GBP/USD intraday technical levels and trading recommendations for August 28, 2014

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One month ago, the bears initiated a bearish trend off price levels around 1.7150-1.7190. Since then, the GBP/USD pair has been declining within the depicted bearish channel.


The price levels of 1.7050 - 1.7000 failed to provide enough support for the pair. Hence, the bears had a potential bearish target around 1.6800-1.6850.


However, this price zone of 1.6800 - 1.6820 failed to provide support too, exposing the price level of 1.6665.


Shortly after, price levels around 1.6800-1.6820 offered a valid SELL entry at retesting. Targets were reached initially around 1.6670, 1.6625 and 1.6580.


Price action action should be watched today for a possible BUY entry upon bullish breakout of the current channel depicted on the 4H chart.


Projection targets are roughly located at 1.6660 and 1.6705.


On the other hand, the next bearish destination is located around 1.6460 in case the bears keep developing such bearish momentum. ( Price level of 1.6460 corresponds to a prominent bottom on the daily chart ).


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USD/CAD intraday technical levels and trading recommendations for August 28, 2014

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The USD/CAD pair has failed to show enough bullish momentum above 1.1200 during the last visit on March 20.Since then, the pair has been downtrending within the depicted bearish channel.


Bullish rejection was expressed at retesting the lower limit of the bearish channel around 1.0630 on July 3 (the origin of the previous bullish impulse initiated in December 2013).


This enabled bulls to achieve a bullish breakout off the depicted channel allowing bulls to retest the price zone between 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) where a prominent congestion zone was formed previously.


The USD/CAD pair had a strong resistance zone located between 1.0950 and 1.1020 (Fibonacci Levels 50% and 61.8% of the most recent bearish swing).


As we mentioned before, bearish rejection should be anticipated after such a long bullish rally that originated off 1.0650 and 1.0710.


Previously, around the price level of 1.0950, agressive bearish rejection was expressed. This was manifested in many Shooting-Star daily candlesticks. Thus, the short-term bearish direction is enhancing .


A valid SELL position was suggested at retesting which took place this week. Initial bearish target is located around 1.0825.


Conservative traders should wait for higher entry levels to be retested especially around 1.0880-1.0900.


Daily closure below price zone of 1.0870-1.0850 confirms a long-term double-top pattern with its projection target located at 1.0770.


On the other hand, daily fixation above 1.0950 (50% Fibonacci level) enables the bulls to shoot towards 1.1020 and 1.1050 initially (very low probability in the meanwhile ).


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EUR/NZD analysis for August 28, 2014

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Overview:


Since our last analysis, EUR/NZD has been trading downwards. As we expected, the price has tested the level of 1.5705 (Fibonacci retracement 38.2%) in a volume just above average according to the 4H time frame, which is a sign that buying looks very risky. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. If the price breaks the level of 1.5710 in a higher volume, we may see potential testing the level of 1.5595. According to the 1H time frame, we can observe high volume but very low price action (weak demand). Watch for potential selling opportunities.


Daily Fibonacci pivot levels :


Resistance levels:


R1: 1.5796


R2: 1.5818


R3: 1.5855


Support levels:


S1: 1.5722


S2: 1.5700


S3: 1.5663


Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.


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Gold analysis for August 28, 2014

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Overview:


Since our last analysis, gold has been trading upwards. The price tested the level of 1,296.32 in an ultra high volume according to the 1h time frame. We can observe an ultra high volume (buying climax) according to the 1h time frame, which is a sign that buying looks very risky. Our Fibonacci expansion 61.8% at the price of 1,284.00 is broken. So, we may see potential testing the level of 1,260.00 (Fibonacci expansion 100%). I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the price of 1,292.00 and Fibonacci retracement 61.8% at the price of 1,303.00. According to the 4H time frame, I have placed corrective Fibonacci expansion and I found Fibonacci expansion 161.8% at the price of 1,290.00 (currently on the test)


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,286.96


R2: 1,288.68


R3:1,291.41


Support levels:


S1: 1,281.38


S2: 1,279.66


S3: 1,276.87


Trading recommendations: Buying Gold looks risky since the price has broken the support level.


