Daily analysis of Silver for September 23, 2015

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Overview

Silver price traded with clear negativity to retest the bearish channel's resistance that was breached previously and now turns into key support level at 14.70. As we mentioned in our recent articles, holding above this level represents the key condition to continue the bullish correctional scenario. Its targets begin by breaching the 15.40 level to open the way towards 15.85 followed by 16.30. Stochastic generates oversold signals that support the waited rise, reminding you that a break of the 14.70 level will push the price to the previously recorded low at 13.96 initially.

In general, holding above the 14.70 level keeps our bullish trend expectations valid for the upcoming period, reminding you that breaching the 15.40 level will extend gains of silver price to 15.85 followed by 16.30.

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Daily analysis of GBP/JPY for September 23, 2015

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Overview

According to the attached H4 chart, the break of the 184.22 support suggests that a rebound from 180.36 has been already completed at 188.28. Intraday bias is turned back to the downside for the 180.36 support. Break will extend the whole fall from 195.86 to the 174.86 support. In case of recovery, risk will stay on the downside as long as 188.28 holds. 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. A break of 174.86 will confirm trend reversal and bring a 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 a reversal finally.

Daily Pivots: (S1) 183.46; (P) 185.23; (R1) 186.38

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USD/CAD intraday technical levels and trading recommendations for September 23, 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 established. Bullish pressure was applied to the resistance levels of 1.2450 and 1.2500 (previous tops).

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 this week.

Bearish corrective movement towards the level of 1.2750 (breakout level) should be expected as long as USD/CAD bears keep trading below the Fibonacci Expansion zone around 1.3300 - 1.3330.

Moreover, bearish persistence below 1.3100 (Recent Support level) 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 1.3300 (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 a strong support level.

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 EUR/USD for September 23, 2015

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The pair moved lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established 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 which exists around the price level of 1.1450.

In the long term, a projection target is still seen at 0.9450 if a bearish breakdown of the monthly demand level at 1.0550 occurs soon.

On the other hand, a bullish corrective movement towards 1.1500 can take place only if the monthly high of 1.1465 gets breached.

It can be achieved if the current monthly candlestick closes above a weekly high of 1.1465 by the end of the current month (low probability).

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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.

The market looked overbought as bulls were pushing further beyond the price level of 1.1500 (daily supply level).

Hence, bearish movement took place towards the level of 1.1150 (61.8% Fibonacci level), which provided evident bullish rejection (note the recent daily candlesticks).

As anticipated, the intraday supply zone of 1.1300-1.1330 provided significant bearish rejection. An intraday sell entry was suggested with T/P levels placed at 1.1150 and 1.1050.

On the other hand, daily persistence below the level of 1.1150 (61.8% Fibonacci level) 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 more 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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Intraday technical levels and trading recommendations for GBP/USD for September 23, 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.

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).

Recent weekly candlesticks came as bearish engulfing ones, closing below the level of 1.5450 (Head and Shoulders neckline).

It supports 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 1.5170 (recent weekly bottom and the origin of a bullish engulfing WEEKLY candlestick).

Weekly persistence below 1.5500 is mandatory to allow further bearish decline to occur.

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Previously, the zone of 1.5800-1.5880 acted as significant supply. It offered a valid sell entry few months ago. All T/P levels were successfully reached.

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 around the level of 1.5770 (prominent 61.8% Fibonacci level) where the right shoulder of the depicted bearish reversal pattern is observed.

That is why, a valid sell entry was suggested for retesting at 1.5770 three weeks ago. All of its targets were successfilly achieved.

Moreover, the previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it, evident bullish rejection took place (bullish engulfing daily candlesticks) leading to the recent bullish pullback towards 1.5560, which provided the current extensive bearish rejection.

Price action should be watched around the price level of 1.5170 as it corresponds to a previous weekly double bottom. Bullish rejection should be expected around these levels.

Trade Recommendation:

A valid sell entry was suggested around the zone of 1.5550-1.5580 (recent resistance zone). It is already running in profits today.

