EUR/NZD analysis for September 17, 2015

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Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7869. In the daily time frame, we can observe a demand bar in an average volume (looks like successful test of a supply bar). The intraday trend is bullish so watch only for potential buying opportunities on the dips. I found strong trading range between the levels of 1.8000 (resistance) and 1.7270 (support). In the H1 time frame, we can observe strength and no big weakness. Buying looks very risky. We may see potential re-testing of our resistance at the level of 1.8000.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7810

R2: 1.7850

R3: 1.7920

Support levels:

S1: 1.7670

S2: 1.7630

S3: 1.7555

Trading recommendations: Strength is on the market. The trend is upward so watch only for potential buying opportunities on the dips. Strong resistance is at the price of 1.8000.

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Technical analysis of USD/JPY for September 17, 2015

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USD/JPY is expected to trade in a higher range. Overnight, US stocks kept pushing higher as energy shares gained on rallying oil prices. The Dow Jones Industrial Average gained 0.8% to 16,739, the S&P 500 rose 0.9% to 1,995, and the Nasdaq Composite climbed 0.6% to 4,889. Nymex crude oil surged 5.7% to $47.15 a barrel, gold was up 1.5% to $1,119 an ounce and the 10-year Treasury yield hiked further to 2.301% from 2.281%. Meanwhile, the US dollar edged lower against other major currencies as the US government reported that CPI edged down 0.1% MoM in August as expected. It was the first decline since January. GBP/USD surged 1.0% to 1.5492, AUD/USD gained 0.8% to 0.7195, while USD/CAD was down 0.6% to 1.3168. The pair posted a rebound from the level of 120.30 (current key support) overnight. It remains on the upside and is well supported by the ascending 50-period intraday moving average (MA). Meanwhile, the intraday relative strength indicator (RSI) is round the neutrality level of 50. Once the first upside target at 121 (around yesterday's high) is reached, the pair is expected to proceed to the second upside target at 121.75 (around the high of September 11).

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 121.30 and the second target at 121.75. In the alternative scenario, short positions are recommended with the first target at 120. 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 119.35. The pivot point is at 120.35.

Resistance levels: 121.30 121.75 122.35

Support levels: 120 19.35 119.10

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Technical analysis of USD/CHF for September 17, 2015

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USD/CHF is expected to trade with bearish bias. The pair remains capped by the declining 50-period MA. Furthermore, the upward potential should be limited by its key resistance at 0.9720. Besides, the intraday RSI is below its neutrality level at 50 and lacks upward momentum. As long as 0.9720 holds as the key resistance, look for choppy price action with down targets at 0.9650 and 0.9625 in extension.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9650. A break of that target will move the pair further downwards to 0.9625. The pivot point stands at 0.9720. 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 0.9765 and the second target at 0.9795.

Resistance levels: 0.9765 0.9795 0.9825

Support levels: 0.9650 0.9625 0.9545

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Technical analysis of NZD/USD for September 17, 2015

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NZD/USD is expected to trade in a higher range as there is bullish bias above 0.6310. The pair has entered a consolidation after striking against the first upside target at 0.6380 repeatedly. Meanwhile, a key support level has been formed at 0.6310 and should limit downside potential. If 0.6380 is finally broken, the pair is expected to proceed to the second upside target at 0.6400 (last seen on September 9).

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 0.6380 and the second target at 0.64. In the alternative scenario, short positions are recommended with the first target at 0.6290 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 0.6250. The pivot point is at 0.6310.

Resistance levels: 0.6380 0.64 0.6425

Support levels: 0.6290 0.6250 0.6230

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Technical analysis of GBP/JPY for September 17, 2015

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GBP/JPY is expected to trade in a higher range as the pair is moving upside. The pair is well supported by its rising 20-period intraday MA, which stays above its 50-period. A double bottom pattern has been validated and calls for further upside. And the intraday RSI is positively oriented as well. Further upside movement is expected with the next horizontal resistance and overlap set at 188.45 at first. A break above this level would call for further advance towards a high of 189 reached on September 14. Only a break below the horizontal support at 186.60 would open the way to further weakness.

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 188.45 and the second target at 189. In the alternative scenario, short positions are recommended with the first target at 185.70 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 185.90. The pivot point is at 186.60.

