USD/CAD intraday technical levels and trading recommendations for September 9, 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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NZD/USD Intraday technical levels and trading recommendations for September 9, 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 0.6960 where the current bullish swing was initiated.

The price zone between 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 0.6960-0.6860 constitutes a significant support zone to be watched for a valid BUY entry if the current bearish swing extends below 0.7100.

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Intraday technical levels and trading recommendations for GBP/USD for September 9, 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 9, 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.

Recently on September 6, evident bullish recovery and another bullish breakout above 1.1250 were expressed .

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.

On the other hand, the price level of 1.1400 constitutes another supply level to be watched for a valid SELL entry if the current bullish breakout persists above 1.1250.

S/L should be set as daily closure above 1.1450.

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EUR/NZD analysis for September 09, 2016

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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5309 in a high volume. According to the 30M time frame and using the market profile, I found strong potential upward target level at the price of 1.5360. The intraday trend is very bullish and be very careful when selling. My advice is to watch for buying opportunities on the dips.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5240

R2: 1.5285

R3: 1.5360

Support levels:

S1: 1.5100

S2: 1.5050

S3: 1.4985

Trading recommendations for today: Selling EUR/NZD at this stage looks risky. Watch for buying opportunities.

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Gold analysis for September 09, 2016

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Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,332.28 in a high volume. My take profit from yesterday at the price of $1,339.00 has been met. According to the 30M time frame and using the market profile, I found peak resistance at the price of $1,336.60. My advice is to watch for selling opportunities. I found a downward target at the price of $1,326.50.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,343.00

R2: 1,345.30

R3: 1,349.00

Support levels:

S1: 1,335.60

S2: 1,333.30

S3: 1,329.60

Trading recommendations for today: Watch for potential selling opportunities.

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Global macro overview for 09/09/2016

Global macro overview for 09/09/2016:

The record drawdown in U.S. crude oil supplies was recorded as storms disrupted ships bringing foreign oil to U.S. refineries. According to the latest data, the stockpiles drawdown were at the level of -14,513 mln barrels, way above the market expectations of -83K barrels. Due to this unfortunate event, the crude oil prices are 7% up for this week, at $47.02 at the time of writing. Moreover, the Barker Hughes U.S. Oil Rig Count data are scheduled for release today at 05:00pm GMT and it is worth mentioning that the rig count has risen by nine for the last 10 weeks. If we get another better than expected number of oil rigs, the crude oil prices might turn around due to the fact, that oil producers might go back to the oil fields and increase supply even more.

Let's now take a look at the Crude Oil technical picture in the 4H time frame before the news is published. After the surprising news yesterday, the bull camp has managed to break out above the technical resistance at the level of 46.51 (now support) and headed towards the next technical resistance at the level of 48.44. Nevertheless, the rally was capped just below the golden trend line and the growing bearish divergence between the price and the momentum oscillator suggest more declines in prices to come any time now.

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Global macro overview for 09/09/2016

Global macro overview for 09/09/2016:

As anticipated yesterday the ECB left the key interest rates unchanged at the level of 0.00%. Moreover, the Deposit Facility Rate and Marginal Lending Facility were unchanged as well (-040% and 0.25% respectively). The 1.7T Euro stimulus program has been left unchanged as well, which was quite surprising if one takes into the account post-Brexit situation and economic projections. At the press conference, ECB President Mario Draghi said that uncertainty over Brexit was among the factors dampening the Eurozone's growth and he unveiled a slightly weaker economic outlook for the bloc. On the other hand, the inflation projection made by the ECB did not come true and this is the biggest worry for Draghi right now: after more than three years the Eurozone inflation remains persistently below the 2% target. In conclusion, the interest rate decision and Draghi's remarks at the press conference were highly anticipated, so no real game-changer news were shared among global investors yesterday.

Let's now take a look at the EUR/USD technical picture in 4H time frame after the ECB news release. Despite the initial rally, bears have managed to push the prices lower at the end of the day and the golden trend line hasn't even been tested properly. The next support is seen at the level of 1.1250 and the next resistance is seen at the level of 1.1338.

