NZD/USD Intraday technical levels and trading recommendations for September 8, 2016

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Bullish persistence above 0.6550 (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 (lower limit of the depicted channel). That is 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 upper limit of the depicted channel around 0.7400.

On July 12, the price zone of 0.7350 - 0.7400 (upper limit of the depicted channel) enhanced a quick bearish decline towards the price levels of 0.6970 where the current bullish swing was initiated.

The current price levels around 0.7470-0.7500 corresponds to the upper limit of the depicted movement channel where bearish rejection and a valid SELL entry should be expected. S/L should be placed above 0.7550.

On the other hand, the price zone between 0.6970-0.6860 constitutes a significant support zone to be watched for a valid BUY entry if any bearish swing extends below 0.7100.

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USD/CAD intraday technical levels and trading recommendations for September 8, 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.

Daily persistence below 1.2950 (61.8% Fibonacci level) should be defended in order to enhance the bearish side of the market. Initial bearish targets are located at 1.2670 and 1.2580.

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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Intraday technical levels and trading recommendations for GBP/USD for September 8, 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 (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 the current bullish pullback extends above 1.3550 (significant supply level to be watched as well).

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Intraday technical levels and trading recommendations for EUR/USD for September 8, 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 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) is needed to maintain enough bearish pressure to enhance the bearish side in the market. Initial bearish targets to be located at 1.1050 and 1.0990.

However, evident bullish recovery and another bullish breakout above 1.1250 were expressed on September 6. Hence, further bullish advance should be expected towards 1.1400.

The price level of 1.1400 constitutes another supply level to be watched for a valid SELL entry if enough signs of bearish rejection are expressed. S/L should be set as daily closure above 1.1450.

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EUR/NZD analysis for September 08, 2016

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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5170 in a high volume. I added market profile to find potential resistance levels. I found the level of 1.5175-1.5190 like a solid resistance area. The intraday trend is upward but buying near the resistance level is not a good idea. The EUR/NZD pair may start downward correction. The downward target is set at the price of 1.5100.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5165

R2: 1.5205

R3: 1.5270

Support levels:

S1: 1.5035

S2: 1.4995

S3: 1.4935

Trading recommendations for today: Buying EUR/NZD at this stage looks risky so watch for potential selling opportunities.

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Gold analysis for September 08, 2016

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Since our previous analysis, gold has been trading sideways at the price of $1,346.60. According to the 30M time frame and using the market profile, I found point of control from yesterday at the price of $1,348.95. The price rejected successful from point of control and created up-thrust. This is for me a good sign for a further downward price. My advice is to watch for selling opportunities. Take profit levels are set at the price of $1,341.85 and $1,339.20.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,348.75

R2: 1,350.35

R3: 1,352.80

Support levels:

S1: 1,343.70

S2: 1,342.10

S3: 1,339.65

Trading recommendations for today: Watch for potential selling opportunities.

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Technical analysis of EUR/CHF for September 08, 2016

The price is right at the major support of 1.0900 (Fibonacci retracement, horizontal overlap support) and we look to buy above this level for small bounce to 1.0975.

Stochastic (21,5,3) is bouncing above the 13% support.

RSI (21) is bouncing above the previous support at 36%.Continue buying.

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Buy above 1.0900. Stop loss at 1.0875. Take profit at 1.0975.

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Technical analysis of EUR/JPY for September 8, 2016

The EUR/JPY pair bounced off our entry level perfectly at 114.00 (horizontal overlap support, Fibonacci retracement) where we expect a bounce to at least 115.00.

Stochastic (34,5,3) has bounced above the 12% support as expected and crossed the 33% level as well signalling a recovery is in progress.

Remain bullish.

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Buy above 114.00. Stop loss is at 112.85. Take profit is at 115.00.

