Technical analysis of Gold for September 03, 2015

Technical outlook and chart setups:

Gold dropped lower to the levels of 1,127.00 as we had expected, after reversing from $1,170.00 earlier. The metal responded to its fibonacci 0.618 resistance and is expected to drift lower towards $1,030.00 in coming sessions. It is hence recommended to continue holding short positions now with risk at $1,180.00. Immediate support is seen at $1,110.00 followed by $1,090.00, $1,075.00, and lower while resistance is seen at $1,175.00 followed by $1,200.00, $1,230.00, and higher.

Trading recommendations:

Remain short for now, stop is at $1,180.00, a target is open.

Good luck!

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Technical analysis of Silver for September 03, 2015

Technical outlook and chart setups:

Silver bulls seem to be looking for an opportunity to push the price through $15.00, which is also accompanied by the fibonacci 0.618 resistance, 50-day moving average, and intermediary resistance trend line as depicted on the H4 chart. The metal remains a sell-on-rallies candidate until prices stay broadly below $15.60 . It is hence recommended to remain short and also initiate fresh shorts around $15.00, with risk at $15.80. Immediate resistance is seen at the level of $15.60 and higher, while support is seen at $14.40/50 and lower.

Trading recommendations:

Remain short, add more around $15.00, stop is at $15.80, a target is open.

Good luck!

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Daily analysis of Silver for September 03, 2015

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Overview

Silver price continues fluctuating near the 14.70 level settled below it. The EMA50 keeps forming negative pressure against the intraday trading, which keeps our bearish trend expectations valid until now, targeting 13.50 then 12.80 levels initially. It is important to be aware that breaching the 14.70 level will push the price to test the bearish channel's resistance at 15.53 before any new attempt to resume the bearish trend. In general, we will keep the morning suggested bearish trend scenario if the trading settle below 14.70, reminding you that our main targets are located at 13.50 and then 12.80.

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Daily analysis of GBP/JPY for September 03, 2015

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Overview

GBP/JPY is back to 61.8% retracement of 174.86 to 195.86 at 182.88. A ustained trade there is an early sign of larger trend reversal. It would bring a deeper fall back to 174.86, which is the key support level. Meanwhile strong rebound from the current level would send GBP/JPY to a new high above 195.86. The uptrend from 116.83 could extend 61.8% retracement of 251.09 to 116.83 at 199.80, which is closer to the psychological level of 200 and top there. Meanwhile, considering bearish divergence condition in the weekly MACD. A break of 174.86 support will suggest that the trend has reversed earlier than we expected.

Daily Pivots: (S1) 182.94; (P) 183.60; (R1) 184.73;

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Technical analysis of EUR/JPY for September 03, 2015

Technical outlook and chart setups:

The EUR/JPY pair has dropped lower through the 133.00 levels until now, as expected and discussed earlier. The pair might have resumed its down leg with interim resistance around the 140.00 levels and should probably extend below 126.00 in the coming sessions. It is hence recommended to hold short positions, and bring down risk to break even levels. Immediate support is now seen at the 133.00 levels followed by 131.00 and lower, while resistance is seen at the 139.00 levels followed by 140.00/141.00 and higher, respectively.

Trading recommendations:

Remain short and move stop to break even levels, target is open.

Good luck!

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Technical analysis of GBP/CHF for September 03, 2015

Technical outlook and chart setups:

The GBP/CHF pair rallied through the resistance zone around 1.4900 levels today. The pair is trading at the level of 1.4875 now. It formed an interim support at the level of 1.4750. In case the pair moves through 1.4900, it will find resistance around 1.5050/1.5100. It is recommended to remain long from yesterday, but with risk shifted to 1.4750. Immediate interim support is seen at the levels of 1.4750 followed by 1.4600, 1.4450, and lower while resistance is seen at 1.4900 (interim) followed by 1.5050 and higher.

Trading recommendations:

Remain long for now and move stop at break even or 1.4750 levels, a target is open.

Good luck!

