Daily analysis of Silver for September 10, 2015

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Overview

Silver prices managed to close yesterday's trading below the level of 14.70, creating a negative factor that supported the continuation of the overall bearish trend. It is waiting for an opportunity to resume the bearish bias with targets at 13.50 and 12.80 in the upcoming period. The EMA50 returns to apply negative pressure to intraday trade, reinforcing the suggested negative scenario. Silver prices show some bullish bias affected by stochastic positivity, as long as they move below 15.15, so the overall bearish trend will remain valid and active, pointing that the price needs to break the level of level to confirm opening the way towards targeting 13.50 and then 12.80 in the near term.

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Daily analysis of GBP/JPY for September 10, 2015

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Overview

The GBP/JPY pair remains neutral for consolidation above a temporary low of 180.36. Further decline is expected as long as resistance at 187.36 holds. Below 180.36 will target the key support level of 174.86. However, a decisive breakout of 187.36 will shift the focus back to resistance of 195.26. A breakout of the mid-term trend line support is taken as a sign of trend reversal. This is supported by bearish divergence condition in the weekly MACD. Also, GBP/JPY came close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A break of 174.86 will confirm trend reversal and result in a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67.

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GBP/USD intraday technical levels and trading recommendations for September 10, 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. That 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 moved 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.

The nearest support zone to meet the GBP/USD pair was located at 1.5200-1.5170 where a valid Intraday buy entry was offered as suggested in yesterday's article.

On the other hand, another sell entry can be offered near the resistance level of 1.5470 (lower limit of the previous consolidation range) if the current bullish pullback takes place above the level of 1.5330.

Please note that persistence below the levels of 1.5450 (lower limit of the broken consolidation range) and 1.5350 (Recent Weekly Bottom) enhances further bearish decline in the nearest future and vice versa.

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USD/CAD intraday technical levels and trading recommendations for September 10, 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 can be offered anywhere around the price 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 10, 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 that a further bearish decline could take place 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 at the level of 1.5050.

In the short term, the nearest demand level to meet the GBP/USD pair is located around 1.5200. Recently, it constituted a prominent demand level.

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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 at 1.5770 two weeks ago. The position has already achieved most of its targets.

Moreover, the previous bearish movement found its way towards the level of 1.5200 (Prominent Demand Level) where evident bullish rejection was expressed ( two recent bullish engulfing Daily candlesticks).

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

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Intraday technical levels and trading recommendations for EUR/USD for September 10, 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 observed shortly after.

April's candlestick came as bullish engulfing one. However, the next monthly candlesticks (May, June, July, and August) reflected the recent bearish rejection that took place around 1.1450.

In the long term, a projection target will be still located at 0.9450 if a bearish breakout 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 a 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 the current 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 level of 1.1700.

Recently, the market looked overbought as bulls were pushing above the price level of 1.1500 (Daily Supply Level).

Hence, a bearish movement took place towards the level of 1.1160 (61.8% Fibonacci level), which was being tested Yesterday. Bullish rejection is manifested within the recent daily candlesticks.

Daily persistence below the level of 1.1160 is mandatory to expose the next demand level around 1.0980 where the daily uptrend comes to meet the pair.

Conservative traders should wait for a bearish pullback towards the price zone of 1.0980-1.1000 (the depicted uptrend line) for a valid buy entry. S/L should be placed below 1.0950. T/P levels should be placed at 1.1080 and 1.1160.

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Technical analysis of Silver for September 10, 2015

Technical outlook and chart setups:

Silver has been locked in a trading range between the levels of $14.50 and $15.00 for several trading sessions. The metal is facing resistance at $15.00 now. It is hence recommended to remain flat and look for further confirmation. Immediate support is seen at the level of $14.00 followed by $13.00, $12.00, and lower, while resistance is seen at the level of $15.60 followed by $16.40, $17.50, and higher. A rally towards the territory above the levels of $15.00 could trigger.

Trading recommendations:

Remain flat.

Good luck!

