Intraday technical levels and trading recommendations for GBP/USD for September 29, 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 the GBP/USD pair with evident resistance.

A 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).

However, recent weekly candlestick came as a bearish engulfing one, 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 previous bullish engulfing weekly candlestick).

Weekly persistence below the price zone of 1.5170-1.5200 is mandatory to allow further bearish decline to occur. On the other hand, persistence above it hinders the current bearish momentum.

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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 one month ago. All of its targets were successfully 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 actions should be watched around the current levels near 1.5150 as it corresponds to the previous prominent weekly bottom.

A short-term buy entry can be offered if enough bullish rejection is expressed around these levels.

On the other hand, daily fixation below 1.5150 allows a quick bearish movement to occur towards the price level of 1.4970 (Weekly Demand Level).

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.

T/P levels to be projected towards 1.5200 (achieved) and 1.5050 (yet to come), while S/L should be lowered to 1.5250 to secure our profits.

On the other hand, a low-risk buy entry can be offered around the weekly demand level at 1.4970. S/L should be placed below 1.4930.

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Intraday technical levels and trading recommendations for EUR/USD for September 29, 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 a 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.

Continuous bullish pressure has been applied until significant bearish resistance was expressed around the levels of 1.1480 and 1.1700.

The market looked overbought as bulls were pushing the price further beyond the 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 rejections (note the recent daily candlesticks).

As anticipated, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested with T/P levels placed at 1.1150 (achieved) and 1.1050 (yet to come).

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 zone of 1.0980-1.1000 (the depicted uptrend line) for a valid buy entry.

S/L should be placed below 1.0950. T/P levels should be placed at 1.1080 and 1.1160.

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Technical analysis of EUR/USD for September 29, 2015

Technical outlook and chart setups:

The EUR/USD pair dropped lower today towards the 1.1200 levels, before bouncing back up again. The pair is testing its 50-day moving average for now around the 1.1220 levels and looking to rally again. As depicted here, the pair could push higher towards the 1.1350 levels (resistance line of consolidation) at least, before reversing lower. It is hence recommended to remain long for now with risk below the 1.1100 levels. Immediate support is seen at the 1.1100 levels followed by 1.1000 and lower, while resistance is seen at the 1.1450 levels followed by 1.1700 and higher respectively.

Trading recommendations:

Remain long for now, stop is at 1.1100, target is 1.1340.

Good luck!

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Technical analysis of NZD/USD for September 29, 2015

Technical outlook and chart setups:

The NZD/USD pair dropped to 0.6300 today as expected and bounced back sharply, after indicating a bullish reversal. Please note that the pair had formed a bullish morning star candlestick pattern on the H4 chart indicating reversal. The pair is looking for an opportunity to break out of the diamond consolidation resistance through 0.6400. It is hence recommended to remain long from yesterday with risk at 0.6200. Immediate support is seen at 0.6300 (interim) followed by 0.6200/25 and lower, while resistance is seen at 0.6400/50 (interim) followed by 0.6500 and higher.

Trading recommendations:

Remain long with stop set at 0.6200, a target is open.

Good luck!

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Technical analysis of AUD/USD for September 29, 2015

Technical outlook and chart setups:

The AUD/USD pair dropped lower and tested recent lows at 0.6930/40 today before bouncing back sharply into the the area around 0.7000 as we can see here. A push through 0.7030/40 is now required to confirm that a meaningful low was formed, and prices could move towards the levels of 0.7540/50 in the days to come. It is hence recommended to remain long with risk around 0.6850. Immediate support is seen at the levels of 0.6900 followed by 0.6800/50 and lower, while resistance is seen at 0.7550 and higher.

Trading recommendations:

Remain long with stop stop at 0.6850, a target is open.

Good luck!

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Technical analysis of GBP/USD for September 29, 2015

Technical outlook and chart setups:

The GBP/USD pair is now seen to be testing recent lows around 1.5130/40. Please note that the pair could drop to the territory around 1.5080/90 (the Fibonacci convergence) before turning bullish again. Only a drop below the level of 1.5050 should be a concern for bulls. It is hence recommended to remain long with risk at 1.4950. Immediate support is seen at the level of 1.5090 levels (interim) followed by 1.4900 and lower, while resistance is seen at 1.5650 followed by 1.5800 and higher.

