USD/CAD intraday technical levels and trading recommendations for August 15, 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 a 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 a 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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NZD/USD Intraday technical levels and trading recommendations for August 15 , 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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Intraday technical levels and trading recommendations for EUR/USD for August 15, 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's 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 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 was executed as expected.

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 1.1300. T/P levels will be located at 1.1115, 1.1060, and 1.1020.

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Intraday technical levels and trading recommendations for GBP/USD for August 15, 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 seen on the depicted charts.

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

On the other hand, bearish persistence below the demand level at 1.3550 enhances the bearish scenario 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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EUR/NZD analysis for August 15, 2016

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Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5478 in a high volume. According to the 30M time frame, I found bullish outside bar formation, which is sign that selling EUR/NZD at this stage looks risky. According to the 5M time frame, I found changing in trend dynamic from bearish to bullish. There is a climatic action in the background and successful absorption volume. Watch for buying opportunities.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5525

R2: 1.5555

R3: 1.5610

Support levels:

S1: 1.5420

S2: 1.5390

S3: 1.5340

Trading recommendations for today: Watch for buying opportunities.

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Gold analysis for August 15 , 2016

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Since our previous analysis, gold has been trading downwards. The price tested the level of $1,333.19. According to the 30M time frame, I found that strength came in at the bottom. There is a test of supply in a low volume, which is a sign that selling Gold at this stage looks risky. The price is trading above 21SMA. Be careful when selling and watch for buying opportunities. The first upward station is set at the price of $1,355.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,344.90

R2: 1,345.60

R3: 1,346.70

Support levels:

S1: 1,342.60

S2: 1,341.90

S3: 1,340.80

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

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Global macro overview for 15/08/2016

Global macro overview for 15/08/2016:

Just last week Saudi Arabia signaled that it is ready to discuss ways of stabilizing the markets at informal OPEC talks next month. This statement alone made the crude oil to rally. In August oil has rebounded over 11%. Nevertheless, we need to note, that all OPEC countries and their business partners are all about to talk only, little or no action could follow afterwards. This is why the information should be taken rather cautiously, because the current fundamentals do not do justify higher energy prices at the moment.

Let's now take a look at the Crude Oil technical picture in the daily time frame. The bull camp has managed to rally up to the level of 100 daily moving average around the level of 45.00 and currently the market is trading just below the important technical resistance at the level of 45.75. The next important support can be seen at the level of 39.16.

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Global macro overview for 15/08/2016

Global macro overview for 15/08/2016:

Disappointing data from the world's largest economy was released last Friday. According to the Department of Commerce, July U.S retail sales data was below market expectations at a seasonally adjusted 0.0% in the reported month, compared to the previous month increase of 0.8%. Moreover, core retail sales (excluding automobiles) dropped a seasonally adjusted 0.3% compared to the previous month's upwardly revised figure of 0.9%. The University of Michigan Consumer Sentiment survey turned out to be slightly better than expected as the US shoppers mood increased form 90.0 to 90.4 points in the reported month. In conclusion, this kind of data indicates, that uneven growth in the U.S. makes some market participants doubt whether the economy is strong enough to bear an interest rate hike. Next important FED meeting is scheduled for September.

Let's now take a look at the EUR/USD technical picture in the 4H time frame. After a false break out above the golden trend line, the market has declined towards the level of 1.1128 and now it is trading inside the daily range. The next resistance is seen at the level of 1.1219 and 1.1232.

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Technical analysis of USD/CAD for August 15, 2016

General overview for 15/08/2016:

The intraday support at the level of 1.2924 is now the bottom for the wave XX. If the count is correct, then the market should rebound to the upside from here. On the other hand, if this level is clearly violated, then the corrective cycle in wave XX will get more complex and time-consuming. The key level to the upside is the intraday resistance at the level of 1.2989.

Support/Resistant:

1.29.24 - Intraday Support

1.2989 - Intraday Resistance

1.3006 - Weekly Pivot

1.3091 - WR1

Trading recommendations:

Day traders should consider opening buy orders from current price levels with SL below the level of 1.2924 and TP at the level of 1.2989.

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Technical analysis of EUR/JPY for August 15, 2016

General overview for 15/08/2016:

The corrective cycle in wave ii still does not looks complete as the abc irregular flat corrective pattern needs one small sub-wave to complete. The invalidation level for this scenario is at the intraday support at the level of 112.31, nevertheless the bullish divergence between the price and momentum oscillator indicates a possible upside rebound.

