GBP/USD intraday technical levels and trading recommendations for September 10, 2014

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In July 15, extensive bearish momentum was gained. Since then, the GBP/USD pair has been downtrending within the depicted bearish channel.


Two successive bearish impulses were expressed around 1.7180 and 1.6630 corresponding to the upper limit of the depicted channel.


Price level of 1.6140 constitutes a prominent weekly support to meet the pair. Temporary breakdown is taking place today. However, bullish rejection is being witnessed in the recent daily candlesticks.


We expect the GBP/USD pair to retrace towards the price zone of 1.6330-1.6400 where another bearish impulse is expected to be expressed offering a valid low-risk sell entry. Stop loss should be set as daily closure above 1.6410.


This price zone corresponds to the upper limit of the depicted bearish channel as well as 61.8% Fibonacci level of the recent bearish impulse between 1.6630 and 1.6060.


On the other hand, risky traders can take a long position around the current prices as long as the bulls keep defending the recent low at 1.6050.


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USD/CAD intraday technical levels and trading recommendations for September 10, 2014

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The USD/CAD pair has been downtrending within the depicted bearish channel. This bearish trend started with retesting 1.1260 when bears initiated this extensive bearish impulse.


Two months ago, the bearish swing mentioned above was stalled around the price level of 1.0620. This price level corresponded to the lower limit of the channel as well as the backside of a steeper channel one.


In August, bullish breakout off the movement channel took place. This enabled the current bullish Flag pattern to be established.


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This week, the USD/CAD pair has been testing 50% - 61.8% Fibonacci Levels of the most recent bearish swing. A recent consolidation zone was established between 1.0990 - 1.0850.


Four-hour fixation above price zone of 1.0990-1.1025 confirms the bullish flag pattern mentioned above offering a valif BUY entry.


Projection targets are located initially around 1.1235 - 1.1270. SL should be located below 1.0940.


These levels haven't been visited since March when the whole bearish swing was initiated.


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EUR/NZD analysis for September 10, 2014

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Overview:


Since our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.5744 in a volume above average according to the daily chart. I have placed Fibonacci retracement to find potential end of a bullish corrective phase. I got Fibonacci retracement 61.8% around the price of 1.5720-1.5760. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. According to the 4H time frame, I have placed Fibonacci expansion to find the end of a bullish corrective phase and I got Fibonacci expansion 161.8% at the price of 1.5720 (currently on the test). Support level is the price of 1.5540 (swing low like support).


Daily Fibonacci pivot levels :


Resistance levels:


R1: 1.5714


R2: 1.5750


R3: 1.5806


Support levels:


S1: 1.5600


S2: 1.5565


S3: 1.5508


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


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Gold analysis for September 10, 2014

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Overview:


Since our last analysis, gold has been trading sideways around the price of 1,253.00. We are waiting for a larger volume and higher activity on the market. The price rejected from our Fibonacci retracement 38.2% at the level of 1,272.00, and that is the reason why we saw bearish continuation. Our major Fibonacci expansion 61.8%% is on the test. If the price breaks the level of 1,251.00 in a high volume, we may see more downward movement and potential testing the level of 1,218.00 (Fibonacci expansion 161.8%). According to the 4H time frame, we can observe weak demand in the background, which is a sign that buying looks risky.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,255.96


R2: 1,258.50


R3: 1,262.63


Support levels:


S1: 1,247.70


S2: 1,245.16


S3: 1,241.03


Trading recommendations: Selling at this stage looks risky since our Fibonacci expansion 61.8% is on the test. Watch for selling opportunities only after correction.


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Technical analysis of USD/CAD for September 10, 2014

General overview for 10/09/2014 11:25 CET


So far, the wave progression is expanding as anticipated but please notice the key level mustn't be violated in order to keep the impulsive count intact. The invalidation level for the red bullish impulsive count is at the level of 1.0941. Any breakout lower means the alternative count is in play and lower prices should be expected. Otherwise, if the level is not invalidated, there is one more wave to the upside in a red impulsive cycle to be made and the first projected target is at the level of 1.1063.