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Global macro overview for 08/09/2016

Global macro overview for 08/09/2016:

As anticipated, yesterday the Bank of Canada kept its interest rates unchanged. The key overnight interest rate was left at 0.50% for the 14th consecutive month. According to the Bank, the overall balance of risks remained at the level for which the current monetary policy seemed appropriate. Moreover, oil production in Canada rebounded, damaged by the Alberta wildfires earlier this year, and the Canada Child Benefit rose. It was also admitted that the world economic growth is picking up at a slower pace than expected, missing latest economic forecasts. In conclusion, a widely expected BoC behavior and rather neutral Carney speech did not really give investors any certain conclusions towards the further monetary policy. It looks like the Bank has adopted a wait-and-see approach and seems to be waiting for the Fed meeting in September before making any long-term strategic changes to its monetary policy.

Let us now take a look at the GBP/CAD technical picture at the daily time frame after the data release. The initial rally was capped very soon and bears did not give any chance to bulls to test the golden trend line. The daily candle is a down candle that sits just above the important technical support at the level of 1.7160. Any break put below this level is clearly bearish. The next support is seen at he level of 1.6685.

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Global macro overview for 08/09/2016

Global macro overview for 08/09/2016:

Main macroeconomic events of the week, the ECB interest rate decision and ECB press conference, are scheduled for release at 13:45 GMT today. The market participants expect the ECB to leave the interest rate unchanged at the level of 0.00%. No new action is expected from the EBC this month, but its current situation is not a very pleasant one. Inflation and economic growth are clearly not accelerating higher, especially after Brexit. Moreover, the biggest problem seems to be in the limits of assets the ECB can purchase under the rules of the quantitative easing program. Any change to QE will likely require the approval of Germany, which is hardly to come easy. In conclusion, a very interesting event will happen today and traders and investors from all over the word will keep an eye on the ECB decision and Mario Draghi press conference afterward.

Let us now take a look at the EUR/USD technical picture on the 4H time frame. Bulls have managed to break out higher above the technical resistance at the level of 1.1241 and it looks like they are trying to test the golden trend line again from the downside. Any breakout higher will be considered even more bullish with a target at the level of 1.1428.

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Technical analysis of EUR/JPY for September 8, 2016

General overview for 08/09/2016:

After the wave (2) bottomed, we should now see impulsive wave progression to the upside that should take out the last swing high at the level of 116.36. If there is no visible impulsive wave development to the upside, then the alternative count is still indicating a possible (a) (b) (c) horizontal structure in progress. Nevertheless, so far the impulsive labeling has been fitting better to the market situation.

Support/Resistance:

116.32 - Swing High

115.58 - Weekly Pivot

115.01 - Intraday Resistance

114.80 - WS1

113.86 - Intraday Support

113.09 - WS2

Trading recommendations:

Day traders should consider opening buy orders with SL just below the intraday support at the level of 113.85 and TP open for now.

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EUR/USD Technical Analysis for September 08, 2016.

Technical outlook and chart setups:

The EUR/USD pair has rallied through 1.1271 levels yesterday and remained just shy of a few pips from fibonacci 0.618 resistance at 1.1273/75 levels as depicted on the hourly chart here. The pair is trading at 1.1265 levels at this moment after testing yesterday's highs, looking to turn lower again. The wave structure indicates that the pair has dropped lower in 5 waves earlier from 1.1367 through 1.1120 levels. Furthermore, the rally from 1.1120/25 through 1.1271 levels has unfolded in 3 waves (a-b-c), which is corrective. A bearish reversal from current levels remains highly probable with minimum downside potential towards 1.1140 levels going forward. It is hence recommended to remain short from the current levels, with risk above 1.1350 levels. Immediate resistance is seen at 1.1360 levels, while support is at 1.1150/60 levels respectively.

Trading recommendations:

Remain short now, stop is above 1.1350 levels, target is 1.1150 at least.

Good luck!

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Technical analysis of USD/CAD for September 8, 2016

General overview for 08/09/2016:

As anticipated yesterday the bottom of the wave a purple is now in place at the level of 1.2835 and the wave b is currently in progression. The projected target for wave b purple is recently violated the golden trend line zone, just above the intraday resistance at the level of 1.2886. The clearly visible bullish divergence between the price and momentum oscillator supports the view.

