Global macro overview for 13/08/2015

Global macro overview for 13/08/2015:

The unstoppable decline in crude oil prices might still be continuing as the production profitability prices for North Dakota shale, for instance, will be still profitable even at the level of $30 a barrel. This is happening because companies are benefiting from lower drilling and maintenance costs alongside stopping the bigger wells. Moreover, the marginal cost of production has shrunk with the drop in crude oil prices.

The crude oil is currently trading at the very important support at the level of 41.98 and any breakout lower will start another wave of selling. The next support can be find only at the monthly chart at the level of 33.16.

cl.jpg

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

Global macro overview for 13/08/2015

Global macro overview for 13/08/2015:

Another fundamental data from the US confirmed that its sluggish economic recovery might have come to an end. Today's retail sales number came in line with expectations at the level of 0.6% vs. 0% prior. Moreover, the unemployment claims have beaten the expectations slightly with a rise of 274K jobs vs. 272K expected, 269K prior. With this kind of the data, the September rate hike might still be on table; however, the remaining issue of 2% inflation target is still viewed as the main obstacle for the Fed.

The EUR/USD pair has broken above the golden trendline and it is currently trading just shy of the resistance at the level of 1.1129 after it was rejected at another important resistance at the level of 1.1215. As long as there is no further breakout below the golden tren line again, the bias remains slightly bullish for the near term.

eurusd.jpg

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

Daily analysis of SILVER for August 13, 2015

SILVERH4.png

Overview

According to the attached H4 chart, Silver price shows a tight range-trading settled near 15.35 since morning, pointing that stochastic gets rid of its negativity and gains positive momentum gradually in the four-hour time frame to support the expectations of resuming the bullish trend for today, which targets the 16.05 level initially.Therefore, we will keep preferring the bullish trend unless breaking the 15.00 level and holding below it. In general, we will continue suggesting the bullish trend in the upcoming period as long as the price is above 15.00 as breaking this level will push the price to visit the key support 14.40 before detecting the next destination clearly. We expect that a trading range is between 15.00 support and 16.05 resistance for today.

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

Daily analysis of GBP/JPY for August 13, 2015

GBPJPYH4.png

Overview

According to the attached H4 chart, consolidation pattern from 195.86 is not completed yet. Thus, we expect strong resistance from 195.86 to limit upside and bring reversal. Meanwhile, a break of 190.99 will start the third leg of the consolidation and will target the 184.95 support. The uptrend from 116.83 is still in progress and would target 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. Medium-term momentum is not too convincing with bearish divergence condition in the weekly MACD. We'd be cautious in the medium term topping around 200 and bring a deep correction. Meanwhile, a break of 174.86 will suggest that the trend has reversed earlier than we expected.

Daily Pivots: (S1) 193.25; (P) 194.13; (R1) 194.81;

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

Technical analysis of EUR/JPY for August 13, 2015

General overview for 13/08/2015:

The five wave impulsive structure to the upside looks like it has been completed and now the market might continue developing the larger downside cycle. The first confirmation would be a clear impulsive breakout below the intraday support at the level of 137.78 and therefore the top at the level of 138.86 would take place. Any new high invalidates this scenario.

Support/Resistance:

138.94 - WR3

138.86 - Wave B Top

137.78 - Intraday Support

137.02 - WS2

Trading recommendations:

Daytraders should consider opening sell orders from the level of 138.50 with SL above the level of 138.90 and TP at the level of 137.78.

eurjpy_h1.jpg

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

Technical analysis of USD/CAD for August 13, 2015

General overview for 13/08/2015:

The corrective cycle continues in this pair after the top of the wave 1 blue at the level of 1.3211. This corrective structure might evolve into a more complex and time-consuming pattern and the current abc green cycle to the downside might be just a part of some higher-degree corrective cycle.

Support/Resistance:

1.3129 - Weekly Pivot

1.3092 - Intraday Resistance

1.3046 - WS1

1.2963 - WS2

1.2951 - Intraday Support

Trading recommendations:

Daytraders should consider opening sell orders from the level of 1.3092 with tight SL (10-20 pips) and TP at the level of 1.3000.

usdcad)h1.jpg

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

USD/CAD intraday technical levels and trading recommendations for August 13, 2015

gbpusddailllyyyy.png

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. An 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.