Support/Resistance:

1.1063 - WR3

1.1053 - Technical Resistance

1.1030 - Swing High

1.1002 - WR2

1.0956 - Intraday Support

1.0942 - Key Level|Invalidation Level


Trading recommendations:

Since the beginning of the week, the dips in this pair should be bought and this time is no different. Buy orders should be opened from the current price levels with the SL below the level of 1.0940 and TP at the level of 1.1062.


usdcad_h1.jpgThe material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for September 10, 2014

General overview for 10/09/2014 10:45 CET


The last chance for the bearish impulsive count is in a double WXY zig-zag count presented on the chart. However, please notice that the level of recent swing high is now a key level, intraday resistance and invalidation level. So, any violation of this level cancels the impulsive count and indicates a possibility of a test of the level of 139.06.


Support/Resistance:

139.06 - WR2

138.25 - Swing High|Key Level|Invalidation Level|Intraday Resistance|

137.50 - Intraday Support

137.42 - WR1 Trading recommendations:

Short orders from yesterday should be closed and traders should wait what market will do with the key level. Any violation is bullish.


eurjpy_h1.jpgThe material has been provided by InstaForex Company - www.instaforex.com

#USDX Technical analysis for September 10, 2014

The Dollar index has showed some signs of weakness yesterday after a long time. The trend may be reversing and we could even see a deeper pull back towards 83.30 or even 82.60. The longer-term trend remains bullish but bulls need to be very cautious.


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In Ichimoku cloud terms, the trend remains bullish but with price breaking below the tenkan-sen. If the index does not manage to close for the next 4 hours above that level, there is an increased chance of a pullback towards the kijun-sen at 83.65. The Chikou span remains bullish and so does the cloud which is below price.


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A reversal from the current levels will bring the Dollar index towards 83.40 support and maybe lower towards the 38% Fibonacci retracement. The trend remains up but the parabolic rise is getting very risky for new bulls to enter the market. If not already long, better wait for a strong pull back.


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Gold Wave analysis for September 10, 2014

Gold price remains below the important price level of $1,270. The short-term trend remains bearish. Our longer-term view remains near $1,000. Breaking the triangle wave 4 signals the start of wave 5. My wave 5 targets are between $1,050 and $950.


1410335714_goldh4.jpgGold price remains in a downtrend. The Ichimoku cloud indicators continue to point lower. Gold continues to make lower lows and lower highs. Short-term resistance is found at $1,270. Only if we see a break above that level, we can say that short-term trend has changed. Until then I believe it is a matter of time we see $1,240 and below.

goldd.jpgThe weekly chart above shows the critical break down of Gold price below and out of the wave 4 triangle. I have two targets. The red target is equal to the size of wave 1 and the blue target is equal to the base of the triangle. So, I expect Gold price to reach between $1,050 and $950 in the longer-term. The material has been provided by InstaForex Company - www.instaforex.com

Intraday trading recommendations on Gold for September 10, 2014

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The metal drifted towards the $1,247 level and sharply bounced from the lower levels. Today, the metal opened neutral at the previous closest level. Buying is unable to breach the $1,257.80 level. We can see a sudden spike once it breaches $1,257.80, it can fly up to the $1,260 and $1,262.50 levels. In the h4 chart, the RSI is indicating a minor positive divergence. We recommend buying only above the red descending trend line in the above chart. The positional resistance existed at $1,280. Until the pair closes above $1,280, selling on every up move will mint the money. On the down side, the targets existed at $1,240, $1,220, $1,210, and $1,185 levels.


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Intraday trading recommendations on Crude for September 10 , 2014

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The crude oil prices have been rejected from 20Dsma 4 days in a row. Finally, crude oil hit the previous lows. The prices has support at 91.30; breaking below it leads to another leg down towards 90,89.50 and even 88. On the upside, 94.50 (20Dsma) is acting as strong resistance. Until the price closes above 94.50, selling on every up move will mint the money. For an intraday session, the prices are facing strong resistance at 12ema and 35DEMA. For 10 hours, the prices are facing resistance at the 93.35 and 93.70 levels.


