USD/CAD intraday technical levels and trading recommendations for July 28, 2016

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On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of significant bearish rejection was manifested during recent consolidations.

On May 18, temporary bullish fixation above 1.3000 (61.8% Fibonacci level) opened the way towards the 1.3180 level where significant bearish pressure was originated.

Bearish persistence below 1.3000-1.2970 (61.8% Fibonacci level) was needed to enhance bearish momentum in the market.

However, recent signs of bullish recovery were manifested around the price level of 1.2650 on June 9.

Daily fixation above 1.2980 (61.8% Fibonacci level) allows a quick bullish movement towards 1.3300 (50% Fibonacci Level) where price action should be watched for significant bearish rejection and a valid SELL entry.

On the other hand, daily fixation below 1.3000 is needed to allow further bearish decline.

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NZD/USD Intraday technical levels and trading recommendations for July 28, 2016

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Bullish persistence above 0.6550 (depicted support) was necessary to keep the price moving towards higher bullish targets.

In February and March, signs of bearish rejection (triple-top reversal pattern) were expressed around the price level of 0.6750 until April when a bullish breakout above 0.6750 and 0.6860 was executed.

Later on May 6, daily candlestick closure below the 0.6850 level enhanced a quick bearish movement towards 0.6750 where bullish rejection was expected to be applied. However, obvious bearish closure below 0.6750 was achieved on May 24.

On May 30, obvious bullish rejection was expressed around the price level of 0.6675 (the lower limit of the depicted channel). That is why, the recent bullish breakout is taking place above 0.6860.

As long as the NZD/USD pair kept trading above 0.6860, further bullish advancement was expected towards the price zone around 0.7200 (upper limit of the depicted channel).

As anticipated, the price zone of 0.7150 - 0.7200 (upper limit of the depicted channel) offered a profitable SELL trade. T/P levels should be located at 0.6970, 0.6900, and 0.6850. S/L should be lowered to 0.7100.

On the other hand, the price zone between 0.6760 - 0.6860 constitutes a significant support zone to offer a bullish rejection and a valid BUY entry if the current bearish swing extends below 0.7000.

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Intraday technical levels and trading recommendations for GBP/USD for July 28, 2016

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Since January 2016, bullish persistence above 1.4500 was mandatory to maintain enough bullish strength in the market.

However, the previous weekly candlesticks maintained their bearish persistence below the depicted weekly supply zone (below 1.4470), which allowed further bearish decline to occur.

The prominent demand level located at 1.3845 (historical bottom that goes back to March 2009) provided a significant bullish rejection and a bullish engulfing weekly candlestick on February 26.

Bullish fixation above 1.4670 allowed further bullish advancement initially towards 1.4950 (weekly supply) where significant bearish rejection was expressed.

The price zone between 1.3845 and 1.3550 (historical bottoms in January 2009) was considered a significant demand zone to be watched for bullish recovery.

However, by the end of June, a significant bearish breakdown below 1.3550 was expressed as depicted on the charts.

Note that the price zone of 1.3845-1.4040 now constitutes the recent supply zone to be watched for new SELL entries if any bullish pullback extends above 1.3550.

On the other hand, bearish persistence below the demand level at 1.3550 enhances the bearish scenario.

A bearish decline should be expected towards 1.2700 (nearest bearish projection target) where price action should be watched for a possible short-term BUY entry.

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Intraday technical levels and trading recommendations for EUR/USD for July 28, 2016

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In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450.

In March 2015, the EUR/USD bears challenged the next monthly demand level around 1.0570, which had been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.

Again in February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the bullish pullback.

That is why, recent bearish rejection was expected around the current price levels (see the monthly candlesticks of May and June).

In the longer term, the level of 0.9450 will remain a projected bearish target if the current monthly candlestick closes below the depicted monthly demand level of 1.0570.

On the other hand, note that a monthly candlestick closure above 1.1400 invalidates this bearish outlook on the medium-term (low probability).

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Similar to what happened in October 2015, the supply zone of 1.1410-1.1550 constituted a significant resistance zone for the EUR/USD pair.