On the other side, risky traders can SELL the GBP/USD pair upon daily closure below yesterday's low around 1.5525. Initial bearish target would be located at 1.5450.

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

USD/CAD intraday technical levels and trading recommendations for August 13, 2015

cadweekly.pngcaddaily.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 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.

The long-term bullish projection target remains projected at the level of 1.3270 (100% Fibonacci Expansion) where bearish pressure should be applied.

Recently, signs of lack of bullish momentum were generated on the chart (Head and Shoulders reversal pattern).

A bearish corrective movement towards the levels of 1.2750 (Breakout Level) should be expected as long as USD/CAD bears keep pushing below the level of 1.3050 that corresponds to the neckline of the depicted reversal pattern.

Bearish persistence below 1.3050 exposes the next support levels around 1.2910 and then 1.2800 where long-term BUY entries should be considered.

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 support.

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

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

Intraday technical levels and trading recommendations for GBP/USD for August 13, 2015

gbpusdweekly.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 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 further bearish decline and enhanced the bullish side of the market towards 1.5680 (previous weekly high). Next bullish destination would be located at 1.5770 (61.8% Fibonacci level).

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.

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.

1439469073_gbpusddaily.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 was temporarily breached on Friday.

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

The nearest supply levels to meet the GBP/USD pair are located around the price levels of 1.5660 (Multiple Daily Highs) and 1.5770 (prominent 61.8% Fibonacci 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 successfully push below 1.5500 again.

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

Intraday technical levels and trading recommendations for EUR/USD for August 13, 2015

eurusdmonth.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 will be 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).

eurusdaily.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. 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.

Bearish rejection should be anticipated around the price zone of 1.1150-1.1180 as it corresponds to the backside of the broken uptrend (depicted on the chart). Early bearish rejection has already been manifested earlier today.

On the other hand, daily closure above 1.1150 threatens the previously mentioned bearish scenario. It may allow a quick bullish swing towards 1.1270 and 1.1300.

Trading recommendations:

Conservative traders can take a valid SELL entry around the recently established supply zone (1.1150-1.1170) as 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.

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

Gold analysis for August 13, 2015

GOLDDaily13.png

GOLDH113.png

Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price went to test the level of $1,126.59. According to the daily time frame, we can observe a strong demand in a volume above the average. The price finaly broke our resistance at the level of $1,115.00. According to the H1 time frame we can observe that our resistance at the price of $1,115.00 now acts like support. I found strong upward trendline and the price respected well that trendline, which is a sign that buyers are in control and that we may expect bullish movement. I placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the price of $1,127.00 (successfully held), Fibonacci retracement 50% at the price of $1,141.00, and the Fibonacci retracement 61.8% at the price of $1,157.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,126.05

R2: 1,131.85

R3: 1,141.10

Support levels:

S1: 1,107.40

S2: 1,101.65

S3: 1,092.35

Trading recommendations: Be careful when selling gold at this stage. Watch for buying opportunites. Area around the price of $1,114.00 looks like very strong support and a good buy zone.

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

Technical analysis of GBP/USD for August 13, 2015

GBPUSDH1.png

Overview:

  • According to the previous events, the GBP/USD pair is still moving between 1.557 and 1.5660. Additionally, the minor support is going to set at the level of 1.5557. Moreover, the level of 1.5522 is representing the weekly pivot point. The resistance will be set at the price of 1.5689 and the double top is set at the same price too. Therefore, sell at the price of 1.5689 with the first target at 1.5640, then it will be gone towards 1.5566 in order to test the weekly support 1. On the other hand, if the trend fails to close below the weekly support 1 (1.5566 ), buy above 1.5566 with target at the price of 1.5732 this week.

Technical Levels:

  • Projected high: 1.5732.
  • Strong resistance (sell limit): 1.5689.
  • Current pivot: 1.5598.
  • Strong support (buy limit): 1.5566.
  • Projected low: 1.5520.

