Technical analysis of USD/JPY for September 04, 2015

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USD/JPY is expected to trade in a lower range. 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 oil traded with increased volatility and was 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 120.65, with support provided by the rising 20- and 50-period intraday moving averages (MAs). The intraday RSI is riding on a bullish trendline and placed within the buying area between 50 and 70.

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 118.40 and the second target at 117.85. In the alternative scenario, short positions are recommended with the first target at 120.35 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 120.65. The pivot point is at 119.90.

Resistance levels: 120.35 120.65 120.95

Support levels: 118.40 117.85 117.25

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Technical analysis of USD/CHF for September 04, 2015

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USD/CHF is expected to trade in a higher range. 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 at 50 and is still positive. Moreover, the nearest key support at 0.9675 should prevent any downward attempts and call for a new rise. To conclude, as long as 0.9675 is not broken, further advance is more likely to occur towards 0.9785 and 0.9825 in extension.

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 0.9785 and the second target at 0.9825. In the alternative scenario, short positions are recommended with the first target at 0.9635 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 0.9565. The pivot point is at 0.9675.

Resistance levels: 0.9785 0.9825 0.9865

Support levels: 0.9635 0.9565 0.9525

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

Technical analysis of NZD/USD for September 04, 2015

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NZD/USD is expected to trade in a lower range. The pair stays below its key resistance at 0.6390 and is expected to look for a lower bottom in the forthcoming sessions. The 20-period intraday MA is below its 50-period one, calling for further downside as well. And the intraday RSI lacks strong upward momentum. The first target to the downside is therefore set at the horizontal support and overlap at yesterday's low at 0.62855. A break below this level would open the way to further weakness towards 0.6240 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 0.6285. 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

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

Technical analysis of GBP/JPY for September 04, 2015

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GBP/JPY is expected to trade in a lower range. The pair is reversing downwards after breaking below its previous support at 182.40, which should now play a key resistance role. A double top pattern has been validated, calling for an intraday trend reversal. And the descending 50-period intraday MA maintains a bearish bias. Moreover, the intraday RSI remains below its 50% neutrality area and is capped by a declining trendline. The first target to the downside is therefore set at 180.50. A break below this level would open the way to further weakness towards the horizontal support and overlap at 180 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 180.50. A break of that target will move the pair further downwards to 180. The pivot point stands at 182.40. 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 183.35 and the second target at 184.

Resistance levels: 183.35 184 185.10

Support levels: 180.50 180 179.15

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

Technical analysis of Gold for September 04, 2015

Technical outlook and chart setups:

Gold continues drifting lower as expected and is trading around the $1,118.00 levels for now. Please note that the metal responded/reversed from the trendline, Fibonacci 0.618, and past support turned resistance zone around the $1,170.00 levels earlier, and the fall could accelerate from here on. It is hence recommended to remain short with risk at the $1,180.00 levels for now. 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 $1,170.00 levels followed by $1,120.00/30.00 and higher respectively.

Trading recommendations:

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

Good luck!

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

Technical analysis of Silver for September 04, 2015

Technical outlook and chart setups:

Silver raised through the $15.00 levels as expected yesterday, and reversed lower as depicted on the 4H chart. The metal is seen to be producing a bearish candlestick pattern as seen here, and is expected to drift lower. Besides, note that the $15.00 levels are also the Fibonacci 0.618 resistance of the drop from $15.60 to $14.00. It is hence recommended to remain short with risk at $15.80 levels. Immediate support is seen at $14.00 levels followed by $13.00 and lower, while resistance is seen at the $15.60 levels and higher respectively.

Trading recommendations:

Remain short for now, stop is at $15.80, target is open.

Good luck!

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

Daily analysis of Silver for September 04, 2015

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Overview

Silver price continues fluctuating around the 14.70 level, pointing to the fact that the daily candlestick close was below the mentioned level, which keeps the negative scenario valid until now, waiting to visit 13.50 followed by 12.80 on the near-term basis. We remind you that breaching the 14.70 level will lead the price to rise and test the bearish channel's resistance around 15.30 before any new attempt to resume the bearish bias. The price needs negative motive that supports the chances for heading towards 13.50 then 12.80 on the near-term basis.

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

Technical analysis of EUR/JPY for September 04, 2015

Technical outlook and chart setups:

The EUR/JPY pair continues drifting lower as expected and discussed earlier and is probably targeting the 132.00/131.00 levels from here on. Please note that it is still possible that the pair is correcting its earlier rally between 126.00 and 140.00 for now and may not drop below the 126.00 levels. It is hence recommended to fix partial profits on short positions taken earlier and move risk to break-even levels. Immediate support is seen at the 131.00 levels followed by 129.00, 126.00 and lower, while resistance is seen at 139.00 levels followed by 140.00/141.00 and higher.

Trading recommendations:

Fix partial profits now, move stop to break even, target 131.00.

Good luck!

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