Later on May 18, daily persistence below the levels of 1.1400 and 1.1200 was needed to ensure enough bearish momentum towards the 1.1100 and 1.1000 levels. However, a lack of bearish pressure was manifested on June 1.

Hence, the recent bullish closure above 1.1200 enhanced further bullish advancement towards 1.1400 where evident signs of bearish rejection and a valid SELL entry were previously suggested. That's why, obvious bearish breakout of 1.1200 level took place on June 16

However, evident bullish rejection around 1.1130 (depicted uptrend line) brought the EUR/USD pair above 1.1200 again.

As anticipated, the recent bullish pullback towards the zone of 1.1400 offered a valid SELL entry. All T/P levels were successfully reached.

The long-term outlook for the EUR/USD pair remains bearish according to the monthly chart. Bearish fixation below 1.1000 is needed to enhance this bearish scenario.

On July 8, recent bullish recovery was manifested around the price zone of 1.1000-1.0950 (previous consolidation range), but on July 15 significant bearish pressure was applied around 1.1150.

This week, bearish fixation below 1.1000 allows a quick decline towards 1.0820 (key level 2) where price action should be watched.

On the other hand, if the EUR/USD pair keeps trading above the price zone of 1.1000-1.0950 (previous consolidation range), further advance towards 1.1100,1.1170 and 1.1220 should be expected.

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GBP/CHF Technical Analysis for July 28, 2016.

Technical outlook and chart setups:

An extremely short-term wave count has been produced here (15 minutes). The GBP/CHF pair has completed a 5-wave impulse from the lows at 1.2860 levels earlier, through 1.3080 levels as depicted here with arrows. Furthermore, the pair has also produced a corrective drop (3 waves) towards 1.2920/30 levels as seen here. Besides, please note that the pair is bouncing off the fibonacci 0.618 support of the earlier rally. It is seen to be trading 1.2946 levels at this moment, looking to stage an impressive rally going forward. It is hence recommended to remain long for now with risk at 1.2850 levels. Immediate support is seen at 1.2850 levels while resistance is seen at 1.3070/80 levels respectively. Bulls are expected to remain in control from here on.

Trading recommendations:

Remain long for now, stop at 1.2850, and a target 1.3250.

Good luck!

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Gold analysis for July 28, 2016

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Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,342.00 in a high volume. The price reached second target at the level of $1,334.70. According to the 4H time frame, there is a still strong upward pressure on the market. Price is heading to test third target point Fibonacci expansion 161.8% at the price of $1,348.90. Be careful when selling and watch for buying opportunities on the dips.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,349.60

R2: 1,350.65

R3: 1,352.30

Support levels:

S1: 1,346.25

S2: 1,345.20

S3: 1,343.50

Trading recommendations for today: selling looks risky, watch for buying opportunities.

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EUR/JPY Technical Analysis for July 28, 2016.

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading at 116.00/10 levels at this moment, after having reversed from 114.50 levels earlier. The pair has since traded flat and there is no major structural changed for now. Please note that the expanded flat structure seems to have terminated at 114.50 levels and the pair is now expected to rally towards fresh highs above 118.50 levels going forward. The wave structure also reveals that the pair had unfolded into 5 waves from 109.50 levels (not seen here) and has now unfolded as a flat retracement towards fibonacci 0.50 levels at 114.50. It is hence recommended remain bullish from these levels and also on dips towards 115.00 levels, with risk below 114.50. Immediate intermediary support is seen at 114.50 levels, while resistance is at 117.50 levels respectively. Bulls are expected to remain in control till prices stay above 114.50 levels.

Trading recommendations:

No change. Remain long now, stop below 114.50, a target is open.

Good luck!

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Silver Technical Analysis for July 28, 2016.