Observations:

  • If the trend is of an upside character, then the strength of the currency will be defined as following: GBP is in an uptrend and USD is in a downtrend.
  • Please check out the market volatility before investing because the sight price may have already been reached and scenarios might have become invalidated.
  • Stop Loss should never exceed your maximum exposure amounts.
  • As a rule, the market is highly volatile if the last day had a huge volatility.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/USD for August 13, 2015

1439464077_EURUSDH1.png

Overview:

  • The EUR/USD pair movement will continue directly from the level of 1.1073 on H1 chart. Moreover, this level was confirmed by the bullish market two days ago. Additionally, the price of EUR/USD has been showing an uptrend at the same price which represents the weekly resistance 1 on August 13, 2015. Therefore, the market will indicate the bullish opportunity at the level of 1.1073. Besides, it should be noted that the weekly resistance 1 became the support. Accordingly, it will be a good sign to buy at 1.1073 (in the short term) with the first target at 1.1166 and further to 1.1210 in order to form a double top in the same time frame.

Notes:

  • The support will be set at the level of 1.1073, but the double bottom is going to be at 1.1028.
  • The EUR/USD pair called for the bullish market from the price of 1.1073.
  • So, the price of 1.1073 is representing strong support.
  • We expect a range about 1.1080 - 1.1210 pips today.
  • Stop Loss should never exceed your maximum exposure amounts.
  • As a rule, the market is highly volatile if the last day had a huge volatility.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of CAD/JPY for August 13, 2015

With new lower and higher lows being printed, CAD/JPY is clearly in a downtrend. Throughout the decline, the price was below 200 Moving Average all the time. Currently 200 Moving Average is acting as a resistance and now it could be the starting point for another wave down.

After the breakout of the double bottom near 94.50 (S2), Fibonacci applied to the 09.07 low and 13.07 high show there is strong resistance at R2 area (96.00) that has been already rejected once and is likely to be rejected again. The bearish divergence on the DeMarker oscillator confirms bearish sentiment.

Consider selling CAD/JPY today while the rate is near R1 (95.78), targeting 161.8% Fibs area - S3 (92.87). At this point, only a daily close above R2 should be able to reverse CAD/JPY to the upside and could be used as an exit signal of short positions.

Support: 95.47, 94.48, 92.86

Resistance: 95.78, 96.08

cadjpy-h4-instaforex-group-2.png

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

USDX technical analysis for August 13, 2015

The Dollar index rejection at 98.20 has pushed price towards 97 support and broken it. Next target was 96 and this level has been reached. Short-term trend is bearish and I believe there more chances of a deeper correction towards 95 than a bullish reversal now.

usdx.jpg

Red line - resistance

Green line - support trend line

The Dollar index was rejected at the resistance area and has broken below the trend line support. The trend is bearish as price is below the Ichimoku cloud and below the upward sloping trend line. We could see a bounce as a back test of the broken trend line. Resistance is found at 96.60 and at 97.10. Support is at 95.40.

usdxd.jpg

Red line - weekly resistance

Green line - weekly support

I believe the Dollar index is heading towards the weekly green trend line support near 95-95.50 area. Intermediate support is found by the tenkan- and kijun-sen in the 95.90-96.40 area. That is why we see a bounce from this area. The longer-term trend is still neutral as price remains inside the triangle.

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

Gold technical analysis for August 13, 2015

Gold price continues its upward bounce as expected towards $1,130-40 area. A short-term trend is bullish. This is a corrective bounce since the weekly chart remains bearish. However, bears were warned to cover and protect in case the triangle was broken upwards.

goldh4.jpg

Blue line - long-term resistance broken

Green lines - triangle pattern (broken upwards)

Gold price is trading in a bullish trend as price has broken above the Ichimoku cloud and above the long-term downward sloping blue trend line. The triangle breakout above $1,105 was the latest bullish signal. The trend remains bullish as long as price is above $1,100. This is the nearest short-term support. Resistance is at $1,130-40 area.

goldd.jpg

Blue line -long-term resistance

The weekly chart has turned positive for this week as expected by our previous analysis. Gold price is heading towards the broken blue trend line support and towards the Ichimoku tenkan-sen indicator (red line). Resistance is very strong in that area, so bulls need to be cautious.

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

Elliott wave analysis of EUR/NZD for August 13 - 2015

2015-08-13-EURNZD-4H.png

Technical summary:

We have seen a top at 1.7077 which is just above the ideal target wave (v) which is equal in length to wave (i). The decline that followed the top has broken below minor support at 1.6800 which does indicate that a firm top is in place at 1.7077 for a correction back to 1.6318 before the next impulsive rally higher should be expected.

At this point only a strong rally back above the top at 1.7077 will call for more upside towards 1.7277.

