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Wednesday, 29 July 2015

Technical analysis of USD/JPY for July 30, 2015 Market Analysis Review

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In Asia, Japan will release data on the Prelim Industrial Production m/m. The US will publish economic data about Natural Gas Storage, Advance GDP Price Index q/q, Unemployment Claims, and Advance GDP q/q. So, there is a strong probability that USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.76.

Resistance. 2: 124.51.

Resistance. 1: 124.27.

Support. 1: 123.98.

Support. 2: 123.73.

Support. 3: 123.49.

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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 30, 2015 . Thanks for your support.

USD/CAD intraday technical levels and trading recommendations for July 29, 2015 Market Analysis Review

Overview:

When bulls pushed the price further above 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 a formation of successive lower highs (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).

Bullish support was found around these levels. Successive higher lows were established. Bullish pressure was applied against the resistance levels of 1.2450 and 1.2500 (previous tops).

On the other hand, the previous weekly candlestick came FRANK bullish. That is why, an extensive bullish movement is seen on the chart.

A bullish breakout above the price zone of 1.2770-1.2800 has been executed.

The long-term bullish projection target would be located at the level of 1.3080 if enough bullish support is maintained.

Today, the signs of a lack of bullish momentum are manifested on the chart. A bearish corrective movement is likely to be executed towards the price levels of 1.2900 and 1.2850.

Trade Recommendations:

Traders can wait for a bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid BUY entry (Breakout level = Recent Support).

Stop Loss should be located below the price level of 1.2700.

T/P levels should be located at 1.2850 and 1.2900.

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 July 29, 2015 . Thanks for your support.

Intraday technical levels and trading recommendations for GBP/USD for July 29, 2015 Market Analysis Review

Last month, the market was pushed above this weekly key zone around 1.5550 in an attempt to reach the area around 1.5900, which provided evident supply for the GBP/USD pair.

As anticipated, a bearish pullback was executed towards the level of 1.5550. A bearish breakout below 1.5500 took place two weeks ago.

Last week, strong bearish pressure again was applied against the price level of 1.5550. It was breached temporarily until bullish recovery emerged this week.

Contradictory signals are coming from consecutive weekly candlesticks. This indicates a lack of bearish momentum below 1.5500.

The current weekly candlestick closure above 1.5500 hinders further bearish decline and enhances the bullish side of the market at least towards 1.5770 (61.8% Fibonacci level).

On the other hand, the nearest demand level around 1.5200 will become exposed if GBP/USD bears manage to keep their WEEKLY closure below the level of 1.5500 (low probability).

Previously, the price zone of 1.5800-1.5880 acted as a significant supply zone. It offered a valid sell entry few weeks ago. All T/P levels were successfully reached.

On the other hand, the level of 1.5550 (corresponding to 50% Fibonacci level and a previous prominent top) was broken temporarily allowing further bearish decline towards 1.5350 where an ascending bottom was recently established.

Last week, strong bullish price actions were expressed. A bullish pullback towards 1.5600 has been taking place. The level of 1.5550 was breached during last week's consolidations.

However, Thursday's candlestick came as a bearish engulfing one which enhanced the bearish side of the market.

That is why, the price level of 1.5550 now constitutes a significant key level to be watched for a price action.

A quick bearish decline towards 1.5470 and 1.5370 should be expected if 1.5550 gets broken again.

On the other hand, the price level of 1.5770 (61.8% Fibonacci level) is the next supply level to be watched if bullish fixation above 1.5550 persists on a daily basis.

In case of it, a counter-trend intraday SELL entry can be offered at retesting of the price level of 1.5770.

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 Intraday technical levels and trading recommendations for GBP/USD for July 29, 2015 . Thanks for your support.

Intraday technical levels and trading recommendations for EUR/USD for July 29, 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.

EUR/USD bears have already pushed the price slightly below the monthly demand level at 1.0550 (established on January 1997). Bullish recovery was expressed shortly after.

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

In the long term, a projection target is still located at 0.9450 if a bearish breakdown of the monthly demand level at 1.0550 occurs soon.

