Technical analysis of USD/JPY for August 31, 2015

USDJPYM30.png

USD/JPY is expected to trade with bullish bias. It is supported by a rising trend line. The US stocks moved little last Friday following Thursday's gains. The Dow Jones Industrial Average slipped 0.1%, to 16643, the S&P 500 added 0.1% to 1988, while the Nasdaq Composite rose 0.3% to 4828. Crude oil continued surging and added 6.2% to $45.22 a barrel, while gold futures rose nearly 1% to $1,133 an ounce. The 10-year Treasury yield climbed to 2.188% from 2.168% in the previous session. Meanwhile, the US dollar strengthened against the euro (EUR/USD declined to as low as 1.1154), as traders believed that the rate hike in September is still on the table considering Fed Vice Chairman Stanley Fischer's comments: "Given the apparent stability of inflation expectations, there is good reason to believe that inflation will move higher as the forces holding down inflation dissipate further." Regarding USD/JPY, the pair is rising since August 24. It has struck against the first upside target at 121.75, while the 20- and 50-period intraday moving averages (MAs) are well oriented. While a consolidation may develop, it should be limited considering the pair's upward momentum. Above 121.75, the second upside target is set at 122.35 (last seen on August 21). Only a break below the key support at 120.25 would turn the intraday outlook bearish and call for a further decline toward the first alternative downside target at 119.40 (last seen on August 26).

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 121.75 and the second target at 122.35. In the alternative scenario, short positions are recommended with the first target at 119.40 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 118.90. The pivot point is at 120.25.

Resistance levels: 121.75 122.35 122.80

Support levels: 119.40 118.90 118.45

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

Technical analysis of USD/CHF for August 31, 2015

USDCHFM30.png

USD/CHF is expected to trade in a higher range as bias remains bullish. Technically, the pair stands firmly above its key support level at 0.9550. The intraday trend is bullish as the process of higher highs and lows remains intact on the prices. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited. At last, the intraday RSI is regaining its bullish momentum. To sum up, expect a new upmove above 0.9550 with targets at 0.9675 and 0.9730 in extension.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9675 and the second target at 0.9730. In the alternative scenario, short positions are recommended with the first target at 0.9480 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9410. The pivot point is at 0.9550.

Resistance levels: 0.9675 0.9730 0.9765

Support levels: 0.9480 0.9410 0.9375

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

Technical analysis of NZD/USD for August 31, 2015

NZDUSDM30.png

NZD/USD is expected to trade with a lower range. Currently trading at 0.6405, the pair remains under pressure below its key resistance at 0.6470 and seems more likely to post a further decline. Moreover, the intraday RSI has confirmed a negative outlook as it has failed to break above the neutrality level at 50. The 20- and 50-period intraday MAs are mixed with a bearish bias. Therefore, as long as 0.6470 holds as the key resistance, look for a new pullback to 0.6365 and 0.6310 in extension.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6365. A break of that target will move the pair further downwards to 0.6310. The pivot point stands at 0.6470. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6505 and the second target at 0.65550.

Resistance levels: 0.6505 0.6550 0.6625

Support levels: 0.6365 0.6310 0.6245

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

Technical analysis of GBP/JPY for August 31, 2015

GBPJPYM30.png

GBP/JPY is expected to trade with a bulish bias above 185.35. The pair stands above its key support at 185.35 and is expected to post a rebound in the sessions to come. The intraday RSI has just landed on the neutrality level of 50 and is turning up, calling for a bounce as well. Further upside is therefore expected with the next horizontal resistance and overlap set on a high of 188.15 previously reached on August 28. A break above this level would call for further advance towards the high of 188.70 in extension. Only a break below the horizontal support at 185.35 would open the way to further weakness.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 188.15 and the second target at 188.70. In the alternative scenario, short positions are recommended with the first target at 184.10 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 183.15. The pivot point is seen at 185.35.