Technical outlook and chart setups:

Silver is seen to be trading at $20.38 levels for now, after having made highs at $20.45 levels earlier. Please make note that Silver had produced a huge bullish engulfing candlestick pattern right after hitting lows at $19.30 levels, indicating that the follow up rally has been in line with expectations. Bulls are expected to remain in control for short term, before the metal carves out a lower top ahead of $21.13 levels. The wave structure also indicates that a flat is underway and the metal is expected to turn lower from around $20.50/80 levels. It is recommended to remain flat for now and look to go short at higher levels; aggressive traders may remain long with risk below $19.25 levels. Immediate interim support is seen at $19.20 levels, while resistance is at $21.13 levels respectively.

Trading recommendations:

Please book profits on long positions. Conservative traders look to go short at $20.50/80 levels.

Good luck!

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EUR/NZD analysis for July 28, 2016

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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5650 in a high volume. According to the 4H time frame, I found strength in the background. I found bullish outside bar formation and morning star formation, which are signs that selling looks risky. The price rejection from Fibonacci retracement 38.2% at 1.5555. Be careful when selling and watch for buying opportunities. Take profit level is set at the price of 1.5830.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5675

R2: 1.5715

R3: 1.5777

Support levels:

S1: 1.5545

S2: 1.5505

S3: 1.5440

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

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Gold Technical Analysis for July 28, 2016.

Technical outlook and chart setups:

Gold is seen to be trading at $1,341.00/42.00 levels at this moment, as expected and discussed earlier. Please note that the metal broke out of the tight consolidation range just ahead of Fed rate. The yellow metal is seen to be in its last leg rally towards $1,350.00/60.00 levels. The wave structure also indicates that the drop from $1,375.00 through $1,310.00 levels is impulse (5 waves) and a 3 wave counter trend rally has also followed through. Bulls would want to remain in control till about $1,350.00 levels going forward. It is hence recommended to remain long for now with risk below $1,330.00 levels, taking some profits is also favorable. Immediate support is seen at $1,335.00 levels, while resistance is at $1,350.00 levelsrespectively.

Trading recommendations:

Remain long, stop below $1,330.00, targeting $1,350.00. Then turn lower.

Good luck!

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Technical analysis of NZD/USD for July 28, 2016

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Overview:

  • The NZD/USD pair broke resistance at 0.7076 which turned into strong support yesterday. This level coincides with 61.8% of Fibonacci retracement which is expected to act as major support today. Equally important, the RSI is still signaling that the trend is upward, while the moving average (100) is headed to the upside. Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend. This suggests that the pair will probably go above the daily pivot point (0.7070) in the coming minutes. The NZD/USD pair will demonstrate strength following a breakout of the high at 0.7075. Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.7075 with the first target at 0.7185. Then, the pair is likely to begin an ascending movement to 0.7200 mark and further to 0.7247 levels. The level of 0.7247 will act as strong resistance, and the double top is already set at the same price (0.7247). On the other hand, the daily strong support is seen at 0.7000. If the NZD/USD pair is able to break out the level of 0.7000, the market will decline further to 0.6923.
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Daily analysis of major pairs for July 28, 2016

EUR/USD: The EUR/USD pair has assumed a bullish movement, which started yesterday. There is now a bullish bias in the market, and price could go further upwards, reaching the resistance lines at 1.1100, 1.1150. The bullish movement would continue as long as USD shows short-term weakness.

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USD/CHF: This pair tumbled yesterday, owing to the short-term weakness in USD. Price is expected to continue trending further and further downwards, reaching the support levels at 0.9750 and 0.9700. This would be achieved this week or next week unless the situation changes.

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GBP/USD: The GBP/USD pair has generated a bullish signal in the short term. Price is above the EMA 56, and the RSI period 14 is above the level 50, but there would not be a Bullish Confirmation Pattern in the market until the EMA 11 itself is above the level 50. Unless this happens, there would be a risk of a bearish movement.

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USD/JPY: Although in a precarious situation, the bearish signal in this market is a valid thing. The downward movement has resulted in a bearish signal, and a further downwards trend is expected, which would enable price to reach the demand levels at 104.00 and 103.50. The demand level at 104.00 was previously tested and it would be tested again.

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EUR/JPY: The outlook on this cross is similar to that of the USD/JPY pair. Although in a precarious situation, the bearish signal in this market is a valid thing. The downward movement has resulted in a bearish signal, and further downwards trend is expected, which would enable price to reach the demand zones at 115.50 and 115.00. The demand level at 115.00 was previously tested and it would be tested again.