T/P levels to be projected towards 1.5200, then 1.5050, while S/L should be placed above 1.5680.

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Technical analysis of Silver for September 23, 2015

Technical outlook and chart setups:

Silver has bounced off from the $14.70/80 levels as expected. Please also note that the metal has bounced off the Fibonacci 0.618 support of the rally between the $14.30 and $15.40 levels, respectively. Furthermore, the $14.70/80 levels are also former resistance turned into support. It is hence recommended to hold long positions from yesterday with risk at the $14.00 levels. Immediate support is seen at the $14.25 levels followed by $14.00, $13.00 and lower, while resistance is seen at the $15.60 levels followed by $16.40, $17.50 and higher respectively.

Trading recommendations:

Remain long for now, stop is at $14.00, target is open.

Good luck!

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Technical analysis of Gold for September 23, 2015

Technical outlook and chart setups:

Gold is trading above $1,130.00 after bouncing back from the levels of $1,120.00/21.00 today. The metal is expected to continue its bullish stance through at least $1,150.00. Please note that a bullish morning star candlestick pattern indicates reversal. It is hence recommended to hold long positions, with risk at $1,100.00. Immediate support is seen at $1,115.00 followed by $1,090.00, $1,080.00, and lower while resistance is seen at $1,150.00 followed by $1,170.00 and higher.

Trading recommendations:

Remain long with stop at $1,100.00, a target is open.

Good luck!

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Technical analysis of EUR/JPY for September 23, 2015

Technical outlook and chart setups:

Today, the EUR/JPY pair dropped lower to the levels of 133.20/30 before reversing. Please note that the pair has bounced from the fibonacci 0.786 support around 133.20/30 resulting in a tweezer bottom candlestick pattern. It is hence recommended to remain long from yesterday, with risk at 132.00. Immediate support is seen at the levels of 133.00, followed by 132.00, and lower, while resistance is seen at 136.20, followed by 137.00, 139.00, 140.00, and higher respectively. Bulls are expected to remain in control until prices remain above 132.00.

Trading recommendations:

Remain long from yesterday, stop is at 132.00, a target is open.

Good luck!

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Technical analysis of GBP/CHF for September 23, 2015

Technical outlook and chart setups:

The GBP/CHF pair dropped to its range support around 1.4930. A drop below 1.4900 would indicate that bears want to target the territory below 1.4600. On the flip side, a bullish reversal here would target at least 1.5100 if not higher. It is hence recommended to hold long positions now, with risk below 1.4900. Immediate support is seen at 1.4900 followed by 1.4700, 1.4600, and lower, while resistance is seen at 1.5100 followed by 1.5300, 1.5400, and higher respectively. Aggressive traders may initiate short positions on a break below the levels of 1.4900/1.4880.

Trading recommendations:

Remain long for now, stop is at 1.4880, a target is open.

Good luck!

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Technical analysis of USD/CAD for September 23, 2015

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Overview:

  • The USD/CAD pair continues to show signs of strength following the break at 1.3245. The level of 1.3250 represents strong support this week. Therefore, resistance has been broken and turned support yesterday. Moreover, the pair has already formed strong support at the level of 1.3240. So, the market indicates a bullish opportunity at the level of 1.3240 with a target at 1.3275 and continues toward the second objective at the level of 1.3309. Also, the ratio of 100% Fibonacci retracement levels is coinciding with 1.3309. If the trend breaks this level and closes below the key level (1.3240), we will see downside momentum rather convincing. The structure of the fall is not expected to be corrective, for that the market will indicate a bearish opportunity at the level of 1.3219. Accordingly, it will be a good sign to sell at this level wirh support at the level of 1.3219.

