USD/CAD intraday technical levels and trading recommendations for September 13, 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 achieved 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 13, 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 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 were expressed by the end of last week.

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 13, 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 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 13, 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 .

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 (low probability). S/L should be set as daily closure above 1.1450.

On the other hand, 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.

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EUR/NZD analysis for September 13, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5330. According to the 30M time frame and using the market profile, I found rejection from point of control at the price of 1.5290. EUR/NZD is in upward trend and my advice is to watch for buying opportunities. The first upward take profit is set at the price of 1.5420 and the second take profit level is set at the price of 1.5490.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5380

R2: 1.5420

R3: 1.5474

Support levels:

S1: 1.5265

S2: 1.5230

S3: 1.5170

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

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Gold analysis for September 13, 2016

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Since our previous analysis, gold has been trading sideways at the price of $1,324.50. Like I posted yesterday using the market profile, I found a strong point of control at the price of $1,328.00-$1,330.00. The sellers came again in the market from that level and confirmed potential downward continuation. The trend is downward. My advice is to watch for selling opportunities. The take profit level is set at the price of $1,314.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,327.00

R2: 1,329.10

R3: 1,332.80

Support levels:

S1: 1,319.80

S2: 1,317.60

S3: 1,314.00

Trading recommendations for today: Watch for potential selling opportunities.

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Technical analysis of NZD/USD for September 13, 2016

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Overview:

  • The NZD/USD pair faces resistance at 0.7362, while strong resistance is seen at 0.7480. Support is found at 0.7279 and 0.7216 levels.
  • Today, the NZD/USD pair continues to move downwards from 0.7362 level. The pair could fall from 0.7362 level to the first support around 0.7279.
  • In consequence, if the NZD/USD pair breaks support at 0.7279, this level will turn into resistance today. In the H1 time frame, the 0.7279 level is expected to act as minor resistance.
  • Hence, we expect the NZD/USD pair to continue moving in the bearish trend from 0.7362 level towards the target at 0.7278.
  • In the short term, if the pair succeeds in passing through 0.7278 level, the market will indicate the bearish opportunity below 0.7278 level in order to reach the second target at 0.7216.
  • However, the 0.7278-0.7216 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.7216 level as long as this level is not breached.
  • In overall, we still prefer the bullish scenario below the area of 0.7362.
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Technical analysis of USD/CHF for September 13, 2016

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Overview:

  • The USD/CHF pair broke support which turned to strong resistance at the level of 0.9766 last week. The level of 0.9766 coincides with 50% of Fibonacci, which is expected to act as major resistance today. Since the trend is below the 50% Fibonacci level, the market is still in a downtrend. From this point, the USD/CHF pair is continuing in a bullish trend from the new support of 0.6615. Currently, the price is in a bullish channel. According to the previous events, we expect the USD/CHF pair to move between 0.9766 and 0.9648. On the H1 chart, resistance is seen at the levels of 0.9766 and 0.9648. Besides, it should be noticed that, the level of 0.6678 represents the daily pivot point. Therefore, strong resistance will be formed at the level of 0.9766 providing a clear signal to sell with the targets seen at 0.9704. If the trend breaks the support at 0.9704 (first support) the pair will move downwards continuing the development of the bearish trend to the level 0.9676 in order to test the daily support 2. What is more, it should be noted that major support is seen at the price of 0.9648. However, stop loss is to be placed above the level of 0.9794.
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Daily analysis of major pairs for September 13, 2016

EUR/USD: This pair did nothing significant yesterday. It is expected that the price would continue going upwards this week, therefore making the Friday pullback a good opportunity to go long at better prices. The outlook on EUR is bullish, so you might want to watch other EUR pairs (some of which has already started moving upwards).

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USD/CHF: USD/CHF consolidated on Monday. The EUR/USD pair would go upwards this week, which would make USD/CHF trend downwards. The USD itself would be weak and the CHF would gather some stamina (please watch CHF pairs). This week, bears would target support levels at 0.9700 and 0.9650.

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GBP/USD: The cable moved sideways on September 12, 2016 in the context of an uptrend. While the overall outlook is bearish, the near-term trend is bullish. This week, the bulls may target distribution territories at 1.3350, 1.3400, and 1.3450. As long as the price does not go below the accumulation territory at 1.3150, the near-term bullish outlook would be logical.