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Intraday trading recommendations on USD/CHF for September 10, 2014

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The pair gets restriction at 200WEma and 61.8 fib level. A fresh, strong up move will flare above 0.94 towards the 0.9456, 0.9534, and 0.9611 levels. In the medium term, 0.94 is the strong resistance level and the trend decider level. In the daily chart, the momentum oscillators indicating bears will drive the pair up to the 0.9280 and 0.9180 levels in the near term. This view is valid until the pair closes below the 0.9360 levels. For August, 0.9175 was strong support. The medium will turn to bearish again, if the pair hits 0.9175. The monthly RSI and Stochastics are indicating a bullish move.


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For an intraday view, the prices are closed and trading below35DEMA and 12ema represents bearish views for an hour and intrady basis. The pair has support at 0.9315, below this bears prompt the pair to make 0.93, 0.9286, and 0.9280. The panic will trigger below 0.9280 towards the 0.9255 and 0.9216 levels. On the down side, 0.9175 is the key trend level in the near term and 0.94 is the strong resistance level.


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Intraday trading recommendations on USD/CAD for September 10, 2014

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The pair breached the 4-week resistance and moved to 1.1032 but rejected at the 61.8 fib level. The pair has a strong resistance zone between the 1.1053-1.1070 levels. We can expect a strong up move only above 1.1070 (safe buy) towards 1.1150. On the down side, the pair has strong support at 1.08526 and 1.0816 (50Wsma) for the short-term perspective. Until the pair closes above 1.0816, bulls will have an upper hand. In the near term, the pair is unable to sustain at higher levels on closing basis. Even though it breaches the high levels, but unable to close at higher levels 1.0986. We are bullish only if the pair closes above 1.0986 on a daily closing basis for the near term.


Resistance 1.0986 1.1053 1.1070


Support 1.0919 1.08474 1.0816


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For an intraday basis, the pair opened with a bearish note moving high and below the previous day close. The pair has support at 1.0964, below this 1.0960 and 1.0954 level is a major support level. Safe traders can sell below 1.0964 with downside targets at the 1.0954, 1.0942, 1.0928, and 1.0920 levels. Risky trades can sell at cmp 1.0979 with sl at 1.0986.


Sell with sl 1.0986.


Safe traders can sell below 1.0964.


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Technical analysis of USD/JPY for Sep 10, 2014

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Fundamental Overview:


USD/JPY is expected to trade in a higher range after hitting a near-six-year high at 106.47 on Tuesday. It is underpinned by the higher U.S. Treasury yields (10-year at 2.502% versus 2.471% late Monday) after hawkish comments by the San Francisco Federal Reserve triggered speculation that the Fed might sound less dovish in next week's policy statement, and that rate hikes are potentially nearer than markets have anticipated. USD/JPY is also supported by demand from Japanese importers; healthier-than-expected rise in U.S. NFIB Index of Small Business Optimism to 96.1 in August from 95.7 in July (versus forecast 96.0); negative JPY sentiment as recent data pointing to a struggling Japanese economy suggest the Bank of Japan may yet provide more stimulus. However, USD/JPY gains are tempered by Japanese export sales; profit-taking on long USD positions.


Data focus:

2350 GMT Japan will release July orders received for machinery as well as August corporate goods price index.

1400 GMT U.S. will publish July wholesale trade report.


Technical comment:
The daily chart is still positive-biased as MACD is bullish, stochastics stays elevated at overbought zone, 5 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 106.60 and the second target at 107. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 105.40. A break of this target would push the pair further downwards and one may expect the second target at 104.95. The pivot point is at 105.70.


