GBP/USD intraday technical levels and trading recommendations for August 11, 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 Head and Shoulders pattern was initiated.

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

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

Our SELL entry which was suggested around 1.5600 got triggered few days ago. 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. Moreover, it confirms the Double-Top reversal pattern.

A better SELL entry with a lower risk/reward ratio may be offered around the price level of 1.5780 (the upper limit of the consolidation range and the backside of the broken uptrend) if enough bullish pressure is expressed today.

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USD/CAD intraday technical levels and trading recommendations for August 11, 2015

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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 quite 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 remains projected at the level of 1.3270 (100% Fibonacci Expansion) where bearish pressure may be applied.

The price action should be watched around the price level of 1.3270 if enough bullish support is maintained around 1.3050 (current support level).

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.

Risky traders can take a valid BUY entry anywhere around 1.3050-1.3000. The first bullish targets would be located at the price levels of 1.3190 and 1.3270.

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Intraday technical levels and trading recommendations for GBP/USD for August 11, 2015

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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 was beeing broken 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).

The current weekly candlestick should be monitored by the end of the week to determine if the weekly closure comes above 1.5500 or below.

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.

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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 was temporarily breached on Friday.

However, evident bullish pressure was applied at 1.5450 yesterday. A bullish engulfing daily candlestick was expressed by the end of the day.

Next supply levels to meet the GBP/USD pair are located around the price levels of 1.5660 (Multiple Daily Highs) and 1.5770 (prominent Supply level).

On the other hand, the bearish scenario towards 1.5470 and 1.5370 should be considered only if the GBP/USD bears manage to push successfully below 1.5500 again.

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Intraday technical levels and trading recommendations for EUR/USD for August 11, 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, 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).

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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. Since then, bulls have been trying to bring a bullish corrective movement towards 1.1000 and 1.1150 where the backside of the broken uptrend is located.

As long as the market keeps trading above the price levels around 1.1100, bearish rejection should be anticipated around the price levels of 1.1150-1.1180.

On the other hand, one daily closure below 1.0990 enhances the bearish tendency of the market at least towards 1.0800 (recent lows).

Trading recommendations:

Conservative traders have to wait for a bullish pullback towards the recently established supply zone of 1.1150-1.1170 for a valid sell entry. S/L should be placed above 1.1200.

T/P levels should be located at 1.1100, 1.0850, and 1.0700.

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EUR/NZD analysis for August 11, 2015

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Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6858. In the daily time frame, we can observe a weak supply bar in a volume below the average. The price has broke our major resistance level (1.6805) and if it stays above, it will be a strong bullish signal. According to the H4 time frame, we can observe strong demand in a high volume. The short- and mid-term trends are upward, so watch only for buying opportunities after retracement. Potential strong re-aaccumulation incoming.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6687

R2: 1.6722

R3: 1.6778

Support levels:

S1: 1.6575

S2: 1.6540

S3: 1.6485

Trading recommendations: Watch for buying opportunities after retracement. Trend is upward.

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Gold analysis for August 11 , 2015

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Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price went to test the level of $1,119.21. According to the daily time frame, we can observe a demand in a volume below the average. 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 H1 time frame, we can observe strong demand (wide spread) in an ultra high volume (buying climax). Our resistance at the price of $1,119.00 is on the test. Watch for a potential breakout of our trading range to confirm further direction.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,107.00

R2: 1,112.58

R3: 1,120.00

Support levels:

S1: 1,093.65

S2: 1,088.00

S3: 1,081.00

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

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Technical analysis of AUD/USD for August 11, 2015

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Overview:

  • The AUD/USD pair is going to continue dropping downright from the price of 0.7377. The 23.6% of Fibonacci retracement levels and the level of 0.7377 are conforming the same price on the H4 chart. For that, this level is probably going to form a strong resistance. Accordingly, the Aussie is showing signs of strength following the break of the highest level at 0.7370. So, it will be a good sign to sell below the ratio of the level of 23.6% of Fibonacci retracement levels on the daily chart with the first target at 0.7266 and further at 0.7234 (this area of 0.7266 and 0.7234 will act as strong support and a double bottom respectively). Thus, it is going to be a good place to take profit. In addition, this level of taking profit will coincide with the double bottom on the same chart. On the other hand, in case a reversal takes place and the AUD/USD pair breaks through the resistance level of 0.7380, the market will decline further to 0.7465 with a view to indicate a bullish market in the long term.

