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Tuesday, 2 June 2015

GBP/USD intraday technical levels and trading recommendations for June 2, 2015 Market Analysis Review

Overview:

On March 2, a bearish breakdown of the lower limit of the previous daily channel occurred enhancing the bearish side of the market.

Persistence below the zone of 1.4950-1.5000 indicated a further bearish decline towards 1.4700.

Shortly after, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was established.

Evident bullish recovery emerged at 1.4560 pushing the GBP/USD pair above the level of 1.4700, then successive higher highs were established.

As anticipated, the daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where extensive bearish pressure was previously applied.

This enhanced the bearish side of the market towards the levels of 1.5300, 1.5250, and 1.5100 where the most recent bullish swing was initiated on May 5.

On the other hand, the price zone of 1.5750-1.5800 (critical resistance zone) offered a valid sell entry almost three weeks ago. Final bearish target at 1.5450 was already reached.

Moreover, the lower high established at 1.5660 applied significant bearish pressure. That is why, the support zone of 1.5500 to 1.5450 failed to stop this bearish momentum leading to its breakdown.

It should be acting as an intraday resistance when further retesting takes place. A low-risk SELL entry can be offered at retesting.

The price levels of 1.5150 and 1.5100 are now fully exposed to be reached quickly, provided that the current daily candlestick doesn't come as a bullish engulfing one by the end of the day.

Conservative traders can wait for a bearish pullback towards 1.5080-1.5100 for a low risk BUY entries. SL should be set as daily closure below 1.5080.

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 GBP/USD intraday technical levels and trading recommendations for June 2, 2015 . Thanks for your support.

USD/CAD intraday technical levels and trading recommendations for June 2, 2015 Market Analysis Review

Overview:

Since bulls pushed the price further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level, the market looked quite overbought. That is why the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a Triple-top pattern.

Successive lower highs were established within the depicted consolidation zone enhancing the bearish side of the market.

Support levels around 1.2350 and 1.2300 (79.6% Fibonacci level) were broken after providing significant support for several weeks on the daily and weekly charts.

A daily fixation below 1.2300 cleared the way for the USD/CAD pair towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend).

That is why significant bullish support was offered around these price levels. Since then, a bullish pullback has been taking place.

On the other hand, the price zone of 1.2430-1.2500 constitutes a significant resistance zone now despite being breached after the opening bell.

Only a bearish candle closure below 1.2430 is needed to enhance further bearish advancement. This may offer a low-risk sell position with good potential targets.

Trading recommendations:

Risky traders can take a sell entry anywhere around 1.2400-1.2450. Conservative traders should wait for a daily closure below 1.2420 as a sell signal.

T/P levels should be placed at 1.2220, 1.2100 and 1.1950 while S/L should set as a weekly candlestick closure above 1.2460.

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 USD/CAD intraday technical levels and trading recommendations for June 2, 2015 . Thanks for your support.

Technical analysis of USD/JPY for June 02, 2015 Market Analysis Review

Fundamental overview:

USD/JPY is expected to consolidate with bullish bias after hitting a 12.5-year high of 124.92 on Monday. It is underpinned by the improved dollar sentiment (ICE spot dollar index last 97.42 versus 96.99 early Monday) after the data released on stronger-than-expected US May ISM manufacturing PMI of 52.8 (versus forecast 51.8) and larger-than-expected 2.2% on-month increase in the US April construction spending (versus forecast +0.9%). USD/JPY is also supported by the higher US Treasury yields (10-year rose 8.7 bps to 2.182% overnight), improved investor risk appetite (S&P 500 closed 0.21% higher at 2,111.73 Monday), demand from Japan's importers, and the Bank of Japan's ultra-loose monetary policy. But the USD sentiment is dented by the weaker-than-expected US April personal spending (came in flat on-month versus forecast for +0.2% on-month), softer-than-expected US April core PCE price index of +0.1% on-month (versus forecast +0.2%). USD/JPY gains are also tempered by the Japanese exports.

