Technical analysis of Silver for September 07, 2015

Technical outlook and chart setups:

Silver has reacted well as expected at the levelsof $15.00 levels. Bears will remain in control until prices stay below the levels of $15.60. Also please note that it has reversed from $15.00, which is Fibonacci 0.618 resistance, indicating a continuation of a bearish move. It is hence recommended to remain short, with risk at $15.80. Immediate support is seen at $14.00 followed by $13.00 and lower while resistance is seen at $15.60 followed by $16.40 and higher.

Trading recommendations:

Remain short with stop at $15.80.

Good luck!

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Technical analysis of Gold for September 07, 2015

Technical outlook and chart setups:

Gold continues to trade around the levels of $1,118.00/20.00 for now after reversing from $1,170.00 earlier. The yellow metal should be looking for a way to drop below $1,075.00 in the sessions to come. Also please note that the metal has reversed from a trend line and fibonacci 0.618 resistance levels. Now it is hence recommended to remain short with risk at $1,180.00. Immediate support is seen at $1,110.00 followed by $1,090, $1,075.00, and lower, while resistance is seen at $1,170.00 (interim) and higher respectively.

Trading recommendations:

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

Good luck!

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GBP/USD intraday technical levels and trading recommendations for September 7, 2015

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Overview:

On April 9, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was reached. This is where the depicted bullish swing was initiated.

The next bullish swing extended up to the levels of 1.5750-1.5800, which offered valid sell entries for risky traders (depicted with red numbers).

Recently, strong bullish pressure was applied at the resistance level of 1.5800 via the recent bullish swing.

That is why, the resistance level of 1.5800 was temporarily breached. Bulls pursued towards 1.5900 where the depicted Head and Shoulders pattern was confirmed.

The support level of 1.5555 got breached by the end of the previous month due to excessive bearish pressure which originated at 1.5800.

A valid sell entry was suggested around the levels of 1.5780-1.5800. It is already running in profits now.

The nearest support zone to meet the GBP/USD pair is located at 1.5200-1.5170 where an intraday buy entry can be offered if the current daily candlestick remains as a bullish engulfing one by the end of Today.

On the other hand, another sell entry can be offered for the recent resistance level at 1.5470 retesting (lower limit of the previous consolidation range) if the current bullish pullback persists above the level of 1.5330.

Persistence below the zones of 1.5450 (lower limit of the broken consolidation range) and 1.5350 (Recent Weekly Bottom) maintains bearish momentum.

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Technical analysis of EUR/JPY for September 07, 2015

Technical outlook and chart setups:

The EUR/JPY pair is seen to be producing a Harami Candlestick pattern on the daily chart, indicating a potential pullback. Please note that the pair might have completed its first leg down from 139.00 to 132.00 with a high probability of retracement. It is hence recommended to exit all short positions and remain flat for now. Aggressive traders might initiate long positions, with risk just below the levels of 132.00. Immediate support is seen at 132.00 and lower while resistance is seen at 136.00 (interim) followed by 139.00, 140.00, and higher.

Trading recommendations:

Take profits on short positions. Aggressive setup is to be long with stop below 132.00, a target is at 137.00.

Good luck!

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Technical analysis of GBP/CHF for September 07, 2015

Technical outlook and chart setups:

The GBP/CHF pair rose through its range resistance around 1.4900 as seen here. A break above 1.4900 would easily push the pair towards 1.5100 levels. Please note that 1.5100 is the fibonacci 0.618 resistance to a drop from 1.5410 to 1.4600 levels respectively. Furthermore, the trend-line support turned resistance is also around the levels of 1.5100/30 . It is hence recommended to initiate fresh short positions around 1.5100 with risk at 1.5350. Immediate support is seen at 1.4750 followed by 1.4600 and lower while resistance is seen at 1.4900 (interim) followed by 1.5100, 1.5350/1.5400, and higher respectively.

Trading recommendations:

Flat for now, look to sell higher (1.5100).

Good luck!

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USD/CAD intraday technical levels and trading recommendations for September 7, 2015

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Overview:

Few months ago, 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 lower highs (within the depicted consolidation zone) enhancing the bearish side of the market.

Daily fixation below 1.2300 opened the way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend).