Resistance levels: 188.45 189 189.95

Support levels: 185.70 184.90 184.10

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Gold analysis for September 17, 2015

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Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,123.92. The intraday trend is neutral. According to the daily time frame, we can observe a demand bar in an average volume. According to the H4 time frame, we can observe a volume spike (potential buying climax) bar and weak close of the bar (closed on the middle), which means buying looks very risky at this stage and that selling is preferable. My advice is to watch for potential selling opporutnities after retracement. Support levels are at the prices of $1,107.60 and $1,100.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,120.15

R2: 1,122.55

R3: 1,126.40

Support levels:

S1: 1,112.45

S2: 1,110.00

S3: 1,101.95

Trading recommendations: Volume spike (potential buying climax) is at the price of $1,123.60. Be very careful when buying gold at this stage and watch only for selling opportunities after retracement. We may expect strong reaction from sellers and potential absorption volume.

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Technical analysis of EUR/USD for September 17, 2015

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Overview:

  • According to the previous events, the EUR/USD pair has been still moving between the prices of 1.1386 and 1.1285. So, the support has been already placed at the 1.1285 level. Thus, if the trend does not fail to close below the level of 1.1285, It will call for an uptrend in order to continue its bullish movement towards 1.1386 and test this strong resistance (the price of 1.1386 will form the weekly resistance 1). At the same time, the price of 1.1386 coincides with the ratio of 61.8% Fibonacci retracement levels. On the other hand, sell below the level of 1.1386, which represents the weekly resistance 1 with the first target at the 1.1290 price. Moreover, if the trend can break this support at 1.1290, then the EUR/USD pair will continue dropping towards the second target at 1.1184.

Trading recommendations:

  • According to previous events, the price of EUR/USD is going to move between 1.1285 and 1.1386.
  • Buy above the level of 1.1285 with the first target of 1.1335, it might resume to 1.1386.
  • Below the level of 1.1386, look for further downside with 1.1290 and 1.1184 targets.
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Technical analysis of GBP/USD for September 17, 2015

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Overview:

  • The GBP/USD pair is in the short term (September 17, 2015).
  • The price of the GBP/USD pair is going to turn to bullish sentiment from the level of 1.5475 again. The level of 1.5475 is representing a double bottom today. Accordingly, it will be a good decision to buy above the double bottom at 1.5475 with the first target of 1.5544 to test the weekly resistance 2 in this area. Then, if the price breaks the weekly resistance 2, it will call for an uptrend market in order to continue its bullish movement towards 1.5600 with a view to form a new double top on the H1 chart. Equally important, the resistance would be at the 1.5600 level. Additionally, the trading range today will be between the levels of .1.5475 and 1.5600. However, the stop loss should be placed below the double bottom at the price of 1.5440, so the stop loss should be set in 35 pips since the risk of 105 pips could make profit of 60 pips (take profit = 3 * stop loss).

Intraday technical levels:

  • Projected high: 1.5600
  • Breakout (buy stop): 1.5544
  • Current pivot: 1.5509
  • Strong support (buy limit): 1.5475
  • Projected low: 1.5443
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USD/JPY technical analysis for September 17, 2015

The USD/JPY pair is trading inside a triangle pattern that is very similar to one, which equity markets have been showing diring the last couple of weeks. With the FOMC meeting tonight, I expect volatility to rise and we should probably see a breakout above or below the triangle.

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Black lines - triangle pattern

USD/JPY is trading around the Ichimoku cloud and inside the triangle pattern as is showed above in the 4-hour chart. Today's rejection in the area of 121 will increase chances of a move below the cloud towards 119.50. Breaking below the level of 119 will increase chances of a push towards 118-117.

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Red line - support

USD/JPY is moving upwards making higher highs and higher lows. The trend is bullish in the short-term as long as the price is above the red trend line support. Breaking below 120.40 will give us a short-term sell signal. Rising volatility is expected tonight, so traders should be very cautious and expect big price swings that can easily be faded.

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USDX technical analysis for September 17, 2015

The US Dollar Index was rejected once again by the green trend line resistance and pulled back towards the 38% Fibonacci retracement. With the FOMC meeting tonight, everyone expects the Fed rate decision. I prefer to wait with a neutral stance and let the dust settle after the Fed's rate announcement.

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Green line - resistance

The US Dollar Index remains below the Ichimoku cloud. Resistance remains at 96-96.10, so a daily close above this level will be a bullish signal. However, I believe we could still see a sharp decline towards the 61.8% retracement before resuming the uptrend.

