Technical analysis of GBP/USD for September 28, 2015

Technical outlook and chart setups:

The GBP/USD pair dropped to fresh lows at 1.5120/30 last week before pulling back into the level of 1.5225. Please note that the pair could still drift lower towards 1.5080/90 and 1.4950 before turning bullish again. At the current moment, it looks like there is a possibility of a pullback before drifting lower. It is hence recommended to remain long with risk at 1.5000. Immediate support is seen at 1.5100 followed by 1.5000/1.4950 and lower, while resistance is seen at 1.5275 followed by 1.5370, 1.5650, and higher.

Trading recommendations:

Remain long with stop at 1.5000, a target is open.

Good luck!

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Daily analysis of Silver for September 28, 2015

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Overview

According to the H4 chart, silver prices show sideways trading settled above the level of 15.00. That shows stochastic's attempts to get rid of its negative and gradually gain positive momentum to support the chances of resuming the bullish trend that gets good support from the EMA50. It tries to breach the level of 15.40 in order to confirm targeting at 15.85 and then at 16.30. In general, holding above the level of 14.60, silver enables us to keep our positive expectations in the intraday and short term with its main targets at 15.85 and 16.30 reached.

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Daily analysis of GBP/JPY for September 28, 2015

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Overview

An intraday bias of GBP/JPY remains neutral at the moment. On the downside, a breakout of support at 180.36 will resume the whole fall from 195.86 calling for a a test at the key support level of 174.86. Meanwhile, another rebound towards the resistance zone of 195.26/86 is expected above 188.28. This outlook is supported by bearish divergence in the weekly MACD. Also, 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 the trend reversal and bringa 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 at 199.80/200.00 coulf finally bring reversal.

Daily Pivots: (S1) 182.26; (P) 183.33; (R1) 184.04;

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Technical analysis of EUR/USD for September 28, 2015

Technical outlook and chart setups:

The EUR/USD pair is locked in a falling wedge consolidation pattern as depicted here. The pair is trading at 1.1182 now expected to rally through the resistance line, passing through the levels of 1.1340/50, before reversing lower. Bulls should remain in control until prices stay above 1.1100. It is hence recommended to initiate long positions now with risk just below 1.1100. Immediate support is seen at the level of 1.1100 followed by 1.10 and lower, while resistance is seen at 1.1340/50 followed by 1.1450 and higher.

Trading recommendations:

Initiate long positions with stop at 1.1080, a target 1.1350.

Good luck!

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Technical analysis of NZD/USD for September 28, 2015

Technical outlook and chart setups:

The NZD/USD pair is locked in a diamond shaped consolidation pattern after having made lows at 0.6200 levels since August 2015. The pair is trading around 0.6330 now and seems to be retracing from intraday highs of 0.6400 reached earlier. Bulls are expected to remain in control until prices stay above 0.6200. It is hence recommended to initiate long positions now with risk at the levels of 0.6200. Immediate support is seen at 0.6300 (interim) followed by 0.6225, 0.6180, and lower, while resistance is seen at 0.6400 (interim) followed by 0.6450 and higher.

Trading recommendations:

Initiate long positions now, stop is set at 0.6180, a target is open.

Good luck!

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Technical analysis of AUD/USD for September 28, 2015

Technical outlook and chart setups:

The AUD/USD pair broke out the buy zone of the dropping resistance trend line earlier this month. Now it has retraced lower in order to test the same (which should be support now) zone around 0.6990/0.7000 as seen on the daily chart. The pair should remain under bullish control as long as prices stay above the levels of 0.6850. It is hence recommended to initiate long positions now with risk at 0.6850. Immediate support is seen at 0.6930 (interim), followed by 0.6900 and lower, while resistance is seen at 0.7400/50 and higher.

Trading recommendations :

Initiate long positions with stop at the levels of 0.6850, a target is at 0.74/75.

Good luck!