Trading recommendation:

Our break-even stop was hit. We will try selling EUR at 1.6965 with a stop at 1.7078 and place take profit at 1.6325

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

Elliott wave analysis of EUR/JPY for August 13 - 2015

2015-08-13-EURJPY-4H.png

Technical summary:

We have seen a nice rally higher and we continue to look for a move higher towards 139.31 as the first upside target. However looking out further a continuation above the former top at 141.06 is expected for a continuation higher to 142.05 and 144.03.

In the short term, support at 138.10 will protect perfectly the downside for the test of 139.31 and possibly even higher to 142.05.

Trading recommendation:

We missed our entry at 137.45. We will lift our entry-point and buy if 138.30 is seen.

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

Technical analysis of EUR/USD for August 13, 2015

!_EURUSD.jpg

When the European market opens, some economic news will be released such as ECB Monetary Policy Meeting Accounts, French CPI m/m, and German Final CPI m/m. The US will release a series of macroeconomic reports such as the 30-y Bond Auction, Natural Gas Storage, Business Inventories m/m, Import Prices m/m, Unemployment Claims, Retail Sales m/m, and Core Retail Sales m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1207.

Strong Resistance:1.1201.

Original Resistance: 1.1190.

Inner Sell Area: 1.1179.

Target Inner Area: 1.1153.

Inner Buy Area: 1.1127.

Original Support: 1.1116.

Strong Support: 1.1105.

Breakout SELL Level: 1.1099.

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 13, 2015

!_USDJPY.jpg

In Asia, Japan will release the Core Machinery Orders m/m today. Te US will also publish a series of economic data such as 30-y Bond Auction, Natural Gas Storage, Business Inventories m/m, Import Prices m/m, Unemployment Claims, Retail Sales m/m, and Core Retail Sales 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: 124.88.

Resistance. 2: 124.64.

Resistance. 1: 124.39.

Support. 1: 124.09.

Support. 2: 123.85.

Support. 3: 123.60.

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 13, 2015

Technical outlook and chart setups:

Gold has pushed higher through $1,125.00 levels as seen here, which is also its fibonacci 50% resistance as depicted here. The metal could still push towards $1,130.00/32.00 levels before reversing lower. Please note that $1,100 levels could provide initial support (resistance turned support trend line). It is hence recommended to remain flat for now and prepare to sell around $1,130.00/32.00 levels. Immediate support is seen at $1,100.00 levels, followed by $1,090.00/95.00, $1,075.00, $1,052.00 and lower while resistance is seen at $1,130.00/32.00 levels (fibonacci), followed by $1,167.00, $1,175.00 and higher respectively.

Trading recommendations:

Remain flat for now. Look to sell at $1,130.00/32.00.

Good luck!

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

Technical analysis of Silver for August 13, 2015

Technical outlook and chart setups:

Silver has pushed through the fibonacci 0.786 resistance levels around $15.60 for now. The metal is seen to be producing a bearish evening star candlestick pattern at the moment, indicating a potential pullback lower. It is hence recommended to remain flat for now, while aggressive trade setup could be to initiate short positions, with risk at $16.00 levels. Immediate support is seen at $15.10/15 levels, followed by $14.90, $14.40/50 and lower while resistance is seen at $15.90 levels, followed by $16.40 and higher respectively.

Trading recommendations:

Remain flat for now. Aggressive setup is to initiate short positions with stop at $16.00, target $15.00.

Good luck!

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

Technical analysis of EUR/JPY for August 13, 2015

Technical outlook and chart setups:

The EUR/JPY pair has pushed higher towards 138.85 levels till now. Please note that there is still enough room for a push towards 139.50 and 140.50/60 levels respectively. All corrective dips should remain well capped above 137.00 levels from here on. It is hence recommended to initiate fresh long positions around 137.00 levels. Immediate support is seen at 137.00 levels (past resistance turned support), followed by 135.50, 135.00 134.00 and lower, while resistance is seen at 139.50 levels, followed by 140.50/60 and higher respectively.

Trading recommendations:

Remain flat for now, look to buy around 137.00 levels.

Good luck!

