USD/CAD intraday technical levels and trading recommendations for August 9, 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 will allow further bearish decline to occur towards 1.2820 and 1.2700.

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Intraday technical levels and trading recommendations for NZD/USD for August 9, 2016

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Bullish persistence above 0.6550 (the 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's why, the recent bullish breakout is taking place above 0.6860.

As long as the NZD/USD pair keeps trading above 0.6860, further bullish advance is 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.

Pay attention to the Head and Shoulders reversal pattern on the daily chart. Confirmation requires 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 0.6760-0.6700 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 9, 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 (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 9, 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, an 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 shows. 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 to 1.0820 (key level 2) where price actions should be watched for a possible short-term BUY entry.

On the other hand, the EUR/USD pair kept trading above the price zone of 1.1000-1.0950 (previous consolidation range). Hence, further bullish advance towards 1.1170 and 1.1220 took place as expected in the previous articles.

Price actions should have been watched around the price zone of 1.1220-1.1250 for significant bearish rejection and a valid SELL entry. S/L should be lowered to 1.1150 to secure some profits. T/P levels will be located at 1.1115, 1.1060, and 1.1020.

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Global macro overview for 03/08/20169

Global macro overview for 09/08/2016:

The United Kingdom industrial production data were released this morning and it turned out to be better than expected. Moreover, the data were the strongest by a quarter since 1999, albeit that was before Brexit vote. Nevertheless, the reported number was at the level of 0.1% m/m (1.6% y/y), while the market expected another negative number of -0.1% m/m. The Office for National Statistic reported that transport equipment was the biggest factor behind the quarterly increase in industrial production and very few respondents reported a negative Brexit impact. In conclusion, one quite good report on the UK economy will not change the future negative outlook for this country after all international agreements are settled.

Let's now take a look at the GBP/USD technical picture in the daily time frame. Bears have managed to push the price below the important support at the level of 1.3062 and now it seems that the sell-off might be accelerating towards the level of 1.2849 - 1.2801.

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Global macro overview for 09/08/2016

Global macro overview for 09/08/2016:

Another news from the OPEC organisation caused a move in the crude oil market. The OPEC members have again floated the idea of a freeze in output, that might possibly stabilize oil prices due to a supply cut. Venezuela, Ecuador, and Kuwait are pushing the idea, but other members are not too much attached to implementing a freeze.The matter of decreasing the output by freezing was widely talked in the previous OPEC meeting, but there always were some members with a different point of view. The next OPEC meeting is scheduled for late September in Algeria and this problem will rise again I suppose.

Let's now take a look at the Crude Oil technical picture in the 4H time frame. The bullish camp has managed to push the prices above the 55,100 and 200 moving average and now the market is trading just below the important resistance at the level of 43.62. Please notice the growing bearish divergence between the price and momentum oscillator indicates a possible move downward towards the next support at the level of 41.51.

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Technical analysis of NZD/USD for August 09, 2016

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Overview:

  • Today, the first resistance level is seen at 0.7192 (the daily pivot point) followed by 0.7221, while daily support 1 is found at 0.9795. The NZD/USD pair continues to move downwards from the level of 0.7107. Yesterday, the pair dropped from the level of 0.7221 to the bottom around 0.7107. Besides, the level of 0.7192 represents a weekly pivot point for that it is acting as major resistance/support this week. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.7192 towards the first support level at 0.7107 in order to test it again. If the pair succeeds to pass through the level of 0.7107, the market will indicate a bearish opportunity below the level of 0.7071. Additionally, if the NZD/USD pair is able to break out the bottom at 0.7071, the market will decline further to 0.7028 in order to test the weekly support 2. However, it would also be sage to consider where to place a stop loss; this should be set above the second resistance of 0.7221.
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EUR/NZD analysis for August 09, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5510. According to the 4H time frame, I found trading range between the price of 1.5640 (resistance) and 1.5440 (support). Anyway, due to the breakout of the downward channel and successful re-test, I am expecting higher price on EUR/NZD. The breakout of 1.5640 will confirm upward price. Watch for the breakout of resistance.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5610

R2: 1.5645

R3: 1.5700

Support levels:

S1: 1.5505

S2: 1.5475

S3: 1.5420

Trading recommendations for today: Watch for buying opportunities.