Bullish support was found around these levels. Higher lows were reached. Bullish pressure was applied to the resistance levels of 1.2450 and 1.2500 (previous tops).

On the other hand, the previous weekly candlestick was rather 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 target was projected towards the level of 1.3270 (100% Fibonacci Expansion) where bearish pressure should be expected. Bulls are revisiting this level today.

Bearish corrective movement towards the level of 1.2750 (Breakout Level) should be expected as long as USD/CAD bears keep defending the Fibonacci Expansion zone around 1.3270 - 1.3300.

Moreover, bearish persistence below 1.3100 (lower limit of the depicted Flag pattern) is needed to expose the next support level around 1.2910 and then 1.2800 where long-term buy entries can be considered.

Trading recommendations:

A counter-trend sell entry was previously suggested around the level of 1.3330 (Fibonacci Expansion 100%). S/L should be placed above the level of 1.3400.

Conservative traders should wait for a bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level constitutes the recent 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 and T/P levels to be placed at 1.3200 and 1.3050.

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Intraday technical levels and trading recommendations for GBP/USD for September 7, 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 Resistance for the GBP/USD pair.

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

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 level of 1.5450 (Head and Shoulders neckline).

This enhances the bearish side of the market in the long term. For the reversal pattern, an approximate projection target should be located near the level of 1.5050.

In the short term, the nearest demand level to meet the GBP/USD pair is located around 1.5200. It constitutes a prominent demand Level to be watched for a significant price action.

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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 enabling further bearish decline towards 1.5350 where an ascending bottom was recently established.

Prominent supply/resistance existed 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 two weeks ago. The position is already running in profits now.

Moreover, the current bearish movement seeks the level of 1.5200 (Prominent Demand Level) as long as the market keeps trading below the level of 1.5300 (broken prominent bottom = recent Supply level).

On the other hand, if a bullish pullback extends above the level of 1.5300, bearish rejection should be expected to retest the price zone of 1.5450-1.5500 (recent resistance zone) with T/P levels projected towards 1.5200 again and then towards 1.5050.

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Intraday technical levels and trading recommendations for EUR/USD for September 7, 2015

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The pair 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 candlestick came as a bullish engulfing one. However, the next monthly candlesticks (May, June, July, and August) reflected the 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 take place only if May's 1-month 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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Recently, 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 movement is taking place towards the price level of 1.1160 (61.8% Fibonacci level) which is being breached.

Daily persistence below the level of 1.1160 exposes the next demand levels around 1.0980 where the daily uptrend comes to meet the pair.

Conservative traders can have a valid buy entry anywhere around the zone of 1.0980-1.1000 (the depicted uptrend line).

S/L should be placed below 1.0950. T/P levels should be placed at 1.1080 and 1.1160.

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EUR/NZD : analysis for September 07, 2015

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Overview:

Recently, EUR/NZD has been moving upwards. As we expected, the price tested the level of 1.7839. In the daily time frame, we can observe a supply bar in an average volume. The intraday trend is neutral. We need to see a change in the trend behavior to confirm any direction. In the M30 time frame, we can observe sings of weakness (no demand and upthrust) that means we may expect a downward movement. I placed Fibonacci retracement to find potential resistance level and our Fibonacci retracement 50% at the level of 1.7650.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7765

R2: 1.7855

R3: 1.8000

Support levels:

S1: 1.7475

S2: 1.7385

S3: 1.7240

Trading recommendations: Weakness is observed in the M30 time frame. Be careful when buying EUR/NZD around 1.7840.

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Gold: analysis for September 07, 2015

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Overview:

Since our last analysis, gold has been trading sideways around $1,120.00. Low activity is observed in the market today. We are waiting for larger activity and higher volume. As we had expected, the price tested the level of $1,122.67. According to the daily time frame, we can observe a weak supply bar in an average volume. 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 $1,085.00. According to the H1 time frame, we can observe a sign of strength on the background. Anyway,we got a potential stopping volume. The intraday trend is neutral.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,122.00

R2: 1,123.45

R3: 1,124.00

Support levels:

S1: 1,119.00

S2: 1,118.70

S3: 1,117.00

Trading recommendations: Neutral market. Wait for clear direction to confirm further direction. Strong support is seen near the level of $1,117.00.