Comment:

  • The weekly pivot point at 1.3219 could hit the moving average (100).
  • Stop loss should never exceed your maximum exposure amounts.
  • As a rule, the market is highly volatile if the previous day had a high volatility (168.97).
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Technical analysis of AUD/USD for September 23, 2015

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Overview:

  • The AUD/USD pair faced resistance at the level of 0.7112. In the H4 chart, the ratio of 38.2% Fibonacci retracement levels is coinciding with resistance and a trend is still below the spot of 0.7110. Moreover, the minor support is seen at the level of 0.6973 today. So, according to the previous events, the AUD/USD pair is going to move between resistance and support. Therefore, we expect an about 137 pips range to take place (0.7110 - 0.6973). Consequently, if the trend fails to close below the level of 0.6970, it will be a good opportunity to buy above 0.6973 with the first target at 0.7023, with a view to be continued straight towards 0.9110. The stop loss should always be taken into account because it should never exceed your maximum exposure amounts. Thus, the best location to set your stop loss is an area below the level of 0.6942; because we expect bearish market this week.
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EUR/NZD analysis for September 23, 2015

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Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.7745. In the daily time frame, we can observe a supply bar in an average volume. The intraday trend is neutral. Anyway, I am more bearish on EUR/NZD because the strong resistance at the price of 1.8000 held several times. According to the M5 time frame, I found a potential distribution phase so my advice is to watch for selling opportuniites around the price of 1.7750. Strong support is seen near the price of 1.7630.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7740

R2: 1.7770

R3: 1.7820

Support levels:

S1: 1.7640

S2: 1.7605

S3: 1.7555

Trading recommendations: The market is neutral. We can observe a very weak price action and neutral market around the price of 1.7740. Anyway, in the background we have potential distribution so my advice is to watch for selling opportunities around the price of 1.7750.

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Gold analysis for September 23 , 2015

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Overview:

Since our last analysis, gold has been trading sideways around the price of $1,125.00. The intraday trend is neutral. According to the daily time frame, we can observe a supply bar in an average volume. In the M1 time frame, we can observe a big sign of strenght (double selling climax) around the level of $1,124.40, which is a sign that selling looks risky at this stage. Watch for potential buying opportunities on the dips. Resistance level is at the price of $1,128.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,132.30

R2: 1,135.25

R3: 1,140.15

Support levels:

S1: 1,122.75

S2: 1,120.00

S3: 1,115.00

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities.

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Global macro overview for 23/09/2015

Global macro overview for 23/09/2015:

Yesterday's API crude oil inventories data revealed a higher-than-expected decrease in stockpiles. The market expected the slight decrease to the level of 700K barrels vs -3,100K barrels last month, but the actual figure were even lower at the level of -3,700K barrels. For today news release regarding crude oil inventories that is scheduled at 2:30pm GMT, the market expected another slight increase from the level of -2,104K last month to the level of -0.50K.

If today's inventories are disappointing again, the crude oil price might temporary rally higher above the technical resistance at the level of $47.70 and hit the projected target of $50.00.

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Global macro overview for 23/09/2015

Global macro overview for 23/09/2015:

Data on the Chinese manufacturing PMI for September disappointed investors again. The market had expected the index to hit the level of 47.6 vs. 47.3 a month ago, but the final figure came in lower at the level of 47.0. This is the third month in a row when the PMI from China is weaker than expected adding to the overall global wealth concerns. Moreover, the PMI slipped to six-year low. It does not help the economic growth to met the projected target of 7% this year as downward revisions is likely to be published soon.

The SPX index (S&P500 ETF) is clearly retreating from the neutral area between the levels of 204.07 and 197.80. Currently, it is trading inside the bearish zone. The negative data from China might add fuel to the fire and push the index even lower towards the technical support at the level of 190.00.

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Technical analysis of USD/JPY for September 23, 2015

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USD/JPY is expected to face key resistance at 120.30. The US stocks ended lower as materials stocks were influenced by falling commodities prices. The Dow Jones Industrial Average fell 1.1% to 16330, the S&P 500 declined 1.2% to 1942, and the Nasdaq Composite lost 1.5% to 4756. Nymex crude prices dropped 1.8% to $45.83 a barrel, while gold fell 0.7% to $1,125 an ounce. The 10-year Treasury yield declined to 2.127%, the lowest closing level since August 24, from 2.212% in the previous session. The pair is approaching the key resistance at 120.45 from the downside. Intraday indicators are mixed, with the 20-period intraday moving average (MA) staying below the 50-period one, and the intraday relative strength indicator (RSI) breaking above the neutrality level of 50. If the pair fails to break above 120.30, it is expected to return to the first downside target at 119.35 (around yesterday's low).