Support/Resistant:

112.31 - Intraday Support

112.42 - WS1

113.17 - Weekly Pivot

113.65 - WR1

114.02 - Intraday Resistance

114.48 - WR2

114.96 - WR3

Trading recommendations:

Day traders should consider opening buy orders from current price levels with SL below the level of 112.30 and TP at the level of 114.00.

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Technical analysis of GBP/USD for August 15, 2016

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Overview:

  • The GBP/USD pair continues to move downwards from the level of 1.2970, which represents the first resistance in the H1 chart. Yesterday, the pair dropped from the level of 1.2970 to the bottom around 1.2911. Today, the first resistance level is seen at 1.2970 followed by 1.3078, while daily support is seen at the levels of 1.2883 and 1.2794. According to the previous events, the GBP/USD pair is still trapping between the levels of 1.2911 and 1.2794. Hence, we expect a range of 100 - 120 pips in coming days. The first resistance stands at 1.2970, for that if the GBP/USD pair fails to break through the resistance level of 1.2970, the market will decline further to 1.2883. This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.2794 in order to test the second support (1.2794). On the contrary, if a breakout takes place at the resistance level of 1.3078 (the double top), then this scenario may become invalidated. Also, it should be noted that the major support is coincided witht he double bottom (1.2794).

Comment:

  • We expect a range between the levels of 1.3078 - 1.2794.
  • Resistance levels are seen at 1.2970 and 1.3078.
  • Support is seen at 1.2883.
  • The double bottom is found at the point of 1.2794.
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Technical analysis of EUR/USD for August 15, 2016

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Overview:

  • The EUR/USD pair continues moving in a bullish trend from the support levels of 1.1168 and 1.1107. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 1.1168, which coincides with the ratio of 50% of Fibonacci. Consequently, the first support is set at the level of 1.1168. So, the market is likely to show signs of a bullish trend around the spot of 1.1168. In other words, buy orders are recommended above 1.1168 with the first target at the level of 1.1229 in order to form the double top. However, the price spot of 1.1229 remains a significant resistance zone. Thus, the trend will probably be rebounded again from the double top as long as the level of 1.1229 is not breached. Hence, the daily resistance will be sen at the price of 1.1229 in the H4 time frame. Furthermore, if the trend is not able to breakout through the first resistance level of 1.1229. We should see the pair dropping towards the support level of 1.1107 to test it. If the pair succeeds to pass through the level of 1.1107, the market will probably continue towards the next objective at 1.1032. At the same time, the market will decline further to 1.1032 - 1.1000 so as to call for a bearish market this week. It would also be wise to consider where to place a stop loss; this should be set above the major resistance of 1.1229.
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NZD/USD selling area reached, remain bearish.

Price bounced up to our selling area perfectly previously which we would have used as our entry at 0.7250 (horizontal resistance, Fibonacci retracement) and we're now playing the drop further to 0.7100 support (long term Fibonacci retracement, graphical swing low).

RSI (34) has also made a bearish exit signaling a bearish move is in progress.

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Sell below 0.7250. Stop loss is at 0.7325. Take profit is at 0.7100.

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EUR/AUD profit target reached perfectly. Turn bearish.

Price has reached our profit target perfectly as expected. We're turning bearish now below 1.4600 resistance (horizontal resistance, Fibonacci retracement) for a drop to 1.4440 support (multiple horizontal support, Fibonacci projection).

Stochastics (21,5,3) is at a major level of resistance signaling a reversal is fast approaching.

RSI (21) is also at a major level of resistance indicating a reversal is fast approaching.

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Sell below 1.4600. Stop low is at 1.4690. Take profit is at 1.4440.

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USD/JPY above major resistance, turn bullish.

USD/JPY is above major support at 100.70 (horizontal support, Fibonacci projection, long term Fibonacci retracement) where we expect a bounce from to at least 102.70 which is our next major resistance (overlap resistance, Fibonacci retracement).RSI (21) is above our long-term ascending support line and displays bullish divergence vs price signaling a bullish move is in progress.

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Buy above 100.70. Stop loss is at 99.00. Take profit is at 102.70.