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Technical analysis of Gold for September 10, 2015

Technical outlook and chart setups:

Gold dropped to the initial support level at $1,100.00 yesterday and is bouncing off at the moment. The metal has produces a bullish tweezer bottom candlestick pattern on the H4 chart trading around $1,108.00 now. Please note that the metal has reached its fibonacci 0.618 support levels (of the rally between $1,075.00 to $1,170.00 levels) around $1,100.00. Bullish reversal from here could easily rally through $1,230.00 . It is hence recommended to initiate long positions now, with risk at $1,075.00. Immediate support is seen at $1,090.00 followed by $1,075.00/80.00 and lower while resistance is seen at $1,170.00 followed by $1,200.00 and higher respectively.

Trading recommendations:

Initiate long positions now with stop at $1,075.00, a target is open.

Good luck!

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Technical analysis of EUR/JPY for September 10, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around 135.50 and is quickly approaching the resistance levels of 136.40/50. Please note that 136.50 is fibonacci 0.618 resistance of a drop between 139.00 and 132.25. It is hence recommended to initiate 50% short positions now and remaining 50% at 136.40/50 with risk at 139.00. Immediate support is seen at the levels of 133.00 followed by 132.00 and lower while resistance is seen at 136.50 followed by 139.00, 140.00/141.00, and higher respectively.

Trading recommendations:

Initiate 50% short positions now and remaining at 136.50 with stop at 139.00 and target is open.

Good luck!

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Technical analysis of GBP/CHF for September 10, 2015

Technical outlook and chart setups:

The GBP/CHF pair retested the fibonacci 0.618 resistance at 1.5100. Now it is pulling back lower. A push through 1.5100 could test 1.5240/50 on the higher side, which is the fibonacci 0.786 resistance. It is recommended to remain short with risk at 1.5400. Immediate support is seen at 1.4900 followed by 1.4700/50, 1.4600, and lower while resistance is seen at 1.5100 (interim) followed by 1.5350, 1.5400/10, and higher respectively. Bears should remain in control until prices are below 1.5400 from here on.

Trading recommendations:

Remain short, stop is at 1.5400,a target is open.

Good luck!

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EUR/NZD : analysis for September 10, 2015

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Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7962 in a high volume. In the daily time frame, we can observe a demand bar in an average volume. The intraday trend is neutral. I found strong trading range between the levels of 1.7900 (resistance) and 1.7270 (support). In the H1 time frame, we can observe sings of weakness (supply coming in, uptrhust) that means we may expect further downward movement. We may see potential re-testing of our key support at the level of 1.7270.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7630

R2: 1.7710

R3: 1.7840

Support levels:

S1: 1.7370

S2: 1.7290

S3: 1.7160

Trading recommendations: Weakness is observed in the H1 time frame. Be careful when buying EUR/NZD and watch for potential selling opportunities if the trend changes its direction.

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Technical analysis of GBP/USD for September 10, 2015

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Overview:

  • The GBP/USD pair is still trapped between the levels of 1.5349 and 1.5438. So, a range around 89 pips is expected today. The level of 1.5349 is representing the daily pivot point that coincides between the ratio of 50% Fibonacci retracement levels and 23.6%. Also, it should be noted that the support set at the price of 1.5340. In the short term, strong support will be formed at the level of 1.5340 providing a clear signal for buy deals with a small target seen at 1.5442 in order to retest resistance. At the same time, the stop loss should be placed at the level of 1.5311. On the other hand, resistance had already placed at the level of 1.5450. Therefore, sell below the level of 1.5442 which represents a ratio of 50% Fibonacci retracement levels with the first target at the 1.5392 price, then It will call for a downtrend in order to continue its bearish movement towards 1.5350 in order to test this strong support (it should be noted that the price of 1.5295 is going to form a new double bottom around the ratio of 23.6% Fibonacci retracement levels).