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 119.35. A breakout of that target will move the pair further downwards to 118.90. The pivot point stands at 120.45. 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 120.75 and the second target at 121.

Resistance levels: 120.75 121 121.50

Support levels: 119.35 118.90 118.20

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USDX technical analysis for September 23, 2015

The US Dollar Index managed to continue showing strength and broke out above the first important resistance. Although trend remains bullish, I believe there are a lot of chances to see a rejection at the previous highs of 96.60 and a pullback.

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Green line - resistance trend line

Red line - horizontal resistance of previous high

The US Dollar Index is trading above the Ichimoku cloud and has already broken the green downward sloping trend line. This is a bullish signal. However, we also have an important resistance at 96.60 where the previous high was reached. A pullback from current levels is very possible, however I would only focus on buying on the pullbacks. Do not go short on the US dollar.

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Green line - support

Red line - resistance

The weekly chart shows how the price is testing the kijun-sen weekly resistance indicator at 96.50-96.60. A breakout above it will open the way towards the red trend-line resistance. I expect the bullish flag that to be broken during next weeks and the USDX to rally towards new highs.

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Gold technical analysis for September 23, 2015

Gold price broke the short-term bullish channel and pulled back towards the 38% Fibonacci retracement and kijun-sen support around $1,125. There is also a bigger triangle pattern being formed with critical resistance at $1,150 that bulls need to break in order to support the bullish scenarios.

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Green lines - triangle pattern

Gold price is trading above the Ichimoku cloud but inside a big triangle pattern. The lower boundary of the triangle and support is found at $1,100 while important resistance is seen at $1,150. Breaking above $1,150 will open the way towards at least $1,200 and $1,300. Breaking support will open the road to $1,000.

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In the weekly chart, we see this week's candle testing the tenkan-sen (red indicator) support. A bounce from current levels will push the metal towards the kijun-sen (yellow indicator) resistance at $1,150. Breaking above it will increase chances of a move towards the weekly Ichimoku cloud at $1,200.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for September 23, 2015

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USD/CHF is expected to trade in a higher range. The pair remains supported by its rising 50-period MA on an intraday basis. A strong support base is observed around 0.9705. It should prevent any potential downside movement. Moreover, the RSI is above its neutrality area of 50 lacking downward momentum. The intraday outlook is positive as long as the level of 0.9705 stays intact. It is likely to advance to 0.9790 and 0.9825.

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 0.9790 and the second target at 0.9825. In the alternative scenario, short positions are recommended with the first target at 0.9675 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 0.9640. The pivot point is at 0.9705.

Resistance levels: 0.9760 0.9790 0.9825

Support levels: 0.9625 0.9585 0.9560

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Technical analysis of NZD/USD for September 23, 2015

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NZD/USD is expected to trade in a lower range as the pair is under pressure now. The pair is still trading on the downside below the key resistance at 0.6305. It is likely to post a further decline. The 20- and 50-period MAs are heading downwards, without generating any reversal signals. The intraday RSI is below its neutrality level of 50 lacking upward momentum. As long as 0.6305 holds the upside, look for further decline to 0.6240 and 0.6240.

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 0.6210. The pivot point stands at 0.6305. 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 0.6330 and the second target at 0.6360.

Resistance levels: 0.6330 0.6360 0.6415

Support levels:0.6240 0.6210 0.6175

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Technical analysis of GBP/JPY for September 23, 2015

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GBP/JPY is expected to trade in a lower range as the pair is under pressure now. The pair reached lower tops and lower bottoms confirming a bearish outlook. Downward pressure is reinforced by a declining of the 50-period MA, which acts as resistance now. In addition, the intraday RSI is below its neutrality level of 50 lacking upward momentum. As long as 184.85 is not broken, the pair is likely to test its previous low at 183.35 again. A break below 183.35 would call for a further downward movement to 182.60.

