EUR/NZD analysis for August 25, 2015

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Overview:

Recently, EUR/NZD has been moving upwards. As we expected, the price tested the level of 1.8686. The price has spiked 1,000 pips since our last analysis. In the daily time frame, we can observe that sellers started to sell actively around the price of 1.8685. Now, this is a strong sign of weakness. Consider only selling opportunities after retracement. Potential profit targets are 1.7330, 1.6930, and the price of 1.6260.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.8425

R2: 1.8790

R3: 1.9380

Support levels:

S1: 1.7245

S2: 1.6875

S3: 1.6285

Trading recommendations: Watch for buying opportunities on the dips. EUR/NZD is in a strong uptrend.

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Technical analysis of USD/JPY for August 25, 2015

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USD/JPY is expected to trade with bearish bias. Overnight, the US dollar and stocks kept nosediving amid global stock sell-offs. The Dow Jones Industrial Average tumbled another 3.6% to close at 15,871, its lowest closing level in 18 months, with a heavy trading volume of 13.9 billion shares, the largest daily volume since August 2011. The S&P 500 plunged 3.9% to 1,893, while the Nasdaq Composite dropped 3.8% to 4,526. Crude oil closed down 5.5% at $38.24 a barrel, the lowest closing level in 6.5 years. Again, safe-haven buying of the US government bonds pushed down the 10-year Treasury yield to 1.997%, the lowest one since April. Meanwhile the US dollar heavily dropped against the euro (EUR/USD highest at 1.1714), the Japanese yen (USD/JPY lowest at 116.14), and the Swiss franc (USD/CHF lowest at 0.9254). Regarding USD/JPY, the pair is posting a rebound from the overnight low of 116.14. The declining 20- and 50-period intraday moving averages are maintaining the bearish bias. As long as the key resistance at 120.25 is not surpassed, choppy price actions with bearish bias are expected. The first downside target is set at the horizontal level of 118.25, and the second one at 117.

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 118.25. A break of that target will move the pair further downwards to 117. The pivot point stands at 120.55. 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 121.30 and the second target at 122.35.

Resistance levels: 121.30 122.35 123

Support levels: 118.25 117 116.20

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Technical analysis of USD/CHF for August 25, 2015

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USD/CHF is expected to trade with bullish bias. The pair remains on the upsideside, capped by an ascending trendline. Further upside seems more likely to occur as the technical indicators are still bullish without showing any reversal signals. Hence, as long as the process of lower highs and lows remains intact, a new pullback is highly expected to 0.9505 and 0.9550 in extension. Only the downside break of the key resistance at 0.3 would turn the intraday outlook bearish.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9505 and the second target at 0.9550. In the alternative scenario, short positions are recommended with the first target at 0.9245 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.92. The pivot point is at 0.93.

Resistance levels: 0.9505 0.9550 0.96

Support levels: 0.9245 0.92 0.9160

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Technical analysis of NZD/USD for August 25, 2015

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NZD/USD is expected to trade in a lower range. Currently trading at 0.6445, the pair remains capped by its declining 20- and 50-period MAs, which should limit any upward attempts. The intraday RSI is below its neutrality level at 50. Besides, a key resistance at 0.6575 maintains strong selling pressure on the prices. In these perspectives, as long as 0.6575 holds on the upside, a new pullback is expected to test 0.6485, and in case of a breakout, look for a further decline to 0.6450.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6485. A break of that target will move the pair further downwards to 0.6450. The pivot point stands at 0.6575. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6630 and the second target at 0.6650.

Resistance levels: 0.66300.6650 0.6685

Support levels: 0.6485.6450 0.6425

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Technical analysis of GBP/JPY for August 25, 2015

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GBP/JPY intraday is expected to rebound. The pair stays above its key support at 187.30 and remains on the upside. Both rising 20- and 50-period intraday MAs should now play support roles. And the intraday RSI is above 50 and lacks downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 191.10 at first. A break above this level would call for a further advance toward 192.10 in extension. Only a break below the horizontal support at 187.30 would open the way to further weakness towards yesterday's low at 186.25 at first.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 191.10 and the second target at 192.10. In the alternative scenario, short positions are recommended with the first target at 186.25 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 184.90. The pivot point is at 187.30.