Observations:

  • Major support is seen at the level of 1.5295 on October 6, 2014.
  • Major resistance is seen at the level of 1.5442.
  • We expect a new range up to 325 pips this week.
  • If the trend is upward, strength will be defined as follows: GBP is in an uptrend and USD is in a downtrend.
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Technical analysis of EUR/USD for September 10, 2015

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Overview:

  • According to the previous events, the EUR/USD pair is still moving between 1.1144 and 1.1237. The levels of 1.1144 and 1.1237 will represent a ratio of 23.6% Fibonacci retracement levels and the double top respectively. It should be noted that the key level is set at 1.1190 (key level). Equally important, the resistance is found in the area of 1.1279 and 1.1293. We can sell below 1.1279 and 1.1293 with the first target of 1.1144 in order to retest the double bottom again. Moreover, it will call for a downtrend to continue its bearish movement towards 1.1115. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above the last bearish wave (1.1290) at the price of 1.1302.

Alternative scenario:

  • Outlook for the EUR/USD pair for September 10, 2015, is bullish
  • Buy above the level of 1.1212 in the short term with the first target of 1.1237 (the double bottom). If the trend breaks the double bottom at 1.1237, it might resume to 1.1280
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Gold : analysis for September 10, 2015

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Overview:

Since our last analysis, gold has been trading downwards.As we expected, the price tested the level of $1,101.12. According to the daily time frame, we can observe a supply in an average volume . The price found support at the level of $1,101.00. Selling gold looks exhausted and I am currently neutral.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,117.00

R2: 1,122.00

R3: 1,131.00

Support levels:

S1: 1,101.00

S2: 1,096.00

S3: 1,088.65

Trading recommendations: We can see signs of the strength on the chart. The trend is neutral. Wait for clear trend to confirm further direction.

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Global macro overview for 10/09/2015

Global macro overview for 10/09/2015:

The Bank of England's (BoE) rate decision is scheduled for today 11:00 GMT together with another set of important fundamental data: MPC Rate Statement, Meeting Minutes, Asset Purchase Facility and Official Bank Votes. BoE is expected to hold the rates unchanged at the level of 0.50% with 375bln of asset purchase, so no surprise here. More interesting data would be the results for rate and asset purchase vote. Nevertheless, the BoE is not expected to raise the interest rate before the Fed's meeting takes place next week, so any change would be a kind of shock for markets.

The GBP/USD pair was slightly effected by yesterday's poor manufacturing news. However, it has been moving in a row for last two days after hitting the support at the level of 1.5170. Current resistance was found at the level of 1.5425 and support is seen at 15330.

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Global macro overview for 10/09/2015

Global macro overview for 10/09/2015:

The Reserve Bank of New Zealand (RBNZ) has cut the interest rate from the level of 3.00% to 2.75% in line with most analysts' expectations. Governor Wheeler's comments at the press conference mostly regarded the house market in Auckland that is being watched very carefully as its house prices are one of the most expensive in the world. Moreover, he indicated the RBNZ has a potential to cut more again if needed and admitted that raising the rates in 2014 wasn't a mistake. He said there is plenty of con—Āurns that could influence the New Zealand economy right now and recent devaluation of the yuan would be a big worry soon.

The NZD/USD pair reacted accordingly, dropping sharply after hitting important resistance at the level of 0.6414. Currently, the market is back below the golden trend line looking for support at the level of 0.6242.

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Daily analysis of major pairs for September 10, 2015

EUR/USD: This pair was trading sideways on Wednesday, without any directional movement. The price would either break above the resistance lines at 1.1250 and 1.1300; or break below the support lines at 1.1100 and 1.1050. A break above the aforementioned resistance lines is more likely.

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USD/CHF: This market is bullish, for the price has gone upwards in a slow and steady manner, against all odds. The EMA 11 is above the EMA 56 and the Williams' % Range period 20 is not far from the overbought region. This shows a bullish outlook in a slightly volatile market. The price has already reached the resistance level at 0.9800. With more effort, the resistance level would be overcome. On the other hand, a surge of strength in the EUR/USD might send USD/CHF southwords.

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GBP/USD: Following the bullish attempts, which took place on Monday and Tuesday, the cable consolidated on Wednesday. The consolidation should be finished soon, and when a breakout takes place, it would most probably favor bulls, taking the price above the distribution territory at 1.5450.

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USD/JPY: From the demand level of 119.00, USD/JPY rallied by 200 pips, reaching the supply level at 121.00. From that level, there has been a minor bearish correction, which cannot threaten the recent bullish bias unless the price goes below the demand level of 119.00 again. Some fundamentals are expected today and they can have an impact on the markets.

