NZD/USD intraday technical levels and trading recommendations for August 3, 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, a 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 (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 placed at 0.7250.

Note the Head and Shoulders reversal pattern on the daily chart. Confirmation requires a DAILY candlestick closure below 0.6970 (neckline). Projection targets extend down to 0.6760 and 0.6690 levels.

On the other hand, the price zone between 0.6760 and 0.6700 constitutes a support zone to be watched for a possible 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 August 3, 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 the current bullish pullback extends above 1.3550.

On the other hand, bearish persistence below the demand level at 1.3550 enhances the bearish scenario towards 1.2700 (the 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 August 3, 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 (note the monthly candlesticks of May and June).

In the long term, the level of 0.9450 will remain a projected bearish target if the current monthly candlestick comes to close 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 an intermediate-term basis (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 is why, obvious bearish breakdown of 1.1200 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 as the monthly chart illustrates. 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.

When the EUR/USD pair managed to keep trading above the price zone of 1.1000-1.0950 (previous consolidation range), further bullish advance towards 1.1170 and 1.1220 took place as expected in previous articles.

Price action should be watched around the price zone of 1.1220-1.1250 for significant bearish rejection and a valid SELL entry. S/L should be placed above 1.1300.

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Gold analysis for August 03 , 2016

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Since our previous analysis, gold has been trading upwards. As I expected, the price tested the $1,367.01 level in a high volume. According to the 1H time frame, I have found that Gold went into correction but watch for breakout of supply trend line to confirm further upward movement. Observing the market profile today, it looks like a very neutral day (non trend) but since yesterday trend day, the consolidation day is normal. The short term trend is upward and selling Gold at this stage looks risky. The first take profit level is set at the price of $1,374.50.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,366.40

R2: 1,371.00

R3: 1,378.50

Support levels:

S1: 1,351.60

S2: 1,347.00

S3: 1,339.60

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

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Analysis of EUR/NZD for August 03, 2016

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Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.5598 in a high volume. According to the 1H time frame, I found strong reaction after the selling climax at the support and rejection from the support. The price broke the resistance level at 1.5575 and I found successful testing of supply in a low volume, which is a sign that we may see further upward movement. Be careful when selling and watch for buying opportunities. The first take profit level is set at 1.5650. Second take profit level lies at 1.5685.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5560

R2: 1.5595

R3: 1.5645

Support levels:

S1: 1.5460

S2: 1.5430

S3: 1.5380

Trading recommendations for today: Watch for buying opportunities due to a strong support cluster and selling climax in the background.

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Technical analysis of NZD/USD for August 03, 2016

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Overview:

  • The NZD/USD pair rose from the level of 0.7039 towards 0.7242 this week. Now, the current price is seen at the level of 0.9910. On the H1 chart, the resistance is seen at the levels of 0.7242 and 0.7324. Besides, the weekly support 1 is seen at the level of 0.7039. Today, the NZD/USD pair is continuing to move in a bullish trend from the support level of 0.7039, to form a bullish channel. Amid the previous events, we expect the pair to move between 0.7039 and 0.7324. Therefore, buy above the level of 0.7039 with the first target at 0.7242 in order to test daily resistance 1 and further to 0.7324 (double top). Overall, the daily pivot is seen at the level of 0.7038. The market is still in an uptrend from the the level of 0.7038, for that we still prefer the bullish scenario. On the other hand, if the pair fails to pass through the level of 0.7138, the market will indicate a bearish opportunity below the level of 0.7138. The market will decline further to 0.7039 in order to return to the double bottom. Additionally, a breakout of that target will move the pair further downwards to 0.6951.
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Technical analysis of major pairs for August 03, 2016

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USD/JPY is under pressure as key resistance is set at 102.00. The pair is currently off yesterday's day-low at 100.65. Meanwhile, it is still capped by the descending 50-period line on 30-minute chart as well as the key resistance at 102.00 (a key support seen from July 29 to August 2). In case the current rebound fails to bring the pair above 102.00, the pair should return to 100.65. Below 100.65, the next support would be found at the psychological level of 100.00.

