USD/CAD intraday technical levels and trading recommendations for August 29, 2016

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On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of 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 1.2830 on August 18.

Conservative traders should consider the current bullish pullback towards 1.2970-1.3000 (61.8% Fibonacci level) as a valid SELL entry. S/L should be set as a daily candlestick closure above 1.3000.

On the other hand, note that daily fixation above 1.2980 (61.8% Fibonacci level) opens the way towards the price level of 1.3300 (50% Fibonacci level) where price action should be watched for a better SELL entry with a lower risk/reward ratio.

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NZD/USD Intraday technical levels and trading recommendations for August 29, 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 0.7400 (upper limit of the depicted channel).

The price zone of 0.7350 - 0.7400 (upper limit of the depicted channel) should offer a valid SELL entry. Initial T/P levels should be located at 0.7100, 0.7000, and 0.6900. S/L should be set as a daily candlestick closure above 0.7400.

Confirmation of the depicted Head and Shoulders reversal pattern requires a DAILY candlestick closure below 0.6970 (Neckline). Projection targets extend down to 0.6760 and 0.6690 levels.

On the other hand, the price zone between 0.6760-0.6700 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 29, 2016

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Since January 2016, bullish persistence above 1.4500 was mandatory to maintain enough bullish strength in the market.

However, the previous weekly candlesticks maintained their bearish persistence below the depicted weekly supply zone (below 1.4470), which allowed further bearish decline to occur.

The prominent demand level located at 1.3845 (historical bottom that goes back to March 2009) provided a significant bullish rejection and a bullish engulfing weekly candlestick on February 26.

Bullish fixation above 1.4670 allowed further bullish advancement initially towards 1.4950 (Weekly Supply) where significant bearish rejection was expressed.

The price zone between 1.3845 and 1.3550 (Historical bottoms in January 2009) was considered a significant demand zone to be watched for bullish recovery.

However, by the end of June, a significant bearish breakdown below 1.3550 was expressed as seen on the depicted charts.

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.

On the other hand, the price zone of 1.3845-1.4040 constitutes the recent supply zone to be watched for new SELL entries if any bullish pullback extends above 1.3550.

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Intraday technical levels and trading recommendations for EUR/USD for August 29, 2016

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In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450.

In March 2015, the EUR/USD bears challenged the next monthly demand level around 1.0570, which had been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.

Again In February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the bullish pullback.

That is why, recent bearish rejection was expected around the current price levels (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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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 1.1250 was executed as expected.

Temporary bullish breakout was expressed above the price zone of 1.1250 (Supply Level 1). However, significant bearish rejection was expressed on Friday.

Re-closure below 1.1250 (Supply Level 1) maintains enough bearish pressure in the market. Initial bearish target is located at 1.1050.

Note that bullish persistence above 1.1250 allows further bullish advance towards 1.1400 (Supply Level 2) where a better SELL entry can be offered.

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Technical analysis of USD/JPY for August 29, 2016

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USD/JPY is expected to prevail its upside movement. The pair accelerated on the upside after the bullish penetration of a key horizontal level at 101.30. Both the 20-period and 50-period moving averages reversed up, and should continue to push the prices higher. Meanwhile, the relative strength index crossed above its 70% level, and entered its "overbought" area. Nevertheless, the upward momentum is still strong. On the economic data front, the second reading of U.S. 2Q annualized GDP improved by 1.1%, in line with forecasts, revised from a rise of 1.2% in the first reading. At Jackson Hole, the Chairwoman of the Federal Reserve, Janet Yellen, took the time to discuss the recent monetary policy framework, stating that the solid performance of the labour market and the improved expectations of the economic activity have improved the chances of a potential increase in the federal funds rate.

Hence, as long as 101.30 holds on the downside, look for further upside to 102.50 and even to 102.80 as possible.

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 102.50 and the second one, at 102.80. In the alternative scenario, short positions are recommended with the first target at 100.85 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 100.50. The pivot point is at 101.35.

