Elliott wave analysis of EUR/NZD for July 24, 2015 Market Analysis Review

Technical summary:

A break above 166.39 has changed a corrective pattern or maybe even complete sub-normal corrective zig-zag at 1.6325. We do prefer more corrective behavior, but is the correction in this cross can be very small. Now we are looking for an opportunity to test the top at 1.6812 in a flat, but it could turn into an expanded flat, which would call for a rally to 1.7000 before turning lower to 1.6115 to finish its correction in wave 2.

Trading recommendation:

Our stop at 1.6640 was hit for a small loss and we will stay neutral for now.

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Elliott wave analysis of EUR/JPY for July 24 - 2015 Market Analysis Review

Technical summary:

We still need a clear breakout above resistance in the area of136.38 - 136.44 to confirm more upside pressure towards 141.06 and 144.03. As long as this resistance area is able to protect the upside, the risk of a break below minor support at 134.83 remains that will keep both bullish and bearish counts alive.

We still cautiously prefer the bullish picture for a clear breakout above minor resistance at 136.44 and more importantly above resistance at 137.80 for the continuation higher to 141.06 and 144.03. However, the risk of a break below minor support at 134.83 remains adding downside pressure. There is the thread of a breakout below important support at 133.27 , which woul shift the bullish count shift to bearish one and a new decline to 126.05 and below.

Trading recommendation:

We are long EUR from 134.07 and will keep our stop at 134.75. If you are not long EUR yet, buy on a break above 136.44 and place your stop at 135.40 for now.

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Technical analysis of EUR/USD for July 24, 2015 Market Analysis Review

When the European market opens, some economic news on the Belgian NBB Business Climate, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI is due.The US will release economic data about New Home Sales and Flash Manufacturing PMI. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1040.

Strong Resistance:1.1034.

Original Resistance: 1.1023.

Inner Sell Area: 1.1012.

Target Inner Area: 1.0987.

Inner Buy Area: 1.0962.

Original Support: 1.0951.

Strong Support: 1.0940.

Breakout SELL Level: 1.0934.

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 24, 2015 Market Analysis Review

In Asia, Japan will release the Flash Manufacturing PMI. The US will publish some economic data on New Home Sales and Flash Manufacturing PMI. So, there is a strong probability the USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.60.

Resistance. 2: 124.36.

Resistance. 1: 124.12.

Support. 1: 123.82.

Support. 2: 123.58.

Support. 3: 123.33.

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

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for July 24, 2015 . Thanks for your support.

Daily analysis of USDX for July 24, 2015 Market Analysis Review

The USDX is looking for an opportunity to extend the corrective moves, because the support level of 96.57 is still the closest one. However, we should expect a rebound soon, as the bullish bias remains, but at least in the short term we shall see a possible breakout of the support zone around the level of 96.57. The MACD indicator is entering the neutral territory.

On the H1 chart, the Index is consolidating between the range exposed by the 200 SMA and the current intraday trend is still unclear. That's why we should wait for a breakout above the resistance level of 97.53, in order to resume the bullish bias, but the other side could be a consolidation below the support zone of 97.12.

Daily chart's resistance levels: 97.57 / 98.29

Daily chart's support levels: 96.57 / 95.63

H1 chart's resistance levels: 97.53 / 97.77

H1 chart's support levels: 97.12 / 96.73

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 97.53, take profit is at 97.72, and stop loss is at 97.31.

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Daily analysis of GBP/USD for July 24, 2015 Market Analysis Review

On the daily chart, GBP/USD took a mid-term bearish path. It is trying to consolidate below the 1.5543 level now and it could look for the support zone of 1.5450 in next week. Also, we expect some downside moves to hold below the support level of 1.5450, only if the pair gets favored by this bias during the next week.

The pair is trying to reach a lower low below the resistance level of 1.5524 and 200 SMA on the H1 chart. That's why we should look for more downside moves in coming hours, but be cautious anyway, as GBP/USD failed to break the support zone of 1.5472, which is an important level in this trend development.

Daily chart's resistance levels: 1.5543 / 1.5640

Daily chart's support levels: 1.5450 / 1.5332

H1 chart's resistance levels: 1.5524 / 1.5596

H1 chart's support levels: 1.5502 / 1.5472

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 1.5502, take profit is at 1.5472, and stop loss is at 1.5533.

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Daily analysis of major pairs for July 24, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair has rallied by about 200 pips this week. As a result, there is a 'buy' signal in the market. The resistance lines at 1.1050 and 1.1100 are potential targets for bulls within the next several trading days. In addition, the support lines at 1.0950 and 1.0900 should challenge any efforts to drag the price southward.

USD/CHF: Surprisingly, the USD/CHF pair did not come down as seriously as the EUR/USD has gone upwards. Nevertheless, inability of USD/CHF to go above the resistance level of 0.9650 means that bulls should be cautious whe trading on this market. In case the price fails to rally, there might be a further bearish correction.

GBP/USD: The сable dropped seriously on Thursday generating a bearish signal on the market. Long trades are currently not recommended because bears might target the accumulation territories around 1.5450 and 1.5400 today or next week.

USD/JPY: What is happening on this currency trading instrument signifies a serious battle between buyers and sellers. Although the recent bullish bias in the market remains intact, it looks wise to stay away from this instrument until there is a clean directional bias in the market. This clean directional bias should be seen today or next week.

EUR/JPY: There is a direct bullish signal on the EUR/JPY cross: the EMA 11 is above the EMA 56 while the RSI period 14 is above the level of 50. This is the beginning of a vivid Bullish Confirmation Pattern in the chart. The price could go further northward by at least 200 pips within the next several trading days.

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