USD/CAD intraday technical levels and trading recommendations for July 29, 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.

Shortly after, 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 29, 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 advance 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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EUR/NZD analysis for July 29, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5600. According to the 1H time frame, I have found trading range between the price of 1.5700 (resistance) and the price of 1.5525 (support). My advice is to watch for breakout of support or resistance to confirm further direction. Watch for a breakout in a high volume. If the price breaks the support, the downward target is set at 1.5470. If the price breaks the resistance, the take profit level is set at the price of 1.5835.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5695

R2: 1.5735

R3: 1.5790

Support levels:

S1: 1.5575

S2: 1.5540

S3: 1.5480

Trading recommendations for today: Watch for breakout of trading range to confirm further direction.

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Intraday technical levels and trading recommendations for GBP/USD for July 29, 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 29, 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 will be needed to allow bearish 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 bullish advance towards 1.1100,1.1170 and 1.1220 should be expected.

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Global macro overview for 29/07/2016

Global macro overview for 29/07/2016:

The bunch of data from Eurozone this morning had revealed that the Eurozone flash Gross Domestic Product for the second quarter was in line with the expectations as it was released at the level of 0.3%q/q and 1.6%y/y. The unemployment rate for the Eurozone is steady as well at the level of 10.1% with record low German unemployment rate at the level of 6.1%. The Consumer Price Index (CPI) had edged slightly higher from 0.1% a month ago to 0.2% for the reported month. In conclusion, the relatively good data did not wipe out the uncertainty ahead of the Brexit referendum and the unresolved Euro crisis, especially relating to banks, Greece and elections in Spain.

Let's now take a look at the EUR/GBP technical picture at the daily time frame. After the swing top at the level of 0.8629 the market reversed and it remains in the corrective cycle. The price is still trading above all of the moving averages and the near term outlook is bullish. The next support is seen at the level of 0.8249 and the next resistnace is seen at the level of 0.8469.

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Gold analysis for July 29 , 2016

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Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,345.39 in a high volume. According to the 4H time frame, I have found solid support at the price of $1,333.00. I found sign of strength from the support level, which is an indicator that selling looks risky. Watch for buying opportunities. Take profit level is set at the price of $1,348.90.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,341.00

R2: 1,344.35

R3: 1,349.80

Support levels:

S1: 1,330.15

S2: 1,326.80

S3: 1,321.40

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

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Global macro overview for 29/07/2016

Global macro overview for 29/07/2016:

The Bank of Japan had decided to leave the interest rate unchanged at the level of -0.1% just as expected. Moreover, the annual rise in the monetary base had been left at the level of 80T yens, just as expected as well. In the monetary policy statement, BoJ governor Kuroda said the BoJ did not feel any pressure from Japanese government before the interest rate decision and any more easing will depend on the economic situation. Moreover, he mentioned that current policy steps and government fiscal stimulus are ready to provide synergy effects on economy and BoJ will continue QQE with negative interest rates as long as needed to meet price goal.

Let's now take a look at the USD/JPY technical picture at the daily time frame. The market is trading just at the important daily support level of 103.40 as the bears are trying to push the price lower after BoJ decision. The price trades below the 55,100 and 200 daily moving average, which indicates a bearish outlook in the near term.

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Technical analysis of EUR/JPY for July 29, 2016

General overview for 29/07/2016:

The wave b is still in progress and it might evolve into even more complex and time consuming structure. 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

117.12 - Intraday Resistance

116.88 - Weekly Pivot

115.34 - WS1

114.81 - Technical Support

114.57 - WS2

113.93 - Intraday Support

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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Technical analysis of USD/CAD for July 29, 2016

General overview for 29/07/2016:

The first wave down is completed after the top wave Y at the level of 1.3255 had been established. The market is in the corrective cycle now. 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

1.3190 - Intraday Resistance

1.3100 - 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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Technical analysis of NZD/USD for July 29, 2016

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Overview:

  • The NZD/USD pair broke resistance which turned to strong support at the level of 0.7037 yesterday. The level of 0.7037 is expected to act as major support today. From this point, we expect the NZD/USD pair to continue moving in a bullish trend from the support levels of 0.7037 and 0.7134. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Today, the first support level is seen at 0.7070 followed by 0.7037, while daily resistance 1 is found at 0.7134. Besides, the level of 0.7134 represents a weekly pivot point for that it is acting as major resistance. Hence, the NZD/USD pair continues to move upwards from the level of 0.7040. Amid the previous events, the pair is still in a uptrend, because the NZD/USD pair is trading in a bullish trend from the new support line of 0.7070 towards the first resistance level at 0.7134 in order to test it. If the pair succeeds to pass through the level of 0.7134, the market will indicate a bearish opportunity below the level of 0.7177 (61.8% Fibonacci retracement). However, if a breakout happens at the support level of 0.7030, then this scenario may be invalidated.
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Technical analysis of USD/CHF for July 29, 2016

