Gold analysis for September 14, 2016

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Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,313.28 in a high volume. My take profit from yesterday at the price of $1,314.30 has been reached. Anyway, the price rejected from the level of $1,314.00 and we can observe a corrective phase. Using the market profile, I found a strong point of control at the price of $1,327.80-$1,328.40. The trend is still downward but watch for a potential end of the bullish corrective phase and then watch for selling opportunities. The levels of $1,324.00-$1,328.00 looks good to establish selling positions. Take profit level is set at the price of $1,313.30.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,323.00

R2: 1,325.45

R3: 1,329.00

Support levels:

S1: 1,315.80

S2: 1,313.60

S3: 1,309.90

Trading recommendations for today: Watch for potential selling opportunities after the upward correction.

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EUR/NZD analysis for September 14, 2016

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Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.5505 in a high volume. My upward target at the price of 1.5490 (Fibonacci expansion 61.8% has been reached). According to the 30M time frame and using the market profile, I found a point of control from yesterday at the price of 1.5350. Since the price respected Fibonacci expansion 61.8%, my advice is to wait for potential downward correction and then watch for buying opportunities. The levels of 1.5350 and 1.5297 looks like good area to establish potential buying positions. The next upward target is set at the price of 1.5645. The trend is still upward.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5510

R2: 1.5565

R3: 1.5660

Support levels:

S1: 1.5315

S2: 1.5250

S3: 1.5150

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

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USD/CAD intraday technical levels and trading recommendations for September 14, 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 14, 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 14, 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 (Due to Fundamental reasons).

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 for sell entries as well).

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Intraday technical levels and trading recommendations for EUR/USD for September 14, 2016

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In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450.

In March 2015, the EUR/USD bears challenged the next monthly demand level around 1.0570, which had been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.

Again In February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the bullish pullback.

That is why, recent bearish rejection was expected around the current price levels (note the monthly candlesticks of May, June and August).

In the long term, the level of 0.9450 will remain a projected bearish target if the current monthly candlestick comes to close below the depicted monthly demand level of 1.0570.

On the other hand, note that a monthly candlestick closure above 1.1400 invalidates this bearish outlook on an intermediate-term basis (low probability).

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The long-term outlook for the EUR/USD pair remains bearish as the monthly chart illustrates. Bearish fixation below 1.1000 is needed to enhance this bearish scenario.

On July 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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Technical analysis of USD/CHF for September 14, 2016

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Overview:

  • The USD/CHF pair will continue rising from the level of 0.9738 in the long term. It should be noted that the support is established at the level of 0.9738 which represents the daily pivot point. The price is likely to form a double bottom in the H1 time frame. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9766. So, buy above the level of 0.9766 with the first target at 0.9794 in order to test the daily resistance 1. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 0.9766, then the market will call for a strong bullish market towards the objective of 0.9833 today. The level of 0.9833 is a good place to take profits. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9773, a further decline to 0.9704 can occur. It would indicate a bearish market.
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Technical analysis of NZD/USD for September 14, 2016

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Overview:

  • There are no changes in my technical outlook. The bias remains bearish in the nearest term testing 0.7553 or lower. 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 levels. The pair could fall from 0.7362 levels to the first support around 0.7279. If the NZD/USD pair breaks support at 0.7279, this level will turn into resistance today. On 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 levels towards the target at 0.7278. In the short term, if the pair succeeds in passing through 0.7278 levels, the market will indicate the bearish opportunity below 0.7278 levels in order to reach the second target at 0.7216. However, the 0.7278-0.7216 marks remain a significant support zone. Thus, the trend will probably rebound again from 0.7216 levels 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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Global macro overview for 14/09/2016

Global macro overview for 14/09/2016:

Important data from the UK job market has surprised market participants this morning. The Claimant Count Change data was slightly higher than anticipated (2.4k vs. 1.7k expected and -3.6k prior), Average Earnings were slightly better than expected ( 2.3% vs. 2.1% expected and 2.5% prior) and Unemployment Rate remained unchanged at the level of 4.9%. The most important data seems to be the earnings as they are holding up quite well the month after Brexit. In conclusion, it looks like the market participants are quite happy as long as the earning are above 2.0% level, otherwise the further pound drop would accelerate immediately.

Let's now take a look at the GBP/USD technical picture on the 4H time frame. After the golden trend line violation the market bounced up in order to test this trend line again from the downside. This technical resistance at the level of 1.3234 is now a key level for both bulls and bears, but the bias is slightly skewed to the downside due to the trend line breakout. The next support is seen at the level of 1.3159.

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Global macro overview for 14/09/2016

Global macro overview for 14/09/2016:

Two interesting reports for oil market have been released this week, one from International Energy Agency (IEA) and the second one from OPEC. In their report, IEA indicated, that the oil oversupply could extend into the middle of 2017, which is a complete 180 degrees turnaround from its report a month ago where IEA projection showed no oil surplus for the rest of the year. Moreover, the OPEC organization released a report on Monday that indicates the oil glut to continue into 2017 due to an increase in production from non-OPEC members, which supports the IEA projections. In conclusion, the global oil oversupply continues and investors worldwide will keep an eye on the US crude oil inventories reports (2.8k vs. -14.5k prior) that is scheduled for release today at 14:30 GMT.

