InstaForex Wave Analysis - page 201
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Technical analysis of USD/JPY for July 08, 2015
In Asia, Japan will release data on the Economy Watchers Sentiment, Bank Lending y/y, and Current Account. The US will publish economic data about Consumer Credit m/m, FOMC Meeting Minutes, 10-y Bond Auction, and Crude Oil Inventories. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.
TODAY TECHNICAL LEVELS:
Resistance. 3: 122.79.
Resistance. 2: 122.55.
Resistance. 1: 122.31.
Support. 1: 122.02.
Support. 2: 121.78.
Support. 3: 121.54.
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Daily analysis of GBP/USD for July 09, 2015
On the daily chart, GBP/USD continues to trade lower. Now, it is looking for an opportunity to break the support level of 1.5327 in order to achieve 1.5243. The current structure is still caling for the upside in this time frame because the pair hasn't break the invalidation zone at 1.5243 yet in order to invalidate our overall bullish outook.
GBP/USD is forming a lower low pattern in the H1 chart and the current price action is calling for more falls in the short term. However, bear in mind that the pair is still weak but oversold in lower time frames. That is why we would like to see a bullish corrective move accross at least the resistance of 1.5412.
Daily chart's resistance levels: 1.5450 / 1.5543
Daily chart's support levels: 1.5327 / 1.5243
H1 chart's resistance levels: 1.5363 / 1.5412
H1 chart's support levels: 1.5329 / 1.5269
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5329, take profit is at 1.5269, and stop loss is at 1.5388.
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Technical analysis of NZD/USD for July 10, 2015
The daily pivot point sets at the price of 0.6766.
Overview: The NZD/USD pair is still moving in a strong downward trend in the medium time frame. Additionally, according to the previous events, the NZD/USD pair has still been trapped between 0.6772 and 0.6700. So, it makes sense to be neutral at this spot for that we expect a daily range of 72 pips approximately. Equally important, the support has set at the level of 0.6691 and minor support has set at 0.6728 since yesterday. On the other hand, the strong resistance had already placed at 0.6772 and 0.6807, which are coinciding with the ratios of 50% Fibonacci retracement levels and the golden ratio respectively.
The NZD/USD pair will give a good sign to sell below 0.6772 and 0.680 with a target of 0.6728. Also, if the trend is able to break the level of 0.6728, it will resume to 0.6700. However, if the trend fails to close below the strong support (0.6700), the market will indicate a bullish opportunity above 0.6700 in the short term. Thereupon, the level of 0.6700 is going to act as strong support. Therefore, it will a good sign to buy during the correction and open short trades above it 0.6700 with a target at 0.6775.
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Technical analysis of USD/JPY
USD/JPY is expected to trade with bullish bias. It is underpinned by a rebound in China's stocks on Thursday, the reduced safe-haven appeal of the yen and the yen-funded carry trades as risk sentiment improves after Greece's submission of new reform proposals that appear to be closer to the creditors' demands on VAT and pensions. It raises hopes for positive outcome at Sunday's summit of the European Union members in Brussels. USD/JPY is also supported by the higher US Treasury yields (10-year rose 11.1 bps to 2.317% Thursday) and the Bank of Japan's ultra-loose monetary policy. But USD sentiment is dented by the more-than-expected 297,000 US jobless Claims for the week ended on July 4 (versus forecast 275,000). USD/JPY gains are also tempered by the positions adjustment ahead of the weekend.
Technical comment:
The daily chart is mixed as MACD is bearish, five and 15-day moving averages are declining but stochastics is turning bullish near oversold levels.
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 123.30 and the second target at 123.70. In the alternative scenario, short positions are recommended with the first target at 1121.60 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 121.20. The pivot point is at 1122.
Resistance levels: 123.30 123.70 124
Support levels: 121.60 121.20 121
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Technical analysis of GBP/CHF for July 13, 2015
In Asia, Japan is not expected to release economic data today. However, the US will publish data data on the Natural Gas Storage, CB Leading Index m/m, Philly Fed Manufacturing Index, Current Account, Unemployment Claims, Core CPI m/m, amd CPI m/m. So, there is a big probability that USD/JPY will move with low to medium volatility during the day.
Technical outlook and chart setups:
The GBP/CHF pair is trading around the levels of 1.4550/60 at the moment and is expected to resume its rally from the level of 1.4400. As seen here, the support trendline and fibonacci 0.618 support level is passing through the same region (1.4400/30). It is hence recommended to initiate fresh long positions around 1.4400/30 with risk at 1.4250. Immediate support is seen at the level of 1.4400 followed by 1.4250 and lower while resistance is seen around 1.4725 followed by 1.4830 and higher respectively. Bulls should be poised to push the pair through fresh swing highs around 1.4400/30.