Resistance levels: 188.15 188.70 189.45

Support levels: 184.10 183.15 182.75

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

Technical analysis of EUR/USD for August 31, 2015

The weekly technical analysis of EUR/USD pair:

eurusd_pp.png

Overview:

  • The The EUR/USD pair is still moving between 1.1351 and 1.1000 in the weekly chart. Thus, it should be noted that the weekly pivot point will set at the level of 1.1351. Right now, the current price is moving around the level of 1.1210. Moreover, the weekly point has already formed a psychological level in this area. Therefore, sell at the level of 1.1351 with the first target at 1.1160 (the level of 1.1155 represents the ratio of 00% Fibonacci retracement levels) , then it will call for a downtrend in order to continue its bearish movement towards 1.1017 to test the double top in the H1 chart. The stop loss should be placed at the level of 1.1375.
EURUSDH1.png

General idea about the pivot points:

  • R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in sideways markets, as the prices are most likely to be located between the R1 and S1 lines. Within a strong trend, the price is expected to be lower than the pivot point line continuing its movement. If the breaking news released affects the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.
The material has been provided by InstaForex Company - www.instaforex.com

EUR/NZD: analysis for August 31, 2015

EURNZDDaily31.png

EURNZDH131.png

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7533. In the daily time frame, we can observe a supply bar in a volume below the average. The trend is neutral. Our Fibonacci expansion 61.8% at the level of 1.7325 held successfully. Anyway, we saw weakness in the 1H time frame (up-thrust bar and no demand bar). Buying still looks risky, since we got strong weakness on the background. Watch only for selling opportunities after retracement. I also spoted downward channel and the price testing uppwer diagonal (resistance). Support is seen around the level of 1.7275. We need to see changing in trend behavior from neutral to downward and then we can watch for selling opportunities.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7445

R2: 1.7500

R3: 1.7580

Support levels:

S1: 1.7280

S2: 1.7230

S3: 1.7145

Trading recommendations: Watch only for selling opportunities after retracement.

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

Technical analysis of GBP/USD for August 31, 2015

The weekly technical analysis of GBP/USD pair:

gbpusd_pp.png

Trading recommendations:

  • According to the previous events, the GBP/USD pair is still trapping between the levels of 1.5515 and 1.5213.
  • The level of 1.5515 represents the weekly pivot point and the weekly support one is set at 1.5213.
  • Therefore, we expect a range of at least 302 pips this week. Sell below the level of 1.5515 in the short term with the first target at 1.5335 in order to form a double bottom.
  • Moreover, if the trend is be able to break the double bottom at 1.5335, it might move towards the first weekly support at 1.5213.
1441019358_GBPUSDH1.png
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/NOK for August 31, 2015

Technical outlook and chart setups:

The USD/NOK seems to have completed the fourth wave around the 7.3000 levels earlier and has been on its wave 5 (within the larger 3rd wave structure) towards the 8.8000 levels. As seen on the weekly chart view here, the rally that begun in 2008, is in its last leg of the larger wave 3, which could end around the 8.8000 levels before it produces a meaningful correction. It is recommended to hold long positions if taken earlier and also look to add on dips around the 8.000 levels again. Immediate support is seen at the 8.000 levels and lower, while resistance is seen at the 8.8000 levels and higher respectively.

Trading recommendations:

Remain long for now and also add further on dips towards the 8.000 levels, stop is at 7.9000, target is 8.8000.

Good luck!

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

Gold analysis for August 31 , 2015

GOLDDaily31.png

GOLDH1.png

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,140. According to the daily time frame, we can observe a weak demand bar (potential selling coming in). Anyway, we saw weakness in Fridays's price action in the H1 time frame. We got buying climax with wide spread and supply coming in. Watch only for selling opportunities after retracement. Strong support has been seen at the level of $1,117.50. If the price breaks this support level, we will have the second support around $1,111.00. On the background, we can observe a strong sign of weakness (supply came in), which shows that this can be a turning point in the mid-term prospect.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,133.28

R2: 1,134.00

R3: 1,135.00

Support levels:

S1: 1,131.00

S2: 1,130.28

S3: 1,129.20

Trading recommendations: The strong sign of weakness is in the background. Watch only for selling opportunites after retracement.

