GBP/USD intraday technical levels and trading recommendations for July 31, 2015

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Overview:

On April 9, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was reached. This is where the ongoing bullish swing was initiated.

A daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where a temporary bearish pullback took place on April 29.

The next bullish swing extended up to the levels of 1.5750-1.5800, which offered traders few valid sell entries (depicted with red arrows). The final bearish target at 1.5450 was already reached.

Recently, strong bullish pressure was applied against the resistance levels around 1.5800 via the ongoing bullish swing.

That is why, the resistance level at 1.5800 was temporarily breached. Hence, GBP/USD bulls pursued towards 100% Fibonacci Expansion located around 1.5900 where the depicted successive lower highs were initiated.

Hence, the level of 1.5555 (prominent demand level/depicted uptrend line) got breached due to excessive bearish pressure. This enhanced the bearish side of the market towards 1.5360.

The level of 1.5555 (prominent demand level/depicted uptrend line) got breached earlier this month due to excessive bearish pressure. This enhanced the bearish side of the market towards 1.5360.

As suggested in our previous articles, a bullish pullback towards 1.5550-1.5600 was expected to take place shortly after.

Our suggested sell entry around 1.5600 got triggered. It is still trading around entry levels. Early exit should be considered if the current daily candlestick maintains its closure above 1.5600.

Note that fixation below the price zone of 1.5550-1.5500 is mandatory to pursue towards lower bearish targets, initially at 1.5450.

On the other hand, a better SELL entry with a lower risk/reward ratio will probably be offered around the price level of 1.5780 (the backside of the broken uptrend).

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Intraday technical levels and trading recommendations for EUR/USD for July 31, 2015

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The market was pushed lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously hit back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level at 1.0550 (established on January 1997). Bullish recovery was expressed shortly after.

April's monthly candlestick came as a bullish engulfing one. However, the next monthly candlesticks (May and June) reflected recent bearish rejection being expressed around 1.1450.

In the long term, a projection target is still located at 0.9450 if a bearish breakdown of the monthly demand level at 1.0550 occurs soon.

A bullish corrective movement towards 1.1500 can be possible only if May's monthly high at 1.1465 gets breached (a low probability).

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After such a long bearish rally, which started around the levels of 1.1300, bullish rejection took place at 1.0570 (monthly demand level).

Multiple ascending bottoms were established around the levels of 1.0470, 1.0550, and 1.0850. These levels corresponded to the daily uptrend depicted on the chart.

Further bullish pressure was observed until bearish rejection was applied around 1.1400 (long-term double-top reversal pattern).

A daily closure below the level of 1.1150 again brought EUR/USD to the mark of 1.1000 where the uptrend met the pair.

A bearish daily closure below 1.0950 enabled a quick bearish decline towards 1.0850 and 1.0750.

Evident bullish recovery was expressed last week after hitting the level of 1.0800. Bulls have been trying to bring a bullish corrective movement towards 1.1000 and 1.1100.

Earlier, the level of 1.1100 where the backside of the broken uptrend is located, was being approached. However, significant bearish rejection was expressed around 1.1100.

Currently, a bullish pullback is extending above the level of 1.1000. Further bullish advancement towards the price zone of 1.1100-1.1150 should be expected (backside of the broken uptrend line).

The depicted Double-Top pattern remains valid as long as the market keeps defending their recent supply levels around 1.1000 and 1.1100.

Trader Recommendations :

Conservative traders can wait for a bullish pullback towards the recently established supply zone of 1.1100-1.1150. It can offer a valid sell entry. S/L should be located above 1.1200.

T/P levels should be located at 1.0990, 1.0850 and 1.0700.

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Intraday technical levels and trading recommendations for GBP/USD for July 31, 2015

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Last month, the market was pushed above this weekly key zone around 1.5550 in an attempt to reach the area around 1.5900, which provided evident supply for the GBP/USD pair.

As anticipated, a bearish pullback was executed towards the level of 1.5550. A bearish breakout below 1.5500 took place two weeks ago.

Last week, strong bearish pressure was applied to the level of 1.5550 again. It was breached temporarily until this week's bullish recovery emerged.

Contradictory signals are coming from consecutive weekly candlesticks. This indicates lack of bearish momentum below 1.5500.

The current weekly candlestick closure above 1.5500 hinders further bearish decline and enhances the bullish side of the market towards at least 1.5770 (61.8% Fibonacci level).

On the other hand, the nearest demand level around 1.5200 will become exposed if GBP/USD bears manage to keep their weekly closure below the level of 1.5500 (low probability).

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Previously, the price zone of 1.5800-1.5880 acted as a significant supply zone. It offered a valid sell entry few weeks ago. All T/P levels were successfully reached.

