Technical analysis of NZD/CHF for August 10, 2015

After a heavy downtrend, NZD/CHF rejected the 0.63 area multiple times where finally it found the support. The pair started to produce higher highs and higher lows, thus pointing to a potential strength.

The price broke above the 200 Moving Average, came back to re-test it and was rejected. Currently, strong support is formed near the 0.64 area that also was rejected last week and could be an excellent opportunity to go long.

Consider buying NZD/CHF this week while it is trading between the current level (0.6450) and S1 support (0.6407) targeting 161.8% Fibs area (R2 - 0.66) applied to the 29.07 high and the 31.07 low. The stop loss should be set below the physiological support 0.64 because only daily closure below it could bring the control back to bears.

Support: 0.6407

Resistance: 0.6480, 0.6600

nzdchf-h4-instaforex-group-5.png

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

Technical analysis of USD/JPY for August 10, 2015

USDJPYM30.png

USD/JPY is expected to trade with bullish bias. With the US dollar index traded at 97.712, the greenback has failed to hold its gains made immediately after the US government reported last Friday that non-farm sector added 215K jobs in July (vs +225K expected, +223K in June). Even though the robust number suggests that the Federal Reserve could raise interest rates this year, traders expect rate increases to be slow, and the US dollar's upside is limited. USD/JPY broke above its previous key support at 124.45 and remains upside. The 20-period intraday moving average is below the 50-period one, while the intraday RSI stays within the selling area between 50 and 30. So, even though a continuation of a technical rebound cannot be ruled out, its extent should be limited. The key resistance is set at 124.45 and the first upside target at 125.25 (around last Friday's low). The second downside target is set at further support at 125.60.

Technical comment:

The daily chart is positive-biased as stochastics is bullish, the MACD histogram bars are turned positive.

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 125.25 and the second target at 125.60. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 124.30. A break of this target would push the pair further downwards, and one may expect the second target at 124.10. The pivot point is at 124.45.

Resistance levels: 125.25 125.60 126

Support levels: 124.30 124.10 123.70

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

Technical analysis of USD/CHF for August 10, 2015

USDCHFM30.png

USD/CHF is expected to trade with bullish bias. The pair remains firmly above its horizontal support at 0.9790, which has been tested for several times. The upside momentum is still strong, as the intraday RSI holds above its 50 level, and is turning up again. Last but not least, an intraday rising trendline also provides a strong support, and calls for a new rise to challenge 0.9940 (last Friday's top). In case of a breakout, look for further advance to 1.

Technical comment:

The daily chart is positive-biased as the MACD and stochastics are bullish.

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 0.9940 and the second target at 1.0. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9750. A break of this target would push the pair further downwards, and one may expect the second target at 9715. The pivot point is at 0.9790.

Resistance levels: 0.9940 1.0 1.045

Support levels: 0.9750 0.9715 0.9665

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

Technical analysis of NZD/USD for August 10, 2015

NZDUSDM30.png

NZD/USD is expected to trade with bearish bias. The pair established a new intraday bearish trend after the recent break above its 20-period MA. A strong resistance base has formed around 0.6640, which should prevent any downward attempts. Besides, the intraday 20- and 50-period MAs are turning down, and continue to push the prices lower. The intraday RSI stands above the neutrality level at 50. Hence, as long as 0.6640 is not broken, look for further downside to 0.6525 and then to 0.6490.

Technical comment: The daily chart is negative-biased as the MACD indicator is bearish.

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 0.6525. A break of this target will move the pair further downwards to 0.6490. The pivot point stands at 0.6640. In case the price moves in the opposite direction and bounces back from the support level, then it will move 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 0.6675 and the second target at 0.6700.

Resistance levels: 0.6675 0.67 0.6745

Support levels: 0.6525 0.6490 0.6455

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

Technical analysis of GBP/JPY for August 10, 2015

GBPJPYM30.png

GBP/JPY is expected to trade in a higher range. After a choppy trading session last Friday, the pair is currently taking a breath and moving sideways above its key support at 192.50. Both 20- and 50-period intraday MAs are providing support now. And the intraday RSI stays above 50. Further upside is therefore expected with the next horizontal resistance and overlap set at the high of August 7 at 193.75 at first. A break above this level would call for a further advance toward 194.25 as possible. Only a break below the horizontal support at 195.50 would open the way to further weakness toward the low of August 7 at 191.95 at first.