Let's now take a look at the crude oil technical picture on the H4 time frame. As we can see the bull camp wasn't strong enough to break out above the swing high at the level of 48.70 and the price got rejected at the level of 47.77. This level will now act as a key resistance, together with the level of 46.53. The market is currently testing the golden trend line support around the level of 45.00 as it awaits the data release.

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Technical analysis of USD/CAD for September 14, 2016

General overview for 14/09/2016:

After new high has been made in this pair, this is the last chance Elliott wave count as any new high will immediately result in count invalidation. The current wave progression to the upside has been labeled as a triple complex corrective structure WXYXXZ. If the count is correct, then the market should impulsively fall towards the next support at the level of 1.3030 during the next few days.

Support/Resistance:

1.3223 - WR2

1.3190 - Intraday Resistance

1.3155 - WR1

1.3124 - Intraday Support

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 EUR/JPY for September 14, 2016

General overview for 14/09/2016:

Another upward impulsive rally has been made with the temporary top just above the intraday resistance at the level of 115.94. This impulsive wave progression might be a part of a wave (iii) or, as indicated by the alternative count, it might be wave c of the still developing wave (b). No key level has been clearly violated, so both of the scenarios are equally valid right now. The key level to the upside is at a local swing high at the level of 116. 36 and the key level to the downside is at the level of 113.81.

Support/Resistance:

112.82 - WS1

115.15 - Weekly Pivot

115.47 - Intraday Support

115.94 - Intraday Resistance

116.36 - Local High

116.52 - WR1

Trading recommendations:

Day traders should consider moving the SL in all the buy orders up to the level of 115.45 and still keep the TP open.

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EUR/AUD inverse head-and-shoulders triggered, buy on weakness

Price has completed an inverse head-and-shoulders reversal pattern. We look to buy on major support at 1.4900 (neckline support, Fibonacci retracement, horizontal support) for a push up to 1.5185.

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Buy above 1.4900. Stop loss is at 1.4775. Take profit is at 1.5185.

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USD/JPY profit target reached again, prepare to sell

Price reached our profit target perfectly again. Look to sell below 103.10 major resistance (Fibonacci retracement, Fibonacci projection, horizontal overlap resistance) for a drop all the way to 101.45.

Stochastics (21,3,3) is also seeing major resistance at 87%.

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Sell below 103.10. Stop loss is at 103.85. Take profit is at 101.45.

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AUD/NZD profit target reached perfectly, remain bullish

Price has reached our profit target from yesterday. We now remain bullish above 1.0284 support for a push up to 1.0330.

RSI(34) has made a strong bullish exit similarly with price signalling a bullish recovery is in place.

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Buy above 1.0284. Stop loss is at 1.0260. Take profit is at 1.0330.

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Technical analysis of USD/JPY for September 14, 2016

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USD/JPY is expected to prevail its upside movement. The pair recorded a succession of higher tops and higher bottoms since September 13, which confirms an intraday bullish view. Meanwhile, both the 20-period and 50-period moving averages are heading upward. A support base at 102.00 has formed and should limit the downside potential.On Tuesday, U.S. stock indexes resumed their decline losing over 1% as sectors across the board weakened. The Dow Jones Industrial Average shed 258 points (-1.4%) to 18066, the S&P 500 fell 32 points (-1.5%) to 2127. Both indexes are now lower than the closing levels of last Friday when stocks plunged over 2%. Meanwhile, Nasdaq Composite was down 56 points (-1.1%) to 5155. The U.S. dollar received bids as investors shifted away from riskier assets amid uncertainty of when the U.S. Federal Reserve will raise interest rates again.

Hence, as long as 102.40 is not broken, expect a new rise to 103.45, if breakout, look for further advance to 103.75 as likely.

Trading Recommendation:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 103.45 and the second one at 103.75. In the alternative scenario, short positions are recommended with the first target at 102.00 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 101.45. The pivot point is at 102.40.

Resistance levels: 103.45, 103.75, 104.25

Support levels: 102.00, 101.45, 100.80

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Technical analysis of USD/CHF for September 14, 2016

USD/CHF is expected to advance further. The pair is trading on the upside following the recent bullish penetration of its declining trend line since September 9. The upward momentum is further reinforced by its rising 50-period moving average. Besides, the relative strength index is positive above its neutrality area at 50, and lacks downward momentum.The U.S. dollar received bids as investors shifted away from riskier assets amid uncertainty of when the U.S. Federal Reserve will raise interest rates again.

Hence, as long as 0.9730 holds on the downside, we remain positive, and expect a bounce to 0.9785 and even to 0.9810.