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USD/JPY: The USD/JPY pair trended a bit lower on Monday, thus creating a short-term bearish signal in the market. The price may test demand levels at 101.50 and 100.00 this week going further southwards. The supply level at 103.00 would try to challenge bullish attempts along the way.

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EUR/JPY: There is now a Bearish Confirmation Pattern in the EUR/JPY market (especially the 4-hour chart). There are demand zones at 114.00 and 113.50, which might be tested by bears. Further movement towards the south is possible today or tomorrow.

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Global macro overview for 13/09/2016

Global macro overview for 13/09/2016:

The German ZEW Economic Sentiment data are scheduled for release at 09:00am GMT and all eye will be on this main event of the day. Market participants are expecting a better number than last month (2.8 vs. 0.5 prior), in opposite to the German Economy Ministry that projects a softer growth rate for Europe's biggest economy in the second half of the year. This might weigh on sentiment as the growth expectations will not be met by the economy: German GDP output slipped to a 0.4% quarterly gain in Q2, down from 0.7% in Q1, according to Eurostat. In conclusion, the recent positive sentiment decrease was caused mainly by Brexit and currently the financial markets are trying to bounce after the shock. Will this bounce will continue to grow we will see after today's data release.

Let's now take a look at the EUR/GBP technical picture in the daily time frame. After the bull camp had made the swing high at the level of 0.8723, the market has been sliding towards the important support zone at the level of 0.8340 - 0.8245.This is the key zone for both market sides as any breakout higher or lower will have a consequence. The next most important level for bulls is technical resistance at the level of 0.8481, that has been recently rejected. In order to continue higher towards the swing high, bulls must break out above this level.

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Global macro overview for 13/09/2016

Global macro overview for 13/09/2016:

The dovish statements from Federal Reserve Governor Lael Brainard yesterday were the final remarks before the FED blackout rule apply today. The FED blackout rule is a policy limit to the extent to which FOMC participants and staff can speak publicly or grant interviews during Federal Reserve blackout periods, which begin on Tuesday of the week preceding a Federal Open Market Committee (FOMC) meeting and end on Thursday following a meeting (the next FOMC meeting starts on 21st September). Brainard in her remarks yesterday mentioned moderate inflation expectations, emerging markets uncertainty, and slow employment growth as the main causes for more cautious FED policy towards an interest rate hike in the near future. In conclusion, her speech was the last one we will hear from any FED policy maker before the FOMC meeting. The current funds rate is 0.50% and according to the CME FedWatch Tool the probability of an interest rate hike to 0.75% is 15% only.

Let's now take a look at the US Dollar index technical picture in the daily time frame. The market keeps bouncing from the golden trend line support around the level of 94.50, but no real rally is being currently initiated. This situation might last for the next week as market participants will wait for the FOMC meeting outcome. The next support is seen at the level of 94.08 and the next resistance is seen at the level of 96.52.

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Technical analysis of USDX for September 13, 2016

The Dollar index remains trapped inside the short-term triangle pattern formation. The uncertainty regarding a rate hike this year remains and that is depicted in the sideways move of the Dollar index.

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Black line - resistance trend line

Blue line - support trend line

The Dollar index remains below the Ichimoku cloud and the downward sloping trend line resistance on the 4-hour chart as shown above. Price is trapped inside this triangle but still holds above the very critical support of 94.50-94.70. As long as price is above that level I give more chances to an upward breakout.

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Red line - medium-term trend line resistance

Green line - medium-term trend line support

The Dollar index is below the Daily cloud resistance but above the green trend line resistance. The levels that if broken will provide a meaningful trading signal are the 94.60 level below and the 95.85 level above. Being below the Daily Kumo is not a good sign, but at least the green trend line still holds. Chances are even for any outcome at this stage. Traders need to be very cautious and patient.

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Technical analysis of USD/CAD for September 13, 2016

General overview for 13/09/2016:

All of the Fibonacci retracement levels have been violated as the wave Y has almost hit the swing top at the level of 1.3147. The market is still trading above the weekly pivot. Please notice, that any violation of the level of 1.3147 will result in immediate invalidation of the current count, especially wave a purple will not be labeled as the impulsive structure, but more possibly as a zig-zag pattern. Moreover, the growing bearish divergence is still supporting the main count.