Trading recommendations:

Remain long with stop set at 1.4950. A target is open.

Good luck!

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Technical analysis of Silver for September 29, 2015

Technical outlook and chart setups:

Silver has bounced off exactly from the expected levels around $14.50 today. Please note that the metal found support at the confluences of trend line and fibonacci levels around $14.50. Furthermore, an engulfing bullish pattern was formed on the H4 chart indicating reversal. The metal should be targeting at the level of $1640.50. It is hence recommended to remain long now with risk at $14.00. Immediate support is seen at $14.25 followed by $14.00 and lower, while resistance is seen at $15.60 followed by $16.40/50 and higher.

Trading recommendations:

Remain long with stop at $14.00, a target is at $16.40/50 and higher.

Good luck!

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Technical analysis of Gold for September 29, 2015

Technical outlook and chart setups:

Gold found support around the levels of $1,125.00, slightly above the levels of $1,120.00, which had been expected. The metal seems to found support at the Fibonacci 0.50 levels looking for an opportunity to rally. Please note that the best buy still remains at $1,120.00. It is recommended to remain long from yesterday with risk at $1,100.00. Immediate support is seen at the levels of $1,120.00 followed by $1,100.00, $1,090.00, and lower, while resistance is seen at $1,150.00/55.00 (interim) 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 29, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around 134.30 now, broadly unchanged from yesterday, having bounced off the levels at 134.00. The pair should find interim support coming in ahead of 133.00, but a breakout below would confirm further downside. Bulls could regain control until prices stay above 133.00. It is hence recommended to remain long with risk at 133.00. Immediate support is seen at the levels of 133.00 (interim), followed by 132.00, and lower, while resistance is seen at 135.20/30 (interim), followed by 137.00, 139.00, and higher.

Trading recommendations:

Remain long with stop set at 133.00, a target is open.

Good luck!

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Technical analysis of GBP/CHF for September 29, 2015

Technical outlook and chart setups:

The GBP/CHF pair dropped through the levels of 1.4700 just below the trend-line support as seen here. Please note that the fibonacci 0.786 support is seen in the area where prices have stalled. A break below 1.4700 would target 1.4600 and lower subsequently. It is recommended to remain long for now with risk at 1.4600. Immediate support is seen at the levels of 1.4600 followed by 1.4450 and lower, while resistance is seen at the levels of 1.4950 followed by 1.5100, 1.5350, and higher. Bulls could possibly regain control until prices stay above 1.4600.

Trading recommendations :

Remain long with stop set at 1.4600, a target is open.

Good luck!

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Technical analysis of USD/JPY for September 29, 2015

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USD/JPY is rebounding upward. US stocks tumbled overnight, dragged by global growth fears reignited by the weak Chinese data and a sell-off in biotech and health care stocks. The Dow Jones Industrial Average dropped 1.9% to 16,001, the S&P 500 fell 2.6% to 1,881, and the Nasdaq Composite plunged 3.0% to 4,543. Nymex crude oil lost 2.7% to $44.45 a barrel and gold slid 1.2% to $1,132 an ounce. The 10-year Treasury yield declined to 2.093%, the lowest level since August 24, from 2.167% in the previous session. Meanwhile, the US dollar was firm against commodity currencies amid falling commodity prices. It is trading above the descending 20- and 50-period intraday moving averages (MAs). The intraday relative strength indicator (RSI) remains within the selling area between 50 and 30, lacking upward momentum. Meanwhile, the first upside target at 120.35 is in sight. A break of this support would trigger a further upward movement towards the second upside target at 120.65 (the low of September 24).

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 120.35 and the second target at 120.65. In the alternative scenario, short positions are recommended with the first target at 119 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 118.70. The pivot point is at 119.25.

Resistance levels: 120.35 120.65 120.95

Support levels: 119 118.70 118.45

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Technical analysis of USD/JPY for September 29, 2015

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USD/CHF is expected to trade with bearish bias below 0.9755. The pair recently broke below its key horizontal level at 0.9726, which triggered a bearish reversal on an intraday basis. The previous support now acts as a key resistance, which should hold on the upside. Furthermore, the RSI is below 50, and also lacks upward momentum. To sum up, the intraday outlook remains negative as long as 0.9755 is not surpassed. Our next down targets are set at 0.9665 and 0.9640 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 0.9665. A breakout of that target will move the pair further downwards to 0.9640. The pivot point stands at 0.9755. 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 0.9775 and the second target at 0.9810.

