Daily analysis of Silver for September 14, 2015

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Overview

Silver price shows a slight bearish bias now in an attempt to resume the bearish trend, showing that stochastic approaches from confirming negative overlapping signal in the four-hour time frame, which supports the continuation of our bearish trend expectations efficiently for the rest of the day, targeting 13.50 and 12.80 levels initially. To achieve them require, silver needs to hold below 15.00.

Therefore, we keep preferring the bearish trend on the intraday and short-term basis, depending on the continuation of the trading within the bearish channel, reminding you that our initial targets are located at 13.50 and 12.80.

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Daily analysis of GBP/JPY for September 14, 2015

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Overview

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 psychological level of 200. A breakout 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. In case of another rise, we should be cautious as strong resistance from 199.80/200.00 couls finally bring reversal. Intraday bias in GBP/JPY remains neutral with a focus on resistance at 187.36. A firm break there will argue that the fall from 195.86 has completed. More importantly, this will be a signal that a larger uptrend is resuming. Meanwhile, minor support will move focus back to 180.36.

Daily Pivots: (S1) 185.50; (P) 186.18; (R1) 186.66;

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GBP/USD intraday technical levels and trading recommendations for September 14, 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 last week. It has already achieved most of its targets.

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 continues above the level of 1.5330.

Note that persistence below the levels of 1.5450 (lower limit of the broken consolidation range) and 1.5350 (Recent Weekly Bottom) is mandatory to enhance further bearish decline in the nearest future and vice versa.

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USD/CAD intraday technical levels and trading recommendations for September 14, 2015

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Overview:

Several 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 level of 1.3330 (Fibonacci Expansion 100%). S/L should be placed above the level of 1.3400. T/P levels should be placed at 1.3200 and 1.3050.

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.

S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

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Intraday technical levels and trading recommendations for GBP/USD for September 14, 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 further bearish decline 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 that prevented further weekly decline where the current bullish engulfing weekly candlestick was initiated.

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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 corresponded 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 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.

That is why, a valid sell entry was suggested for retesting at 1.5770 three weeks ago. Most of its targets have been already achieved.

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).

Trade Recommendation:

If the current bullish pullback persists above the level of 1.5300, a valid SELL entry should be expected around the price zone of 1.5450-1.5500 (recent resistance zone).

T/P levels to be projected towards 1.5200 then 1.5050. S/L should be placed above 1.5600.

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Intraday technical levels and trading recommendations for EUR/USD for September 14, 2015

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The pair was moved 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 is still seen 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 a weekly high of 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 the price above the level of 1.1500 (Daily Supply Level).

Hence, bearish movement took place towards the level of 1.1160 (61.8% Fibonacci level), which provided evident bullish rejection (showed within the recent daily candlesticks).

The current price zone of 1.1300-1.1330 constitutes an Intraday Supply level which provided bearish rejections many times before. It should be defended by bears to achieve further bearish decline.

On the other hand, 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 14, 2015

Technical outlook and chart setups:

Silver is trading lower, just around the $14.50 levels for now after testing the $15.00 levels earlier. The metal should remain in control of bears until prices stay below the $15.60 levels at least. Looking to the risk reward ratio, it is recommended to initiate short positions with risk at the $15.50 levels. Immediate support is seen at the $14.00 levels followed by $13.00, $12.00 and lower, while resistance is seen at the $15.60 levels followed by $16.50, $17.50/60 and higher respectively. Only a break above the $15.50/60 levels would turn the metal bullish.

Trading recommendations:

Initiate short positions, stop is at $15.50 levels, target is open.

Good luck!

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Technical analysis of Gold for September 14, 2015

Technical outlook and chart setups:

Gold dropped to the level of $1,100.00 on Friday before pulling back. Now it is trading around $1,107.00. The metal dropped from $1,170.00, which is the fibonacci 0.618 resistance and bouncing off the dropping trend line as well. It is hence recommended to exit long positions taken earlier and remain flat for now. Aggressive traders can go short with risk at $1,150.00. Immediate support is seen at the levels of $1,100.00, followed by $1,090.00 and lower, while resistance is seen at $1,150.00 followed by $1,170.00 and higher.

Trading recommendations:

Exit long positions and remain flat.

Good luck!