Support/Resistance:

1.3191 - WR2

1.3147 - Technical Resistance

1.3069 - WR1

1.3025 - Weekly Pivot

1.2903 - WS1

1.2886 - Intraday Resistance

1.2859 - WS2

1.2822 - Intraday Support

Trading recommendations:

Daytraders should consider opening buy orders from current price levels with SL just below the intraday support at the level of 1.2831 and TP at the level of 1.2900.

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Technical analysis of NZD/USD for September 08, 2016

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Overview:

  • The NZD/USD pair hit the weekly resistance 1 at the level of 0.7445 yesterday. Today, the pair is trading above its pivot point. It is likely to trade in a higher range as long as it remains above the level of 0.7445 . Hence, the major support was already set at the level of 0.7445 . Moreover, the double bottom also coincides around the major support today. Additionally, the RSI is still calling for a strong bullish market as well as the current price is also above the moving average 100. Therefore, it will be advantageous to buy above the current level of 0.7445 with the first target at 0.7513 in order to retest the weekly resistance 2. From this point, if the pair closes above the weekly resistance 1 of 0.7513 on the H4 chart, the NZD/USD pair may resume its movement to 0.7585 to form a new double top. However, stop loss should always be taken into account, accordingly, it will be beneficial to set the stop loss below the last bearish wave at 0.7405. Moreover, since the trend is above the price of 0.7445, the market is still in an uptrend.

Comment:

  • The weekly resistance is seen at the levels of 0.7513, 0.7585 and 0.7645.
  • Besides, the double bottom is seen at the level of 0.7445.
  • If the trend is buoyant, then the currency pair strength will be defined as following: NZD is in an uptrend and USD is in a downtrend.
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Technical analysis of silver for September 08, 2016.

Technical outlook and chart setups:

Silver broke above the consolidation structure last week and has staged a rally towards $20.10 levels so far. The metal has corrected slightly and is seen to be trading around $19.90 levels at this moment. Please note that the trend line resistance is passing through $20.20/30 levels now and should provide significant resistance going forward. According to the wave structure, the metal seems to have completed its rally which has been corrective till now. A bearish reversal from the trend line would confirm that a meaningful top is in place and the silver should head lower. On the flip side, a consistent push above resistance trend line would open doors for a test of $21.00 levels. If the latter count proves to be true, the metal should push higher towards $20.80/21.00 levels going forward. It is recommended to book profits on long positions taken earlier and look to go short at higher levels. Immediate resistance is seen at $20.50 levels, while support lies at $19.30 levels.

Trading recommendations:

Book profits on long positions taken. Look to go short at higher levels.

Good luck!

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Elliott wave analysis of EUR/NZD for September 8, 2016

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Wave summary:

The break below 1.5187 confirmed that the larger corrective decline from 1.9023 still needs one more decline closer to the 1.4748 - 1.4815 area before completing.

After a minor recovery to 1.5187, the final decline into the 1.4748 - 1.4815 support window is expected. It should set the stage for a new impulsive rally that ultimately will break above 1.9023, but for now stays focused towards the downside for one more new low.

Trading recommendation:

We will wait for a decline into the 1.4748 - 1.4815 support window before buying EUR. Ideally we can buy at 1.4755.

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Technical analysis of USD/CHF for September 08, 2016

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Overview:

  • The USD/CHF pair fell sharply from the level of 0.9773 towards 0.9694. Now, the price is set around the area of 0.9704 - 0.9662. The resistance is seen at the level of 0.9738 and 0.9773. Moreover, the price area of 0.9738 - 0.9773 remains a significant resistance zone. Therefore, there is a possibility that the USD/CHF pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Thus, amid the previous events, the price is still moving between the levels of 0.9704 and 0.9662. If the USD/CHF pair fails to break through the resistance level of 0.9662, the market will decline further to 0.9627 as as the first target. This would suggest a bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.9593 so as to test the daily support 3. On the contrary, if a breakout takes place at the resistance level of 0.9773, then this scenario may become invalidated.
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Elliott wave analysis of EUR/JPY for September 8, 2016

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Wave summary:

A little more downside should be expected closer to 113.48 before blue wave ii is complete and a new impulsive rally should be expected in blue wave iii to above 116.37. For this count to remain valid, it's important to stay above support at 113.11. If this support is broken, the 109.49 low, which is more like a triangle consolidation, is calling for one more decline to below 109.49.