Support/Resistance:

1.3155 - WR1

1.3124 - Intraday Resistance

1.3077 - 78%Fibo

1.3031 - Intraday Support

1.2994 - Weekly Pivot

1.2935 - WS1

Trading recommendations:

Day traders are recommended to refrain from trading for now and wait for a better trading setup to occur shortly.

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Technical analysis of Gold for September 13, 2016

Gold price reached important short-term support yesterday at $1,320 where the 61.8% Fibonacci retracement is found. This is a level where I prefer opening long positions as the stop is at $1,300. The upside potential is big as we can see levels up to $1,370 or even new highs.

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On the 4 hour chart as can be seen above price bounced off the 61.8% Fibonacci retracement. Price is inside the cloud and this implies short-term trend is neutral. There is no confirmation yet of a bullish reversal. This will be confirmed on a break above $1,333. Oscillators are turning upwards from oversold levels so we could see more upside.

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Green line -long-term resistance trend line

Black line - medium-term trend support trend line

Gold price is above the weekly cloud and is making higher highs and higher lows. However for a Gold to continue towards $1,400-$1,500 we must break above the long-term downward sloping green trend line. Breaking above it will confirm the bullish reversal at $1,045. If the black line is broken downward, we should expect a deep pullback towards the cloud support and the $1,200-$1,180 level to be seen.

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Technical analysis of EUR/JPY for September 13, 2016

General overview for 13/09/2016:

As anticipated yesterday, the corrective cycle in wave (ii) has been completed at the level of 114.00. Now the market is trying to rally back up again in an impulsive fashion. The key level for bulls is intraday resistance at the level of 114.63, so only a sustained break out above this level would confirm the bullish scenario. Invalidation of this scenario comes with a violation of the intraday support at the level of 113.81.

Support/Resistance:

112.82 - WS1

113.85 - Intraday Support

115.15 - Weekly Pivot

114.65 - Intraday Resistance

115.94 - Intraday Resistance

116.36 - Local High

116.52 - WR1

Trading recommendations:

Day traders should consider buying the dips with this market with SL below the level of 113.85 and TP open for now.

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USD/CHF almost at profit target, remain bearish

Price reacted off our selling area perfectly yesterday. We now look for a further drop towards 0.9650 and continue to play the drop below 0.9740 resistance (Fibonacci retracement, horizontal overlap resistance).

RSI (21) remains below 69% resistance and has also made a bearish exit of its ascending support-turned-resistance line.

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Sell below 0.9740. Stop loss is at 0.9790. Take profit is at 0.9650.

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EUR/CHF profit target almost reached, turn bullish

Price dropped perfectly as expected and is almost at our profit target. We turn bullish above 1.0895 support (Fibonacci retracement, Fibonacci projection, horizontal overlap support) for a push up to 1.0975.

RSI (34) is also seeing next support at 41% and it is approaching it.

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Buy above 1.0895. Stop loss is at 1.0865. Take profit is at 1.0975.

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EUR/AUD reversing below resistance, remain bearish

Price rose to our selling area before forming a bearish candlestick formation to trigger a stronger bearish drop from here towards 1.4750. Our strategy today is to continue to sell below 1.4890 for a drop.

Stochastics (21,3,3) is turning down from major resistance at 89% signalling a reversal is in place.

RSI (21) is also seeing major resistance at 73%.

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Sell below 1.4890. Stop loss is at 1.5035. Take profit is at 1.4750.

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AUD/USD close to major resistance, good selling opportunity

Price is close to major resistance at 0.7585 (horizontal overlap resistance, Fibonacci retracement) and we expect a reaction off this level for a drop to 0.7500.

Stochastics (21,3,3) is at a major area of resistance and we expect a reaction soon.

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Sell below 0.7585. Stop loss is at 0.7620. Take profit is at 0.7500.

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USD/JPY profit target almost reached, turn bullish

Price dropped from our selling area perfectly. We now look to collect our profits and look to buy above 101.20 support (horizontal pullback support, Fibonacci retracement, Fibonacci projection) for a rise to 102.30.

RSI (21) is on pullback support.

Stochastics (21,3,3) is right above 2% support level where we expect a bounce from.

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Buy above 101.20. Stop loss is at 100.60. Take profit is at 102.30.

