USD/CAD intraday technical levels and trading recommendations for September 2, 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 1.3000-1.3100 (61.8% Fibonacci level) as a valid SELL entry. S/L should be set as a daily candlestick closure above 1.3100.

On the other hand, note that daily fixation above 1.3000 (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 September 2, 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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Intraday technical levels and trading recommendations for GBP/USD for September 2, 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 (A significant Supply level to be watched as well).

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Intraday technical levels and trading recommendations for EUR/USD for September 2, 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, June and August).

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 July 27, the EUR/USD pushed 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 August 26.

Re-closure below 1.1250 (Supply Level 1) maintains enough bearish pressure and enhances the bearish side in the market. Initial bearish targets are located at 1.1050 and 1.0990.

That's why, any bullish pullback towards 1.1250 (Supply Level 1) should be considered for a valid SELL entry if enough signs of bearish rejection is expressed.

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Gold analysis for September 02, 2016

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Since our previous analysis, Gold has been trading sideways at the price of $1,312.00. Investors are awaiting the US non-narm employment change report to establish positions. Anyway, according to the 4H time frame, I found a down fractal at the price of $1,302.20. Placing pending order (sell stop) at the price of $1,302.00 with stop loss at $1,318.00 and potential target at $1,263.15 is not bad idea. The trend is still downward.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,313.40

R2: 1,316.00

R3: 1,320.50

Support levels:

S1: 1,304.50

S2: 1,301.75

S3: 1,297.85

Trading recommendations for today: Watch for selling opportunities.

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EUR/NZD analysis for September 02, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5340. According to the 4H time frame, I found strong selling pressure and a downward trend. Today we are on alert to US non-farm employment change, which will bring strong liquidity on the market. Since I found a down fractal according to the 4H time frame at the price of 1.5310. My advice will be to place pending order (sell stop) at the price of 1.5310 with stop loss at 1.5416. Targets are set at the price of 1.5225 and 1.5115.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5405

R2: 1.5430

R3: 1.5465

Support levels:

S1: 1.5330

S2: 1.5305

S3: 1.5270

Trading recommendations for today: Watch for selling opportunities.

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Global macro overview for 02/09/2016

Global macro overview for 02/09/2016:

The Construction PMI data from the UK beat market expectations and caused a small rally on all pound pairs. Market participants expected the data to be just slightly better than the last month release of 45.9, so they expected 46.6. The released figure came in at 49.2, so the rebound among purchasing managers in the UK construction sector from the post-Brexit shock was rather impressive. Nevertheless, the level of 50 that separates expansion from deterioration hasn't been surpassed yet. In conclusion, the last time the Construction PMI was above 50 level was December 2015, so despite a good release, this is the 9th month in a row when this indicator is still inside a deterioration zone.

Let's now take a look at the GBP/USD technical picture in the daily time frame. The market is still trading in a horizontal congestion zone between the levels of 1.2801 and 1.3536. After the good data yesterday, bulls have managed to rally the price up to the level of 55 DMA at 1.3327, but so far there is no sign of a rally continuation yet. The next support is seen at the level of 1.3062.

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Global macro overview for 02/09/2016

Global macro overview for 02/09/2016:

The most important and highly anticipated macroeconomic event of the month (or maybe even the year) has finally arrived: the US Non-Farm Employment Change data will be released today at 12:30pm GMT. The reason why it is a crucial data release is quite simple: if the NFP figure will be better than expected new 180 000 jobs, the odds for FED to hike the funds rate at the nearest meeting in September 21st will dramatically increase (currently, according to CME FedWatch tool, the probability for a 25-50bp hike is 76% and probability for 50-75bp hike is 24%). The catalyst for renewed optimism about a rate hike was FED Chairperson Janet Yellen's upbeat speech about the US economy at the Jackson Hole economic conference and her broad hint that the case for a rate hike had strengthened. Moreover, two of the FED policymakers supported this view during the next day interviews in the financial mass media. In conclusion, today might be the big day for the US Dollar bulls and in a case of a failure, the next possible rate hike date is FED's meeting in December 2016.