If a break below important support at 113.11 is seen, then look for a little more downside closer to 112.55 to complete wave D of the triangle and setting the stage for a rally higher to 115.10 in wave E to complete the triangle consolidation for a downside thrust to below 109.49.

Trading recommendation:

We are looking for EUR buying opportunity at 113.50 with stop placed at 113.05.

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Technical analysis of gold for September 08, 2016.

Technical outlook and chart setups:

Gold finally produced an impressive rally last Friday, pushing prices all the way through $1,353.00 levels as discussed and expected earlier. Pay attention to the resistance line passing through $1,355.00 levels at this moment. The metal is seen to be trading lower at $1,347.00/48.00 levels at this moment and might have either formed a meaningful top or is expected to form a top at $1,355.00 levels. The wave structure indicates that the metal seems to have formed intermediary highs and may push lower from here at least in a corrective manner. On the flip side, a rise above trend line resistance would confirm further upside. Hence, it is recommended to book profits on long positions taken earlier and look to initiate shorts. Immediate resistance is seen at $1,358.00 levels, while support lies at $1,320.00 levels. Please note that the metal seems to be into its last leg rally (wave 5) and it is expected to reverse lower from near $1,380.00/90.00 levels going forward.

Trading recommendations:

Book profits on long positions taken earlier. Looking to go short at higher levels.

Good luck!

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Technical analysis of USDX for September 8, 2016

The Dollar index made a small bounce yesterday but remains below the Kumo resistance in the short term. Bulls still manage to hold the index above the critical support of 94.50-94.65 where a very important trend line support passes through.

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Black line - resistance trend line

Blue line - medium-term trend line support

The Dollar index is below the 4-hour Kumo (cloud) and above the important trend line support at 94.50-94.60. A short-term trend is bearish and will change to neutral on a break above 95.25. A short-term trend can turn bullish on a break above 95.55 (or generally above the cloud in the 4-hour chart).

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Green line - medium-term trend line support

This week's candle is testing a very important support trend line that is clearly of great importance. This trend line is of great importance because price behavior has shown us that when the index approaches it, buyers step in and push the index price higher. A break below this trend line and a weekly close below it will be a very bearish signal.

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Technical analysis of Gold for September 8, 2016

Gold price has broken through the medium-term trend line resistance and has successfully back tested it. Confirmation of the breakout will come now after the back test by breaking above $1,350 which is the most significant resistance level before the recent highs at $1,375.

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Black line -resistance trend line

Price has broken above the black trend line resistance and yesterday we saw a pullback that back tested the broken trend line. This pullback is absolutely natural and strengthens the bullish short-term trend if we break above $1,353. Support is at $1,340. Medium-term support is at the Ichimoku cloud at $1,322.

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Blue lines - bullish channel

Gold price has broken above the weekly tenkan-sen (red line indicator) and shows that it has strength to continue higher if we also take into account the bullish reversal hammer candlestick from last week. Bulls got exactly what they wanted, a strong follow-through and the last obstacle they must surpass is the $1,350 level to be taken out on a weekly basis.

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Daily analysis of major pairs for September 8, 2016

EUR/USD: A bullish signal has already appeared on EUR/USD. Price has gone up by more than 90 pips this week and it is now moving sideways. The resistance level at 1.1250 is currently being besieged, having been tested several times. It would soon be breached to the upside. Further upwards movement is expected, which may take price towards the resistance at 1.1300 and 1.1350.

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USD/CHF: A bearish signal has already appeared on the USD/CHF. Price has gone down by 120 pips this week and it is currently consolidating. Further downwards movement is expected, which may take price towards the support levels at 0.9650 and 0.9600.