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Technical analysis of USD/JPY for August 15, 2016

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USD/JPY is under pressure. The pair remains on the downside after it has broken below its 50-period moving average which now plays a resistance role and maintains the bearish outlook. The relative strength index broke below a rising trend line (since Aug 10) and is below its neutrality area at 50.U.S. government bonds rallied on soft economic data with the benchmark 10-year U.S. Treasury yield easing to 1.515% from 1.575% Thursday. On the economic front, the U.S. Commerce Department reported that July retail sales were little changed in July as compared to June (vs. +0.4% expected). Excluding cars, sales declined 0.3% (vs. +0.1% expected). Another report showed that U.S. producer-price index (PPI) dropped 0.4% on month in July (vs. +0.1% expected), the biggest decline in almost a year.

As long as the resistance at 101.75 holds on the upside, the prices are likely to return to the nearest support at 100.80. A break below this level would open the way to further weakness toward the next support at 100.35.

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 100.80. A break below this target will move the pair further downwards to 100.35. The pivot point stands at 101.75. 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 102.30 and the second one at 102.70.

Resistance levels: 102.30 , 102.70, 103

Support levels: 100.80, 100.35, 100

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Technical analysis of USD/CHF for August 15, 2016

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USD/CHF is expected to trade with bearish bias as key resistance at 0.9785. The pair is posting some rebound and just broke above its 20-period and 50-period moving averages. Nevertheless, 0.9785 represents a significant key resistance level, which should limit the upside potential. Even though a continuation of technical rebound cannot be ruled out, its extent should be limited.On the economic front, the U.S. Commerce Department reported that July retail sales were little changed in July as compared to June (vs. +0.4% expected). Excluding cars, sales declined 0.3% (vs. +0.1% expected). Another report showed that U.S. producer-price index (PPI) dropped 0.4% on month in July (vs. +0.1% expected), the biggest decline in almost a year.

As long as 0.9785 is not broken, the pair is likely to return to 0.9725. A break below this level would open the way to further weakness toward the next support at 0.9705.

Resistance levels: 0.9805, 0.9845, 0.9905

Support levels: 0.9725, 0.9705, 0.9690

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Technical analysis of NZD/USD for August 15, 2016

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NZD/USD is expected to trade in lower range as the pair movement is capped by a negative trend line. The pair has been capped by a negative trend line, and is expected to look for a lower bottom. The descending 50-period moving average is also playing a resistance role, and the relative strength index lacks upward momentum. On the economic front, the U.S. Commerce Department reported that July retail sales were little changed in July as compared to June (vs. +0.4% expected). Excluding cars, sales declined 0.3% (vs. +0.1% expected). Another report showed that U.S. producer-price index (PPI) dropped 0.4% on month in July (vs. +0.1% expected), the biggest decline in almost a year. As long as 0.7210 is not broken above, the risk of a break below 0.7145 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 0.7145. A break below this target will move the pair further downwards to 0.7105. The pivot point stands at 0.7210. 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 0.7255 and the second one at 0.7310.

Resistance levels: 0.7255, 0.7310, 0.7380

Support levels: 0.7145, 0.7105, 0.7075

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Elliott wave analysis of EUR/NZD for August 15 - 2016

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Wave summary:

The resistance-line near 1.5570 is under pressure and a break above here will confirm that the correction from 1.5839 completed with the test of 1.5187 and a new impulsive rally to above 1.5839 for a continuation higher towards 1.6428 should be expected.

The rally from 1.5187 does look constructive, but a break above the resistance-line near 1.5570 is expected to add upside acceleration.

Support is now seen at 1.5400 and near 1.5260

Trading recommendation:

We are long EUR from 1.5410 with stop placed at 1.5175. If you are not long EUR yet, then buy near 1.5400 if seen or upon a break above 1.5570 and use the same stop at 1.5175.