Resistance levels: 0.9775 0.9810 0.9895

Support levels: 0.9665 0.9640 0.9615

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Technical analysis of NZD/USD for September 29, 2015

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NZD/USD is expected to trade with bullish bias. The pair is trading above its 20- and 50-period MAs and is heading upwards. The intraday RSI is supported by a rising trendline established since September 24 and is above its neutrality level at 50. A support base has formed around 0.6305, which should limit the downside potential. As long as 0.6305 is not broken, the pair is likely to challenge its nearest resistance at 0.64. A break above this level would open an upward path 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 0.6275 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 0.6235. The pivot point is at 0.6305.

Resistance levels: 0.64 0.6425 0.6455

Support levels: 0.6275 0.6235 0.62

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Technical analysis of GBP/JPY for September 29, 2015

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GBP/JPY is expected to trade in a higher range as the bias remains bullish. The pair is trading above its 20-period MA, which acts as a support. Furthermore, the rising 50-period MA suggests that the pair still has potential for further upside. The RSI is above its neutrality level at 50 and lacks downward momentum. Above 180.90, look for a further upside to 182.55 and even 183.30 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 182.55 and the second target at 183.30. In the alternative scenario, short positions are recommended with the first target at 180.45 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 179.80. The pivot point is at 180.90.

Resistance levels: 182.55 183.30 184

Support levels: 180.45 179.80 179

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EUR/NZD analysis for September 29, 2015

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Overview:

Recently, EUR/NZD has been moving upwards.The price tested the level of 1.7895. In the daily time frame, we can observe a demand bar in an average volume. The intraday trend is downward. According to the M15 chart, we can see weaknesses in strong downward momentum. Watch for potential selling opportunities after retracement. Potential target zone is around the prices of 1.7550-1.7450.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7780

R2: 1.7855

R3: 1.7975

Support levels:

S1: 1.7540

S2: 1.7460

S3: 1.7350

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

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Technical analysis of USD/CAD for September 29, 2015

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Overview:

  • The market of the USD/CAD pair is continuing showing signs of strength following the break at 1.3330 for that the pair will probably go up because the downtrend is still strong. The new support was set at 1.3330. This support is coinciding with the ratio of 78.6% Fibonacci retracement levels. Therefore, the trend's resistance was broken and turned into support yesterday. The price broke the EMA(100) in order to hold an uptrend from the level of 1.3416. Besides, the USD/CAD pair has already formed a minor resistance at the level of 1.3416. So the range will be between 1.3416 and 1.3460 levels from now. Accordingly, the market is going to indicate a bullish opportunity at the level of 1.3416 with the first target of 1.3460 and continue towards 1.3500. At the same time, if the trend breaks this level and closes below 1.3368, it will call for downside momentum. It is rather convincing since the structure of the fall does not look corrective. Thereupon, the market will indicate a bearish opportunity at 1.3368. Hence, it will be a good decision to sell at this level with the target of 1.3260 in the short term.
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Technical analysis of NZD/USD for September 29, 2015

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Overview:

  • The key level is 0.6345 because it is representing a daily pivot point. Moreover, the 0.6345 level is coinciding with the ratio of 50% Fibonacci retracement level on the H1 chart on September 29, 2015. We expect a range about 70 - 90 pips today. Equally important, the resistance has been already formed at the 0.6408 level. As it is known, history will probably repeat itself at this level again. So, according to the previous events, the NZD/USD pair has been still moving between 0.6408 and 0.6321 (daily support). Therefore, it will be a good decision to sell below 0.6408 with the first target of 0.6360 and 0.6345. If the trend breaks the daily pivot point (0.6345), it will call for a downtrend in order to continue its bearish movement towards 0.6320. On the other hand, the stop loss should never exceed your maximum exposure amounts, so the stop loss should be placed above the resistance at the price of 0.6431.