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GBP/USD: Although there has been a pullback in the market, the bullish bias is intact. This kind of bearish retracement is what can offer another opportunity for latecomers to join the bullish trend, for the market would resume its uptrend. The next targets for bulls are located at the distribution territories at 1.3400, 1.3450, and 1.3600. The distribution territory at 1.3400 was previously attained.

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USD/JPY: There is a now a Bearish Confirmation Pattern on USD/JPY. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Price might reach the demand levels at 101.00 and 100.50. After all, the long-term bias on JPY pairs is bearish.

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EUR/JPY: There is now a "sell" signal on the EUR/JPY cross, owing to the Bearish Confirmation Pattern in the market. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. Bears are aiming to reach the demand zones at 114.00 and 113.50.

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Technical analysis of USD/JPY for September 08, 2016

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USD/JPY is expected to trade with a bearish bias as the key resistance is at 102.20. The pair remains under pressure below its key resistance at 102.20. The 50-period moving average is heading downward, which indicates that the prices may still have downside potential. The relative strength index is below its neutrality area at 50, and lacks upward momentum. On the economic data front, MBA mortgage applications improved by 0.9% in week ended Sept. 2, from a rise of 2.8% in the previous week. In other news, the Fed released their 'Beige Book' indicating a modest expansion of the national economic activity accompanied by an improvement in employment from July through late August.

In conclusion, as long as 102.20 holds on the upside, the pair is likely to drop to 101.15 at first. On a breakout, look for further decline to 100.80 as likely.

Trading Recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 101.15. A break below this target will move the pair further downwards to 100.80. The pivot point stands at 102.20. 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 103.15 and the second one, at 103.80.

Resistance levels: 103.15, 103.80, 104.25

Support levels: 101.15, 100.80, 100.50

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Technical analysis of USD/CHF for September 08, 2016

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USD/CHF is under pressure. The pair remains under pressure below its key resistance at 0.9740, which should limit the upside potential. Meanwhile, the relative strength index is around its neutrality area at 50, and is mixed to bearish. Even though a technical rebound cannot be ruled out at the current stage, its extent should be limited. On Wednesday, U.S. indices closed mixed with the Nasdaq posting a four-day winning streak. Shares in the Technology Hardware & Equipment and Transportation sectors traded higher while shares in the Household & Personal Products, Automobiles & Components and Food, Beverage & Tobacco sectors were under pressure.

On the economic data front, MBA mortgage applications improved by 0.9% in week ended Sept. 2, from a rise of 2.8% in the previous week. In other news, the Fed released their 'Beige Book' indicating a modest expansion of the national economic activity accompanied by an improvement in employment from July through late August.

To conclude, as long as 0.9740 is not surpassed, the pair is likely to drop to its next support at 0.9645. A break below this level would call for further weaknesses to at least 0.9610.

Resistance levels: 0.9770, 0.9810, 0.9885

Support levels: 0.9645, 0.9590, 0.9525

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Technical analysis of NZD/USD for September 08, 2016

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NZD/USD is expected to go on with a bullish movement. The pair is trading above its 20-period and 50-period moving averages, and remains on the upside. Meanwhile, the relative strength index is rebounding from its neutrality area at 50 and advocates for further upside. A support base at 0.7390 has been formed and the downside attempts should be limited by this level. As long as 0.7390 holds on the downside, look for a new rise to 0.7500 and 0.7530 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 0.75 and the second one at 0.7530. In the alternative scenario, short positions are recommended with the first target at 0.7350 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 0.7300. The pivot point is at 0.7390.

Resistance levels: 0.7500, 0.7530, 0.7560

Support levels: 0.7350, 0.7300, 0.7255

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Technical analysis of GBP/JPY for September 08, 2016

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GBP/JPY is expected to trade with a bearish bias as the movement is capped by a negative trend line. The technical picture of the pair is negative below a declining trend line (since Sep 2), which confirms a bearish view. The relative strength index is below its neutrality level at 50. Additionally, 136.85 is playing a key resistance role, which should limit the upside potential. As long as 136.85 holds on the upside, the pair is likely to return to its previous low at 135.35. A break below this level would call for a further drop toward 134.50.