Technical comment:

Daily chart is positive-biased as the MACD and stochastics are bullish.

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 193.75 and the second target at 194.25. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 191.95. A break of this target would push the pair further downwards, and one may expect the second target at 191.45. The pivot point is at 192.50.

Resistance levels: 193.75 194.25 195

Support levels: 191.95 191.45 190.75

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

Gold analysis for August 20 , 2015

GOLDDaily10.png

GOLDH410.png

Overview:

Since our last analysis, gold has been trading sideways around the price of $1,095.00. According to the daily time frame, we can observe a weak small real body. I found a strong trading range between the prices of $1,077.00 (support) and $1,108.00. Selling gold around our support looks very risky and my advice is to watch for a potential breakout of the trading range to confirm further direction. According to the 4H time frame, we can observe reversal up-thrust bar in an ultra high volume. I have placed Fibonacci retracement from most recent upward leg in the M30 time frame. Fibonacci retracement 61.8% at the price of $1,090.00 is on the test. The short-term trend is bullish but the mid-term trend is bearish.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,093.00

R2: 1,094.00

R3: 1,095.00

Support levels:

S1: 1,091.65

S2: 1,090.00

S3: 1,089.00

Trading recommendations: Be careful when selling gold at this stage since the price is near our strong support. Watch for a breakout of our trading range to confirm further direction. Buyers are in control today in the short term.

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

Technical analysis of EUR/USD for August 10-14, 2015

The weekly technical analysis of EUR/USD pair:

1439209519_eurusd_pp.png

Trading recommendations:

  • The price of the EUR/USD pair is still trapped between the levels of 1.0978 and 1.0880. The level of 1.0936 represents the daily pivot point. It should be noted that the daily pivot point coincides with the ratio of 61.8% Fibonacci retracement levels. Thus, sell below the price of 1.0936 in the short term with the first target of 1.0876 in order to test the weekly support 1. If the trend can break the weekly support 1 at 1.0876, it might resume to 1.0847 (the double bottom). The stop loss should never exceed your maximum exposure amounts. Therefore, it will be quite profitable to set your stop loss at the level of 1.0993.
1439209570_EURUSDH1.png
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/USD for August 10-14, 2015

1439209382_GBPUSDH1.png

Overview:

  • The GBP/USD pair is going to continue its drop downright from the price of 1.5522 (the weekly pivot point) in the short term. The level of 1.5424 represents the same price, which is probably going to form a double bottom. Accordingly, the pair is showing signs of strength following the break of the lowest level of 1.5480. So, it will be a good sign to sell below the level of 1.5480 (23.6% of Fibonacci retracement levels on the H1 chart) with the first target of 1.5424 and further to 1.5392 (it will act as strong resistance, for that it is going to be a good place to take profit. Besides, the level of taking profit will coincide with a new double bottom at the same time frame). On the other hand, in case reversal takes place and the GBP/USD pair breaks through the weekly pivot point at level of 1.5522, the market will rise further to 1.5564 in order to indicate a bullish market.

The weekly technical analysis of GBP/USD pair:

1439209443_gbpusd_pp.png

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

USD/CAD intraday technical levels and trading recommendations for August 10, 2015

ccadweekly.png1439206141_caddaily.png

Overview:

When bulls pushed the price further above 79.6% Fibonacci level, the market looked quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs), resulting in a formation of successive lower highs (within the depicted consolidation zone) enhancing the bearish side of the market.

Daily fixation below 1.2300 opened a way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend).

Bullish support was found around these levels. Successive higher lows were reached. Bullish pressure was applied against the resistance levels of 1.2450 and 1.2500 (previous tops).

On the other hand, the previous weekly candlestick was rather bullish. That is why, an extensive bullish movement is seen on the chart.