Notes:

  • The level of 0.7465 is going to act as the highest level.
  • The minor support has been set at 0.7266.
  • The double bottom has been already placed at the point of 0.7234.
  • We expect a bearish market in coming days.
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Technical analysis of USD/CAD for August 11, 2015

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Overview:

  • The USD/CAD pair will call for a bullish market from the levels of 1.3000 and 1.3028 on August 11, 2015. The price will probably move between the 1.3036 and 1.3172 levels in order to form a range of 136 pips in coming days. Additionally, the price of 1.2924 is representing a double bottom on the H1 chart. So, the area between 1.2924/1.3036 is acting as strong support today. Therefore, the bulls are going to buy above 1.3036 with the first target of 1.3130 it might resume to 1.3170. A double top is going to be set at the level of 1.3212. However, the stop loss should never exceed your maximum exposure amounts. So set a stop loss below the support at the level of 1.2985. On the other hand, the resistance is set at the level of 1.3212 this week. So, the trend will call for a bearish market at the level of 1.3212 in the short term. Thus, it will be rather gainful to sell below the price 1.3212 and look for further downside towards the 1.3083 price.
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Technical analysis of USD/JPY for August 11, 2015

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USD/JPY is expected to trade with bullish bias. Currently trading at 97.204, the US dollar index fell overnight while US stocks were given a boost by surging commodity prices. Crude oil surged 2.5% to $44.96 a barrel, gold was up 0.9% to $1,104 per ounce, and copper rose 2.8% to $2.407 a pound. And the S&P 500 gained 1.3% to 2,104, while the Dow Jones Industrial Average was up 1.4%, to 17,615. At the same time, the euro jumped to as high as 1.1041 on expectations that Greece and its creditors would reach a bailout agreement. Meanwhile, USD/JPY maintains its bullish bias above the key support at 124.45. The 20-period intraday moving average stays above the 50-period one, while the intraday RSI remains within the buying area between 50 and 70. The first upside target is set at 125.25 (around yesterday's high); and the second, 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

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Technical analysis of USD/CHF for August 11, 2015

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USD/CHF is expected to trade in a higher range. Currently trading at 0.9820, the pair remains steadily on the upside. A support base at 0.979 has been formed and it allowed for a temporary stabilization. Besides, the technical indicator such as the intraday RSI favors a new rebound. As long as 0.9790 holds as the key support, the pair seems likely to challenge 0.9890 (its previous swing high) at first.

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 0.9890 and the second target at 0.9940. 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: 0.9890 0.9940 0.9495

Support levels: 0.9750 0.9715 0.9665

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Technical analysis of NZD/USD for August 11, 2015

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NZD/USD is exepcted to trade with bearish bias. The pair remains in a downtrend on an intraday basis supported by its key level at 0.6640. A bearish cross has been identified between the 20- and 50-period intraday MAs, which favors a new bounce. Moreover, the intraday RSI stands firmly above its neutrality level at 50. Further decline to challenge 0.6640 (the previous top) seems likely. The second downside target is set at 0.6525.

Technical comment:

The daily chart is negative-biased as the MACD indicator is mixed and stochastic 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 0.6675. A break of this target will move the pair further downwards to 0.67. 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: 0.6525 0.6490 0.6450

Support levels: 0.6675 0.67 0.6735

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Technical analysis of GBP/JPY for August 11, 2015

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GBP/JPY is expected to continue its uptrend. The pair has accelerated to the upside after breaking above its previous resistance at 193.70, which should play a key support role now. Both rising 20- and 50-period intraday MAs maintain a bullish bias. And the intraday RSI is well directed. Further upside is therefore expected with the next horizontal resistance and overlap set 195.40 at first. A break above this level would call for further advance toward 195.90. Only a break below the horizontal support at 193.70 would open the way to further weakness.