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Technical analysis of EUR/JPY for August 9, 2016

General overview for 09/08/2016:

The bullish camp did not manage to break out above the intraday resistance at the level of 113.92, so the price has moved back to the weekly pivot at the level of 113.26. The bottom for wave b might be in place at the level of 112.31, but to confirm this scenario the price must impulsively break out above the 113.92 level and head higher. And violation of the intraday support at the level of 112.31 will invalidate this scenario.

Support/Resistance:

112.31 - Intraday Support

113.26 - Weekly Pivot

113.92 - Intraday Resistance

114.22 - WR1

115.76 - WR2

116.72 - WR3

Trading recommendations:

Day traders should consider opening buy orders from current price levels and place the SL just below the level of 112.30. TP is open for now.

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Technical analysis of USD/CAD for August 9, 2016

General overview for 09/08/2016:

The weekly pivot at the level of 1.3135 had provided the support for the bear camp and the price got back to the congestion zone. The top for wave b green might be in place now at the level of 1.3190 and the market should start to develop wave c green to the downside. Nevertheless, any breakout above the high at the level of 1.3251 will invalidate the count and then higher prices might be expected.

Support/Resistance:

1.3282 - WR1

1.3251 - Wave Y Top

1.3190 - Intraday Resistance

1.3146 - Intraday Support

1.3135 - Weekly Pivot

1.3080 - WS1

1.3000 - Technical Support

1.2935 - WS1

Trading recommendations:

Day traders should consider opening buy orders only if the level of 1.3251 is clearly violated. Otherwise, the bias outlook remains.

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Technical analysis of USD/CHF for August 09, 2016

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Overview:

  • The USD/CHF pair continues to move upwards from the level of 0.9790. Yesterday, the pair rose from the level of 0.9790 (the level of 0.9790 coincides with a ratio of 50% Fibonacci retracement) to a top around 0.9840. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. From this point, the USD/CHF pair is continuing in a bullish trend from the new support of 0.9790. Today, the first support level is seen at 0.9790 followed by 0.9752, while daily resistance 1 is seen at 0.9881. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9790 and 0.9881; for that we expect a range of. On the one-hour chart, immediate resistance is seen at 0.9881, which coincides with a ratio of 78.6% Fibonacci retracement. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100). Therefore, if the trend is able to break out through the first resistance level of 0.9881, we should see the pair climbing towards the daily resistance at 0.9911 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support of 0.9752.
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Gold analysis for August 09 , 2016

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Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,337.87 in an average volume. According to the H1 time frame, I found a lack of supply at the level of $1,330.00. It is very risky to sell at this stage. There is strong bullish divergence on the RSI oscillator and a lack of selling pressure according to the volume analysis. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of $1,343.00. According to the daily time frame, I found very high effort (volume) with very weak price action, which is sign of strength.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,335.00

R2: 1,336.40

R3: 1,339.80

Support levels:

S1: 1,329.30

S2: 1,327.50

S3: 1,324.60

Trading recommendations for today: Selling looks very risky. Watch for buying opportunities.

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Technical analysis of USD/JPY for August 09, 2016

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USD/JPY is expected to trade in higher range as the bias remains bullish. The pair stands firmly above its horizontal support at 101.85 as a support base has formed at this level, which should limit the downside attempts. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

On Monday, U.S. stock indexes ended slightly lower as gains in energy stocks were offset by losses in health-care shares. The Dow Jones Industrial Average lost 14 points (0.1%) to settle at 18529, the S&P 500 dipped 2 points (0.1%) to 2180, and the Nasdaq Composite was down 7 points (0.2%) to 5213. Bristol-Myers Squibb, which slumped 16% in the prior session as its lung cancer drug Opdivo failed to meet a study endpoint, shed another 4.7%.The U.S. dollar maintained its strength against other major currencies. EUR/USD edged up 5 pips to 1.1090, GBP/USD slid 0.2% to 1.3038, and USD/JPY rallied 0.6% to 102.43. The ICE U.S. Dollar Index then advanced 0.1% to 96.32 posting a winning streak of four straight sessions.