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Technical analysis of USD/CAD for September 9, 2016

General overview for 09/09/2016:

The market is currently testing the dynamic resistance provided by a golden trend line and the wave b purple is still in progress. The projected target for wave b purple is recently violated the golden trend line zone, just above the intraday resistance at the level of 1.2946 and 38% Fibo level. In case of a break out higher, the next resistance is seen at the level of 1.2985 (50%Fibo). The market reversal is expected from one of the indicated levels.

Support/Resistance:

1.3191 - WR2

1.3069 - WR1

1.3025 - Weekly Pivot

1.2985 - 505Fibo

1.2946 - 38%Fibo

1.2903 - WS1

1.2886 - Intraday Resistance

1.2859 - WS2

1.2822 - Intraday Support

Trading recommendations:

The buy orders has hit the TP at the level of 1.2900 and they should now be closed with profit. Currently the day traders should wait for another trading setup to occur shortly.

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Technical analysis of EUR/JPY for September 9, 2016

General overview for 09/09/2016:

Bulls managed to retrace 61% of the previous swing down, but this rally upward is not very impulsive. This means it can be a part of a more complex wave development in wave (2) that will evolve into a more time-consuming correction. 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

115.44 - Intraday Resistance

114.80 - WS1

113.86 - Intraday Support

113.09 - WS2

Trading recommendations:

Buy orders should be still kept open as there is still a chance for another wave up towards the level of 116.36.

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Technical analysis of NZD/USD for September 09, 2016

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Overview:

  • The NZD/USD pair continues to move downwards from the level of 0.7480. Yesterday, the pair dropped from the level of 0.7480 to the bottom around 0.7386. But the pair has not rebounded from the bottom of 0.7386. Today, the first support level is seen at 0.7362, the price is moving in a bearish channel now. Furthermore, the price has set below the strong resistance at the level of 0.7480, which coincides with the 100% Fibonacci retracement level. This resistance has been rejected times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the NZD/USD pair is able to break out the first support at 0.7362, the market will decline further to 0.7279 in order to test the daily support 1. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.7362 with the first target at 0.7279 and further to 0.7216. On the other hand, the price spot of 0.7362 remains a significant support zone. Thus, the trend will probably be rebounded again from this support as long as the level of 0.7362 is not breached. Amid the previous events, the price is still moving between the levels of 0.7362 and 0.7480.
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Technical analysis of USD/CHF for September 09, 2016

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Overview:

  • The USD/CHF pair has faced strong resistances at the levels of 0.9773 because support became resistance on September 9, 2016. So, the strong resistance has already formed at the level of 0.9773 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9773, the market will indicate a bearish opportunity below the new strong resistance level of 0.9773 (the level of 0.9773 coincides with a ratio of 61.8% Fibonacci). 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 0.9773 so it will be good to sell below the area of 0.9773 with the first target of 0.9704. It will also call for a downtrend in order to continue towards 0.9662. The daily strong support is seen at 0.9627. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9800. Since the trend is above the 61.8% Fibonacci level (0.9773), the market is still in a downtrend.
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Technical analysis of USDX for September 9, 2016

The Dollar index managed to hold above the critical support trend line yesterday and bounced towards cloud resistance. The Dollar index is at an important junction that could bring it even below 92 over the coming weeks.

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Blue line -medium-term trend line support

Black line - resistance

The Dollar index hit resistance at the Kumo at 95.25 and is pulling back down. Another try of this resistance is very possible today and even a move towards the upper cloud boundary near 95.50. The Dollar index reached the 38% Fibonacci retracement and got rejected. If yesterday's low holds, we could see a bounce towards the 61.8% Fibo level.

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Green trend line - support trend line

The green trend line held once again and buyers stepped in and pushed the index back up. Price remains below the cloud and the index is trapped between the kijun- and tenkan-sen indicators (yellow and red line indicators). A break above or below this trading range will open the way for a move towards 97 or 93 respectively.