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Overview:

  • As expected the USD/CHF pair continues to move downwards from the level of 0.9857. Yesterday, the pair dropped from the level of 0.9857 (this level of 0.9857 coincides with the ratio of 78.6% Fibonacci retracement levels in the H4 time frame) to the bottom around the spot of 0.9770. Today, the first resistance level is seen at 0.9800 followed by 0.9857, while daily support 1 is seen at 0.9735. As the price is still below the moving average (100), immediate support is seen at 0.9735, which coincides with a golden ratio (50% of Fibonacci). Consequently, the first support is set at the level of 0.9735. So, the market is likely to show signs of a bearish trend below the area of 0.9735. In other words, buy orders are recommended below the level of 0.9735 with the first target at the level of 0.9622. It will also call for a downtrend in order to continue towards 0.9521. The daily strong support is seen at 0.9521. Also, it should be noted that volatility is very high for that the USD/CHF pair is still moving between 0.9857 and 0.9735 - 0.9622 in coming hours. Furthermore, the price has been set below the strong resistance at the level of 0.9857. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9905.
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Technical analysis of USD/JPY for July 29, 2016

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USD/JPY is under pressure. The pair has crossed below both 20- and 50-period (30-minute chart) moving averages and is trading around the lower Bollinger band, calling for an acceleration to the downside. At the same time, the relative strength index is badly directed within the selling area between 50 and 30, suggesting downward momentum for the pair. The intraday outlook is bearish, and the pair is expected to sink further to 102.40 and 102.

Market Commentary:

On Thursday, US stocks continued moving within the recent trading ranges and ended mixed. The Dow Jones Industrial Average slid 15 points to 18,456, while the S&P 500 added 3 points to 2,170, and the Nasdaq Composite was up 15 points or 0.3% to 5,154. Retailing, consumer stables and technology shares traded higher. Apple Inc climbed another 1.4%.

European stocks turned negative with the STOXX Europe 600 falling 1.0%. Both Germany's DAX and the U.K.'s FTSE 100 gave up 0.4%.

The benchmark 10-year US Treasury yield edged down to 1.511% from 1.516% on Wednesday. Gold dropped 0.3% to $1,335 an ounce and silver was down 0.9% to $20.15 an ounce. Nymex crude oil slipped further by 1.9% to $41.14 a barrel.

On the Forex front, traders should draw their attention to the crucial Bank of Japan policy decision due later today. Overnight, USD/JPY managed to settle at 105.24 (vs. previous close at 105.39) despite marking a day low at 104.50. This morning, the pair came under pressure again and plunged down to 103.42 before returning to levels around 104.30.

EUR/USD closed 0.2% higher at 1.1074 (day maximum at 1.1118), while GBP/USD fell 0.4% to 1.3163.

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 102.40. A break below this target will move the pair further downwards to 102. The pivot point stands at 104.60. 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: 105.50, 105.90, 106.50

Support levels: 102.40, 102.00, 101.35

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Technical analysis of USD/CHF for July 29, 2016

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USD/CHF is under pressure. The technical picture of USD/CHF is bearish. The pair has broken below its 20-period and 50-period moving averages and accelerated on the downside. The declining 20-period moving average has crossed below the 50-period one and is heading downward. The relative strength index is bearish now, having broken below its 30% level. The US stocks continued moving within the recent trading ranges and ended mixed. The benchmark 10-year US Treasury yield edged down to 1.511% from 1.516% on Wednesday.As long as 0.9925 holds on the upside, look for further drop toward 0.9760. A break below this level may call for further decline toward 0.9735. Only a break above 0.9825 will turn the outlook into positive with upside target at 0.9845 and even 0.9875.

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 into positive with upper target at 0.9945 and even 0.9975.