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Technical analysis of Silver for September 28, 2015

Technical outlook and chart setups:

Silver dropped lower to the levels of $14.60/70 again as expected at the back drop of Gold. The metal is expected to test $14.50, which is the convergence of fibonacci levels and trend-line supports as depicted here. It is hence recommended to initiate 50% long positions now remaining around $14.50, with risk at $14.00. Immediate support is seen at the levels of $14.50 followed by $14.00, $13.00, and lower, while resistance is seen at $15.60 followed by $16.40, and higher.

Trading recommendations:

Remain long, stop is at $14.00, a target is open.

Good luck!

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Technical analysis of Gold for September 28, 2015

Technical outlook and chart setups:

Gold rallied through $1,155.00 last week, before retracing lower. The metal is seen to be trading around the levels of $1,130.00 for now and is expected to receive interim support here. Please note that the metal is stalling at a fibonacci 0.382 support and 50-day moving average passing as well. It is hence recommended to initiate 50% long positions now and remaining 50% at $1,120.00, with risk at $1,100.00. Immediate support is seen at the level of $1,120.00 followed by $1,100.00, $1,090.00, and lower, while resistance is seen at $1,155.00 (interim) followed by $1,170.00 and higher.

Trading recommendations:

Initiate 50% long positions now remaining around $1,120.00, stop is set at $1,100.00, a target is open.

Good luck!

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Technical analysis of EUR/JPY for September 28, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around 134.00 after pulling back from 135.25/35 earlier. The pair is expected to remain bullish until prices stay above 133.00 (interim support). A bounce ahead of 133.00 would push the pair towards the levels of 137.00 and 139.00 subsequently. It is hence recommended to remain long and add further, with risk below 133.00. Immediate support is seen at 133.00 (interim), followed by 132.00 and lower, while resistance is seen at 137.00 (interim), followed by 138.00/139.00 and higher.

Trading recommendations:

Remain long and look to add further, stop is set at 132.00, a target is open.

Good luck!

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Gold: analysis for September 28, 2015

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Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,129.22. The intraday trend is downward, so watch only for selling opportunities after retracement. In the daily time frame, we can observe a supply bar in an average volume. In the M15 time frame, we can observe a successful rejection from a point in the control zone ($1,145.80). According to the daily price action, we got support levels at t$1,121.50 and $1,102.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,146.50

R2: 1,147.10

R3: 1,148.00

Support levels:

S1: 1,144.60

S2: 1,144.00

S3: 1,143.00

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

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Technical analysis of GBP/CHF for September 28, 2015

Technical outlook and chart setups:

The GBP/CHF pair bounced from 1.4750 last week and rallied through the levels of 1.4950 before testing the lows again. Also please note that interim rising trend line and Fibonacci 0.618 support were also found around the same levels. It is hence recommended to initiate long positions with risk at 1.4600 now. Immediate support is seen at 1.4700, followed by 1.4600 and lower while resistance is seen at 1.4950 (interim), followed by 1.5100, 1.5350, 1.5400/10, and higher. Bulls are expected to remain in control until prices remain broadly above 1.4700.

Trading recommendations:

Initiate long positions with stop at 1.4600, a target is open.

Good luck!

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EUR/NZD : analysis for September 28, 2015

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Overview:

Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.7451. In the daily time frame, we can observe a supply bar in an average volume. The intraday trend is neutral. According to the M15 chart, we can see weaknesses around our point of control zone (1.7625), so be careful when buying EUR/NZD at this stage, since we may expect more downward movement. We have support at the level of 1.7455. Watch for potential selling opportunities around 1.7625.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7705

R2: 1.7770

R3: 1.7875

Support levels:

S1: 1.7495

S2: 1.7435

S3: 1.7330

Trading recommendations: Be careful when buying and watch for potential selling opportunities.

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Technical analysis of EUR/USD for September 28, 2015

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Trading recommandations:

  • If the GBP/USD pair falls into the bearish market in order to go further towards the strong support at 1.1090 to test it again. However, the resistance is seen at the level of 1.1315 on September 28, 2015. Hence, it will be wise to sell at this level with the first target at 1.1210 (the weekly pivot point), and it will continue moving towards 1.1004 with a view to test the double bottom.

