USD/CAD intraday technical levels and trading recommendations for August 30, 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 30, 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).

As anticipated, the price zone of 0.7350 - 0.7400 (upper limit of the depicted channel) offered 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 0.7300.

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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Global macro overview for 30/08/2016

Global macro overview for 30/08/2016:

The echoes of the Jackson Hole meeting are still present in the financial mass media. Recently, US FED vice chair Stanley Fischer spoke to Bloomberg TV about the possibility of the September interest rate hike. His answer regarding this topic was: central banks can't say "one and done" on rate hikes. This is another hawkish statement from the FED policymaker, released just after Friday's Jannet Yellen speech. Moreover, Fischer said the employment is rather close to full, the FED is closely monitoring the markets and it does not plan to introduce a negative interest rate anytime soon as they are very difficult for savers. In conclusion, hawkish remarks from Fischer go hand in hand with Dudley's remarks from last Friday, despite a rather dovish Jannel Yellen speech. It is clear that some FED officials have a different idea regarding the period of the low interest rates than FED Chairperson Yellen.

Let's now take a look at EUR/USD technical picture in the 4H time frame. The market is still trading near the lows as bears have re-gained control after Yellen's speech in Jackson Hole. The EUR/USD pair has broken below the important support at the level of 1.1243 and now it is trading close to the 50% level of the trading range. The next support is seen at the level of 1.1127.

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Intraday technical levels and trading recommendations for GBP/USD for August 30, 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 30, 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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Global macro overview for 30/08/2016

Global macro overview for 30/08/2016:

A bunch of macroeconomic data from Japan released overnight was mostly disappointing for market participants, but some of them were quite interesting anyway. The Japanese Household Spending data were better than expected as market participants had expected a slower decline from -2.3% to -1.3%, but the figure published was at the level of -0.5% year-on-year in July (the fifth consecutive decline ). Moreover, the unemployment rate fell to the level of 3.0%, the lowest seen in over 21 years. The nation's job to applicants ratio held steady at 1.37, which means almost everyone who wants a job has one. In conclusion, the recent tightening of the monetary policy and extra stimulus introduced by the Bank of Japan earlier this month might have eventually become an effective tool to increase the inflation and trigger more spending among employed people. Nevertheless, to confirm this scenario we need to wait for another set of data next month.

Let's now take a look at the USD/JPY technical picture in the daily time frame. The market is still trading near the lows from the previous month, but no new low has been made yet. The bounce from the technical support at the level of 99.95 is clear and it looks like the market is heading towards the moving average at the level of 103.00. The next technical resistance is seen at the level of 103.99.

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EUR/NZD analysis for August 30, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5420. According to the 4H time frame, I found bullish outside bar formation in a high volume in the background, which is a clear sign of strength. Besides, I found mini support cluster at the price of 1.5395 and on the same price I have found Fibonacci retracement 61.8% from the most recent upward leg. 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: 1.5520

R3: 1.5568

Support levels:

S1: 1.5400

S2: 1.5375

S3: 1.5330

Trading recommendations for today: Watch for buying opportunities.

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Technical analysis of USD/CAD for August 30, 2016

General overview for 30/08/2016:

The top for the wave 3 looks to be in place as the market has made a possible double top formation at the level of 1.3045. This means the recent rally might be either wave 3 of the bullish progression or wave c purple of the more complex and time-consuming corrective cycle of a higher degree. Any violation of the intraday support at the level of 1.2965 will invalidate the impulsive bullish scenario.

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 30, 2016

General overview for 30/08/2016:

The top of the wave (iii) has been established at the level of 114.67 and now the market is in the corrective cycle labeled as wave (iv). The most important level for the current Elliott wave count is the top of the wave (i) at 113.58. Any violation of this level would immediately invalidate the current wave development and cause a more complex and time-consuming corrective pattern to emerge.

Support/Resistance:

115.10 - WR2

114.67 - Intraday Resistance

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. One more wave up is still being expected.