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Technical analysis of USD/CAD for August 28, 2014

General overview for 28/08/2014 13:30 CET


The projected target level from yesterday did not work and after breaking the support level the market declined to the demand zone and closed below it. Now, the key level to the upside is intraday resistance at the level of 1.0868 and only a clear breakout above this level is bullish intraday. The market is in a corrective cycle and any new low here would mean that the correction will be more complex and time-consuming.


Support/Resistance:


1.0828 - Intraday Support


1.0868 - Intraday Resistance | Key Level |


1.0858 - 1.0873 - Supply Zone


1.0911 - WS1


1.0974 - Weekly Pivot


Trading recommendations:


Day traders should consider opening buy orders only when the level of 1.0868 is clearly broken with SL below the level of 1.0827. Otherwise, patience is required for a clear trading pattern to emerge.


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Daily analysis of Silver for August 28, 2014

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Overview


Yesterday, the metal failed to break the support level of 19.30 to reverse its bearish movement and took a slightly upward move. As seen in today's H4 chart, it is currently trading below the resistance level of 19.80. Given that, the pair continues its bullish movement and closes 4H above the resistance level of 19.80, it would be another opportunity for more bullish signals with the first target few pips below the resistance level of 20.00. Then, we should wait for breaking above this resistance level to get more bullish signals towards the resistance level of 20.20 as the second target.


Resistance and support levels: R3 (20.20), R2(20.00), R1(19.80), S1 (19.60), S2 (19.30), S3(19.00).


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Technical analysis of AUD/USD for August 28, 2014

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Trading recommendations :



  • According to the previous events, the AUD/USD pair will probably move between the prices of 0.9385 and 0.9320. Equally important, the resistance has set at the price of 0.9371 and the support at the 0.9300 price. Also, it should be noted that the current price is at 0.9371 now. Accordingly, if the trend fails to close above the level of 0.9371, then it will be a good opportunity to sell below 0.9371 with the first target at 0.9340, then it will be continued bearish towards 0.9300. So, we expect a range of 71 pips in the coming hours. Notwithstanding, the stop loss should be always taken into account because it should never exceed your maximum exposure amounts. Consequently, the best location to set your stop loss should be placed above the resistance at the level of 0.9395 .


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Intraday technical levels :


Date and Time:28/08/2014 13:19


Pair:AUD/USD



  • R3: 0.9420

  • R2: 0.9397

  • R1: 0.9378

  • PP: 0.9355

  • S1: 0.9336

  • S2: 0.9313

  • S3: 0.9294


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Daily analysis of GBP/JPY for August 28, 2014

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Overview


From today's H4 chart, yesterday's closing below the resistance level of 172.60 gives the price an opportunity for a bearish move after its failure to break the resistance level once again. As shown in the chart, the price is trying to continue its bearish move by breaking the support level of 172.00 and closing 4h below. In that case, we might get another opportunity for more sell signals and it opens the way towards 171.50 as the first target. Then, the price should test the support level to continue its bearish move. But in case the price stabilizes above the support level of 172.00, it will cancels the first scenario.


Resistance and Support levels: R3 (173.75), R2(173.30), R1(172.60), S1 (172.00), S2(171.50), S3(171.00)


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Technical analysis of EUR/JPY for August 28, 2014

General overview for 28/08/2014 13:00 CET


The impulsive wave progression to the downside has been developing properly during the last four days. Now, the outlook remains the same: more downside is being expected as the impulsive structure has not been completed yet. There is a possible test of the level of 136.76 but the the failure is expected and downtrend should resume. The first projected target is at the level of 135.67.


Support/Resistance:


138.05 - WR1


138.02 - Swing High |Invalidation Level|


137.98 - Wave 2 of 3 High


137.42 - Weekly Pivot


136.85 - WS1


136.75 - Intraday Resistance


136.24 - WS2


135.67 - WS3


Trading recommendations:


The short orders from the last week are still opened and the TP is at the level of 136.70 with a quite possible downside extension to the level of 135.70.


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Technical analysis of USD/CHF for August 28, 2014

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Overview :



  • According to the previous events, the USD/CHF pair has still been moving between the levels of 0.9225 and 0.9105. It should be noted that the key level is set at the price of 0.9102 because it represents strong support and it coincides with the ratio of 38.2% Fibonacci retracement level. Equally important, the double top will be formed at the 0.9160 level but it seems the price is going to break this level in order to continue towards the level of 0.9226 (Also, note that the level of 0.9226 coincides with the ratio of 50% Fibonacci retracement level in H4 chart). As it is known, history will probably repeat itself at this level again. Therefore, it will a good sign to buy above the price of 0.9100 with the first target of 0.9166. It will call for an uptrend in order to continue its bearish movement towards 0.9226. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed below the support at the price of 0.9065.