Review:

  • The double top will be formed at the level of 1.1329. This level is going to represent the weekly resistance 1 at the same time.
  • The major support was already found at the level of 1.1090. Moreover, the double bottom is also coinciding with the major support (1.1104).
  • The price hit the weekly pivot point only last week, because of the series of relatively equal highs and equal lows.
  • We expect a new range of 320 pips this week.
  • Scenario: If there is no significant news to influence, the market price will be moving from pivot point to resistance 1 (1.1210). But if there is significant news to influence, the market price may go straight through resistance 1 (1.1315) and reach resistance 2 (1.1435) or weekly pivot point (1.3624) and even resistance 3.
  • If the trend is upward, then the strength of the currency will be defined as follows: EUR is in an uptrend and USD is in a downtrend.
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Technical analysis of GBP/USD for September 28, 2015

The technical analysis of GBP/USD pair:

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Review:

  • The double top of the GBP/USD pair is seen at the level of 1.5293 and the double bottom is going to be set at the 1.5134 level.
  • The next range is expected to be very small around, 159 pips only, in coming days. But we expect a range of 210 - 300 pips this week.
  • Also, the last range was about 433 pips for that the price had hit the pivot point, support 1, and support 2 last week.
  • This week, the major support is found at 1.5140. Resistance had been already faced at the level of 1.5293, which coincides with the ratio of 38.2% Fibonacci retracement and the weekly pivot point.
  • So, according to the previous events, the GBP/USD pair is going to move between 1.5293 and 1.5134.
  • The level of 1.5293 represents the weekly pivot point for September 28, 2015. Therefore, it will be very useful to sell below the level of 1.5293 in the short term with the first target at 1.5163. Moreover, if the trend is able to break the level of 1.5163, it might resume to 1.5134.
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Global macro overview for 28/09/2015

Global macro overview for 28/09/2015:

According to the research conducted by the Centre for Economics and Business Research (CEBR), the BoE is very likely to maintain the key rate at current levels up to the middle of the next year, mainly due to the sluggish global economic recovery. The first rate hike might occur in May or April 2016, and not in February 2016 as previously conducted. Besides, the BoE keeps target inflation at 2% that is closer to that projection and this situation might continue even up to the middle of 2017. Moreover, expects at the CEBR forecast only a gradual rates hike up to the level of 2% and interest rates at this level will be set as a "new normal" for financial markets.

From the technical point of view, the GBP/USD pair is currently trading at the important daily support level of 1.5171. Any breakout lower will be considered bearish in the near-term. The level of 1.5000 might be tested soon.

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Global macro overview for 28/09/2015

Global macro overview for 28/09/2015:

The day is full of events from the US today. One of the most important is Pending Home Sales data scheduled for release at 2pm GMT. Last week, the report on home sales showed mixed data as sales of existing homes decreased in August to a four-month low, but purchases of new homes were much better, rising to a new post-recession high last month. Today, the market expects a slight decrease to 0.4% from 0.5% last month, so any number better than this might be a surprise.

The technical picture for SPY (S&P500 ETF) is still quite unclear, but it is trading inside the bearish zone and below the golden trend line. A breakout below the level of 190.00 will be even more bearish and the test of the recent lows at the level of 182.50 might be seen soon.

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Technical analysis of USD/CAD for September 28, 2015

General overview for 28/09/2015 10:00 CET

There is one more wave to the downside to be completed before the market makes another test of the recent local high at the level of 1.3415. Please notice that the market is still trading inside the neutral zone and only a clear breakout can gives us more clues about further market direction.

Support/Resistnace:

1.3451 - WR1

1.3415 - Intraday Resistnace

1.3352 - Intraday Resistnace

1.3312 - Weekly Pivot

1.3289 - Intraday Support

1.3232 - Intraday Support

1.3208 - WS1

Trading recommendations:

Daytraders should refrain from trading and wait for more clear pattern to occur.