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AUD/NZD right at support level, buy now

Price is now at our strong support level at 1.0270 (Fibonacci projection, horizontal support) where we expect a bounce from to at least 1.0320.

RSI (34) has made a bullish exit signalling a bullish move is approaching.

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Buy above 1.0270. Stop loss is at 1.0240. Take profit is at 1.0320.

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Elliott wave analysis of EUR/NZD for September 13, 2016

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Wave summary:

Wave [iv] looks to be in place at 1.5425 for a decline below 1.5217 confirming more downside towards 1.4989 and 1.4700 to complete the ending diagonal and set the stage for a strong recovery to 1.5839 and above.

Short term, resistance is seen at 1.5346 and again at 1.5425. The latter will ideally protect the upside or an extension towards 1.5520 should be expected.

Trading recommendation:

We are short EUR from 1.5270 and will move stop lower to 1.5430. If you are not short EUR yet, then sell near 1.5346 or upon a break below 1.5217 and use the same stop at 1.5430.

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Elliott wave analysis of EUR/JPY for September 13, 2016

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Wave summary:

A low has been seen at 113.90 and we remain cautiously bullish for a break above minor resistance at 114.64 and more importantly above resistance at 115.95 for the next impulsive rally towards at least 118.47 and 122.00 as the next important upside targets.

Only a break below 113.80 will question the bullish outlook, while a break below 112.33 will invalidate the bullish outlook altogether and favor the triangle consolidation, which ultimately will call for a break below 109.49.

Trading recommendation:

We are long EUR from 114.70 with stop placed at 113.75. If you are not long EUR yet, then buy a break above 114.64 and use the same stop at 113.75.

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EUR/USD Technical Analysis for September 13, 2016.

Technical outlook and chart setups:

The EUR/USD pair rallied through 1.1325 level last week before reversing sharply lower towards 1.1240 level as depicted on the hourly chart. The pair is trading at 1.1230 level at this moment after printing interim highs at 1.1268 level, looking to turn lower again. The wave structure indicates that the pair has dropped lower in 5 waves earlier from 1.1325 through 1.1200 levels. Furthermore, the rally from 1.1200 through 1.1268 levels has unfolded in 3 waves (a-b-c), which is corrective. A bearish reversal from the current levels remains highly probable, with minimum downside potential towards 1.1150 level going forward. It is hence recommended to remain short from current levels, with risk above 1.1350 levels. Immediate resistance is seen at 1.1325 level, while support is at 1.1190 level respectively.

Trading recommendations:

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

Good luck!

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Silver Technical Analysis for September 13, 2016.

Technical outlook and chart setups:

Silver has corrected lower towards the fibonacci 0.786 support of the entire rally between $18.30/40 and $20.20 levels as depicted here. The metal is seen to be trading at $19.17 level at this moment, looking to correct lower towards $18.80/90 levels before resuming rally. Please also note that the metal has bounced off its interim trend line support and bulls are expected to remain in control till prices stay on the north side of the trend line. Looking at the wave structure, the metal seems to have completed its retracement lower and should typically resume its rally higher. On the flip side, a consistent break below the trend line support would indicate a change in its structure. It is recommended to go long again with risk at $18.00 level. Immediate resistance is seen at $19.70 level, while support is at $18.30 level respectively.

Trading recommendations:

Remain long now, stop is at $18.00, a target is open.

Good luck!

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Gold Technical Analysis for September 13, 2016.

Technical outlook and chart setups:

Gold has dropped lower from last week's highs ($1,352.00 level) and is seen to be trading at $1,329.00 level at this moment. The yellow metal had formed lows at $1,321.00 level yesterday before rallying. Please note that the metal has tested and bounced from fibonacci 0.618 support of the rally between $1,302.00 through $1,352.00 levels earlier. Furthermore an intermediary line of support is also seen passing through yesterday's lows and the metal remains well supported at least for now. The wave structure indicates that the metal seems to have formed a meaningful low at $1,321.00 level yesterday and should be looking to print higher highs going forward. On the flip side, a push below the trend line support could change the short term structure. It is recommended to remain long now, with risk at $1,305.00 level. Immediate resistance is seen at $1,340.00 level, while support is seen at $1,320.00 level respectively. 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 now, stop is below $1,320.00, a target is $1,375.00

Good luck!