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 183.35. A breakout of that target will move the pair further downwards to 182.60. The pivot point stands at 184.85. 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 185.40 and the second target at 186.

Resistance levels: 185.40 186 186.75

Support levels: 183.35 182.60 182

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Technical analysis of EUR/JPY for September 23, 2015

General overview for 23/09/2015 08:40 CET

The wave c green of the wave (b) is almost completed and any breakout above the intraday resistance at the level of 133.74 will be bullish. Please notice the corrective cycle to the downside labeled as abc purple might be a part of a five wave impulsive cycle (alternative count).

Support/Resistance:

132.22 - Technical Support

133.45 - WS2

133.73 - Intraday Resistance

134.35 - WS1

134.79 - Technical Resistnace

Trading recommendations:

Daytraders and swingtraders should consider opening buy orders with SL below the level of 133.00 and open TP at the level of 134.35.

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Technical analysis of USD/CAD for September 23, 2015

General overview for 23/09/2015 08:30 CET

The market is getting very close to the bearish impulsive count invalidation line at the level of 1.3309 and this will be a key level for today. Any violation of this level could result in an immediate test of the recent high at the level of 1.3354 and a very possible breakout higher. On the other side, an ongoing bearish divergence is signaling the possibility of retracement lower to the level of 1.3184. Then, a breakout higher is likely to take place.

Support/Resistance:

1.3354 - Swing High

1.3309 - Green Impulsive Count Invalidation Level

1.3296 - Intraday Resistnace

1.3184 - Weekly Pivot

Trading recommendations:

Daytraders and swingtraders should consider opening sell orders with SL above the level of 1.3309 and open TP for now. If a breakout takes place at the level 1.3309, no sell orders should be opened as the market might be heading towards a new high above the level of 1.3355.

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Elliott wave analysis of EUR/NZD for September 23, 2015

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Technical summary:

We continue to look for a move closer to 1.7450, but we also accept the wave ii could be over at 1.7587. In case it happens, we should see a break above minor resistance at 1.7858 in the nearest term and more importantly a break above important resistance at 1.8000 for a continuation higher to 1.8683 in wave (iii).

Trading recommendation:

We will buy EUR at 1.7460 or upon a break above 1.8000 (one order done cancels the other)

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Elliott wave analysis of EUR/JPY for September 23, 2015

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Technical summary:

A decline from 137.42 unfolded nicely and even stronger than we had expected. We will now look for resistance at 133.75 for a continuation lower towards 131.45. Only a break above 133.75 will indicate that a larger correction is unfolding towards 134.30 before moving lower to a target at 131.45 . As we get closer to an ideal downside target at 131.45, we are likely to see rising volatility as the battle between bulls and bears become more fair.

Trading recommendation:

We are short EUR from 136.62 and we will move our stop lower to 133.80. If you are not short EUR yet, sell near 133.75 with a close stop at 133.80.

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Technical analysis of EUR/USD for September 23, 2015

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When the European market opens, economic news on the Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI is due to be released.The US will reveal economic data on Crude Oil Inventories and Flash Manufacturing PMI. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1174.

Strong Resistance:1.1168.

Original Resistance: 1.1157.

Inner Sell Area: 1.1146.

Target Inner Area: 1.1120.

Inner Buy Area: 1.1094.

Original Support: 1.1083.

Strong Support: 1.1072.

Breakout SELL Level: 1.1066.

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 23, 2015

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In Asia, Japan will not release any economic data, but the US is expected to unveil data on Crude Oil Inventories and Flash Manufacturing PMI. So, there is a strong probability that USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.66.

Resistance. 2: 120.42.

Resistance. 1: 120.19.

Support. 1: 119.90.

Support. 2: 119.66.

Support. 3: 119.43.