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Technical analysis of EUR/JPY for September 14, 2015

Technical outlook and chart setups:

The EUR/JPY pair is seen to have pulled back from the 137.00 levels today and is trading at the 136.12/14 levels for now. Please also note that the pair has push higher through its 50-day moving average line as well. It is recommended to hold short positions for now with risk at the 139.00 levels. Immediate support is seen at the 134.00/50 levels followed by 132.00 and lower, while resistance is seen at the 139.00 levels followed by 140.00/141.00 and higher respectively. A drop below the 132.00 levels would be required to accelerate further downside though.

Trading recommendations:

Remain short for now, stop is at 139.00, target is open.

Good luck!

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Technical analysis of GBP/CHF for September 14, 2015

Technical outlook and chart setups:

The GPB/CHF pair dropped to 1.4900 earlier and is trading at 1.4960/70 now. Please note that a 50-day moving average line is passing through the same territory. Also note that prices have bounced back from 1.4900, which was resistance. It is hence recommended to take profits on short positions from the levels of 1.5100 earlier, and remain flat now. Immediate support is seen at 1.4700, followed by 1.4600/50 and lower, while resistance is seen at 1.5100 followed by 1.5350/1.5400 and higher respectively.

Trading recommendations:

Book profits on short positions taken earlier and remain flat.

Good luck!

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Technical analysis of EUR/USD for September 14, 2015

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Overview:

  • The EUR/USD pair broke major resistance at 1.1269 last week. Also, the pivot point is calculated at 1.1269 this week. Therefore it will probably start an upside movement in this area and recover again. So, the market will indicate a bullish opportunity at the level of 1.1269 and it will be a good sign to buy at this spot with the first target of 1.1370 and continue towards 1.1418 in order to test the double top. On the other hand, if a break of 1.1269 happens, then it will be a good location for placing stop loss. Buy above the level of 1.1270 with the first target of 1.1370; it might resume to 1.1418.

Trading recommendations:

  • According to previous events, the EUR/USD pair is still moving between 1.1269 and 1.1418.
  • Buy above the level of 1.1270 with the first target of 1.1370; it might resume to 1.1418.
  • Below the level of 1.1418, look for further downside with the 1.1270 target.

The weekly technical levels of the EUR/USD pair.

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Technical analysis of GBP/USD for September 14, 2015

The weekly technical analysis of GBP/USD pair:

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Overview:

  • According to the previous events, the GBP/USD pair is still moving between the levels of 1.5358 and 1.5502. Sell below the level of 1.5502, which represents the weekly resistance 1 with the first target at 1.5410. Moreover, if the trend does not fail to close below the level of 1.5410, it will call for a downtrend in order to continue its bearish movement towards 1.5358 in order to test this strong support (it should be noted that the level of 1.5358 is going to form the weekly pivot point). At the same time, the stop loss should be placed at the level of 1.5560. If the trend is upward, strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend.

Observations:

On September 14, 2015:

  • Major support is seen at the level of 1.5358.
  • Major resistance is expected at the level of 1.5502.
  • We expect a new range up to 144 pips in coming days.
  • If the trend is upward, then the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend.
  • Stop loss should never exceed your maximum exposure amounts.
  • As a rule, the market is highly volatile if the last day had huge volatility.
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EUR/NZD : analysis for September 14, 2015

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Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.7910. In the daily time frame, we can observe a demand bar in a volume below the average and weak price action (potential selling). The intraday trend is neutral. I found strong trading range between the levels of 1.8000 (resistance) and 1.7270 (support). In the H1 time frame, we can observe weakness (no demand bar) from the top, that means we may expect further downward movement. Buying looks very risky. We may see potential testing of our support at the level of 1.7660. Anyway, wait for changing in trend since the current intraday trend is neutral.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7985

R2: 1.8020

R3: 1.8075

Support levels:

S1: 1.7875

S2: 1.7840

S3: 1.7785

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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Gold : analysis for September 14, 2015

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Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,098.60. The intraday trend is neutral. According to the daily time frame, we can observe a supply in an average volume but with a weak close (sign of strenght) . According to the H1 time frame, we can observe a potential climatic action in the background and absorption later on, which means that selling looks very risky. First resistance level is expected around $1,109.50. Anyway, my advice is to wait for changing in trend behavior before taking any setup.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,106.75

R2: 1,107.70

R3: 1,109.25

Support levels:

S1: 1,103.70

S2: 1,102.75

S3: 1,101.25

Trading recommendations: Absorption volume is seen in the H1 time frame. The trend is neutral. Selling looks risky, so watch for potential buying opportunities if trend changes.