Resistance levels: 102.50, 102.80, 103.25

Support levels: 100.85, 100.50, 100

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Technical analysis of USD/CHF for August 29, 2016

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USD/CHF is expected to trade with a bullish bias. The pair posted a strong rebound last Friday, and is heading upward toward its next resistance at 0.9805. The 20-period and 50-period moving averages are well directed, and maintain a bullish outlook. Furthermore, the relative strength index is positive above its neutrality area at 50, and is also displaying strong bullish momentum. A support base at 0.9685 has formed, and the downside potential should be limited. On Friday, U.S. indices closed mixed after the Fed hinted at a possible rate increase later this year. The Dow Jones Industrial Average fell 53 points (0.3%) to 18395, the S&P 500 shed 3 points (0.2%) to 2169, while the Nasdaq Composite gained 7 points (0.1%) to 5219.

On the economic data front, the second reading of U.S. 2Q annualized GDP improved by 1.1%, in-line with forecasts, revised from a rise of 1.2% in the first reading. At Jackson Hole, the Chairwoman of the Federal Reserve, Janet Yellen, took the time to discuss the recent monetary policy framework, stating that the solid performance of the labour market and the improved expectations of the economic activity have improved the chances of a potential increase in the federal funds rate.

To sum up, as long as 0.9685 holds as a support, look for further advance to 0.9805 and even to 0.9845 as likely.

Resistance levels: 0.9805, 0.9845, 0.99

Support levels: 0.9650, 0.9620, 0.9590

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Technical analysis of NZD/USD for August 29, 2016

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NZD/USD is expected to continue its downside movement. The pair broke below the lower boundary of its intraday "triangle" pattern since August 22, and is now testing its nearest support at 0.7200. Both the descending 20-period and 50-period moving averages are playing resistance roles, which should limit the upward attempts. The relative strength index is bearish, without showing any reversal signal. Hence, as long as 0.7290 holds on the upside, the pair is likely to drop to 0.7205 and then to 0.7180 in extension.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7205. A break of this target will move the pair further downwards to 0.7180. The pivot point stands at 0.7290. In case 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 0.7340 and the second one, at 0.7380.

Resistance levels: 0.7340, 0.7380, 0.7410

Support levels: 0.7205, 0.7180, 0.7120

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Technical analysis of GBP/USD for August 29, 2016

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Overview:

  • The GBP/USD pair faced strong support at the level of 1.3023 because resistance became support. So, the strong support is already seen at the level of 1.3023 and the pair is likely to try to approach it in order to test it again. The level of 1.3120 represents a weekly pivot point for that it is acting as minor resistance today. Furthermore, the GBP/USD pair is continuing to trade in a bullish trend from the last support level of 1.3023. Currently, the price is in a bullish channel. According to the previous events, we expect the GBP/USD pair to move between 1.3023 and 1.3120. Also, it should be noticed that the double top is set at 1.3278. THe trend is still below the double top of 1.3278. Additionally, the RSI is still signaling that the trend is downward as it remains strong above the moving average (100). This suggests the pair will probably go down in coming hours. Accordingly, the market is likely to show signs of a bearish trend. In other words, sell orders are recommended below 1.3120 (pivot) with the first target at the level of 1.3072. If the trend is be able to break the double top at the level of 1.3072, then the market will continue dropping towards the major support at 1.3023.

Comment:

  • Daily range: 1.3023 - 1.3120.
  • Volatility:112,20. As a rule, the market is highly volatile if the last day had a huge volatility.
  • Resistance is seen at the levels of 1.3120, 1.3190 and 1.3278.
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Technical analysis of GBP/JPY for August 29, 2016

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GBP/JPY is expected to trade with a bullish bias. The technical picture of EUR/JPY is positive. The pair is trading above its rising 20-period and 50-period moving averages, which acts as support roles and maintain the upside bias. The relative strength index is bullish above its neutrality level at 50 and calls for a further upside. As long as 132.80 holds on the downside, look for a further upside toward 134.50 and even 135.25 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 134.50 and the second one, at 135.25. In the alternative scenario, short positions are recommended with the first target at 132.35 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 131.90. The pivot point is at 132.80.