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

Technical analysis of Shanghai Index for August 31, 2015

Technical outlook and chart setups:

The Shanghai Composite Index is hanging around the 3,200 levels for now, but the fall is expected to continue to around 2,700 before the rally could resume. Please note that 2,700 levels is also the convergence point of Fibonacci retracement and extensions of the uptrend and counter trend respectively. It is hence recommended to remain flat for now and look for the indix to bottom around the 2,700 levels before initiating long positions. Immediate support is seen around the 2,800 levels and lower while resistance is seen around the 3,400 levels and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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

Global macro overview for 31/08/2015

Global macro overview for 31/08/2015:

The annual central bankers' meeting in Jackson Hole US ended last week. Bankers from around the globe were present at that conference to discuss the short-term prospect of the long-anticipated interest rate hike by the Federal Reserve Bank (Fed). The fear of Fed's first in 6 years tightening of the monetary policy was lower than some central bankers had expected (i.e. Agustin Carstens from Mexico). Many participants disagree about that issue, but Yao Yudong, head of the People's Bank of China Research Institute of Finance and Banking, was the most opposite to any rate hike. Nevertheless, the overall message to Fed was very clear: the world is expecting it to raise the rate soon, despite the potential further US sollar straightening, capital outflows from some emerging market and changes in prices of traded goods. Please notice the first rate hike might come as soon as in September 2015 or December 2015.

The technical picture of the EUR/USD did not changed much since last Friday as the Jackson Hole revelations might still be digesting and the market might be expecting the NFP jobs report later this week.

euro.jpg

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

Technical analysis of DAX for August 31, 2015

Technical outlook and chart setups:

The DAX made lows around the 9340/50 levels last week, before bouncing back sharply. Please note that the index is holding its support trendline pretty well and has managed to stay in its buy zone as of now. Furthermore, the bounce has come at the Fibonacci 0.618 support of the rally between the 8,400 to 12,400.00 levels, respectively. It is hence recommended to remain/initiate fresh long positions on dips ahead of the 9,400/9,500 levels in this week with risk at 9,300, respectively. Immediate support is at the 9,350 levels and lower, while resistance is seen at the 11,500.00 levels, and higher respectively.

Trading recommendations:

Remain long/ initiate fresh long positions on dips, stop is at 9300, target is a fresh high.

Good luck!

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

Technical analysis of Dow Jones for August 31, 2015

Technical outlook and chart setups:

The Dow Jones Index managed to closed above its support trendline last week after dropping to the 15,300.00 levels. Please note that the indix has produced a pin bar candlestick pattern on its weekly chart view, indicating a potential reversal. Furthermore, it could be the wave 4, bouncing at the trendline/channel support. It is hence recommended to initiate fresh long positions now, and also look to add on dips to 16,000.00 with risk below the 15,300.00 levels. Immediate support is seen at the 15,300.00 levels and lower while immediate resistance is seen at 17,500.00 and higher respectively.

Trading recommendations:

Initiate fresh long positions, stop below 15,300.00, target is open.

Good luck!

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

Technical analysis of Crude for August 31, 2015

Technical outlook and chart setups:

WTI Crude has bounced off smartly from last week's lows around $38.00 and is trading above $44.00 at the moment. Crude might formed an important low last week, and could be on its way up, towards $60-70 from here on. It is hence recommended to initiate long positions now and also look to add around $40.50/41.00 with risk below the levels of $38.00. Immediate support is seen at $38.00 followed by $37.00, $30.00, and lower, while resistance is seen at $60.00/70.00, and higher.

Trading recommendations:

Initiate long positions now, stop is at $37.00, a target is open.

Good luck!

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

Global macro overview for 31/08/2015

Global macro overview for 31/08/2015:

It is going to be a quite interesting week in the forex market as there is plenty of fundamental data to be released this week, including the cash rate decision of the Reserve Bank of Australia (RBA) and meeting statement that are scheduled for release at 4:30 GMT on Tuesday. The market expects the RBA to hold the rate on the current level of 2%, but traders remain bearish on AUD/USD although it managed to bounce from the daily lows. Please notice that an additional catalyst for AUD/USD sell-offs might come from the Chinese PMI manufacturing data, which is due at 1:00GMT. Fifures for the PMI are expected to be slightly weaker than the recent reading (49.8 vs. 50.0).

From the technical point of view, the most important resistance for bulls remains at the level of 0.7234 any only a breakout and daily close higher might slightly change the bearish outlook for this pair.

audusd.jpg

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

Technical analysis of USD INDEX for August 31, 2015

Technical outlook and chart setups:

The US Dollar Index monthly chart shows the rally that resumed in 2008. It still has room on the upside with levels of 101.00/102.00 acting as immediate potential extensions. It is hence recommended to initiate fresh long positions on the US Dollar Index with risk at 92.00 now. Immediate support is seen at 92.00 (interim) followed by 90.00 and lower, while resistance is seen at 101.00/102.00 levels and higher.

Trading recommendations:

Initiate fresh long positions now, stop is set at 92.00, a target is in the area of 101.00/102.00.