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Technical analysis of Gold for September 9, 2016

Gold price got rejected yesterday at $1,353 and is now in a short-term bearish trend making lower lows and lower highs towards the first important short-term support of $1,333. As long as Gold is above $1,300, our bullish scenario is the leading one. If we break below it, the road for a move towards $1,200 is open.

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Black lines - resistance trend lines

Short-term support is found at the Ichimoku cloud at $1,322 where we also find the 61.8% Fibonacci retracement of the latest rise from $1,302 to $1,353. Support is also at the $1,333 level where we find the 38% Fibonacci retracement.

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Black line - trend line support

The daily chart remains above the black trend line and still above the cloud. With red labels I show the bearish scenario that could bring Gold back to $1,180 where the 61.8% Fibonacci retracement is found. In the shorter-term, if Gold manages to break above $1,340 we could see another test of $1,350. A new rejection will increase the chances of a move towards $1,320 or lower.

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Elliott wave analysis of EUR/NZD for September 9 - 2016

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Resistance at 1.5283 is expected cap the upside in wave [iv] for a new decline to below 1.4989 for a move closer to the ideal downside target area between 1.4748 - 1.4815. We should be in the final stages of the long term decline from 1.9023, so this is not the time to sell EUR aggressively.

Only a break above resistance at 1.5520 will ease the downside pressure, while a break above 1.5649 will confirm that a long term bottom is in place.

Trading recommendation:

We have placed a EUR buy-order at 1.4755 with stop placed at 1.4695.

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Elliott wave analysis of EUR/JPY for September 9 - 2016

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Wave summary:

EUR/JPY found a floor at 113.80, so the important support at 113.11 remains safe for now. A quick break above minor resistance at 115.68 and more importantly a break above resistance at 116.37 is needed to confirm the impulsive count. A failure to break above minor resistance at 115.68 will keep several possibilities open. One is that blue wave (ii) need one more decline to just below 113.80, but not below 113.11 and then a new impulsive rally higher.

That said, a break below 113.11 will shift the count towards the triangle consolidation and one more decline to below 109.49.

As this is still very much an open game, we will have to stay flexible.

Trading recommendation:

We will keep our buy-order at 113.50, but will place a stop+revers at 113.05. We will also place a buy order at 116.40 (one order done cancels the other).

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Technical analysis of USD/JPY for September 09, 2016

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USD/JPY is expected to trade with bullish bias. The pair stands firmly above its horizontal support at 101.45 and is rebounding now. Both the 20-period and 50-period moving averages are turning up and maintain a bullish bias. The relative strength index is still above its neutrality area at 50. On Thursday, U.S. indices ended broadly lower pressured by shares in the Consumer Durables & Apparel (-2.01%), Technology Hardware & Equipment (-1.98%) and Real Estate (-1.22%) sectors as traders digested the decision by the European Central Bank to keep interest rates unchanged and looked for fresh catalysts to propel the market higher. On the economic data front, initial jobless claims fell to 259k in week ended Sept. 3rd (estimated 265k) from 263k in the previous week. Continuing claims dropped to 2.14M in week ended Aug. 27th (forecasted 2.15M) from 2.15M in prior week (revised from 2.16M).

As long as 101.45 is support, look for a new rise to 102.80. A break above this level would open the way to further upside toward the next resistance at 103.20.

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 102.80 and the second one at 103.20. In the alternative scenario, short positions are recommended with the first target at 101.15 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 100.80. The pivot point is at 101.45.

Resistance levels: 102.80, 103.20, 103.80

Support levels: 101.15, 100.80, 100.50

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Technical analysis of USD/CHF for September 09, 2016

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USD/CHF is expected to bounce back. The pair is holding on the upside, and is likely to challenge the horizontal resistance at 0.9740 in sight. Furthermore, the rising 50-period moving average is playing a support role, and should push the prices higher. A support base at 0.9665 has formed and the downside attempts should be limited.On the economic data front, initial jobless claims fell to 259k in week ended Sept. 3rd (estimated 265k) from 263k in the previous week. Continuing claims dropped to 2.14M in week ended Aug. 27th (forecasted 2.15M) from 2.15M in prior week (revised from 2.16M).