Resistance levels: 134.50, 135.25, 136.15

Support levels: 132.35, 131.90, 131.25

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Technical analysis of EUR/USD for August 29, 2016

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Overview:

  • The EUR/USD pair dropped sharply from the level of 1.1273 towards 1.1160. Now, the price is set at 1.1188. It should be noted that volatility is very high for that the EUR/USD pair is still moving between 1.1156 and 1.1225 in coming hours. Besides, it should be noted the the pivot is seen at the point of 1.1225. Furthermore, the price is still set below the strong resistance at the levels of 1.1273 and 1.1225, which coincides with the 61.8% and 38.2% Fibonacci retracement level respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the EUR/USD pair is continuing in a bearish trend from the new resistance of 1.1225. Thereupon, the price spot of 1.1225 - 1.1273 remains a significant resistance zone. Therefore, a possibility that the EUR/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.1225 - 1.1273, sell below 1.1225 or 1.1273 with the first targets at 1.1156 and 1.1132 (the double bottom is seen at 1.1132). However, the stop loss should be located above the level of 1.1305.
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USD/JPY almost reached profit target. Take profits and turn bearish

Price shot up above our buy limit and is almost at our profit target. We turn bearish taking our profits and selling below 102.25 resistance (Fibonacci retracement, horizontal resistance) for a drop to 100.00 support.

RSI (21) is testing major resistance at 69% and is in an overbought area.

Stochastics (21,5,3) is right at 92% major resistance level too.

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Sell below 102.25 resistance. Stop loss is at 103.20. Take profit is at 100.00

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USD/CAD right at selling area, remain bearish

Price is right at our major resistance at 1.3000 (Fibonacci retracement, Fibonacci projection, horizontal pullback resistance), where we expect a reaction from and a drop to at least 1.2765.

RSI (34) is testing resistance area now and also signaling a looming drop.

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Sell below 1.3000. Stop loss at 1.3100. Take profit at 1.2765.

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AUD/NZD reached our profit target perfectly. Turn bullish again

Price bounced up as expected, reached our profit target of 1.0475, and dropped from there forming an impending inverse head-and-shoulders pattern. We remain bullish above 1.0425 support for another push up to 1.0475.

RSI (21) is seeing support above our ascending support line that will keep our bullish bias on price.

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Buy above 1.0415. Stop loss is at 1.0390. Take profit is at 1.0475.

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Gold analysis for August 29, 2016

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Since our previous analysis, Gold has been trading sideways at the price of $1,319.00. After Yellen's speech on Friday, I found massive reaction from our cluster and strong pin bar in a high volume, which is sign that sellers came in into the market. Be careful when buying and watch for selling opportunities. Take profit level is set at the price of $1,310.70.

Hourly Fibonacci pivot points:

Resistance levels:

R1: 1,324.30

R2: 1,325.00

R3: 1,326.00

Support levels:

S1: 1,322.20

S2: 1,321.55

S3: 1,320.50

Trading recommendations for today: Watch for selling opportunities on the pullbacks.

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EUR/NZD analysis for August 29, 2016

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Recently, EUR/NZD has been moving upwards.The price tested the level of 1.5515 in a high volume. According to the daily time frame, I found strong pinbar and bullish divergence on the RSI, which is a sign that selling looks risky. According to the 4H time frame, I found bullish outside bar formation in a high volume, which is another clear sign of strength. Watch for buying opportunities. Key resistance and my take profit level is set at the price of 1.5620.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5495

R2: 1.5535

R3: 1.5610

Support levels:

S1: 1.5355

S2: 1.5310

S3: 1.5245

Trading recommendations for today: Watch for buying opportunities.

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Technical analysis of USDX for August 29, 2016

Following Janet Yellen's speech last Friday, the Dollar index is eventually strengthened. So breaking above resistance levels implies a short-term trend reversal. The medium-term bullish trend remains intact since support at 94.20 was held despite the higher volatility last Friday.

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Red line - resistance

Blue line - support

Although the initial reaction after the comments from Janet Yellen in Jackson Hole was bearish for the Dollar, buyers entered the market and reversed the trend with the index spiking above both the cloud and trend line resistance. Trend has reversed and the 94 level is a very crucial support area for the longer-term trend of the index.

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Green line - long-term support

Price has bounced off the green trend line support confirming the important of the 94 support level. Price is now testing the resistance of the weekly tenkan-sen indicator but we need to remind ourselves that we are still below the weekly cloud. This decline was the result of the cloud rejection in the first place. Yes, the reversal is a very nice bullish signal that traders should not ignore, as this could be the start of the next upward move that will finally break above the weekly cloud. Stops are at 94. Traders should favor bullish Dollar positions.

