GBP/USD could be ready for a 600 pip move Market Analysis Review

The GBP/USD pair began moving in uptrend on April 13 after testing 1.4566. The price manages to reach new highs without giving any signals on potential reversal downwards.

Currently, the pair is testing 200 moving average and the uptrend trendline at the same time. In addition, the Demarker oscilator is testing the uptrend trendline being in the oversold zone. Clearly, the trend is upward and a rate is near the key support at 1.5555. This means that a great risk/reward opportunity is offered.

Consider buying while the price remains between the current level of 1.5605 and a low of 1.5555. The target area is near (+/- 20pips) 161.8% Fibonacci retracement level from the most recent corrective wave down, which is marked R3 (1.6158) on the chart. Daily close below S1 can be used as a signal for stop loss.

Support: 1.5555

Resistance: 1.5785, 1.5927, 1.6158

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GBP/USD intraday technical levels and trading recommendations for July 2, 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. Hence, GBP/USD bulls pursued towards 100% Fibonacci Expansion located around 1.5900.

Risky traders could take a valid sell entry anywhere around 1.5900-1.5930. It is already running in profits now.

Note that the price level of 1.5780 remains significant resistance level, which provided valid SELL entries previously on May 15 and recently on June 29.

On the other hand, the price level of 1.5555 is considered a prominent DEMAND Level which also corresponds to the depicted uptrend line.

A valid BUY entry can be offered around 1.5560. S/L should be set as daily closure below 1.5500.

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USD/CAD intraday technical levels and trading recommendations for July 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 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.

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). That is why, an extensive bullish corrective movement is now being expressed on the chart.

On the other hand, 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 1.2400 enhanced a bullish pullback towards 1.2600 (the key level depicted on the chart) where a valid sell entry may be offered.

The price level of 1.2650 should be defended by bears (upper limit of the weekly channel as well as a prominent DAILY resistance). However, a daily closure above 1.2650 invalidates this bearish scenario.

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Intraday technical levels and trading recommendations for EUR/USD for July 2, 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).

April's monthly candlestick came as a bullish engulfing one. However, the next monthly candlesticks (May and June) reflect bearish rejection being expressed around 1.1450.

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

However, a bullish corrective movement towards 1.1500 may be executed ONLY if May's monthly high 1.1465 gets breached (considered a low probability now).

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 (slightly below the depicted daily supply level).

This week, the market opened around the price level of 1.1000 (following a large bearish gap). The price level of 1.1000 corresponds to the depicted DAILY uptrend. That is why, an ascending bottom was expected to be established there.

However, re-closure again below the price level of 1.1150 brought the EUR/USD pair again towards 1.1000 where the uptrend can be visited again (significant DEMAND).

Bulls must keep trading above 1.1000 so that further bullish advancement can be expected.

Initial bullish target would be located at 1.1150 and 1.1300 (a prominent supply level to be watched).

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Intraday technical levels and trading recommendations for GBP/USD for July 2, 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.

As anticipated, this SUPPLY level enhanced a bearish pullback towards 1.5550 which should be watched carefully for significant price action (the resulting weekly candlestick closure should be assessed).

A bearish breakout of the depicted bullish channel took place as a result of the bearish pressure which existed 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%).

As anticipated, the price zone (1.5800-1.5880) remains a significant supply zone for the GBP/USD pair. It offered a valid SELL entry last week. S/L should be lowered to 1.5680. All T/P levels were successfully reached.

On the other hand, the current price levels around 1.5550 constitute a significant DEMAND level for the pair (corresponding to 50% Fibonacci level and a previous prominent top).

It should be watched for a valid BUY entry if signs of bullish rejection are expressed on the H4 chart. Initial bullish target would be located at 1.5680-1.5700.

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EUR/NZD analysis for July 02, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD is moving downwards. The price tested the level of 1.6491 in a high volume. In the daily time frame, we can observe a weak demand bar, which is a sign that buying looks risky. The short-term trend changed from bullish to neutral. According to the H4 time frame, we can observe up-thrust bar (bearish), which is a sign for bearish movements. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.6400, Fibonacci retracement 50% at the level of 1.6330 and Fibonacci retracement 61.8% at the level of 1.6260.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6450

R2: 1.6480

R3: 1.6530

Support levels:

S1: 1.6360

S2: 1.6330

S3: 1.6280

Trading recommendations: The short-term trend has changed from bullish to neutral. Bearish phase is in progress and buying looks risky.

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Gold analysis for July 02, 2015 Market Analysis Review

Overview:

Gold has been trading downwards. As we expected, the price tested the level of $1,159.05 in an average volume. Our support cluster around the price of $1,162.00 was finally broken. Buying looks risky at this stage, because major support at the price of $1,162.00 was broken. We may expect potential testing of the levels of $1,142.00 and $1,131.00 (swing lows). The short-term trend is bearish. Watch for selling opportunities after retracements.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,173.00

R2: 1,175.00

R3: 1,178.00

Support levels:

S1: 1,167.00

S2: 1,165.00

S3: 1,162.50

Trading recommendations: Be careful when buying gold since our strong support at the price of of $1,162.00 got broken. Watch for selling opportunities after retracements.

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