GBP/USD intraday technical levels and trading recommendations for June 26, 2015 Market Analysis Review

Overview:

On March 2, a bearish breakout of the lower limit of the previous daily channel occurred enhancing the bearish side of the market. Persistence below the zone between 1.4950 and 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 (which initiated the ongoing bullish swing) was reached. A daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where a temporary bearish pullback took place on April 29.

The next bullish swing extended up to the levels of 1.5750-1.5800 which offered a valid sell entry. The final bearish target at 1.5450 was already reached.

Recently, higher highs around the level of 1.5200 were hit. That applied strong bullish pressure over the resistance level around 1.5800 via the ongoing bullish swing.

That is why the resistance level at 1.5800 was temporarily breached by the strong bullish momentum. Hence, GBP/USD bulls pursued towards 100% Fibonacci Expansion located around 1.5900.

Risky traders could have taken a valid sell entry anywhere around 1.5900-1.5930. It's already running in profits now (almost +150 pips).

Trading Recommendations:

Conservative traders can wait for a pullback towards 1.5780 for a low-risk sell entry. Initial T/P levels are located at 1.5780, 1.5700 and 1.5600 while S/L should be set above 1.5900.

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USD/CAD intraday technical levels and trading recommendations for June 26, 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 looks quite overbought. That is why the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in a formation of a Triple-top pattern.

Successive lower highs were reached 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 on the daily and weekly charts for several weeks.

Daily fixation below 1.2300 opened a way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend) for the USD/CAD pair. Bullish support was offered around these levels. A bullish pullback took place shortly after.

Recently, the price zone of 1.2450-1.2500 constituted strong resistance (backside of the broken uptrend and the previous consolidation zone).

As anticipated, a daily candlestick closure below 1.2430 (previous week) enhanced further bearish decline. Since then, the price zone around 1.2400 has constituted solid intraday resistance for the USD/CAD pair.

However, the previous weekly candlestick closed at 1.2270 (reflecting lack of enough bearish momentum). The USD/CAD pair needs a frank weekly closure below 1.2300 to ensure further bearish decline in the long term.

However, persistence above the level of 1.2220 enhanced a bullish pullback towards 1.2400 (the key level depicted on the chart) where a valid sell entry may be offered if enough bearish rejection is expressed on the short-term charts.

Conservative traders can wait for an early re-closure below the level of 1.2300 to confirm the previously mentioned sell entry.

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Intraday technical levels and trading recommendations for GBP/USD for June 26, 2015 Market Analysis Review

Evident bullish recovery emerged from the area around 1.4550 where a significant bullish engulfing weekly candlestick was expressed.

Shortly after, persistence above the levels of 1.5000-1.5080 exposed the weekly key zone of 1.5500-1.5550 where significant bearish pressure was previously applied on February 22.

Last month, the market has been pushed above this weekly key zone at 1.5550 in an attempt to reach the area around 1.5900 (100% Fibonacci Expansion) which provided evident supply for the GBP/USD pair.

It may enhance a bearish pullback towards 1.5550 only if the level of 1.5900 remains intact on a weekly basis (no weekly closure should occur above 1.5900).

Sideways movement with a slight bearish tendency had been expressed on the daily chart until a bullish breakout above 1.4970-1.5000 (through a long-term bullish reversal pattern) took place.

The zone between 1.5000 and 1.5100 failed to keep prices below. Moreover, the GBP/USD pair formed a prominent demand zone while trending within the depicted bullish channel.

A daily closure above the weekly supply zone of 1.5500-1.5550 exposed the next supply level located at 1.5780 (61.8% Fibonacci level) where the evident bearish pressure was applied.

A bearish breakout of the depicted bullish channel took place as a result of the bearish pressure applied around 1.5780 and 1.5660 (bearish engulfing candlesticks and lower highs).

After a bearish breakout of 1.5500-1.5550 (lower limit of the broken channel), the market failed to gather enough bearish momentum towards the intraday demand level at 1.5100.

Significant bullish pressure was observed around 1.5200. Hence, a bullish swing was established towards 1.5780 (61.8% Fibonacci level) and 1.5880 (FE 100%).

The price zone (1.5800-1.5880) remains a significant supply zone. It should be watched for a valid sell entry at retesting.

T/P levels should be set at 1.5700, 1.5650, and 1.5600 while S/L should be placed above 1.5900.