Besides, the relative strength index is still above its neutrality area at 50. Hence, as long as 0.9665 holds on the downside, we are positive and expect a new bounce to 0.9740 and 0.9770 in extension.

Resistance levels: 0.9740, 0.9770, 0.9810

Support levels: 0.9645, 0.9610, 0.9525

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Technical analysis of NZD/USD for September 09, 2016

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NZD/USD is under pressure. The pair reversed down after the validation of an intraday "double top" pattern. 0.7485 (Sept 7 & 8 tops) represents a key resistance, and the upside potential should be limited by this level. Meanwhile, the 50-period moving average is heading downward. To conclude, as long as 0.7485 holds on the upside, the pair is likely to drop to 0.7350 at first, if breakout, look for further decline to 0.7295 as possible.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7350. A break below this target will move the pair further downwards to 0.7295. The pivot point stands at 0.7485. 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 0.7350 and the second one, at 0.7295.

Resistance levels: 0.7530, 0.7560, 0.7595

Support levels: 0.7350, 0.7295, 0.7255

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Technical analysis of GBP/JPY for September 09, 2016

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GBP/JPY is expected to prevail its upside movement. The pair broke above a declining trend line, which emerged on Sep 2, and is holding on the upside. The upward momentum is further reinforced by its ascending 20-period and 50-period moving averages, which act as support roles and maintain the upside bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum. As long as 135.00 is support, look for a further upside toward 136.85 and 137.35 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 136.85 and the second one at 137.35. In the alternative scenario, short positions are recommended with the first target at 134.50 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 134.50. The pivot point is at 135.00.

Resistance levels: 136.85, 137.35, 138.35

Support levels: 134.50, 133.75, 133.00

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Technical analysis of EUR/USD for Sept 09, 2016

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When the European market opens, some economic data will be released such as Eurogroup Meetings, French Industrial Production m/m, French Gov Budget Balance, German Trade Balance.The US will release the economic data too such as Wholesale Inventories m/m, so amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1320.

Strong Resistance:1.1314.

Original Resistance: 1.1303.

Inner Sell Area: 1.1292.

Target Inner Area: 1.1266.

Inner Buy Area: 1.1240.

Original Support: 1.1229.

Strong Support: 1.1218.

Breakout SELL Level: 1.1212.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for Sept 09, 2016

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In Asia, Japan will release the Tertiary Industry Activity m/m, M2 Money Stock y/y and the US will release some economic data such as Wholesale Inventories m/m.So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 102.70.

Resistance. 2: 102.50.

Resistance. 1: 102.29.

Support. 1: 102.05.

Support. 2: 101.84.

Support. 3: 101.64.

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 major pairs for September 9, 2016

EUR/USD: The EUR/USD was very volatile yesterday – all in the context of an uptrend. The uptrend bias is still valid (unless the support line at 1.1150 is breached to the downside). Right now, the uptrend is valid and price could go further upwards to reach the resistance lines at 1.1350 and 1.1400.

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USD/CHF: A bearish signal has already appeared on the USD/CHF. There was a bullish effort yesterday, which has not succeeded in overturning the short-term bearish bias in the market. A movement of 150 pips to the upside would result in a bullish bias, while further decline would result in a confirmation of the extant bearish signal.

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GBP/USD: This market pulled back further yesterday, causing the recent bullish outlook to be put in a precarious position. The RSI period 14 is giving a "sell" signal, which has not been confirmed by the EMAs 11 and 15. It would be OK to stay out of the market until there is a directional bullish or bearish movement.