On the other hand, the level of 1.5550 (corresponding to 50% Fibonacci level and a previous prominent top) was broken temporarily allowing further bearish decline towards 1.5350 where an ascending bottom was recently established.

Last week, strong bullish price actions were expressed. A bullish pullback towards 1.5600 has been taking place. The level of 1.5550 was breached during last week's consolidations.

However, Thursday's candlestick came as a bearish engulfing one which enhanced the bearish side of the market.

That is why, the price level of 1.5550 now constitutes a significant key level to be watched for a price action.

A quick bearish decline towards 1.5470 and 1.5370 should be expected only if the level of 1.5550 gets broken again to the downside.

On the other hand, the level of 1.5770 (61.8% Fibonacci level) is the next supply level to be watched if bullish fixation above 1.5550 persists on the daily chart.

If so, a counter-trend intraday sell entry can be offered at retesting of the level of 1.5770.

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EUR/NZD analysis for July 31, 2015

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Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6776. In the daily time frame, we can observe a demand bar. Strong support level is seen at the level of 1.6340 held successfully. The short-termtrend has changed from neutral to bullish and the mid-term trend is still bullish. Resistance level is at the price of 1.6805. Watch for potential breakout of our resistance level. The price has broken our smaller trading range with resistance at the price of 1.6610.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6605

R2: 1.6645

R3: 1.6705

Support levels:

S1: 1.6480

S2: 1.6443

S3: 1.6380

Trading recommendations: Be careful when selling EUR/NZD and watch for potential breakout of resistance to confirm direction. Strong resistance is around the level of 1.6805.

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Technical analysis of GBP/USD for Juky 31, 2015

On July 3, GBP/USD broke below the uptrend trendline providing support and resistance level with the help of Fibonacci applied to the trendline breakout point.

While the R2 resistance has been rejected on July, 29, GBP/USD formed a double top at the supply area between R1 (1.5613) and R2 (1.5687). At the same time pair formed a bearish divergence on the longer and shorter timescale signaling the potential reversal to the downside.

At this point, all the facts are in favor of another corrective wave down and it seems reasonable to consider shorting GBP/USD on pullbacks, particularly near R1 targeting untested 0% Fibs support at the 1.53 area. Only a daily close above R2 (1.5688) would invalidate these analysis and could send the pair higher to retest the 1.5930 high.

Support: 1.5540, 1.5448, 1.5298, 1.5168

Resistance: 1.5613, 1.5688

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Technical analysis of EUR/USD for July 31, 2015

Yesterday, EUR/USD has been trading in the supply area and then managed to move lower breaking the S1 (1.0956). This could be treated as a confirmation that pair is ready to continue moving lower.

After the support breakout, today EUR/USD has retraced slightly back the S1 support and it seems it is being rejected. Consider selling EUR/USD today or at the beginning of the next week, while it is near S1 targeting either S2 (1.0807), S3 (1.0610) or the final support S4 (1.0290). Only a daily closure above R2 (1.1121) would most definitely change the direction of the trend.

Support: 1.0807, 1.0610, 1.02289

Resistance: 1.0956, 1.1047, 1.1121

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Technical analysis of USD/CHF for July 31, 2015

After a small corrective wave down over the past few days, the USD/CHF uptrend still remains valid. The Fibonacci applied to the ascending channel breakout point shows that all the resistance levels were broken although all the supports were holding while the pair was moving up.

The current corrective wave down could be providing another opportunity to buy USD/CHF near the S2 (0.9608) support level that has been rejected previously alongside the uptrend trendline. Consider buying USD/CHF today or at the beginning of the next week while it is near S2, targeting the R2 (0.9888) resistance level. Only a daily close below the low produced at S3 - 0.9523 would most definitely change the direction of the trend.

Support: 0.9608, 09542

Resistance: 0.9673, 0.9755, 0.9888

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Technical analysis of USD/JPY for July 31, 2015

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USD/JPY is expected to trade with a bullish bias. The US Dollar Index is currently trading at 97.372, while overnight it reached a weekly high of 97.773 after the US government reported that the annualized GDP rose 2.3% in Q2 compared to an upwardly revised 0.6% advance in Q1. USD/JPY is consolidating after rising to a 7-week high of 124.58 overnight. The pair keeps trading above the key support at 123.80, while intraday indicators (20- and 50-period intraday moving averages and intraday RSI) are mixed. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. As long as 123.80 holds as the key support, the bias remains bullish with upside targets at 124.60 and 124.80. However, a break below the key support would trigger a decline toward 123.50 and 123.30 (the low of July 29).