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Elliott wave analysis of EUR/NZD for August 28, 2014

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Today's support and resistance levels:


R3: 1.5830


R2: 1.5782


R1: 1.5755


Current spot: 1.5744


S1: 1.5714


S2: 1.5692


S3: 1.5663


Technical summary:


We are at the exact same level as yesterday. We are still looking for important support at 1.5692 to protect the downside for a break above minor resistance at 1.5755 and more importantly a break above resistance at 1.5782. This should support a strong rally above the top of wave 1 at 1.5886 for a continuation higher to 1.6203 on the way higher towards at least 1.6503. Only an unexpected break below 1.5692 will delay the expected rally for a more complex correction unfolding.


Trading recommendation:


We are long in EUR from 1.5725 with stop placed at 1.5690. If you are not long in EUR yet, then buy EUR near 1.5692 or upon a break above 1.5755 with the same top at 1.5690.


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Technical analysis of EUR/JPY for Aug 28, 2014


Technical outlook and chart setups:


1. The EUR/JPY pair is seen to be still testing back side of the resistance line which has turned into support now, around the 137.00 region. The 136.60 levels is the fibonacci 0.618 support and it is expected to provide strong bullish reversal if prices manage to reach there. It is recommended to remain long, risk remains below 136.00.


2. Support is seen at 136.00/135.80, followed by 134.00 and lower, while resistance is seen at 138.00 (interim), followed by 138.50, 139.20/30 and higher respectively.


3. The structure indicates that EUR/JPY should be extending its rally towards the 139.40 levels.


Trading recommendations:


Remain long, stop below 136.00, target is open.


Good luck!


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Elliott wave analysis of EUR/JPY for August 28, 2014

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Today's support and resistance levels:


R3:137.42


R2: 137.29


R1: 137.15


Current spot: 137.07


S1: 136.92


S2: 136.81


S3: 136.61


Technical summary:


We saw the expected test of important short-term support at 136.81, but it was not able to break below this support firmly. It has cause some consolidation just above this support. However, we are still looking for a new test and likely firm break below this support next time for a continuation lower to 135.73 and the equality target at 134.34. At this point only a break above 137.29 will delay the expected test of the short-term important support at 136.81.


Trading recommendation:


We are short in EUR from 137.75 with stop placed at 137.45. If you are not short in EUR yet, then sell near 137.29 or upon a break below 136.81 with the same stop at 137.45.


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Technical analysis of GBP/CHF for Aug 28, 2014


Technical outlook and chart setups:


1. The GBP/CHF pair has retraced a bit lower into the 1.5150 level as seen here. The pair is still expected to push higher into the 1.5250 level before pulling back/reversing. It is recommended to initiate short positions a bit higher towards the sloping trend line resistance.


2. Support is seen at 1.4950, followed by 1.4780 and lower, while resistance is seen at 1.5250, followed by 1.5350 and 1.5430/50 respectively.


3. The structure indicates that the GBP/CHF pair could rally into the 1.5250 levels before heading lower towards fresh lows.


Trading recommendations:


Remain flat for now. Look to sell at 1.5250 levels.


Good luck!


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#USDX Technical analysis for August 28, 2014

Although the Dollar index remains inside the upward sloping channel of the move that started at 79.75 and although intermediate-term trend remains bullish, we noted yesterday that there were plenty signs of a possible trend reversal above 82.50 area that would push the index lower.


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Yesterday, I warned about the sell signal given once the green upward sloping trend line was broken. Besides, price has broken below the Ichimoku cloud support at 82.35. It looks that we could push lower towards the 38% Fibonacci retracement at 82.20 at least. Short-term price movement is inside a small downward sloping channel and I believe more dollar weakness should be expected.


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The daily chart remains bullish as price is above the Ichimoku cloud and inside the green channel. However we got really close to the upper channel boundaries and the rejection was a strong reversal sign that we noted yesterday and said that bulls should be very cautious and raise their stops. As I mentioned yesterday, I prefer to be neutral or bearish than long at the current levels. There is a confluence of Fibonacci support levels at 81.60 and I think it is very possible to see a strong pull back to that area. For now, bears need to break below 82.20 and bulls need to retake 82.50.