Observations:

  • If the trend is upward, then the strength of the currency will be defined as follows: NZD is in an uptrend and USD is in a downtrend.
  • Major support will be at the level of 1.6320.
  • Major resistance will be at the level of 0.6408.
  • We expect a new range up to 88 pips this week.
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Gold : analysis for September 29, 2015

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Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,124.11. The intraday trend is downward, so watch only for selling opportunities after retracement. In a 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 ($1,133.25). According to the daily price action, we got support levels at t$1,121.50 and $1,102.00. Today, we got 2 point of control. One is at the level of $1,132.40 and second is at the level of $1,126.50.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,132.80

R2: 1,133.00

R3: 1,133.15

Support levels:

S1: 1,132.70

S2: 1,132.50

S3: 1,132.30

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

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Daily analysis of major pairs for September 29, 2015

EUR/USD: On Monday, this pair made some heartwarming bullish effort, which is also observed in most other EUR pairs. The bullish effort that happened on Monday was not serious enough to override the extant bearish bias in the market. Nevertheless, any movement above the resistance line at 1.1300 would jeopardize the existing bearish outlook.

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USD/CHF: The USD/CHF pair performed a large pullback yesterday, but that was not enough to override the extant bullish outlook. Only a movement below the support level of 0.9650 could render the bullish outlook invalid; and for that to happen, a significant rally in the EUR/USD pair is needed.

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GBP/USD: The GBP/USD pair consolidated on Monday. There is a clear Bearish Confirmation Pattern in the market and the price could still continue its journey by at least 200 pips down this week. The 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 there is a reliable breakout from the strong equilibrium phase; and this would require at least, a movement of 200 pips upwards or downwards. The market is OK right now for scalpers and intraday traders.

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EUR/JPY: The outlook for EUR/JPY is bearish, though bulls are making a serious attempt to push it upwards. There is a need to move further upwards by at least 250 pips before the bearish outlook can become illogical. Until that happens, this is a bearish market.

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USDX technical analysis for September 29, 2015

The US Dollar Index got rejected once again at the horizontal resistance of a previous high at 96.60 and pulled back towards the Ichimoku cloud support as expected. I prefer to stay neutral as long as the price is below this resistance level or buy when the price approaches the cloud support.

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Red line - resistance

The US Dollar Index is testing the cloud support at 95.75. Now, it seems that bulls are in control of this pullback. Breaking above 96.60 will be a very important buy signal that will probably bring the index to 98.

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Red line - resistance

Green line - support

The US Dollar Index remains above the weekly cloud support trying to reach the weekly downward sloping red trend line resistance of the bullish flag pattern. Breaking above the red trend line will give us a new weekly buy signal with new highs as target.

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Gold wave analysis for September 29, 2015

Gold price is moving in a wave 2 right now. Gold price should find support at $1,12 where the 61.8% Fibonacci retracement of a move to $1,157 from $1,100 is seen. A breakout below $1,100 will cancel my bullish scenario.

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Green line - triangle pattern

Red line - projected price move

Gold price is testing the Ichimoku cloud support. The lower cloud boundary is also the 61.8% Fibonacci retracement of wave (1). I expect the price to reverse upwards any time soon. That is why I started buying near $1,137 yesterday. The stop for longs should be placed at the level of $1,100 amid this wave count. I expect the price to reverse strongly upwards.

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The weekly chart shows how the price is testing the tenkan-sen (red indicator) support. I expect it to bounce from this support area towards at least the kijun-sen resistance of $1,150. Gold price could be forming a couple of 1-2 waves before the strong 3rd wave up takes place, so bears should be very cautious.The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 29/09/2015

Global macro overview for 29/09/2015:

Amid last week's great drawdown in crude oil inventories (-1.900K vs. -0.5K expected), this weeks figures are being approached with more caution as the market participants expect a -3700K contraction. The Middle East oil producers still have intention to support the high production output in terms of the oversupplied market. Mounting concerns over the global economic growth are adding fuel to the fire for commodity bears. The contagion of lower prices is spreading to other commodities markets. Thus, shares of Glencore, the mining industry giant, crashed 27%on Tuesday after a 29% plunge in the previous day.The sentiment towards this market is clearly negative.

Ahead of the news release, crude oil prices are trading inside the consolidation zone and still below the golden trend line. Moreover, since the beginning of the week, crude prices are trading below the daily moving average of 55,100 and 200. This might be another clue that supports the negative near-term outlook for this market.