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Gold analysis for August 30, 2016

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Since our previous analysis, Gold has been trading sideways at the price of $1,319.00. According to the 4H time frame, I found weak demand near the level of $1,324.90, which is a sign that buying looks risky. Watch for potential selling opportunities on the pullbacks. According to the 30m time frame, I found a broken bearish flag. Major support and take profit level are set at the price of $1,310.70. Anyway, if the price breaks the level of $1,310.70 in a high volume, the price may visit level of $1,305.40.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,323.35

R2: 1,325.30

R3: 1,328.40

Support levels:

S1: 1,317.25

S2: 1,315.55

S3: 1,312.20

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

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Technical analysis of NZD/USD for August 30, 2016

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Overview:

  • The NZD/USD pair faced strong resistances at the levels of 0.7287 because support became resistance.
  • So, the resistance is seen at 0.7287. The NZD/USD pair is showing signs of weakness following a breakout of the highest level of 0.7287.
  • Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.7287 towards the first support level at 0.7216 in order to test it.
  • Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100). Thus, the market is indicating a bearish opportunity below 0.7287.
  • Therefore, the major resistance can be found at 0.7287 providing a clear signal to sell with a target seen at 0.7216. If the trend breaks the minor support at 0.7216, the pair will move downwards continuing the bearish trend development to the level of 0.7166 in order to test the daily support 2. Overall, we still prefer the bearish scenario which suggests that the pair will stay below the zone of 0.7287 today.
  • The bullish outlook remains the same as long as the 100 EMA is headed to the downside. Consequently, the level of 0.7287 remains a key resistance zone.
  • However, if a breakout happens at 0.7300, this scenario may be invalidated.
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Technical analysis of USD/CHF for August 30, 2016

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Overview:

  • The USD/CHF pair continues moving in a bullish trend from the support levels of 0.9744 and 0.9792. 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 0.9792, which coincides with a golden ratio (61.8% of Fibonacci). The major support is seen at the price of 0.974 which coincides with the ratio of 50% Fibonacci. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. From this point, the first support is set at the level of 0.9792. So, the market is likely to show signs of a bullish trend around the spot of 0.9792. In other words, buy orders are recommended above the golden ratio (0.9792) with the first target at the level of 0.9861. Furthermore, if the trend is able to breakout through the first resistance level of 0.9861. We should see the pair climbing towards the double top (0.9901) to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.9744.
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Daily analysis of major pairs for August 30, 2016

EUR/USD: There is a bearish signal on EUR/USD, which has come into place since last Friday. Bears might be able to target the support lines at 1.1150, 1.1100 and 1.1050 this week. In this market, any short-term rallies that occur should be taken as opportunities to go short.

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USD/CHF: There is a bullish signal on USD/CHF, which has come into place since last Friday. Bulls might be able to target the resistance levels at 0.9800, 0.9850 and 0.9900 this week. In this market, any bearish retracements that occur should be taken as opportunities to go long.

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GBP/USD: Price has gone down since last week, posing a threat to the recent bullish outlook in the market. A movement below the accumulation territory at 1.2950 would result in a Bearish Confirmation Pattern in the market, while a movement above the distribution territory at 1.3300 would strengthen the recent bullish bias.

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USD/JPY: This pair has been making bullish attempts since August 26, 2016; an action that has resulted in a "buy" signal in the near term. While the major bias on daily and weekly charts is bearish, there is a possibility that price might test the supply levels at 102.50, 103.50 and 104.00; even if there is going to be a pullback following that.

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EUR/JPY: This cross has been making bullish attempts since the last day of last week; an action that has resulted in a "buy" signal in the near term. While the major bias on daily and weekly charts is bearish, there is a possibility that price might test the supply zones at 115.0, 115.50 and 116.00; even if there is going to be a pullback following that.

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USD/JPY reversed from selling area, remain bearish

Price reached our selling area as expected and is starting to reverse. Remain bearish selling below 102.25 resistance (Fibonacci retracement, horizontal resistance) for a drop to 100.00 support.

RSI (21) is crossing below 69% major resistance.

Stochastics (21,5,3) has reacted off 92% major resistance level as expected.

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

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NZD/USD right at major resistance, turn bearish.

Our profit target was reached perfectly last week. We now turn bearish looking to sell below 0.7270 major resistance (horizontal resistance, Fibonacci retracement, Fibonacci projection) for a drop to 0.7210 support.

RSI (21) is on pullback resistance similarly with price.

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Buy on break of 1.4890. Stop loss at 1.4800. Take profit at 1.4985.

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Technical analysis of USDX for August 30, 2016

The Dollar index remains in an uptrend after the breakout above 95.20. Short-term charts show some divergence signals that provide a warning for Dollar bulls. However, I believe that any pullback will be a buying opportunity and traders should not chase the market now but wait.

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Red line - resistance trend line (broken)

Blue lines - trend line support

Price has broken above the cloud resistance last week and has provided us with a bullish reversal signal. Support is at 95-95.15 and resistance at 96. I believe we could see a rejection at the 96 level and a pullback which will be a nice tradeable buying opportunity with 94.50 as stop.