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 23, 2015

The USDX continues to be dominated by the bullish bias above the support level of 95.83 and the mid-term structure is currently calling for more upside towards the zone around 96.91. However, a pullback should be expected at current levels, which could also push the index lower towards the support level of 95.83 again.

USDXDaily.png

On the H1 chart, there is still a bullish consolidation in place above the 200 SMA and the support level of 96.15. Currently, a higher high pattern formation is observed on the chart and a breakout above the level of 96.35 will open doors to a test at the level of 96.15. However, a pullback at current levels should push the index lower towards at least 95.95.

USDXH1.png

Daily chart's resistance levels: 96.38 / 96.91

Daily chart's support levels: 95.81 / 95.26

H1 chart's resistance levels: 96.35 / 96.51

H1 chart's support levels: 96.15 / 95.94

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 96.15, take profit is at 95.94, and stop loss is at 96.35.

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Daily analysis of GBP/USD for September 23, 2015

On the daily chart, GBP/USD continues to move lower across the support zone of 1.5344, where we should expect a rebound towards resistance zone of 1.5479. Currently, the bearish bias looks strong enough to reach another low below the support level of 1.5344 and pointing to the level of 1.5256. The MACD indicator is entering the neutral territory.

GBPUSDDaily.png

The intraday structure is still calling for more downside, because the cable is forming a lower low pattern below the 200 SMA on the H1 chart and the resistance level of 1.5417. A breakout below 1.5341 will push the pair to the level of 1.5285. The 200 SMA is currently moving in a bearish direction.

GBPUSDH1.png

Daily chart's resistance levels: 1.5479 / 1.5559

Daily chart's support levels: 1.5344 / 1.5256

H1 chart's resistance levels: 1.5417 / 1.5468

H1 chart's support levels: 1.5341 / 1.5285

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 1.5417, take profit is at 1.5468, and stop loss is at 1.5364.

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Daily analysis of major pairs for September 23, 2015

EUR/USD: The EUR/USD has continued the bearish journey it started on Friday. From the resistance line at 1.1450, the price has gone down by 320 pips. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. The outlook on the market is bearish and further southward journey is expected.

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USD/CHF: Under selling pressure from the EUR/USD pair, the USD/CHF pair has been going upwards gradually. The resistance level at 0.9750 is under siege now. In case continuous selling pressure take place, the USD/CHF pair could move further upwards. There is a strong barrier to the ongoing bullish effort, which is the resistance level at 0.9800.

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GBP/USD: Since testing the distribution territory at 1.5650, the cable has come 300 pips down. A current faint bullish attempt pales into insignificance when compared to the overall direction of the price. The accumulation territory of 1.5350 has already been tested and it would be tested again. It could even be breached to the downside.

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USD/JPY: The current equilibrium phase is not yet over in this market. This week, the price might go above the supply level at 121.50 or below the demand level at 119.00. Until that happens, this would remain an equilibrium market, with the price swinging between the aforementioned support and resistance levels.

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EUR/JPY: The EUR/JPY pair fell by at least, 350 pips since Friday. There is a strong Bearish Confirmation Pattern in the 4-hour chart. There could be further downward plunge today, which could make the price reach the demand zones at 133.00 and 132.50. Only the strong euro and a weake yen could reverse this bearish trend.

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EUR/NZD analysis for September 22, 2015

EURNZDDaily.png22.png

EURNZDH1.png22.png

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7752. In the daily time frame, we can observe a weak demand bar in a volume below the average. The intraday trend is neutral. Anyway, I am more bearish on EUR/NZD because the strong resistance at the price of 1.8000 held several times. Our strong trading range between the levels of 1.8000 (resistance) and 1.7270 (support) is still active. In the H1 time frame, we can observe a very neutral price action. I am waiting for a larger activity and stronger price action to confirm further movement.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7820

R2: 1.7870

R3: 1.7955

Support levels:

S1: 1.7650

S2: 1.7600

S3: 1.7515

Trading recommendations: Neutral market. We can observe a very weak price action and neutral market around the price of 1.7740. Wait for a larger acitivity and stronger price action to confirm further direction.

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