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Technical analysis of USD/CHF for July 28, 2016

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Overview:

  • As expected the USD/CHF pair continues to move downwards from the zone of 0.9950 and 0.9905. Yesterday, the pair dropped from the level of 0.9950 to 0.9830. Today, resistance is seen at the levels of 0.9905 and 0.9950. So, we expect the price to set below the strong resistance at the levels of 0.9905 and 0.9950; because the price is in a bearish channel now. The RSI starts signaling a downward trend. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9905 with the first target at 0.9789 and further to 0.9738 in order to test the daily support. If the USD/CHF pair is able to break out the daily support at 0.9738, the market will decline further to 0.9687 to approach support 3 which coincides with a ratio of 38.2% Fibonacci on the daily chart today. Besides, it should be noted that the price spot of 0.9905 and 0.9950 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.9955 is not breached. However, it would also be wise to consider where to place a stop loss; this should be set above the double top of 0.9955.
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Technical analysis of USDX for July 28, 2016

The Dollar index had a volatile session yesterday due to the FOMC last night. Yesterday price got rejected once again at the resistance of 97.60; it reversed and broke below 96.70 the breakout level confirming the false breakout. This is a bearish signal that will put pressure on the Dollar for at least a week.

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Black line - breakout level

Blue line - trend line support

Red lines - long-term trading range

The Dollar index is testing the 4-hour Kumo support and the trend line support. Breaking below 96.50 will be a bearish sign. In this case it will open the way for a deeper correction towards 95, at least. Resistance is at 97. We have now a confirmed false breakout and reversal. This is bearish.

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The weekly candle got rejected at the upper cloud boundary. Price is now testing the lower cloud boundary and could very easily push lower towards the weekly kijun-sen. This support is just above 95. So, the weakness that will push the dollar index towards 95 is expected as long as the price is below 97.

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Technical analysis of Gold for July 28, 2016

Gold price has bounced towards $1,350 as we expected after breaking above $1,325. Price has reached the 50% retracement of the decline from $1,375 and is expected to reverse lower again to new lows below $1,310.

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Red line - trend line resistance (broken)

Gold price has bounced towards the upper cloud boundary in the 4 hour chart and has retraced 50% of the decline. Price bounced just above the 38% Fibonacci retracement from $1,200 to $1,375. A reversal is now expected. Price might move a bit higher closer to $1,350 but overall I believe we should expect a move towards $1,270 next.

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Blue lines - bullish channel

Gold price remains inside the bullish channel and above cloud support in the 4-hour chart. Support is at $1,310 and if broken we should expect a move at least towards $1,290-80. An exit out and below the channel will confirm the top is in and a big correction towards $1,250-$1,180 has started.

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Global macro overview for 28/07/2016

Global macro overview for 28/07/2016:

The Durable Good Orders index is quite important indicator of the US economic output and big contributor to the US GDP. The recent data from this sector of economy did not matched the global investors expectations: the expected figure was at the level of 0.3%, a little higher from -0.4% last month, but the released number was -0.5%. Nevertheless, it is worth to mention, that the durable orders report stands in contrast to other recent data suggesting the US manufacturing sector stabilized in June. In conclusion, the US economists might lower their second-quarter growth forecasts as the inventories of durable goods fell for a sixth straight month.

Let's now take a look at the EUR/USD technical picture at the 4H time frame. The golden trend line has been violated after the yesterday's news and now the bulls are pushing the price higher towards the next resistance at the level of 1.1108 and 1.1169. Nevertheless, the market still trades inside of the post-Brexit congestion zone and neither bulls nor bears have a direct advantage right now. Sideways trend will continue until one of the sides will violate one of the important levels.