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Technical analysis of GBP/JPY for August 15, 2016

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GBP/JPY is under pressure. The pair is turning down, while the descending 20-period moving average has crossed below the 50-period one. Meanwhile, the relative strength index stays below 50.The relative strength index is bearish below its neutrality area of 50 and lacks upward momentum. European stocks were also modestly lower with the STOXX Europe 600 sliding 0.2%. Germany's DAX lost 0.3%, the U.K.'s FTSE was broadly flat, and France's CAC edged down 0.1%. As long as 131.75 holds as the key resistance, a break below 130.30 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 130.30. A break below this target will move the pair further downwards to 129.45. The pivot point stands at 131.75. 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: 130.45, 129.45, 128.70

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Elliott wave analysis of EUR/JPY for August 15 - 2016

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Wave summary:

Failed to break above the channel resistance-line near 114.14, which has kept the pressure towards the downside. On the other side, important short term support at 112.70 has protected the downside keeping the possible new impulsive count alive too. So at this point we will let the bullish outlook have the benefit of the doubt as long as short term support at 112.70 is able to protect the downside, for new rally to test the channel resistance and only above here confirms more upside pressure towards 118.47 and 122.00.

If however, support at 112.70 gives away, more downside pressure towards 109.48 and likely even closer to 106.03 should be expected.

Trading recommendation:

We will remain cautious long from 113.27 with stop placed at 112.60. If you are not long EUR yet, then only buy a break above 114.03 and use the same stop at 112.60.

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Technical analysis of EUR/USD for Aug 15, 2016

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When the European market opens, there is no economic data will be released but the US will release the economic data too such as TIC Long-Term Purchases, NAHB Housing Market Index, Empire State Manufacturing 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: 1.1215.

Strong Resistance:1.1209.

Original Resistance: 1.1198.

Inner Sell Area: 1.1187.

Target Inner Area: 1.1161.

Inner Buy Area: 1.1135.

Original Support: 1.1124.

Strong Support: 1.1113.

Breakout SELL Level: 1.1107.

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 15, 2016

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In Asia, Japan will release the Revised Industrial Production m/m, Prelim GDP Price Index y/y, Prelim GDP q/q and the US will release some economic data such as TIC Long-Term Purchases, NAHB Housing Market Index, Empire State Manufacturing 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: 101.91.

Resistance. 2: 101.71.

Resistance. 1: 101.51.

Support. 1: 101.26.

Support. 2: 101.06.

Support. 3: 100.86.

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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Daily analysis of major pairs for August 15, 2016

EUR/USD: This pair went upwards 130 pips last week, testing the resistance line at 1.1200, and closing below it. Price should continue going upwards: The only impediment along the way is that EUR is expected to become weak this week, causing the EUR/USD to plunge. This expectation may also happen on other EUR pairs. Once price goes below the support line at 1.1050, the outlook on the market would turn bearish.

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USD/CHF: This market has gone bearish in the short-term, closing at 0.9743 on August 12, 2016. While price could continue going downwards, there is also a possibility of a rally before the end of the week, particularly when the EUR/USD trends downwards. This means that the USD/CHF would continue going south only as long as the EUR/USD is strong.

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GBP/USD: As it was forecasted last week, the GBP/USD went south by 170 pips, to close below the distribution territory at 1.2950. The outlook on the market, as well as other GBP pairs, is bearish this week, and price could test the accumulation territories at 1.2900, 1.2850 and 1.2800.

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USD/JPY: As it was expected, bears came out as winners last week, on this pair. Efforts by bulls to effect rallies were scuttled by bears, as they pushed price further south, thus preserving the existing bearish outlook in the market. This week, bears should continue their dominance, as rallies proffer short-selling opportunities.

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EUR/JPY: This currency trading instrument consolidated throughout last week – in the context of a downtrend. The Bearish Confirmation Pattern in the market is still a valid thing, and price is expected to move further downwards this week, reaching the demand zones at 112.50 and 112.00; especially as EUR is expected to be weakened further this week.

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Daily analysis of USDX for August 15, 2016

The index is doing a rebound above the support level of 95.51, where the buyers had been actively pushing higher this index. 200 SMA at H1 chart is acting as dynamic resistance and where we could expect a fresh momentum to re-test the support level of 95.19 in coming days, as the weakness is still alive.

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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.

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

Daily analysis of GBP/USD for August 15, 2016

GBP/USD is posting new lows across the board, consolidating below the resistance zone of 1.3000 and it looks like that a breakout could happen at the support level of 1.2894. If the Cable manages to do it, then we can see a decline towards the 1.2798 level. However, we should see the price action's development during first days, as we can see a rebound to re-test the 1.3000 psychological level.

GBPUSDH1.png

H1 chart's resistance levels: 1.3000 / 1.3085

H1 chart's support levels: 1.2894 / 1.2798

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 1.2894, take profit is at 1.2798 and stop loss is at 1.2987.

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