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Red line - resistance

Green line - support

The weekly chart remains in a neutral trend but with a bullish flag formation. Tonight we will have more information as to where the market is heading. Longer-term support is at 92-93 while resistance is seen at 96.50 and 98. A weekly close above the red trend-line resistance will be a bullish signal.

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Gold technical analysis for September 17, 2015

Gold price broke above the short-term resistance line and moved towards the 38% Fibonacci retracement and Ichimoku cloud resistance as we expected. Yesterday, we forecasted a strong probability of a bounce towards the first important resistance of $1,120-25.

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Black line - broken resistance trend line

Gold price is inside the Ichimoku cloud resistance and just below the 38% Fibonacci retracement. Gold price bounced towards $1,120 as we had expected. I believe traders should still be patient and wait for an opportunity to trade. Resistance is seen at $1,125 and support is found at $1,100.

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Gold price bounced as expected towards the weekly tenkan-sen resistance indicator at $1,120. Tonight, volatility is expected to rise. I would prefer to stay neutral and see what happen before entering the market. Gold has increased chances of a bigger bounce towards $1,200 as long as we close above $1,100.

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Global macro overview for 17/09/2015

Global macro overview for 17/09/2015

Besides the main event of the day, the Fed's interest rate decision, there is still some interesting news form UK to be released at 8.30 am GMT. This piece of data should be worth watching, because the BoE is after a rate hike as well and the recent report from the labor market supports the hawkish outlook. Retail sales are expected to decrease by 3.8% y/y, which is a slight decrease from 4.2% y/y, but it is still a decent, solid number for a consumer driven economy like UK. Moreover, the steady pickup in growth rate is next factor to influence the BoE to get ready for the interest rate hike in the near future.

The GBP/USD pair has tested the golden trend line from the downside and now it is sliding towards the support at the level of 1.5475. Any breakout lower will confirm the bearish technical outlook and traders should keep an eye on the next support at the level of 1.5330.

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Technical analysis of Silver for September 17, 2015

Technical outlook and chart setups:

Silver is seen to be testing $15.00 again together with the 50-day moving average resistance line. Please note that the trend line and fibonacci 0.618 resistance is also just around the levels of $15.00/10. Bears are expected to remain in control until prices stay below $15.60 at least. It is hence recommended to remain short for now with risk at $15.60. Immediate support is seen at the levels of $14.00, followed by $13.00, $12.00, and lower while resistance is seen at $15.60 followed by $16.40, $17.50, and higher.

Trading recommendations:

Remain short for now, stop at $15.50/60, a target is open.

Good luck!

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Global macro overview for 17/09/2015

Global macro overview for 17/09/2015

The day that financial market participants awaited for months is finally here and all eyes are fixed on the Fed's interest rate decision and press conference later tonight. The main question remains whether the Fed will decide to start raising the short-term rates this month or wait until December 2015. Moreover, the next most important thing for traders and investors seems to be Fed's rhetoric about the inflation and inflationary pressure, mostly due to the 2% inflation gauge that the Fed had set months ago. So far, the data from the US economy do show a stable and constant improvement in the labor market, however the core personal consumption, expenditure price index, and manufacturing price indeces are still relatively underperforming and remain stubborn low.

The SPX (S&P500 ETF) has entered a neutral zone again and is currently trading above the level of 197.80. It looks like the market might test the golden trend line before making the decision whether to breakout towards new highs or reverse back to the bearish zone (depending on the Fed's news).

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Technical analysis of Gold for September 17, 2015

Technical outlook and chart setups:

Gold has rallied further towards the levels of $1,120.00/25.00 as expected. The metal stalled at a fibonacci 0.50 resistance as depicted here. Please note that bears are expected to remain in control until prices stay below $1,170.00 for now. It is hence recommended to remain short for now, with risk at $1,150.00 levels at least. Immediate support is seen at $1,100.00 followed by $1,090.00, $1,075.00, and lower, while resistance is seen at $1,150.00 (interim) followed by $1,170.00, $1,200.00, and higher respectively.

Trading recommendations:

Remain short for now, stop at $1,150.00, a target is open.

Good luck!