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EUR/NZD analysis for September 03, 2015

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Overview:

Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.7583. In the daily time frame, we can observe a supply bar in an average volume. The trend is neutral. Buying still looks risky, since we got strong weakness on the background. Watch only for selling opportunities after retracement. Support is seen around the level of 1.7275. We need to see a change in trend behavior from neutral to downward and then we can watch for selling opportunities. According to the H4 time frame, we can observe sings of weakness (no demand) that means we may expect a downward movement.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7840

R2: 1.7895

R3: 1.7990

Support levels:

S1: 1.7650

S2: 1.7590

S3: 1.7495

Trading recommendations: Watch only for selling opportunities after retracement.

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Technical analysis of AUD/USD for September 3, 2015

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Overview:

  • The level of 0.7074 is going to form a coherent resistance on September 3, 2015. Moreover, the double bottom of the AUD/USD pair will be set at the price of 0.6982. Besides, the support was broken and turned to resistance at 0.7074 this week. As a result, in the short term it will be very profitable to sell at 0.7074 with a target at 0.6982 and continue towards 0.6966 in order to test the second support. On the other hand, the best place to set stop loss should be above the 0.7090 level.

Forecast:

  • Consequently, the market will indicate a bearish opportunity at the spot of 0.7074. Thus, the level will be acting as strong resistance today. It is providing a clear signal for sell deals with the target seen at 0.6966. On the other hand, the stop loss should be placed above the resistance 0.7047.

Review:

  • The pivot point: resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well on sideways markets as the prices are most likely to be located between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and to continue moving. If the breaking news affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3.
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Technical analysis of EUR/USD for September 3, 2015

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Trading recommendations:

  • The daily technical levels of the EUR/USD pair on September 3, 2015. The market has been still moving between 1.1351 and 1.1133. Consequently, we expect the following scenarios. First outlook: buy (buy limit) above 1.1360 with the first target of 1.1392, it might resume towards the first resistance at 1.1452. Second outlook: below the level of 1.1333 look for further downside with the 1.1201 and 1.1140 targets. Besides, the weekly support will be set at the price of 1.1021.

Notes:

  • Stop loss should never exceed your maximum exposure amounts.
  • We expect a new daily range of 110 pips because today we have a lot of strong economic news.
  • Risk of 55 pips must make a profit of 110 (a risk to reward ratio of 1:1.5 is recommended).
  • As a rule, the market is highly volatile if the previous day had huge volatility.
  • Volatility: 198.24, therefore the market indicates the higher volatility.
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Technical analysis of USD/JPY for September 03, 2015

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USD/JPY is expected to trade in a higher range today. Overnight, US stocks rebounded after Tuesday's sharp declines. The Dow Jones Industrial Average climbed 1.8% to 16351, the S&P 500 also gained 1.8% to 1948 and the Nasdaq Composite rose 2.5% to 4749. Nymex crude traded with rising volatility and settled up 1.9% to $46.25 a barrel, while gold slid 0.5% to $1133 an ounce and the 10-year Treasury yield stepped up to 2.193% from 2.174% on Tuesday. Meanwhile, the US dollar regained footing and strengthened broadly against other major currencies, with EUR/USD dropping 0.8% to 1.1226 overnight, USD/JPY gaining 0.8% to 120.32 and USD/CHF rising 1.1% to 0.9685. Regarding USD/JPY, the pair is approaching the first upside target at 12.055, with support provided by the rising 20- and 50-period intraday moving averages (MAs). The intraday RSI is riding on a bullish trend line and placed within the buying area between 50 and 70. The second upside target is set at 121.40 (a base formed on August 31). Only a break below the key support at 119.65 would turn the intraday outlook bearish and call for further decline.

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 121.05 and the second target at 121.40. In the alternative scenario, short positions are recommended with the first target at 119.60 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 119.20. The pivot point is at 119.90.