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Global macro overview for 29/09/2015

Global macro overview for 29/09/2015:

The Consumer Price Index (CPRI) preliminary figures are due to be released today at 12:00 GMT. The number is expected to post a small decline to the level of -0,1% from 0,0% a month ago. Together with Harmonized Index of Consumer Prices, this data will be closely watched as they are the main indicator of inflation and changes in purchase trends. This figures are seriously treated by the ECB as the CPI has been gradually increasing from its low reached in February 2015.

The EUR/USD keeps trading inside the congestion zone between the resistance at the level of 1.1298 and support at the level of 1.1086. Only a clear breakout above the level of 1.1297 would seriously challenge the next resistance at the level of 1.1373.

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Technical analysis of EUR/JPY for September 29, 2015

General overview for 29/09/2015 08:40 CET

Despite breaking below yesterday's intraday support at the level of 134.11, the market was not determined to follow up with a decline and turned back to the weekly pivot at the level of 134.77. From the Elliott wave perspective, the market should now reach another high in order to continue with the wave (c) blue to the upside, but that recovery does not look impulsive. There is a possibility that the market will continue with more complex and time-consuming wave (b) blue now (some sort of complex pattern). Only a valid breakout above the trend line might start the impulsive wave (c) progression to the upside.

Support/Resistnace:

131.80 - WS2

132.22 - Technical Support

133.13 - Wave (b) Bottom

133.40 - WS1

133.92 - 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 as there is not a good moment to open any traders.

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Technical analysis of USD/CAD for September 29, 2015

General overview for 29/09/2015 08:30 CET

The wave b purple correction went all the way up to the intraday resistance at the level of 1.3416, but there is still uncompleted downside cycle for wave ii blue. Nevertheless, a daily close above 1.3416 will invalidate the main count. An alternative labeling would include an ending diagonal pattern due to many overlapped waves inside this potential structure. The growing bearish divergence in the higher time frames supports this view.

Support/Resistnace:

1.3451 - WR1

1.3415 - 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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Elliott wave analysis of EUR/NZD for September 29, 2015

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Technical summary:

We have seen an almost perfect touch down of our target near 1.7455 (the low came in at 1.7454). The next important thing to watch for is a break above resistance at 1.8000 that would call for a continuation higher to 1.8683.

In the short term, we will ideally see minor support at 1.7759 protecting the downside for the test of 1.8000 and a break above this line.

Trading recommendation:

We are long EUR from 1.7475 and will move our stop higher to 1.7450.

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Elliott wave analysis of EUR/JPY for September 29, 2015

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Technical summary:

We are still locked inside the descending channel continuing to look for a final decline to 131.45 before a firm bottom is expected to be in place for a rally back to 141.06 and above it.

In the short term, resistance at 135.38 should be able to protect the upside for a break below minor support at 133.94, confirming the next part of a decline closer to 131.45. An unexpected breakout above 135.38 could be the first strong indication that the bottom is already in place 132.26 and the next impulsive rally is about to take off.

Trading recommendation:

We will buy EUR at 131.65 or upon a break above 135.38 (one order don cancels the other

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Daily analysis of USDX for September 29, 2015

The USDX is forming a higher high pattern on the daily chart, after a consolidation performed above the support zone around the level of 95.83. However, a breakout above the resistance zone of 96.38 will expose the index to test the zone of 96.91, which is still a key sell zone for the USDX. A pullback should not be discarded at this stage.

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On the H1 chart, the USDX is trying to perform a rebound above the 200 SMA, which is acting as dynamic support. The current structure is still calling for more upside moves, as the index is still holding above the last important lows reached during the last week at least. The 200 SMA is turning neutral and the MACD indicator remains at the negative territory.

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: 96.15 / 96.30

H1 chart's support levels: 95.94 / 95.77

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 96.15, take profit is at 96.30, and stop loss is at 96.00.

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Daily analysis of GBP/USD for September 29, 2015

On the daily chart, GBP/USD has been trading above the support level of 1.5169, where we expect a strong rebound, which should take this pair to higher levels. Current structure is calling for more downside room, but before further bearish moves. The cable should correct the decline held from the pullback around the 200 SMA.

GBPUSDDaily.png

The cable continues trading sideways, as the pair keeps trading above the support level of 1.5166, where a breakout should happen to test the next key low zone around the level of 1.5103. However, as the corrections could be extended, the GBP/USD pair will test the resistance at 1.5223 again.

