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Monday, 27 July 2015

Technical analysis of EUR/USD for July 27, 2015 Market Analysis Review

The pair strongly rebounded from a 2-months low. This week, the pair wraps with major economic data.

The week started with major data on the German Ifo Business climate. June's readings standed at 107.4 points against the forecast of 108.2 points. The Gfk German consumer climate is due on Wednesday.

Recently, the S&P cut its outlook for the UK GDP growth in 2016 to 2.6 % (from 2.8%), but upgraded its outlook for the eurozone.

Technical view: The pair has been facing strong resistance at the 20Dsma and the 20Wsma is seen at 1.1020. A daily close above the 20Dsma ignites fresh momentum on the higher side. In this case, bulls will aim for 1.1100 and 1.1150 in the near future.

In the daily chart, the pair lost all moving averages. The nearest support is found at 10920 and strong resistance is seen at 1.1020.

The pair has been reaching lower lows and lower tops, falling below the lower end of the ascending trendline. We recommended fresh selling twice only below 1.0780 initially and 1.0720 later to be extend towards 1.0630, but not yet.

Intraday resistance is seen at 1.1020, 1.1050, and 1.1120. Support is found at 1.0960, 1.0920, and 1.0870. The trend favors buying with sl at 1.0850. Monthly support is found at 1.0730. In case the pair lost 1.0850, selling trade will get activated. The Federal Reserve and the ECB monetary policy differentiation favors longer bearish terms.

For today's session, risky buying is available above 1.0980, safe buying is expected above 1.1000 with immediate target at 1.1020, 1.1035,1.1050, 1.1080, and 1.1100. Selling is available below 1.0910 with targets at 1.0900 and 1.0860. Positional traders should use a dip to buy at 1.0900.

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for July 27, 2015 . Thanks for your support.

Technical analysis of USD/CAD for July 27, 2015 Market Analysis Review

General overview for 27/07/2015 08:45 CET

The impulsive wave progression to the upside had been completed according to the main count, and it looks like the market is in corrective cycle currently. The last move higher was in a clear three waves. So, the correction might be more complex and time-consuming. Any breakout below the weekly pivot support at the level of 1.2947 will confirm this view and alternative count will be in play.

Support/Resistance:

1.3100 - Intraday Resistance | Swing High|

1.3026 - Weekly Pivot

1.2952 - WS1

1.2947 - Intraday Support

1.2839 - WS2

Trading recommendations:

All TP targets for buy orders from last week has been hit. Currently the market is consolidating the gains and daytraders should wait for more clear pattern to appear.

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/CAD for July 27, 2015 . Thanks for your support.

Forecast of Gold for July 27, 2015 Market Analysis Review

Bulls managed to arrest a 2-day losing streak, closed with a $9 gain at Friday's session. Finally, the metal fell back to the financial crisis level.

IMF data: German gold reserves reduced by 2.395 tons to 3381.120 tons in June 2015.

Kazakhstan gold reserves increased 2.248 tons to 205.667 tons in June. Russia's gold reserves increased 24.139 tons in June, to the level of 1,275.087 tons.

SPDR gold holdings declined for the fourth consecutive trading day, so the cumulative holdings reduced 11.62 tons this week, showing a cumulative decline of 1.69%

German commercial banks: Still believe that gold will rise in the medium term. The obstacles to the gold market will be reduced due to the Fed's first rate hike. Gold prices are expected to hit $1,300 an ounce by the end of 2016, but do not rule out down to $ 1,000 an ounce possible.

Merrill Lynch: still believe that gold prices are unlikely to rebound on the back of the Fed's tightening cycle. Gold prices are expected to be below the critical psychological barrier of $ 1,000 an ounce in 2016.

Morgan Stanley said that despite the recent price drop, metal price is still higher than the marginal cost of production.

CFTC data shows that speculators preferred short positions on gold futures and options during the week ended July 21, for the first time.

Technical view: The yellow metal was trading at $1,096.00 during today's Asian session compared to Thursday's closing price of $1,098.80. The weekly trading pattern is framed between $1,085.00 and $1,119.00 on a closing basis. A close on either side will lead to more room to trade. In the weekly chart, the metal managed to hold the channel support trend line at $1,085.00 on a closing basis. The metal has been reaching lower highs and lower lows breaking below the large bearish head & shoulder pattern.