Technical comment:

The daily chart is bullish as the MACD is in bullish mode.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price keeps above its pivot point, long positions are recommended with the first target at 124.60 and the second target at 124.85. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 123.50. A break of this target would push the pair further downwards, and one may expect the second target at 123.30. The pivot point is at 123.90.

Resistance levels: 124.60 124.85 125.50

Support levels: 123.50 123.30 122.85

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Technical analysis of USD/CHF for July 31, 2015

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USD/CHF is expected to trade with a bearish bias. The pair is trading below its intraday 20- and 50-period intraday MAs. The intraday RSI is below its neutrality level at 50. Nevertheless, a support base has formed around 0.9695, which should limit the downside potential. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. As long as 0.9695 is not broken, look for a technical rebound to 0.9740 first. A break below 0.96 would open a downward path toward 0.9545.

Technical comment:

The daily chart is still negative-biased as the MACD is bearish, stochastics stays suppressed at oversold levels. Five and 15-day moving averages are declining.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.96. A break of that target will move the pair further downwards to 0.9545. The pivot point stands at 0.9695. 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, a long position is recommended with the first target at 0.9740 and the second target at 0.9770.

Resistance levels: 0.9740 0.9770 0.9810

Support levels: 0.96 0.9545 0.95

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Technical analysis of NZD/USD for July 31, 2015

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NZD/USD Intraday: the key resistance is seen at 0.6660. The pair is trading below its 50-period intraday MA, which acts as resistance. The intraday RSI is mixed around its neutrality level of 50. Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited. Below 0.6615, look for further downside to 0.65 and even 0.6540 in extension. Only a break above of 0.6615 would turn the outlook to positive with targets at 0.6660 and even 0.6690.

Technical comment: The price is trading below 20- and 50-period moving average. RSI is well directed downward.

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 the pivot point. Short positions are recommended with the first target at 0.6540. A break of that target will move the pair further downwards to 0.65. The pivot point stands at 0.666. 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, a long position is recommended with the first target at 0.6690 and the second target at 0.6740.

Resistance levels: 0.6690 0.6740 0.6770

Support levels: 0.6540 0.65 0.6465

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Technical analysis of GBP/JPY for July 31, 2015

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GBP/JPY is expected to trade in a lower range. The pair is reversing down after breaking below its previous support at 193.90, which also capped the pair's bounce yesterday. The declining 50-period intraday MA maintains a bearish bias. The intraday RSI is below 50 and losing its upward momentum. The first downside target is seen at the horizontal support and overlap at 193. A break below this level would open the way towards 192.45.

Technical comment:

RSI is below 50 suffering the lack of upward momentum

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 the pivot point. Short positions are recommended with the first target at 193. A break of that target will move the pair further downwards to 192.45. The pivot point stands at 193.90. 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, a long position is recommended with the first target at 194.60 and the second target at 195.20.

Resistance levels: 194.60 195.20 196

Support levels: 193 192.45 192

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Global macro overview for 31/07/2015

Global macro overview for 31/07/2015:

The PPI data published yesterday was better than expected with the main index at the level of 0.3% q/q (1.1%y/y) in the second quarter against 0.2% q/q in the previous one. Nevertheless, the other data were not so good as anticipated with bushiness confidence falling to -15.3 from -2.6 a month before and declining private sector credit reading (0.4% m/m vs. 0.5% m/m). This new set of data might be important for RBA to consider another rate cut at the nearest meeting.

Despite yesterday's higher-than-expected data from the Australian economy, the AUD/USD pair is likely to close the month at its lows. A new, six-year low, monthly close below the 0.7300 is expected after a brakeout below the important support at the level of 0.7371.

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USDX technical analysis for July 31, 2015

The US dollar index has bounced from the lower channel boundary after the FOMC meeting and has managed to break above the 4-hour Ichimoku cloud giving a bullish signal. Now it has reached important resistance area, and if we see a rejection at the current levels, we should expect a pullback towards channel support again.

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Black lines - bullish channel

Red line - horizontal resistance

The US dollar index is now trading above the Ichimoku cloud but below the short-term resistance at 97.80. A daily close above this resistance will open the way for a weekly breakout above the weekly resistance at 98-98.20.

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Red line - horizontal resistance

With the weekly candle turned blue again and above the kijun-sen indicator, all signs are bullish for the US dollar index. Support at 96.25 is very important for the medium-term trend of the index. A break below 96.25 will be a very bearish signal with a possible longer-term pullback towards 90. For now, bulls have the upper hand.

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Global macro overview for 31/07/2015

Global macro overview for 31/07/2015:

Yesterday's readings of the USA GDP data for the second quarter were slightly worse than anticipated. The number came out at the level of 2.3% q/q lower than analysts' forecast of 2.6% q/q. However, the GDP was higher than 0.6% q/q in the previous quarter. One of numerous reasons behind such weak data is the continuous strengthening of the US dollar. It was a headwind against the US economy and it will continue if the Fed makes a decision to raise the short-term interest rates this year (on September of December).