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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.

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

GBP/USD intraday technical levels and trading recommendations for September 28, 2015

GBPPPPPdaily.png

Overview:

On April 9, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was reached. That is where the depicted bullish trend was initiated.

The next bullish swing extended up to the levels of 1.5750-1.5800, which offered valid sell entries for risky traders (depicted with red numbers).

Recently, strong bullish pressure was applied to the resistance level of 1.5800 via the recent bullish swing.

That is why, the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the depicted Head and Shoulders pattern was confirmed.

The support level of 1.5555 got breached by the end of the previous month due to excessive bearish pressure which originated at 1.5800.

On the other hand, a valid sell entry was suggested around the depicted resistance zone of 1.5470-1.5540 with Stop Loss located above the level of 1.5580 (mid-range of the consolidation zone).

The current support zone for the GBP/USD pair is located at 1.5200-1.5170 where a valid intraday buy entry can be offered if enough bullish rejection is expressed.

On the other hand, bearish persistence below the level of 1.5170 allows further bearish decline towards the level of 1.5130 initially and then towards 1.5050.

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USD/CAD intraday technical levels and trading recommendations for September 28, 2015

cadweekly.pngcaddaily.png

Overview:

Several months ago, when bulls pushed the price above the 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).

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 was expected. However, bulls bypassed this level last 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 resistance zone of 1.3350-1.3400.

Moreover, bearish persistence below 1.3270 (Fibo Expansion 100% level) is needed to expose the next support level around 1.3070, 1.2910, and 1.2750 where long-term buy entries can be considered.

Trading recommendations:

A counter-trend sell entry can be offered at the current levels around 1.3350 (Fibonacci Expansion 100% and 141% levels). S/L should be placed above the level of 1.3450. 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.

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

Technical analysis of EUR/USD for September 29, 2015

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When the European market opens, economic news about the Italian 10-y Bond Auction, Spanish Flash CPI y/y, German Prelim CPI m/m, and German Import Prices m/m is due to be released.The US will unveil economic data on the CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, and Goods Trade Balance. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1284.

Strong Resistance:1.1278.

Original Resistance: 1.1267.

Inner Sell Area: 1.1256.

Target Inner Area: 1.1230.

Inner Buy Area: 1.1204.

Original Support: 1.1193.

Strong Support: 1.1182.

Breakout SELL Level: 1.1176.

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

Technical analysis of USD/JPY for September 29, 2015

!_USDJPY.jpg

In Asia, Japan will not release any economic data, but the US will publish data on the CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, and Goods Trade Balance. 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: 120.25.

Resistance. 2: 120.01.

Resistance. 1: 119.78.

Support. 1: 119.55.

Support. 2: 119.31.

Support. 3: 119.02.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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

Intraday technical levels and trading recommendations for GBP/USD for September 28, 2015

gbpusdweekl.png

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 the GBP/USD pair with evident resistance.

A 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).

However, recent weekly candlestick came as a bearish engulfing one, 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 previous bullish engulfing weekly candlestick).

Weekly persistence below the price zone of 1.5170-1.5200 is mandatory to allow further bearish decline to occur. On the other hand, persistence above which, hinders the current bearish momentum.

gbpusddaily.png

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 one month ago. All of its targets were successfully 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 actions should be watched around the level of 1.5170 as it corresponds to a previous weekly double bottom.

A short-term buy entry can be offered if enough bullish rejection is expressed 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.

T/P levels to be projected towards 1.5200 (achieved) and 1.5050 (yet to come), while S/L should be lowered to 1.5380 to offset the risk.

On the other hand, a perfect buy entry can be offered around the prominent demand level at 1.4970 if more bearish movement is achieved. S/L should be placed below 1.4930.

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

Intraday technical levels and trading recommendations for EUR/USD for September 28, 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 a 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).

eurusddaily.png

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.

Continuous bullish pressure has been applied until significant bearish resistance was expressed around the levels of 1.1480 and 1.1700.

The market looked overbought as bulls were pushing the price further beyond the 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 rejections (note the recent daily candlesticks).

As anticipated, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested with T/P levels placed at 1.1150 (achieved) and 1.1050 (yet to come).

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 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.

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