Resistance levels: 191.10 192.10 193

Support levels: 186.25 184.90 184

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Daily analysis of GBP/JPY for August 25, 2015

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Overview

According to the the shown H4 chart, Intraday bias in GBP/JPY is turned neutral as the cross drew support from 61.8% retracement of 174.86 to 195.86 at 182.88 and recovered. More sideway consolidations would now be seen. So far, price actions from 195.86 are viewed as a consolidation pattern and we will still expect strong support from 182.88 to contain downside. However, a sustained break of 182.88 will open up bearishness in the cross and will bring deeper fall to the 174.86 key support level.

Daily Pivots: (S1) 182.90; (P) 187.15; (R1) 191.07;

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Daily analysis of SILVER for August 25, 2015

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Overview

According to the attached H4 chart, Silver price continued its negative trading yesterday to test the key support 14.70, as the price is falling under the negative pressure that comes by the EMA50, while stochastic attempts to protect the price from suffering more losses by offering positive signals in the four-hour time frame. Therefore, the contradiction between the current technical factors makes us stay aside temporarily in order to monitor the price behavior according to the key levels represented by the 14.70 support and 15.60 resistance as breaking this support will push the price to suffer more losses. Its targets begin at 14.40 and extend to 12.80, while breaching the resistance will motivate the price to achieve positive targets that reach 16.85 on the near-term basis.

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Gold analysis for August 25 , 2015

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Overview:

Since our last analysis, gold has been trading sideways around the price of $1,150.00. According to the daily time frame, we can observe a strong supply bar in a high volume. I placed diagonal trendline and the price stoped extacly on it. Our Fibonacci retracement 50% at the price of $1,155.00 held successfully. So far, we can observe strong support around the price of $1,145.00. Be careful when buying since we have signs of weakness in the background. Watch for potential breakout of the support and try to sell after retracement.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,165.00

R2: 1,171.55

R3: 1,180.00

Support levels:

S1: 1,146.00

S2: 1,140.00

S3: 1,131.75

Trading recommendations: The strong sign of the weakness is in the background. Watch only for selling opportunites if the price breaks the support.

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Technical analysis of NZD/USD for August 25, 2015

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Trading recommendations:

  • According to the previous events, the USD/CHF pair is still moving between 0.9528 and 0.9332.
  • Sell below 0.9528 with the first target at 0.9430, then it will be gone towards 0.9332 in order to test this strong support.
  • The major support will be set at the area of 0.9332 and 0.9304.
  • If the trend fails to close below the area of 0.9332 or 0.9304, buy above 0.9332/0.9304 with the target at 0.9460, then at the price of 0.9525 (50% of Fibonacci retracement levels).
  • The key level is at 0.9332. Hence, history will probably repeat itself at this level again.
  • The pair will probably go up from the level of 0.9332 because the upward trend is still strong.
  • Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.
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Technical analysis of NZD/USD for August 25, 2015

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Overview:

  • The price of NZD/USD is still between the levels of 0.6684 and 0.6482, so it is recommended to be careful while making deals in this area. It should be noted that the key level is set at the level of 0.6600 (resistance). Equally important, the double top will be formed at the 0.6684 level. As it is know, history will probably repeat itself at this level again. Therefore, it will be a good sign to sell below 0.6684 or 0.6600 with the first target of 0.6490. It will call for a downtrend in order to continue its bearish movement towards 0.6423 because the downward trend is still strong for that the pair will probably go down. On the other hand, the stop loss should never exceed your maximum exposure amounts, so the stop loss should be placed above 0.6684 at the price of 0.6712.

Intraday technical levels:

Date:25/08/2015

Pair:NZD/USD

  • R3: 0.6877
  • R2: 0.6781
  • R1: 0.6625
  • PP: 0.6529
  • S1: 0.6373
  • S2: 0.6277
  • S3: 0.6121
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Global macro overview for 25/08/2015

Global macro overview for 25/08/2015:

The global growth concerns and oversupplied market conditions have made crude oil futures close at the level of $38.24 a barrel that is the lowest mark since 2008. There are two more news events that might push crude oil prices even lower in a couple of days: today's API Crude Oil Inventories for the month of August scheduled for release at 8:30pm and expected to decline to the level of -2300k. Moreover, tomorrow's Crude Oil Inventories news from the US that are scheduled for release at 2:30pm are expected at the level of +2620k .