Resistance levels: 121.05 121.40 121.75

Support levels: 119.50 119.20 118.85

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Technical analysis of USD/CHF for September 03, 2015

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USD/CHF is expected to trade in a higher range today. The pair remains on the upside, backed by its ascending 20- and 50-period intraday MAs. Technically, the intraday RSI stands above its neutrality area of 50, and is still positive. Moreover, the nearest key support at 0.9635 should prevent any downward attempts and call for a new rise. To conclude, as long as 0.9635 is not broken, further advance is more likely to occur towards 0.9730 and 0.9775. Only the break below 0.9635 would invalidate our bullish view pushing the pair downward to 0.9565 - 0.9505.

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 0.9730 and the second target at 0.9780. In the alternative scenario, short positions are recommended with the first target at 0.9565 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 0.9505. The pivot point is at 0.9635.

Resistance levels: 0.9730 0.9780 0.9810

Support levels: 0.9565 0.9505 0.9465

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Technical analysis of NZD/USD for September 03, 2015

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NZD/USD is expected to trade in a lower range. The pair is reversing downwards after breaking below its previous support at 0.6390, which should now act as resistance. A double top pattern has been validated, calling for intraday trend reversal. The descending 50-period intraday MA maintains a bearish bias. Moreover, the intraday RSI remains below its 50% neutrality area and is capped by declining trend line. The first target to the downside is therefore set at 0.6285. A break below this level would open the way to further weakness towards the horizontal support and overlap at 0.6240. Only a break above the key resistance at 0.6390 would call for further upside.

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 0.6285. A break of that target will move the pair further downwards to 0.6240. The pivot point stands at 0.390. 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 0.6430 and the second target at 0.6470.

Resistance levels: 0.6430 0.6470 0.6505

Support levels: 0.6285 0.6240 0.62

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Technical analysis of GBP/JPY for September 03, 2015

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GBP/JPY is expected to trade in a lower range. Key resistance is seen at 184.75. The pair stays below its key resistance at 184.75, and is expected to look for a lower bottom during the upcoming sessions. The 20-period intraday MA is below its 50-period one, calling for further downside as well. The intraday RSI lacks strong upward momentum. The first downside target is therefore set at the horizontal support and overlap at yesterday's low of 182.50. A break below this level would open the way towards 181.30. Only a break above the key resistance level of 184.75 would call for further upside towards the horizontal resistance.

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 182.50. A break of that target will move the pair further downwards to 181.30. The pivot point stands at 184.75. 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 185.40 and the second target at 186.45.

Resistance levels: 185.40 186.45 187

Support levels: 182.50 181.30 180.75

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Gold : analysis for September 03, 2015

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Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,129.98. According to the daily time frame, we can observe a weak demand bar (no demand bar) in the background. Anyway, we saw weakness in Fridays's price action in the H1 time frame. We got a buying climax with a wide spread and supply coming in. Watch only for selling opportunities after retracement. Strong support is found at the level of $1,117.50. If the price breaks this support level, we will get the second support around $1,111.00. According to the H1 time frame, we can observe signs of weakness.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,138.00

R2: 1,140.00

R3: 1,144.00

Support levels:

S1: 1,130.00

S2: 1,128.65

S3: 1,125.00

Trading recommendations: The strong sign of weakness is seen on the background. Watch only for selling opportunites after retracement.

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Global macro overview for 03/09/2015

Global macro overview for 03/09/2015:

The data-dependent Fed has pegged the likelihood of interest rate cut to the US economy. The recent labor data from the US looks very well with the ADP unemployment figures staying strong (ADP at 190K). The market now awaits the NFP data release on Friday. If the news is better than expected, the market might start to price in the September or December interest rate hike by the Fed.

The yellow metal prices rode for the best part of August, almost hitting the 61% Fibo level of the recent decline. Moreover, the corrective move was shallow so far as the first support around 1.120 has held, so now it might be time for bulls to strike back.

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USDX technical analysis for September 3, 2015

The US Dollar Index has broken above the bullish flag pattern formation but not above the resistance level of 96.20. The trend favors bulls, but it rejection takes plase here, the price will drop towards 94.90.