As long as 101.85 holds on the downside, further upside is expected with the horizontal resistance at 102.85. A break above this level would open the way to further advance toward the next resistance at 103.90.

Trading Recommendation:

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 102.85 and the second one, at 103.90. In the alternative scenario, short positions are recommended with the first target at 101.30, 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 100.95. The pivot point is at 101.85.

Resistance levels: 102.85, 103.90, 104.60

Support levels: 101.30, 100.95, 100.65

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Technical analysis of USD/JPY for August 09, 2016

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USD/JPY is expected to trade in a higher range as the bias remains bullish. The pair stands firmly above its horizontal support at 101.85 as a support base has been formed at this level, which i likely to limit the downside attempts. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

On Monday, U.S. stock indexes ended slightly lower as gains in energy stocks were offset by losses in health-care shares. The Dow Jones Industrial Average lost 14 points (0.1%) to settle at 18,529, the S&P 500 dipped by 2 points (0.1%) to 2,180, and the Nasdaq Composite was down 7 points (0.2%) to 5,213. Bristol-Myers Squibb, which slumped 16% in the prior session as its lung cancer drug Opdivo failed to meet a study endpoint, shed another 4.7%.The U.S. dollar maintains its strength against other major currencies. EUR/USD edged up 5 pips to 1.1090, GBP/USD slid 0.2% to 1.3038, and USD/JPY rallied 0.6% to 102.43. The ICE U.S. Dollar Index advanced 0.1% to 96.32 posting a winning streak of four sessions straight.

As long as 101.85 holds on the downside, further upward movement is expected with the horizontal resistance at 102.85. A break above this level would open the way to further advance toward the next resistance at 103.90.

Trading Recommendation:

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 102.85 and the second one at 103.90. In the alternative scenario, short positions are recommended with the first target at 101.30 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 100.95. The pivot point is at 101.85.

Resistance levels: 102.85, 103.90, 104.60

Support levels: 101.30, 100.95, 100.65

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Technical analysis of USD/CHF for August 09, 2016

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USD/CHF is expected to trade with bullish bias above 0.9785. The pair remains positive according to the intraday outlook. A strong support base at 0.9785 (August 8 low) has been formed and should limit the downward attempts. The relative strength index is still above its neutrality area at 50. The 50-period moving average is rising, which maintains the upside bias. As long as support holds at 0.9785, further advance is expected with the horizontal resistance at 0.9875. On Monday, U.S. stock indexes ended slightly lower as gains in energy stocks were offset by losses in health-care shares. The Dow Jones Industrial Average lost 14 points (0.1%) to settle at 18,529, the S&P 500 dipped by 2 points (0.1%) to 2,180, and the Nasdaq Composite was down 7 points (0.2%) to 5,213. Bristol-Myers Squibb, which slumped 16% in the prior session as its lung cancer drug Opdivo failed to meet a study endpoint, shed another 4.7%.

A break above this level would open the way to further upside toward the next resistance at 0.9905. Alternatively, in case of a break below 0.9785, look for further downside with 0.9760 and 0.9720 as targets.

Resistance levels: 0.9875, 0.9905, 0.9985

Support levels: 0.9760, 0.9720, 0.9670

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Technical analysis of NZD/USD for August 09, 2016

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NZD/USD is expected to trade with bearish bias as the key resistance lies at 0.7160. The pair is posting some rebound, having broken above its 20-period moving average. Nevertheless, the prices failed to break above the key resistance at 0.7160, and the upward potential is likely to be limited by the threshold.The U.S. dollar maintains its strength against other major currencies.The ICE U.S. Dollar Index advanced by 0.1% to 96.32 posting a winning streak of four sessions straight. As long as 0.7160 holds as the key resistance, the pair is likely to return to 0.7085. A break below this level would open the way to further weakness toward the horizontal support at 0.7060.

