NZD/USD Intraday technical levels and trading recommendations for August 11, 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 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 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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USD/CAD intraday technical levels and trading recommendations for August 11, 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, conservative traders should be waiting for a daily fixation below 1.3000 to have a valid SELL entry. Initial T/P levels should be located at 1.2820 and 1.2700.

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Intraday technical levels and trading recommendations for GBP/USD for August 11, 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 a 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 11, 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 a 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 should be expected again.

Price actions 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 1.1250. T/P levels will be located at 1.1115, 1.1060, and 1.1020.

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EUR/NZD analysis for August 11, 2016

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Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5228 in a ultra high volume. According to the H1 time frame, I found a wide spread bar in an ultra high volume (selling climax) closing in the middle. If there is a strong supply, the bar shouldn't close in the middle. This is a strong sign of strength and it means that buyers entered the market. Watch for buying opportunities. The first take profit level is set at the price of 1.5485.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5520

R2: 1.5550

R3: 1.5595

Support levels:

S1: 1.5425

S2: 1.5395

S3: 1.5345

Trading recommendations for today: Watch for buying opportunities.

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Gold analysis for August 11 , 2016

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Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,357.00 in a high volume. According to the H4 time frame, I found a morning star formation (bullish formation), which is a sign that selling looks risky. Besides, there is a rejection from the 21SMA. Upward targets are set at the price of $1,357.00 and $1,365.00 (resistance-cluster).

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,351.35

R2: 1,353.60

R3: 1,357.25

Support levels:

S1: 1,344.20

S2: 1,341.90

S3: 1,338.25

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

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Technical analysis of NZD/USD for August 11, 2016

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Overview:

  • The NZD/USD pair will continue rising from the level of 0.7173. The support is found at the level of 0.7173, which represents the 50% Fibonacci retracement level on the H1 time frame today. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. Therefore, the NZD/USD pair is continuing with a bullish trend from the new support of 0.7173. The current price is set at the level of 0.7258. The daily pivot point is seen at 0.7270. Equally important, the trend is in a bullish channel. From this point, we expect the NZD/USD pair to move between the levels of 0.7258 and 0.7343. Equally important, the RSI is still calling for a strong bearish market and the current price is above the moving average 100. As a result, buy above the level of 0.7258 with targets at 0.7270 and 0.7343 in order to form the double top. However, stop loss should always be taken into account; accordingly, it will be beneficial to set the stop loss above the last bearish wave at the level of 0.7170.
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Technical analysis of USD/CHF for August 11, 2016

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Overview:

  • The USD/CHF pair moved in a narrow sideways channel for a while. The market showed signs of instability. Amid the previous events, the price is still moving between the levels of 0.9734 and 0.9785. The daily resistance and support are seen at the levels of 0.9785 and 0.9734, respectively. In consequence, it is recommended to be cautious while placing orders in this area. We should wait until the sideways channel completes. Hence, the USD/CHF pair is still trading in a bullish trend from the new support level of 0.9734 forming a bullish channel. We expect the pair to move between 0.9734 and 0.9785. Major resistance is seen at 0.9857, while immediate resistance is found at 0.9785. Then, we may anticipate potential testing of 0.9785 to take place soon. Moreover, if the pair succeeds in passing through the level of 0.9785, the market will indicate a bullish opportunity above the level of 0.9857. A breakout of that target will move the pair further upwards to 0.9898. Buy orders are recommended above the area of 0.9734 with the first target at the level of 0.9785; and 0.9857 continue towards 0.9898. On the other hand, if the USD/CHF pair fails to break out through the resistance level of 0.9898; the market will decline further to the level of 0.9734 in order to test it again. AThe price of 0.9734 coincides with the ratio of the 50% Fibonacci retracement.
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Technical analysis of USD/JPY for August 11, 2016

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USD/JPY is expected to continue its downside movement. The pair recorded a succession of lower tops and lower bottoms since August 9, which confirms a negative view. The descending 50-period moving average is playing a resistance role and maintains the downside bias. The relative strength index is below its neutrality area at 50 and lacks upward momentum. The benchmark 10-year U.S. Treasury yield declined further to 1.509% from 1.548% Tuesday. With a weaker U.S. dollar, gold surged up to $1357 an ounce before closing at $1346, up 0.4% on day. Silver gained over 3% to $20.49 an ounce and settled at $20.06, up 1.1% on day.