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Technical analysis of EUR/JPY for September 28, 2015

General overview for 28/09/2015 09:50 CET

An alternative count has been invalidated due to wave alt.i and wave alt.iv overlaps. This means the wave (b) reached a low at the level of 133.13 and now one last wave to the upside is missing to complete the overall corrective cycle. Currently, the up move is not clearly impulsive, but any breakout above the golden trend line and above intraday resistance at the level of 135.36 would slightly change the picture to more bullish.

Support/Resistnace:

131.80 - WS2

132.22 - Technical Support

133.13 - Wave (b) Bottom

133.40 - WS1

134.11 - Intraday Support

134.77 - Weekly Pivot

135.36 - Intraday Resistnace

136.36 - WR1

Trading recommendations:

Daytraders should refrain from trading and wait for more clear pattern to occur.

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USDX technical analysis for September 28, 2015

The US Dollar index continues to trade below the horizontal trend-line resistance at the previous highs. The index continues to move towards higher lows approaching a shallow pullback, however bulls need to be cautious at these levels as another rejection could push the index towards 95.50.

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Red line - resistance

The US dollar index continues to trade above the Ichimoku cloud but below important resistance at 96.60. I would remain bullish over the longer term and would buy if the price brakes decisively above the red trend-line resistance. Support is found at the level of 95.50 of the Ichimoku cloud. So, another rejection now will push the price towards that area.

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Red line - resistance

Green line - support

The weekly bullish flag remains intact as the price has been continuing to trade withing the same trading range for some time. It holds above the weekly Ichimoku cloud support and any pullback here should find strong support in the cloud area. Breaking above the red resistance trend line will be a bullish sign that can bring new highs for the index.

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Gold technical analysis for September 28, 2015

Gold price tested the level of $1.150, important resistance of the triangle pattern, on Friday and broke above it. However, the price came sharply back inside the triangle area implying that this breakout was a fake one. Bulls need to hold support at $1.120 reaching a new higher high, otherwise this fake breakout can be interpret as a bearish sign.

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Green lines - triangle

Red line - support

Gold price continues to trade above the Ichimoku cloud. It is above the red trend-line support, but we should not forget the rejection and fake breakout at $1,150. Bulls have not lost the battle yet as the price has made a higher low and holds above support. This is an area to go long and to add above the short-term resistance at $1,151. Breaking above $1,150 again will be a bullish sign and could push the price towards $1,170 in the short term. Support is found at $1,128 and then at $1,105.

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The weekly chart shows how the price remains trapping between the kijun- and tenkan-sen indicators. It is important for bulls to hold above the tenkan-sen (red line indicator) and break above the yellow line indicator. This will confirm a bullish trend at least for the short-term and we might even see a bounce towards the Ichimoku cloud near $1,200 in order to test the longer-term bearish trend.

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Technical analysis of USD/JPY for September 28, 2015

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USD/JPY is turning down. Last Friday, US stocks ended mixed as earlier gains were cut by a selloff in the biotechnology sector. The Dow Jones Industrial Average ended 0.7% higher at 16315, after gaining 1.6% earlier in the session. On the other hand, the S&P 500 fell 0.1% to 1931 and the Nasdaq Composite was down 1.0% at 4686. Nymex crude gained 1.5% to $45.58 a barrel, gold lost 0.7% to $1,146 an ounce, while the 10-year Treasury yield climbed to 2.167% from 2.125% in the previous session. Meanwhile, the US dollar remained stable against the most major currencies as Federal Reserve Chairwoman Janet Yellen hinted that the interest rate hike in 2015 is still alive and well. Besides, the US government reported that the 2Q GDP grew to a 3.9% seasonally adjusted annual rate, up from 3.7% previously estimated. USD/JPY shot up to 121.23 last Friday before entering a consolidation zone.The pair has broken its previous key support and remained on the downside. It is trading below both the 20- and 50-period intraday moving averages (MAs). Meanwhile, the intraday relative strength indicator (RSI) is below the neutrality level of 50 and capped by a declining trend line. The intraday outlook has turned bearish. As long as 120.65 holds as the key resistance, the pair is expected to fall towards the first downside target at 120 and the second one at 119.85.