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 135.35. A break below this target will move the pair further downwards to 134.50. The pivot point stands at 136.85. 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 137.35 and the second one, at 138.35.

Resistance levels: 137.35, 138.35, 138.80

Support levels: 135.35, 134.50, 133.65

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Technical analysis of EUR/USD for Sept 08, 2016

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When the European market opens, some economic data will be released such as ECB Press Conference, Minimum Bid Rate, and French Final Non-Farm Payrolls q/q. The US will release a series of economic reports such as Consumer Credit m/m, Crude Oil Inventories, Natural Gas Storage, and Unemployment Claims. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1290.

Strong Resistance:1.1284.

Original Resistance: 1.1273.

Inner Sell Area: 1.1262.

Target Inner Area: 1.1236.

Inner Buy Area: 1.1210.

Original Support: 1.1199.

Strong Support: 1.1188.

Breakout SELL Level: 1.1182.

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 08, 2016

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In Asia, Japan will release the Economy Watchers Sentiment, Final GDP Price Index y/y, Bank Lending y/y, Final GDP q/q, and Current Account. The US will release some economic data such as Consumer Credit m/m, Crude Oil Inventories, Natural Gas Storage, and Unemployment Claims. 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: 102.15.

Resistance. 2: 101.96.

Resistance. 1: 101.76.

Support. 1: 101.51.

Support. 2: 101.31.

Support. 3: 101.11.

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 08, 2016

The index is recovering from the losses posted during Tuesday's session, and now we should expect a rise towards the 200 SMA at H1 timeframe. However, keep in mind that the bears are still strong across the board, and the greenback's weakness is likely to continue until the next Fed's meeting at least. If the USDX manages to break the 94.78 level, then the next target will be found at 94.29.

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H1 chart's resistance levels: 95.49 / 95.79

H1 chart's support levels: 94.78 / 94.29

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.78, take profit is at 94.29 and stop loss is at 95.27.

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

Daily analysis of GBP/USD for September 08, 2016

According to the H1 chart, the pair is looking to extend decline towards the 200 SMA zone where the bulls can gain momentum to retake the overall bullish structure. The resistance level of 1.3480 is still critical, and the price action isn't favourable for the bears at all. MACD indicator is supporting the bearish idea, but we should wait for a possible rebound around the 200 SMA. However, if GBP/USD manages to break it to the downside, then the next target would be the August 30th low.

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H1 chart's resistance levels: 1.3480 / 1.3685

H1 chart's support levels: 1.3360 / 1.3258

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3480, take profit is at 1.3685 and stop loss is at 1.3270.

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

Daily analysis of Gold for September 07, 2016

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Overview

Gold price succeeded to rally rapidly to reach the thresholds of the first main target at 1354.10. The price is waiting to breach this level to confirm opening the way to extend the bullish wave to reach 1400.00 as a next main station. Importantly, the EMA 50 provides positive support that reinforces the chances of a further rise. Therefore, the bullish scenario will remain valid and active on the intraday and short-term basis, unless breaking 1297.75 level and holding below it. Please note that stochastics' current negativity might cause some temporary sideways fluctuation before resuming the bullish bias again.

The expected trading range for today is between 1330.00 support and 1375.00 resistance.

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

Daily analysis of Silver for September 07, 2016

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Overview

Silver price managed to confirm activation of the falling wedge resistance that appears on the chart after breaching its resistance level that now turns into support at 19.38. Such develoments support the continuation of our bullish trend expectations for the upcoming period, opening the way towards the previously recorded top at 21.12 as a next main station. Therefore, the bullish bias will remain dominant on the intraday and short-term basis supported by the EMA 50, unless we witness a clear break and holding below 19.38. The expected trading range for today is between 19.60 support and 20.70 resistance.

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