The U.S. dollar experienced broad-based selling with the ICE U.S. Dollar Index falling 0.6% to 95.60. The index has given back all gains generated by last Friday's robust July jobs report and is now below its 200-day moving average. As long as 101.70 holds on the upside, the pair is likely to drop to 100.95. A break below this level would open the way to further weakness toward the horizontal support at 100.65.

Trading Recommendation:

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 100.95. A break below this target will move the pair further downwards to 100.65. The pivot point stands at 101.70. 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 102.00 and the second one at 102.30.

Resistance levels: 102.00 , 102.30, 102.85

Support levels: 100.95, 100.65, 100.15

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Technical analysis of USD/CHF for August 11, 2016

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USD/CHF is expected to continue its downside movement. The pair recorded a succession of lower tops and lower bottoms since August 9 and is capped by a descending trend line. The declining 20-period and 50-period moving averages are playing resistance roles and maintain the downside bias. The relative strength index is bearish and has broken below its 30 level.The benchmark 10-year U.S. Treasury yield declined further to 1.509% from 1.548% Tuesday. With a weaker U.S. dollar, gold surged up to $1357 an ounce before closing at $1346, up 0.4% on day. Silver gained over 3% to $20.49 an ounce and settled at $20.06, up 1.1% on day. The U.S. dollar experienced broad-based selling with the ICE U.S. Dollar Index falling 0.6% to 95.60. The index has given back all gains generated by last Friday's robust July jobs report and is now below its 200-day moving average. As long as the descending trend line and key resistance at 0.9845 remains intact, look for further drop toward 0.9720 and even 0.9690 in extension.

Resistance levels: 0.9875, 0.9905, 0.9985

Support levels: 0.9720, 0.9690, 0.9670

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Technical analysis of NZD/USD for August 11, 2016

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NZD/USD is expected to go on with its upside movement. The pair broke above its 20-period and 50-period moving averages with strong momentum and is heading upwards. In addition, 0.7180 (Aug 9 peak and 10 bottom) represents a significant key support level, which should limit the downside potential. The pair broke above the upper boundary of the Bollinger band, which could signal a continuation of bullish trend. The relative strength index is bullish above its neutrality area at 50 and calls for a new upleg. As long as 0.7180 holds on the downside, look for further rise toward 0.7340 and 0.7380 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 0.7340 and the second one, at 0.7380. In the alternative scenario, short positions are recommended with the first target at 0.7145, 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 0.7105. The pivot point is at 0.7180.

Resistance levels: 0.7340, 0.7380, 0.7450

Support levels: 0.7145, 0.7105, 0.7065

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Global macro overview for 11/08/2016

Global macro overview for 11/08/2016:

The Crude Oil Inventories data surprised market participants as another build in stockpiles has been made. Investors expected a decrease in inventories down to the level of -1300k barrels, but the number revealed was an increase to the level of 1055k barrels. Moreover, the previous week had an increase in stockpiles at the level of 1413k barrels, so it might suggest, that after some weeks of drainage in inventories, now they are going back to the average, normal levels. Moreover, this might again indicate, that the global supply glut is still a number one problem for oil producers like OPEC. The members of this organisation still can not agree to cut the production in order to prevent the supply coming to the markets. Maybe some kind of agreement will be reached at the next OPEC meeting at the end of the November in Vienna.

