".

The euro opened with a 1.2% gap down, but managed to hold the parallel support at 1.0954 edging 80 pips high from the low. The 20Wsma was found at 1.1020 and 100Dsma was found at 1.1040. The weekly resistance is seen at 1.1121, 1.1150, and 1.1280. Bulls lost all the daily moving averages. The 100Dsma at 1.1040 is put to the test today. A daily close below 1.1040 made bulls lose 1.0950 immediately. The real selling emerges below 1.0950 towards fresh lows. The pair has been moving towards lower highs and lower lows in the H1 and H4 chart. All these factors favor bears. We do not expect the Euro summit scheduled for Tuesday to deliver data which can affect the euro. Developments in Greece are the only driving factor during this week. The FOMC meeting minutes are due on Thursday. Until the pair closes below 1.1280, gates are open for 1.0800 initially, 1.0600 and 1.0500 later. The long-term picture favors moving to the sub-level of 1.000.

Intraday resistance is seen at 1.1080, 1.1121, and 1.1140. The intraday momentum oscillators indicate oversold levels favoring mild pullback at the Asian session. European session traders can buy above 1.1125 with targets at 1.1150 and 1.1170. Strong bears can start selling between 1.1200 and 1.1245 sl 1.1280. Fresh selling is available below 1.0950 towards 1.0930 and 1.0900 during a day.

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Technical analysis of EUR/USD for July 06, 2015 Market Analysis Review

When the European market opens, economic data on Sentix Investor Confidence, Retail PMI, and German Factory Orders m/m is due. The US will publish data on the Labor Market Conditions Index m/m, ISM Non-Manufacturing PMI, and Final Services PMI. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1048.

Strong Resistance:1.1042.

Original Resistance: 1.1031.

Inner Sell Area: 1.1020.

Target Inner Area: 1.0995.

Inner Buy Area: 1.0970.

Original Support: 1.0959.

Strong Support: 1.0948.

Breakout SELL Level: 1.0942.

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 July 06, 2015 Market Analysis Review

In Asia, Japan will release the Leading Indicators. The US is expecyed to publish economic data on Labor Market Conditions Index m/m, ISM Non-Manufacturing PMI, and Final Services PMI. So there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.26.

Resistance. 2: 123.02.

Resistance. 1: 122.78.

Support. 1: 122.48.

Support. 2: 122.24.

Support. 3: 122.00.

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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Daily analysis of USDX for July 06, 2015 Market Analysis Review

On the daily chart, the USDX is doing a pullback after successful testing at the resistance level of 96.57. The downside target is set around the support level of 95.74. We should expect a rebound over there. However, we could expect more bullish moves on this Index as it remains trading above the 200 SMA and the MACD indicator is still positive.

The Index is trying to fill the bullish gap left at the monday early session opening and we could expect a strong bottom at the support zone of 96.13. There are more bullish price actions happening above the support level of 95.89, but a breakout below that low will unleash the bearish force and push the USDX lower.

Daily chart's resistance levels: 96.57 / 97.57

Daily chart's support levels: 95.74 / 94.66

H1 chart's resistance levels: 96.38 / 96.65

H1 chart's support levels: 96.13 / 95.89

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 96.38, take profit is at 96.65, and stop loss is at 96.13.

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Daily analysis of GBP/USD for July 06, 2015 Market Analysis Review

The daily chart structure remains pointing to the upside, but GBP/USD is currently doing bearish moves and looking to consolidate below the 200 SMA. While it remains above that zone, we could expect more upside moves, but the short-term picture favors bears and we should be cautious of a possible breakout around 1.5543.

When we watch for a swing lower below the resistance level of 1.5589, we can see bearish consolidation in the H1 chart. However, a breakout to the upside will make GBP/USD to test the resistance zone around the 1.5650. The MACD indicator remains at negative territory, but the corrective moves are going to happen soon.

Daily chart's resistance levels: 1.5755 / 1.5898

Daily chart's support levels: 1.5543 / 1.5450

H1 chart's resistance levels: 1.5589 / 1.5650

H1 chart's support levels: 1.5537 / 1.5471

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5589, take profit is at 1.5650, and stop loss is at 1.5530.

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Daily analysis of major pairs for July 6, 2015 Market Analysis Review

EUR/USD: The market is berish now and the price is expected to continue going further downwards. It should be able to test at least the support level of 1.1000 and 1.0950 this week. Only a movement above the resistance line at 1.1400 could render this expectation invalid.

USD/CHF: Following the severe bearish plunge that happened on June 29, the USD/CHF pair has vividly rallied. The price has gone upwards by 250 pips from the support level at 0.9250, testing the resistance level at 0.9500. There is currently a shallow bearish retracement in the market but the resistance level of 0.9500 could be tested again, and eventually breached to the upside. When the price goes below the support of 0.9250, the existing bullish outlook would be useless.

GBP/USD: As forecasted, the GBP/USD pair broke below the distribution territory of 1.5650 testing the recalcitrant accumulation territory around 1.5600. The recent equilibrium phase is over, and it has resulted in a Bearish Confirmation Pattern. There is a possibility that this is the beginning of a protracted downtrend.

USD/JPY: The USD/JPY pair provides short-term traders and scalpers with an opportunuty to thrive. There have been short-term swings in the market as the oscillates between the supply level of 124.00 and the demand level of 122.00. The market calls for a break above the aforementioned supply level or demand level before there could be strong directional movement.

EUR/JPY: We expext significant strengthening in the euro to cause the instrument to skyrocket this week; whereas, any serious weakness in the euro would cause it to plummet.

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