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EUR/JPY: The EUR/JPY cross has moved 200 pips up so far this week that is a serious threat to the bearish outlook on the market. Any movement above the 135.50 would mean the end of the bearish outlook. There would have been a Bullish Confirmation Pattern in the chart.

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Technical analysis of USD/CAD for September 10, 2015

General overview for 10/09/2015 08:30 CET

The USD/CAD pair is still trading inside the tight range between the levels of 1.3114 and 13326. Economic data did not trigger any move. The form of the corrective cycle is about to get more complex and there is no evidence that this structure might be impulsive anyhow. Please notice the current price action looks more like a distribution pattern (full or partial distribution/ profit taking).

Support/Resistnace:

1.3359 - WR1

1.3352 - Swing High

1.3326 - Intraday Resistance (strong)

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 further confirmation of a higher-degree corrective cycle.

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Technical analysis of EUR/JPY for September 10, 2015

General overview for 10/09/2015 08:10 CET

As anticipated yesterday, the market has hit the intraday resistance at the level of 135.81 and the corrective structure to the upside might be completed now. Nevertheless, the correction might get more complex if the downward wave develops in a choppy fashion, full of whipsaws and false breakouts. The intraday support at the level of 134.25 is the key downside level downside.

Support/Resistnace:

136.68 - 61%Fibo

135.81 - Intraday Resistnace

135.59 - 50%Fibo

134.80 - WR1

134.25 - Intraday Support

133.50 - Weekly Pivot

Trading recommendations:

Daytraders should consideropening sell orders from the current price levels with SL just above the level of 135.81 and TP at the level of 134.25.

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Technical analysis of EUR/USD for September 10, 2015

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When the European market opens, economic news on the French Industrial Production m/m and French Final Non-Farm Payrolls q/q is due to be realesed. The US will unveil economic data on the 30-y Bond Auction, Crude Oil Inventories, Natural Gas Storage, Wholesale Inventories m/m, Import Prices m/m, and Import Prices m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1272.

Strong Resistance:1.1266.

Original Resistance: 1.1255.

Inner Sell Area: 1.1244.

Target Inner Area: 1.1218.

Inner Buy Area: 1.1192.

Original Support: 1.1181.

Strong Support: 1.1170.

Breakout SELL Level: 1.1164.

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 10, 2015

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In Asia, Japan will release data on the Consumer Confidence Index and M2 Money Stock y/y. The US will publish economic data about Bond Auction, Crude Oil Inventories, Natural Gas Storage, Wholesale Inventories m/m, Import Prices m/m, and Import Prices m/m. So, there is a strong probability the USD/JPY will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.75.

Resistance. 2: 120.51.

Resistance. 1: 120.28.

Support. 1: 119.98.

Support. 2: 119.74.

Support. 3: 119.51.

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 10, 2015

The index managed to stay above the support level of 95.83 during the wednesday's session, because the USDX continued to develop a bullish pattern on the daily chart. That is why we should put our focus on the resistance level of 96.64, where a rally should be expected in coming days, while the index continues to trade above the support level of 95.26.

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On the H1 chart, the USDX did a pullback at the resistance level of 96.34 after it faced sellers' reaction over there. We expect another rebound towards that zone, because bulls are still strong enough to do intraday rallies, which should hold above the 200 SMA in this time frame. Thr MACD indicator is entering the 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: 96.09 / 96.34

H1 chart's support levels: 95.80 / 95.54

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 96.09, take profit is at 96.34, and stop loss is at 95.86.

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Daily analysis of GBP/USD for September 10, 2015

On the daily chart, GBP/USD continues to advance in favor of bullish scenario, with a clear consolidation above the support level of 1.5329. This move was the inflexion point on the pair to try a rally towards the resistance zone of 1.5479, where a breakout should happen in order to test the level of 1.5559, where the 200 SMA is located .

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The short-term outlook remains bearish, as long as the pair remains inside the 200 SMA price zone on the H1 chart. Currently, there is a bullish range above the support level of 1.5357. If GBP/USD does a breakout over that zone, it will fall to 1.5319 in coming hours. The MACD indicator is entering the negative territory.