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Gold Wave analysis for August 28, 2014

Gold price did not make any much movement yesterday. It remained above short-term support and below resistance. Our view remains bullish as we should see a strong bounce towards $1,350 from the current support levels.


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Gold price has broken out of the green downward sloping channel. It has started making short-term higher highs and higher lows in the area of $1,280-$1,290. Support is at $1,280. Breaking below that level will put $1,270 in danger. Resistance is found at $1,291-94. Breaking above that level will push Gold price towards $1,305-10.


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Our longer-term view is depicted in the daily chart above. We are still inside the big sideways triangle formation and we should see at least one more final upward move towards $1,340-50. Breaking below $1,270 will be a bearish sign for bulls and will open the way for a downward push to $1,200.


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Technical analysis of Silver for Aug 28, 2014


Technical outlook and chart setups:


1. Silver is probably on its way towards new highs from the current price action around $19.65/70. The metal has formed base at the $19.30/32 levels so far and the next leg higher is resumed now. Upside potential remains at least up to the $23.30 level in the coming weeks.


2. Support is seen at $19.30 (interim), followed by $19.00, $18.60 while resistance is seen at $20.30, followed by $21.30/70, $22.00 and higher respectively.


3. The structure indicates that Silver remains in control of bulls till prices stay above the $19.00/30.00 levels.


Trading recommendations:


Remain long, stop below $19.00, the target is open.


Good luck!


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Technical analysis of Gold for Aug 28, 2014


Technical outlook and chart setups:


1. Gold rally is set to extend towards the $1,305.00 level and higher up. The $1,270.00 level seems to be interim support for the metal to rally further up. Recommendation is to remain long for now, risk remains below the $1,270.00 level.


2. Support is seen at $1,270.00 (interim), followed by the $1,260.00/40.00 levels and lower, while resistance is seen at $1,325.00, followed by $1,340.00, $1,388.00 and higher up respectively.


3. The structure indicates that Gold remains bullish above the $1,270.00/60.00 levels.


Trading recommendations:


Remain long, stop below, the $1,270.00 target is open.


Good luck!


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Intraday trading recommendations on EUR/JPY for August 28, 2014

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The pair has been struggling at 20DSma for 4 days. The pair is making lower lows and lower highs for 4 days. Today in Asia's session, the pair is struggling at 20Dsma. In the weekly chart, the pair was rejected thrice at the broken support trend line.


Weekly basis - Until the pair closes below the 137.20 level, selling on the rise will mint money. - Active.


Monthly basis - Until the pair closes below the 138.70 level, selling on the rise will mint money. - Active.


On the down side, it has parallel support at the 137 level. Below this, 136.75-136.60 will be used as weekly support level.


Until the pair closes below 138.70, on the down side 134.50-134 will act as an open target in the near term.


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On an intraday basis, the prices are closed below and trading below 12ema, negative for hourly and intraday trading. But in the h4 candle, the pair makes a minor support at 137.06 and 136.91. We can see a pull back only above 137.17 towards 137.35. If the pair manages to trade above 137.41, it can fly up to the 137.64 level.


Resistance is at 137.17, 137.41, and 137.64.


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Intraday trading recommendations on GBP/USD for August 28, 2014

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The pair has been consolidating for 3 days. Finally, the pair stood above yesterday's closing. The 50.0 fib level gave enough support to push the prices up. The currency pair has strong resistance at 1.6636 (200DEma), a daily close above 1.6636 opens gates for 1.6680 (200DSma and 38.2 fib level) and 1.67 or 20DSma. This week, the pair has hit the 50WSma, but it manages to trade above that.


In case a weekly close is below 1.6570, the fall will continue. - Pending


In case a daily close is above 1.6640, the weekly trend turns to positive. - Pending


For an intraday session, the prices are closed and trading above 12ema and 21hrsma. The pair has the nearest resistance at 1.6613; above this 1.6625 is an open target. Until the pair closes above 1.6552 (35DEMA), the pull back will be in action.