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Technical analysis of Gold for August 29, 2016

Gold price bounced as we expected towards $1,340 on Friday and reversed strongly to give a new low near $1,310 critical support. Friday's high confirms the importance of the $1,350 resistance. As long as we are below it, we should expect price to move towards $1,280.

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Black line - resistance

Blue circle - cloud rejection sign

Red line - important long-term support

Gold price remains below the 4-hour Kumo and after bouncing towards $1,340 as we expected has reversed and given a new bearish signal. Price made a new low and approached the green rectangular area even closer. My target remains $1,280.

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The bearish weekly candle confirmed the downward move from last week and the weekly close below the tenkan-sen (Red line indicator) implies we are heading towards the weekly kijun-sen (yellow line indicator). Price remains inside the longer-term bullish blue channel. A break below it will open the way for a deeper correction towards the cloud support around $1,200.

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Global macro overview for 29/08/2016

Global macro overview for 29/08/2016:

There were quite interesting information regarding the crude oil market shared by mass media over the weekend. The first news is all about Iran again as Iran's authorities said they would only cooperate in talks to freeze output if other OPEC exporters recognized its right to full regain market share. And the second news is related to the recent Iraq oil output data: they are now producing 3.205 mbpd in August compared to 3.202 mbpd in July, which means they slightly increased the production despite the global supply glut. In conclusion, both news will hardly help to reach an accord at the next OPEC meeting in September.

Let's now take a look at the Crude Oil technical picture in the 4H time frame. We can clearly see a reversal candlestick formation after the resistance at the level of 48.31 has hold the line. This might be the first clue of a possible reversal at this market, but as long as the level of 46.55 is still providing the support, this reversal is not confirmed yet.

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Global macro overview for 29/08/2016

Global macro overview for 29/08/2016:

The highly anticipated speech made by FED Chairperson Jannet Yellen at Jackson Hole economic conference last Friday might be clearly considered dovish. Yellen said clearly that the case of a Fed rate hike had strengthened, but she still remains very much data dependent. She did not say anything about a timing of the anticipated interest rate hike anyway. Nevertheless, shortly after that speech, more attention of market participants was focused on another FED member Stanley Fischer. His statements were much more hawkish when he answered the questions regarding a possible September 2016 rate hike and even more hikes this year. In conclusion, FED is still committed to tightening monetary policy, but global investors are now pricing in a 36% probability of a September rate hike by 0.25%.

Let's now take a look at the US Dollar index technical picture after the Jackson Hole conference. The index moved higher towards the 55-daily moving average and even passed the 38% Fibo retrenchment. Moreover, the bull camp has managed to break out above the short-term dashed blue trend line. Now it looks like it might be heading to the next resistance at the level of 50% Fibo ( 95.82) and 61% Fibo (96.24).

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Technical analysis of USD/CAD for August 29, 2016

General overview for 29/08/2016:

The bottom for the wave 2/b of the overall impulsive structure was established at the level of 1.2831, but the bulls' camp wasn't strong enough to move above the 61%Fibo at the level of 1.3032. This means the recent rally might be either wave 3 of the bullish progression or the wave c purple of the more complex and time consuming corrective cycle of a higher degree.

Support/Resistance:

1.2777 - WS2

1.2831 - Wave 2/b Bottom

1.2907 - WS1

1.2958 - Weekly Pivot

1.2965 - Intraday Support

1.3032 - 61%Fibo

1.3088 - WR1

1.3139 - WR2

Trading recommendations:

All buy orders recommended previous week should now move their SL to the level of 1.,2958 and leave TP still open.

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Technical analysis of EUR/JPY for August 29, 2016

General overview for 29/08/2016:

The bottom for the wave ii of the overall impulsive structure was established at the level of 112.78 and since then the market has moved upward towards the next resistance at the level of 114.73. This rally might be considered as the wave (iii) progression, so now the most important level is the top of the wave (i) at the level of 113.57. Any violation of this level would immediately invalidate the current wave development and cause more complex and time-consuming corrective pattern to emerge.

Support/Resistance:

115.10 - WR2

114.73 - WR1

114.03 - Intraday Support

113.76 - Weekly Pivot

113.58 - Invalidation Level

113.37 - WS1

112.41 - WS2

Trading recommendations:

All buy orders recommended previous week should now move their SL to the level of 113.55 and leave TP still open.