The USD/JPY pair's reaction to the news was positive in favor of the US dollar as the market violated the resistance at the level of 124.50 but did not manage to close a daily candle above it. Nevertheless, the outlook is still bullish and the US dollar's strengthening might continue for some more time.

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Gold technical analysis for July 31, 2015

Gold price remains in a bearish trend below the Ichimoku cloud and below the downward sloping trendline. Short-term resistance is at $1,104, while short-term support is at $1,077. There are increased chances of a bigger bounce towards $1,130 before the resumption of the downtrend towards $1,000 or $980.

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Blue line - trendline resistance

Green line - short-term resistance

Gold price is trading below the Ichimoku cloud and below both tenkan-sen and kijun-sen on the 4-hour chart. All indicators remain bearish. If short-term resistance at $1,104 is broken, it will give a bullish signal for a bounce towards $1,130.

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Blue line - horizontal support

Red lines - price projection

The weekly chart remains bearish even if we see a bounce towards $1,130, which is very possible in the near term. My longer-term targets remains near and below $1,000 and that is why I remain longer-term bearish.

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Technical analysis of EUR/CAD for July 31, 2015

IMPACT ON EURO:

The International Monetary Fund and Greece did not reach an agreement on a new debt plan. Greece and Europe is ready to make the relevant decisions but it will take time. The IMF officials can only support a comprehensive rescue package for Greece. The IMF Board of Directors will discuss arrangements for the new Greek aid plan next Wednesday.

CAD: Lower oil prices have been putting the CAD to lower levels.

Today, traders will keep an eye on Canada's GDP data, the readings is likely to be pessimistic.

Technical view:

The cross rejected at the weekly parallel resistance level on Monday and was falling for three consecutive days. The 20Dsma is at 1.4150, trading at 1.4226 at the Asian session.

The cross started making lower lows and lower highs on the H1 chart. The nearest support is at 1.4170 and 1.4160. Resistance is at 1.4250, 1.4270, and 1.4310. Earlier, the cross fell below the bearish head and shoulder pattern. The shoulder highs are placed at 1.4337 and 1.4346.

The hourly momentum indicators are giving sold signs. On the H1 chart we can observe positive divergence.

Intraday buying is available above 1.4300, aimed at 1.4320 and 1.4340. Strong bullish momentum is only available above 1.4350. Selling available is below 1.4200 aimed at 1.4160 initially, later likely to extend towards 1.4110 and 1.4060. Safe selling is available only below 1.4150.

NOTE: 20dsma is at 1.4150.

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Technical analysis of EUR/JPY for July 31, 2015

General overview for 31/07/2015 09:35 CET

The count has been little changed due to expanding corrective cycle in wave c green of wave (c) blue. The outlook is still mid-bearish as the downward wave progression hasn't been completed yet and if the intraday support at the level of 135.53 is violated, next supports are expected at the levels of 135.11 and 134.77.

Support/Resistance:

137.10 - Intraday Resistance (strong)

136.86 - WR1

136.10 - Intraday Resistance (weak)

135.60 - Weekly Pivot

135.53 - Intraday Support

134.77 - WS1

Trading recommendations:

Daytraders should consider opening sell orders from the level of 135.51 with tight SL (15-20 pips) and TP at the level of 135.11 and 134.77.

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Technical analysis of USD/CAD for July 31, 2015

General overview for 31/07/2015 09:20 CET

The three wave progression to the upside from the wave 2 black bottom at the level of 1.2859 is still developing. Currently, the intraday resistance at the level of 1.3045 is the main obstacle for the market and if it gets violated, the recent high at the level of 1.3106 will be tested. In case of reaching any new highs, the next weekly resistance is seen at the level of 1.3135.

Support/Resistance:

1.3135 - WR1

1.3106 - Swing High

1.3045 - Intraday Resistance

1.3026 - Weekly Pivot

1.2990 - Intraday Support

Trading recommendations:

Daytraders should consider opening buy orders from the level of 1.3050 with tight SL (15-20 pips) and TP at the level of 1.3106.

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Technical analysis of GBP/USD for July 31, 2015

IMPACT ON USD:

The GDP value in the United States, adjusted for price changes increased at an annual rate of 2.3 % in the second quarter of 2015, according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.6 percent (revised).

In the week ending July 25, seasonally adjusted initial claims advanced to 267,000, posting an increase of 12,000 compared to the previous week.

Technical overview:

The cable managed to hold the ascending trendline in the H1 chart. It fell below the bearish head & shoulder pattern.