Market Commentary:

On Tuesday, U.S. stock indexes ended broadly lower, dragged by shares of consumer-discretionary companies. The Dow Jones Industrial Average fell 0.5% to 18313. The blue-chip index posted a losing streak of seven straight sessions for the first time since August 2015. The S&P 500 dropped 0.6% to 2157 and the Nasdaq Composite was down 0.9% to 5137.

Muted July auto sales led shares of both Ford Motor and General Motors to decline over 4%. Department store shares also fell. Kohl's was down 8% while Macy's and Nordstrom's were off 7%.

European stocks remained under pressure with the STOXX Europe 600 losing 1.3%. Germany's DAX shed 1.8%, the U.K.'s FTSE declined 0.7%, and France's CAC was down 1.8%.

The U.S. Commerce Department reported that consumer spending increased 0.4% on month in June (vs. +0.3% expected) and personal income rose 0.2% on month (vs. +0.3% expected).

Nymex crude oil continued on its downtrend losing 1.4% to settle at $39.51 a barrel. Gold gained 0.8% to $1363 an ounce and silver was up 1.0% to $20.61 an ounce. The benchmark 10-year U.S. Treasury yield rose to 1.537% from 1.499% Monday.

As investors kept their expectations that the U.S. Federal Reserve would delay raising interest rates in view of the weaker-than-expected second quarter GDP growth, the U.S. dollar sank to the lowest level since the Brexit vote with the ICE U.S. Dollar Index shedding 0.7% to 95.03. EUR/USD gained 0.6% to a six-week high of 1.1225.

USD/JPY plunged 1.5% to 100.88 (day-low at 100.65) in line with expectations, as Japanese Prime Minister Shinzo Abe's Cabinet approved 13.5 trillion yen in fiscal measures.

GBP/USD surged 1.4% to 1.3355. Although the Markit/CIPS U.K. Construction PMI edged down to 45.9 in July, the lowest level since June 2009, it was still better than expected.

While Australia's central bank lowered its key interest rate, as expected, to a record low of 1.50% from 1.75%, AUD/USD jumped 1.0% to 0.7609 (day-high at 0.7638).

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 100.65. A break below this target will move the pair further downwards to 100.00. The pivot point stands at 102.00. 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 102.85 and the second one at 103.95.

Resistance levels: 102.85, 103.95, 104.60

Support levels: 100.65, 100.00, 99.55

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Technical analysis of USD/CHF for August 03, 2016

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USD/CHF is expected to trade with a bearish bias. The pair continues its consolidation below its key resistance at 0.9715, which should limit the upside potential. The declining 50-period moving average also suggests that the pair still has potential for further downside. The relative strength index is below its neutrality level at 50. As investors kept their expectations that the U.S. Federal Reserve would delay raising interest rates in view of the weaker-than-expected second quarter GDP growth, the U.S. dollar sank to the lowest level since the Brexit vote with the ICE U.S. Dollar Index shedding 0.7% to 95.03. EUR/USD gained 0.6% to a six-week high of 1.1225.

As long as 0.9715 holds on the upside, the pair is likely to return to its previous low at 0.9630. A break below 0.9630 would trigger a drop toward 0.9590. Only a break above 0.9715 would turn the outlook to positive with up targets at 0.9765 and 0.9825.

Resistance levels: 0.9765, 0.9825, 0.9875

Support levels: 0.9630, 0.9590, 0.9535

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Technical analysis of NZD/USD for August 03, 2016

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NZD/USD is expected to trade with a bearish bias as key resistance at 0.7220. The pair stays below its key resistance at 0.7220 and remains under pressure. Meanwhile, the 20-period moving average stays below the 50-period one, and the relative strength index lacks upward momentum. As long as 0.7220 is not broken above, look for a further decline to test 0.7075.

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 0.7125. A break below this target will move the pair further downwards to 0.7075. The pivot point stands at 0.7220. 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 0.7260 and the second one at 0.7295.