A bullish corrective movement towards 1.1500 can be possible only if May's monthly high at 1.1465 gets breached (a low probability).

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 (long-term double-top reversal pattern).

A daily closure below the level of 1.1150 again brought EUR/USD to the mark of 1.1000 where the uptrend met the pair.

A bearish daily closure below 1.0950 enabled a quick bearish decline towards 1.0850 and 1.0750.

Evident bullish recovery was expressed last week after hitting the level of 1.0800. Bulls have been trying to bring a bullish corrective movement towards 1.1000 and 1.1100.

Earlier, the price level of 1.1100, where the backside of the broken uptrend is located, was being approached. The price level of 1.1000 was breached earlier this week.

A bearish pullback is currently taking place towards 1.1000 after yesterday's daily candlestick was expressed (Hanging-Man candlestick).

Trader Recommendations :

Conservative traders can wait for a bullish pullback towards the recently established supply zone of 1.1100-1.1150 for a valid sell entry. S/L should be located above 1.1200.

Risky traders can wait for a DAILY closure below the level of 1.0960 as a SELL signal.

T/P levels should be located at 1.0850 and 1.0700.

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 Intraday technical levels and trading recommendations for EUR/USD for July 29, 2015 . Thanks for your support.

Technical analysis of USD/JPY for July 29, 2015 Market Analysis Review

USD/JPY is expected to trade with bullish bias. Currently at 96.592, the US dollar index is firmly holding after rebounding from a 2-week low of 96.288 seen on Monday as traders are watching closely if the US Federal Reserve gives any hints on the interest rate direction at the FOMC to be concluded at early hours of the Asian session on Thursday. Having rebounded from the level just below 123.00 seen on Monday, USD/JPY maintains its bullish bias trading above both the 20- and 50-period intraday moving averages. The intraday RSI is mixed around the neutral level of 50 lacking downward momentum. As long as 123.30 holds as the key support, the first upside target is set at 123.95 (around the high of July 27); and the second target, at 124.35 (seen on July 23).

Technical comment:

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

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price keeps above its pivot point, long positions are recommended with the first target at 123.95 and the second target at 124.35. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 123. A break of this target would push the pair further downwards, and one may expect the second target at 122.70. The pivot point is at 123.30.

Resistance levels: 123.95 124.35 124.75

Support levels: 123 122.70 122.40

Technical analysis of USD/CHF for July 29, 2015 Market Analysis Review

USD/CHF is expected to trade with bullish bias. The pair is consolidating below its 20-period and 50-period intraday MAs. The intraday RSI is below its neutral area at 50%. Nevertheless, a support base has formed around 0.9585, which should limit the downside potential. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. As long as the key support at 0.9585 is not broken, look for a technical rebound to 0.9635 and even 0.9675 in extension.

Technical comment:

The daily chart is mixed as the RSI and the MACD is in bearish mode. The price is below its 20- and 50-day moving averages.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price keeps above its pivot point, long positions are recommended with the first target at 0.9635 and the second target at 0.9665. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9535. A break of this target would push the pair further downwards, and one may expect the second target at 0.95. The pivot point is at 0.0.9585.

Resistance levels: 0.9635 0.9665 0.97

Support levels: 0.9535 0.95 0.9465

Technical analysis of Gold for July 29, 2015 Market Analysis Review

Technical outlook and chart setups:

The yellow metal remains unchanged from yesterday, and is trading around the levels of $1,090.00/93.00 at the moment. Please note that the trade direction remains "sell on rallies" now. Note that $1,132.00 is fibonacci 0.618 resistance fo a drop between $1,167.00 and $1,075.00. It is therefore recommended to initiate short positions around the levels of $1,130.00/32.00. Immediate support is seen at $1,075.00 (interim) followed by $1,052.00, $1,030.00, and lower while resistance is seen at $1,130.00/32.00 (fibonacci) followed by $1,175.00 and higher respectively. Bears would remain in control until prices stay broadly below $1,175.00.

Trading recommendations:

Flat for now. Look to sell rallies through $1,130.00/32.00.

Good luck!