A bullish breakout above the zone of 1.2770-1.2800 has been executed.

Earlier, signs of lacking bullish momentum were generated on the chart. A bearish corrective movement was initiated towards the levels of 1.2900-1.2850.

However, a new bullish swing has been taking place this week, especially after bullish engulfing daily candlesticks were expressed on the chart.

The long-term bullish projection target would be located at the level of 1.3270 if enough bullish support is maintained around 1.3050 (recent Support).

Trading recommendations:

Conservative traders can wait for a bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level constitutes a strong recent support.

Stop Loss should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

As mentioned in the previous articles, risky traders could have taken a BUY entry anywhere around 1.3050-1.3000. First bullish targets would be located at the price levels of 1.3190 and 1.3270.

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

Intraday technical levels and trading recommendations for EUR/USD for August 10, 2015

1439205867_eurmonth.png

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, June, and July) reflect 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 will be possible only if May's monthly high of 1.1465 gets breached (a low probability).

1439205876_eurdaily.png

After such a long bearish rally, which started around the level 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 brought EUR/USD to 1.1000 again. 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.

As long as the market keeps trading below the recent supply levels around 1.1000, the depicted Double-Top pattern remains valid. The projection target extends down to 1.0600.

The price action should be watched around the levels of 1.0800 and 1.0660. These levels correspond to prominent demand levels on the chart.

Obvious bearish breakdown of the demand level 1 (1.0800) is mandatory to expose the next demand level around 1.0660.

Trading recommendations:

Conservative traders have to wait for a bullish pullback towards the recently established supply zone of 1.1100-1.1150 for a valid sell entry. S/L should be placed above 1.1170.

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

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

Intraday technical levels and trading recommendations for GBP/USD for August 10, 2015

gbpweek.png

Two months ago, the market was pushed above the 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 towards the level of 1.5550 took place. 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 had been breaking temporarily until the last week when bullish recovery was expressed.

Contradictory signals are coming from consecutive weekly candlesticks. This indicates lacking bullish momentum above 1.5500.

The previous weekly candlestick closure above 1.5500 hindered the further bearish decline and enhanced the bullish side of the market towards 1.5680 (previous weekly high).

On the other hand, the nearest demand level around 1.5200 will become exposed if GBP/USD bears manage to bring trading below the level of 1.5500 again.

1439205336_gbpdaily.png

Previously, the zone of 1.5800-1.5880 acted as significant supply. 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, which corresponds to 50% Fibonacci level and a previous prominent top, was temporarily broken 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 took 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 again.

The level of 1.5500 is going to be the significant level to watch for. It corresponds to the short-term uptrend line depicted on the chart. It has already been breached on Friday. However, strong bearish momentum is needed to maintain enough bearish tendency.

A quick bearish decline towards 1.5470 and 1.5370 should be expected only if the GBP/USD bears keep defending their recent supply level around 1.5500 on a daily basis.

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

Global macro overview for 10/08/2015

Global macro overview for 10/08/2015:

Another multi-month low of crude oil prices might has been observed last Friday when oil prices slumped to the level of 43.70 to eventually close at the level of 43.80. Baker Hughes' report provided last week indicates that the number of US oil rigs rose by six this week and drillers have added a 32 oil rigs over the past three weeks. The bearish sentiment has increased even more after the Commodity Futures Trading Commission (CFTC) report was published last Friary pointing out that money managers did not cut their bearish exposure in crude oil. Please note that crude futures could be pressured in coming weeks by seasonal refinery maintenance operations.

Oil is currently testing the Friday close at the level of 43.80, but the bearish trend continuation is expected. The next important support comes at the level of 41.98, but a breakout lower is very likely.

crude_oil_cot.jpg

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

Elliott wave analysis of EUR/NZD for August 10 - 2015

2015-08-10-EURNZD-4H.png

Technical summary:

We have changed our short-term count slightly as the latest price action has not been consistent with the our previous count. A new count shows that a wave (iv) triangle is unfolding and one more rally higher to 1.7277 should be seen before a larger correction will be unfolding.