Resistance levels: 0.7260, 0.7295, 0.7345

Support levels: 0.7125, 0.7075, 0.7055

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Technical analysis of GBP/JPY for August 03, 2016

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GBP/JPY is under pressure. The pair has been capped by its descending 50-period moving average, and remains on the downside. Meanwhile, the relative strength index lacks strong upward momentum. European stocks remained under pressure with the STOXX Europe 600 losing 1.3%. Germany's DAX shed 1.8%, the U.K.'s FTSE declined 0.7%, and France's CAC was down 1.8%.GBP/USD surged 1.4% to 1.3355 on tuesday. Although the Markit/CIPS U.K. Construction PMI edged down to 45.9 in July, the lowest level since June 2009, it was still better than expected. As long as 135.60 holds as the key resistance, a break below 133 is possible.

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 133.85. A break below this target will move the pair further downwards to 133.00. The pivot point stands at 135.60. 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 136.30 and the second one at 137.10.

Resistance levels: 136, 137.10, 137.95

Support levels: 133.85, 133, 132

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AUD/NZD Trading Recommendation for 3rd August, 2016

We turn bearish below 1.0570 key resistance (graphical resistance + fibonacci resistance + bollinger band resistance) for a drop to 1.0400.

Stochastics (21,5,3) is also turning down signalling a bearish move.

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Trading Recommendations:

Sell at 1.0570.

Stop loss at 1.0640.

Take profit at 1.0400.

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EUR/JPY Trading Recommendations for 3rd August, 2016

The price is right at channel support and a key Fibonacci projection level (as seen with the brown arrows). This signals a bullish recovery to at least the 114.75 level which is a strong graphical resistance level and Fibonacci retracement level.

Stochastics (21,5,3) is also turning up from 8% level signalling a bullish move.

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Trading Recommendations:

Buy above 113.00.

Stop loss 112.20.

Take profit 114.75.

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Technical analysis of USD/CHF for August 03, 2016

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Overview:

  • The USD/CHF pair continues moving in a bearish trend from the resistance level of 0.9735. Currently, the price is in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The bias remains bearish in the nearest term testing 0.9622 and 0.9572. Immediate resistance is seen around 0.9735 levels, which coincides with the daily pivot point. The falling structure does not look corrective. In order to indicate a bearish opportunity below of level of 0.9735, sell below this level with the first target at 0.9622. Moreover, if the pair succeeds to pass through 0.9622, it will move downwards continuing the bearish trend development to 0.9572 in order to test the daily support 2. Since the trend is above the 50% Fibonacci level, the market is still in a downtrend. Therefore, the USD/CHF pair is continuing with a bearish trend from the price of 0.9735. However, if a breakout happens at 0.9786 (first resistance), this scenario may be invalidated.
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Elliott wave analysis of EUR/NZD for August 3, 2016

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Wave summary:

We are still looking for a break above the minor resistance line near 1.5610 as the first strong indication that the corrective decline from 1.5839 finally has completed and a new impulsive rally higher towards 1.6652 should be expected.The corrective decline from 1.5839 is a strong bullish set-up, but we need the break above the resistance line to really trigger this set-up for the next large rally higher to 1.5839 and above.

Trading recommendation:

We are long EUR from 1.5540 with stop placed at 1.5400. If you are not long EUR yet, then buy a break above the resistance line near 1.5610 and place your stop at 1.5510.

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Elliott wave analysis of EUR/JPY for August 3, 2016

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Wave summary:

The corrective decline from 118.40 continues to press lower and is currently testing the support line from the 109.48 low. This support should ideally be able to protect the downside for a break above minor resistance at 114.81 being the first strong indication that the corrective decline is complete and a new impulsive rally to above 118.40 is unfolding.

If, however support near 112.95 gives away, that will be of concern and question whether the rally from 109.48 is only a three-wave corrective rally and low at 109.48 will be revisited.

Trading recommendation:

Our stop at 113.20 was hit and we will wait for a break above minor resistance at 114.81 before buying again.