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Global macro overview for 25/08/2015

Global macro overview for 25/08/2015:

The sea of red has been seen all over the global markets yesterday and sheer panic has started in China overnight. The Chinese stock index dropped 8% in a single day, prompting a record jump in volatility (measured by CBOE Market Volatility Index - VIX). After the open, the EU equity markets have been hammered down together with US markets later on the day. In my opinion, there are two main causes of such a moves in the global stock markets: the global concerns about the sluggish global economic growth are escalating and the August low market liquidity situation (holiday season) are making the price moves more sharply and unpredictably.

The SPY (S&P500 ETF) moved straight into the bearish territory yesterday and despite the fact it tried to rally back up to close the bearish gap, the negative sentiment has overcome any bullish attempts to get higher. Please notice that any close below the demand zone 181.95-188.40 is very bearish.

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Technical analysis of USD/CAD for August 25, 2015

General overview for 25/08/2015 10:20 CET

Due to the fact that the current wave count might be divided to at least main and alternative scenarios, the correct one-sided labeling is very hard to make right now. The market seems like topping around the current price levels, but the decline has not been started yet. The main count indicates a possible top for the wave iii blue and a corrective structure in the wave iv blue (so far labeled as wave W and X brown) and the alternative count suggest a possible impulsive progression to the upside to complete the five wave structure ( alternative waves 3 and 4 purple). We need to wait and see which one of these scenarios will turn out to be correct.

Support/Resistance:

1.3314 - WR2

1.3264 - WR1

1.3296 - Intraday Resistance

1.3140 - Intraday Support

1.3144 - Weekly Pivot

Trading recommendations:

Swingtraders should consider closing long-term BUY orders or move the trailing stop loss orders up to the level of 1.3211.

All TPs from yesterday have been hit and for today the daytraders should refrain from trading due to a lack of a clear trading pattern.

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Technical analysis of EUR/JPY for August 25, 2015

General overview for 25/08/2015 10:00 CET

The anticipated low labeled as wave Y brown occurred yesterday and the WXY brown corrective structure is now completed. However, as long as the intraday resistance at the level of 138.94-138.84 puts the cap on any price rally, the market might still try to make another wave down with a low below the level of 136.02. Then the corrective structure will get more complex and time-consuming.

Support/Resistance:

139.65 - WR1

138.94 - Intraday Resistance

138.34 - Weekly Pivot

137.78 - WS1

137.05 - Intraday Support

Trading recommendations:

All TPs from yesterday have been hit and for today the daytraders should refrain from trading due to a lack of a clear pattern to trade.

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Technical analysis of GBP/USD for August 25, 2015

Following my previous analysis, GBP/USD started moving higher. The pair is yet to hit the R1 resistance area which could happen in a short period of time.

While no signs of reversal are presented, consider buying GBP/USD today at the current levels. The target area is between 1.5851 and 1.59 - psychological resistance. It seems reasonable to take 1.57 as a psychological support that also could be used for the stop loss.

Support: 1.5688

Resistance: 1.5851, 1.5900

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Technical analysis of Silver for August 25, 2015

Technical outlook and chart setups:

Silver has again dropped lower towards the $14.75 levels after testing resistance at the 50-day moving average on the H4 chart view. It is quite possible that the current drop receives support ahead of tthe $14.40/50 levels and resumes rally towards $16.40 in the near future. It is hence recommended to remain long and also look to add further positions with risk at the $14.40/50 levels. Immediate support is seen at the $14.40/50 levels followed by $14.00, $13.00 and lower, while resistance is seen at the $15.80 levels followed by $16.40 and higher respectively.

Trading recommendations:

Remain long, stop is at $14.40, target is open.

Good luck!

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Technical analysis of Gold for August 25, 2015

Technical outlook and chart setups:

Gold has managed to push through the $1,170.00 levels after having formed lows at the $1,075.00 levels earlier. The yellow metal is stalling at a resistance line, Fibonacci 0.618 (of the drop from $1,203.00 to $1,075.00) and a past support turned resistance zone at current levels. It is hence recommended to initiate fresh short positions now, with risk around the $1,180.00 levels. Please also note that the rally from the $1,075.00 levels, should at least be retraced towards the $1,110.00 levels for the rally to continue. Immediate support is seen at the $1,110.00 levels followed by $1,090.00, $1,075.00 and lower, while resistance is seen at the $1,175.00 levels followed by $1,180.00 and higher respectively.