Let's take a look at the US Dollar technical picture in the daily time frame. Bulls have managed to retrace 61% of the previous swing down and now the market awaits the NFP data to continue to move higher (if NFP is bigger than 180k) or decline lower (if NFP is lower than 180k). The next resistance is seen at the level of 96.52 and then 97.60. On the other hand, the next support is seen at the level of 95.32 and then 95.00.

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Technical analysis of USD/CAD for September 2, 2016

General overview for 02/09/2016:

The corrective structure is wave 4 purple might be in progress now. Moreover, the clear bearish divergence supports the view, that the top is in place and now a correction should develop. This means the recent rally might be either wave 3 of the bullish progression or wave c purple of a 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

1.3032 - 61%Fibo

1.3045 - Intraday Support

1.3088 - WR1

1.3144 - Intraday Resistance

1.3139 - WR2

Trading recommendations:

All buy orders recommended last week should now move their SL to the level of 1.3087 and leave TP still open.

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Technical analysis of EUR/JPY for September 2, 2016

General overview for 02/09/2016:

The weekly pivot resistance level 3 was hit yesterday and this might be the top of the wave v of the wave c green. Moreover, this top might be an end of the higher degree corrective cycle as well. To confirm all of this scenarios the price must break out below the previous wave iv low at the level of 115.01 and head even lower towards the weekly pivot level. The visible and clear bearish divergence supports the bearish outlook. NFP data release might be the trigger needed to push the prices lower.

Support/Resistance:

115.43 - Intraday Support

115.10 - WR2

115.01 - Key Level for Bears

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 last week should now move their SL to the level of 115.43 and leave TP still open. Please notice: any spike up after NFP data release is a good opportunity to close all buy orders.

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Technical analysis of NZD/USD for September 02, 2016

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Overview:

  • The NZD/USD pair faced resistance at the level of 0.7312, while minor resistance is seen at 0.7291. Support is found at the levels of 0.7271 and 0.7245. Yesterday, the NZD/USD pair continued to move upwards from the level of 0.7271. The pair rose from the level of 0.7271 to the top around 0.7291. In consequence, the NZD/USD pair broke resistance, which turned strong support at the levels of 0.7270 and 0.7245. Today, the level of 0.7245 is expected to act as major support. Hence, we expect the NZD/USD pair to continue moving in the bullish trend from the support level of 0.7270 towards the target level of 0.7312. If the pair succeeds in passing through the level of 0.7312, the market will indicate the bullish opportunity above the level of 0.7312 in order to reach the targets at the levels 0.7312 and 0.7359 to test the double top in the H1 time frame. However, the price spot of 0.7359 - 0.7380 remains a significant resistance zone. Thus, the trend will probably be rebounded again from the double top as long as the level of 0.7380 is not breached. On the other hand, if the NZD/USD pair fails to break through the resistance level of 0.7380, the market will decline further to 0.7342.
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Technical analysis of USD/CHF for September 02, 2016

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Overview:

  • The USD/CHF pair continues to move downwards from the level of 0.9861. Yesterday, the pair dropped from the level of 0.9861 to the bottom around 0.9762. But the pair has rebounded from the bottom of 0.9762 to close at 0.9800. Today, the first support level is seen at 0.9762, the price is moving in a bearish channel now. Furthermore, the price has been set below the new support at the level of 0.9762, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the USD/CHF pair is able to break out the first support at 0.9792, the market will decline further to 0.9744 in order to test the daily support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9744 with the second target at 0.9695 and further to 0.9635. However, stop loss is to be placed above the level of 0.9861.

Intraday technical levels:

  • R3: 0.9949
  • R2: 0.9901
  • R1: 0.9861
  • PP: 0.9792
  • S1: 0.9744
  • S2: 0.9695
  • S3: 0.9635
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Daily analysis of major pairs for September 2, 2016

EUR/USD: There was a rally attempt on EUR/USD on September 1, 2016, which was not significant enough to bring any changes to the ongoing bearish bias in the market. The EMA 11 remains below the EMA 56; though the Williams' % Range period 20 is in the overbought region, which would mean another short-selling opportunities.

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USD/CHF: On this pair, price experienced a pullback yesterday. However, the bias is still bullish, unless price goes below the support level at 0.9650, which would require a strong selling pressure. Normally, price might be able to rise again from here, going upwards and breaking the resistance level at 0.9850 to the upside.