Resistance levels:

106.60

107

107.35


Support levels:

105.40

104.95

104.70


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Technical analysis of USD/CHF for Sep 10, 2014

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Fundamental Overview:


USD/CHF is expected to consolidate in a higher rage after hitting a year high at 0.9380 on Tuesday. It is undermined by the spillover strength from rebounding RUR on CHF, franc demand on buoyant CHF/JPY cross amid the weak yen sentiment and profit-taking on long USD positions. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy and underpinned by higher U.S. Treasury yields (10-year at 2.502% versus 2.471% late Monday). Hawkish comments by the San Francisco Federal Reserve triggered expectations that the Fed might sound less dovish in next week's policy statement.


Technical Comments:
The daily chart is mixed as MACD is bullish, 5 and 15-day moving averages are advancing but stochastics is turning bearish to the 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 0.9380 and the second target at 0.9430. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9290. A break of this target would push the pair further downwards and one may expect the second target at 0.9250. The pivot point is at 0.9315.


Resistance levels:

0.9380

0.9430

0.9465



Support levels:


0.9290

0.9250

0.9210


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Technical analysis of NZD/USD for Sep 10, 2014

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Fundamental Overview:


NZD/USD is expected to consolidate with a bearish bias after hitting a seven-month low at 0.8219 on Tuesday as markets await 2100 GMT Reserve Bank of New Zealand interest rate announcement (9 a.m. NZ time). RBNZ is expected to hold its official cash rate at 3.5%. NZD/USD is undermined by the weak dairy prices and healthier-than-expected rise in U.S. NFIB Index of Small Business Optimism to 96.1 in August from 95.7 in July (versus forecast 96.0). But NZD/USD losses are tempered by the Kiwi demand on the buoyant NZD/JPY cross amid the weak yen sentiment, Kiwi demand on soft AUD/NZD cross, NZD-USD interest differential and profit-taking on short-NZD positions ahead of RBNZ's rate decision, and higher U.S. Treasury yields (10-year at 2.502% versus 2.471% late Monday). Hawkish comments by the San Francisco Federal Reserve triggered expectation that the Fed might sound less dovish in next week's policy statement, and that a rate hike is potentially nearer than markets have anticipate.


Technical Comment:
The daily chart is negative-biased as MACD is bearish, stochastics stays suppressed in the oversold area, 5 and 15-day moving averages are falling.


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 0.8215. A break of this target will move the pair further downwards to 0.8180. The pivot point stands at 0.83. 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 0.8350 and the second target at 0.8390.


Resistance levels:

0.8350

0.8390

0.8435


Support levels:

0.8215

0.8180

0.8175


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Technical analysis of GBP/JPY for Sep 10, 2014

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Fundamental Overview:


GBP/JPY is expected to trade in a higher range. It is supported by the negative JPY sentiment. The recent data pointing to a struggling Japanese economy suggest the Bank of Japan may yet provide more stimulus increasing demand from Japanese importers. But GBP/JPY gains are tempered by Japanese export sales and uncertainty related to the referendum for Scotland's independence. Bank of England Gov. Carney warned on Tuesday that a currency union between England and independent Scotland would be incompatible with sovereignty. Besides, we should note wider-than-expected U.K. July global goods trade deficit of GBP10.2 billion (versus forecast GBP9.3 billion) and sterling sales on buoyant EUR/GBP cross. But GBP sentiment is soothed as Mr. Carney also signaled that a rate hike could be expected in spring; U.K. July industrial production is increased stronger-than-expected 0.5% on month and +1.7% on year (versus forecast +0.3% on month, +1.4% on year).


Technical Comment:
The daily chart is mixed as MACD and stochastics are turning bullish but five and 15-day moving averages are still meandering sideways.


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 171.75 and the second target at 172.35. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 169.25. A break of this target would push the pair further downwards and one may expect the second target at 168.55. The pivot point is at 170.50.


