Daily analysis of GBP/JPY for September 02, 2014

GBPJPY_2-9.png


Overview


As it was expected last week, more bullish signals would be expected in case of closing above the resistance level of 172.60. Today, as it is shown in the H4 chart, the pair has already managed to break the resistance level and close 4H above it. Currently,the pair is approaching the resistance level of 173.80 trying to break it through to continue the upward move. More bullish signals would be expected in case of closing 4H above this resistance level with the first target few pips below the resistance level of 174.40, then 175.00 as the second target.


Resistance and support levels: R3 (175.00),R2 (174.40), R1 (173.80), S1 (173.30), S2 (172.60), S3(172.00)


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

Technical analysis of AUD/USD for September 2, 2014

audusdh1.png

Overview :



  • The AUD/USD pair had a breakdown and extended further to as low as 0.9270 last week. It closed at 0.9285 today as well as the price was placed below 50% of Fibonacci retracement levels for two days. In addition, it should be noted that the price had formed strong support at the level of 0.9270 (also, you might note that the price of 0.9270 represents the double bottom in H4). Futhermore, this strong level has still been trapped between 50% of Fibonacci retracement levels and 23.6% in H4 chart. We expect a range of 40 pips to 53 pips today. Accordingly, it means probably that the market will start showing the signs of a bullish market again in order to indicate a bullish opportunity in the short term from the 0.9300 level or 23.6% of Fibonacci retracement levels with a target towards the strong resistance around 0.9300. Meanwhile, the bulls will be forced to pull back below the level of this area. Thus, this level will act as a spot to sell in the long term on September 2, 2014. Therefore, it will a good sign to sell below 0.9305 with a target at the price of 0.9270 in order to form a double bottom.


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

Technical analysis of NZD/USD for September 2, 2014

nzdusdh4.png

Overview :



  • The NZD/USD pair is going to continue its rise upright from the price of 0.8310 in the short term. Equally importantly, it should be noted that 00% of Fibonacci retracement levels as well as the level of 0.8310 represent the same price which is probably going to form a double bottom. Accordingly, the Kiwi is showing signs of strength following the break of the highest level of 0.8310. So, it will be a good sign to buy above the level of 0.8310 (00% of Fibonacci retracement levels in H4 chart) with the first target of 0.8371 and further to 0.8433 (it will act as strong resistance, for that it is going to be a good place to take profit. Also, it should be noticed that the level of taking profit will coincide with 23.6% of Fibonacci retracement levels).

  • On the other hand, in case reversal takes place and the NZD/USD pair breaks through the support level of 0.8310, then the market will lead to further decline to 0.8266 in order to indicate for a bearish market.


nzdusdh4-1.png

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

Technical analysis of EUR/JPY for September 2, 2014

General overview for 02/09/2014 11:50 CET


There complex corrective structure labeled as WXY brown is developing as anticipated. After blue wave (b) is completed, higher prices are expected. The fist minimum target for blue wave (c) is at the level of 138.15 but further upside levels are possible as well. The key intraday level for bulls is intraday support at the level of 137.40 and a rebound is expected either there or from the lower channel line somewhere at the level of 137.10.


Support/Resistance:


138.15 - WR2


137.98 - Intraday Resistance | Technical Resistance|


137.40 - Intraday Support


137.37 - WR1


136.90 - Weekly Pivot


Trading recommendations:


All traders who had opened buy positions should keep an eye on the level of 137.98: breakout higher is bullish and a failure here is bearish.


1409652215_eurjpy_h1.jpgThe material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for September 2, 2014

General overview for 02/09/2014 10:50 CET


There are two possible wave developments that can happen on this market and the key level seems to be the intraday resistance at the level of 1.0926. Any breakout higher favours the main count, that indicates a bullish impulsive wave progression that will make the old swing high at the first target and then will try to break even higher. The alternative count indicates more time-consuming corrective green wave 2. A little more of downside development might happen if the level of 1.0926 is not broken. The target level for green wave C of green wave 2 as well as the possible end of the alternative corrective cycle is projected at the level of 1.0740 - 1.0726.


Support/Resistance:


1.0995 - Swing High


1.0965 - WR1


1.0926 - Intraday Resistance | Key Level |


1.0887 - Weekly Pivot


1.0792 - Technical Support


1.0784 - WS1


1.0740 - 1.0726 - Projected Target Zone


Trading recommendations:


All traders who had opened buy positions should keep an eye on the level of 1.0926: breakout higher is bullish and a failure here is bearish.