On a daily closing basis, the cable made double top at 1.5615 and hourly basis 1.5675 and 1.5700 are the supply zone.

Earlier, the cable made a strong ceiling at 1.5700. The cable broke the 3-month ascending trendline. It is still trading below this line. In the four-hour chart, the cable fell below the bearish h&s pattern.

The 20& 50Dsma is found at 1.5550, 100Dema is found at 1.5460, 200Dsma is found at 1.5410, 20Wsma is seen at 1.5340, and 100Dsma is found at 1.5320. The weekly trading pattern is framed between 1.5440 and 1.5700.

Intraday resistance is seen at 1.5610, 1.5630, and 1.5650. Support is found at 1.5550 and 1.5530. Fresh selling is available below 1.5550 with an initial target at 1.5530 and at 1.5490 and 1.5470 later. The selling accelerates only below 1.5530 and the trend is likely to change below 1.5440.

Intraday risky buying is available above 1.5600 with targets at 1.5620 and 1.5640. Safe buying is available only above 1.5650.

Whenever the cable touches the 1.5675 and 1.5700 zone, it hit lower low. Initial low was reached at 1.5530 and at 1.5467 later. This time, we can expect 1.5450 or 1.5410.

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Technical analysis of EUR/USD for July 31, 2015

EUR/USD

After the FOMC meeting the euro extended losses against the greenback yesterday, closing at the lowest level in last 2 sessions.

IMPACT ON EURO:

IMF officials: The IMF and Greece did not reach an agreement on a new debt plan. Greece and Europe are ready to make the relevant decisions, but they need time. The IMF officials can only support a comprehensive rescue package for Greece. IMF Board of Directors authorized to discuss arrangements for the new Greek aid plan on Wednesday.

IMPACT ON USD:

The US GDP value, adjusted for price changes increased at an annual rate of 2.3 % in the second quarter of 2015, according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, the real GDP increased 0.6 percent (revised).

In the week ending July 25, the advance figure for seasonally adjusted initial claims was 267,000, an increase of 12,000 from the previous week.

Today, traders eye German retail sales, eurozone's CPI flash estimates y/y, and unemployment rate.

Technical view: The euro bulls lost momentum, rejected at 50Dsma for three times earlier and closed below the 20Dsma at yesterday's session rejected at 20Dsma.

In the four-hour chart, the pair has been trading in an ascending bearish channel, rejected at the upper end of the trendline willing to go further down.

Until the pair trades below 1.1085 sell on rise favors the intraday trade. The supply zone remains between 1.1085 and 1.1100 50Dsma. Until the price closes below 1.1100 sell on rise favors the positional trade. Monthly support is found at 1.0730.

Intraday resistance is seen at 1.0950, 1.0980 and 1.1000. Support is found at 1.0869,1.0840, and 1.0800. In cas the pair lose 1.0850, selling will accelerate. The Federal Reserve and the ECB monetary policy differentiation favours longer term bearish.

Intraday selling is available below 1.0890 with targets at 1.0860, selling accelerates below 1.0850.

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Technical analysis of Gold for July 31, 2015

The strikes in South Africa depressed the price again. The South African Chamber's offer was rejected by the Trade union at yesterday's session.

Gold producers have tabled their final three-year offers for wage and benefit increases to representative unions, the Association of Mining and Construction Union (AMCU), the National Union of Mineworkers (NUM), Solidarity, and UASA.

The average retirement age of workers was extended to 63 years, with employees wishing to retire at 63 or before 63 entitled to do so.

According to Solidarity General Secretary Gideon du Plessis, the union would present the final offer to its members for consideration and would provide feedback by August 7.

The trade union Solidarity expressed its disappointment over the final offer tabled by the producers, stating that the proposed wage increases for skilled workers was lower than the mandate for settlement that Solidarity had obtained from its members.

Technical view:

On a monthly basis, gold fell 7.0% on the back of the Fed's rate hike pending and a slowdown in the Chinese economy.

The yellow metal was trading at $1,088.30 during today's Asian session. In the weekly chart, the metal managed to hold the channel support trendline at $1,085.00 on a closing basis. The metal has been reaching lower highs and lower lows breaking below the large bearish head & shoulder pattern.

The weekly support is found at $1,085.00, $1,077.00, and $1,073.00. A weekly close below $1,085.00 opens gates to $1,068.00 initially, and towards $1,045.00 and $1,005.00 later. In the monthly chart, strong support zone is seen between $1,045.00 and $1,032.00. The metal fell below a 14-year ascending trendline in the monthly chart. It has been managed to close above $1,085.00 on a daily closing basis for eight consecutive days.