Good luck!

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

Technical analysis of USD/CAD for August 31, 2015

General overview for 31/08/2015 11:00 CET

The Ending Diagonal pattern is still in progress as the wave c purple to the upside is still missing to complete the overall pattern. Any clear breakout above the intraday resistance at the level of 1.3299 and above the wave a purple top at the level of 1.3350 will resoult in more gains with the projected target at the level of 1.3441. On the other hand, only a sustained breakout below the level of 1.3150 would invalidate the bullish outlook.

Support/Resistance:a

1.3441 - WR2

1.3350 - Wave a Purple Top

1.3320 - WR1

1.3299 - Intraday Resistance

1.3230 - Weekly Pivot

1.3196 - Intraday Support

1.3108 - WS1

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 1.3299 is clearly violated (hourly candle close above the level) with SL just below the level of 1.3195 and TP at the level of 1.3350 with a possible extension upwards to the level of 1.3441.

usdcad_h1.jpg

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

Technical analysis of EUR/GBP for August 31, 2015

Technical outlook and chart setups:

The EUR/GBP monthly chart, which is depicted here, shows a larger view of the entire wave structure indicating that a meaningful low might take place at 0.6900/20 this month. A bullish morning star candlestick pattern is also being produced indicating a potential reversal from here. Furthermore, the pair is bouncing off the fibonacci 0.618 support as well. It is hence recommended to initiate long positions with risk below 0.6900. Immediate support is seen at 0.6900 (interim), while resistance is seen at 0.7474 and higher respectively.

Trading recommendations:

Initiate fresh long positions, stop at 0.6800, a target is open.

Good luck!

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

Technical analysis of EUR/JPY for August 31, 2015

General overview for 31/08/2015 10:45 CET

A corrective cycle continues as there is still one more wave to the upside missing. The market still trades inside the bearish zone. The boundary of this zone is seen at the level of 137.60, which is intraday resistance, where the top for the wave (b) blue is expected before any further decline.

Support/Resistance:a

137.76 - WR1

137.60 - Intraday Resistance

136.60 - Intraday Resistance

136.50 - Weekly Pivot

135.23 - Intraday Support

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 136.60 is clearly violated (hourly candle close above the level) with SL just below the level of 135.23 and TP at the level of 137.60.

eurjoy_h1.jpg

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

Technical analysis of NZD/USD for August 31, 2015

Technical outlook and chart setups:

The NZD/USD pair is trading around 0.6410. It managed to hit its lows and bounced off 0.6200 last week. The pair has found support at the fibonacci 0.618 level of the entire rally that began in March 2009 and topped out in August 2011. The pair seems to have completed its ABC correction at 0.6200. It is hence recommended to initiate long positions now with risk at 0.6100. Immediate support is seen at the levels around 0.6200 followed by 0.5400 and lower, while resistance is seen at 0.6700 and higher on the weekly chart.

Trading recommendations:

Initiate long positions now, stop is at 0.6100, a target is open.

Good luck!

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

Technical analysis of AUD/USD for August 31, 2015

Technical outlook and chart setups:

AUD/USD bulls are watching for a turn around in the downtrend, which has been ongoing since August 2011. The pair has produced a potential pin bar candlestick pattern on the weekly charts, indicating a potential reversal. Furthermore, prices are bouncing off a fibonacci 0.786 support of the entire rally between Oct 2008 and Aug 2011 respectively. The ABC counter trend also seems to be completed around 0.7000. It is strongly recommended to initiate fresh long positions now, with risk at 0.6900. Immediate interim support is seen at 0.7000 and lower, while resistance is seen at 0.7450 and higher on the weekly charts.

Trading recommendations:

Initiate long positions now with stop at the level of 0.6900.

Good luck!

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

Technical analysis of GBP/JPY for August 31, 2015

Technical outlook and chart setups:

The GBP/JPY pair is seen to have bounced off its fibonacci 0.618 support around 182.80. The pair is trading around 186.00/187.00 now, keeping the uptrend intact. A break below the trend-line support, and subsequently 175.00, would confirm that the pair has formed a meaningful top and reversed lower. It is hence recommended to initiate fresh long positions now with risk below 182.00. Immediate support is seen at 182.80 followed by 175.00 and lower, while resistance is seen at 195.00/196.00 followed by 199.00 and higher respectively.