Technical comment:

The daily chart is still positive-biased as the MACD and stochastics are in a 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 195.40 and the second target at 195.90. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 193.30. A break of this target would push the pair further downwards, and one may expect the second target at 192.70. The pivot point is at 193.70.

Resistance levels: 195.40 195.90 196.70

Support levels: 193.30 192.70 192

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Global macro overview for 11/08/2015

Global macro overview for 11/08/2015:

Traders are unwinding the bullish dollar exposure for the fifth consecutive day because of the expectations that the US Federal Reserve is leaning towards its interest rake hike. This point of view might have suggested a greater investment flows into the US, thus lifting the dollar and causing the dollar index to rally. Nevertheless, the US dollar index was 0.38 percent down and closed at 97.18 yesterday. Please note that the fundamental events that have been priced into the market over the last few weeks were: China's stock sell-off (negative), China's poor PMI, and other economic indicators (negative) as well as oil and gold sell-off (negative), the endless negotiations between the euro zone and Greece (negative). So maybe the bullish bets on the dollar have been too crowded recently and now it is time for a breath of relief.

Nevertheless, the next important economic release that traders should keep an eye on because of implications for the timing of a Fed hike (September or December) is the US July retail sales data, which is due to be released on Thursday.

The USDX technical picture points to a possible golden trendline breakout around the level of 97.00. Next support is at the level of 96.28, resistance at the level of 98.33.

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Global macro overview for 11/08/2015

Global macro overview for 11/08/2015:

Greece and its creditors are one step closer to finalize the 86-billion bailout deal after one of the Greek officials said the budget surplus targets have been agreed. This deal is very important for the Greek solvency as the debt repayment of 3.2 billion to the European Central Bank is due on August 20. An agreement would signify the end of a long story on bailout negotiations for Greece, which opposed against austerity terms demanded by creditors for months before accepting a deal under the threat of being thrown out of the euro zone.

The EUR/USD pair might be on a verge of a breakout higher above the golden trendline when the bailout talks will be officially confirmed. The first resistance comes at the level of 1.1130; the second one, at 1.1217.

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Technical analysis of USD/CAD for August 11, 2015

The difference between the Fed members stance makes the dollar to lost the momentum.

Lockhart said the Fed tends to raise interest rates in September, but wait 1-2 meeting and you will not see any action and a decision of the US economy. The policy maker is very supportive of a possible rate hike in September.

Federal Reserve Vice Chairman Stanley Fischer disagrees with the rate hike in September. Inflation is the major concern, however the employment rate is returning to the target level.

By China's central bank slashed the central parity of RMB against the US dollar. Therefore, the US dollar strengthened while gold, silver & copper fell in value.

The Fed news agency correspondent Hilsenrath thinks that the Fed will be monitoring a decline in inflation expectations based on market expectations.

Fed Vice Chairman said that the United States is close to full employment, low inflation is temporary. Atlanta Fed President reiterated its stance on the September hike.

Technical view: After the China's central bank devaluated the Yuan, the USD gained ground against most major currencies. On the h1 chart, the pair has been forming lower highs and lower lows indicating a further fall in the coming days. Until the pair close above a previous high at 1.3200, use every rise to sell following the trend. Before a further upmove, we expect to see first 1.2900, 1.2875, and 1.2850.

Intraday resistance seems at 1.3100, 1.3130, and 1.3185. Supprot is set at 1.3050, 1.3000, and 1.2950. Intraday selling takes place below 1.3050.

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Technical analysis of EUR/AUD for August 11, 2015

Today during the Asian session, the Aussie NAB monthly business survey was released. The NAB monthly business survey was a disappointment, showing that after rising sharply in June, Australian business confidence and conditions pulled back in July.

Technical view: After the Aussie data, the cross managed to trade above 20Dsma trading at 4-day high. On the hourly chart, the cross gave a break from the inverse h& pattern. On the four-hour chart, the cross shifted the trading pattern to higher lows and higher highs. These factors indicate further bullishness.

Intraday resistance seems at 1.4980, 1.5030, and 1.5060. The cross is approaching a descending trend line on the hourly chart. If bulls manage to breach that line, they can aim at 1.5150 in the coming days. In intraday trading, use a dip with sl 1.4830.