Resistance levels: 0.9845, 0.9875, 0.9920

Support levels: 0.9760, 0.9735, 0.9680

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Technical analysis of NZD/USD for July 29, 2016

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NZD/USD is expected to continue its upward movement. The pair is bullish above its rising 20-period and 50-period moving averages, which act as support and maintain the upside bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum. A support base has been formed around 0.7010, which should limit the downside potential. Another positive factor is that the pair has broken above the upper boundary of the Bollinger Band, which could signal a continuation of bullish trend. As long as 0.7010 is not broken, look for further rise toward 0.7125 and even 0.7155 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 0.7125 and the second one at 0.7155. 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: 0.7125, 0.7155, 0.7180

Support levels: 0.7010, 0.6970, 0.6935

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Technical analysis of GBP/JPY for July 29, 2016

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GBP/JPY is under pressure and expected to trade with bearish bias. The pair broke below its 20-period and 50-period moving averages and accelerated on the downside. The bearish momentum is reinforced further by its declining 20-period and 50-period moving averages, which act as resistance and maintain the downside bias. The relative strength index is bearish below its 50% level and shows upside momentum. As long as resistance holds at 137.95, look for further downside toward 135 and even 133.85 in extension.

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 135. A break below this target will move the pair further downwards to 133.85. The pivot point stands at 137.95. 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 138.50 and the second one at 139.50.

Resistance levels: 138.75, 139.50, 140.15

Support levels: 135, 133.85, 133

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Technical analysis of USDX for July 29, 2016

The Dollar index continues to slide lower mainly because of pressure in USDJPY. The Dollar index has showed false breakout signs and this is bearish for the short- and medium-term. I continue to believe that as long as price is below 96.70-97 we should expect a deeper correction towards 95.

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The Dollar index is trading below the 4 hour Kumo and this is bearish. Price should at least reach the 38% Fibonacci retracement at 95.80 although I believe that even the 61.8% Fibonacci retracement is possible. Resistance is at 96.70. Support is at 95.80.

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The weekly candle is an ugly bearish reversal candle rejected at the upper cloud boundary and breaking below a thin cloud. The weekly kijun- and tenkan-sen are to be tested next week. The current price formation gives more chances of a deep correction towards 95. The bearish view will be canceled if price manages to reverse higher above 97.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Gold for July 29, 2016

Gold price is showing signs of reversal from our target area of $1,350. Bears need to break below $1,320 for the bearish scenario to play out. Expecting Gold to push lower towards $1,250-70.

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Red line -support trend line

Gold price is trading above the Ichimoku cloud. Short-term support is at $1,328 and resistance is at $1,345. A break below $1,325 will be a bearish sign as price will be breaking below the cloud and the red trend line support. Next target will be 61.8% Fibonacci retracement of the rise from $1,200.

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The daily candle is holding above the daily tenkan-sen (red line indicator) at $1,327. A daily close below that level will push price towards the daily kijun-sen (yellow line indicator) at $1,314. The most probable outcome is a push towards the daily cloud support near $1,290 at least. A break and weekly close above $1,350 will increase the chances of making a new high above $1,375 next week.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for July 29 - 2016

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Wave summary:

The big question here is whether wave ii already completed at 1.5493 or one more decline closer to 1.5404 is needed to complete wave ii and set the stage for the next impulsive rally higher towards 1.6095 and above?

A direct break above minor resistance at 1.5707 will confirm that wave ii is already complete, but until this break is seen, we need to allow for the possibility of one more decline closer to 1.5404 to complete wave ii.

Trading recommendation:

We are long EUR from 1.5640 and will place our stop at 1.5570. If you are not long EUR yet, then wait for a break above 1.5707 or a test of 1.5404 before buying.

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Elliott wave analysis of EUR/JPY for July 29 - 2016

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Wave summary:

Disappointment over BoJ easing measures has morphed the correction in wave [ii] into a more complex structure. Short term, one more decline closer to the 61.8% corrective target at 113.70 could be seen before the correction in wave [ii] finally comes to rest and a new impulsive rally higher towards important resistance at 122.00 is seen.

Trading recommendation:

Our stop at 114.40 was hit, but we will buy EUR again at 113.85 or upon a break above 116.92 with stop place at 113.20.

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GBPCHF Technical Analysis for July 29, 2016.

Technical outlook and chart setups:

In continuation to what was discussed yesterday on the short term chart view, please note that the GBPCHF pair has dropped lower to the fibonacci 0.786 support levels of the previous rally between 1.2860 and 1.3070 levels. A bullish reversal from here would keep the structure intact and push prices towards 1.3070 and higher. On the flip side, a drop below 1.2860 levels would prove to be extremely bearish going forward. Please note that GBPCHF pair has completed 5 waves impulse from the lows at 1.2860 levels earlier, through 1.3070/80 levels as depicted here. Furthermore, the pair has also produced a corrective drop (3 waves) towards 1.2880 levels now as seen here. It is seen to be trading 1.2900 levels at this moment, looking to still produce a 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, till prices stay above 1.2850.