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Global macro overview for 14/09/2015

Global macro overview for 14/09/2015:

Even another set of disappointing figures from China's economy released on Sunday was not able to stir the forex market as market participants awaited the Fed's interest rate decision (Wednesday-Thursday) and press conference. Industrial production and fixed asset investment in China missed forecasts in August, raising the risk that economic growth may slow down to below 7 percent in the third quarter for the first time since 2008.

The US Dollar Index is likely to trade in a tight congestion zone, but still below the daily moving averages of 100,50 and 21. The support is found at the levels of 92.59 - 93.07 and resistance is seen at the level of 98.32.

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Global macro overview for 14/09/2015

Global macro overview for 14/09/2015:

Latest data from the Switzerland Federal Statistical Office regarding Retails Sales and Producer and Import prices turned out to be very disappointing. The market expected prices to stay flat at -0.4% m/m (-6.7% y/y), but they declined again to the level of -0.7% m/m (-6.8% y/y). This decline is the fastest since April 1950, when tthe indicator declined 7.1 percent. The producer and import prices measure has been dropping steadily since October 2013 posting the fifth consecutive month of fall in August.

Since the peg removal by SNB in January 2015 the EUR/CHF pair went above the 61%Fibo retracement of the removal candle and it is slowly continuing to climb higher. The current resistance is a recent swing high at the level of 1.1053 and support is seen at the level of 1.0959.

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Technical analysis of USD/CAD for September 14, 2015

General overview for 14/09/2015 10:10 CET

The current price action inside the over two-week-long congestion zone looks more and more like the distribution pattern. This idea is being supported by the current Elliott wave count that suggest the possible beginning of the impulsive wave progression to the downside. Nevertheless, any price breakout above the level of 1.3325 will invalidate the impulsive bearish count and will likely make a new high above the level of 1.3352 (it will be the last high in this market anyway).

Support/Resistnace:

1.3399 - WR2

1.3353 - Swing High

1.3334 - WR1

1.3325 - Intraday Resistnace

1.3243 - Weekly Pivot

1.3178 - WS1

1.3152 - Intraday Support

1.3136 - Intraday Support

1.3114 - Technical Support

Trading recommendations:

Daytraders should consider opening sell orders from current market levels with SL just above the level of 1.3325 and TP at the level of 1.3152.

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USDX technical analysis for September 14, 2015

The US dollar index finds short-term support at the 38% Fibonacci retracement around the 95 price level. Last week, the price got rejected at the resistance trendline and broke below the cloud. Backtesting of the broken cloud could see the price bounce towards 95.50, but overall short-term trend is bearish and could push the price to 94.

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Green line - resistance

The US dollar index got rejected last week and is now trading below the cloud support, but just above the 38% Fibonacci retracement. This is important support so a 4-hour close below 95 will be a bearish sign that the price could continue lower towards 94.

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Red line - resistance

Green line - support

The US dollar index as we expected got rejected at the weekly kijun-sen resistance and pushes towards 94 weekly cloud support. A longer-term support inside the cloud is the 92 level where we find the 38% retracement. We are inside a bigger bullish flag pattern but will prefer to wait before trying any long positions again.

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Gold technical analysis for September 14, 2015

Gold price remains in a short-term bearish trend and below resistance levels. The weekly chart remains bearish and there are a lot of chances of seeing the price push below $1,100 again as long as we remain below $1,115.

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Black line - downward sloping trendline resistance

Blue area - horizontal resistance

Gold price is below the Ichimoku cloud resistance on the 4-hour chart and below the black trendline resistance. The breakdown below $1,115 last week has opened the way for a push below $1,100. I remain bearish in the short term as long as the price is below $1,125. The short-term resistance at $1,115.

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The weekly chart remains bearish as the price closed well below the tenkan-sen and with a lower low last week. The price could bounce towards $1,120 where the tenkan-sen resistance is found, but I believe it is more probable to see a test of the recent lows at $1,080-90.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for September 14, 2015

General overview for 14/09/2015 09:50 CET

The target for the corrective retrenchment in wave (a) blue (alt. 2 blue) has reached the 61% - 66% Fibo level zone, and now it is slowly going down from the level of 137.09. Please notice that as long as the market trades above the weekly pivot at the level of 135.72, there is still a chance the corrective cycle will get more complex and waves (b) and (c) blue will be fully developed.

Support/Resistnace:

138.80 - WR1

137.09 - Intraday Resistnace

135.72 - Weekly Pivot

134.53 - WS1

Trading recommendations:

Daytraders should consider opening sell orders from the current market levels with SL just above the level of 137.10 and TP at the level of 135.72.