The weekly support is found at $1,085.00, $1,077.00, and $1,073.00. A weekly close below $1,085.00 opens gate $1,068.00, $1,045.00, and $1,005.00. In the monthly chart, strong support zone is seen between $1,045.00 and $1,032.00. The metal fell below the 14-year ascending trendline in the monthly chart.

Intraday: Intraday support is found at $1,093.00, $1,091.00, and $1,087.00. Resistance is seen at $1,102.00, $1,106.00, and $1,110.00. A daily close below $1,077.00 opens gates to $1,055.00 during this week. Intraday buying is available above $1,102.00 with a target at $1,105.00 and in the extreme case at $1,109.00. Selling is available below $1,086.00 with a target at $1,084.00, $1,082.00, $1,080.00, and $1,077.00. Panic is likely to trigger below $1,077.00. Use a rise to sell this week.

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 Forecast of Gold for July 27, 2015 . Thanks for your support.

Technical analysis of EUR/USD for July 27, 2015 Market Analysis Review

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When the European market opens, economic news Private Loans y/y, M3 Money Supply y/y, German Ifo Business Climate, and German Import Prices m/m is due. The US will release data about Durable Goods Orders m/m and Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1025.

Strong Resistance:1.1019.

Original Resistance: 1.1008.

Inner Sell Area: 1.1997.

Target Inner Area: 1.0972.

Inner Buy Area: 1.0947.

Original Support: 1.0936.

Strong Support: 1.0925.

Breakout SELL Level: 1.0919.

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.

Technical analysis of USD/JPY for July 27, 2015 Market Analysis Review

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In Asia, Japan will release the SPPI y/y, and the US will publish economic data on Durable Goods Orders m/m and Core Durable Goods Orders m/m. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.45.

Resistance. 2: 124.21.

Resistance. 1: 123.97.

Support. 1: 123.67.

Support. 2: 123.43.

Support. 3: 123.18.

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 27, 2015 . Thanks for your support.

Daily analysis of major pairs for July 27, 2015 Market Analysis Review

EUR/USD: EUR/USD has been rising upwards over the last week and consolidating in the end of the week. A movement above the resistance lines at 1.1050 and 1.1100 would result in a Bullish Confirmation Pattern on the market. Whereas a movement below the support lines at 1.0900 and 1.0850 would simply reinforce the recent bearish bias in the market. Right now, long trades are not recommended here until there is a clean indication that bears are leading.

USD/CHF: Surprisingly, the USD/CHF pair did not come down as deep as the EUR/USD pair has gone upwards. Nevertheless, the inability of USD/CHF to go above the resistance level of 0.9650 means that bulls should approach this market with caution. In case the price fails to do a meaningful rally this week, there might be a further bearish correction.

GBP/USD: The cable closed below the distribution territory at 1.5550 last week, generating a clean "sell" signal. With further bears' power, the accumulation territories around 1.5450 and 1.5400 would be tested. In case the price moves above the distribution territories at 1.5550 and 1.5600, the current "sell" signal would be invalidated.

USD/JPY: What is happening on the USD/JPY pair signifies a serious battle between bulls and bears. Although the recent bullish bias in the market remains intact, it is wise to stay away from this pair until there is a clean directional bias in the market. This clean directional bias should be seen this week.

EUR/JPY: This cross closed on a bullish note last week, moving towards the supply zone at 136.00. This has resulted in a clean bullish outlook, which should continue to hold out unless the yen gains a considerable amount of stamina. This is a situation that can halt further bullish movement on this market.

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 Daily analysis of major pairs for July 27, 2015 . Thanks for your support.

Daily analysis of USDX for July 27, 2015 Market Analysis Review

The daily chart structure remains pointing to the upside, but the current pullback could extend towards the support zone of 96.57, as the Index is trying to correct that strong bullish bias held several weeks ago. The 200 SMA is still bullish and we should expect more upside in the long term, but for now, the bearish path could be the strongest one.

The USDX is expected to move sideways in the short term, because the Index is trading between the price zone established by the 200 SMA on the H1 chart. Anyway, a breakout below the support level of 97.12 will open doors to visit the level of 96.73, a zone which hasn't been tested by the USDX since July 15.

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.