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 182. A breakout of that target will move the pair further downwards to 181.60. The pivot point stands at 183.85. 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 184.75 and the second target at 185.30.

Resistance levels: 1120.90 121.25 121.65

Support levels: 120 119.85 119.45

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Technical analysis of USD/CHF for September 28, 2015

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USD/CHF is expected to trade with a bullish bias above 0.9740. The pair manages to hold above the key support of 0.9740. It is now challenging its resistance at 0.9810. A breakout above this threshold would open the path to 0.9845 and even to 0.9890 as possible. Meanwhile, the intraday RSI is well above its neutrality level of 50, and the 50-period MA is still positively oriented. Hence, look for a new bounce to 0.9845 and 0.9890.

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 0.9845 and the second target at 0.9890. In the alternative scenario, short positions are recommended with the first target at 0.97 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 0.9665. The pivot point is at 0.9740.

Resistance levels: 0.9845 0.9890 0.9910

Support levels: 0.97 0.9665 0.9615

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Technical analysis of NZD/USD for September 28, 2015

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NZD/USD is expected to trade in a higher range as bias remains bullish. The pair posted a strong rebound from its key support at 0.6355 and remains on the upside. The intraday 50-period MA is heading upwards, acting as support. Besides, the intraday RSI holds above its neutrality level of 50 and lacks downward momentum. Therefore, as long as 0.6305 is not broken, look for further advance to 0.6425 and 0.6455 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 0.6425 and the second target at 0.6455. In the alternative scenario, short positions are recommended with the first target at 0.6305 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 0.6275. The pivot point is at 0.6355.

Resistance levels: 0.6425 0.6455 0.9484

Support levels: 0.6306 0.6275 0.6245

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Technical analysis of GBP/JPY for September 28, 2015

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GBP/JPY is expected to trade with a bearish bias. The pair remains under pressure below the key resistance of 183.85. The immediate trend is downward, but momentum is weak, as the intraday RSI is turning up and calls for caution. Nevertheless, as long as the process of reaching lower highs and lows remains intact, further decline seems more likely to occur to 182 and 181.60 as our targets.

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 182. A breakout of that target will move the pair further downwards to 181.60. The pivot point stands at 183.85. 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 184.75 and the second target at 185.30.

Resistance levels: 184.75 185.30 186.15

Support levels: 182 181.60 181

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Technical analysis of EUR/USD for September 28, 2015

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When the European market opens, no economic reports will be delivered, but the US will release economic data about Pending Home Sales m/m, Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1252.

Strong Resistance:1.1246.

Original Resistance: 1.1235.

Inner Sell Area: 1.1224.

Target Inner Area: 1.1198.

Inner Buy Area: 1.1172.

Original Support: 1.1161.

Strong Support: 1.1150.

Breakout SELL Level: 1.1144.

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 28, 2015

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In Asia, Japan will not release any significant economic data, but the US is expected to release data on Pending Home Sales m/m, Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. 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: 121.03.

Resistance. 2: 120.79.

Resistance. 1: 120.56.

Support. 1: 120.27.

Support. 2: 120.03.

Support. 3: 119.80.

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 28, 2015

EUR/USD: The market is bearish, in which bulls are making relentless effort to push the price upwards. Bulls would not be deemed as being successful until the resistance line at 1.1300 is overcome. Until then, the market will remain bearish.

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USD/CHF: The USD/CHF pair trended upwards in a directional mode last week, going above the resistance level of 0.9800 briefly before closing below it on Friday. There is a possibility that the resistance level might be tried and breached to the upside again. Only a serious stamina could send the USD/CHF pair plunging southwards.