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 0.7085. A break below this target will move the pair further downwards to 0.7060. The pivot point stands at 0.7160. 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 0.7195 and the second one at 0.7220.

Resistance levels: 0.7195, 0.7220, 0.7260

Support levels: 0.7085, 0.7060, 0.7015

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Technical analysis of GBP/JPY for August 09, 2016

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GBP/JPY is under pressure. The pair is holding on the downside after it has failed to break above the nearest resistance at 133.95. The relative strength index is below its neutrality area at 50 and lacks upward momentum. Besides, the 50-period moving average is heading downward and plays a resistance role. To sum up, as long as 133.95 holds on the upside, the pair is likely to continue decrease towards 132.15 at first, and then even to 131.10.

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 132.15. A break below this target will move the pair further downwards to 131.10. The pivot point stands at 133.95. 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 134.60 and the second one at 135.45.

Resistance levels: 135.60, 136.30, 137.10

Support levels: 132.15, 131.10, 130.25

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Technical analysis of silver for August 09, 2016

Technical outlook and chart setups:

Silver hit fresh lows at $19.50 levels last Friday as expected. The metal is trading at $19.60 at the moment and looks to be setting up for a retracement/counter trend rally towards $20.40/50 levels before reversing again. Besides, the metal is likely to consolidate (triangle) and seems to be in its last leg rally as shown here. If the above wave count proves to be valid, and silver fails to break above $21.13 levels, it will drop lower towards $19.00 levels at least going forward. It is recommended to remain short now, with risk above $21.13 levels. Immediate interim support is seen at $19.45 levels, while resistance lies at $20.50 levels. Bears should be poised to remain in control till prices stay below $21.13 levels.

Trading recommendations:

Remain short from $20.50 levels, and plan to book partial profits. Stop is above $21.13, target is lower.

Good luck!

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Daily analysis of major pairs for August 9, 2016

EUR/USD: This pair only moved sideways on Monday, and there is nothing significant so far. Only a movement above the resistance line at 1.1300 would lead to a "buy" signal, otherwise, this pair would remain bearish.

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USD/CHF: There is a bullish signal on the USD/CHF – as shown by the current Bullish Confirmation Pattern in the chart. Price is currently above the support level at 0.9800, and it may later reach the resistance levels at 0.9850 and 0.9900 (which are the targets for bulls this week). However, it is unlikely that price would go above these resistance levels.

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GBP/USD: The outlook on the GBP/USD remains bearish, both in daily and 4-hour charts. In the 4-hour chart, there is a Bearish Confirmation Pattern, which means price is supposed to continue going further south. There are accumulation territories at 1.3000 and 1.2950, which are potential targets for bears this week. Although there are also possibilities of the price going upwards once these accumulation territories are tested.

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USD/JPY: This currency trading instrument moved slightly upwards on Monday, in what could well be a rally in the context of a downtrend. The outlook on the instrument, as well as other JPY pairs, remains strongly bearish. So it would be interesting to watch the demand levels at 101.00, 100.50 and 100.00, which should be breached after much selling pressure.

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EUR/JPY: What happened in the market on August 8, 2016, could well be termed as a rally in a downtrend, for a bearish journey is expected to continue this week, as bears push price towards the demand zones at 112.50, 112.00 and 111.50. Since there is a Bearish Confirmation Pattern in the market, the demand zones would be likely reached, though there may be a show of strength by bulls along the way.

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Gold Technical Analysis for August 09, 2016.

Technical outlook and chart setups:

Gold finally reversed as expected on last Friday and has now hit lows at $1,329.00 levels. The metal is now expected to retrace higher towards $1,350.00 levels again before reversing lower. It looks like the metal has carved out a meaningful top at $1,367.00 levels and should be setting up for a deeper correction. The wave structure indicates that the metal might be drifting sideways in a triangle formation as depicted on the 4H chart here. The metal might produce a rally towards $1,350.00 levels before breaking below the triangle consolidation. 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 $1,327.00 levels, while resistance is at $1,366.00 levels respectively.