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Technical analysis of EUR/JPY for September 17, 2015

General overview for 17/09/2015 08:45 CET

After reaching a low for the wave (b) blue at the levels of 135.00, the market sharply reversed to the upside in an impulsive fashion to hit the lower channel boundary at the level of 136.60. Currently, the market is trying to breakout even higher to test the intraday resistance at the level of 137.04. But ahead of the important Fed's interest rate decision and press conference, this kind of moves must be treated very carefully.

Support/Resistnace:

138.80 - WR1

137.04 - Intraday Resistnace (strong)

135.88 - Intraday Support

135.72 - Weekly Pivot

134.53 - WS1

Trading recommendations:

Due to the Fed's interest rate decision and press conference, traders should refrain from trading.

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Technical analysis of EUR/JPY for September 17, 2015

Technical outlook and chart setups:

The EUR/JPY pair had bounced off from 135.00 levels earlier and is stalling strading around 136.60. The pair might produce an up gartley and drop to the levels of 134.00 before rallying further. Aggressive trade setup is to initiate short positions now with risk at the levels of 137.30, while a more conservative approach would be to remain flat and look for an opportunity to go long around the levels of 134.00/50. Immediate support is seen at 135.00 (interim) followed by 134,00, 132.00, and lower, while resistance is seen at 137.00 (interim), followed by 139.00, 140.00/141.00, and higher respectively.

Trading recommendations:

1. Aggressive: Initiate short positions with stop at 137.30, a target is 134.00

2. Conservative: Remain flat now. Go long at 134.00/50 with stop at 132.00, a target is open.

Good lick!

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Technical analysis of USD/CAD for September 17, 2015

General overview for 17/09/2015 08:30 CET

Yesterday's downside breakout made the price hit the weekly pivot support and intraday support at the level of 1.3153. It slightly reversed back to the level of 1.3178. A breakout above the level of 1.3325 will invalidate an impulsive bearish count. It is expected to reach a new high above the level of 1.3352 (it will be the last high in this market anyway). In the mean time, market participants are awaiting the Fed's meeting interest rate decision and press conference.

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 refrain from trading until one of the levels is violated and more clear pattern will become visible.

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Technical analysis of GBP/CHF for September 17, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading around 1.5060 levels now after bouncing off from 1.4900 yesterday. Please note that 1.4900 was resistance, which turned support, and bulls are expected to remain in control until prices stay above the same level. It is hence recommended to remain long from positions taken earlier, with risk at the levels of 1.4900. Immediate support is seen at 1.4900 followed by 1.4750, 1.4600, and lower, while resistance is seen at 1.5100 (interim) followed by 1.5350, 1.5400/10, and higher respectively.

Trading recommendations:

Remain long with stop at 1.4900, a target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for September 17, 2015

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Technical summary:

A correction in wave ii has taken more time than first expected, but nothing else has changed. We are still looking for a break above resistance at 1.7866 to enable a rally towards at least 1.8288 and most likely even higher to 1.8682 in wave iii.

Ideally, support at 1.7702 will be able to protect the downside for a breakout above 1.7866.

Trading recommendation:

We are long EUR from 1.7490 with stop at 1.7620. If you are not long EUR yet, then buy on a break above resistance at 1.7866 with stop placed at 1.7700.

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Elliott wave analysis of EUR/JPY for September 17, 2015

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Technical summary:

A decline from 137.05 is performen in three waves and therefore more upside pressure is expected towards 138.25 where we the resistance-line of 141.06 is found. A movement back to a high of 141.06 and even higher to 143.90 should be expected.

Only if the resistance line near 138.25 is able to turn prices lower we should see a decline to 126.59 soon and maybe even lower.

Trading recommendation:

Our stop at 136.45 was hit for a very small loss. We will buy EUR at 135.75 with stop at 135.10.

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Daily analysis of major pairs for September 17, 2015

EUR/USD: On this pair, there is yet to be a significant trending movement, as the market is still consolidating. When a breakout (which is normally expected) takes place, the support line at 1.1150 could be violated. On the other hand, we may see bulls making further bullish attempts.

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USD/CHF: This pair is in a consolidation mode. There would be a breakout to the upside or to the downside today, pushing the price above the resistance level of 0.9800 or below the support level at 0.9600. When a breakout does occur, it would probably be in favor of bears. Nevertheless, a strong trend is needed for this to happen.

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GBP/USD: The GBP/USD pair moved upwards by at least 170 pips, testing the distribution territory at 1.5500. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level of 50. This reveals a bullish outlook - the price could reach other distribution territories of 1.5550 and 1.5600. Moreover, some fundamental figures are expected today and they will have impact on the markets.