Trading recommendations:
Initiate long positions around 1.4400/30 levels, stop is at 1.4250, a target is open.
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Daily analysis of GBP/USD for July 14, 2015
GBP/USD made an important pullback at the resistance level of 1.5543, which could be the first step towards a lower low in the daily chart. Also, we should expect a breakout at the support level of 1.5450, with a target placed around the zone of 1.5327. The MACD indicator remains at negative territory supporting our short-term bearish outlook, but be cautious with possible trend-changes.
On the H1 chart, GBP/USD was rejected by the price zone above the 200 SMA and now it's looking to test the support level of 1.5458. Now, the near-term target is placed at the downside, around the support level of 1.5458. If the pair manage to brake that level, it would be expected to test the level of 1.5412 very soon.
D
aily chart's resistance levels: 1.5543 / 1.5640
Daily chart's support levels: 1.5450 / 1.5327
H1 chart's resistance levels: 1.5524 / 1.5596
H1 chart's support levels: 1.5458 / 1.5412
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5458, take profit is at 1.5412, and stop loss is at 1.5501.
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Technical analysis of EUR/USD for July 15, 2015
The pair managed to move higher, but rejected at the higher levels again. It closed below 100Dsma. ZEW indicator of economic sentiment inGermany slightly declined in July 2015. It decreased by 1.8 points compared to the previous month and now stands at the level of 29.7. Besides, US retail sales data unexpectedly fell down 0.3%. May's numbers were revised little bit down. Trend- The weekly resistance is seen at 1.1035, 1.1095, and 1.1125. Until the pair closes below 1.1125 use every rise to sell towards 1.0720 and even 1.0500. Earlier, the pair made a double top at 1.1465 and at 1.1225 is a new cap. We are pesimistic about the longer-term forecast. Intraday- The pair was rejected at 100Dsma (1.1020) again at today's Asian session.The intraday support is found at 1.0990 and 1.0970. Strong selling emerges below 1.0890 towards 1.0850 initially. Later, it is likely to expand a bearish wave towards 1.0720. Intraday resistance is seen at 1.1020, 1.1050, and 1.1085. The selling trade is available with sl 1.1025 targets at 1.0970, 1.0950, 1.0920, and 1.0890. If a bounce takes place, use rises to sell with sl 1.1070 during a day.
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GBP/USD - Weekly and Monthly Pivot Points for July 02 - 06, 2012
Technical outlook and chart setups:
Silver is trading around the level of $15.05 after hitting lows at $15.00 overnight. Please note that the metal is trading right around its fibonacci 0.618 support around $15.00/20 as depicted here. Furthermore, the metal had taken out resistance at $15.85 earlier, and is expected to move higher towards $16.40/50. It is hence recommended to remain long for now with risk at $14.30 . Immediate support is seen at $14.50/60 followed by $14.30 and lower, while resistance is seen at $16.40 followed by $17.20 and higher respectively.
Trading recommendations:
Remain long, stop is at $14.30, a target is open.
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Technical analysis of USD/CHF
USD/CHF is expected to consolidate with bullish bias after hitting the 2.5-month high 0.9550 on Wednesday. It is underpinned by the positive dollar sentiment, the drop in the Swiss ZEW - Credit Suisse indicator of economic sentiment to -5.4 in July from 0.1 in June, the threat of the Swiss National Bank to carry out CHF-selling intervention, and the negative Swiss interest rates.
Technical comment: The daily chart is positive-biased as the MACD and stochastics are bullish, although the latter one is at overbought levels.
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 0.96 and the second target at 0.9645. In the alternative scenario, short positions are recommended with the first target at 0.9470 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 0.9440. The pivot point is at 0.95. Resistance levels: 0.96 0.9645 0.9690 Support levels: 0.9470 0.9440 0.94
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Technical analysis of AUD/USD for July 20, 2015
Ahead of the major events, the aussie is trading lower against USD. Monetary policy meeting minutes ate due today, data on CPI and speech of RBA governor Stevens are scheduled for tomorrow. Today, the pair opened on a bearish note. The nearest support zone is found at 0.7330, 0.7300, and 0.7250. In the daily chart, the pair closed below a neckline of a bearish h&s pattern. This indicates further lows in the coming weeks. The weekly resistance is seen at 0.7380, 0.7420, and 0.7500. Earlier, the pair made a double top at 0.7500. Use rises to sell until the price closes below 0.7500. At the intraday session, selling is available below 0.7330 with targets at 0.7300, 0.7250, and 0.7220.
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