Let's now take a look at the Crude Oil technical picture in the 4H time frame. The series of lower highs might be continued after the market had been rejected at the technical resistance at the level of 43.62. Currently, it looks like the bears are in control over the market especially after yesterday's data. The next support is seen at the level of 41.04 and 40.42.

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Technical analysis of GBP/JPY for August 11, 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 upward momentum. European stocks were broadly negative with the STOXX Europe 600 easing 0.2%. Both Germany's DAX and France's CAC shed 0.4%, while the U.K.'s FTSE gained 0.2%. As long as 132.05 is not broken above, the risk of a break below 130.00 remains high.

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 130.00. A break below this target will move the pair further downwards to 128.80. The pivot point stands at 132.05. 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 132.70 and the second one at 133.20.

Resistance levels: 132.70, 133.20 , 134.60

Support levels: 130.00, 128.80, 128.00

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Global macro overview for 11/08/2016

Global macro overview for 11/08/2016:

The Reserve Bank of New Zealand has decided to cut the interest rate by 0.25% to the level of 2.0% overnight ( just as expected). During the press conference, RBNZ Governor Wheeler said, that the reason behind the rate cut is a growing concern regarding the inflation expectations and exchange rate pressures on the economy. Moreover, he said that the New Zealand economy does not currently need a 50bp cut because the RBNZ monetary policy tools are still working well and RBNZ did not run out of the ammunition yet. In conclusion, Wheeler clearly hinted, that another rate cut might be implemented if need, but not yet. It means global investors should keep an eye on the inflation data next month.

Let's now take a look at the NZD/USD technical picture in the daily time frame. As we can see the market trades above all moving averages and it even tried to rally higher after the RBNZ news release. Nevertheless, the price looks to be rejected from the last technical resistance at the level of 0.7323 and some kind of the pin bar might be forming now. If the rejection becomes clear, then the next support is seen at the level of 0.7054.

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Technical analysis of USD/CAD for August 11, 2016

General overview for 11/08/2016:

The wave a purple has been formed and the bottom for this wave seems to be placed at the level of 1.3000. Currently, the wave b purple is in progress and it is trading just around the level of weekly pivot support at 1.3079. When this wave is completed, another leg down is anticipated in order to complete wave c green.

Support/Resistance:

1.3282 - WR1

1.3251 - Wave Y Top

1.3146 - Intraday Resistance

1.3135 - Weekly Pivot

1.3108 - Intraday Resistance

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 outlook remains bearish.

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Technical analysis of EUR/JPY for August 11, 2016

General overview for 11/08/2016:

The market continues to trade in a rather narrow trading range, just around 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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AUDNZD profit target reached, turn bullish.

Our profit target was reached perfectly yesterday. Today we turn bullish looking to buy on dips above 1.0510 support (Fibonacci retracement + Fibonacci projection) for a rise to 1.0650 (horizontal resistance + Fibonacci retracement).

RSI (34) has showed how price bounced off the 34% support level and we expect the same.

Strategy would be to take a 50% buy position now and one more if price drops to 1.0510.

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Buy above 1.0510. Stop loss at 1.0430. Take profit at 1.0650.

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USDCHF profit target reached, turn bullish.

Price has dropped and reached our profit targets as expected. We turn bullish above 0.9715 buying level which is strong support (horizontal support + Fibonacci retracement + Bollinger band support) for a rise to 0.9850 (last swing high + projected Bollinger band resistance + Fibonacci projection).

RSI (21) is approaching a key support level at 17% which is in line with us expecting price to drop a bit to our buying level.

Stochastics (21,5,3) is on a key support level expecting a bounce.

Strategy would be to scale into your position. 50% buy entry now and another 50% if price drops to 0.9715.

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Buy at 0.9715. Stop loss at 0.9630. Take profit at 0.9850.

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EURJPY remains bullish at good buying level.

Price is holding well above our buying level and is displaying better technical elements. 113.00 remains the key level to buy above (horizontal support + Fibonacci retracement). We highlight a new risk level to take 50% profit at 114.05; the stop loss should be moved to breakeven if it reaches this level and play the further rise to 114.65.