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Technical analysis of Gold for August 11, 2015

The yellow metal extended gains at yesterday's session to $1,108.60 refreshing a weekly high. The metal managed to close above 3-week high after a huge consolidation in a tight range.

Lockhart said that Fed tends to raise interest rates in September, but wait 1-2 meeting and you will not see any action and a decision on the US economy. The policy maker is very supportive of a possible rate hike in September.

Federal Reserve Vice Chairman Stanley Fischer disagrees with the rate hike in September. Inflation is the major concern, however the employment rate is returning to the target level.

The Fed news agency correspondent Hilsenrath thinks that the Fed will be monitoring a decline in inflation expectations based on market expectations.

Fed Vice Chairman said that the United States is close to full employment, low inflation is temporary. Atlanta Fed President reiterated its stance on the September hike.

The world's largest gold ETF - SPDR Gold Trust is held steady at the level of 667.69 tons.

The metal took advantage of the gap between the Fed members, so gold managed to breach the higher ceiling.

Goldman Sachs: If gold prices rise to $1,117.00 an ounce, the metal is likely to jump to $ 1,150.00 an ounce.

Technical view: For the last 3 weeks, the metal was taking support at $1,077.00 level. Gold closed above $1,085.00 on a weekly basis.

The metal managed to closed above 20Dsma after 34 sessions. The 20Dsma is found at $1,101.00 and multi resistance zone seems at $1,110.00. The yellow metal was trading at $1,103.60 during today's Asian session, compared to $1104.00 at Monday's close.

Review: At yesterday's session, we forecasted developing positive divergence, the trend favours buying with sl $1,087.00. The metal made a low at $1,089.40, changed the direction and made a high at $1,108.60.

Yesterday's forecast: "The metal was 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 aim at $1,110.00 initially, later at $1,115.00 and $1,118.00".

Intraday: Support is set at $1,099.00 and $1,095.00. Resistance seems at $1,110.00, $1,1115.00, and $1,120.00. Today's trend favours buying with sl $1,087.00. Fresh buying advised above $1,110.00 with targets at $1,115.00, $1,117.00, and $1,119.00.

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Technical analysis of GBP/USD for August 11, 2015

The cable managed to regain all daily moving averages lost at yesterday's session. The difference between the Fed members stance makes the dollar lose the momentum.

Lockhart: The Fed tends to raise interest rates in September, but wait 1-2 meeting and you will not see any action and a decision on the US economy. The policy maker is very supportive of a possible rate hike in September.

But Federal Reserve Vice Chairman Stanley Fischer disagrees with the key rate hike in September. Inflation is the major concern, however the employment rate returning to the target level.

Technical view: The supply zone remains between 1.5650, 1.5675, and 1.5700. If a daily close is above 1.5700, bulls aim at 1.5770 initially, later a target is likely to extend towards 1.5860 and even 1.5900 odd. Earlier the cable made a strong ceiling at 1.5700.

The H1 rsi is indicating the pair is overbought. Intraday resistance seems at 1.5630, 1.5650, and 1.5675. Support is found at 1.5560, 1.5520, and 1.5500. Intraday selling is taking place below 1.5520. Buying is possible above 1.5650 with a target at 1.5650, a target at 1.5675 bears risk.

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Technical analysis of EUR/USD for August 11, 2015

The euro has been making use of the dollar weakness for the recent three days. The pair closed above 20Dsma, but was rejected from 100Dsma at yesterday's session.

Upcoming events: Today, traders eye German ZEW economic sentiment. The index fell 29.7 in July far below expectations. In the past 6 months, the reading has been below a forecast. This week's main event is GDP data.

Besides, US Prelim unit labour cost q/q is due. For each of the two previous quarters, the readings surpassed expectations. This time, we expect neutral readings or below expectations.

Technical view:

The pair closed and traded below 20Wsma, which is set at 1.1050. The weekly support is found at 1.0840 and 1.0800. Weekly resistance seems at 1.1050.