Technical comment: The daily chart is positive-biased as the MACD is bullish; stochastics stays elevated at overbought levels; 5 and 15-day moving averages are advancing.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 124.80 and the second target at 125.25. In the alternative scenario, short positions are recommended with the first target at 122.85 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 122.45. The pivot point is at 123.60.

Resistance levels: 124.80 125.25 125.75

Support levels: 122.85 122.45 121.70

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 June 02, 2015 . Thanks for your support.

Technical analysis of USD/CHF for June 02, 2015 Market Analysis Review

Fundamental overview:

USD/CHF is expected to trade with bearish bias. It is underpinned by the improved dollar sentiment, the negative Swiss interest rates, and the threat of the Swiss National Bank to carry out CHF-selling intervention. But the Swissie sentiment is soothed by the stronger-than-expected Swiss May PMI of 49.4 (versus forecast 48.1). USD/CHF gains are also tempered by the franc demand on the buoyant CHF/JPY cross.

Technical comment:

The daily chart is mixed as the MACD is bullish, but stochastics is bearish at overbought levels.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9290. A break of that target will move the pair further downwards to 0.9250. The pivot point stands at 0.9385. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9455 and the second target at 0.95.

Resistance levels: 0.9455 0.9500 0.9550

Support levels: 0.9290 0.9250 0.92

Technical analysis of NZD/USD for June 01, 2015 Market Analysis Review

Fundamental overview:

NZD/USD is expected to consolidate with bearish bias after hitting a 4.5-year low of 0.7065 on Monday. NZD/USD is undermined by the improved dollar sentiment and speculation that the Reserve Bank of New Zealand would cut interest rates in the coming months. But NZD/USD losses are tempered by the improved investor risk appetite, NZD-USD interest differential, and kiwi demand on the retreating AUD/NZD cross.

Technical comment:

The daily chart is negative-biased as the MACD is bearish, stochastics stays suppressed at oversold levels, 5 and 15-day moving averages are falling.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.7210 and the second target at 0.7270. In the alternative scenario, short positions are recommended with the first target at 0.7050 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7030. The pivot point is at 0.7095.

Resistance levels: 0.7210 0.7270 0.73

Support levels: 0.7050 0.7030 0.7

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 NZD/USD for June 01, 2015 . Thanks for your support.

Technical analysis of GBP/JPY for June 02, 2015 Market Analysis Review

Fundamental outlook: GBP/JPY is expected to consolidate with bullish bias after hitting a two-week high of 136.47 on Friday. It is underpinned by demand from Japanese importers. Upside, GBP/JPY is limited by diminished investor risk appetite and Japan's exports.

Technical comment: The daily chart is positive-biased as bullish outside-day-range pattern was completed on Monday. Stochastic is bullish, the MACD histogram bars are turning positive, and five-day moving average is above 15-day moving average and is advancing.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 190.60 and the second target at 191.20. In the alternative scenario, short positions are recommended with the first target at 188.60 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 187.80. The pivot point is at 189.25.

Resistance levels: 190.60 191.20 191.75

Support levels: 188.60 187.80 187

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 GBP/JPY for June 02, 2015 . Thanks for your support.

Technical analysis of USD/CAD for June 2 2015 Market Analysis Review

General overview for 02/06/2015 14:55 CET

As anticipated yesterday, the market is still in a corrective cycle and sub-wave to the downside is still missed (wave c green). It does not really matter now which labeling is correct as both waves point out a possibility of a downward corrective cycle with the first support at 1.2395. A mid-term bias is still bullish. When the corrective cycle is completed, new highs should be made.

Support/Resistance:

1.2575 - WR1

1.2561 - Local Swing High|Intraday Resistance|

1.2489 - Intraday Support

1.2422 - Weekly Pivot

1.2395 - Technical Support (weak)

1.2321 - Technical Support

1.2313 - WS1

Trading recommendations:

Daytraders and swingtraders should consider opening sell orders from the current levels with SL above 1.2491 and TP at the level of 1.2422, with a possibility of an extension downwards to the level of 1.2398. In longer perspective, buying on dips during the corrective cycle is the way to trade on this market at the moment.