RSI (21) has reacted off 90% and as expected, has bounced off our pullback support showing a rise is resuming in price again.

Stochastics (21,5,3) is above our ascending support line showing a rise in progress.

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Buy above 113.00. Stop Loss at 112.20. 1st Take profit at 114.05, 2nd Take profit at 114.65.

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NZDUSD at major resistance, sell now.

We look to sell again at a major fractal resistance level of 0.7325 (Fibonacci projection + horizontal resistance + bearish candlestick formation) for a new drop to 0.7185.

RSI (21) is at major resistance at 72% and has started to turn down signaling a bearish move is in progress.

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Sell below 0.7325. Stop loss at 0.7400. Take profit at 0.7185.

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Elliott wave analysis of EUR/NZD for August 11 - 2016

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Wave summary:

Despite a rate cut from RBNZ kiwi rallied and our fear of more downside pressure within the corrective channel was confirmed. We have seen a test of the 81.3% corrective target at 1.5185, which should have complete wave ii and start a new impulsive rally to above 1.5839.

However, to confirm that wave ii is complete and wave iii higher is developing, a break above minor resistance at 1.5550 and more importantly above resistance at 1.5646 is needed.

Trading recommendation:

Our stop at 1.5390 was hit. We are still looking for buying opportunities and will buy EUR at 1.5240 or upon a break above 1.5550

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Elliott wave analysis of EUR/JPY for August 11 - 2016

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Wave summary:

We are still looking for a clear break above minor resistance at 113.76 and more importantly a break above resistance at 114.81 to support our assumption that wave [ii] completed at 112.28.

However, as long as long as minor support at 113.76 stays untouched, we have to accept the possibility of more downside pressure, but at no point can a break below important support at 110.79 be accepted under this count. If a break below 110.79 is seen, then the corrective decline from 149.56 is reinstated for a continuation lower to 106.03.

Trading recommendation:

We are long EUR from 113.27 with stop placed at 112.27. If you are not long EUR yet, then buy a break above 113.82 and place your stop at 112.70.

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Technical analysis of EUR/USD for Aug 11, 2016

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When the European market opens, some economic data will be released such as Italian Trade Balance, French Final CPI m/m.The US will release the economic data too such as 30-y Bond Auction, Natural Gas Storage, Import Prices m/m, Unemployment Claims, so amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1237.

Strong Resistance:1.1231.

Original Resistance: 1.1220.

Inner Sell Area: 1.1209.

Target Inner Area: 1.1183.

Inner Buy Area: 1.1157.

Original Support: 1.1146.

Strong Support: 1.1135.

Breakout SELL Level: 1.1129.

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.

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Technical analysis of USD/JPY for Aug 11, 2016

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In Asia, today Japan will not release any economic data's but the US will release some economic data such as 30-y Bond Auction, Natural Gas Storage, Import Prices m/m, Unemployment Claims.So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 101.73.

Resistance. 2: 101.53.

Resistance. 1: 101.33.

Support. 1: 101.09.

Support. 2: 100.89.

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 major pairs for August 11, 2016

EUR/USD: The EUR/USD is now in a bullish mode, at least, in the short-term. There is a Bullish Confirmation Pattern in the 4-hour chart and price is expected to go upwards further, reaching the resistance lines at 1.1200 and 1.1250. The support lines at 1.1150 and 1.1100 should check any possible pullbacks along the way.

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USD/CHF: The visible strength in the EUR/USD has caused some bearish pressure on the USD/CHF. The William's % Range period 20 is now in the oversold region, and a bearish signal would be generated once the EMA 11 crosses the EMA 56 to the downside. Price might eventually reach the support level at 0.9650.