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Technical analysis of EUR/USD for Sept 13, 2016

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When the European market opens, some economic data will be released such as Employment Change q/q, ZEW Economic Sentiment, German ZEW Economic Sentiment, Italian Industrial Production m/m, German WPI m/m, and German Final CPI m/m. The US will release the economic data too such as Federal Budget Balance, 30-y Bond Auction, and NFIB Small Business Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1293.

Strong Resistance:1.1287.

Original Resistance: 1.1276.

Inner Sell Area: 1.1265.

Target Inner Area: 1.1239.

Inner Buy Area: 1.1213.

Original Support: 1.1202.

Strong Support: 1.1191.

Breakout SELL Level: 1.1185.

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 13, 2016

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In Asia, Japan will release the BSI Manufacturing Index. The US will release some Economic Data such as Federal Budget Balance, 30-y Bond Auction, and NFIB Small Business Index. 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: 102.05.

Resistance. 2: 101.85.

Resistance. 1: 101.65.

Support 1: 101.41.

Support 2: 101.21.

Support 3: 101.01.

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

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Daily analysis of USDX for September 13, 2016

Following the Fed official's speeches on Monday, the US Dollar index was under pressure and it's currently trading below the 200 SMA. The next target to the downside lies at the 94.79 level, where a breakout should open the doors to test the 94.29 price zone in coming hours and with that scenario, the greenback should be resuming the overall bearish structure held since August 31th.

USDXH1.png

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 13, 2016

GBP/USD extended gains during Monday's session above the 200 SMA on H1 chart, following the fresh momentum that the sterling received. We should take this movement as a reaction to a dynamic support around the moving average mentioned above. If the pair manages to break the 1.3360 level, then it can rally to the 1.3480 level.

GBPUSDH1.png

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 USD/JPY for September 12, 2016

USDJPYH4.png

Overview

The USDJPY pair continued its positive trading last Friday, touched the main bearish channel's resistance shown on the chart and held below it. The price was accompanied by stochastic move at the overbought areas, which forms a negative factor that we are awaiting to make the price rebound bearishly and resume the bearish trend in the upcoming sessions. Therefore, we still expect the bearish trend on the intraday and short-term basis conditioned by the price stability below 103.05 levels. The price is likely to hit 100.70 levels, a break of which represents a negative factor that will lead the price to more losses with next targets reaching 94.76. A breach of 103.05 levels will open the way for recovery attempts followed by testing 106.63 levels as the first main target.

The expected trading range for today is between the 101.00 support and the 103.40 resistance.

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Daily analysis of EUR/JPY for September 12, 2016

EURJPYH4.png

Overview

The EURJPY once again provided positive closes near 115.50 levels, affected by some positive pressure placed by stochastic rally above 50 levels. This increases the possibility of surpassing the current obstacle and opening the way towards more targets in the near and medium period that begin at 116.80 and reach up to the extended resistance at 117.35. We remind you that the stability of the support at 113.60 confirms the price limitation within the bullish level, which increases the possibility of achieving the suggested targets. The expected trading range for today is between 114.40 and 117.35.

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Daily analysis of Gold for September 12, 2016

GOLDH4.png

Overview

The gold price continues its calm decline surpassing the EMA50 and opening the way for a potential test of 1,310.65 levels. Stochastic shows clear oversold signals that reinforce expectations of further overall bullish trend. In general, we still expect the bullish trend on the intraday and short-term bases unless breaking and holding below 1,310.65 and 1,297.75 levels. A break of these marks represents a negative factor that will extend the correctional bearish wave to 1,249.95 before any new attempt to rise. Our positive targets begin at 1,353.00 and extend to 1,375.00 followed by 1,400.00. The expected trading range for today is between the 1,310.65 support and the 1,353.00 resistance.

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Daily analysis of Silver for September 12, 2016

SILVERH4.png

Overview

The silver price broke 19.38 strongly and settled below it, opening the way for further correctional bearish pressure on an intraday basis. The next main station is a test of 18.30 levels. It is important to monitor the price behavior when reaching this level as a break of it represents the key for the bearish wave extension to 17.43. Holding against the negative pressure will make the price attempt to regain the main bullish trend. Note that the bearish bias will remain dominant for the upcoming trading unless the price managed to breach and hold above 19.38 levels. The expected trading range for today is between the 18.30 support and the 19.38 resistance.

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