Trading recommendations:

Remain short now; one can take partial profits here. Stop above $1,375.00, target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for August 9 - 2016

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Wave summary:

A corrective low was seen at 1.5397 and a new impulsive rally is about to launch. Short term, we will like to see support at 1.5438 to protect the downside for a break above minor resistance at 1.5571 and more importantly above resistance at 1.5646 that will accelerate prices higher towards 1.6166 and above towards 1.6637 as the next upside targets.

Only an unexpected break below 1.5397 will prolong the corrective decline from 1.5839 closer to 1.5296.

Trading recommendation:

We are long EUR from 1.5627 with stop placed at 1.5390. If you are not long EUR yet, then buy upon a break above 1.5571 and place your stop at 1.5430.

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Elliott wave analysis of EUR/JPY for August 9 - 2016

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Wave summary:

It is not yet overly convincing that we are off the 112.31 level, but as long as the support at 112.31 is able to protect the downside, we will give the bullish outlook the benefit of the doubt and look for more upside pressure towards 114.81 as the next important resistance.

Short term, support is seen near 113.00 that ideally will protect the downside for the next rally higher to 114.81 and above

Trading recommendation:

We are long from 113.27 with stop placed at 112.27. If you are not long EUR yet, then buy near 113.00 or upon a break above 113.62 and use the same stop at 112.27.

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EURGBP bearish at channel resistance

0.8540 is a major resistance level (Fibonacci retracement + channel resistance + horizontal resistance) which we intend to sell off from to play the drop to 0.8440 at least.

Stochastics is approaching a major 87% resistance level.

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Trading Recommendations:

Sell below 0.8540.

Stop Loss at 0.8590.

Take profit at 0.8440.

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NZDUSD right on major resistance, sell now.

Price has risen to our selling level at 0.7150 as expected. This is a major resistance (horizontal resistance + Fibonacci retracement + bearish candlestick reversal). We sell from here for a drop to 0.7070.

Stochastics (21,5,3) has also turned down from our area of resistance signaling a bearish move it approaching.

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Trading Recommendations:

Sell below 0.7150.

Stop Loss at 0.7225.

Take profit at 0.7070.

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USDJPY rise in progress, remain bullish

Price continues to rise as expected. We look to buy on pullback to our buying area of 102.05 for a continued rise to 103.75 which is our channel bullish exit potential + Fibonacci retracement + pullback resistance.

RSI (21) is approaching pullback support where we expect another bounce from.

analytics57a95f6e88a65.png

Trading Recommendations:

Buy above 102.05.

Stop Loss at 100.55.

Take profit at 103.75.

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

AUD/NZD Trading Recommendations for 9th August 2016

Price reached our profit target perfectly yesterday. Today we turn bearish below 1.0740 major resistance (horizontal resistance + Fibonacci projection) for a new drop to 1.0630.

Stochastics (21,5,3) has turned down strongly from 94% resistance signaling a bearish move is in progress.

analytics57a95f2e9ad1e.png

Trading Recommendations:

Sell below 1.0740.

Stop Loss at 1.0825.

Take profit at 1.0630.

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

Technical analysis of EUR/USD for Aug 09, 2016

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When the European market opens, some economic data will be released such as French Gov Budget Balance, German Trade Balance.The US will release the economic data too such as Wholesale Inventories m/m, IBD/TIPP Economic Optimism, Prelim Unit Labor Costs q/q, Prelim Nonfarm Productivity q/q, NFIB Small Business Index, so amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1137.

Strong Resistance:1.1131.

Original Resistance: 1.1120.

Inner Sell Area: 1.1109.

Target Inner Area: 1.1083.

Inner Buy Area: 1.1057.

Original Support: 1.1046.

Strong Support: 1.1035.

Breakout SELL Level: 1.1029.