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Elliott wave analysis of EUR/NZD for August 29, 2016

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Wave summary:

Friday's weird price-action pushed prices lower to 1.5283 before a recovery was seen. We are currently looking for a break above minor resistance at 1.5545 and more importantly for a break above resistance at 1.5642, confirming the next impulsive rally towards 1.6428 and possibly even higher to 1.7193.

Short term, we expected minor support at 1.5283 and more importantly support at 1.5187 will protect the downside for the break above 1.5545.

Trading recommendation:

We are long EUR from 1.5370 with stop placed at 1.5180. If you are not long yet, then buy a break above 1.5545 and place stop at 1.5275.

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Elliott wave analysis of EUR/JPY for August 29, 2016

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Wave summary:

We waited a long time for the break above 114.03. On Friday our patience finally was rewarded with the expected break above this resistance, which calls for a continuation higher to 116.19 and 118.58 as the next upside targets. Longer term, we are looking for much higher levels as the long-term corrective decline from 149.56 completed with the test of 109.48 and a new impulsive rally now is building.

Support is seen at 113.11 and should protect the downside for the rally to 116.19 and above.

Trading recommendation:

We are long EUR from 114.05 and will move our stop higher to 113.05. If you are not long EUR yet, then buy near 114.05 or upon a break above 114.81 and use the same stop at 113.05

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EUR/JPY Technical Analysis for August 29, 2016.

Technical outlook and chart setups:

The EUR/JPY pair remains unchanged and continues to consolidate at the moment. It still looks to be in its wave 4 of the 5 wave's decline that resumed from 118.45 level earlier. As an alternative though, the pair could push towards 116.00 level before reversing lower. The pair is trading at 114.55 levels now, facing fibonacci 0.382 resistance as depicted here. The wave structure remains unchanged for now and indicates that EUR/JPY has carved out a lower high at 118.50 level as seen here. At this moment the pair looks to have terminated wave 4 already, within its drop from 118.50 level. Bears are expected to remain in control till prices stay below 115.50 level going forward. It is hence recommended to remain short now with risk above 115.50 level. Immediate resistance is seen at 115.00 level, while support is at 112.25 level respectively.

Trading recommendations:

Remain short now; stop is above 115.50, a target is open.

Good luck!

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GBP/CHF Technical Analysis for August 29, 2016.

Technical outlook and chart setups:

The GBP/CHF pair has made highs at 1.2850/60 levels and is seen to be trading at 1.2820 level at this moment, looking to retrace lower. Please note that on short-term chart view (1H), it looks to be preparing to retrace lower before resuming higher. The wave structure reveals that the rally from 1.2450 levels has completed 5 waves (impulse) at 1.2850/60 levels, indicating a meaningful bottom formation at 1.2450 going forward. If this wave count holds true, the next move should be 3-wave corrective drops lower 1.2600 levels and then turn higher again. It is hence recommended to exit long now and turn short with risk above 1.2870. The pair should remain in control of bears for short term till prices stay below 1.2870/80 levels going forward. Immediate resistance is seen at 1.2860 level, while support is at 1.2450 level respectively.

Trading recommendations:

Short now, stop is above 1.2870, target is at 1.2600. Then turn long again.

Good luck!

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Silver Technical Analysis for August 29, 2016.

Technical outlook and chart setups:

Silver seems to have formed intermediary lows at $18.40 level today (during early hours) and is seen to be trading at $18.45 level at this moment. Looking at the wave structure, there is no change and the metal still looks constructive for bulls to stage a rally from here. Please note that the metal has terminated a regular flat (a-b-c) as wave 4 consolidation. Furthermore, it still remains supported at fibonacci 0.50 level of the entire rally between $15.70 and $21.13 levels respectively. If this count holds true, the metal should resume its last leg rally (wave 5) towards $20.80/21.00 levels going forward. The metal is expected to remain in control of bulls, till prices stay above $18.25 level. It is hence recommended to remain long now, with stop below $18.25 level. Immediate resistance is seen at $19.20 level, while support is at $18.25 level respectively.

Trading recommendations:

Remain long for now, stop is below $18.25, targets are $20.80 and above $21.13.

Good luck!

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Gold Technical Analysis for August 29, 2016.