Trading recommendations:

Initiate short positions, stop is at $1,180.00, target is open.

Good luck!

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USDX technical analysis for August 25, 2015

The Dollar index has broken the long-term triangle pattern to the downside and has managed to reach our target of 92 within the day. The trend remains bearish and there is a higher chance that we have not seen the low of this down cycle.

usdx.jpgThe Dollar index is expected to make a bounce towards the 38% Fibonacci retracement at least. So Dollar bulls will get the opportunity to trim their losses. The medium-term trend remains bearish but we have some short-term reversal signs. The trend is to the downside and traders should only focus on waiting to see new lows and not try to play the upside bounce.

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Green line - support

Red line -resistance

The weekly chart of the Dollar index is in a bearish trend. We could see a bounce and a backtest of the breakdown area. The Dollar index has also nearly approached our 92 target where the 38% Fibonacci retracement is found. Price is above the weekly Ichimoku cloud. I expect more downside pressures for the Dollar index and I see any upward move only as a corrective bounce and opportunity to sell.

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Technical analysis of EUR/JPY for August 25, 2015

Technical outlook and chart setups:

The EUR/JPY pair has stalled out near 139.00 levels and looks to be preparing to resume its downfall from here. Its resistance at 139.00/50 is holding well, bears are set to regain control back and push the pair below 125.00 levels in the coming weeks. It is hence recommended to initiate fresh short positions, with risk around 139.50 levels for now. Immediate support is seen at 136.00 levels (interim), followed by 13135.00, 134.00 and lower, while resistance is seen at 139.00/50 levels, followed by 140.00, 141.00 and higher respectively.

Trading recommendations:

Initiate short positions, stop at 139.50, a target is open.

Good luck!

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Gold technical analysis for August 25, 2015

Gold price as expected has made a new higher high yesterday after breaking the short-term triangle pattern but got rejected again at the weekly resistance of 61.8% Fibonacci retracement. Gold's inability to rise combined with the extreme bearishness in equity markets is a bearish sign for Gold.

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Dark blue - triangle pattern

Cyan lines - bullish channel

Gold price is now breaking below the triangle pattern and below $1,150. Price is above the Ichimoku cloud in the 4-hour chart, so we do not have a confirmation of the trend change yet. I believe that Gold price could have made an important high and we should expect at least a push towards $1,130 level.

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The weekly chart shows how price was rejected at the 61.8% Fibonacci retracement. Price is still above the weekly indicators but still below the weekly Ichimoku cloud. Weekly support is at $1,130 and a weekly close below it will confirm a trend reversal to the downside again.

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Technical analysis of GBP/CHF for August 25, 2015

Technical outlook and chart setups:

The GBP/CHF pair has dropped below 1.4700 levels recently before pulling back. The fall from 1.5400/10 levels might be complete or at least a counter rally is expected higher from here on. Please note that the pair has formed a bullish morning star candlestick pattern as well. It is hence recommended to initiate long positions with risk at 1.4550 levels for now. Immediate support is seen at 1.4550 levels (interim), followed by 1.4450, 1.4380 and lower while resistance is seen at 1.5050 levels, followed by 1.5150, 1.5350 and higher respectively.

Trading recommendations:

Initiate long positions now, stop at 1.4550, a target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for August 25 - 2015

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Technical summary:

The financial panic seen yesterday in the wake of the collapsing stock markets spilled over into the currency market. For this cross it meant a super spike to 1.9023. Instead of this rally being the top of wave (v), it's more likely that we are in wave (iii) higher towards 1.9567 before a correction in wave (iv) should be expected.

In the short term, we expect support at 1.7553 to be able to protect the downside for a break above minor resistance at 1.8005 that will call for the final rally higher to 1.9567. Only a break below 1.7553 will delay the expected rally higher for a move closer to 1.7277.

Trading recommendation:

We missed our buy-target at 1.7223, but will buy upon a break above minor resistance at 1.8005 and place take profit at 1.9550 if done.

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Elliott wave analysis of EUR/JPY for August 25 - 2015

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Technical summary:

The decline from 139.02 was much stronger than expected, which has caused a change of the short-term count. The question is whether the rally from 133.27 was a leading diagonal or just a B-wave correction?