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Gold price is trading above the Ichimoku cloud in the 4-hour chart and this is a bullish sign. A rejection at current levels could bring the index back towards the cloud support around 94.90. However I'm medium-term bullish as long as price is above the cloud. A break above 96.20-96.30 will be a bullish sign of trend continuation towards 98.

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Red line - resistance

Green line - support

The weekly chart has not provided us with any new information yet. The price remains trapped inside the long-term bullish flag pattern and this week's candle is still below the kijun-sen (yellow line) resistance. The more it takes bulls to break above this resistance the more probable ejection and reversal are. A break above the red resistance trend line will be a very important bullish signal.The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 03/09/2015

Global macro overview for 03/09/2015:

The main event of the day is ECB interest rate decision which is set for 11:45 GMT and the further ECB press conference at 12:30 GMT. The market expects that ECB head Mario Draghi will maintane the interest rate unchanged at the level of 0.05%. Nevertheless, there is still a possibility, that ECB will expand its 60 billion per month quantitative easing program beyond September 2016, because ECB will release revised inflation and growth projections based on the recent global economic data and events. The ECB might be trying to prevent any euro re-appreciation by refocusing on the downside risk for both growth and inflation, because the market participants are re-focusing more on the background of economic fundamental data coming from the EU countries as the risky assets, like stocks, currencies and derivatives, are re-bounding from the recent sell-off around the globe.

The EUR/USD pair is trading quietly inside of the trading range, awaiting the news release. The technical support comes at the levels of 1.1156 - 1.1215 and the resistance is seen at the level of 1.1470.

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Gold technical analysis for September 3, 2015

Gold bulls were unable to break above the resistance of $1,150 yesterday, and the rejection pushedthe price lower towards short-term support of $1,125. The inability to break above resistance was not a good sign, but bulls still have one more chance as I expect a new bounce to come over the next couple of days.

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Green line - support

Black line resistance

Gold price is trading below the Ichimoku cloud resistance in the 4 hour chart. However the price is still above the short-term support at $1,125. A break above $1,144 will push the price towards the level of $1,150 and, why not, even higher towards the retracement level of 78.6%.

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The weekly chart is not very promising but the weekly candle still holds above the tenkan-sen support. The slope of the tenkan-sen is negative and this is not a good sign. However I see as the most probable scenario a push higher towards the weekly kijun-sen resistance. The long-term trend remains bearish as the price is below the Ichimoku cloud.

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Technical analysis of USD/CAD for September 3, 2015

General overview for 03/09/2015 08:20 CET

This count started to evolve into more complex structure, but it still looks more corrective than impulsive. The WXY brown count is valid, and the overall wave development might get shape of a complex corrective pattern in wave 4 purple. This would mean the market might make another wave up with the projected target at the level of 1.3441.

Support/Resistance:

1.3355 - Swing High

1.3325 - Intraday Resistance

1.3319 - WR1

1.3260 - Intraday Support (weak)

1.3230 - Weekly Pivot

1.3114 - Intraday Support (strong)

1.3108 - WS1

Trading recommendations:

Daytraders should refrain from trading and wait for more clear pattern to occur. Swingtraders should close their long-term buy orders and wait for the further confirmation of a higher-degree corrective cycle.

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Technical analysis of EUR/JPY for September 3, 2015

General overview for 03/09/2015 08:00 CET

The market is waiting for tomorrow's NFP data release. The ranges are the same as yesterday with the current price trading inside the bearish zone. The complex corrective structure looks completed now, but the upside is limited by the weekly pivot at the level of 136.50. Moreover, the top of the wave B had been established at the level of 138.94 according to this count, and the market should now continue the downside wave development in order to complete the wave C black.

Support/Resistance:

134.67 - Intraday Support

135.00 - Technical Support

136.50 - Weekly Pivot

136.60 - Intraday Resistance

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 136.60 is clearly violated (hourly candle close above the level) with SL just below the level of 135.23 and TP at the level of 137.60.