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Technical analysis of EUR/USD for September 7, 2015

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Overview:

  • Today, the pair rebounded from the the level of 1.1121 towards a top at 1.1177. So, the market moved about 56 pips this morning. However, we expect that the price of the EUR/USD pair is going to turn to a bearish bias from the level of 1.1189. The level of 1.1189 represents the weekly pivot point in the H1 chart. Also, it should be noticed that the range of the last week was narrow but formed a downtrend. Then, support will set at the level of 1.1048; and the double bottom is going to set at 1.1086. On the other hand, the resistance placed at the level of 1.1189. Accordingly, it will be a good sign to sell below 1.1189 with the first target of 1.1086 to test a minor support at this price (it represents the double bottom too). So, it will call for a downtrend in order to continue its bearish movement towards 1.1089 (first support). At the same time, the stop loss should be placed above 1.1200 at the level of 1.1231. Equally important, the support is seen at the level of 1.1048 level. Additionally, it should be noted that a range of about 152 pips is expected in coming days.

The weekly technical analysis of EUR/USD pair:

eurusd_pp.png
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Technical analysis of GBP/USD for September 7, 2015

The weekly technical analysis of GBP/USD pair:

gbpusd_pp.png

Short overview:

  • The support of the GBP/USD pair has already set at 1.5164, but the minor support is found at the level of 1.5207. Furthermore, it will be very profitable to buy above this level amid retesting of the weekly pivot point and the short-term weekly support 1, because the market is going to call for a uptrend from the level of 1.5207. Therefore, buy orders are recommended above 1.5207 with targets at 1.5256 (the level of 1.5256 represents the intraday pivot point) and 1.5349 in order to reach the weekly support 1. On the contrary, the support is going to set at the level of 1.5143 today. The price hit the weekly pivot point this week and the first support last week. It is signing for strong bullish market this week.

Observations:

  • The market is going to call for a uptrend from the spot of 1.5146/1.5207.
  • The minor resistance is seen at 1.5301.
  • The major resistance has already set at the level of 1.5349. Moreover, the double top will set at the same level.
  • The price hit the weekly pivot point this week and the first support last week. It is signing for strong bullish market this week.
  • We expect a range about 96 pips today.
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Global macro overview for 07/09/2015

Global macro overview for 07/09/2015:

The American stocks dropped last Friday with the main benchmark falling 1.5%. This kind of move can be often observed as the long weekend in USA prompts traders to liquidate their positions and take profits out of the table. Moreover, there is still uncertainty about the Chinese stock market open on Monday, so traders do not want to be exposed to this kind of a risky event when their own stock market is closed for business. Nevertheless, risk appetite might return today as the Chinese officials assured at G20 meeting about their willingness to continue the structural reforms and support the economic growth.

From the technical point of view, the SPY index (S&P500 ETF) has closed inside the bearish zone after last week's impressive recovery . Nevertheless, it still trades below the neutral zone and below the golden trend line. Current support comes at the level of 181.29 and resistance is seen at the level of 197.80.

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Global macro overview for 07/09/2015

Global macro overview for 07/09/2015:

Friday's much awaited NFP number release still did not ruled out Fed's short-term interest rate hike in September 2015. The number came out at 173k (against the forecast of 215k), nevertheless the unemployment rate dropped to the level of 5.1%. Please notice that this figures posed a dilemma for the Fed together with lower oil and commodity prices that will help keep inflation low. The Fed is likely to revise its longer-term economic projections: the growth might be revised up and unemployment might be revised down during the September meeting. The last problem is the2% inflation rate.

The technical picture for EUR/USD did not changed much after the NFP release as a new local low and new local high were reached in the H4 time frame. Current support is found at the level of 1.1086 and resistance is seen at the level of 1.1203.

eurusd.jpg

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Technical analysis of EUR/JPY for September 7, 2015

General overview for 07/09/2015 09:50 CET

The Elliott wave count has been updated and currently the top for the wave B black had been established at the level of 138.91 as anticipated earlier. The downward wave progression turned out to be more impulsive in nature and unfolded so far in almost five waves. The main count indicates a possibility of one more low to be reached in order to complete the immediate wave (v) green. An alternative count indicates that the downward impulsive wave progression might be completed in five black waves and now the market is in its corrective cycle. Any violation of the level of 134.68 invalidates the alternative count.