In the short term, we expected support to be found at 1.6577 for the break above 1.6826 confirming the rally higher to 1.6995 and 1.7277.

Trading recommendation:

Our stop at 1.6550 was hit. But we are looking to re-buy EUR upon at 1.6580 or upon a break above 1.6826

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

Elliott wave analysis of EUR/JPY for August 10 - 2015

2015-08-10-EURJPY-4H.png

Technical summary:

The triangle consolidation as well as renewed downside pressure for a thrust out of the triangle and a decline to 130.00 should be close to termination.

The first sign that a downside thrust is taking place is a break below minor support at 135.53 that is also confirmed by a break below support at 134.95 for a decline to 130.00. Resistance is found at 137.35. It should protect the upside from a break below minor support at 135.53.

Trading recommendation:

We sold EUR at 135.75 with a stop placed at 137.45. If you are not short EUR yet, sell near 136.60 with the same stop at 137.45.

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

Global macro overview for 10/08/2015

Global macro overview for 10/08/2015:

Last Friday, the data release from the US has confirmed the improving economic conditions again, especially on the US labor market. The strong NFP number of 215K created jobs, another decline in unemployment rate to 5.3%, an increase in average hourly rate of 0.2, and a decrease in participation level to 62.6% support the interest rate scenario for the month of September. However, the recent inflation readings were not that good and the Fed targeted inflation level of 2% will not be met even in the most optimistic forecasts. This might be why the September rate hike will be postponed to at least December 2015.

The mixed EUR/USD reaction during NFP data release did not resulted in any overall important breakthrough on this pair and the bias is still bearish in the medium term. The golden trendline has been tested from the downside and got rejected. Next support comes at the level of 1.0808.

eurusd.jpg

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

Technical analysis of USD/CAD for August 10, 2015

General overview for 10/08/2015 10:30 CET

The overlaps of the waves i blue and wave iv blue might suggest the building of ending diagonal structure is currently in progress. The projected target for the last fifth wave that will complete the overall impulsive structure is at the level of 1.3293 and then the bigger corrective cycle will start. On the other hand, please note the ABC bigger corrective cycle is still possible on the hourly chart, but to confirm this scenario, the level of 1.3046 must be violated first.

Support/Resistance:

1.3293 - WR2

1.3213 - Intraday Resistance

1.3207 - WR1

1.3152 - Intraday Support

1.3129 - Weekly Pivot

1.3046 - WS1

Trading recommendations:

Daytraders should consider opening sell orders only if the level of 3152 is violated in clear, impulsive manner. Otherwise, the bias is bullish and buy orders should be preffered to open with SL at the level of 1.3150 and TP at the level of 1.3113 with a possible upwards extension up to the level of 1.3193.

usdcad_h1.jpg

usdcad_h4.jpg

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

Thechical analysis if US oil for August 10, 2015

The US oil found a strong resistance between 04.2011 and 11.2014 near 112 and support near 80 USD a barrel. On November 2014, this range was broken, which resulted in the breakout of the slightly descending channel.

The Fibonacci applied to the channel breakout point shows that the 38.2% (60.07) support level has been broken, then tested as resistance (R2) and rejected. The last week close confirmed the breakout of the 23.6% (47.75) support which now is acting as resistance (R1).

All in all, the trend is extremely bearish and it is likely to accelerate and move further down towards 0% Fibs level to re-test 2009 lows. Consider selling the US crude this month while it is trading between the current level 44 and R1 resistance 48 targeting the S1 area near 28. Weekly closure above R1 could be used as a signal to exit short positions.

Support: 27.80

Resistance: 47.75

cl-w1-instaforex-group-2.png

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

Technical analysis of EUR/JPY for August 10, 2015

General overview for 10/08/2015:

The corrective cycle for wave alt: XX brown might be completed if the first projected target zone between the levels of 136.80 and 137.02 is hit. Any signs of a intraday trend reversal inside the orange rectangle zone might support the view and the market will reverse in order to complete the last wave down - Z brown. Otherwise, the market will continue to develop the impulsive structure in the c purple wave (alt: wave iii blue) and new highs will be made above the level of 137.33.