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Elliott wave analysis of EUR/NZD for September 3, 2015

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Technical summary:

An uptrend is still firmly in place. Important support at 1.7103 seems to be far away and the preferred Elliott Wave count is moving towards a final high above 1.9023. A short-term breakout above minor resistance at 1.7945 will confirm a continuation higher towards 1.9023 and even above. That said, the top of wave iii at 1.9023 seems to be far away with risk of a potential fifth wave failure.

Trading recommendation:

As risk seems greater than normal, we will stay neutral.

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Elliott wave analysis of EUR/JPY for September 3, 2015

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Technical summary:

We can see a new sideways consolidation which is taking place in the chart. This consolidation does look like the former consolidation, which resulted in a downswing. It does not mean that this consolidation has to result in a new swing down. A break below support at 134.63 will call for a move closer to the important support at 133.27, which has to protect the downside,or we will be faced with an entire new scenario. On the other hand, a break above minor resistance at 136.24 will ease the downside pressure and call for a movement back to 139.02 and likely higher to 141.06.

Trading recommendation:

We will only buy a break above 136.24

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Technical analysis of EUR/USD for September 03, 2015

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When the European market opens, economic news on the Trade Balance, Minimum Bid Rate, French 10-y Bond Auction, Spanish 10-y Bond Auction, Retail Sales m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI is due to be released. The US will release data on the Natural Gas Storage, ISM Non-Manufacturing PMI, Final Services PMI, Unemployment Claims, and Challenger Job Cuts y/y. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1266.

Strong Resistance:1.1260.

Original Resistance: 1.1249.

Inner Sell Area: 1.1238.

Target Inner Area: 1.1212.

Inner Buy Area: 1.1186.

Original Support: 1.1175.

Strong Support: 1.1164.

Breakout SELL Level: 1.1158.

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 September 03, 2015

On the daily chart, bullish reaction is observed above the support level of 95.26 and we could be in front of a possible rally, which could be set up towards the resistance zone of 96.64 in coming days. The 200 SMA is turning neutral in this time frame, as the index continues to extend its rebound.

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There is a strong resistance placed around the level of 96.40 on the H1 chart and the USDX will need to overcome that zone in order to perform new rallies. We should note the double bottom pattern formed below the 200 SMA a couple of days ago. Immediate resistance is still placed at the level of 96.09. The MACD indicator is entering the neutral territory.

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Daily chart's resistance levels: 95.83 / 96.64

Daily chart's support levels: 95.26 / 93.86

H1 chart's resistance levels: 96.09 / 96.34

H1 chart's support levels: 95.68 / 95.33

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 96.09, take profit is at 96.34, and stop loss is at 95.85.

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Technical analysis of USD/JPY for September 03, 2015

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In Asia, Japan will not release any economic data, but the US will unveil economic data on Natural Gas Storage, ISM Non-Manufacturing PMI, Final Services PMI, Unemployment Claims, and Challenger Job Cuts y/y. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.07.

Resistance. 2: 120.83.

Resistance. 1: 120.60.

Support. 1: 120.31.

Support. 2: 120.08.

Support. 3: 119.84.

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 GBP/USD for September 03, 2015

GBP/USD continues moving in the bearish trend on the daily chart, but it is performing some rebounds in lower time frames, as the pair will try to develop a lower low pattern in coming days. We should remember the support zone of 1.5224 is still strong and we expect a bullish reaction there in the short term.

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On the H1 chart, the pair found strong support at the level of 1.5272. The corrective moves could head towards the resistance zone of 1.5331. A breakout over there will expose the cable to test the resistance level of 1.5368. The 200 SMA is bearish in this time frame.

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Daily chart's resistance levels: 1.5329 / 1.5438

Daily chart's support levels: 1.5224 / 1.5107

H1 chart's resistance levels: 1.5331 / 1.5368

H1 chart's support levels: 1.5272 / 1.5220

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5272, take profit is at 1.5220, and stop loss is at 1.5322.

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Daily analysis of major pairs for September 3, 2015

EUR/USD: The EUR/USD pair has been moving sideways this week, but there could be a breakout today owing to some fundamental data which is due to be released. This data could have some impact on the market, sending either EUR/USD above the resistance line at 1.1350 or below the support line at 1.1150.