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Elliott wave analysis of EUR/NZD for September 14, 2015

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Technical summary:

We continue to look for more upside pressure towards 1.8702 as wave iii of (v). Ideally this rally in wave (v) will break slightly above the top of wave (iii) at 1.9023 before a larger correction towards 1.7299 is seen. In the short term, support at 1.7840 will be able to protect the downside for a clear break above minor resistance at 1.7996 for the rally higher to 1.8702.

Trading recommendation:

We are long EUR from 1.7490 and will move our stop higher to 1.7620. If you are nort long EUR yet, then buy a break above 1.7996 and place your stop at 1.7840.

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Elliott wave analysis of EUR/JPY for September 14, 2015

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Technical summary:

A strong rally of 132.19 has continued. Now, it is testing the 70.7% corrective target at 137.02 (the high has been 137.05). This rally is extremely stretched and the correction towards at least 135.60 and likely even lower to 134.80 should be expected soon. In the short term, a break below minor support at 136.41 will be the first indication of a top being in place for a decline to 135.60.

Trading recommendation:

We will sell a break below 136.41 with stop placed at 137.10 and place take profit for 50% at 135.65

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Technical analysis of EUR/USD for September 14, 2015

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When the European market opens, economic news about the Industrial Production m/m is due to be released. Today, the US is not expected to unveil economic data. So amid the reports, EUR/USD will movewith low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1398.

Strong Resistance:1.1391.

Original Resistance: 1.1380.

Inner Sell Area: 1.1369.

Target Inner Area: 1.1342.

Inner Buy Area: 1.1315.

Original Support: 1.1304.

Strong Support: 1.1293.

Breakout SELL Level: 1.1286.

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 major pairs for September 14, 2015

EUR/USD: As it was anticipated, this pair broke upwards after a few days of consolidation. The price is now closer to the resistance line at 1.1350, which would be easily overcome in the face of the current buying pressure in the market. Other EUR pairs could also gain some strength this week.

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USD/CHF: This currency trading instrument, though choppy, consolidated largely last week. The price tested the resistance level at 0.9800 several times but it could not break it to the upside. The price is currently threatening to break downwards, but this would not really happen until the price goes below the support level at 0.9600. A strong EUR/USD, coupled with a strong CHF, could scuttle all the effort of the bulls on the USD/CHF.

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GBP/USD: The cable made some commendable effort to go upwards last week. The price moved upwards 250 pips, closing at 1.5427. With further bullish attempts, the distribution territories at 1.5500 and 1.5550 would be attained this week. After all, there is a Bullish Confirmation Pattern in the market.

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USD/JPY: This pair moved largely sideways last week, though there was a slight movement to the upside before things went flat. There is supposed to be a breakout any day this week, which would make the price go above the supply level at 122.00 or below the demand level at 120.00. By then, there would have been a directional movement in the market.

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EUR/JPY: The EUR/JPY cross, which is now one of the strongest trending among the majors, moved upwards by 400 pips last week. The price is now close to the supply zone at 137.00, and it is possible that the supply zone would be breached easily when the market opens. The next targets for this week are located at the supply zones of 138.00 and 138.50.

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Daily analysis of USDX for September 14, 2015

The USDX is currently doing downward movements within a corrective phase, which seems to be very extended on the daily chart, because the index could retrace to the 200 SMA again. When the USDX tests that area, it could perform a rebound to ride the overall bullish trend.

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On the H1 chart, The USDX is moving below the resistance level of 95.20 with a lower low pattern formation, because it's looking for new monthly lows. The 200 SMA is also pointing to the downside, with near-term targets at the level of 94.77. The MACD indicator is still moving inside the negative territory and that is why bears are still an option here.

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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: 95.20 / 95.41

H1 chart's support levels: 94.99 / 94.77

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is seen at 94.99, take profit is at 94.77, and stop loss is at 95.21.

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Daily analysis of GBP/USD for September 14, 2015

On the daily chart, a rally still looks to be pushing the GBP/USD pair higher, at least above the resistance zone of 1.5479, with targets headed towards the 200 SMA. Thre current structure is already calling for a bullish deeper correction, but we should be aware of further bearish moves, as the pair could start to perform a pullback until the support level of 1.5329.

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A current intraday outlook is already calling for more upsides as long as the cable trades above the resistance level of 1.5469, with near-term targets accross the psychological level of 1.5500. If a breakout happens, then GBP/USD will look for a way to the price zone of 1.5500. The MACD indicator on the H1 chart is still at the neutral 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: 1.5440 / 1.5469

H1 chart's support levels: 1.5402 / 1.5368

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5440, take profit is at 1.5469, and stop loss is at 1.5409.