Support/Resistance:

137.33 - Intraday Resistance

137.02 - WR1

136.80 - 137.02 - Potential Reversal Zone

136.00 - Weekly Pivot

135.54 - Intraday Support

135.29 - WS1

134.98 - WS2

Trading recommendations:

Daytraders should consider opening sell orders inside the potential reversal zone only if there are signs of a trend reversal ( andlestick formation, low-volume upmove etc.) with SL at the level of 137.35 and TP at the level of 134.54 with a possible downward extension.

eurjpy_h1.jpg

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

Technical analysis of USD/JPY for August 10, 2015

USD/JPY: Today at the Asian session the Japan current account data hits the wires. Japan's current account is 13003 billion yen, expected 14009 billion yen the previous value was 16363 billion yen.

Technical view: The 20Dsma is found at 124.00 and 50Dsma is set at 123.60. Today, the pair opened on a bullish note, opened lower. At the four-hour chart, the pair managed to made a triple bottom at 124.13. The pair managed to breach the long consolidating trading range between 124.50 and 122.48 levels with higher lows and higher highs. These factors, representing the core bullish pattern, are developing to breach the earlier high of 125.86 touched on June 05.

Intraday support is found at 124.00 and 123.60 resistance seems at 124.40 and 124.60. The trading pattern is framed between 125.10 and 124.00. The selling is likely to open below 124.00 towards 123.60/123.50. The real selling emerges only below 123.40 towards 123.00.

Buying is available above 124.65 with a target at 125.00. The buying momentum is likely to be strengthened above 125.10 towards 125.60 and 126.00.

USDJPYH4 (2).png

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

Technical analysis of GBP/USD for August 10, 2015

The cable lost 1.3% last week, closed below 50Wsma but still remains above 20Wsma. The cable formed a lower high on the daily chart after five months.

Given the lack of macroeconomic data, it is logically a quiet day in markets. Things should pick up rapidly from Wednesday. However, we have a number of high-impact data releases, starting with the Claimant count change and earnings index due on Wednesday. Obviously, the cable's trading tone depends mostly on US data this week.

Weekly forecast: The 50Wsma seems at 1.5510 and 20Dsma remains at 1.5575. On the down side 20Wsma is set at 1.5400 and 100Dsma is found at 1.5360. The daily earlier swing remains at 1.5330. Until the cable closes above 1.5580, use spikes to add selling entries.

We made a forecast, "Whenever the cable touches the 1.5675 and 1.5700 zone, it printed a lower low. Initial low was 1.5530, later 1.5467. This time, we can expect 1.5450 or 1.5410". The cable made a low at 1.5425 (exactly138.2 FE).

In case a daily close is below 100Dema, the cable is likely to extend the bearish rally towards 1.5400, 1.5385 and even further to 1.5330.

Intraday: The cable is trading at 1.5485 compare to Friday's closing price 1.5489. Though the cable fell below 100Dema on Friday's session, by the end of the day it coped with a close above the same. Today, at the Asian session the cable is trading slightly above 100Dema which is seen at 1.5475.

Resistance seems at 1.5500, 1.5530, and 1.5545. Support is found at 1.5460, 1.5425, and 1.5400.

Selling trade opens below 1.5460 with targets at 1.5430, 1.5400, and even 1.5385.

Buying trade, opened above 1.5500 and 1.5520, contains high risk. The positional trade favours selling on a rally with sl 1.5585.

GBPUSDH4 (6).png

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

Technical analysis of Gold for August 10, 2015

The metal lacks momentum at higher levels between $1,100.00 and $1,105.00, on a weekly basis it has been making lower closing price.

Nonfarm payroll report showed 215,000 new jobs in July, and the unemployment rate was unchanged at 5.3 percent.

