Technical analysis of GBP/CHF for May 27, 2015 Market Analysis Review

Technical outlook and chart setups:

As discussed yesterday, there was no significant changes in the price action up to now and the GBP/CHF pair is preparing for a retracement before resuming its rally. The pair is trading around the level of 1.4650 at the moment and might want to test 1.4700/10 before reversing lower towards 1.4150. It is recommended to remain short and look to add further around the levevl of 1.4700 with risk around 1.4760. Immediate support is seen at 1.4530 levels followed by 1.4400, 1.4300/50, and lower. Resistance is seen at 1.4700/10 followed by 1.4850 and higher respectively.

Trading recommendations:

Remain short for now, stop at 1.4760, a target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for May 27, 2015 Market Analysis Review

Technical summary:

We are still looking for one final decline closer to the ideal target at 1.4725. That said yesterday's rally to 1.5079 wasn't a part of our roadmap and it does cause concern. The only pattern that allows the overlap we saw yesterday is an ending diagonal. So, this is what we will be looking for as long as resistance at 1.5079 protects the upside.

That said, a break above resistance at 1.5079 will invalidate the bearish count and indicate that a bottom already is in place at 1.4926 and a new impulsive rally in wave (iii) should be expected.

Trading recommendation:

We are short EUR from 1.4995 and will move our stop+reverse lower to 1.5080 and we will place take profit+reverse at 1.4950.

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Elliott wave analysis of EUR/JPY for May 27, 2015 Market Analysis Review

Technical summary:

We saw a minor wavefive rally from a low of 133.07, which tells us that the correction in wave (ii) is over and wave (iii) higher towards at least 144.03 and more likely to 150.77 is developing. In the short term, we will ideally see the 61.8% corrective target of blue wave i at 133.62 protecting the downside for a break above minor resistance at 134.11 and more importantly a break above 134.52 confirming wave (iii) higher is developing.

As long as minor resistance at 134.18 is able to protect the upside, we must allow more deeper correction in blue wave ii, but at no point a break below 133.07 can be allowed or this count will be invalidated.

Trading recommendation:

We will buy EUR at 133.50 or upon a break above 134.18 (one order done cancels the other) stop will be placed at 133.00

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Technical analysis of GBP/USD for May 27, 2015 Market Analysis Review

The UK retail sales hit a 27year high. The growth in retail sales picked up strongly in the year to May and expectations for the next month are at their highest for 27 years, according to the CBI's latest quarterly Distributive Trades Survey. CBI Director of Economics Rain Newton-Smith said, “Low inflation, which we expect to remain below 1% for the rest of the year, has given household incomes a much-needed boost and greater spending power". The pound fell against USD for the third consecutive day. The stronger US data pushed the majors to lower levels against USD. The cable is trading at a 2-week low.

The cable has the nearest support found at 1.5345. Yesterday, the cable managed to help support at 61.8FE. Intraday support is found at 1.5380, 1.5355, and 1.5345. The hourly momentum indicators indicating oversold levels. The buying opportunity is available in two options. Safe trades should buy above 1.5400 with small targets at 1.5420, 1.5440, and at least 1.5460. Risky traders should use sl 1.5340 to buy. Though, we maintain our view bearish for coming days. Today, we recommend a minor opportunity buying with small sl. Bears have two different options at today's session: to use a rise to sell between 1.5460 and 1.5490 sl 1.5510 or to sell below 1.5340, 1.5300, and 1.5260. Intraday resistance is seen at 1.5470 2Dsma. Weekly support is found at 1.5150 and 1.5100.

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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Technical analysis of USDX & USD/JPY for May 27, 2015 Market Analysis Review

TStrong US data helped the US Dollar Index inch above 50Dsma. The USDX managed to close above 50Dsma as well. The Conference Board Consumer Confidence Index, which declined in April, increased moderately in May. The Index stands at 95.4 now, up from 94.3 in April. The US housing data added extra power to the USD bulls. New homes purchasing in the US expanded in April. Intraday resistance is seen at 97.50. Fresh move is likely to take place above 97.50 towards 98.40 and 99.20. We initially advised buying at 94.20.

USD/JPY

We have been repeatedly advising buying this pair on every dip with sl 118.00 later raised the TSL for targets at 122 and 123.00 (Article May 14&15). Finally, the pair met our targets after 9 days. Yesterday's stellar intraday fireworks took place after more than 3 months. The nearest resistance is seen at 123.66 and 124.13 that were highs back in July 2007 and June 2007. Today, the pair made a high at 123.32, which is a double top. Small buying is available above 123.35 with targets at 123.50/123.60 and 124.10/124.20. Before the next move up, we expect the pair to correct a bit targets at 125.00 and 125.70.

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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

USD/CAD

Ahead of the BOC rate statement, CAD is trading higher against USD early at the Asian session. The monthly monetary policy statement is due for 10.00am ET. Canada's economy remains in optimistic mood. The weak loonie helps the export-led economy to expand exports. Falling oil prices are influencing the economy of Canada. We expect Poloz to mantain rates unchanged at 0.75%. The pair gave another stellar move yesterday. The pair has been gaining for 3 days. The pair managed to close above 100Dsma and 20Wsma at yesterday's session. Another great work of bulls. We have been repeatedly advising buying from 1.2000 (May 15th). Buy on dips continues. We recommend intraday fresh buying above 1.2450 with targets at 1.2480 and 1.2520. In case of a daily close above 1.2365, bulls will aim at 1.2650. In case of a weekly close above 1.2400, bulls will aim at 1.2800.

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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

The USDX managed to break the resistance zone of 96.97 and now it's focusing to test the next upside target at 98.08. We're at important levels and we should be cautious when trading owing to bullish momentum on the Index. As the current price action is showing that bulls are in control, we should follow this bias.

In the H1 chart, the USDX continues to trade in favor of the upward trend. Also, it's moving sideways, that could mean it could be forming a bullish pattern. In case of success, it has to break the resistance level of 97.60 in order to rally towards the level of 97.97. 200 SMA is still bullish, but the MACD indicator is in the negative territory.

Daily chart's resistance levels: 98.08 / 98.64

Daily chart's support levels: 96.97 / 95.74

H1 chart's resistance levels: 97.16 / 97.97

H1 chart's support levels: 97.16 / 96.90

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 97.60, take profit is at 97.97, and stop loss is at 97.25.

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