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Technical analysis of USD/JPY for September 14, 2015

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In Asia, Japan will release the Tertiary Industry Activity m/m and Revised Industrial Production m/m. The US will not publish economic data today. So, there is a strong probability that USD/JPY will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.26.

Resistance. 2: 121.02.

Resistance. 1: 120.79.

Support. 1: 120.49.

Support. 2: 120.26.

Support. 3: 120.02.

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 11, 2015

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USD/JPY is expected to trade with a berish bias. Overnight, US stocks advanced, with the Dow Jones Industrial Average gaining 0.5% to close at 16330, the S&P 500 also rising 0.5% to 1952, and the Nasdaq Composite adding 0.8% to 4796. Nymex crude surged 4.0% to $45.92 a barrel, gold was 0.7% up to $1109 an ounce, while the 10-year Treasury yield climbed to 2.222% from 2.179% on Wednesday. Meanwhile, the US dollar weakened broadly against other major currencies. The British pound surged as the Bank of England kept its benchmark interest rate unchanged at 0.5%, and the latest meeting minutes revealed that monetary policy makers view the economy's prospects as positive, hinting an interest rate hike next year is on track. The pair keeps trading on the upside and is above both the 20- and 50-period intraday moving averages (MAs). The intraday relative strength indicator (RSI) stays in the buying area between 50 and 70, lacking downward momentum. As long as 121.20 holds as the key resistace, the pair is expected to approach the first downsideside target at 119.90.

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 119.90. A break of that target will move the pair further downwards to 119.60. The pivot point stands at 121.20. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 121.70 and the second target at 122.

Resistance levels: 121.70 122 122.50

Support levels: 119.90 119.60 119.20

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Technical analysis of USD/CHF for September 11, 2015

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USD/CHF is expected to trade with a bullish bias. The pair has entered a consolidation after a strong rebound from yesterday's low of 0.9715. Support is provided by the 50-period intraday MA. And the intraday RSI is still above the neutrality level of 50. As long as 0.9715 acts as the key support level, consolidation is expected to be limited. The first upside target is at 0.9795.

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 0.9795 and the second target at 0.9825. In the alternative scenario, short positions are recommended with the first target at 0.9695 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 0.9670. The pivot point is at 0.9715.

Resistance levels: 0.9795 0.9825 0.9850

Support levels: 0.9695 0.9670 0.9630

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Technical analysis of NZD/USD for September 11, 2015

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NZD/USD is expected to trade with a bearish bias. The pair remains under pressure below its nearest resistance at 0.6350, and seemsto be ready to post a new pullback, as the intraday RSI lacks upward momentum. The 50-period intraday MA is negatively oriented, which suggests that the prices still have some downside potential to go. Therefore, as long as the resistance at 0.6350 is not surpassed, the risk of the break below 0.6240 remains high.

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 0.6240. A break of that target will move the pair further downwards to 0.6205. The pivot point stands at 0.6350. 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 0.6400 and the second target at 0.6430.

Resistance levels: 0.64 0.6430 0.6475

Support levels: 0.6240 0.6205 0.6175

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Technical analysis of GBP/JPY for September 11, 2015

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GBP/JPY is expected to trade with a bullish bias supported by a rising trend line. The pair is well-supported by a rising trend line since September 8 looking for a higher top. Both rising 20-period and 50-period intraday MAs maintain a bullish bias. The intraday RSI is positively oriented. Further upside is expected with the next horizontal resistance and overlap set at 186.45 at first. A break above this level would call for further advance towards 187.40.

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 186.40 and the second target at 187.40. In the alternative scenario, short positions are recommended with the first target at 184.10 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 183.35. The pivot point is at 185.

Resistance levels: 186.40 187.40 188

Support levels: 184.10 183.35 182.55

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USD/CAD intraday technical levels and trading recommendations for September 11, 2015

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Overview:

Several 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 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 11, 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 that prevented further weekly decline where the current bullish engulfing weekly candlestick was initiated.

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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 corresponded 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 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.

That is why a valid sell entry was suggested for retesting at 1.5770 three weeks ago. Most of its targets have been already achieved.

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).

Trade Recommendation:

If the current bullish pullback persists above the level of 1.5300, bearish rejection should be expected around the zone of 1.5450-1.5500 (recent resistance zone).

T/P levels to be projected towards 1.5200 then 1.5050. S/L should be placed above 1.5600.

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