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Global macro overview for 28/07/2016

Global macro overview for 28/07/2016:

The U.S. Federal Reserve ended its two day Federal Open Market Committee (FOMC) meeting and it decided to keep the interest rate unchanged at the level of 0.50%. Due to the fact that no press conference has been scheduled after the meeting, the market participants have focused on FOMC Statement. The most important line from this paper was: "near-term risks to the economic outlook have diminished", which is a quite hawkish point of view. Nevertheless, this information was not good enough for the US Dollar to rally higher, so the global investors are waiting for the FOMC Minutes release within next three weeks to check if any internal FED debates were more biased towards a rate hike this year.

Let's now take a look at the US Dollar index technical picture at the daily time frame. The key resistance area marked as a grey rectangle has shown to be a tough zone to crack for bulls so far and the price reversed towards the lower channel boundary around the level of 96.50. Nevertheless, the outlook still looks bullish, but to confirm this scenario, the bulls must break out above the golden trend line around the level of 97.57. Otherwise the bears will take the control over this market once again.

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NZD/USD Trading Recommendations for 28th July 2016

Price has almost reached our profit target since yesterday. Today we play a bigger rise up to 0.7207 which is the inverse head and shoulder bullish exit potential. Our first take profit level would be 0.7178 which is a fibonacci retracement level to be wary of.

We can see that RSI is holding well above our ascending support line which supports this bullish rise we're expecting.

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Trading Recommendations :

Buy at 0.7075 pullback or above it

Stop loss at 0.7015

Take profit at 0.7178

Take final profit at 0.7207

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Technical analysis of EUR/JPY for July 28, 2016

General overview for 28/07/2016:

The new, upward wave progression might be currently developing, but to confirm this scenario, the market must break out above the highs at the level of 118.38 in an impulsive fashion. The 61% Fibo at the level of 116.93 is the most important level for bears as any break out higher will directly expose the recent swing top. Otherwise the correction in the wave b green might evolve into more complex and time-consuming.

Support/Resistance:

119.22 - WR2

118.38 - Wave b Top

117.63 - WR1

116.88 - Weekly Pivot

115.48 - Intraday Resistance

115.34 - WS1

114.81 - Technical Support

114.57 - WS2

113.73 - 61% Fibo

113.01 - WS3

Trading recommendations:

All sell orders from last week should now be closed as the TP at the level of 115.48 has been hit. Please note that the next TP for the sell orders is at the level of 113.73.

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AUD/CAD Short Term Scalping Opportunity | 28th July 2016

We see the price test 0.9890 resistance level once again which it has reacted off strongly 5 times so far. We'll look to play the reaction off this level for a drop to 0.9840. The 0.9890 is a fractal resistance (graphical + fibonacci retracement + Stochastics resistance) which makes this a very strong level. Our stop loss is right at 0.9910 so we'll be out with a small loss if we get it wrong.

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Trading Recommendations :

Sell now

Take profit at 0.9840

Stop loss at 0.9910

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Technical analysis of USD/CAD for July 28, 2016

General overview for 28/07/2016:

The top for the wave Y brown seems to be in place at the level of 1.3251 and now the decline towards the lower levels might start. At this moment it is quite unclear whether the drop will be more impulsive or more corrective in nature, so patience is needed. Nevertheless, the weekly pivot at the level of 1.3090 is the key level to the downside. Any break out below this level will lead to the test of intraday support at the level of 1.3055.

Support/Resistance:

1.3255 - WR1

1.3186 - Intraday Resistance

1.3159 - Intraday Resistance

1.3123 - Intraday Support

1.3090 - Weekly Pivot

1.2998 - WS1

1.2835 - WS2

Trading recommendations:

Traders should consider opening sell orders from the current price levels with SL just above the level of 1.3252. TP is open for now.

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Elliott wave analysis of EUR/NZD for July 28 - 2016

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Wave summary:

The failure to break above the minor resistance-line from 1.5837 has prolonged the corrective decline in wave ii and we need to allow for a move closer to the 61.8% corrective target of wave i at 1.5403 as long as the minor resistance-line currently near 1.5640 is able to protect the upside.

However, from support at 1.5403 or a direct break above the minor resistance-line a nice buying opportunity is expected for a rally towards 1.6738 and possibly even higher.