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GBP/USD: There is now a clean bullish signal on GBP/USD. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. This means the market is supposed to continue going upwards. There would be temporary reversals along the way, which would offer good opportunities to buy long when things are on sale; and in the context of an uptrend.

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USD/JPY: The USD/JPY cross has continued the bullish journey it started on August 26, 2016. Since then, price has gone upwards 380 pips, now testing the supply level at 104.00. The next targets for bulls are located at the supply levels of 104.50 and 105.00. Unless there is a significant stamina in the JPY, those targets would be attained this week or next.

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EUR/JPY: The EUR/JPY cross has continued the bullish journey it started last Friday. Since then, price has gone upwards 250 pips, now above the demand zone at 115.50. The next target for bulls are located at the supply zones at 116.00, 116.50, and 117.00. There is a Bullish Confirmation Pattern on the chart, which enables the current bullish outlook on the market.

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Technical analysis of USDX for September 2, 2016

The Dollar index has made a pullback from overbought levels yesterday as expected. US NFP data is due today, that will be a big market mover. The best strategy is to wait and resume trading after the announcement.

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Black line - resistance

Blue line -support

Price is between support and resistance trend lines and above the Ichimoku cloud on the 4 hour chart. 94.20-94.50 is a critical support level. Resistance is at 96.50. A break of either of these two levels will provide a nice new trend.

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Green line - trend line support

The long upper tail in the weekly candle is not a good sign. A weekly close below 95.50 will be a bearish sign for the Dollar index and a reversal signal as well. Price reached close to the Ichimoku cloud were sellers appeared and pushed the index lower. Today's close will be very important for the future trend of the index. A close above 96 could imply more upside for next week. A close below 95.50 could signal that another test of the green trend line is coming.

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Technical analysis of Gold for September 2, 2016

Gold price is showing signs of a bullish reversal at the current levels. I was expecting Gold to reach $1,280-90 and we still might see this level today after the NFP numbers are announced. But overall, we are very close to a strong bounce in Gold. The confirmation will come as soon as price breaks above $1,320.

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Black line - long-term resistance

Red lines - bearish channel

Price is inside the bearish channel and is back testing the green area that was once support. Price is in a bearish medium-term trend as long as it stays below the cloud. However, the $1,300-$1,280 area is important support that could provide a big bounce back to $1,350.

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Blue lines - bullish channel

Price has reached very close to the weekly kijun-sen (yellow line indicator) while it is still inside the long-term bullish channel. We could still see some more downside towards $1,290 but bears should be cautious as a strong bounce could come next.

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Elliott wave analysis of EUR/NZD for September 2, 2016

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Wave summary:

The price action continues to be very discouraging. We continue to look for a firm break above 1.5408 and more importantly for a break above resistance at 1.5520 for confirmation that the ongoing correction finally has completed and a new impulsive rally higher to 1.5900 and 1.6426 is developing.

Longer term, we continue to look for much higher levels here.

Trading recommendation:

We are long EUR from 1.5370 with stop placed at 1.5180. If you are not long EUR yet, then buy upon a break above 1.5408 and use the same stop at 1.5180.

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Elliott wave analysis of EUR/JPY for September 2, 2016

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Wave summary:

The impulsive rally from 113.11 continues to unfold as expected. We are looking for a rally to the 116.19 - 116.36 area to complete red wave [iii] and after a small correction/consolidation towards 115.36 more upside pressure towards 118.54 will be expected.

Longer term, we continue to expect higher levels, as we regard the long-term corrective decline from 149.56 as complete with the test of 109.48. If this count is correct, then a rally to above 149.56 should ultimately be seen.

We are long EUR from 114.05 and will move our stop higher to 114.90. If you are not long EUR yet, then buy near 115.36 and use the same stop at 114.90.

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Silver Technical Analysis for September 02, 2016.