1409650359_NewPicture2036.jpgThe material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for September 2, 2014

2014-09-02-EURNZD-8H.png


Today's support and resistance levels:


R3: 1.5782


R2: 1.5760


R1: 1.5743


Current spot: 1.5721


S1: 1.5709


S2: 1.5701


S3: 1.5690


Technical summary:


The rally above 1.5725 indicates that wave 2 ended early at 1.5646 and wave 3 higher is already developing. In short run, we could see a minor correction towards 1.5683 before the next rally higher to challenge resistance at 1.5782 and a break above here confirms that wave 2 is over, wave 3 is higher to 1.5898, and 1.6203 is developing. It will take an unexpected decline below 1.5646 to alter this count and indicate an even more complex correctin, than it is developing now.


Trading recommendation:


We missed our EUR buy-order at 1.5595, but have instead bought EUR at 1.5725 and will place our stop at 1.5640. If you are not long in EUR yet, then buy EUR near 1.5683 with the same stop at 1.5640.


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

#USDX Technical analysis for September 2, 2014

The Dollar index gave a new higher high yesterday as expected very close to our 83 target. The trend remains up. Bulls should raise their stops to protect their positions. The Dollar index continues to make higher highs and higher lows. In our past analysis during early August, I mentioned that the bullish flag target was 83-84. We reached the first level.


usdx.jpg

Price remains above the Ichimoku cloud and above the red trend line support. Support is found at 82.75 and 82.60. Resistance is at 83 and 83.40. The trend remains bullish. As long as price is above 82.65, we remain short-term bullish.


usdxd.jpg

The daily chart continues to stay bullish. Price is inside the upward sloping channel and above the Ichimoku cloud. Support is found at 82.50. A daily close below 82.50 will give me a daily sell signal that could push the index towards 82 at least if not touch the cloud at 81.30.


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

Elliott wave analysis of EUR/JPY for September 02, 2014

2014-09-02-EURJPY-8H.png


Today's support and resistance levels:


R3: 138.00


R2: 137.90


R1: 137.73


Current spot: 137.50


S1: 137.43


S2: 137.27


S3: 137.17


Technical summary:


The break above minor resistance at 137.29 has put the inverse S/H/S bottom into play. We still need a clear break above the neckline at 138.00 to trigger this bottom-formation, but if triggered we have a firm indication, that the bottom was found prematurely at 135.73. This premature bottom indicates underlying strength in this cross and a strong rally could be developing. We have been aware, that the decline from 145.69 was a correction and more upside was expected once this correction was over. So, even though this correction did not make it down to the ideal equality target at 134.34, this rally should come as no big surprise. Ideally we will see minor support near 137.43 to protect the downside for the test of the neckline resistance at 138.00.


Trading recommendation:


Our stop+reverse was triggered at 137.35. This gave us a nice little profit and positioned us for the expcted rally to 138.00 and likely above. We will place our new stop at 136.45. If you are not long in EUR yet, then buy EUR near 137.43 with the same stop at 136.45.


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

Gold Technical analysis for September 2, 2014

Gold price has broken short-term support at $1,280and is testing the lows at $1,270. Critical support is at that level. Our bullish scenario is now in danger of getting canceled. The bearish scenario sees Gold price to move to $1,200.


goldh4.jpg

Gold price has broken the previous low at $1,280. Price remains below Ichimoku cloud and is testing previous lows at $1,270. Resistance is found at $1,295-90. As long as price is below that level, we should expect the downtrend to remain strong. When price breaks below $1,270, we should expect a strong sell off.


goldd.jpg

The price level at $1,270 is where the red upward trend line is found. Breaking that level will cancel my wave count and will put pressures on Gold price with $1,200 as a potential target. Price is still below the Ichimoku cloud in the daily chart. As long as price is below the cloud, the trend will remain bearish. $1,295 is a critical resistance level and should be used as a stop for short positions.


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

Daily analysis of major pairs for September 2, 2014

EUR/USD: In a slow and a steady manner, the EUR/USD pair has been able to continue its decline, gradually breaking one support line after the other. There is a Bearish Confirmation Pattern in the chart. The price now is below the resistance line at 1.3150, and it may end up testing the support line at 1.3100.


1.png

USD/CHF: This currency trading instrument has been able to breach the support level at 0.9200 to the upside. The price has closed above that level. Currently, it is poised to move further upwards. However, this may be in a slow and steady manner.


2.png

GBP/USD: The GBP/USD pair has been consolidating seriously lately. The GBP is strong on its own, but it is still weaker than the USD; hence, the see the current price action. The volatility may prompt the price to test the accumulation territory at 1.6550. The same volatility may also cause the price to reach the distribution territory at 1.6650.