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Green line - trend line support

Weekly support has provided the Dollar index with a strong bounce. Next important weekly resistance is at 95.85 and next at 96.50. At either level the chance of a rejection is high, so Dollar bulls should be very cautious. The 94-94.50 area is important medium-term support and should hold. Otherwise bulls will be in danger of losing even the 92 level.

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Technical analysis of Gold for August 30, 2016

Gold price has bounced towards the 38% Fibonacci retracement and is turning back downwards. Price remains above support of $1,310 but trend remains bearish expecting a move towards $1,280-90 over the coming days.

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Black line - long-term resistance

Green area - support

Price is still below the Ichimoku cloud, so short-term trend remains bearish. Short-term support is at $1,315 while short-term resistance is at $1,327. Price should continue lower but if we see a break above $1,327, we should expect $1,332 next.

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Blue lines - bullish channel

Overall trend is bearish expecting a move towards the weekly kijun-sen (yellow line indicator) and the lower channel boundary. Our short-term target remains at $1,280 but if this level breaks we should expect a move even towards $1,200. Trend changes above $1,350.

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Technical analysis of USD/JPY for August 30, 2016

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USD/JPY is expected to advance further. The pair is holding on the upside and is likely to challenge its nearest resistance at 102.50. The 50-period moving average is well directed, and maintains a bullish outlook. Furthermore, the relative strength index is rebounding on the support of its 30% level, which may indicate the end of consolidations. U.S. government bonds rebounded from Friday's selloff. The benchmark 10-year U.S. Treasury yield dropped to 1.566% from 1.631% in the previous session. Meanwhile, precious metals also posted a rebound. Gold edged up 0.2% to $1323 an ounce, while silver rose 1.2% to 18.88 an ounce. Nymex crude oil dropped 1.4% to $46.98 a barrel.

On the economic data front, personal income in July grew by 0.4% in line with estimates, from an increase of 0.3% in the previous month (revised from +0.2%). On the other hand, personal spending improved by 0.3% in July in line with estimates, from a rise of 0.5% in June (revised from +0.4). In other news, the Dallas federal manufacturing activity index fell to -6.2 in August (estimated -3.9) from -1.3 in prior month.

Hence, as long as 101.30 holds as a support, look for further advance to 102.50 and even to 102.80 in extension.

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 101.30.

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 30, 2016

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USD/CHF is expected to trade with a bullish bias above 0.9735. The pair remains on the upside and is now challenging its nearest resistance at 0.9845. Meanwhile, a support base at 0.9735 has formed, and the downside potential should be limited by this level. In addition, the relative strength index is above its neutrality area at 50, and lacks downward momentum. On Monday, U.S. indices closed higher boosted by shares in the financial sectors. The Dow Jones Industrial Average rose 107 points (0.6%) to 18502, the S&P 500 gained 11 points (0.5%) to 2180, while the Nasdaq Composite added 13 points (0.3%) to 5232.

On the economic data front, personal income in July grew by 0.4% in line with estimates, from an increase of 0.3% in the previous month (revised from +0.2%). On the other hand, personal spending improved by 0.3% in July in line with estimates, from a rise of 0.5% in June (revised from +0.4). In other news, the Dallas federal manufacturing activity index fell to -6.2 in August (estimated -3.9) from -1.3 in prior month.

Hence, as long as 0.9735 holds as a support, look for further advance to 0.9845 and even to 0.9900 as likely.

Resistance levels: 0.9845, 0.99, 0.9950

Support levels: 0.96850.9650, 0.9620

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Technical analysis of NZD/USD for August 30, 2016

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NZD/USD is expected to trade with a bearish bias as key resistance is at 0.7290. The pair failed to break above the nearest resistance at 0.7290, and remains under pressure below this level, which should limit the upward potential. Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited. To conclude, as long as 0.7290 is not broken up, the intraday outlook remains negative with a down target at 0.7205. A break below this level would open the way to further weaknesses toward the next support at 0.7180.

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/JPY for August 30, 2016

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GBP/JPY is expected to trade with a bullish bias above 113.85. The pair is trading below its 20-period and 50-period moving averages while the relative strength index is below its neutrality level at 50. Nevertheless, 113.80 (Aug 17, 19 and 22 tops) represents a significant key support level, which should limit the downside potential. As long as this key support is not broken, look for a technical rebound toward 134.50. A break above this level would call for further advance toward 135.25.