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Intraday technical levels and trading recommendations for EUR/USD for June 26, 2015 Market Analysis Review

The market was pushed lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously hit back in July 2012 and June 2010.

The EUR/USD pair has lost almost 850 pips since the beginning of 2015. Moreover, EUR/USD bears have already pushed the price slightly below the monthly demand level of 1.0550 (established on January 1997).

The previous month closure had a negative impact on the EUR/USD pair. However, April's monthly candlestick came as a bullish engulfing candle on the chart.

In the long term, a bearish breakout of the monthly demand level at 1.0550 should not be excluded as the long-term breakout is projected with a target at 0.9450.

However, a bullish corrective movement towards 1.1500 may be executed if May's monthly high (1.1465) gets breached first (bulls have tried recently, but they failed).

After such a long bearish rally (which started around the levels of 1.1300), bullish rejection took place at 1.0570 (monthly demand level).

Multiple ascending bottoms were established around the levels of 1.0470, 1.0550, and 1.0850. These levels corresponded to the daily uptrend depicted on the chart.

Further bullish pressure was observed until bearish rejection was applied around 1.1400 (Fibonacci Expansion 100% on the H4 chart - near the depicted daily supply level).

A recent closure below 1.1300 (the lower limit of the H4 channel) caused a quick bearish decline towards 1.1140 (manifested on the H4 chart).

A bearish decline towards 1.1050-1.1080 should not be excluded as well.

However, we should note that the price zone of 1.1030-1.1130 (depicted in Blue on the chart) constitutes a significant daily demand zone. That is why, the recent few daily candlesticks are reflecting indecision of the market around this price zone.

On the other hand, the level of 1.1300 represents a newly established supply level (neckline of the double-top pattern). It should be watched for sell entries if a bullish pullback occurs soon.

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Technical analysis of EUR/JPY for June 26, 2015 Market Analysis Review

General overview for 26/06/2015 14:50 CET

The grey rectangle supply breakthrough zone was violated in the last wave down ( -v- blue ) and currently the market is in the corrective abc green cycle. The bias is still bearish and as soon as the correction is completed, the market should resume the downward wave progression to complete another wave down. Only an impulsive breakout above the intraday resistance at the level of 139.25 would invalidate the view.

Support/Resistance:

137.07 - WS2

137.64 - Local Low

137.79 - Intraday Support

137.98 - 138.28 - Supply Breakthrough Zone

138.50 - WS1

139.25 - Intraday Resistance

Trading recommendations:

The sell orders should be still kept open as the wave progression to the downside has not been completed yet. The first target is still at the level of 137.07.

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Technical analysis of USD/CAD for June 26, 2015 Market Analysis Review

General overview for 26/06/2015 14:40 CET

The impulsive wave progression to the upside is still on track, but there is another scenario suggesting a possible development of a zig-zag wave as a part of wave B blue. Please notice that the low at the level of 1.2128 was labeled as wave 2 or A. That is why, the current wave up has the alternative labeling of unfinished wave WXY brown. In that case, any new high in this market supports the main count (impulsive (i)-(ii), i-ii etc) and any new low below the level of 1.2275 supports the alternative wave B blue scenario.

Support/Resistance:

1.2421 - Intraday Resistance

1.2384 - WR1

1.2275 - Intraday Support

1.2258 - Weekly Pivot

1.2216 - Invalidation Level

Trading recommendations:

Buy orders should be kept open and the SL level should be moved higher to the level of 1.2274.

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EUR/NZD : analysis for June 26, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD is moving upwards. As we expected, the price tested the level of 1.6344 in a high volume. In the daily time frame, we can observe a weak demand bar, which is a sign that selling looks risky. The short-term trend is neutral, but the mid-term trend is bullish. According to the H1 time frame, the price confirmed support at the level of 1.6190. The price rejected from that level in a hig hvolume. Bullish phase is in progress, so watch for potential buying opportunities on dips. Anyway, I had placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 50% at the price of 1.6360 and Fibonacci retracement 61.8% at the price of 1.6410.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6265

R2: 1.6300

R3: 1.6350

Support levels:

S1: 1.6165

S2: 1.6135

S3: 1.6085

Trading recommendations: Strong reaction from our support level at the price of 1.6190. Selling looks risky, since we can obserbe bullish momentum.

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