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USD/CHF: This pair has gone upwards by about 90 pips this week. Now, bulls are making some effort to push the price to the upside; and the price is close to the resistance level of 0.9700. With more buying pressure, the resistance level of 0.9700 could be breached to the upside as bulls push the price further northwards.

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GBP/USD: This pair is very weak now. There is a Bearish Confirmation Pattern in the chart: the EMA 11 is below the EMA 56 while the RSI period 14 is below the level of 50. We expected the GBP/USD pair to reach lower highs and lower lows in the days to come. The accumulation territory around 1.5300 has been tested, but the price is yet to stay below it.

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USD/JPY: There is less momentum in this market at present. There pair could gain momentum on the background of today's releases. There is a dependable hope of a significant upwards or downwards movement this week - though the current outlook remains bearish.

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EUR/JPY: As it was mentioned yesterday, the pair made a breakout that favored bears. Yesterday, the cross could not close below the demand zone at 135.00, and there is a lot of activity around that zone. With further stamina in the jen, there would be a movement below the demand zone.

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Intraday technical levels and trading recommendations for EUR/USD for September 2, 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 in 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, July, and August) reflected 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.

On the other hand, a bullish corrective movement towards 1.1500 will be possible only if May's monthly high of 1.1465 gets breached. This can be achieved if the current monthly candlestick closes above the weekly high (1.1465) by the end of this month.

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

Evident bullish recovery was expressed after hitting the level of 1.0800. Since then, bulls have been trying to achieve an extensive bullish movement towards 1.1500 and 1.1700.

Multiple ascending bottoms were established around the levels of 1.0830 and 1.1020. These levels corresponded to the current daily uptrend depicted on the chart.

Extensive bullish pressure was applied until bearish resistance was expressed around the price level of 1.1700.

Recently, the market looked overbought as the bulls were pushing above the price level of 1.1500 (Daily Supply Level). That is why, a bearish corrective movement took place towards the price level of 1.1160 shortly after.

Conservative traders can have a valid BUY entry anywhere around the price level of 1.1160 (corresponding to the depicted uptrend line as well as 61.8% Fibonacci level). S/L should be placed below 1.1100. T/P levels should be placed at 1.1330 and 1.1440.

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

Intraday technical levels and trading recommendations for GBP/USD for September 2, 2015

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Few 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 has been providing evident supply for the GBP/USD pair.

Last week, strong bearish pressure was applied at the level of 1.5550 again. It was broken down temporarily two weeks ago, when a weekly bullish engulfing candlestick was expressed.

For several weeks, consecutive weekly candlesticks have been generating contradictory signals.

However, a previous weekly candlestick closure above 1.5500 hindered a further bearish decline for some time and enhanced the bullish side of the market towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

The most recent WEEKLY candlestick came as bearish engulfing one, closing below the price level of 1.5450 (Head and Shoulders neckline). This enhances the bearish side of the market in the long term. Approximate projection target for the reversal pattern should be located near the price level of 1.5050.

In the short term, the nearest demand level around 1.5200 is vulnerable to retesting as long as the GBP/USD bears manage to keep moving below the level of 1.5450 (neckline).

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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 the 50% Fibonacci level and the previous prominent top, was temporarily broken allowing further bearish decline towards 1.5350 where an ascending bottom was recently established.

The level of 1.5500 formed a significant key level to watch for. It corresponded to the uptrend line depicted on the chart.

Prominent supply/resistance levels were located around the level of 1.5770 (prominent 61.8% Fibonacci level) where the right shoulder of the depicted bearish reversal pattern was originated.

That is why, a valid sell entry was suggested for retesting 1.5770 last week on Monday. The position is already running in profits now.

Moreover, the bearish movement towards 1.5200 should be expected as long as the market keeps trading below the zone of 1.5450-1.5500.

On the other hand, bearish rejection should be expected at retesting of the price zone of 1.5450-1.5500 (recent resistance zone) with the same T/P levels projected towards 1.5200.

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