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Daily chart's resistance levels: 1.5479 / 1.5559

Daily chart's support levels: 1.5329 / 1.5181

H1 chart's resistance levels: 1.5402 / 1.5440

H1 chart's support levels: 1.5357 / 1.5319

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 1.5357, take profit is at 1.5319, and stop loss is at 1.5393.

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Daily analysis of USDX for September 09, 2015

On the daily chart, we can still see the progress of a pullback near the resistance level of 96.64. Now, the index is testing the support level of 95.83, where a bearish consolidation will push the USDX lower until the next support around the level of 95.26. The 200 SMA is turning into the neutral territory, and the MACD is still in the positive zone.

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The USDX is looking for a way to perform a rebound at 200 SMA zone on the H1 chart. Currently, we still focus on the territoty around the resistance level of 96.09. When a breakout happens there in coming hours, the index will rise to 96.34. However, bear in mind the current strength of support level around the price zone of 95.80.

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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: 96.09 / 96.34

H1 chart's support levels: 95.80 / 95.54

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 95.86.

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Global macro overview for 09/09/2015

Global macro overview for 09/09/2015:

The Reserve Bank of New Zealand (RBNZ)is set to release its decision on the short-term interest rates at 9:00PM GMT today. The current interest rate is at the level of 3.00%, but the market expects a further cut by 0.25% to the level of 2.75%. Please notice that RBNZ has alredy cut rates twice this year to stimulate the sluggish growth outlook.

The NZD/USD chart looks slightly bullish ahead of the RBNZ meeting and interest rate decision as the market broke above the golden trend line and now is trying to test the important resistance at the level of 0.6408. The support comes at the level of 0.6242.

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Daily analysis of Silver for September 09, 2015

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Overview

Silver price breached 14.70 level and settled above it, opening the way towards visiting the bearish channel's resistance near 15.15 in the upcoming sessions, noticing that stochastic reaches the thresholds of the overbought levels now, which supports bouncing lower to resuming the overall bearish trend according to the trading rules within the price channels. Therefore, the bearish trend will remain valid on the short-term basis, it might be proceeded by some temporary rise as we mentioned, taking into consideration that breaching 15.15 level will stop the negative scenario and pushes the price to achieve more gains on the intraday and short-term basis.

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Daily analysis of GBP/JPY for September 09, 2015

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Overview

Intraday bias in GBP/JPY remains neutral for consolidation above 180.36 temporary low. A further decline is expected as long as 187.36 resistance holds. Below 180.36, key support levelis expected at 174.86. However, a decisive break of 187.36 will turn focus back to 195.26 resistance instead. The break of the medium term trend line support is taken as a sign of a trend reversal. This is supported by bearish divergence condition in weekly MACD. Besides, GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. A break of 174.86 will confirm a trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67.

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

Technical analysis of USD/JPY for September 09, 2015

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USD/JPY is expected to trade in a higher range. Overnight US stocks rallied as Chinese and global markets showed signs of stabilization. The Dow Jones Industrial Average rose 2.4% to 16492, its biggest one-day percentage and point gain in almost two weeks, the S&P 500 gained 2.5% to 1969, and the Nasdaq Composite was up 2.7% to 4811. Nymex crude oil edged down 0.2% to settle at $45.94 a barrel, gold was flat at $1120 an ounce, while the 10-year US Treasury yield rose to 2.191% from 2.128% last Friday. Meanwhile the US dollar fell against most other currencies amid a lack of certainty that the US Federal Reserve would hike interest rates in September.. The pair is trading on the upside with strong upward momentum. It has broken above the upper Bollinger band as those bands are widening. The 20- and 50-period intraday moving averages are ascending, and the intraday RSI has exceeded the over-bought level of 70 but shows no signs of a bearish divergence. Therefore, all technical indicators are pointing to a continued bullish bias. The first upside target is set at 121.45 (around the September 3 high) and the second at 121.75 (last seen on September 1).

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 121.45 and the second target at 121.75. 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 119.95.

Resistance levels: 121.45 121.75 122.35

Support levels: 119.60 119.20 118.90

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