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Global macro overview for 03/08/2016

Global macro overview for 03/08/2016:

The PMI Services data from the United Kingdom has just been published and they came put just as expected at 47.4 (47.4 expected vs. 47.4 prior). The number below the fifty mark means materials purchased by managers are decreasing and the future outlook is less favorable. This is the second reading since Brexit and the second consecutive one below fifty marks. Nevertheless, it is worth to mention, that the down trend in PMI Services data started at the beginning of 2014 and hasn't been terminated yet. However, the latest PMI data show UK services sector shrank at the fastest pace on record in July (economy contracting at the fastest rate since 2009). In conclusion, the Brexit has accelerated the pressure on the BoE to cut the interest rates in order to stimulate the economy even more.

Now let's take a look at the EUR/GBP technical picture on the daily time frame. After a false breakout above the technical resistance at 0.8469, the bears seem to have gained the control over this market as the price approaches the next support at 0.8249. Nevertheless, the series of higher highs and higher lows is still present, so the mid-term outlook for this pair is still bullish.

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Global macro overview for 03/08/2016

Global macro overview for 03/08/2016:

The ADP employment data is scheduled for release at 12:15 pm GMT, and it can be a good indicator of the Friday's NFP payrolls figure. The market participants expect the number to be 171K, just 1K more than a month ago. The ADP's data has been relatively stable, so we may conclude that the number of newly employed people on the US job market has been doing quite well so far. The question remains whether the government figure on Friday will at least match the ADP figures after surprisingly good last NFP report (287K vs. 175K expected).

Now let's take a look at the US Dollar index technical picture on the daily time frame. The market reversed after hitting the golden trend line around the level of 97.60 and currently is trading around the 200 DMA at 95.05. The technical support at 95.32 has been violated, so the next support is seen at 94.28.

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Daily analysis of major pairs for August 3, 2016

EUR/USD: This pair has moved north this week, by 70 pips. On the whole, it has risen 260 pips from the low of last week. The outlook on the market is bullish, for the EMA 11 is above the EMA 56, and the Williams' % Range period 20 is often in the overbought region. As long as the USD is weak, the pair would be going north.

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USD/CHF: This pair has moved south this week, by 55 pips. On the whole, it has dropped 300 pips from the high of last week. The outlook on the market is bearish, for the EMA 11 is below the EMA 56, and the Williams' % Range period 20 is often in the oversold region. As long as USD is weak, the pair would be going south.

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GBP/USD: Yesterday, the GBP/USD pair went upwards 180 pips, testing the distribution territory at 1.3350. Bulls are still willing to move price further upwards, targeting other distribution territories at 1.3400 and 1.3450. There could be a pause or transitory bearish corrections along the way, but the bullish journey would continue, because the bias has turned bullish in the short-term.

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USD/JPY: This market consolidated on Monday and declined further on Tuesday – all in the context of a downtrend. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Price is now below the supply level at 101.00; the next target for bears are located at the demand levels at 100.50, 100.00, and 99.50.

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EUR/JPY: The EUR/JPY cross came downwards on August 2, 2019, testing the demand zone at 113.00. There is a Bearish Confirmation Pattern in the market: which means the line of the least resistance is for price to continue going further downwards, targeting the demand zones at 112.50 and 112.50.

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Technical analysis of USDX for August 3, 2016

The Dollar index remains in a bearish short-term trend making lower lows and lower highs. The index has reached our target area of 95 and we start on looking for a possible bullish reversal.

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Blue lines - bearish channel

The Dollar index is still inside the bearish channel, below the 4-hour Kumo and below the 50% retracement. The 61.8% Fibonacci retracement is very important support. Resistance is at 95.50 while support is at 94.75. I believe a final new lower low is the most probable scenario, so we should expect some more Dollar weakness.

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The weekly candle has reached the 95 level where we find both the tenkan and kijun-sen levels. A weekly close below these two indicators will not be a good sign for bulls. However I expect that the week will end with a close above at least the tenkan-sen (red line indicator) at 95.25.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Gold for August 3, 2016

Gold price has broken through resistance and is testing previous highs at $1,375 with increased chances of a new higher high towards $1,400. However Gold bulls should be very cautious as we observe bearish divergence signs.

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Red line - support

Gold price is making higher highs and higher lows. The reversal I was expecting is not coming as price still holds above the trend reversal level of $1,345. Short-term support is now at $1,355. Resistance is at our previous high at $1,375. A trend remains bullish.