China encourages private gold reserves. Wall Street gold expert Perth Mint Baron Suxie Ke said, China has been encouraging private gold reserves, 55% of the gold flowing into the private pockets. The remaining 45 percent is in the hands of commercial banks and the Central Bank. China's official gold reserves should be about 2,400 tons. If combined with reserves of commercial banks, it should be 4500 tons. (Business Insider)

The world's largest gold ETF - SPDR Gold Trust holdings reduced 0.24 tons compared to the previous day with a decline of 0.04% to 667.69 tons.

Technical view: The metal has been making lower highs for seven weeks in a row and making lowest closing level also for seven weeks. Last 3 weeks, the metal was making taking support at $1,077.00 level and remained above $1,085.00 on a weekly closing basis.

The 20Dsma is set at $1,103.50 and multi-resistance zone seems at $1,105.00. The yellow metal was trading at $1,092.00 during today's Asian session compared to $1,093.70 at Friday's close.

Forecast: The metal has been consolidating between $1,077.00 and $1,105.00 for 11 straight sessions with developing positive divergence. If the metal manages to close above $1,106.00, bulls will aim at $1,110.00 initially, later at $1,115.00 and $1,118.00.

Intraday: Support is seen at $1,089.00 and $1,087.00. Resistance seems at $1,095.00, $1,097.00 and $1,100.00. Today's trend favours buying with sl $1,087.00. The momentum is likely to be strengthened above $1,098.00 with targets at $1,100.00 and $1,102.00.

GOLDH4 (5).png

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

USDX technical analysis for August 10, 2015

The Dollar index had a very volatile day on Friday. Just before and after the NFP announcement volatility rose as we initially saw a deep decline towards short-term support at 97.60 and then a move to new short-term highs above 98.20. However the signals at the end of the day did not favor Dollar bulls.

usdx.jpg

Red line - resistance

Green line - support

The Dollar index continues to trade between the two trend lines as shown on the chart above. Although price remains above the Ichimoku cloud (which is a bullish indication), the fake breakout we saw on Friday was not a good sign for Dollar bulls. This fake breakout might be the start of a bigger trend reversal to the downside. This will be confirmed when and if we break the green upward sloping trend line and fall below the Ichimoku cloud.

usdxd.jpg

Re line - weekly trend line resistance

Green line - weekly trend line support

The weekly chart in the Dollar index shows how price got rejected at the upper triangle boundary. However price remains above the weekly kijun-sen (yellow indicator) Bulls are still in control of the short-term trend as long as price is above 96.80. However they are also trapped inside the triangle pattern and are in danger of making another move down towards the lower triangle boundary at 95-94.50. Overall the longer-term trend is neutral as long as price is inside the triangle. Short-term traders could take advantage of the triangle boundaries for short-term trading.

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

Technical analysis of EUR/USD for August 10, 2015

The pair managed to erase most of the losses last week, but still remains below 20Wsma at 1.1050 for four weeks in a row.

However, things should pick up rapidly by tomorrow as we have a number of high-impact data releases, starting with the German ZEW economic sentiment on Tuesday and German Prelim GDP q/q basis.

Weekly forecast: The pair closed and is now trading below 20Wsma at 1.1050. The weekly support is set at 1.0840 and 1.0800. Weekly resistance seems at 1.1020 and 1.1050.

Until the pair closes above 1.1050, use a rise to sell between 1.1000 and 1.1020. On the daily chart, the pair managed to close above 20Dsma on Friday's session after it was holding for 8 days at 1.0940. Except 20Dsma, the pair lost all the daily moving averages and looks lacking strength.

Intraday: Earlier, the pair made multiple supports between 1.0848 and 1.0856 levels. Intraday support is placed at 1.0940, 1.0920, and 1.0870. Resistance seems to be at 1.0980, 1.1000, and 1.1020. The pair is trading at 1.0955 at today's Asian session. Intraday selling pressure is likely to be below 1.0940, then it will accelerate below 1.0900 aiming at 1.0880,1.0860, and 1.0810. Panic is likely to be triggered below 1.0800, towards 1.0785 and 1.0740.

Buying available above 1.0970 aims at 1.0985 and 1.1000, in the extreme case the target at 1.1020 is possible.