3.png

USD/JPY: It is not a surprise that the USD/JPY pair has been able to continue its bullish journey. Even, a weak currency like the EUR is now up against the JPY, the latter is very weak right now. The USD/JPY pair has been able to go above the demand level at 104.50. The next target is at the supply level of 105.00.


4.png

EUR/JPY: Really, the JPY is now so weak that, even a weak currency like the EUR can go up against it. That is the case which made this cross jumped upwards considerably. The jump up is significant enough to overcome the recent bearish outlook. The price is now trading above the demand zone at 137.50, and it should go further upwards, reaching the supply zone at 138.00. There is now a bullish signal in the market.


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

Intraday trading recommendations on GBP/JPY for September 02, 2014

GBPJPYDaily.png


The pair came out of the 2-month descending trend line, closed above that and closed above 50Dsma in the daily chart. It shows, the bulls have an upper hand. The pair can touch the 174.20 and 174.35 levels until its prices closes above 173.14. The pair has support at 173.14, 172.70, and 172.55 levels. Use a dip to buy.


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

Intraday trading recommendations on EUR/JPY for September 02, 2014

1409631846_EURJPYH4.png


The pair has been taken minor support at 136.60 for 6 weeks on a closing basis. On the higher side, it has resistance at the 138.02 level. On an intraweek basis, 138.25 is the strong resistance. A week close above 138.25 leads to strong up move in the near term. In the Pacific session, the pair is trading at 137.30. We strongly recommend buying above 137.40 with an hourly target between 137.50 -137.57. In case a daily close is above 137.50, the intra week turns to positive at 137.66 and 138.02.


For an hourly perspective, the support levels existed between 137 and 136.90. Sell only below 136.85.


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

Intraday levels and trading recommendations on Gold for September 02, 2014

GOLDDaily.png


The yellow metal in yesteday's session rejected from 50Wsma or $1,291, made high at $1,288.30 but managed to close slightly above 200Dsma in the daily chart. It means, the metal is facing selling pressure at higher levels. The metal opened its session today with a minor bearish note. We expect it will correct a bit upwards to the nearest support levels to regain some strength. On the upper side, it has resistance at $1,291 above this; $1,295-$1,296 is the major resistance level.


In case a weekly close is above $1,29, bulls will regain the strength in the near term. - pending


In case a daily close is above $1,296, ST trend turns to positive. - pending


GOLDH4.png

For an hourly trading perspective, we recommend selling only below the $1,285 level. On the down side, it has targets at $1,282, $1,281, and $1,280 levels; break below $1,279.50 more downside is expected to $1,277.50, $1,276 and $1,274 levels. Fresh longs only above $1,289 will mint the money.


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

Weekly forecast and intraday trading recommendations on GBP/USD for September 02-05, 2014

GBP/USD


GBPUSDH4.png

The UK manufacturing slipped to a 14-month low at 54.8 in the previous month. In yesterday's session, the pair rejected at 100Dsma and closed below that. On the upside, the pair has strong resistance at 1.6664 or 200Ema on a weekly basis. Until the pair closes above this, bears will have an upper hand. Selling on every up move still keeps gainful deals this week as well. Traders can sell at camp 1.6612 and on rise up to 1.666, sl 1.6680 is holding until the sl is taken off. It's a positional trade. On the down side, the target existed at 1.6580 (50WSma) below this, steep fall is expected to the 1.6563, 1.6539, 1.6524, and 1.6465 levels. By the end of this week, if the pair closes above 1.6580 (50WSma) on the downside, 1.6465 is an initial open target; later 1.6252 and 1.6210 are medium-term targets.


Weekly basis: sell on every up move with sl at 1.6680.


Weekly close below 1.6580 means more bearish tone towards 1.6465 and 1.6250. - pending


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

Technical analysis of GBP/CHF for Sep 02, 2014


Technical outlook and chart setups:


1. The GBP/CHF pair has reached the 1.5250 mark as discussed and expected earlier. Please note that this 1.5250 is also the fibonacci 0.618 resistance os the entire fall from 1.5450 to 1.5050. It is recommended to remain short and also initiate further short positions now, risk remains above 1.5450.


2. Support is seen at 1.4970/80, followed by 1.4750/60 and lower while resistance is seen at 1.5350 and 1.5450 respectively.


3. The structure indicates that GBP/CHF pair shall remain bearish till prices are below 1.5430/50 levels.


Trading recommendations:


Remain short, stop above 1.5450, target is open.


Good luck!