Trading recommendations:

Initiate long positions now, with stop at 182.00, targets are at 197.00 and 199.00.

Good luck!

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

USDX technical analysis for August 31, 2015

The Dollar index although it made a new higher high on Friday, the price finally rejected at the resistance level. We could see a pullback towards 94.90, but a break below that level will increase chances of a deeper correction towards 92.

usdx.jpg

The US Dollar Index as can be seen in the 4-hour chart above. It has managed to break above the Ichimoku cloud. The price is still below the 78% retracement resistance as this is the last stand for bears. A pullback from current levels will push the index towards 95.

usdxd.jpg

Red line - resistance

Green line -support

The US Dollar Index continues to trade inside the bullish flag pattern and above the weekly ichimoku cloud. The trend is mainly neutral and I expect the price to move back towards the green trend-line support in order to complete the corrective formation. Breaking above the red trend-line resistance will confirm that a new upward move has started.

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

Technical analysis of USD/CAD for August 31, 2015

Technical outlook and chart setups:

The USD/CAD pair seems to be continuing its uptrend for now/ It is potentially in its last leg, towards the levels around 1.3630 before reversing. Immediate support is seen at 1.2960 followed by 1.2850, 1.2100, and lower, while resistance is seen at 1.34 followed by 1.3630 and higher respectively. It is recommended to hold long positions taken earlier, but refrain from taking fresh positions now. A pin bar candlestick pattern has also appeared on the weekly chart, which indicates that a turn might take plase soon.

Trading recommendations:

Remain long, stop at 1.2900, a target 1.3630.

Good luck!

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

Gold technical analysis for August 31, 2015

Gold price holds above the important short-term bullish trend support level of $1,115. The price bounced towards $1,138, but buyers were not strong enough. Medium-term trend remains bullish with next big resistance at $1,150.

goldh4.jpg

Gold price is above the 61.8% retracement, but below the Ichimoku cloud. Resistance is seen at $1,138-40. Breaking above this level will push the price towards $1,150. Bulls will need to break above the cloud resistance at $1,150.

goldd.jpg

The weekly chart closed right on the tenkan-sen support level on Friday saving the day for bulls. Bulls gave a bullish signal as the bounce from the support area could push the price towards the recent top at $1,170. The level of $1,200 could be reached only if we break above $1,170. As long as the price is above $1,115, bulls will have the upper hand.

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

Technical analysis of GBP/USD for August 31, 2015

Technical outlook and chart setups:

The GBP/USD pair has reversed sharply from resistance zone of 1.5700/1.5800 depicted here. The pair is further expected to drop into area around 1.5100 before reversing. Please also note that the counter trend, which begun from 1.5900, also extends at 1.5100. It is hence recommended to remain flat for now and look for an opportunity to initiate long positions around 1.5100 with risk at 1.5000. Immediate support is seen at 1.5150/60 followed by 1.5100, 1.4850, and lower while resistance is seen at 1.5800 followed by 1.5900 and higher respectively.

Trading recommendations:

Remain flat for now, look to go long around 1.5100.

Good luck!

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

Technical analysis of USD/JPY for August 31, 2015

Technical outlook and chart setups:

The USD/JPY pair sparked off a good drop, which had been expected from 125.00. The pair seems to have hit its initial target and bounced off a high towards 121.00 again. Please note that the pair is at past support-turned-resistance zone and a bearish signal here would be another opportunity to go short. It is hence recommended to initiate fresh short positions ahead of 125.00 with risk above 125.00 for now. Immediate support is seen at 117.00 followed by 115.00 and lower, while resistance is seen at 125.00 followed by 125.80 and higher respectively.

Trading recommendations:

Initiate fresh short positions around 123.00/124.00, stop at 125.00, a target is open.

Good luck!

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

Technical analysis of EUR/USD for August 31, 2015

Technical outlook and chart setups:

The EUR/USD dropped lower to its fibonacci 0.618 support around the level of 1.1152. Also, note that the pair is bouncing off from a trend-line support and the past resistance area acts as support now. It is hence recommended to initiate long positions now with risk below 1.1000. Immediate support is seen at 1.1000 followed by 1.0850, 1.0800, and lower while resistance is seen at 1.1400 followed by 1.1500, 1.1700, and higher respectively. Bulls are expected to remain in control until prices stay above 1.1000.

Trading recommendations:

Initiate fresh long positions, stop at 1.1000, a target is open.