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USD/JPY: This pair moved largely sideways yesterday. A breakout could take place any day this week, which would make the price go above the supply level at 121.00 or below the demand level at 119.00. Then, a directional movement is expected in the market.

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EUR/JPY: The EUR/JPY pair made some bullish attempt on Wednesday, testing the supply zone of 136.50. When the supply zone is breached to the upside, the price could test another supply zone around 137.00. There is a Bullish Confirmation Pattern in the chart, and bulls still dominate in the market.

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Technical analysis of EUR/USD for September 17, 2015

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When the European market opens, economic news on the Italian Trade Balance is due to be released. The US will publish the economic data about the Federal Funds Rate, FOMC Statement, Natural Gas Storage, Philly Fed Manufacturing Index, Housing Starts, Current Account, Unemployment Claims, and Building Permits. So amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1345.

Strong Resistance:1.1339.

Original Resistance: 1.1328.

Inner Sell Area: 1.1317.

Target Inner Area: 1.1291.

Inner Buy Area: 1.1265.

Original Support: 1.1254.

Strong Support: 1.1248.

Breakout SELL Level: 1.1237.

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 17, 2015

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In Asia, Japan will release the Trade Balance and BOJ Gov Kuroda Speaks. The US will publish economic data on the Federal Funds Rate, FOMC Statement, Natural Gas Storage, Philly Fed Manufacturing Index, Housing Starts, Current Account, Unemployment Claims, and Building Permits. So, there is a strong probability that USD/JPY will move with low to medium volatility during the Asian session, but with medium to high volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.10.

Resistance. 2: 120.86.

Resistance. 1: 120.63.

Support. 1: 120.34.

Support. 2: 120.10.

Support. 3: 119.87.

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 USDX for September 17, 2015

The USDX continues moving inside a range detween 95.83 and 95.26 on the daily chart ahead of the FOMC meeting. That is why we should trade this index very cautiously, as the USDX could start a rally towards the resistance level of 96.64 or a pullback until the support zone of 94.42, where the 200 SMA is located.

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On the H1 chart, we can see a bearish structure placed below the 200 SMA, where we should be aware of further downside moves. However, there is a strong probability that we wouls see a bullish correction towards the 200 SMA again. If the support level of 95.20 is broken, the USDX will fall until the price zone of 94.75. The MACD indicator is trading at 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: 95.65 / 95.83

H1 chart's support levels: 95.41 / 95.20

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 at 95.41, take profit is at 95.20, and stop loss is at 95.61.

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Daily analysis of GBP/USD for September 17, 2015

A bullish momentum can be seen on the GBP/USD chart ahead of the US Federal Reserve's meeting scheduled for this thursday. We could expect some volatile hours before the press conference. In the daily chart, current strong resistance is located around the level of 1.5479l. The MACD indicator is still at the positive territory.

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The intraday outlook shows bullish pattern formation above the support level of 1.5466 and the resistance level of 1.5516 should be broken in coming hours for another advance towards the zone around 1.5561. However, if a pullback happens at current levels, the pair will fall until the level of 1.5402.

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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: 1.5516 / 1.5561

H1 chart's support levels: 1.5466 / 1.5402

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 1.5516, take profit is at 1.5561, and stop loss is at 1.5472.

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Technical analysis of USD/JPY for September 16, 2015

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USD/JPY is expected to trade with bullish bias as the pair is expected to move further upside. Overnight, US stocks advanced to a more than a two-week high with the Dow Jones Industrial Average gaining 1.4% to 16,599, the S&P 500 rising 1.3% to 1,978, and the Nasdaq Composite climbing 1.1% to 4,860. Nymex crude oil increased 1.3% to $44.59 a barrel, and gold was 0.4% lower at $1,103 a troy ounce. US government bonds witnessed a sell-off, with the 10-year Treasury yield surging to 2.281%, the highest level since July 22, from 2.181% on Monday. Meanwhile, the US dollar strengthened against other major currencies as data showed that US retail sales rose 0.2% MoM in August (vs +0.3% expected, +0.7% in July). The pair is posting a strong rebound from yesterday's low of 120.10. The 20-period intraday moving average (MA) has crossed above the 50-day one, and the intraday relative strength indicator (RSI) stays within the buying area between 50 and 70. The intraday outlook remains bullish and continuation of the rebound is expected. The first upside target is set at 120.95 (yesterday's high); and the second one, at 121.30 (around the high of September 11).