If the rally was a leading diagonal, it will of course have bullish implications and call for an impulsive rally in wave (iii) once wave (ii) is over. A rally above 139.02 will favor this scenario and a rally towards 145.33.

The alternative count that sees this rally as a B-wave will have bearish implications. If this scenario is to be proven correct, a break below 133.27 is needed, which will call for a decline to 131.77 to end the correction from 141.06.

Trading recommendation:

Our stop at 138.40 was hit for a nice little profit. Because of the split scenario decision, we will stay neutral and only sell a break below 133.27 or buy a break above 139.02.

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Daily analysis of major pairs for August 25, 2015

EUR/USD: The EUR/USD pair has moved upwards by 500 pips since last week. The price spiked even higher, testing the resistance line at 1.1700 before retracing a little bit. Based on the price action in the market, there is still a tendency for the price to move further north. So the resistance line at 1.1700 is the target for this week.

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USD/CHF: This pair has moved downwards by 400 pips since last week, and there is still more room for the price to move southward. Unless the resistance levels at 0.9450 and 0.9500 are breached to the upside, the bearish outlook would continue to be valid.

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GBP/USD: Bull and bear have continued fighting for supremacy on the cable. Owing to the current persistent effort of bulls, there is a Bullish Confirmation Pattern in the market, since the price has gone above the accumulation territories at 1.5700 and 1.5750, the distribution territory at 1.5800 is the next target to be reached by bulls.

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USD/JPY: Since last week, this currency trading instrument has moved southward by 600 pips. This is one of the strongest movements in this market this year, and there is still more room for the bearish movement to run. In spite of the recent upwards bounce in the market (from the demand level at 116.50 to the supply level at 119.00), the outlook remains clearly bearish.

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EUR/JPY: The sudden large pullback that happened on this cross on Monday jeopardized the bullish outlook in the market; neither there is a clear bearish signal yet. This is due to the great strength in the yen, and it would be OK to stay away from this market until we see what would happen next.

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Technical analysis of EUR/USD for August 25, 2015

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When the European market opens, some economic news will be released such as Belgian NBB Business Climate, German Ifo Business Climate, German Final GDP q/q. The US will also release the economic data such as the Richmond Manufacturing Index, New Home Sales, CB Consumer Confidence, Flash Services PMI, S&P/CS Composite-20 HPI y/y, and HPI m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1635.

Strong Resistance:1.1628.

Original Resistance: 1.1617.

Inner Sell Area: 1.1606.

Target Inner Area: 1.1579.

Inner Buy Area: 1.1552.

Original Support: 1.1541.

Strong Support: 1.1530.

Breakout SELL Level: 1.1523.

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 25, 2015

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In Asia, Japan will lack any data in the economic calendar. The US will release some economic data such as Richmond Manufacturing Index, New Home Sales, CB Consumer Confidence, Flash Services PMI, S&P/CS Composite-20 HPI y/y, and HPI 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: 122.08.

Resistance. 2: 121.48.

Resistance. 1: 120.84.

Support. 1: 120.08.

Support. 2: 119.47.

Support. 3: 118.85.

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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Daily analysis of USDX for August 25, 2015

On the daily chart, USDX is finding strong bottom across the 93.00 level. The 200 SMA is located very close above that zone. We should take the current move as a corrective one in favor of the overall long-term bullish trend. However, this should be invalidated when a breakout happens below the 89.00 psychological level.

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Index continues to strength the bearish bias on H1 chart with a lower low pattern formation above the 93.18 level, where a support zone is located. The lower push could continue during the coming hours as the USDX is still weak in a short-term outlook, but the corrections will come soon. MACD indicator is entering the positive territory.

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Daily chart's resistance levels: 93.71/ 94.59

Daily chart's support levels: 93.00 / 91.70

H1 chart's resistance levels: 93.78 / 94.39

H1 chart's support levels: 93.18 / 92.73

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 93.18, take profit is at 92.73, and stop loss is at 93.62.

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Daily analysis of GBP/USD for August 25, 2015

GBP/USD is very strong in the current bullish bias on the daily chart, which is facing now the resistance level of 1.5761 into an effort to break that zone. The rally is likely to unfold towards the 1.5881 level. Bear in mind that high hasn't been tested since June 2015. So we should be prepared for a trading towards that level if bulls remains alive in this strength.