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Blue lines - bullish channel

Gold price is showing divergence signs in both oscillators shown on the daily chart above. This is an early warning for bulls. They need to raise their stops and be prepared for a pullback. This might happen from higher levels like $1,400 as the trend remains bullish both in the short and medium term.

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GBPCHF Technical Analysis for August 03, 2016.

Technical outlook and trade setups:

The GBPCHF pair has followed through well after printing fresh lows yesterday (1.2720 levels). The pair has bounced back higher again and has also taken out immediate resistance at 1.2860 levels. The pair is seen to be trading at 1.2850/60 levels at this moment, looking to print yet another high before retracing lower. Please note that the pair has found support at fibonacci 0.618 retracement of the rally between 1.2500 through 1.3200 levels earlier. It is hence recommended to remain long for now, with risk below 1.2650 levels. Immediate support is seen at 1.2700 levels, while resistance is at 1.2950 levels respectively. Bulls are looking poised to remain in control till prices stay above 1.2700 levels.

Trading recommendations:

Remain long for now, stop at 1.2650, and target is open.

Good luck!

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Technical analysis of USD/CAD for August 3, 2016

General overview for 03/08/2016:

The three wave decline towards the level of 1.3000 had been labeled as wave a green, which means more sideways price action in wave b is being expected.Currently, the market tested the support at the level of 1.3000 and bounced up to the level of 1.3120 at the time of writing. No clear violation of any key level has been made yet and market is still trading sideways.

Support/Resistance:

1.3251 - Wave Y Top

1.3190 - Intraday Resistance

1.3160 - WR1

1.3141 - Intraday Resistance

1.3081 - Weekly Pivot

1.3075 - Intraday Support

1.3000 - Intraday Support

1.2910 - WS1

Trading recommendations:

All sell orders from last week had been closed with profit. Currently the traders should refrain from trading and wait for a better trading setup to occur shortly. Sideways market is being expected for some time.

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EURJPY Technical Analysis for August 03, 2016.

Technical outlook and chart setups:

The EURJPY had dropped to fresh lows at 113.00/60 levels yesterday, before pulling back higher again. The pair is seen to be trading at 113.24 levels at this moment, looking to rally and target first resistance at 114.70/80 levels. Please note that the pair is still within the range of fibonacci 0.618 support of the entire rally between 110.80/90 through 118.40/50 levels as depicted here. Furthermore the pair seems to have completed the drop from 118.40/50 levels in 3 waves, which is corrective till now. It is hence recommended to remain long now, with risk below 113.00 levels. Immediate support is seen at 113.00 levels, while resistance is seen through 114.75 levels. Bulls should remain in control till prices stay above 113.00 levels going forward.

Trading recommendations:

Initiate fresh long now, stop below 112.50, target is open.

Good luck!

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Technical analysis of EUR/JPY for August 3, 2016

General overview for 03/08/2016:

Another marginal low had been made in this market and this is why the count has evolved into an abc-x-abc-x-abc triple three complex corrective cycle. The current low at the level of 113.01 might be the bottom for wave b green, but the confirmation comes with the level of 113.93 break out. Please notice the bullish divergence between the price and momentum oscilattor supports the bullish outlook.

Support/Resistance:

118.45 - Technical Resistance

118.15 - WR2

115.85 - WR1

114.86 - Weekly Pivot

113.93 - Intraday Resistance

113.01 - Intraday Support

112.62 - WS1

111.61 - WS1

Trading recommendations:

Traders should refrain from trading as there is no clear trading setup yet. The corrective cycle might still be unfolding as any of the key levels hasn't been violated yet.

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Silver Technical Analysis for August 03, 2016.

Technical outlook and chart setups:

Silver has finally $20.80 levels yesterday as expected and discussed earlier. The metal is trading at $20.60 levels at this moment and looks to have completed its counter trend rally that began from sub $19.00/20 levels earlier. If the above wave count holds true and Silver fails to break above $21.13 levels, it should drop lower towards $18.00 levels going forward. Please note that the metal needs to break below $20.30 levels at least to confirm further bearish structure. The wave structure also indicates that a flat is now complete and the metal is expected to turn lower from current levels. It is recommended to remain short now, with risk above $21.13 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 August 03, 2016.