Technical outlook and chart setups:

Silver was trading within a triangle consolidation structure after having formed intermediary lows at $18.38 level earlier. The metal has broken above the consolidation as depicted on 1H chart view here and is seen to be trading at $18.90 level for now. 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 seems to have terminated a regular flat (a-b-c) as wave 4 consolidation and the last leg rally has resumed (wave 5) from $18.38 levels. Furthermore, it still remains supported at fibonacci 0.50 levels of the entire rally between $15.70 and $21.13 levels respectively (not shown here). If this count holds true, the metal should push higher 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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Gold Technical Analysis for September 02, 2016.

Technical outlook and chart setups:

Gold had hit yet another low yesterday at $1,302.50 level before reversing sharply. According to the 15 minutes chart presented here, the metal has produced an impulse (5 waves) from yesterday's lows and has also taken out the first resistance at $1,316.00 level as depicted here. It is seen to be trading at $1,313.00 level at this moment, looking to retrace lower and then resume rally. Please note that the yellow metal still looks to be constructive for bulls to regain control, till prices stay above $1,290.00/1,300 levels. The wave structure continues to indicate that the metal seems to have formed intermediary lows and should be looking to push higher at least in a corrective zigzag manner towards $1,325.00 level if not higher. It is hence recommended to remain long, with risk below $1,300.00 levels. Immediate resistance is seen at $1,325.00 level, while support is seen at $1,300.00 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 below $1,300.00, targets are at $1,325.00 and $1,390.00

Good luck!

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Technical analysis of USD/JPY for September 02, 2016

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USD/JPY is expected to trade with a bullish bias above 102.80. The pair is trading below its 20-period and 50-period moving averages. The relative strength index is below its neutrality level at 50. Nevertheless, a support base at 102.80 (Aug 31 bottom) has been formed, so the downside potential should be limited by this level. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. On Thursday, U.S. stocks were little changed at close as losses in energy shares caused by slumping oil prices were offset by gains in technology sectors.

On the economic data front, initial jobless claims improved slightly to 263k in week ended August 27th (estimated 265k) from 261k in the previous week. Continuing claims increased to 2.16M in week ended August 20th (forecasted 2.15M) compared to 2.15M in prior week. In other news, Markit U.S. manufacturing PMI logged its lowest reading since June 2016 to 52 in August in a final estimation (estimated 51.1) from 52.1 in a preliminary estimate and 52.9 in July. ISM manufacturing in August fell to 49.4 (forecasted 52) compared with 52.6 in the previous month.

As long as 102.80 is not broken, look for a technical rebound toward 103.65. A break above this level would open the way to further upside toward the next resistance at 103.95.

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 103.65 and the second one at 103.95. In the alternative scenario, short positions are recommended with the first target at 102.40 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 102.10. The pivot point is at 102.80.

Resistance levels: 103.65, 103.95, 104.50

Support levels: 102.40, 102.10, 101.65

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Technical analysis of USD/CHF for September 02, 2016

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USD/CHF is under pressure. The pressure persists after the downside breakout of a bullish trend line since August 29. The downward momentum is further reinforced by its descending 50-period moving average which maintains a bearish bias. In addition, 0.9850 represents a significant resistance, and the upside potential should be limited by this level. On the economic data front, initial jobless claims improved slightly to 263k in week ended August 27th (estimated 265k) from 261k in the previous week. Continuing claims increased to 2.16M in week ended August 20th (forecasted 2.15M) compared to 2.15M in prior week. In other news, Markit U.S. manufacturing PMI logged its lowest reading since June 2016 to 52 in August in a final estimation (estimated 51.1) from 52.1 in a preliminary estimate and 52.9 in July. ISM manufacturing in August fell to 49.4 (forecasted 52) compared with 52.6 in the previous month.

In these prospects, as long as 0.9850 is not broken up, the pair is likely to pull back to test its next support at 0.9760. If breakout occurs, look for further decline to 0.9720.

Resistance levels: 0.9900, 0.9945, 0.9975

Support levels: 0.9760, 0.9720, 0.9685

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Technical analysis of NZD/USD for September 02, 2016

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NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair is holding on the upside after a rebound from its key support at 0.7220 (Aug 31 & Sept 1 bottoms) which should limit the downside potential. The upward momentum is further reinforced by its rising 50-period moving average which acts as a support role and maintains the upside bias. In addition, the relative strength index rebounded from its 30 level and lacks downward momentum. To conclude, as long as 0.7220 holds on the downside, look for further advance to 0.7325 and even to 0.7340 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7325 and the second one at 0.7340. In the alternative scenario, short positions are recommended with the first target at 0.7200 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7160. The pivot point is at 0.7220.