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Intraday trading recommendations on GBP/JPY for August 28, 2014

GBP/JPY


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The pair held the 20DSma in yesterday's session and closed above that. As of now, it made a low at the 172.06 level. The pair has strong resistance at the 173 level. In the short term, until the pair closes below 173, selling on an up move will mint the money. On an intraweek basis, if the pair closes above 172.40, some pull back is expected. On the down side, it has support at 172; a daily close below this leads to selling up to 171.63 and 171 in the near term.


Support is set at 171.90, 171.63, and 171.


Resistance is at 173, 173.50, and 174.25.


For an intraday purpose, the price hits the 12ema and 21hrsma. The pair has support at the 172.06-171.90 levels. Until the price trades below the descending trend line, sell on every up move.


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Intraday trading recommendations for EUR/USD for August 28, 2014

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The German FM Schauble speech and profit taking in US dollar made the Euro a bit stronger. The pair made a minor bottom at the 1.3168 level and closed at 1.3193, but unable to breach above Monday's high. Today, the pair opened again with a bullish note. We recommend buying only above 1.3215 (Monday's high). On the down side, it has support at the 1.3190, 1.3168, and 1.3150 levels.


A daily close above 1.3325 turns the weekly trend positive. - pending


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For an intraday session, the prices are closed and trading above 12ema and 21hr sma results in a pull back. The pair has the nearest resistance at 1.3225 or 34hr sma. If the price manages to break the 1.3225 level, it can fly up to the 1.3240 and 1.3265 levels.


Support is at 1.3189, 1.3170, and 1.3150.


Buy with sl 1.3170, strong momentum is above 1.3225, cmp 1.3197.


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Technical analysis of USD/JPY for August 28, 2014

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Overview:


USD/JPY is expected to trade in lower range as markets await 1230 GMT 2nd estimate U.S. 2Q GDP (forecast +3.8%). USD/JPY is undermined by the broadly weaker demand for USD as the ICE spot dollar index enters consolidation mode after reaching a 13-month high of 82.727 Wednesday (USD Index last at 82.47 versus 82.67 early Wednesday). USD/JPY is also weighed by the lower longer-dated U.S. Treasury yields (10-year at 2.361% versus 2.398% late Tuesday) and Japan exporter sales. But USD/JPY losses are tempered by the demand from Japan importers. There is no strong cue for yen-funded trades from Wall Street overnight as U.S. stock indexes closed largely unchanged (S&P 500 flat at 2,000.12; DJIA up 0.09%; Nasdaq off 0.02%) although the VIX fear gauge rose 1.29% to 11.78.


Technical comment:
The daily chart is still positive-biased as MACD is bullish, stochastics stays elevated at overbought zone, five and 15-day moving averages advancing, although inside-day-range pattern was completed on Wednesday.


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 is keeping above its pivot point, a long position is recommended with the first target at 103.40 and the second target at 103. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 104.25. A break of this target would push the pair further downwards and one may expect the second target at 104.50. The pivot point is at 104.


Resistance levels:

104.25

104.50

104.80


Support levels:

103.40

103

102.70


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Technical analysis of USD/CHF for August 28, 2014

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Overview:


USD/CHF is expected to consolidate in lower range after hitting nine-month high at 0.9185 on Wednesday. It is undermined by the broadly weaker USD undertone and franc demand on the soft EUR/CHF cross. But CHF sentiment is dented by the 0.41-point drop in Switzerland July UBS Consumption Indicator to 1.66. USD/CHF losses are also tempered by the dovish Swiss National Bank's monetary policy. The daily chart is mixed as MACD is bullish, 5 and 15-day moving averages advancing but stochastics is turning bearish at overbought zone.


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 is keeping above its pivot point, a long position is recommended with the first target at 0.9110 and the second target at 0.9070. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.92. A break of this target would push the pair further downwards and one may expect the second target at 0.9220. The pivot point is at 0.9164.


Resistance levels:

0.9185

0.92

0.9220



Support levels:


0.9110

0.9070

0.9050


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Technical analysis of NZD/USD for August 28, 2014

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Overview:


NZD/USD is expected to trade in higher range. It is supported by the broadly softer USD underton, Kiwi demand on retreating AUD/NZD cross and NZD/USD interest differential. But NZD/USD gains are tempered by the weak dairy prices and reduced expectations of further rate hikes from the Reserve Bank of New Zealand this year. Daily chart is mixed as MACD is bearish, 5 and 15-day moving averages are falling, but stochastics is turning bullish at oversold.