At yesterday's session, the pair was rejected from 20Wsma, which was set at 1.1050 and 10Dsma at 1.1040. If bulls manage to sustain above these levels, they aim at 1.1090 or even higher at 1.1120.

On the daily chart, the pair managed to close above 20Dsma at Friday's session after 8 days trading at 1.0940. Except 20Dsma, the pair lost all the daily moving averages, it proves that its strength was sapped.

Intraday: Intraday support is seen at 1.1000, 1.0950, and 1.0920. Resistance seems at 1.1050,.1090, and 1.1130. The pair is trading at 1.1020 at today's Asian session.

Intraday's selling pressure is likely to be below 1.0940. The pair could accelerate below 1.0920 aiming at 1.0880,1.0860, and 1.0810.

Buying available above 1.1030 aims at 1.1050, 1.1060, and 1.1090. In the extreme case, 1.1120 is possible.

Review: Yesterday, we advised that "buying is available above 1.0970 with targets at 1.0985 and 1.1000, in the extreme case 1.1020 is possible". The pair made a high at 1.1042.

The hourly momentum indicators are signalling the pair is overbought. The trend favours buying with sl 1.0920. Bulls will regain strength only above 1.1130.

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USDX technical analysis for August 11, 2015

The Dollar index as expected has made a bigger pullback towards the 97 support area after being rejected last Friday at 98.20. Now it is important to see how the market will react because if we break below 97, a bigger correction might be at play. On the other hand, bullish positions should be favored at current levels targeting new highs.

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Red line - resistance

Green line - support

The Dollar index has reached the green trend line support and the Ichimoku cloud support as shown in the 4-hour chart above. Support was held and price bounces supporting the bullish scenario. Important resistance is at 98.20, so another break above that level will be more reliable now after this pullback,

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Red line - weekly downward sloping trend line resistance

Green line - weekly upward sloping trend line support

The Dollar index was initially rejected at the weekly trend line resistance but has held above the weekly kijun-sen (yellow indicator). A new higher high above last week's high will be a bullish breakout signal that could push the index to 100 again and why not to new highs. So bulls should be careful in case we see new lower lows and bears should also look to protect themselves if we break above the red trend line.

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Gold technical analysis for August 11, 2015

Gold price has broken above the triangle pattern but has found resistance on the long-term downward sloping trend line. As I mentioned yesterday, we should not forget that this is most probably a bounce inside a bigger longer-term bearish market, so traders should treat upward moves with extreme caution.

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Blue line - long-term resistance trend line

Green lines - triangle pattern

Gold price is above the Ichimoku cloud. This is a bullish sign and that is why we finally saw a breakout above the triangle. However the bounce was stopped at the blue downward sloping trend line resistance at $1,110. This pullback towards the cloud support at $1,090 could be a back test of the cloud breakout. Breaking below it will be a very bearish sign as this will be justified as a fake breakout.

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Blue line - trend line resistance

The weekly chart as we expected is showing some bullish signs and we should be ready for a bounce higher and maybe towards $1,130-40. The weekly resistance is found at $1,130-40. So even if bulls manage to break above the $1,110 resistance, we should see strong selling pressures come back around $1,130 where we initially started the breakdown of the triple bottom. Support at $1,077 is critical and a break below it will give me $1,040 as 1st target and below $1,000 next.

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Technical analysis of USD/CAD for August 11, 2015

General overview for 11/08/2015 06:50 CET

The ending diagonal wave (v) green expected since yesterday is still possible to occur, however the market starts to indicate more clearly a possible near - term top. Regardless of the wave 1 blue top placement (that has not been fully confirmed yet), the market is trading below the weekly pivot at the level of 1.3130. Any further deterioration towards the level of 1.2858 would mean the wave development favors wave C blue to the downside to be made as a final corrective wave.

Support/Resistance:

1.3213 - Intraday Resistance

1.3107 - WR1

1.3130 - Weekly Pivot

1.3046 - WS1

1.2991 - Intraday Support

1.2963 - WS2

Trading recommendations:

Daytraders should refrain from trading until a clear pattern appears or the corrective cycle is completed. A possible top is in place.