Resistance levels:

171.75

172.35

172.75



Support levels:


170

169.25

168.55


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Technical analysis of EUR/USD for September 10, 2014

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When the European market opens, some economic news will be released such as French Final Non-Farm Payrolls q/q, French Industrial Production m/m, and German 10-y Bond Auction. The US will release the economic data too such as the Wholesale Inventories m/m, Crude Oil Inventories, and 10-y Bond Auction. So, amid the reports, EUR/USD will move low volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.3002.

Strong Resistance:1.2995.

Original Resistance: 1.2982.

Inner Sell Area: 1.2969.

Target Inner Area: 1.2939.

Inner Buy Area: 1.2909.

Original Support: 1.2896.

Strong Support: 1.2883.

Breakout SELL Level: 1.2876.

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.


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Technical analysis of USD/JPY for September 10, 2014

!UJ.jpg In Asia, Japan will release the Core Machinery Orders m/m, and PPI y/y. The U.S. will also release some economic data such as Wholesale Inventories m/m, Crude Oil Inventories, and 10-y Bond Auction. So, there is a big probability the USD/JPY will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 106.75.

Resistance. 2: 106.54.

Resistance. 1: 106.33.

Support. 1: 106.07.

Support. 2: 105.86.

Support. 3: 105.65.

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.


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Technical analysis of EUR/JPY for September 10, 2014


Technical outlook and chart setups:


The EUR/JPY pair is following up well after bouncing off the support trend line turned to resistance on September 08, 2014. Bulls seem to be in control for now and any intraday pullbacks should be considered as opportunities to initiate long positions. The fibonacci extensions are pointing towards 139.80 and 143.40 levels in the coming sessions. Immediate support is seen at the 135.80/136.00 levels while resistance is seen through 139.20, followed by 140.00, 142.00 and higher respectively. A push through the 142.00/143.00 levels could indicate that the pair could print fresh highs before reversing lower.


Trading recommendations:


Remain long for now, stop at 135.80, the target is open.


Good luck!


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Technical analysis of GBP/CHF for September 10, 2014


Technical outlook and chart setups:


The GBP/CHF pair is seen to be pausing at 1.5000 levels for now. Please, note that the pair had reversed from the 1.5430 level earlier and also formed a lower top at the 1.5250/75 levels on September 02, 2014. The fibonacci extensions are pointing lower towards the 1.4800 level at least for now. Intraday rallies could be used as potential to enter short positions. Immediate support is at the 1.4950/60 levels, followed by 1.4760/70 and lower while resistance is seen at the 1.5250/75 levels, followed by 1.5350 and 1.5430/50 respectively. Bears should remain in control till 1.5350 remains intact. Please, also note that the current fall can be defined only as correction before the rally between 1.4450 and 1.5430 levels. Look lower for now.


Trading recommendations:


Remain short, stop at 1.4350, the target is at 1.4800.


Good luck!


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Technical analysis of Silver for September 10, 2014


Technical outlook and chart setups:


Silver finds support at the $18.90 level, just ahead of the critical low defined at $18.60 for now. The metal pulled back sharply to close above the $19.00 mark. A 4H chart view has been depicted here to catch a short-term reversal signal. Please, keep in mind the bigger picture discussed on the daily chart yesterday. As seen here, the metal has produced an engulfing bullish signal, indicating a potential reversal from current levels ($19.06). A follow through rally towards $19.30 and subsequently to $19.50 would confirm that bulls are back in control. Immediate support remains fixed at the $18.60 level, while resistance is seen at $19.30, followed by $19.50, $19.90/$20.00 and higher respectively.


Trading recommendations:


Remain long, stop at $18.60, the target is open.


Good luck!


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

Technical analysis of Gold for September 10, 2014


Technical outlook and chart setups:


Gold has made yet another low yesterday at the $1,247.00 level before pulling back towards the $1,257.00 region at close. The metal seems to have found support just ahead of $1,240.00 levels for now. A 4H chart view has been depicted here to provide immediate bullish structural view, keeping in mind the daily chart discussed yesterday. As seen here, an engulfing bullish reversal signal has appeared after printing lows, which indicates a potential trend reversal. We would like to see a follow through up to $1,274.00 levels to confirm that bulls are back firmly in control. Immediate support is the $1,240.00 level while resistance is seen through $1,258.00, followed by $1,272.00/74.00 and higher respectively.