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USD/JPY: This pair made an effort to go upwards on September 8, 2016. However, the upwards movement is not significant enough to bring about a bullish signal in the market. For a bullish signal to occur, price needs to go above the supply level at 103.50. By this time, the EMA 11 would have crossed the EMA 56 to the upside and the RSI period 14 would have gone above the level 50, leading to a Bullish Confirmation Pattern in the market.

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EUR/JPY: The EUR/JPY went upward on Thursday, thereby rendering the recent bearish signal in the market. Price has gone above the demand zone at 115.00, targeting the supply zones at 115.50 and 116.00. The situation in the market currently supports this expectation.

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Daily analysis of USDX for September 09, 2016

USDX remains in a bullish recovery tone, following the strong declines posted during the week. The support zone of 94.78 is still strong and remains an active pivot point, that also should make the index rally towards the 200 SMA on the H1 chart. Our next upside target will be the resistance level of 95.49, which served as solid support during the first days of September.

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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.

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Daily analysis of GBP/USD for September 09, 2016

According to the H1 chart, GBP/USD is rebounding above the 200 SMA, and we can see a rally towards the highs from the September 6th session. Currently, the overall bullish structure remains alive, as the pair, in terms of price action, has been performing in favour of respecting the key supports. However, if the cable manages to break the 1.3258 zone, then it can fall to the 1.3116 level.

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H1 chart's resistance levels: 1.3360 / 1.3480

H1 chart's support levels: 1.3258 / 1.3116

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 1.3360, take profit is at 1.3480 and stop loss is at 1.3240.

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Daily analysis of EUR/JPY for September 08, 2016

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Overview

The EUR/JPY pair is still under the negative pressure since a negative close below 115.10 level. It is affected by a stochastic approach from the oversold areas. At the same time we notice from the above chart that the price has formed a new support base around 113.35. We are waiting until this level is reached to detect the right trend for the upcoming period. Note that getting a negative close below the mentioned support will open the way to suffer more losses in further trading, which starts at 112.30 and extends to 110.00. The expected trading range for today is between 115.10 and 113.35

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Daily analysis of USD/JPY for September 08, 2016

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Overview

The USD/JPY pair is displaying calm sideways trading after approaching from 101.00 barrier yesterday. Please be aware that stochastic loses its positive momentum clearly to reach the thresholds of the overbought areas. It is forming negative factor that are likely to push the price to resume the bearish bias in the upcoming sessions, waiting to test 100.70 level mainly. Therefore, we still suggest the bearish trend on the intraday and short-term basis, organized inside the bearish channel that appears on the chart. Let me remind you that breaking the targeted level will extend the bearish wave to reach 94.76 as a next main station, while holding below 103.25 represents the key condition to continue the expected decline.

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Daily analysis of Gold for September 08, 2016

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Overview

Gold has been trading sideways since yesterday. The price has settled near the resistance line that is declining now to 1353.50. The price needs to breach this level to confirm the continuation of the bullish trend on the short-term basis. Please note that stochastic gets rid of its negativity clearly on the four-hour time frame, while the EMA50 keeps providing the positive support to the price. Therefore, we believe that the chances are valid to achieve the required breach followed by opening the way to target 1375.00. It is followed by 1400.00 levels as next main stations This reminds you that holding above 1297.75 level represents the most important condition to achieve the expected targets. The expected trading range for today is between 1330.00 support and 1375.00 resistance.

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Daily analysis of Silver for September 08, 2016

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Overview

Silver price begins today's trading with a slight bullish bias. It signals the attempt to resume the bullish trend on the intraday and short-term basis to keep the positive effect of the falling wedge pattern valid in the upcoming period. It is supported by the EMA50 and stochastic positivity that appears clearly on the four-hours time frame. Therefore, these factors reinforce the continuation of the bullish trend scenario that its targets begin by testing the previously recorded top at 21.12, taking into consideration that holding above 19.38 represents key condition to the continuation of the suggested bullish wave. The expected trading range for today is between 19.60 support and 20.50 resistance

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