EURUSDH4 (5).png

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

Gold technical analysis for August 10, 2015

Gold price continues to trade inside the triangle pattern between $1,100 and $1,080 levels. Soon we will see a break out above or below this trading range that will start a new short-term move towards $1,130 or $1,040 respectively.

goldh4.jpg

Blue line - trend line resistance

Green lines - triangle pattern

Gold price remains below the blue longer-term downward sloping trend line but has moved above the Ichimoku cloud. This is the first bullish signal after a long time for the 4-hour chart. The trend however remains neutral as there is no clear trend while prices remain trapped inside the trading range.

goldd.jpg

Blue line - long-term resistance

The weekly chart remains bearish for the long-term but there are signs from the last three weekly candles that a bounce should be expected. As long as price is above $1,077 there is a higher chance of an upward bounce towards the previous support or at least the tenkan-sen (red indicator) near $1,140. However, this should be considered only as an upward bounce inside a bearish longer-term trend.

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

Technical analysis of EUR/USD for August 10, 2015

!_EURUSD.jpg

When the European market opens, some economic news will be released such as Sentix Investor Confidence. The US will also release the economic data such as the Labor Market Conditions Index m/m. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1009.

Strong Resistance:1.1003.

Original Resistance: 1.0992.

Inner Sell Area: 1.0981.

Target Inner Area: 1.0956.

Inner Buy Area: 1.0931.

Original Support: 1.0920.

Strong Support: 1.0909.

Breakout SELL Level: 1.0903.

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 10, 2015

!_USDJPY.jpg

In Asia, Japan will release the Economy Watchers Sentiment, Consumer Confidence report, BOJ Monthly Report, Bank Lending y/y, and Current Account. The US will publish some economic data such as Labor Market Conditions Index m/m. So there is a big probability the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 124.99.

Resistance. 2: 124.75.

Resistance. 1: 124.50.

Support. 1: 124.21.

Support. 2: 123.96.

Support. 3: 123.72.

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 Gold for August 10, 2015

Technical outlook and chart setups:

Gold is still trading within the confined range between $1,080.00 and $1,095.00 levels respectively for now. The metal is trading just above its 50-day moving average line for now and could finally break above its trading range if prices remain above the $1,090.00 levels. It is hence recommended to remain long for now, with risk at $1,070.00 levels. Immediate support is seen at $1,075.00 levels (interim), followed by $1,052.00, $1,030.00 and lower, while resistance is seen at $1,105.00 levels, followed by $1,132.00 levels (fibonacci), $1,167.00 and higher respectively.

Trading recommendations:

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

Good luck!

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

Technical analysis of Silver for August 10, 2015

Technical outlook and chart setups:

Silver has taken out initial resistance at $15.00 levels earlier, and is pulling back for now before the next extension towards at least $15.30 levels. Please also note that the metal is trading comfortably above its 50 day moving average. It is recommended to remain long for now, with risk around $14.25 levels. Immediate support is seen at $14.40/50 levels, followed by $14.00, $13.00 and lower while resistance is seen at $15.30 levels (fibonacci), followed by $15.90 and higher respectively. The metal would like to test trend line resistance around $15.30 levels.

Trading recommendations:

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

Good luck!

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

Technical analysis of EUR/JPY for August 10, 2015

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading around 136.25/30 levels at the moment, looking to push above 137.00/50 levels. The pair had earlier bounced off the cone consolidation support around 135.00 levels, hence bulls are expected to remain in control till prices stay above that level. It is still recommended to remain long with risk at 135.00 levels. Immediate support is seen at 135.00 levels, followed by 134.00, 133.00 and lower while resistance is seen at 137.00/50 levels, followed by 138.00/139.00, 140.00 and higher respectively.

Trading recommendations:

Remain long, stop below 135.00, a target is open.

Good luck!

