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Wave summary:

Not much to add here. EUR/NZD is trying to bottom in wave ii/, but a break above minor resistance at 1.5564 remains needed to confirm that wave ii/ has completed and wave iii/ higher to above 1.6237 is developing.

As long as resistance at 1.5564 is able to cap the upside, we will need to allow for a slightly new low, but the downside potential should remain limited.

R3: 1.5633

R2: 1.5564

R1: 1.5504

Pivot: 1.5400

S1: 1.5352

S2: 1.5291

S3: 1.5238

Trading recommendation:

We are long EUR from 1.5446 with stop placed at 1.5246. If you are not long EUR yet, then buy a break above 1.5564 and start by using the same stop.

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Wave summary:

We are still looking for a break above 124.46 to confirm the next impulsive rally higher towards at least 127.00 and possibly even closer to 129.10 in wave iii. Short-term support is seen at 123.99 and again at 123.79. Ideally the later will be able to protect the downside for the expected break above 124.46.

R3: 124.65

R2: 124.46

R1: 124.35

Pivot: 124.25

S1: 123.99

S2: 123.87

S3: 123.79

Trading recommendation:

We are long EUR from 124.46 with stop placed at 123.55. If you are not long EUR yet, then buy a break above 124.46 and use the same stop.

The material has been provided by InstaForex Company – www.instaforex.com

The production sector in Japan continued to expand in May, albeit at a slower pace, the latest study from Nikkei showed on Friday with a seven-month low production PMI rating of 52.0.

That’s down from 53.1 in May, although it remains above the boom-or-bust line of 50 that separates growth from contraction.

Individually, output published its slowest development in 9 months, although exports expanded and job development was sustained.

Stocks of purchases, stocks of finished goods and backlogs of work all swung to contraction.

The product has been supplied by InstaForex Business – www.instaforex.com

Japan Manufacturing PMI 52.0 In May – Nikkei

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Overview:

The NZD/USD pair is showing signs of force following a breakout of the highest price of 0.7205 (a major support). The NZD/USD pair will continue rising from the level of 0.7205 in the long term. It should be noted that the support is established at the level of 0.7205 which represents the daily pivot point on the H4 chart. Currently, the price was in a bullish channel since two days. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. So, the NZD/USD pair continues to move upwards from the level of 0.7205. As long as the trend is above the price of 0.7205, the market is still in an uptrend. In addition, the trend is still strong above the moving average.

The NZD/USD pair didn’t make any significant movements last two days. The market is indicating a bullish opportunity above the mentioned support levels. The bullish outlook remains valid as long as the 100 EMA heads for the upside. Therefore, strong support will be found around the spot of 0.7159-0.7205 providing a clear signal to buy with a target seen at 0.7250. If the trend breaks the first resistance at 0.7250, the pair will move upwards continuing the bullish trend development to the level of 0.7305 in order to test the daily resistance 2. It should be noted that the major resistance is seen at 0.7344 today. On the other hand, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7128 (61.8% Fibonacci retracement levels).

The material has been provided by InstaForex Company – www.instaforex.com

USDX continues to ride a bullish structure above the 200 SMA at H1 chart and it’s targeting the 98.18 level. However, moving average could give up to the bears’ pressure and the index might extend the decline towards 97.10 in a first degree. In the bullish’s outlook, once the 97.84 level has been broken, it can rise to test the 98.18 level.

H1 chart’s resistance levels: 97.84 / 98.98

H1 chart’s support levels: 97.61 / 97.10

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 97.84, take profit is at 98.98 and stop loss is at 97.51.

The material has been provided by InstaForex Company – www.instaforex.com

GBP/USD is consolidating between the 1.2704 and 1.2652 levels, while the sellers have been taking the control. Price action remains under selling’s pressure and we’re expecting a breakout below 1.2652 in order to reach the 1.2567 level across the markets. To the upside, we expect a rally towards 1.2826 once it manages to break above 1.2704.

H1 chart’s resistance levels: 1.2704 / 1.2826

H1 chart’s support levels: 1.2652 / 1.2567

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2652, take profit is at 1.2567 and stop loss is at 1.2739.

The material has been provided by InstaForex Company – www.instaforex.com

Petroleum futures were consistent Thursday, increasing a little from 10-month lows in the previous session.

A harsh sell-off owned oil into bearishness area over the previous couple of weeks. Experts have expressed doubts that OPEC and Russia can end the supply excess anytime quickly.

Must costs remain listed below $45 for a lot longer, it is believed that a few of the more vulnerable oil-producing countries will turn on the spigot in defiance of Saudi Arabia.

OPEC members remain in speak about making more cuts in oil production, inning accordance with Iran’s oil minister. He stated, discovering a consensus will be “challenging.”

Macqarie expert Ian Reid spoke on CNBC: “I think that’s going to be an extremely tough ask to be truthful. We actually see this OPEC contract breaking up to the middle of next year. In that case, we’re visiting a big quantity of additional oil on the marketplace next year.”

August WTI oil climbed 21 cents, or 0.5%, to settle at $42.74/ bbl.

The product has actually been provided by InstaForex Business – www.instaforex.com

The dollar pulled back against all its significant rivals in early trade Thursday, but has since recovered and is now publishing small gains. The boost in weekly out of work claims this morning was somewhat more than prepared for, but U.S. economic information was mostly in line with expectations.

First-time claims for U.S. welfare saw a modest increase in the week ended June 17th, inning accordance with a report released by the Labor Department on Thursday. The report said preliminary out of work claims inched approximately 241,000, an increase of 3,000 from the previous week’s modified level of 238,000.

Economists had actually expected out of work claims to edge approximately 240,000 from the 237,000 initially reported for the previous week.

Showing prevalent enhancement, the Conference Board launched a report on Thursday showing that its index of leading U.S. financial indications rose in line with economic expert quotes in the month of Might. The Conference Board stated its leading economic index climbed up by 0.3 percent in Might after rising by a downwardly modified 0.2 percent in April.

Economists had actually expected the index to increase by 0.3 percent, matching the increase initially reported for the previous month.

The dollar slipped to an early low of $1.1177 versus the Euro Thursday, but has since rebounded to around $1.1145.

France’s manufacturing confidence dropped slightly in June, study data from the analytical workplace Insee showed Thursday. The manufacturing belief index was up to 108.0 in June from 109.0 in May. The reading was above its long-term average of 100. The reading for May was the highest because June 2011.

The buck dipped to a low of $1.2686 versus the pound sterling Thursday early morning, however has considering that gotten better to around $1.2665.

UK total order books enhanced to a near three-decade high in June, the Industrial Trends Survey from the Confederation of British Industry showed Thursday. The overall order books increased to +16 percent in June, the greatest because August 1988. At the same time, the export order book balance can be found in at +13 percent, the greatest since June 1995.

There is still a long method to precede achieving the inflation target of 2 percent, Bank of Japan Deputy Guv Kikuo Iwata stated Thursday.

Further, dangers have actually continued to be manipulated to the disadvantage, especially those relating to developments in overseas economies and Japan’s inflation expectations, he told magnate in Aomori.

The greenback was up to an early low of Y110.987 against the Japanese Yen, however has actually given that climbed to around Y111.400.

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We caught the drop on EUR/USD really nicely, think we can ride it all the way down?

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