Technical outlook and chart setups:

Gold had hit yet another intraday high at $1,367.00/68.00 levels yesterday and it should be looking to pullback/reverse from here, but it needs to break below $1,360.00 levels to confirm. Please note that the metal is trading around $1,364.00/65.00 levels at this moment, having carved out a lower high at $1,367.00. Also note that it has reversed from the fibonacci 0.786 levels of the drop between $1,375.00 through $1,310.00 levels earlier. 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 is also complete. Bears are expected to remain in control from current levels going forward and only a break above $1,375.00 levels would delay matters. It is hence recommended to remain short for now. Immediate support is seen at $1,347.00 levels, while resistance is at $1,375.00 levels respectively.

Trading recommendations:

Remain short now, stop above $1,375.00, target is open.

Good luck!

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

Technical analysis of EUR/USD for Aug 03, 2016

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When the European market opens, some Economic Data will be released such as Retail Sales m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, Spanish Services PMI.The US will release the economic data too such as Crude Oil Inventories, ISM Non-Manufacturing PMI, Final Services PMI, ADP Non-Farm Employment Change, so amid the reports, EUR/USD will move in a medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1268.

Strong Resistance:1.1262.

Original Resistance: 1.1251.

Inner Sell Area: 1.1240.

Target Inner Area: 1.1214.

Inner Buy Area: 1.1188.

Original Support: 1.1177.

Strong Support: 1.1166.

Breakout SELL Level: 1.1160.

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 Aug 03, 2016

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In Asia, Japan will release the Monetary Policy Meeting Minutes and the US will release some Economic Data such as Crude Oil Inventories, ISM Non-Manufacturing PMI, Final Services PMI, ADP Non-Farm Employment Change.So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 101.73.

Resistance. 2: 101.53.

Resistance. 1: 101.33.

Support. 1: 101.08.

Support. 2: 100.88.

Support. 3: 100.68.

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 August 03, 2016

At H1 chart, USDX is looking to find support after a sharp decline below the key level of 95.50 and now, we can expect a corrective rebound. However, a breakout below the support zone of 95.02 should open the doors to test the 94.73 price zone. In another scenario, the corrective phase should be extended to the 95.93 on a first degree.

USDXH1.png

H1 chart's resistance levels: 95.51 / 95.93

H1 chart's support levels: 95.02 / 94.73

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 95.02, take profit is at 94.72 and stop loss is at 95.32.

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

Daily analysis of GBP/USD for August 03, 2016

The bulls are still dominating the major pairs as the weakness on the US Dollar remains very strong, following the bad data from the United States last week. A resistance can be found at the 1.3375 level, where a breakout should happen to trigger more bullish force towards the 1.3467 level. MACD indicator is reaching overbought conditions.

GBPUSDH1.png

H1 chart's resistance levels: 1.3375 / 1.3467

H1 chart's support levels: 1.3266 / 1.3148

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 1.3375, take profit is at 1.3467 and stop loss is at 1.3285.

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

Daily analysis of Gold for August 02, 2016

GOLDH4.png

Overview

The gold price trades with calm positivity in attempt to approach gradually from our first main target at 1,375.00. The price gets continuous positive support to achieve gains in the upcoming period. In general, the positive scenario will remain valid as long as the price is above 1,312.00 and 1,297.75 levels. A break of 1,375.00 levels will reinforce the expectations for further gains to 1,400.00 then 1,440.00. The expected trading range for today is between the 1,332.00 support and the 1,380.00 resistance.

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

Daily analysis of Silver for August 02, 2016

SILVERH4.png

Overview

The silver price shows positive attempts now supported by the positive overlapping signal generated by stochastic. This reinforces bullish trend expectations for today; we are waiting for the price to test 21.12 levels initially as its breach will lead to further gains to 22.00. Therefore, we still expect the bullish bias in the upcoming period unless there is a clear break and stability below 19.38 levels. The expected trading range for today is between the 20.00 support and the 21.30 resistance.

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