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GBP/USD: This is a bear market – both in the 4-hour chart and the daily chart. There is a Bearish Confirmation Pattern in the market, for price would move further south, to test the accumulation territories at 1.2950 and 1.2900. However, these accumulation territories are decisive because they could halt further southwards movement, helping the bulls, who are growing impatient with the current bearish outlook.

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USD/JPY: The USD/JPY remains in a bearish mode. Price is expected to continue going further south, as short-term rallies proffer new opportunities to sell short. The demand zones at 101.00 and 100.50 could be tested today or tomorrow.

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EUR/JPY: The outlook and movement on this cross is quite similar to that of the USD/JPY. Any rallies that occur here should be seen as opportunities to sell short, for price might eventually reach the demand zones at 112.50, 112.00 and 111.50. The bearish trend should be respected until there is a clear change in the market (until it is clear that bulls are in control).

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Daily analysis of USDX for August 11, 2016

The index extended losses and it's looking to break the support zone of 95.51. A breakout below that level should expose the bears to the 95.19 level, where a key bottom is located. However, as we saw a dynamic resistance around the 200 SMA price level, that should be taken as a confirmation of a possible bearish continuation.

USDXH1.png

H1 chart's resistance levels: 95.93 / 96.32

H1 chart's support levels: 95.51 / 95.19

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 95.51, take profit is at 95.19 and stop loss is at 95.83.

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Daily analysis of GBP/USD for August 11, 2016

Cable is in a bearish mode and looking to consolidate again below the 1.3000 psychological level, following a false breakout around the 1.3085 level. We would like to see another decline to the 1.2894 level, where the bulls are waiting in an attempt to resume the bullish momentum. However, the targets are still bearish on a short-term basis.

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.

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Daily analysis of USD/JPY for August 10, 2016

USDJPYH4.png

Overview

The USDJPY pair bounced bearishly after touching 102.64 levels yesterday and approached from the critical support 100.70 again as the EMA50 places the price under negative pressure. Besides, stochastic approaches from a negative overlapping signal on the daily time frame supporting the strength of the resistance at 102.64. Therefore, these factors allow us to suggest the return of the bearish trend domination over intraday and short-term trading. A break of 100.70 levels will confirm bearish wave extension to the 94.76 areas as the next main station. The bearish trend will remain valid and active unless breaching and holding above 102.64 levels. The expected trading range for today is between the 100.00 support and the 102.00 resistance.

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Daily analysis of EUR/JPY for August 10, 2016

EURJPYH4.png

Overview

The EURJPY pair formed an intraday negative wave yesterday and declined towards 112.90 as shown on the chart. Holding positions above the 112.20 support will provide the pair with new positive momentum followed by rallying towards our expected target at 115.10. We should note that any attempt to decline below the mentioned support will cancel correctional bullish attempts and begin a new negative attack that targets 110.80 levels followed by the low 109.50 areas. The expected trading range for today is between 112.20 and 115.10.

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Daily analysis of Gold for August 10, 2016

GOLDH4.png

Overview

The gold price keeps trading positively and moving away from the intraday bullish trend line, supported by the EMA50 that carries the price from below. The price is likely to hit 1,375.00 levels that represent the next main station, a break of which is the key to bullish wave extension to 1,400.00 followed by 1,440.00. We remind you that holding above 1,343.50 levels will help the price rise for the rest of the day as a breach of it will push the price to the key levels located between 1,312.00 and 1,297.75 before any new attempt to rise. The expected trading range for today is between the 1,330.00 support and the 1,375.00 resistance.

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Daily analysis of Silver for August 10, 2016

SILVERH4.png

Overview

The silver price managed to breach the EMA50 and closed the last four-hour candlestick above it, thus getting positive motive that reinforces the continuation of the bullish trend scenario for today, and opening the way to 21.12 levels initially. Therefore, our positive overview will remain valid for the upcoming period as long as the price is above 19.38 levels. A breach of the targeted level will extend silver price gains to 22.00 followed by 22.40. The expected trading range for today is between the 19.75 support and the 20.75 resistance.

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