Trading recommendations:

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

Good luck!

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EURJPY Technical Analysis for July 29, 2016.

Technical outlook and chart setups:

The EURJPY pair is dropped below 114.50 levels and hit fresh lows at 113.60 levels beyond our expectations today. The pair has triggered stops placed at 114.50 levels but still it remains structurally constructive for bulls to stage a rally from here. Please note that the pair is testing the fibonacci 0.618 support levels of the rally between 111.00 and 118.50 levels respectively. A bullish reversal from here would keep the structure intact and keep bulls in control for now. On the flip side, a break below 113.40 levels would indicate further bearishness for the pair. It is recommended to initiate fresh long positions from here with risk below 113.40 levels. Immediate support is seen at 113.50 levels, while resistance is at 117.00 levels respectively.

Trading recommendations:

Initiate fresh long now, stop below 113.50, target is open.

Good luck!

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Silver Technical Analysis for July 29, 2016.

Technical outlook and chart setups:

Silver is seen to be trading at $20.25 levels for now, after having made highs at $20.50 levels earlier. Please make note that Silver is soon approaching resistance at $20.80/90 levels or it has already reversed from interim highs at $20.50 levels. There might be one last leg rally left before reversing sharply lower for the August series. Silver is vulnerable to dropping towards $18.00 levels till prices stay below $21.13 levels going forward. 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:

Remain short from $20.50 levels, stop above $21.13, target is lower

Good luck!

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Silver Technical Analysis for July 29, 2016.

Technical outlook and chart setups:

Silver is seen to be trading at $20.25 levels for now, after having made highs at $20.50 levels earlier. Please make note that Silver is soon approaching resistance at $20.80/90 levels or it has already reversed from interim highs at $20.50 levels. There might be one last leg rally left before reversing sharply lower for the August series. Silver is vulnerable to dropping towards $18.00 levels as long as the price stays below $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:

Remain short from $20.50 levels, stop above $21.13, target is lower

Good luck!

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Gold Technical Analysis for July 29, 2016.

Technical outlook and chart setups:

Gold is seen to be trading at $1,338.00/39.00 levels at this moment, looking to push higher. Please note that the metal broke out of the tight consolidation range and hit highs at $1,345.00 levels. 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 and it is also possible that a meaningful top is in place at $1,345.00. It is hence recommended to exit long for now and plan to sell on rallies. Immediate support is seen at $1,333.00 levels, while resistance is at $1,350.00 levels respectively.

Trading recommendations:

Exit long positions now and look to short between $1,340.00/50.00 levels.

Good luck!

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NZD/USD Trading Recommendations for 29th July 2016

Price has been moving up towards our take profit target. We remain bullish with increased conviction as price touched our entry area perfectly and shot up from there. We keep our bullish bias as we can see how the RSI (34) is holding really well above our 50% support and above the ascending support line.

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Trading Recommendations :

Add onto your position and if price retraces to 0.7075

Stop loss at 0.7015

Take profit at 0.7180 and 0.7210

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AUD/CHF Trading Recommendations for 29th July 2016

We are seeing fractal support at 0.7350 (strong graphical support + fibonacci retracement + fibonacci projection) and it lines up well with the bounce we're seeing on our stochastics. This gives us a good conviction of price making a rise to 0.7430. We keep a tight stop loss of 0.7300 so we don't risk too much in case price moves against us.

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Trading Recommendations :

Buy now and above 0.7350

Take profit at 0.7430

Stop loss at 0.7300

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Technical analysis of EUR/USD for July 29, 2016

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When the European market opens, some Economic Data will be released such as EBA Bank Stress Test Results, Unemployment Rate, Italian Prelim CPI m/m, Prelim Flash GDP q/q, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Italian Monthly Unemployment Rate, Spanish Flash GDP q/q, Spanish Flash CPI y/y, French Prelim CPI m/m, French Consumer Spending m/m, German Retail Sales m/m, French Prelim GDP q/q .The US will release the economic data too such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Employment Cost Index q/q, Advance GDP Price Index q/q, Advance GDP q/q. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1133.

Strong Resistance:1.1127.

Original Resistance: 1.1116.

Inner Sell Area: 1.1105.

Target Inner Area: 1.1079.

Inner Buy Area: 1.1053.

Original Support: 1.1042.

Strong Support: 1.1031.

Breakout SELL Level: 1.1025.