Support/Resistnace:

132.22 - Local Low

133.50 - Weekly Pivot

133.70 - Intraday Resistance

134.68 - Green Impulsive Count Invalidation Level

134.80 - WR1

Trading recommendations:

Daytraders consider opening sell orders from the level of 133.69 with SL just above this level (10-15 pips) and TP at the level of 132.22 with a possible downwards extension.

eurjpy.jpg

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USDX technical analysis for September 7, 2015

The US Dollar Index remains in a short-term trend as the price continues to hold above the short-term support indicators. However, an inability to make a strong upward move after the new short-term high is a bearish sign.

usdx.jpg

Green line - resistance

The US Dollar Index is in a bullish short-term trend as the price is moving towards higher highs and higher lows above the Ichimoku cloud. However, we need to break above the green trend-line resistance in order to help bulls hold control of the trend.

usdxd.jpg

Red line - resistance

Green line - support

The US Dollar Index did not manage to break above the kijun-sen resistance. Bulls need to see a weekly close above it in order to gaim momentum to test the resistance trend line. Otherwise, we will get a strong rejection soon that will push the price towards the weekly cloud support at 94.50. The more time passes the less possible is a move lower towards 92. That is why my pullback target is at 94.50.

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Gold technical analysis for September 7, 2015

Gold price remains under pressure as prices remain below resistance levels and a short-term bearish pattern is being formed with a trigger below $1,117.

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Green line - cup with handle pattern being formed

Gold price is below the Ichimoku cloud in the 4-hour chart. This is the first bearish sign. Gold price reached a lower high of $1,150 and is now testing the recent low of $1,117. Breaking below this support will probably push the price towards the area of $1,100-$1,080.

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The weekly chart is bearish. Last week's candle closed below the tenkan-sen. The tenkan-sen has a negative slope. The rejection at the 61,8% retracement is proving to be very solid. This week, bulls will need to hold above the recent lows manage to close above them in case of a breakout. Otherwise, we could see a test at $1,080. Bears must be very cautious as we are still trading at the 61.8% retracement of the entire rise, so a new upward leg is not out of the question yet.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for September 7, 2015

General overview for 07/09/2015 09:00 CET

The market keeps trading just above the weekly pivot at the level of 1.3238 in a tight consolidation zone. Please notice, that the current price action might suggest a possible triangle pattern in progress, where wave abc and d are currently done and wave e to the downside is still missed.

Support/Resistnace:

1.3359 - WR1

1.3352 - Swing High

1.3326 - Intraday Resistance (strong)

1.3288 - Intraday Resistance (weak)

1.3237 - Weekly Pivot

1.3148 - WS1

1.3136 - Intraday Support (weak)

1.3115 - Intraday Support (strong)

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 a further confirmation of a higher-degree corrective cycle.

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Elliott wave analysis of EUR/NZD for September 7, 2015

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Technical summary:

We are still locked between support at 1.7304 and resistance at 1.7896. That is a pretty wide range where almost everything can happens. We are beginning to see the shape of a triangle pattern, but is it a wave 4 triangle or is it a B-wave triangle? We do not have a strong opinion on that yet, but the way to play this triangle is to break above 1.7896 or below 1.7304 once it is confirmed.

Trading recommendation:

Buy above 1.7896 or sell upon a break below 1.7304.

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Elliott wave analysis of EUR/JPY for September 7 - 2015

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Technical summary:

A breakout below important support at 133.27 invalidated the bullish outlook and shifted it to a bearish bias, which implise a much more complicated correction from 141.06. Potentially, the rally from a low of 126.05 could be a part of an even bigger correction from 141.06. A break below the support near 132.45 will charge the direction of an even bigger correction which is unfolding.

In the short term, we expect the former support at 133.27 to act as resistance for a new downside pressure towards 132.45 and possibly even below.