Trading recommendation:

We are long EUR from 1.5510 and will take profit here at 1.5560. We will re-buy EUR at 1.5415 with a stop at 1.5315 or upon a direct break above 1.5640.

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Elliott wave analysis of EUR/JPY for July 28 - 2016

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Wave summary:

The failure to rally above minor resistance at 116.71 has prolong the consolidation in red wave ii and we need to allow for a decline closer to 115.42 before red wave ii finally is complete and red wave iii will be ready to take over for a rally towards 120.02.

To confirm that red wave ii is complete a break above minor resistance at 116.71 and more importantly a break above resistance at 117.15 will be needed.

Trading recommendation:

We are still looking for a buying opportunity at 115.55 with stop placed at 114.40 or upon a break above 117.15.

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Technical analysis of USD/JPY for July 28, 2016

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USD/JPY is under pressure. The pair is accelerating on the downside this morning following yesterday's bearish breakout of its 50-period moving average support. In addition, the 20-period (30-minute chart) moving average also crossed below the 50-period one (a bearish signal). The relative strength index is heading downward, without showing any reversal signal.

Market Commentary:

On Wednesday U.S. stocks ended little changed as they largely did not react to the U.S. Federal Reserve's decision to hold interest rates steady and the following FOMC statement. The Dow Jones Industrial Average edged down 1 point to 18472, the S&P 500 slipped 2 points to 2166, while the Nasdaq Composite added 29 points or 0.6% to 5139. Better-than-expected earnings helped Apple Inc. rise 6.5%.

Traders now widely expect the U.S. central bank to raise interest rates in September at the earliest as it upgraded its assessment of the economy's recent performance and pointed out that "near-term risks to the economic outlook have diminished."

European stocks remained on the upside with the STOXX Europe 600 rising 0.4%. Germany's DAX gained 0.7% while the U.K.'s FTSE 100 was up 0.4%.

U.S. government bonds strengthened pressing the benchmark 10-year Treasury yield to 1.516% from 1.561% on Tuesday. Gold jumped 1.5% to $1,339 an ounce and silver soared 3.7% to $20.34 an ounce. Nymex crude oil steepened its downtrend by dropping another 2.3% to $41.92 a barrel.

On the forex front, the Fed's rather hawkish statement did not help the U.S. dollar much as the currency weakened against other major currencies. EUR/USD rose 0.6% to 1.1055 and GBP/USD was up 0.7% to 1.3220.

The Japanese yen shot up to 106.53 against the U.S. dollar yesterday (previous-day close: 104.64) after Prime Minister Shinzo Abe unveiled a surprisingly huge 28-trillion-yen stimulus package. USD/JPY closed at 105.39, up 0.7% on day. As a result the ICE U.S. Dollar Index declined 0.1% to 97.05. This morning, the greenback continued to soften with USD/JPY crossing below the 105.00 level.

Recommendations:

The pair is trading below its pivot point. It is likely to be traded in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 104.50. A break below this target will move the pair further downwards to 103.95. The pivot point stands at 105.45. If 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 105.90 and the second one, at 106.50.

Resistance levels: 105.90, 106.50, 106.75

Support levels: 104.50, 103.95, 103.30

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Technical analysis of USD/CHF for July 28, 2016

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USD/CHF is under pressure. The technical picture of USD/CHF is bearish. The pair broke below its 20-period and 50-period moving averages and accelerated on the downside. The declining 20-period moving average crossed below the 50-period one and is heading downwards. The relative strength index is bearish and broke below its 30% level.U.S. government bonds strengthened pressing the benchmark 10-year Treasury yield to 1.516% from 1.561% on Tuesday. Gold jumped 1.5% to $1,339 an ounce and silver soared 3.7% to $20.34 an ounce. Nymex crude oil steepened its downtrend by dropping another 2.3% to $41.92 a barrel.

On the forex front, the Fed's rather hawkish statement did not help the U.S. dollar much as the currency weakened against other major currencies. EUR/USD rose 0.6% to 1.1055 and GBP/USD was up 0.7% to 1.3220.