Good luck!

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

Technical analysis of Gold for August 31, 2015

Technical outlook and chart setups:

Gold seems to have completed its counter trend rally last week after hitting its trend-line resistance around $1,170.00 as depicted here. Please also note that the fibonacci 0.618 resistance levels, of the drop from $1,206.00 to $1,075.00 levels respectively, has also been hit and prices have reacted well there. It is hence recommended to remain short with risk above $1,206.00 for now. Immediate resistance is seen at $1,170.00 (interim) followed by $1,206.00, $1,230.00, and higher, while support is seen at $1,100.00 followed by $1,075.00 and lower respectively.

Trading recommendations:

Remain short for now, stop at $1,206.00, a target is open.

Good luck!

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

Technical analysis of Silver for August 31, 2015

Technical outlook and chart setups:

Silver dropped to the level of $13.97 last week before pulling back above $14.50 again. The metal needs to reach the level of $15.50 to confirm that bulls are back in control. It is recommended to remain flat for now and watch for a reaction at current levels, before committing trades. Immediate support is seen at $13.00 followed by $12.50 and lower respectively, while resistance is seen at $15.00 (fibonacci), followed by $15.50, $16.40, and higher respectively. Bears are expected to hold control until prices will stay below $15.50.

Trading recommendations:

Remain flat for now.

Good luck!

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

Technical analysis of EUR/JPY for August 31, 2015

Technical outlook and chart setups:

The EUR/JPY pair has moved up to 135.20 after failing to the level of 139.00 last week. The pair might be looking for an opportunity to form its next larger bearish leg after pulling back towards 137.00/50. It is recommended to hold short positions now and to initiate fresh positions around 137.50, with risk at the zone around 139.00 now. Immediate support is seen at 135.00, followed by 134.00, 133.00, and lower, while resistance is seen at 136.50/60, followed by 138.50, 139.00, and higher respectively.

Trading recommendations:

Remain short and initiate fresh short positions into 137.50, stop at 139.00, a target is open.

Good luck!

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

Technical analysis of GBP/CHF for August 31, 2015

Technical outlook and chart setups:

The GBP/CHF pair seems to have formed interim lows around 1.4600/1.4550 for now. The pair is expected to rally through at least 1.5050/1.5100 from here on, if not higher. It remains quite possible that formation of the next bullish leg could be resumed now. It is hence recommended to initiate long positions with risk around 1.4500. Immediate support is seen at the level of 1.4600 (interim) followed by 1.4550, 1.4450, and lower, while resistance is seen at 1.5350, followed by 1.5400/10 and higher respectively.

Trading recommendations:

Initiate fresh long positions now, stop is at 1.4500, a target is open.

Good luck!

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

Elliott wave analysis of EUR/NZD for August 31, 2015

2015-08-31-EURNZD-4H.png

Technical summary:

The 38.2% corrective target has been met at 1.7170 (the traded low till now has been 1.7197). We are still looking for more downside correction towards the former wave iv at 1.6599 before the correction from 1.9023 is over and wave (v) will be ready to take over. That means we have to be aware of a possibility that no more correction is needed in wave (iv). But we think that this is unlikely to happen.

In the short term, we expect resistance at 1.7649 to protect the upside for a decline below minor support at 1.7287 confirming a continuation lower towards 1.6599.

Trading recommendation:

We are short EUR from 1.7425 with stop placed at 1.7650 and take profit placed at 1.6625.

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

Elliott wave analysis of EUR/JPY for August 31, 2015

2015-08-31-EURJPY-4H.png

Technical summary:

We still think that a wave (ii) low was seen at 61.8% corrective target at 135.23 and wave (iii) is about to unfold now. In the short term, we wil need a break above minor resistance at 136.62 to add confidence in this call for a rally higher to 139.02 and above to 141.06.

A break below support at 135.23 will be of concern, but it will take a break below 133.27 to invalidate the bullish outlook.

Trading recommendation:

We are long EUR from 136.42 with stop placed at 134.90. If you are not long EUR yet, buy on a break above 136.62 with a stop at 135.20.

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

Technical analysis of EUR/USD for August 31, 2015

!_EURUSD.jpg

When the European market opens, economic news about Italian Prelim CPI m/m, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Italian Retail Sales m/m, and German Retail Sales m/m is due to be released. The US will publish data on the Chicago PMI. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1265.