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GBP/USD: The cable fell 400 pips last week, testing the accumulation territory at 1.5150. There is a clean Bearish Confirmation Pattern in the market and the price could still continue its downwards journey by at least 200 pips this week. Accumulation territories at 1.5100 and 1.5000 are potential targets for bears.

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USD/JPY: This is a strong equilibrium market in which there is no clear uptrend or downtrend. It is better for swing and position traders to stay away from the market until a reliable breakout from the strong equilibrium phase takes place; and this would require at least a movement of 200 pips upwards or downwards. Right now, the market is OK for scalpers and intraday traders.

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EUR/JPY: The outlook for the EUR/JPY pair is bearish - though bulls are making serious attempts to push it upwards. EUR/JPY first trended downwards last week, and then it bounced upwards. As long as the price is under the supply zone of 136.00, the outlook is bearish. So, one might not go long until the supply zone is breached to the upside.

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Daily analysis of USDX for September 28, 2015

On the daily chart, there is still a higher high pattern formation in progress above the support level of 95.83. That is why we should remind that the current structure will call for more upside as long as it stays above that territory. A bullish outlook should get invalidated when the USDX does a breakout below the level of 95.26.

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The index is performing a pullback from Friday's highs as it is expected to test the 200 SMA on the H1 chart again. However, it could do a rebound above the support level of 96.15 in order to try another breakout around 96.30, towards the highs reached on Friday. The 200 SMA is turning to neutral territory and the MACD indicator is entering the negative territory.

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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 buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is seen at 96.30, take profit is at 96.47, and stop loss is at 96.13.

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Daily analysis of GBP/USD for September 28, 2015

GBP/USD is approaching key zones on the daily chart, and one of them is the support zone of 1.5169. Remind that a breakout below that territory will open the door to test at the level of 1.5030 in coming days. However, because of the strong downside held since several days ago, the cable could start to perform deeper rebounds.

GBPUSDDaily.png

On the H1 chart, there is currently a bearish structure below the 200 SMA and also a support zone of 1.5166, which is currently acting as bottom. The 200 SMA is still pointing to the downside and this bias should be seen during the week, as GBP/USD could perform another bearish pattern development.

GBPUSDH1.png

Daily chart's resistance levels: 1.5256 / 1.5344

Daily chart's support levels: 1.5169 / 1.5030

H1 chart's resistance levels: 1.5223 / 1.5285

H1 chart's support levels: 1.5166 / 1.5103

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the resistance level is at 1.5166, take profit is at 1.5103, and stop loss is at 1.5229.

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Elliott wave analysis of EUR/NZD for September 28, 2015

2015-09-28-EURNZD-4H.png

Technical summary:

We are closer to the strong support level near 1.7470, which is expected to protect the downside for the next rally higher. A short-term breaout above minor resistance at 1.7646, which will be the first good indication that a bottom is in place for a new rally towards strong resistance at 1.8000. There are no more doubt that the next impulsive rally higher to 1.8683 is unfolding.

It will take an unexpected break below support at 1.7333 to invalidate the upside pressure.

Trading recommendation:

We keep our EUR buy-order at 1.7475 or upon a break above resistance at 1.7646 (one order done cancels the other). Stop will be placed at 1.7325.

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Elliott wave analysis of EUR/JPY for September 28, 2015

2015-09-28-EURJPY-4H.png

Technical summary:

We are entering the final part of the decline from 141.06. Continue to look for a decline closer to 131.45 before a new impulsive rally takes place. In thr short term, we will be looking for a breakout below minor support at 134.75 as the first good indication that the move closer to 131.45 is developing, while a break below support at 134.10 will confirm the decline.

Only an unexpected breakout above resistance at 136.03 will confirm that the bottom is already in place for renewed upside pressure.

Trading recommendation:

Our stop at 134.95 was hit, but we will sell EUR again upon a break below 134.75 with stop placed at 135.50 and take profit at 131.65.

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