As long as 0.9895 holds on the upside, look for further drop toward 0.9810. A break below this level would call for further decline toward 0.9780. Only a break above 0.9920 would turn the outlook to positive with upper target at 0.9945 and even 0.9975.

Resistance levels: 0.9920, 0.9945, 0.9975

Support levels: 0.9810, 0.9780, 0.9815

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

Technical analysis of NZD/USD for July 28, 2016

NZDUSDM30.png

NZD/USD is expected to prevail its upside movement. The pair is bullish above its rising 20-period and 50-period moving averages, which act as support roles and maintain the upside bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum. A support base has formed around 0.7055, which should limit the downside potential. The pair broke above the upper boundary of the Bollinger Band, which is a positive sign and could signal a continuation of bullish trend. As long as 0.7055 is not broken, look for further upside toward 0.7155 and even 0.7180 in extension.

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. Therefore, long positions are recommended with the first target at 0.7155 and the second one, at 0.7180. In the alternative scenario, short positions are recommended with the first target at 0.7010 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 0.6970. The pivot point is at 0.7055.

Resistance levels: 0.7155, 0.7180, 0.7235

Support levels: 0.7010, 0.6970, 0.6935

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

Technical analysis of GBP/JPY for July 28, 2016

GBPJPYM30.png

GBP/JPY is expected to trade with bullish bias. The pair is turning up and is expected to post further rebound. The upside momentum is further reinforced by its rising 20-period and 50-period moving averages, which act as support roles and maintain the upside bias. The relative strength index is bullish above its 50% level and shows upside momentum and lacks downward momentum. Thus, further bounce is expected with 140.15 and 141.10 as targets.

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. Therefore, long positions are recommended with the first target at 140.15 and the second one, at 141.10. In the alternative scenario, short positions are recommended with the first target at 137.20 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 136.60. The pivot point is at 137.85.

Resistance levels: 140.15, 141.25, 142.40

Support levels: 137.20, 136.60, 135.90

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

Technical analysis of EUR/USD for July 28, 2016

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When the European market opens, some Economic Data will be released such as Italian 10-y Bond Auction, German Unemployment Change, Spanish Unemployment Rate, German Prelim CPI m/m.The US will release the economic data too such as Natural Gas Storage, Unemployment Claims, so amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1119.

Strong Resistance:1.1113.

Original Resistance: 1.1102.

Inner Sell Area: 1.1091.

Target Inner Area: 1.1065.

Inner Buy Area: 1.1039.

Original Support: 1.1028.

Strong Support: 1.1017.

Breakout SELL Level: 1.1011.

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 July 28, 2016

!!!__USDJPY.jpg

In Asia, Japan will not release any Economic Data's today but the US will release some Economic Data such as Natural Gas Storage, Unemployment Claims.So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 105.53.

Resistance. 2: 105.32.

Resistance. 1: 105.12.

Support. 1: 104.86.

Support. 2: 104.66.

Support. 3: 104.45.

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

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

Daily analysis of USDX for July 28, 2016

USDX didn't manage to consolidate above the resistance level of 97.27 and now it's being dominated by a bearish bias, following the Fed interest rate decision which leaves unchanged the overall monetary policy stance. The bears can lead the Index towards the support level of 96.60, where a rebound can happen to test again the 200 SMA at H1 chart.

USDXH1.png

H1 chart's resistance levels: 97.27 / 97.74

H1 chart's support levels: 96.92 / 96.60

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 96.92, take profit is at 97.27 and stop loss is at 96.56.

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

Daily analysis of GBP/USD for July 28, 2016

GBP/USD saw a reaction higher to the yesterday's Fed interest rate decision, as the US dollar got bearish momentum by a statement that didn't give major hints about the current situation on the national economy, in addition to the unchanged rates. Next resistance can be seen at the 1.3266 level and if the pair breaks it, then we can see a rally towards the 1.3375 level.

GBPUSDH1.png

H1 chart's resistance levels: 1.3266 / 1.3375

H1 chart's support levels: 1.3148 / 1.3076

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 1.3266, take profit is at 1.3375 and stop loss is at 1.3155.

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