A daily close below $1,085.00 opens gates to $1,077.00 initially, and $1,055.00 later.

Intraday: Intraday support is found at $1,085.00, $1082.00, and $1,077.00. Resistance is seen at $1,090.00, $1,093.00, and $1,095.00. A daily close below $1,085.00 opens gates to $1,077.00 and $1,055.00.

The metal has been reaching lower lows in the four-hour chart. At yesterday's session, we recommend intraday selling below $1,090.00 with an initial target at $1,088.00. Selling accelerates below $1,085.00 towards $1,082.00, $1,080.00, and $1,077.00. The metal made a low at $1,082.00.

Panic is likely to be triggered below $1,077.00. Use a rise to sell. Buying is available above $1,095.00 with targets at $1,098.00 and $1,099.00.

Today's trading pattern remains framed between $1,100.00 and $1,077.00

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Technical analysis of EUR/USD for July 31, 2015

Technical outlook and chart setups:

The EUR/USD pair seems to have bottomed out around 1.0892 yesterday before pulling back above 1.0940 again. Please note that the pair has bounced off the fibonacci 0.618 levels of the rally between 1.0806 and 1.1125. It is hence recommended to remain long with risk at 1.0800. Immediate support is seen at the level of 1.0800 followed by 1.0520 and lower while resistance is seen at the levels of 1.1200/75 followed by 1.1450 and higher. Bulls are expected to remain in control until prices stay above 1.0800.

Trading recommendations:

Remain long for now, stop is at 1.0800, a target is 1.1330+.

Good luck!

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Technical analysis of Gold for July 31, 2015

Technical outlook and chart setups:

Gold is trading around $1,084.00/85.00 now trying to move higher towards $1,130.00/32.00 before resuming its down trend. The metal remains bearish and it is expected to move lower towards at least $1,030.00 if not lower, but a relief rally can be expected before the next bear leg. It is hence recommended to remain long with risk at $1,070.00. Immediate support is seen at $1.075.00 followed by $1,052.00, $1,030.00, and lower, while resistance is seen at $1,130.00/32.00 (fibonacci), $1,175.00, and higher respectively.

Trading recommendations:

Remain long for now, stop is at $1,070.00, a target is at $1,130.00.

Good luck!

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Technical analysis of Silver for July 31, 2015

Technical outlook and chart setups:

Silver is trading around $14.65/67 at the moment, looking for an opportunity to move higher towards $15.20/30 if not higher. Please note that the metal is trading in the buy zone of its immediate trend-line resistance and would make attempts to get through the outer trendline around the level of $15.30. It is recommended to remain long for now with risk at $14.25. Immediate support is seen at $14.40/50 followed by $14.00, $13.00, and lower, while resistance is seen at $15.00 (interim), followed by $15.30, $15.90, and higher respectively.

Trading recommendations:

Remain long for now, stop is at $14.25, a target is $15.30.

Good luck!

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Technical analysis of USD/CAD for July 31, 2015

IMPACT ON USD:

The GDP value in the United States increased by an adjusted annual rate of 2.3% in the second quarter of 2015, according to the preliminary estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased by 0.6% (revised).

In the week ending July 25, the advance figure for seasonally adjusted initial unemployment claims was 267,000 that is 12,000 higher than the print of the previous week.

CAD:The lower oil prices pressure the CAD edge lower against USD.

Technical view: The pair managed to bounce from the 20DSMA after Wednesday's FOMC meeting. The pair has been facing strong resistance between 1.3055 and 1.3047. DUring yesterday's session, the pair made high at 1.3044 again rejected at higher levels. The pair breached the earlier double top on the H1 chart which turns to support.

Today, traders are waiting for Canada's GDP data, the reading is expected to be pessimistic. Today's spike is likely to hit 1.3100 or even the1.3120 levels. Multiple resistance seems at the 1.3103 levels.

Intraday support is at 1.3000, 1.2980 and 1.2960. Resistance seems to be 1.3055, 1.3080 and 1.3120.

Selling is available only below 1.2960 aimed at 1.2940, 1.2920, and 1.2900.

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Technical analysis of EUR/USD for July 31, 2015

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When the European market opens, economic data on the Italian Prelim CPI m/m, Unemployment Rate, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Italian Monthly Unemployment Rate, French Consumer Spending m/m, and German Retail Sales m/m is due. The US will release economic data on Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, and Employment Cost Index q/q. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0992.

Strong Resistance:1.0986.

Original Resistance: 1.0975.

Inner Sell Area: 1.0964.

Target Inner Area: 1.0939.

Inner Buy Area: 1.0913.

Original Support: 1.0902.

Strong Support: 1.0891.

Breakout SELL Level: 1.0885.