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 EUR/USD for July 29, 2016

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Technical analysis of USD/JPY for July 29, 2016

In Asia, the BOJ will release its policy decision at the press conference, Housing Starts y/y, BOJ Core CPI y/y, BOJ Outlook Report, Monetary Policy Statement, Prelim Industrial Production m/m, Retail Sales y/y, Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, Household Spending y/y and the US will release some Economic Data such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Employment Cost Index q/q, Advance GDP Price Index q/q, Advance GDP q/q. So there is a probability the USD/JPY will move with medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 104.77.

Resistance. 2: 104.57.

Resistance. 1: 104.37.

Support. 1: 104.11.

Support. 2: 103.91.

Support. 3: 103.70.

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 29, 2016

The bears are still taking the road on the index, as we can see a consolidation below the 200 SMA at H1 chart. Currently, a push lower towards the 96.36 level is expected, as long as the USDX remains trading below the 200 SMA. However, if the index does a rebound and breaks the 96.92 level, then it can rally to the 97.27 level.

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H1 chart's resistance levels: 96.92 / 97.27

H1 chart's support levels: 96.60 / 96.36

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 29, 2016

The pair found support once again at the 1.3148 level, where a rebound can happen to re-test the weekly highs around the 1.3266 level. However, in that zone, we can see a strong resistance in place, where the sellers could push lower the Cable towards the 200 SMA. On the other hand, if GBP/USD succeeds to break it, then another rally to the 1.3375 level cannot be discarded.

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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.

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Daily analysis of major pairs for July 29, 2016

EUR/USD: The EUR/USD has assumed a bullish movement, which started on Wednesday. There is now a bullish bias in the market, and price could go further upwards, irrespective of the current bearish correction in the market, which is supposed to be transitory.

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USD/CHF: The USD/CHF has finally generated a "sell" signal in the 4-hour chart. There is now a clean Bearish Confirmation Pattern in the chart, and price is expected to journey further south today or next week, reaching the support levels at 0.9800 and 0.9750. The resistance level at 0.9800 has been tested and it would be retested again.

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GBP/USD: This currency trading instrument has started to consolidate again. The price movement is flat and this is supposed to continue till next week (though there could be some near-term directional movement today). A significant movement is expected next week.

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USD/JPY: A closer look on the USD/JPY reveals there is a hidden weakness in the market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. This shows the possibility of a southward movement, which could happen anytime. Some fundamental figures are expected today and they could have impact on the markets.

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EUR/JPY: Bulls are making some effort to push up the price in this market, and this is visible by the price action in the chart. While bulls might be able to push price upwards towards the supply zones at 117.00 and 117.50, coming fundamental figures might aid them or scuttle their plan.

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Daily analysis of USD/JPY for July 28, 2016

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Overview

The USDJPY pair bounced bearishly after approaching from retesting 106.63 levels yesterday and resumed the bearish track that moves inside the minor bearish channel shown on the chart. This alongside the EMA50 supports our bearish overview for the upcoming period. Therefore, we still expect the bearish bias on the intraday and short-term bases, and the next target is located at 100.70. A breach of 106.63 levels will stop the current negative pressure and make the price attempt to regain the main bullish trend. The expected trading range for today is between the 103.00 support and the 106.00 resistance.

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Daily analysis of EUR/JPY for July 28, 2016

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Overview

Holding of 115.10 levels decelerates the awaited negative attempts. The stability of the price below the 117.00 barrier supports the negativity continuation. The EURJPY pair will repeat its negative attempts until surpassing the previous obstacle and reaching the next negative target at 113.00. A decline in the SMA 55 below the bearish channel resistance reinforces the negative pressure, thus confirming that negativity affects the price dynamic. We expect the price to achieve the previously suggested targets. The expected trading range for today is between 117.00 and 113.00.

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Daily analysis of Gold for July 28, 2016

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Overview

The gold price traded with strong positivity yesterday moving away from the bullish trend line after a successful breach of 1,325.00 levels. This supports our bullish expectations on the intraday and short-term bases; and the way to our first main target at 1,375.00 is open. A breach of this level will extend the gold price gains to 1,400.00 as the next main station; while the bullish trend will remain valid and active unless breaking and holding below 1,312.00 and 1,297.75 levels. The expected trading range for today is between the 1,325.00 support and the 1,370.00 resistance.

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Daily analysis of Silver for July 28, 2016

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Overview

The silver price managed to surpass 20.10 levels and closed the daily candlestick above it reinforcing the expectations for further rise to our next target at 21.12 in the upcoming sessions. Therefore, we still expect the bullish trend on the intraday and short-term bases supported by the EMA50 and conditioned by the price stability above 19.35 levels. The expected trading range for today is between the 19.90 support and the 21.12 resistance.

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