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Technical analysis of EUR/JPY for August 11, 2015

General overview for 11/08/2015 06:30 CET

The alternative count that included wave alt:XX reversal from a potential reversal zone has now been invalidated and the bottom for wave (b) blue had been established at the level of 134.98. The current upmove is a clear three wave structure so far, labeled as abc purple. The alternative scenario suggests a more impulsive wave development to the upside with the invalidation line at the level of 136.37. The bias is still slightly bullish as there is an uncompleted wave structure to the upside.

Support/Resistance:

137.74 - WR2

137.46 - Intraday Resistance

137.02 - WR1

136.78 - Intraday Support

136.37 - Alternative Bullish Count Invalidation Level

Trading recommendations:

As long as the level of 136.78 is providing the support, daytraders should look for buying opportunities in this market with SL below the level of 136.35 and TP at the level of 137.46 and 137.74.

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Technical analysis of EUR/USD for August 11, 2015

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When the European market opens, some economic news will be released such as ZEW Economic Sentiment, German ZEW Economic Sentiment, and German WPI m/m. The US will release a series of economic data too such as the Wholesale Inventories m/m, Mortgage Delinquencies, Prelim Unit Labor Costs q/q, Prelim Nonfarm Productivity q/q, and NFIB Small Business Index. Therefore, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1069.

Strong Resistance:1.1063.

Original Resistance: 1.1052.

Inner Sell Area: 1.1041.

Target Inner Area: 1.1016.

Inner Buy Area: 1.0991.

Original Support: 1.0980.

Strong Support: 1.0969.

Breakout SELL Level: 1.0983.

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 August 11, 2015

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In Asia, Japan will release the Preliminary Machine Tool Orders y/y, 30-y Bond Auction, and M2 Money Stock y/y. The US will publish a series of economic data such as Wholesale Inventories m/m, Mortgage Delinquencies, Prelim Unit Labor Costs q/q, Prelim Nonfarm Productivity q/q, and NFIB Small Business Index. 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: 125.39.

Resistance. 2: 125.14.

Resistance. 1: 124.90.

Support. 1: 124.60.

Support. 2: 124.36.

Support. 3: 124.11.

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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Elliott wave analysis of EUR/NZD for August 11 - 2015

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Technical summary:

We continue to look for a break above the triangle resistance line near 1.6790 for a rally higher towards 1.6995 and ideally higher to 1.7277 before the first impulsive rally from 138.60 is over and a larger correction should be expected.

Minor support is now found at 1.6596 and will ideally protect the downside for the break above 1.6790 and more importantly above resistance at 1.6826 confirming the move higher to 1.6995 and beyond.

Trading recommendation:

We missed our entry at 1.6580 and will now wait for a break above 1.6826 to buy EUR and place stop at 1.6590

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Elliott wave analysis of EUR/JPY for August 11 - 2015

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Technical summary:

We saw a break slightly above resistance at 137.35, but we still prefer the b-wave triangle scenario unfolding. It means a break below minor support at 135.53 and more importantly below support at 134.95 soon for a decline to 130.00 in wave c.

However, a break above resistance at 137.80 will invalidate the triangle count and call for a new rally back to 141.06 high on the way towards 144.03.

Trading recommendation:

We are short EUR from 135.75 with stop-loss placed at 137.45. If you are not short EUR yet, then sell a break below 136.75 with the same stop.

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Technical analysis of Gold for August 11, 2015

Technical outlook and chart setups:

Gold has already surpassed the 50-day moving average but is stalling around initial resistance zone around $1,110.00 levels for now. Please also note that the immediate resistance line is also passing through nearby. It the metals fails to climb above $1,111.00 levels, it can be expected to dip lower back towards $1,090.00 levels at least. It is hence recommended to take profits out of long positions and remain flat for now. Immediate support is seen at $1,090.00 levels, followed by $1,080.00, $1,075.00 levels, while resistance is seen at $1,111.00 levels, followed by $1,032.00 (fibonacci), $1,075.00 and higher respectively.

Trading recommendations:

Exit long positions and remain flat for now.

Good luck!