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 July 31, 2015

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In Asia, Japan will release data on the Housing Starts y/y, Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, and Household Spending y/y. The US will publish economic data about Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, and Employment Cost Index q/q. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.66.

Resistance. 2: 124.41.

Resistance. 1: 124.17.

Support. 1: 123.88.

Support. 2: 123.63.

Support. 3: 123.39.

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 EUR/JPY for July 31, 2015

Technical outlook and chart setups:

The EUR/JPY pair dropped lower towards 135.50 after testing its 50-day moving average. The pair is forming a cone consolidation pattern at the moment and could find support at 135.00. Please also note that the pair is at the 50% fibonacci support of a rally between the levevls of 134.00 and 137.00. It is recommended to remain flat for now and initiate long positions around the levels of 135.00/30 with risks at 134.00. Immediate support is seen at 135.00 followed by 134.00, 133.00, and lower, while resistance is seen at 137.00 (interim) followed by 138.00/139.00 and higher.

Trading recommendations:

Remain flat for now and look to initiate longs around 135.00/20.

Good luck!

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Technical analysis of GBP/CHF for July 31, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading lower again around 1.5100 now after being just shy of a high at 11.5183 yesterday. The pair remained just shy of 1.5200, and has produced a pin bar reversal candlestick on the daily chart, indicating the potential reversal is ahead. It is recommended to exit longs and remain flat for now. Immediate support is seen at 1.4950 followed by 1.4800, 1.4550, and lower, while resistance is seen at 1.5200 and higher. The pair could produce a meaningful retracement before resuming the uptrend it seems.

Trading recommendations:

Remain flat for now.

Good luck!

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Daily analysis of USDX for July 31, 2015

The USDX gained bullish momentum above the support level of 96.57 and now it could be expected to break the level of 97.57, where the key resistance zone is located. If that happens, the Index will rise to the level of 98.29. However, if a pullback happens at the current stage, the USDX will test the support zone of 96.57 again.

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It seems there is a higher high pattern formation taking in place above the 200 SMA on the H1 chart. By the way, the USDX is pulling back and looking for an opportunity to test the support level of 97.12 again. If Index does a breakout here, it would be expected to fall until the level of 96.73. Be aware of the currrent bullish intraday bias in this time frame.

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Daily chart's resistance levels: 97.57 / 98.29

Daily chart's support levels: 96.57 / 95.63

H1 chart's resistance levels: 97.65 / 98.09

H1 chart's support levels: 97.12 / 96.73

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is at 97.12, take profit is at 96.73, and stop loss is at 97.50.

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Daily analysis of GBP/USD for July 31, 2015

On the daily chart, GBP/USD has been trading below the resistance level of 1.5640, looking for an opportunity to reach new weekly highs, but the pair is likely to remain moving sideways until a breakout over that zone takes place. There are higher swings still to be done and bullish momentum could arise in the next week.

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Again, the cable found dynamic support at 200 SMA in the H1 time frame without having presented the currrent intraday bearish bias, which has been formed since July 29. That is why we expect more upside moves. For that happen,a breakout at the level of 1.5664 should bee seen. The MACD indicator slightly is at positive territory.

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Daily chart's resistance levels: 1.5640 / 1.5777

Daily chart's support levels: 1.5543 / 1.5450

H1 chart's resistance levels: 1.5633 / 1.5664

H1 chart's support levels: 1.5587 / 1.5562

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5633, take profit is at 1.5664, and stop loss is at 1.5602.

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Daily analysis of major pairs for July 31, 2015

EUR/USD: There is already a sell signal on EUR/USD which shows that the pair has a great potential to continue trending lower and lower. The support line at 1.0900 has been already tested; and it could be tested again. Once that support line has been breached to the downside, bears could target the support line at 1.0850.

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USD/CHF: The USD/CHF pair is currently besieging the resistance level at 0.9700. That resistance level has to be breached to the upside for the current bullish trend to continue. In case that happens, the next target would be the resistance level at 0.9750.

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GBP/USD: The market is bullish now - the currency trading instrument is making bullish efforts . This has resulted in high volatility in the market. There are distribution territories around1.5650 and 1.5700. There are also accumulation territories of 1.5550 and 1.5500.

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USD/JPY: Since this pair broke upwards from its recent equilibrium zone, it has trended further upwards. The pair has tested the supply level at 124.50. That supply level seems to be a kind of wall that bulls have to break before they can continue to push the price higher. This outlook would be valid as long as the price does not cross the demand level of 123.00 to the downside.

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EUR/JPY: This cross is trying to make some bearish effort (owing to the perceived selling pressure in the market). The EMA 11 needs to move below the EMA 56, though the RSI period 14 is already below the level of 50. This can lead to a Bearish Confirmation Pattern in the market, and until then it is better to be cautious.