Trading recommendation:

With a high of 133.32 being reached this morning, we have to sell EUR at 133.25, our stop is places at 134.00

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Technical analysis of EUR/USD for September 07, 2015

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When the European market opens, economic news on the Sentix Investor Confidence and German Industrial Production m/m is due to be released. The US will not unveil any economic data today. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1206.

Strong Resistance:1.1200.

Original Resistance: 1.1189.

Inner Sell Area: 1.1178.

Target Inner Area: 1.11152.

Inner Buy Area: 1.1126.

Original Support: 1.1115.

Strong Support: 1.1104.

Breakout SELL Level: 1.10698.

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 September 07, 2015

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In Asia, Japan will release data for Leading Indicators while the US is not expected to pablish any data today. So, there is a strong probability that USD/JPY will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.93.

Resistance. 2: 119.69.

Resistance. 1: 119.46.

Support. 1: 119.17.

Support. 2: 118.94.

Support. 3: 118.70.

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

Daily analysis of major pairs for September 7, 2015

EUR/USD: For the most of the last week, this market consolidated to the downside. There could be a breakout this week (most probably in favor of bulls). Thus, the resistance lines at 1.1300 and 1.1400 could be reached. On the other hand, there are support lines at 1.1050 and 1.1000.

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USD/CHF: This currency trading instrument went upwards by 150 pips last week, going into the resistance level at 0.9750. This resistance level has become a big barrier that must be overcome for the bullish journey to continue, though slowly and steadily. There are some hindrances to the bullish expectation: a measure of stamina in the EUR/USD pair could cause the USD/CHF pair to get corrected lower plus any measure of stamina in the CHF could half further rally in USD/CHF.

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GBP/USD: The cable plunged by 260 pips last week, closing below the distribution territory of 1.5200. The accumulation territory around 1.5100 could be tested this week, unless bulls push the price upwards above the distribution territories of 1.5300. This means that we would see some bullish effort this week.

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USD/JPY: This currency trading instrument traded southwards last week, giving the way to a more vivid Bearish Confirmation Pattern in the market. There is a possibility that the demand levels at 118.00 and 117.50 could be tested this week; though serious weakness in the yen could cause USD to be strengthened against the yen.

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EUR/JPY: The EUR/JPY pair cross dived by 350 pips, causing a directionally bearish bias on the market. There could be some attempts to test the demand zones at 132.00 and 131.50 - albeit there could also be a bullish breakout any day. This is the outlook for the week.

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Daily analysis of USDX for September 07, 2015

On the daily chart, the USDX continues to trade in favor of a bullish bias, looking for an opportunity to break the resistance level of 96.64. Of course, that will happen when the Index achieves in developing a good bullish pattern formation to continue it previouse rally. On the other hand, the USDX is expected to perform another pullback towards the support level of 95.83.

USDXDaily.png

The index is still trading sideways on the H1 chart, with a bullish consolidation above the 200 SMA. The next key resistance level is located around 96.63, where the USDX should make a breakout in order to reach new highs during the period of consolidation mentioned above. The MACD indicator is still at negative territory.

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Daily chart's resistance levels: 96.64 / 97.23

Daily chart's support levels: 95.83 / 95.26

H1 chart's resistance levels: 96.34 / 96.63

H1 chart's support levels: 96.09 / 95.80

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 seen at 96.34, take profit is at 96.63, and stop loss is at 96.01.

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Daily analysis of GBP/USD for September 07, 2015

The current structure on daily chart is calling for more downside in coming days, because GBP/USD did a breakout around the level of 1.5224. Now, that is a resistance zone with a focus placed towards the next support at the level of 1.5107. When a breakout happens there, then the pair will fall until at least the level of 1.4972.

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On the H1 chart, the pair continues to trade alongside with the direction placed by the 200 SMA, which is pointing to the downside. The nearest support is located at the 1.5167 and when a breakout happens there, GBP/USD will trade lower towards the next bottom around the 1.5098 in a short term basis. MACD indicator is still at negative territory.

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Daily chart's resistance levels: 1.5224 / 1.329

Daily chart's support levels: 1.5107 / 1.4972

H1 chart's resistance levels: 1.5220 / 1.5272

H1 chart's support levels: 1.5167 / 1.5098

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 1.5167, take profit is at 1.5098, and stop loss is at 1.5237.

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