Strong Resistance:1.1259.

Original Resistance: 1.1248.

Inner Sell Area: 1.1237.

Target Inner Area: 1.1211.

Inner Buy Area: 1.1185.

Original Support: 1.1174.

Strong Support: 1.1163.

Breakout SELL Level: 1.1157.

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 31, 2015

!_USDJPY.jpg

In Asia, Japan will release data on Housing Starts y/y and Prelim Industrial Production m/m. The US will unveile economic data on the Chicago PMI. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.81.

Resistance. 2: 121.57.

Resistance. 1: 121.33.

Support. 1: 121.04.

Support. 2: 120.81.

Support. 3: 120.57.

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 31, 2015

The USDX could start to form a bullish pattern (higher high) above the support level of 95.83, where we should expect bullish continuation towards the level of 96.64 . The current price action is still favoring bulls on a mid-term basis, so the Index could reach the level of 97.08 after a breakout of the resistance mentioned above.

USDXDaily.png

In the H1 chart, the USDX is currently moving in a bullish trend, which could be extended more above the 200 SMA. That is why there is a higher high pattern formed below the resistance level of 96.09. If a breakout takes place over there, the USDX will test the level of 96.39 in the coming hours at least. The MACD indicator is entering the negative territory.

USDXH1.png

Daily chart's resistance levels: 96.64 / 97.08

Daily chart's support levels: 95.83 / 95.26

H1 chart's resistance levels: 96.08 / 96.39

H1 chart's support levels: 95.68 / 95.33

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is seen at 96.08, take profit is at 96.39, and stop loss is at 95.77.

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

Daily analysis of GBP/USD for August 31, 2015

On the daily chart, GBP/USD has been performing a rebound above the support level of 1.5329, where the pair could start to develop a bearish pattern in order to ride the current bearish bias and achieve consolidation towards the next support around the level of 1.5224. By the way, we should expect a rise until the level of 1.5438 again.

GBPUSDDaily.png

A trend in the H1 chart structure is calling for more downside below the 200 SMA and we could expect a breakout above the resistance level of 1.5415, in an effort to reach the level of 1.5463 . However, if the pair performs a pullback at current levels, it could test the support zone of 1.5368in order to make a breakout and fall to its low of 1.5331.

GBPUSDH1.png

Daily chart's resistance levels: 1.5438 / 1.5543

Daily chart's support levels: 1.5329 / 1.5224

H1 chart's resistance levels: 1.5415 / 1.5463

H1 chart's support levels: 1.5368 / 1.5331

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 1.5368, take profit is at 1.5331, and stop loss is at 1.5406.

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

Daily analysis of major pairs for August 31, 2015

EUR/USD: The last two weeks were characterized by this year's strongest movements in the EUR/USD this year. The price skyrocketed From the support line at 1.1050 and hit the resistance level of 1.1700 (within a few days). From that peak, the price has been corrected by over 520 pips. This correction was enough to result in a bearish signal in the market, which means that the support line at 1.1100 might be easily tested this week.

1.png

USD/CHF: In the last two weeks, USD/CHF performed its second strongest movement in the year (apart from the incident that happened on CHF pairs on January 15, 2015). From the resistance level at 0.9750, the price fell by 500 pips before being corrected upwards by 350 pips. This significant correction has violated the recent bearish outlook - resulting in a buy signal in the market. A movement above the resistance level at 0.9700 would particularly result in a Bullish Confirmation Pattern in the market.

2.png

GBP/USD: The adamant bulls gave up their persistent struggle last week as the Cable yielded to gravity. Since the price managed to test the distribution territory at 1.5800, the price has nosedived by 450 pips, testing the accumulation territory at 1.5350. The market could go further south in this week, as it is trading on a bearish bias now.

3.png

USD/JPY: The last two weeks were characterized by the strongest movement in this year on the USD/JPY. From the supply level at 124.50, price dipped by 800 pips, going briefly below the demand level at 116.50. The price has gone upwards by 500 pips since then, and a further northward movement of 100 pips this week would result in a bullish outlook.

4.png

EUR/JPY: Because the yen is strong at the moment, the euro has fallen against it - just as the euro is now being corrected lower against the USD. This is a volatile market in which bears are proving stronger. Last week, the price plummeted by 350 pips, testing the demand zone around 135.50. The demand zone has been tested several times and it might be breached to the downside this week with ongoing strength in the yen.

5.png

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