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On H1 chart, there is a higher high pattern formation below the resistance level of 1.5798 and a breakout over there will expose the pair to test the 1.5854 zone. Currently, bulls are getting favored by the momentum gained during the rebound above the 200 SMA on this time frame. MACD indicator is reaching an overbought area.

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Daily chart's resistance levels: 1.5761 / 1.5881

Daily chart's support levels: 1.5640 / 1.5543

H1 chart's resistance levels: 1.5798 / 1.5854

H1 chart's support levels: 1.5763 / 1.5715

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 1.5798, take profit is at 1.5854, and stop loss is at 1.5739.

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Technical analysis of USD/JPY for August 24, 2015

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USD/JPY is expected to trade in a lower range. The US dollar and stocks were impacted by fears about the global growth, particularly those concerning China. The Dow Jones Industrial Average tumbled 3.1% to close at 16459, the S&P 500 plunged 3.2% to 1970, while the Nasdaq Composite dropped 3.5% to 4706.04. Having declined 10% from its recent high, the DJIA is now in correction territory, and its loss of more than 1,000 points last week was the largest weekly decline since October 2008. Crude oil touched as low as $39.86 a barrel before finishing at $40.45, down 2.1% on the day, while gold gained 0.7% to $1160 per ounce. Safe-haven buying of US government bonds pushed down the 10-year Treasury yield to 2.052% - the lowest level since April - from 2.084%. The US dollar plunged against most major currencies as traders became more doubtful about whether the US Federal Reserve will hike interest rates next month. The greenback lost over 1% against the euro and the yen. Regarding USD/JPY, the pair posted strong downward momentum after breaking below both the 120.00 and 119 levels. Both the declining 20- and 50-period intraday moving averages are maintaining the bearish bias. And the intraday RSI is capped by a declining trendline. As long as 120.55 holds as the key resistance, the pair is expected to head towards the first downside target at 117 .

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 121.30. A break of that target will move the pair further downwards to 122.35. The pivot point stands at 120.55. 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 121.30 and the second target at 122.35.

Resistance levels: 121.30 122.35 123

Support levels: 117 116.20 115.65

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

Technical analysis of USD/CHF for August 24, 2015

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USD/CHF is expected to trade in a lower range. The pair remains capped by its declining 20- and 50-period MAs. The process of the lower highs and lows is also intact, which should confirm a negative trend. Besides, the downside momentum is still strong as the intraday RSI is bearish and is not showing any reversal signs. In these perspectives, further decline is highly expected to challenge 0.9455. A break below 0.9245 would trigger a drop towards 0.92.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9245. A break of that target will move the pair further downwards to 0.92. The pivot point stands at 0.9455. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9505 and the second target at 0.9550.

Resistance levels: 0.9505 0.9550 0.96

Support levels: 0.9245 0.92 0.9160

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

Technical analysis of NZD/USD for August 24, 2015

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NZD/USD is expected to trade in a lower range. The pair has reversed downwards and is now under pressure below its 20- and 50-period MAs. The intraday RSI is rebounding on its support level at 30, but it lacks upward momentum. As long as 0.6685 holds on the upside, the pair seems more likely to test its nearest support at 0.6450 (a horizontal level). In case of breakout, look for 0.6425 in extension.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6450. A break of that target will move the pair further downwards to 0.6425. The pivot point stands at 0.6560. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6650 and the second target at 0.6685.

Resistance levels: 0.6650 0.6685 0.6745

Support levels: 0.6450 0.6425 0.6375

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

Technical analysis of GBP/JPY for August 24, 2015

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GBP/JPY is expected to trade in a lower range. The pair has finally broken to the downside after choppy sessions. It is trading around the lower Bollinger Band as those bands are widening. Meanwhile, the 20-period intraday MA has crossed below the 50-period one, and the intraday RSI has pushed below the oversold level of 30 and showed no sign of bullish divergence. The first downside target at 184.550 is in sight. Only a break above the key resistance at 189.35 would turn the intraday outlook bullish and call for a further bounce toward the first alternative upside target at 0.7360.

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 184.55. A break of that target will move the pair further downwards to 182.75. The pivot point stands at 189.35. 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 191.10 and the second target at 192.10.

Resistance levels: 191.10 192.10 193

Support levels: 184.54 182.75 182

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