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 120.95 and the second target at 121.30. In the alternative scenario, short positions are recommended with the first target at 119.75 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 119.35. The pivot point is at 120.10.

Resistance levels: 120.95 121.30 121.70

Support levels: 119.75 119.35 119.10

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Technical analysis of USD/CHF for September 16, 2015

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USD/CHF is expected to trade with bearish bias as pair is under pressure. The pair broke below its previous low around 0.9740 and accelerated to the downside. The declining 20- and 50-period MAs are maintaining the downside bias. Furthermore, the intraday RSI is below its neutrality level at 50 lacking upward momentum. As long as 0.9740 holds as the key resistance, the pair is likely to continue consolidating with downside targets at 0.9640 and 0.96 in extension.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9640. A break of that target will move the pair further downwards to 0.96. The pivot point stands at 10.9740. 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 0.9765 and the second target at 0.9795.

Resistance levels: 0.9765 0.9795 0.9825

Support levels: 0.9640 0.96 0.9545

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Daily analysis of Silver for September 16, 2015

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Overview

Silver price tests the EMA50 now, accompanied by the fact that Stochastic reaches to the overbought level, which keeps the chances valid for resuming the main bearish trend, which organizes within the bearish channel that appears in the image. The metal shows sideways and tight trading settled near the 14.40 level, noticing that Stochastic loses its positive momentum gradually approaching from the overbought levels, which supports the chances of resuming the bearish trend in the upcoming period, which gets continuous support from the EMA50. Therefore, the negative scenario will remain valid and active as long as the price is below the 15.00 level, reminding you that the main targets begin at 13.50 and extend to 12.80.

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Technical analysis of NZD/USD for September 16, 2015

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NZD/USD is expected to trade with bullish bias as key support is at 0.6295. The pair is trading on the upside with support provided by the rising 20- and 50-period MAs. The intraday RSI is above its neutrality level at 50. In addition, a support base has formed around 0.6295, which should limit any downside potential. As long as 0.6425 holds as the key support, look for a technical rebound to 0.64. A break above this level would call for a further upside to 0.6425.

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 0.64 and the second target at 0.6425. In the alternative scenario, short positions are recommended with the first target at 0.6250 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 0.6230. The pivot point is at 0.9295.

Resistance levels: 0.64 0.6425 0.6465

Support levels: 0.6250 0.6230 0.62

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Daily analysis of GBP/JPY for September 16, 2015

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Overview

According to the attached H4 chart, GBP/JPY remains neutral with focus on 187.36 resistance. Firm break there will argue that fall from 195.86 has completed. More importantly, this will be a signal that a larger uptrend is resuming. Meanwhile, below 183.87, minor support will turn focus back to 180.36 instead. The break of the medium-term trendline support is taken as a sign of trend reversal. This is supported by bearish divergence condition in the 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. Break of 174.86 will confirm trend reversal and bring deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious about strong resistance from 199.80/200.00 to bring reversal finally.

Daily Pivots: (S1) 183.93; (P) 185.01; (R1) 185.82;

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Technical analysis of GBP/JPY for September 16, 2015

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GBP/JPY is expected to trade with bullish bias. The pair stays above its key support at 185.45 and is well supported by its 50-period intraday MA. The intraday RSI is around its 50% neutrality area and is positively oriented. Further upside is therefore expected with the next horizontal resistance and overlaps set at September 14 high at 187.75 at first. A break above this level would call for further advance towards 188.50 in extension.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 187.75 and the second target at 188.50. 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 185.45.

Resistance levels: 187.75 188.50 189.35

Support levels: 184.10 183.35 182.55

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EUR/NZD analysis for September 16, 2015

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Overview:

Recently, EUR/NZD has been moving donwards. As we had expected, the price tested the level of 1.7645. In the daily time frame, we can observe a supply 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) that means we may expect further downward movement. Buying looks very risky. We may see potential re-testing of our support at the level of 1.7650.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7890

R2: 1.7950

R3: 1.8050

Support levels:

S1: 1.7690

S2: 1.7630

S3: 1.7530

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

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USD/CAD intraday technical levels and trading recommendations for September 16, 2015

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Overview:

Several months ago, when bulls pushed the price 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 at the current price levels around 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.

On the other hand, 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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