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 09, 2016

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In Asia, Japan will release the Prelim Machine Tool Orders y/y, 30-y Bond Auction, M2 Money Stock y/y and the US will release some Economic Data such as Wholesale Inventories m/m, IBD/TIPP Economic Optimism, Prelim Unit Labor Costs q/q, Prelim Nonfarm Productivity q/q, NFIB Small Business Index.So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 102.94.

Resistance. 2: 102.74.

Resistance. 1: 102.54.

Support. 1: 102.29.

Support. 2: 102.09.

Support. 3: 101.89.

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 09, 2016

The index managed to remain consolidated above the support level of 96.32, following the US NFP's rally and now it points to test the 96.75 level. Currently, USDX is trying to consolidate above the 200 SMA and to extend the gains during the week. A breakout above that resistance should push the index towards the July 27th high.

USDXH1.png

H1 chart's resistance levels: 96.32 / 96.75

H1 chart's support levels: 95.93 / 95.51

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 96.32, take profit is at 96.75 and stop loss is at 95.90.

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

Daily analysis of GBP/USD for August 09, 2016

Cable is looking to trade lower and it remains consolidated below the resistance zone of 1.3085 during Monday's session. The focus is still on the place around the 1.3000 psychological level, where a breakout should happen to extend the declines toward the 1.2894 price level. However, a rally above the resistance level of 1.3085 can open the doors to the 1.3148 level, where the 200 SMA is located.

GBPUSDH1.png

H1 chart's resistance levels: 1.3085 / 1.3148

H1 chart's support levels: 1.3000 / 1.2894

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3000, take profit is at 1.2894 and stop loss is at 1.3106.

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

Daily analysis of USD/JPY for August 08, 2016

USDJPYH4.png

Overview

The USDJPY pair showed bullish bias on last Friday affected by stochastic positivity, but it is still below the 102.27 barrier. This keeps the bearish trend scenario valid for the upcoming period. The price needs to break 100.70 levels to confirm the continuation of the bearish wave towards the 94.76 level. The EMA50 supports the continuation of trading inside the bearish channel shown on the chart; thus, we still expect the bearish trend on the intraday and short-term bases. Remember that it is important to hold below 102.27 to continue the suggested decline. The expected trading range for today is between the 100.70 support and the 103.00 resistance.

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

Daily analysis of EUR/JPY for August 08, 2016

EURJPYH4.png

Overview

The EURJPY pair ended last Friday's trading with a new positive close above the 112.35 support line and started forming positive waves as shown on the chart. The price is supported by stochastic exit from the oversold areas, which suggest bullish attempts in the near and medium term until reaching 115.10. On the other hand, an attempt to break the current support will open the way to suffer more losses that start at 111.30 then 109.50. Therefore, we should monitor the price behavior carefully for renewed pressure on the support level to avoid any changes in the trend.

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

Daily analysis of Silver for August 0, 2016

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Overview

The silver price has been hovering around 19.65 levels since morning, while stochastic provides a positive overlapping signal on the four-hour time frame, so the price is likely to resume the main bullish trend after the last decline that pushed the price to approach from the 23.6% Fibonacci level at 19.38. Therefore, we expect positive trading in the upcoming sessions. The price needs to breach 20.20 levels to reinforce the expectations of targeting 21.12 levels as the next main station. Remember it is important to hold above 19.38 levels to continue the anticipated rise. The expected trading range for today is between the 19.38 support and the 20.15 resistance.

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

Daily analysis of Gold for August 08, 2016

GOLDH4.png

Overview

The gold price showed clear negativity in the last sessions testing the intraday bullish trend line shown on the chart. Meanwhile, stochastic generated clear oversold signals providing positive motive that we expected to help the price resume the main bullish bias, which targets begin by testing the previously recorded top at 1,375.00. In general, we still expect the bullish trend in the upcoming period unless breaking 1,297.75 levels and opening the way to extend the bearish correction on the short-term basis. A breach of 1,378.00 levels will lead the price to 1,400.00 followed by 1,440.00 levels. The expected trading range for today is between the 1,325.00 support and the 1,375.00 resistance.

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