Resistance levels: 0.7325, 0.7340, 0.7375

Support levels: 0.7200, 0.7160, 0.7120

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Technical analysis of GBP/JPY for September 02, 2016

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GBP/JPY is expected to trade with a bullish bias as the movement is supported by a rising trend line. The technical picture of the pair remains positive above a rising trend line, which emerged on Aug 26. The upward momentum is further reinforced by its ascending 20-period and 50-period moving averages. A support base has been formed around 135.35, which should limit the downside potential. As long as 135.5 holds on the downside, look for a further upside toward 138.05. A break above 138.05 would call for a further advance toward 138.70.

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 138.05 and the second one at 138.70. In the alternative scenario, short positions are recommended with the first target at 134.85 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 134.40. The pivot point is at 135.35.

Resistance levels: 138.05, 138.70, 139.50

Support levels: 134.85, 134.40, 133.90

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Technical analysis of EUR/USD for Sept 02, 2016

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When the European market opens, some economic data will be released such as PPI m/m and Spanish Unemployment Change. The US will publish a series of economic data too such as Factory Orders m/m, Trade Balance, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1249.

Strong Resistance:1.1243.

Original Resistance: 1.1232.

Inner Sell Area: 1.1221.

Target Inner Area: 1.1195.

Inner Buy Area: 1.1169.

Original Support: 1.1158.

Strong Support: 1.1147.

Breakout SELL Level: 1.1141.

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 Sept 02, 2016

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In Asia, Japan will release the Consumer Confidence and Monetary Base y/y. The US will release a series of economic data such as Factory Orders m/m, Trade Balance, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So there is a probability the USD/JPY pair will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 103.72.

Resistance. 2: 103.51.

Resistance. 1: 103.31.

Support. 1: 103.06.

Support. 2: 102.86.

Support. 3: 102.66.

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 September 02, 2016

The US dollar declined during Thursday's session and now we're so close to the 200 SMA on H1 chart. A dynamic support can be found over that zone, but the risk to the downside could be shifted during US NFP this Friday. However, if the nonfarm payrolls give bulls advantage, then a rally towards the 96.14 level is expected.

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H1 chart's resistance levels: 95.79 / 96.14

H1 chart's support levels: 95.49 / 94.95

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 95.46.

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

Daily analysis of GBP/USD for September 02, 2016

The pair had a rally above the support level of 1.3258 and it's forming a higher high pattern on H1 chart. Currently, our scenario remains bullish and we should keep looking for a resistance level at the 1.3480 price zone. Across the board, price action is on the upside, but one correction towards the 1.3170 level can be seen.

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H1 chart's resistance levels: 1.3360 / 1.3458

H1 chart's support levels: 1.3358 / 1.3270

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 1.3360, take profit is at 1.3458 and stop loss is at 1.3241.

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

Daily analysis of Gold for September 01, 2016

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Overview

The gold price shows slight negative trading heading towards our next awaited target at 1,297.75. This supports the continuation of the bearish trend scenario for the rest of the day. It is important to monitor the price behavior when reaching the targeted level as a break of it represents the key to bearish wave extension to 1,249.95. The EMA50 continues to support the suggested bearish wave, which will remain valid unless the price manages to breach 1,324.00 levels. The expected trading range for today is between the 1,290.00 support and the 1,324.00 resistance.

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

Daily analysis of Silver for September 01, 2016

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Overview

The silver price shows more sideways trading being stuck between the key levels of the 18.30 support and the 18.80 resistance. The price needs to breach one these levels to detect its next destination clearly, especially given that there is a contradiction between stochastic positivity and the EMA50 negativity. Therefore, our neutrality will remain valid until now. A break of the 18.30 support will push the price to head towards 17.43 levels, while a breach of 18.80 will make the price start recovery attempts, which targets begin at 19.38 and extend to 21.12.

The expected trading range for today is between the 18.30 support and the 19.38 resistance.

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