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 132.85.

Resistance levels: 134.50, 135.25, 136.15

Support levels: 132.35, 131.90, 131.25

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Silver Technical Analysis for August 30, 2016.

Technical outlook and chart setups:

Silver seems to have formed intermediary lows at $18.40 level yesterday and is seen to be trading at $18.75 level at this moment, after having touched almost $19.00 level today. 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 and the last leg rally has resumed (wave 5). Furthermore, it still remains supported at fibonacci 0.50 levels 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 and a break above $19.00/10 levels would confirm the same. 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 below $18.25, targets are at $20.80 and above $21.13.

Good luck!

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Elliott wave analysis of EUR/NZD for August 30, 2016

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We continue to look for a break above minor resistance at 1.5545 and more importantly a break above 1.5649 to confirm the next rally higher to at least 1.5839 and above here will open up the upside for a continuation towards 1.6931 and above.

The risk remains a break below 1.5187 that will call for a retest of 1.5072. This is not expected, but can not be excluded before the break above 1.5839 is seen.

Trading recommendation:

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

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Elliott wave analysis of EUR/JPY for August 30, 2016

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Wave summary:

The break above important short-term resistance at 104.03 has opened up the upside for a rally towards 118.58 and 122.00 as the next larger upside targets. This is also supported by the possible Inverse S/H/S bottom (not the most pretty we have ever seen). This bottom formation was triggered by the break above 113.80 and yields a target near 125.13 easily confirming the other two targets.

Longer term, we are looking for much more upside pressure here, as we regard the corrective decline from 149.56 as complete and a new impulsive rally under development.

Trading recommendation:

We are long EUR from 114.05 with stop placed at 113.05. If you are not long EUR yet, then buy a break above 114.28 and use the same stop at 113.05.

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Gold Technical Analysis for August 30, 2016.

Technical outlook and chart setups:

Gold remains unchanged for now and looks to have formed an intermediary bottom at $1,314.00 level yesterday. It is seen to be trading at $1,323.00 level at this moment after printing highs at $1,325.50 level today. 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 the wave's low within the triangle structure as depicted here. The wave structure continues to indicate that the metal seems to have terminated its triangle consolidation of waves through $1,314.00 level and should be looking to push higher. It is hence recommended to remain long with risk below $1,310.00 level. Immediate resistance is seen at $1,345.00 level, 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 30, 2016

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When the European market opens, some economic data will be released such as Italian 10-y Bond Auction, Italian Retail Sales m/m, Spanish Flash CPI y/y, German Prelim CPI m/m, and German Import Prices m/m. The US will also publish a series of economic data such as CB Consumer Confidence and S&P/CS Composite-20 HPI y/y. So amid the reports, EUR/USD will move with low to medium volatility today.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1241.

Strong Resistance:1.1235.

Original Resistance: 1.1224.

Inner Sell Area: 1.1213.

Target Inner Area: 1.1187.

Inner Buy Area: 1.1161.

Original Support: 1.1150.

Strong Support: 1.1139.

Breakout SELL Level: 1.1133.

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 30, 2016

!_USD_JPY.jpg In Asia, Japan will release the Retail Sales y/y, Unemployment Rate, and Household Spending y/y. The US will release a series of reports such as CB Consumer Confidence and S&P/CS Composite-20 HPI y/y. So there is a probability the USD/JPY pair will move with low to medium volatilitys today. TECHNICAL LEVELS: Resistance. 3: 102.44. Resistance. 2: 102.24. Resistance. 1: 102.04. Support. 1: 101.79. Support. 2: 101.59. Support. 3: 101.39. 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 GBP/USD for August 30, 2016

The H1 chart shows us more declines on GBP/USD, which is trying to find support at the 1.3085 level. Below the 200 SMA on this timeframe, we should expect further decline across the board, with the first target at the 1.3003 level. According to the upside scenario, if the cable manages to consolidate above the 1.3170 price zone, then a rally towards the 1.3258 level can be expected.

1472500224_GBPUSDH1.png

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.

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Daily analysis of USDX for August 30, 2016

The greenback started to retreat during Monday's session, following last Friday's gains obtained thanks to Yellen's speech. Currently, a breakout above the resistance zone of 95.79 should expose the index to the the next key interest area for sellers at the 96.14 level. If the correction on the USDX goes deeper, then it can decline to the 95.00 level which coincides with the 200 SMA.

1472500256_USDXH1.png

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 lies at 96.14 and stop loss is at 95.45.

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