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

Technical analysis of EUR/USD for September 02, 2014

!EU.jpg


When the European market opens, some economic news will be released such as Spanish Unemployment Change, PPI m/m.The US will release its Final Manufacturing PMI, ISM Manufacturing PMI, Construction Spending m/m, IBD/TIPP Economic Optimism, and ISM Manufacturing Prices. So amid the reports, EUR/USD will move low to medium volatility today.


Today’s technical levels:

Breakout BUY Level: 1.3196.

Strong Resistance:1.3188.

Original Resistance: 1.3175.

Inner Sell Area: 1.3162.

Target Inner Area: 1.3131.

Inner Buy Area: 1.3100.

Original Support: 1.3087.

Strong Support: 1.3074.

Breakout SELL Level: 1.3066.


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 Silver for Sep 02, 2014


Technical outlook and chart setups:


1. Silver is still looking to carve a higher low ahead of $19.00/20 levels as seen here. The metal is expected to accelerate its rally once prices push above $19.50 levels. It is recommended to remain long, risk remain below $19.00 levels.


2. Support is seen at $19.00, followed by $18.60 and lower while resistance is seen at $20.20, followed by $21.70, $22.30 and higher up respectively.


3. The structure indicates that Silver should remain constructive for bulls till prices remain above $19.00 levels.


Trading recommendations:


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


Good luck!




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

Technical analysis of Gold for Sep 02, 2014


Technical outlook and chart setups:


1. Gold is correcting at the moment and support should come in around current levels of $1,283.00 and ahead of $1,271.00. The next leg is expected to be higher towards $1,325.00 and up. It is recommended to remain long, risk remains below $1,270.00.


2. Support is seen at $1,280.00, followed by $1,271.00, $1,260 and below while resistance is seen at $1,325.00, followed by $1,240.00 and higher respectively.


3. The structure indicates that Gold remains constructive till prices remain above $1,271.00 levels.


Trading recommendations:


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


Good luck!




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

Technical analysis of USD/JPY for September 02, 2014

!UJ.jpg


In Asia, Japan will release its Monetary Base y/y, Average Cash Earnings y/y, 10-y Bond Auctionand the US will release its Final Manufacturing PMI, ISM Manufacturing PMI, Construction Spending m/m, IBD/TIPP Economic Optimism, and ISM Manufacturing Prices. So there is a big probability USD/JPY will move with low to medium volatility today.


Today’s technical levels:


Resistance. 3: 105.09.

Resistance. 2: 104.89.

Resistance. 1: 104.68.

Support. 1: 104.43.

Support. 2: 104.22.

Support. 3: 104.02.



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 September 02, 2014

Daily chart: The USDX continues to consolidate above the level of 82.51, so the following objective continues to be the resistance level of 83.22. Now, the USDX is trying to take a bullish pattern, so the bullish trend every day is more powerful in the USDX. For now, it is likely that during the week, the USDX continue to perform movements in favour of the bullish trend.


USDXDaily.png

H4 chart: The USDX has formed a fractal in the bullish trend line, so the USDX could perform again a pullback on this area to fall back to the support level of 82,40. If the USDX manages to make a breakout at that level, it would be expected to fall to the level of 81.72, where is located the 200-day moving average. The MACD indicator stays in positive territory.


USDXH4.png

H1 chart: TYhe USDX has made a rebound on the support level of 82.67, so it is very likely that the USDX adds again to the resistance level of 82.85. If the USDX manages to make a breakout at that level, the next target would be the resistance level of 82.97. For now, the USDX remains above the 200-day moving average, which strengthens the bullish outlook in this chart. The MACD indicator is in the neutral territory.


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 82.85, take profit is at 82.97, and stop loss is at 82.72.


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

Daily analysis of GBP/USD for September 02, 2014

Daily chart: GBP/USD continues to find resistance at the 200-day moving average, so this pair could be a pullback in that level to fall to the support level of 1.6540. If GBP/USD manages to make a breakout at that level, we would expect a falling to the level of 1.6447. The MACD indicator continues to move in positive territory.


GBPUSDDaily.png


H4 chart: GBP/USD has formed a fractal in the resistance offered by the level of 1.6644, since this pair is trying to make a breakout at that level to climb to the next objective in the resistance level of 1.6692. GBP/USD is approaching to the 200-day moving average on this chart. The MACD indicator is entering overbought area.


GBPUSDH4.png


H1 chart: this pair has found strong resistance in the 1.6629 level, due to the fact that GBP/USD is finding dynamic resistance in the 200-day moving average, so this pair could fall back to the support level of 1.6578. If the GBP/USD manages to be a breakout in the support level, the next target would be the 1.6544 level. The MACD indicator remains in negative territory.


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 1.6578, take profit is at 1.6544, and stop loss is at 1.6611.


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