Trading recommendations:


Remain long, stop at $1,240.50, target is open.


Good luck!


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Daily analysis of major pairs for September 10, 2014

EUR/USD: This is still a bearish market in spite of the shallow bullish attempts that can be seen in the chart. The resistance lines at 1.3000 and 1.3050 could serve as barriers to more bullish attempts. The price may go further downwards – thus turning out to be a short-selling opportunity for bears. Should this happen, the price may reach the support line at 1.2850.


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USD/CHF: The dominant bias on the USD/CHF is northward. In spite of the current bearish retracement, the price may still go upwards, reaching the resistance level at 0.9400. More bearish speculations are expected to be contained at 0.9300 and 0.9250; something that would be favorable to bulls.


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GBP/USD: After challenging the price territory at 1.6100, the cable which is bearish, has consolidated. What would be the next price action? The most likely journey is southward, which may take the market to the accumulation territory at 1.6000. Long trades on the cable are not yet recommended.


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USD/JPY: Here, the signal is still a ‘buy.’ The price is far above the EMA 56 and the RSI period 14 is above the level 50. Unless the price crosses the EMA 56 to the downside and the RSI period 14 crosses the level 50 to the downside, it would be illogical to go short in this market. The market may go further upwards, reaching another target at the supply level of 106.50.


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EUR/JPY: Further weakness in the yen and a measure of bullish determination in the euro has made the EUR/JPY cross gone upwards. Further upward journey, especially above the supply zone at 137.50, would result in a Bullish Confirmation Pattern in the chart. This can also mean the beginning of a sustained northward bias.


1410303349_5.pngThe material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for September 10, 2014

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Trading recommendations :



  • According to the previous events, the USD/CAD pair is still moving between 1.1025 and 1.0950.

  • Sell below the price of 1.6026 which represents the ratio of 61.8% Fibonacci retracement levels with the first target at 1.0983. Then, it will go towards 1.0950 in order to test this strong support (50% Fibonacci retracement levels).

  • Buy above the price of 1.0950 (if the trend fails to close below it) with a target at 1.1026, then at the price of 1.1118 in order to test the strong resistance.


Notes :



  • Please, check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.

  • The key level is set at 1.0950.

  • We expect a range of 75 pips in coming hours.

  • History will probably repeat itself at this level again.


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Intraday technical levels :



  • R3: 1.1080

  • R2: 1.1055

  • R1: 1.1018

  • PP: 1.0993

  • S1: 1.0956

  • S2: 1.0931

  • S3: 1.0894


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Technical analysis of GBP/USD for September 10, 2014

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Overview :


* The GBP/USD pair will probably move between 1.6190 and 1.6064. Also, it should be noted that the double bottom is set at the price of 1.6064. Consequently; it would be wise to be careful at this range area of 126 pips. In particular, it will be very important to wait for a period of tight sideway range market before investing. Equally important, the level of 1.6054 formed a strong support, as well as this price corresponds to 00% of the Fibonacci retracement levels (the double bottom). Therefore, the market is likely to start showing the signs of a bullish market. In other words, it will be a good idea to buy above the 0.6064 level with the first target of 1.6133 in order to retest the daily pivot point and it will climb towards the price of 1.6190 for testing a resistance.

  • However, If the the pair does not break this resistance, the market will indicate a bearish opportunity below 1.6202, then the level will act really as strong resistance, for that it will a good option to sell below 1.6202 with the first target of 1.6064 to form the double bottom again and it will call for a downtrend in order to continue bearish towards 1.5964 tomorrow.