Trading recommendations:
TThe 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 is keeping above its pivot point, a long position is recommended with the first target at 0.8435 and the second target at 0.8465. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8310. A break of this target would push the pair further downwards and one may expect the second target at 0.8270. The pivot point is at 0.8380.


Resistance levels:

0.8435

0.8465

0.8490


Support levels:

0.8310

0.827

0.8255


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Technical analysis of USD/JPY for August 27, 2014

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Overview:


USD/JPY is expected to trade in higher range.It is underpinned by the bullish dollar sentiment (ICE spot dollar index last 82.67 versus 82.56 early Tuesday) on a surprise rise in Conference Board U.S. consumer confidence index to 92.4 in August from a revised 90.3 in July (defying forecast for drop to 88.5), stronger-than-expected 22.6% on-month increase in U.S. July durable goods orders (versus forecast +7.5%), rise in Richmond Fed manufacturing index to 12 in August from 7 in July. USD/JPY is also supported by the demand from Japan importers and higher longer-dated U.S. Treasury yields (10-year at 2.398% versus 2.383% late Monday), reduced safe-haven appeal of yen amid positive global risk sentiment (VIX fear gauge eased 0.6% to 11.63; S&P 500 hit record high 2,005.04 before closing up 0.11% at 2,000.02 overnight). But USD/JPY gains are tempered by the Japan exporter sales.


Technical comment:
Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought zone, five and 15-day moving averages are advancing.


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 is keeping above its pivot point, a long position is recommended with the first target at 104.25 and the second target at 104.50. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 103.40. A break of this target would push the pair further downwards and one may expect the second target at 103. The pivot point is at 103.65.


Resistance levels:

104.25

104.50

104.80


Support levels:

103.40

103

102.70


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Technical analysis of USD/CHF for August 27, 2014

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Overview:


USD/CHF is expected to consolidate with bearish bias after hitting nine-month high at 0.9181 on Tuesday. It is supported by the bullish dollar sentiment and dovish Swiss National Bank's monetary policy and contagion from weak EUR on CHF. The daily chart is positive-biased as MACD and stochastics are bullish, although the latter is at overbought zone, five and 15-day moving averages are advancing.


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 is keeping above its pivot point, a long position is recommended with the first target at 0.9110 and the second target at 0.9070. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.92. A break of this target would push the pair further downwards and one may expect the second target at 0.9220. The pivot point is at 0.9164.


Resistance levels:

0.92

0.9220

0.9245



Support levels:


0.9110

0.9070

0.9050


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

Technical analysis of NZD/USD for August 27, 2014

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Overview:


NZD/USD is expected to consolidate with bearish bias after hitting six-month low at 0.8308 on Tuesday. It is undermined by the bullish dollar sentiment, wider-than-expected New Zealand July trade deficit and weak dairy prices; reduced expectations of further rate hikes from the Reserve Bank of New Zealand this year and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the NZD-USD interest differential and positive investor risk appetite. The daily chart is negative-biased as MACD and stochastics is bearish, although latter is at oversold zone, five and 15-day moving averages are declining.


Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8300. A break of this target will move the pair further downwards to 0.8270. The pivot point stands at 0.8380. In case the price moves in the opposite direction and bounces back from the support level, then it will moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8435 and the second target at 0.8465.


Resistance levels:

0.8435

0.8465

0.8490


Support levels:

0.8310

0.827

0.8255


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

Technical analysis of GBP/JPY for August 27, 2014

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Overview:


GBP/JPY is expected to trade in lower range. It is weighed by the weak EUR sentiment and Japan exporter sales. But GBP/JPY losses are tempered by the demand from Japan importers and positive investor risk appetite. The daily chart is mixed as MACD is bullish, but stochastics is bearish at overbought zone.


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 is keeping above its pivot point, a long position is recommended with the first target at 172.70 and the second target at 172.90. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 171.50. A break of this target would push the pair further downwards and one may expect the second target at 171.15. The pivot point is at 171.90.