Technical Outlook and chart setups:

Gold looks to have formed intermediary bottom at $1,314.00 level a few hours back and is seen to be trading at $1,318.00 level at this moment. Please note that the yellow metal still looks to be constructive for bulls to regain control, till prices stay above $1,310.00 level, which is a low wave within the triangle structure as depicted here. The wave structure continues to indicate that the metal seems to have terminated its triangle consolidations at $1,314.00 level and should be looking to push higher. It is hence recommended to remain long, with risk below $1,310.00 levels. Immediate resistance is seen at $1,345.00 levels, while support is seen at $1,310.00 level. Please note that the metal looks to be into its last leg (wave 5) rally and it is expected to reverse lower from close to $1,380.00/90.00 levels going forward.

Trading recommendations:

Remain long, stop is below $1,310.00, targets are at $1,345.00 and $1,390.00

Good luck!

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Technical analysis of EUR/USD for Aug 29, 2016

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When the European market opens, no economic data will be released. However, the US will release some statistics such as Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So amid the reports, EUR/USD will move in low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1248.

Strong Resistance:1.1242.

Original Resistance: 1.1231.

Inner Sell Area: 1.1220.

Target Inner Area: 1.1194.

Inner Buy Area: 1.1168.

Original Support: 1.1157.

Strong Support: 1.1146.

Breakout SELL Level: 1.1140.

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 29, 2016

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In Asia, today Japan will not release any economic data. However, the US will present some statistics such as Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 102.47.

Resistance. 2: 102.27.

Resistance. 1: 102.07.

Support. 1: 101.82.

Support. 2: 101.62.

Support. 3: 101.42.

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 29, 2016

US Dollar gained a strong bullish momentum last Friday, as from the Jackson Hole event there were some hints about a further rate hike by Fed. Currently, the USDX is consolidating gains above the support level of 95.49 and it's looking to reach the resistance zone of 95.79. A breakout above it should expose the 96.14 level, while a pullback at the current stage should push the index lower towards the 95.00 level.

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H1 chart's resistance levels: 95.79 / 96.14

H1 chart's support levels: 95.49 / 95.00

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 95.79, take profit is at 96.14 and stop loss is at 95.45.

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

Daily analysis of GBP/USD for August 29, 2016

GBP/USD retraced from the highs posted around the 1.3258 resistance level and now we're seeing a consolidation ongoing below the 200 SMA on H1 chart. The nearest support is located at the 1.3085 zone, where a rebound is expected to favour the corrective phase after that decline happened on Friday's session. With a breakout above the 1.3170 level, the pair may resume the bullish bias.

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H1 chart's resistance levels: 1.3170 / 1.3258

H1 chart's support levels: 1.3085 / 1.3003

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3170, take profit is at 1.3258 and stop loss is at 1.3085.

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

Daily analysis of major pairs for August 29, 2016

EUR/USD: This currency trading instrument found it difficult to go above the resistance line at 1.1350. Price fell sharply on Friday, causing a formidable threat to the ongoing bullish bias. A movement below the support line at 1.1100 would result in a Bearish Confirmation Pattern in the market. A movement above the resistance line at 1.1350 would strengthen the bullish outlook.

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USD/CHF: This pair went upwards 170 pips last week. There are three factors that contributed to this: the USD was strong in its own right on Friday, the CHF was weak against some majors, including the USD, and EUR/USD plummeted on Friday. As long as these factors are in effect, the USD/CHF pair would continue going upwards. Otherwise, price would decline.

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GBP/USD: The Cable went upwards by 200 pips to test the distribution territory at 1.3250; prior to the bearish retracement that was seen on Friday. The bias on the Cable is bullish in the short term and bearish in the long term, and price ought to continue going northward so that the short-term bullish move can be sustained. GBP pairs would experience high volatility in September.

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USD/JPY: The USD/JPY pair consolidated from Monday to Friday, and then broke upwards on Friday. Since price has been consolidating for about two weeks, the breakout on Friday is yet to bring about any dominant bias in the short term. The bias would turn bullish only after price goes above the supply levels at 103.00 and 103.50.

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EUR/JPY: This cross has been flat for three weeks; plus the breakout that occurred on August 26, 2016 was not significant enough to bring about any news bias in the short term. The dominant bias on higher time frames like daily and weekly charts is bearish, and for the month of September 2016, it is expected that price would be trending lower and lower. The outlook on JPY pairs remains bearish. Therefore, any rally that was seen ought to be taken as an opportunity to sell short.

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