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Daily analysis of USDX for September 10, 2014

Daily chart: The USDX has made a pullback at the resistance level of 84.29. So, this instrument is likely to fall to the support level of 83.74 to form a bullish pattern. If the USDX manages to make a breakout at the resistance level of 84.29, the next objective would be the level of 85.18. The MACD indicator stays in the positive territory.


USDXDaily.png

H4 chart: The USDX is trying to consolidate above the bullish trend line next to the level of 84.25. If the USDX succeeds in doing a breakout at the resistance level of 84.47, it's expected to rise to the level of 85.06, bearing in mind that the USDX is entering the overbought area. The MACD indicator stays in the positive territory.


USDXH4.png

H1 chart: The USDX is trying to form a higher high pattern above the support level of 84.18. If the USDX manages to make a breakout at the resistance level of 84.37, the next objective would be the level of 84.60. However, the USDX could carry out a pullback and fall back to the support level 84.03. The MACD indicator stays in the positive 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 84.18, take profit is at 84.37, and stop loss is at 83.99.


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Daily analysis of GBP/USD for September 10, 2014

Daily chart: GBP/USD has found support at the level of 1.6046, since this pair is trying to form a bearish pattern. However, the GBP/USD pair manages to make a breakout at the resistance level of 1.6146. Rising to the level of 1.6235 is expected in an attempt to fill the gap bearish. The MACD indicator remains in the negative territory


GBPUSDDaily.png


H4 chart: The GBP/USD is trying to form a lower low pattern above the support level of 1.6004. However, this pair could perform a rebound from the current levels and climb up to the resistance level of 1.6247. If the GBP/USD pair manages to make a breakout at that level, the next target would be the 1.6435 level. The MACD indicator is entering the oversold zone.


1410294229_GBPUSDH4.png


H1 chart: This pair is trying to consolidate above the level of 1.6117, so GBP/USD could make a retracement up to the 1.6170 level. If this pair manages to make a breakout at that level, it's expected to climb to the 1.6215 level. The MACD indicator stays in the positive 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 1.6075, take profit is at 1.6031, and stop loss is at 1.6119.


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GBP/USD intraday technical levels and trading recommendations for September 9, 2014

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One month ago, bears initiated a bearish trend off the 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, bears had an initial bearish target around 1.6800.


However, this price zone around 1.6800 failed to provide support too. Thus, the bears pursued the downside movement within the depicted chart.


The next bearish destination is located between price levels of 1.5900 and 1.6000 where a previous congestion zone was established in October 2013.


Sustained bearish pressure will expose the price levels around 1.6050, 1.6000 and 1.5920 for retesting. These levels are intraday support levels to meet the pair.


On the other hand, price zone of 1.6250-1.6320 constitutes a prominent resistance zone to offer a valid SELL entry at retesting. This price zone corresponds to the downtrend line initiated since July.


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Technical analysis of USD/JPY for Sep 09, 2014

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Fundamnetal Overview:


USD/JPY is expected to consolidate with a bullish bias after hitting a near-six-year high at 106.09 on Monday. It is underpinned by the positive dollar sentiment (ICE spot dollar index last 84.31 versus 83.83 early Monday) after a research report released on Monday from the Federal Reserve Bank of San Francisco reading that "evidence based on surveys, market expectations, and model estimates show that the public seems to expect a more accommodative policy than Federal Open Market Committee participants," triggering speculation that the Fed might sound less dovish than expected at next week's FOMC policy meeting. USD/JPY is also supported by the demand from Japan importers amd 6.4% rise in Conference Board U.S. employment trends index to 121.29 in August; more-than-expected $26.01 billion increase in U.S. July consumer credit (versus forecast +$17.5 billion), higher U.S. Treasury yields (10-year at 2.471% versus 2.460% late Friday) and weaker JPY sentiment after Japan's 2Q annualized GDP revised down to -7.1% from preliminary -6.8% and capital expenditure revised down to -5.1% from preliminary -2.5%, fuelling fears that the sales tax increase in April has hurt the economy more than expected. But USD/JPY gains are tempered by the Japan exporter sales.