Resistance levels:

172.70

172.90

173.30



Support levels:


171.50

171.15

170.75


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

Technical analysis of GBP/JPY for August 28, 2014

GBPJPYM30.png


Overview:


GBP/JPY is expected to trade with risks skewed higher. It is supported by the stronger EUR/USD undertone and demand from Japan importers. But GBP/JPY gains are tempered by the Japan exporter sales. Daily chart is mixed as MACD is bullish, but stochastics is in bearish mode.


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 is keeping above its pivot point, a long position is recommended with the first target at 172.70 and the second target at 172.90. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 171.50. A break of this target would push the pair further downwards and one may expect the second target at 171.15. The pivot point is at 171.90.


Resistance levels:

172.70

172.90

173.30



Support levels:


171.50

171.15

170.75


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

Technical analysis of EUR/USD for August 28, 2014

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When the European market opens, some economic news will be released such as German Prelim CPI m/m, Spanish Flash CPI y/y, German Unemployment Change, M3 Money Supply y/y, Private Loans y/y, Italian Retail Sales m/m, and Italian 10-y Bond Auction.The US will unveil its Prelim GDP q/q, Unemployment Claims, Prelim GDP Price Index q/q, Pending Home Sales m/m, and Natural Gas Storage. So amid the reports, EUR/USD is likely move low to medium volatility today.


Today’s technical levels:

Breakout BUY Level: 1.3257.

Strong Resistance:1.3249.

Original Resistance: 1.3236.

Inner Sell Area: 1.3223.

Target Inner Area: 1.3192.

Inner Buy Area: 1.3161.

Original Support: 1.3148.

Strong Support: 1.3135.

Breakout SELL Level: 1.3127. Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for August 28, 2014

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In Asia, Japan will not release any economic data news but the US will release its Prelim GDP q/q, Unemployment Claims, Prelim GDP Price Index q/q, Pending Home Sales m/m, and Natural Gas Storage data. So there is a big probability USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.


Today’s technical levels:


Resistance. 3: 104.29.

Resistance. 2: 104.09.

Resistance. 1: 103.98.

Support. 1: 103.63.

Support. 2: 103.43.

Support. 3: 103.22.


Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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

Daily analysis of USDX for August 28, 2014

Daily chart: The USDX has made a pullback at the resistance level of 82.51, so this instrument continues to form a bullish pattern with intentions of trying to fill the bullish gap. If the USDX manages to make a breakout at the 82.30 level, it would be expected to fall until the support level of 81.50. The MACD indicator is entering overbought area.


1409177472_USDXDaily.png

H4 chart: The USDX has found resistance again at the bullish trend line, so the USDX is trying to find support at the level of 81.40. If the USDX consolidates below that level, the next target would be the level of 81.72, which is close to the bullish trend line. The MACD indicator remains in negative territory.


1409177481_USDXH4.png

H1 chart: The USDX is trying to consolidate below the resistance level of 82.50 with a higher low pattern formation. However, this instrument could perform a rebound at current levels and try to make a breakout at the resistance level of 82.50. If it succeeds, it would be expected to that rise to the level of 82.67. The MACD indicator is entering neutral territory.


1409177487_USDXH1.png


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 82.50, take profit is at 82.67, and stop loss is at 82.34.


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

Daily analysis of GBP/USD for August 28, 2014

Daily chart: GBP/USD has made a bullish rebound again at the support level of 1.6540. So this pair is trying to climb up to the resistance level of 1.6668. However, we should remember that GBP/USD is forming a higher low pattern, so it could make a breakout at the 1.6540 level and fall down to 1.6447. The MACD indicator is entering oversold zone.


1409177427_GBPUSDDaily.png


H4 chart: This pair has encountered resistance at the level of 1.6605, so GBP/USD has formed a fractal at that level. For now, it is likely that the GBP/USD pair will attempt to fall up to the support level of 1.6553. If the GBP/USD manages to make a breakout at that level, the next target would be the support level of 1.6464. The MACD indicator stays in positive territory.


1409177433_GBPUSDH4.png


H1 chart: GBP/USD encountered resistance near to the 200-day moving average, so this pair returned to consolidate below the resistance level of 1.6578. For now, the next objective in the bearish road is the support level of 1.6544. If GBP/USD manages to make a breakout 1.6578 level, it would be expected to rise up to the level of 1.6629. The MACD indicator remains in negative territory.


1409177438_GBPUSDH1.png


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 1.6544, take profit is at 1.6507, and stop loss is at 1.6581.


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