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

Technical analysis of GBP/CHF for August 10, 2015

Technical outlook and chart setups:

The GBP/CHF pair is seen to have taken support from its 50 day moving average passing around 1.5150 levels as depicted here. Resistance still remains just ahead of 1.5350 levels, but the uptrend remains intact for now. It is therefore recommended to exit any short positions taken earlier and initiate long positions for now with risk at 1.5100 levels. Immediate interim support is seen at 1.5150 levels, followed by 1.5050, 1.4950 and lower while resistance is seen at 1.5350 and higher respectively. Bulls are expected to remain in control till prices stay above 1.4950 levels.

Trading recommendations:

Remain long for now, stop at 1.5100, a target is open.

Good luck!

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

Daily analysis of major pairs for August 10, 2015

EUR/USD: This is a highly volatile market, though things appear to favor bears right now. There is a good support line at 1.0850 which was tested several times last year, but without success. For the current bearish outlook to continue, the support line must be breached to the downside. This requires a strong selling pressure.

1.png

USD/CHF: This pair is one of a few majors which moved in predictable directions last week. From the support level at 0.9650, the price went upward by roughly 200 pips, closing around the resistance level at 0.9850. There is a Bullish Confirmation Pattern in the market and the price must continue to go further north for the pattern to be valid. Therefore, the targets for this week are located at the resistance levels of 0.9900 and 0.9950. One thing can overturn this expectation - a significant weakness in the USD. It also must be noted that the US dollar is unlikely to reach parity again with the Swiss franc this month, so long trades should be handled with caution.

2.png

GBP/USD: The GBP/USD pair went bearish last week, breaking southward out of the recent equilibrium phase. The price tested the accumulation territory at 1.5450 and later bounced upward from there. The bias on the market is bearish and it is possible that the accumulation territory would be tested again; it may even be breached to the downside.

3.png

USD/JPY: There was an end to the protracted sideways direction on this currency trading instrument as the price broke upwards, moving upwards by 100 pips (testing the supply level at 125.00). Further bullish effort was rejected at that supply level and price got corrected to the downside. Since the outlook on JPY pairs is bearish, there is a possibility that the demand level at 123.50 would be tested this week.

4.png

EUR/JPY: The EUR/JPY cross does not currently look 'sexy' (attractive). Since there is no clear sign of victory between the bull and the bear, it is OK to stay away from the market until a clear trend will appear as opposed to a choppy movement.

5.png

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

Daily analysis of USDX for August 10, 2015

On the daily chart, the USD index made a pullback. Now it's testing the support level of 97.57. On the daily chart, we can see the bullish bias could be facing a key zone which will make the USDX retest new lows on a weekly basis because the resistance level of 98.29 remains very strong against the current bullish bias the index is following.

USDXDaily.png

USDX is currently trading above the 200 SMA on H1 chart, but continues to be supported by that moving average, which is also providing this Index with dynamic support. That's why we should expect a rebound at current levels. Eventually, USDX could test again the resistance level of 98.09 on a short-term basis.

USDXH1.png

Daily chart's resistance levels: 98.29 / 99.16

Daily chart's support levels: 97.57 / 96.57

H1 chart's resistance levels: 98.09 / 98.40

H1 chart's support levels: 97.65 / 97.12

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 98.09, take profit is at 98.40, and stop loss is at 97.77.

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

Daily analysis of GBP/USD for August 10, 2015

The current daily chart structure is calling for a more downside bias below the support level of 1.5450 as long as the pair stays below the 200 SMA. If a breakout happens over there, it would be expected to reach the 1.5348 level. However, if a rebound is performed at this current stage, then the GBP/USD pair will do a rally towards the 1.5543 level.

GBPUSDDaily.png

On H1 chart, the bias is obviously bearish because the pair is already doing a consolidation below the 200 SMA. Besides, it's forming a lower low pattern above the support level of 1.5484. If the pair manages to break that zone, it would be expected to fall until the 1.5411 on a short-term basis. MACD indicator is entering the positive territory.

GBPUSDH1.png

Daily chart's resistance levels: 1.5543 / 1.5640

Daily chart's support levels: 1.5450 / 1.5348

H1 chart's resistance levels: 1.5545 / 1.5587

H1 chart's support levels: 1.5484 / 1.5411

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 1.5484, take profit is at 1.5411, and stop loss is at 1.5557.

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