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

Technical analysis of GBP/CHF for August 13, 2015

Technical outlook and chart setups:

The GBP/CHF pair has dropped lower, breaking initial support at 1.5150 level and also its immediate line of support. It is possible that the pair dips further lower to 1.5000 levels, which is also the fibonacci 0.618 support of the rally between 1.4750 and 1.5400 levels respectively. It is hence recommended to remain flat for now. Immediate resistance is seen around 1.5350 levels, followed by 1.5400 and higher, while support is seen at 1.5050 levels, followed by 1.4950, 1.4750 and lower respectively. Please note that an intermediate support trend line is passing through 1.4900 levels.

Trading recommendations:

Remain flat for now.

Good luck!

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

Daily analysis of major pairs for August 13, 2015

EUR/USD: This pair is now one of the strongest among the majors, having moved upwards by 250 pips this week. The resistance line at 1.1200 has been tested and there is a high possibility that it might be breached to the upside. In case it happens, the price might target the resistance line at 1.1250.

1.png

USD/CHF: As it was forecasted, the USD/CHF pair soon went into an opposite direction with the EUR/USD pair. Owing to the weakness in the USD, USD/CHF dropped by 200 pips yesterday before the current slightly upward bounce. The price could go further south: a movement below the support level at 0.9650 would lead to a clean Bearish Confirmation Pattern on the chart.

2.png

GBP/USD: As it was forecasted yesterday, the cable was able to move higher and this has caused a bullish signal in the market. The price is above the EMA 11, which is in turn, above the EMA 56. The RSI period 14 is also above the level 50. In case the distribution territory at 1.5650 (which has already been tested) is breached to the upside, the next target for bulls would be the distribution territory at 1.5700.

3.png

USD/JPY: The USD/JPY pair trended downwards yesterday, moving below the supply level at 124.50. Unless the supply level is overcome again, the price has the tendency to go further south. So the next target could be the demand levels at 123.50 and 123.00. Some fundamental figures are expected today and they can have a huge impact on the market.

4.png

EUR/JPY: This cross has also moved upwards by over 250 pips this week. Since the price is now above the demand zone at 138.50, it is rational to conclude that the supply zone at 139.00 would soon be attained.

5.png

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

Daily analysis of USDX for August 13, 2015

Bears took the control of the situation with the USDX, which is now trading below the 96.57 barrier zone. It's looking to test the next support located around the 95.50 level in the midterm outlook. We should consider the current moves as corrective in favor of the overall bullish trend, but we need to pay atenttion to the strong resistance formed at the 97.57 level.

USDXDaily.png

The short-term picture on H1 chart is very bearish, because the Index managed to consolidate below the 200 SMA and the resistance zone of 96.37, with a lower low-pattern formation. The next support is located at the 95.94 level. In case a breakout happens over there, the USDX will fall until the 95.60 zone.

USDXH1.png

Daily chart's resistance levels: 96.57 / 97.57

Daily chart's support levels: 95.50 / 94.70

H1 chart's resistance levels: 96.37 / 96.88

H1 chart's support levels: 95.94 / 95.60

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 95.94, take profit is at 95.60, and stop loss is at 96.28.

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

Daily analysis of GBP/USD for August 13, 2015

GBP/USD remains trapped inside the range between the 1.5640 and 1.5450 levels on the daily chart, but the slightly bullish bias is still alive. However, 200 SMA on this time frame seems to be neutral and that means the pair will try to find a solid road soon in order to continue trading higher or lower, but this stage is crucial.

GBPUSDDaily.png

On H1 chart, GBP/USD has been trading above the 200 SMA and it's now looking to break the resistance level of 1.5632, in order to continue with the rally towards the 1.5679 level, the next resistance zone on a short-term basis. Besides, bear in mind that zone is very strong and could push lower again to the Cable.

GBPUSDH1.png

Daily chart's resistance levels: 1.5640 / 1.5761

Daily chart's support levels: 1.5543 / 1.5450

H1 chart's resistance levels: 1.5632 / 1.5679

H1 chart's support levels: 1.5587 / 1.5545

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 1.5632, take profit is at 1.5679, and stop loss is at 1.5541.

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

Technical analysis of USD/JPY for August 12, 2015

USDJPYM30.png

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 below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 123.50. A break of that target will move the pair further downwards to 123.20. The pivot point stands at 124.45. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 125 and the second target at 125.25.

Resistance levels: 125 125.25 125.60

Support levels: 123.50 123.20 123

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