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Technical analysis of USD/CHF for July 31, 2015

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Overview:

  • Due to the previous events, the The USD/CHF pair is still trading between the levels of 0.9660 and 0.9718 (the double top), so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait until the uptrend channel is passed through. Then the market will probably show signs of a bullish trend. In other words, buy deals are recommended above 0.9660 with the first target at the level of 0.9715. A top bottom is likelty to be formed at the level of 0.9715 in the H1 chart. Moreover, the level of 0.9715 represents the weekly resistance on July 31, 2015. So, if the trend manages to break the level at 0.9720, buy at 0.9720 again with the second target at 0.9760 and with a view to call for an uptrend in order to continue its bullish movement towards 0.9760. At the same time, the stop loss should be placed at the level of 0.9627.

Notes:

  • The double top will set at the level of 0.9718.
  • The major support is seen at 0.9660.
  • The price hit the weekly pivot point and the resistance 1 yesterday.
  • We expect a range of 58 pips this week.
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Technical analysis of GBP/USD for July 31, 2015

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Overview:

  • The GBP/USD pair has rebounded from the major resistance set at the level of 1.5641, and now it is approaching its resistance in order to test it again. Moreover, it should be noted that the level of 1.5641 represents the weekly resistance 1 in the last day of July. It will be a good sign to sell at this spot with the first target at 1.5578 to form the double bottom and continue towards 1.5551 (it should be noted that this level will form the daily support). On the other hand, in case of a break of 1.5660, a good place for stop loss will be above the level of 1.5690.

Forecast:

  • According to the previous events, the GBP/USD pair is still moving between 1.5641 and 1.5550.
  • The level of 1.5578represents the double bottom, and the daily support 1 is set at 1.5550. But the strong resistance is placing at 1.5641. Sell below the level of 1.5641 in the long term with the first target at 1.5580. If the trend manages to break the double bottom at 1.5580; it might resume to 1.5550.
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Technical analysis of USD/JPY for July 30, 2015

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USD/JPY Intraday: Bias remains bullish. The US dollar index is currently trading at 97.290, higher than the previous session's high of 97.254. Overnight, the US Federal Reserve expressed satisfaction with solid gains in the labor market. Traders will look for further hints on the Fed's next interest rate move from tonight's US Q2 GDP data. USD/JPY has broken above the 124 mark and is pressing against its immediate upside target at 124.60. All intraday indicators, including the 20- and 50-period intraday MAs and the intraday RSI, are well directed and call for further advance. The second upside target is placed at 124.85 (seen on July 21).

Technical comment:

The daily chart is bullish as the MACD is in bullish mode.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price keeps above its pivot point, long positions are recommended with the first target at 124.60 and the second target at 124.85. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 123.50. A break of this target would push the pair further downwards, and one may expect the second target at 123.30. The pivot point is at 123.90.

Resistance levels: 124.60 124.85 125.50

Support levels: 123.50 123.30 122.85

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Technical analysis of USD/CHF for July 30, 2015

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USD/CHF is expected to trade in a higher range. The pair is rebounding above its rising intraday 20-period and 50-period MAs, which act as supports. In addition, the intraday RSI indicator is bullish and calls for further upside. Furthermore, 0.9635 represents a significant key support, which should limit the downside potential. As long as the level of 0.9600 is support, look for further upside to 0.9740. A break above of this level would call for further advance to 0.9770. Only a break below of the key support at 0.9600 would turn the outlook to negative and open a downward path to 0.9545 and even 0.9525.

Technical comment:

The daily char is bullish. The MACD is in bullish mode.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price keeps above its pivot point, long positions are recommended with the first target at 0.9740 and the second target at 0.9770. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.96. A break of this target would push the pair further downwards, and one may expect the second target at 0.9545. The pivot point is at 0.9635.

Resistance levels: 0.9740 0.9770 0.9810

Support levels: 0.96 0.9545 0.95

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Gold analysis for July 30, 2015

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Overview:

Since our last analysis, gold has been trading sideways around the level of $1,093.00. According to the daily time frame, we can observe weak supply and small real body. According to the H1 time frame, a fake breakout of our support level at $1,086.00 is taking place in the background. The price got back into our trading range between the levels of $1,086.00 and $1,118.00. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the level of $1,127.00, Fibonacci retracement at 50% at the price of $1,141.00, and Fibonacci retracement 61.8% at the level of $1,157.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,099.00

R2: 1,102.00

R3: 1,106.50

Support levels:

S1: 1,090.50

S2: 1,087.30

S3: 1,083.00

Trading recommendations: Be careful when selling gold at this stage since we have a fake breakout in the background.

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