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Technical analysis of Silver for August 11, 2015

Technical outlook and chart setups:

Silver has pushed higher through $15.30 levels, our minimum expectations, as seen here. Please also note that the metal is trading/stalling at the fibonacci 0.618 resistance (drop between $15.90 and $14.40 levels) and also the immediate trend line resistance. It is hence recommended to book profits on long positions taken earlier and remain flat for now. Immediate resistance is seen at $15.90 levels, followed by $16.40 and higher, while support is seen at $14.80 levels, followed by $14.40/50 and lower respectively.

Trading recommendations:

Exit long positions and remain flat for now.

Good luck!

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Technical analysis of EUR/JPY for August 11, 2015

Technical outlook and chart setups:

The EUR/JPY pair is seen to be finally breaking out of its cone consolidation as depicted here, trading around 137.50 levels for now. Initial resistance shall be met here and around 137.80 levels. Please note that potential remains for a push towards 140.00 and higher levels respectively. It is hence recommended to remain long for now, with risk at break even levels. Immediate support is seen at 135.50/60 levels, followed by 135.00, 134.00, 133.00 and lower, while resistance is seen at 138.00/139.00 levels, followed by 140.00,141.00 and higher respectively.

Trading recommendations:

Remain long, stop at break even levels or 135.50, a target is open.

Good luck!

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Technical analysis of GBP/CHF for August 11, 2015

Technical outlook and chart setups:

The GBP/CHF pair has pushed higher after bouncing off the 50 day moving average as discussed yesterday. The pair is seen to be trading around 1.5320 levels at the moment, being just shy of recent highs created. It is recommended to book profits on long positions taken and remain flat. An aggressive trade strategy could be to initiate short positions, with risk at 1.5390 levels. Immediate support is seen at 1.5150 levels, followed by 1.5050, 1.4950 and lower while resistance is seen at 1.5360/70 and higher respectively.

Trading recommendations:

Exit long positions and remain flat. Aggressive trade strategy could be to initiate short positions, stop at 1.5390, a target is open.

Good luck!

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Daily analysis of major pairs for August 11, 2015

EUR/USD: This pair traded upwards on Monday, creating a 'buy' signal in the market. The price is currently above the support line at 1.1000, and it could reach the resistance line at 1.1100. The bullish outlook would be logical as long as the USD is weak.

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USD/CHF: It is intriguing to see that both USD/CHF and EUR/USD are trying to go upwards at the same time. According to their nature, the two pairs ought to go in opposite directions. Therefore, the USD/CHF pair could move south today, in case the EUR/USD pair continues to go further north.

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GBP/USD: The GBP/USD pair went upwards by over 100 pips on Monday, testing the distribution territory at 1.5600. In case the distribution territory is overcome, the next target would be the distribution territory at 1.5700. On the other hand, there are accumulation territories at 1.5550 and 1.5500.

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USD/JPY: It is still sensible to consider this currency trading instrument is on the bull market, though there was no much movement on Monday. The price action in the market reveals that bulls are going on pushing the price further north.

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EUR/JPY: Just like EUR/USD, EUR/JPY cross also moved upward on Monday. This movement of 120 pips was strong enough to lead to a strong Bullish Confirmation Pattern in the market. The price may attain the supply zone at 137.50 (and later, another supply zone at 138.00). There cannot be a threat to the bullish bias as long as the price stays above the demand zone at 136.00.

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NZDCAD should continue growth

Since 30.06, NZDCAD has been in a steady uptrend, producing higher highs and higher lows. The upward trend line acted as support a lot of times and was rejected almost on every occasion.

The potential strong fall of the US oil should strongly affect CAD and send the rate lower against all majors, in our case NZDCAD is one of the examples.

Consider buying NZDCAD today near S1 (0.8600), physiological support that currently is being rejected. It seems that price should not move much lower and therefore stop loss at 0.8550 could be used. The target is 161.8% Fibonacci applied to the 10.07 high and 16.07 low. However if the target is broken and the pair moves higher, the upside momentum will increase notably; in that case a trailing stop could be used to capitalize during the strong uptrend. Only break below S2 (0.8524) should be able to change the direction of the prevailing trend.

Support: 0.8598, 0.8523

Resistance: 0.8719

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