Technical comment:
The daily chart is positive-biased as MACD is bullish, stochastics stays elevated in the overbought zone, 5 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 106.50 and the second target at 107. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 105.40. A break of this target would push the pair further downwards and one may expect the second target at 104.95. The pivot point is at 105.70.


Resistance levels:

106.50

107

107.35


Support levels:

105.40

104.95

104.70


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Technical analysis of USD/CHF for Sep 09, 2014

USDCHFM30.png


Fundamental Overview:


USD/CHF--to consolidate with a bullish bias after hitting a one-year high 0.9359 this morning. Supported by the positive dollar sentiment as 6.4% rise in Conference Board U.S. employment trends index to 121.29 in August; more-than-expected $26.01 billion increase in U.S. July consumer credit (versus forecast +$17.5 billion), higher U.S. Treasury yields (10-year at 2.471% versus 2.460% late Friday, contagion from weak EUR on CHF and rise in Switzerland jobless rate to 3.0% in August from 2.9% in July; dovish Swiss National Bank's monetary policy. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross amid the weak yen sentiment and higher-than-expected 0.1% on-year rise in August CPI (versus forecast +0.0%).


Technical Comments:
The daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought zone, 5 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 0.9380 and the second target at 0.9430. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9290. A break of this target would push the pair further downwards and one may expect the second target at 0.9250. The pivot point is at 0.9330.


Resistance levels:

0.9380

0.9430

0.9465



Support levels:


0.9290

0.9250

0.9210


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USD/CAD intraday technical levels and trading recommendations for September 9, 2014

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The bullish breakout off the depicted channel allowed the 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 previously formed.


One month ago, the USD/CAD pair failed to maintain daily closure above price level of 1.0950, then a double-top reversal pattern was expressed at retesting last week.


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


A valid SELL position was suggested at retesting which took place last week. The initial bearish target was located around 1.0825, then 1.0770 (considerable Intraday support).


The price zone of 1.0990-1.1020 still offers a valid low-risk SELL entry as we mentioned last week.


As long as the recent top at 1.1050 remains unbroken, our sell position remains valid.


Daily fixation above 1.0950 (50% Fibonacci level) enabled the bulls to shoot towards 1.1025 ( 61.8% Fibonacci level ) where bearish rejection is anticipated.


On the other hand, daily closure below the price zone of 1.0950 confirms a long-term double-top pattern (on the daily chart) with its projection target located at 1.0770.


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Intraday technical levels and trading recommendations on EUR/USD for September 9, 2014

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The price zone of 1.3800-1.3880 (dotted on the chart) provided considerable SUPPLY for the EUR/USD pair. This price zone managed to pause the bullish momentum thus, initiating the current downtrend.


Bearish pressure which originated off 1.3650 has applied enough pressure at the price level of 1.3560 (corresponding to the previous prominent bottom).


Since then, the pair has been downtrending within the depicted bearish channel until the price level of 1.3330 where a narrow range congestion zone was established.


Shortly after, bearish breakout was expressed. Quick decline occurred towards the price levels around 1.3150 then 1.3000 following a bearish gap.


Further price action should be considered knowing that the pair is currently testing the lower limit of the channel around 1.2920-1.2860.


High probability of reversal exists despite the manifest bearish momentum provided that the recent daily low around 1.2860 remains defended by the bulls.


eurusd4h.jpg


The short-term bearish trend remains intact as long as the bears keep defending the price zone of 1.3310-1.3400.


Daily closure should be considered to determine if the lower limit of the channel will provide support for the bulls or not.


Bullish fixation above 1.3150 and 1.3200 ( recent tops ) is essential to acquire a momentum strong enough to initiate a bullish corrective move towards 1.3295 and 1.3330 as well.


On the other hand, bearish pressure is currently targeting at 1.2860 ( lower limit of the depicted channel ).


Four-hour fixation above price level of 1.2950 ensures higher probability of bullish reversal.


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