Resistance levels: 0.9785, 0.9810, 0.9850

Support levels: 0.9705, 0.9690, 0.9675

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Technical analysis of NZD/USD for September 14, 2016

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NZD/USD is expected to prevail its downside movement. The pair remains on the downside, and is likely to test the next support at 0.7300. Meanwhile, the descending 50-period moving average plays a resistance role, and should continue to push the prices lower. In addition, the relative strength index is below its neutrality area at 50. To conclude, as long as 0.7300 holds on the upside, the pair is likely to drop to 0.7220 at first, and then to 0.7185.

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 0.7220. A break below this target will move the pair further downwards to 0.7180. The pivot point stands at 0.7300. 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 0.7335 and the second one, at 0.7380.

Resistance levels: 0.7335, 0.7380, 0.7410

Support levels: 0.7220, 0.7185, 0.7120

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Technical analysis of USDX for September 14, 2016

The Dollar index continued to rise yesterday but price remains below critical resistance and inside the triangle pattern. I expect the Dollar to be under pressure today as price got rejected at the 95.65 level where the 61.8% Fibonacci retracement of the latest decline is found.

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Black line - trend line resistance

Blue line - trend line support

The Dollar index reached the 61.8% Fibonacci retracement but remains inside the triangle pattern. Price moved above the Ichimoku cloud but with oscillators at overbought short-term levels I see little potential to move to the upside.

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Green line - trend line support

The Dollar index weekly candle is trapped between the weekly kijun- and tenkan-sen levels (yellow and red line indicators). Price is below the Ichimoku cloud that has turned red and above the green trend line support which is a very critical support level. Bias is to the downside but we will have confirmation on the break of the green trend line support at 94.70-94.60.

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Technical analysis of Gold for September 14, 2016

Gold price made a new low yesterday at $1,314 and remains inside the trading range of $1,300 - $1,360. Price is at the lower range boundary and long trades have a better risk reward in case prices bounce higher as it remains my favorite scenario as long as we are above the critical support of $1,300.

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Blue lines - trading range

Gold price is again back below the Ichimoku cloud in the 4 hour chart and this is not a good sign for bulls. However, price remains inside the trading range outlined by the blue parallel trend lines. Trend remains neutral. Price is closer to important support than important resistance. Oscillators are diverging so the chances of a bounce are increased.

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Black line - trend line support

Green line -long-term resistance

The weekly chart remains in a sideways move and above the black trend line support. Price is correcting the upward move from $1,200 and price is stalling above the 38% Fibonacci retracement. That is why $1,300 is critical support. A break below will open the way for at least a move towards $1,266-$1,234. A break below the black trend line will also increase the chances of a move towards the weekly Ichimoku cloud and the $1,200-$1,180 area.

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Technical analysis of GBP/JPY for September 14, 2016

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GBP/JPY is under pressure. The pair accelerated on the downside after the bearish breakout of its horizontal level at 136.40. The previous support now acts as a key resistance role, which should limit any upside room. Even though a technical rebound cannot be ruled out, its extent should be limited. To sum up, as long as 136.40 holds as a resistance, the pair is likely to drop to its nearest support at 135.10. A break below this level would open the path to further weaknesses 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 135.10. A break below this target will move the pair further downwards to 134.50. The pivot point stands at 136.40. 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 137.10 and the second one, at 137.75.

Resistance levels: 136.40, 137.10, 137.75, 138.50

Support levels: 135.10, 134.50, 133.95

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Elliott wave analysis of EUR/NZD for September 14 - 2016

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Wave summary:

As long as resistance at 1.5649 is able to cap the upside, we will be looking for one final decline closer to 1.4700 to complete the long term decline from 1.9023. From here or upon an unexpected break above 1.5649 we will look for first 1.5834 and the beyond for a continuation towards 1.6085 on the way higher to 1.6931.

Short term a break below minor support at 1.5217 will call for the final decline towards 1.4700.

Trading recommendation:

Our stop at 1.5430 was hit. We will place a new EUR sell order at 1.5600 with stop + revers at 1.5660.

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Elliott wave analysis of EUR/JPY for September 14 - 2016

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It's time for the moment of truth here. A break above the resistance-line near 115.85 and more importantly above resistance at 116.37 will open up the upside and confirm our bullish view for a rally to 118.47 and 122.00.

The alternate count remains possible as long as resistance at 116.37 stays untouched, but it will take a break below 113.90 to add confidence in this count, while a break below 113.11 confirms the triangle count.

Trading recommendation:

We will move our stop to 115.15. If this stop is hit, then we will re-buy EUR at 114.70 with stop placed at 113.85

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Technical analysis of EUR/USD for Sept 14, 2016

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When the European market opens, some economic data will be released such as German 30-y Bond Auction, Industrial Production m/m, French Final CPI m/m.The US will release the economic data too such as Crude Oil Inventories, Import Prices 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: 1.1271.

Strong Resistance:1.1265.

Original Resistance: 1.1254.

Inner Sell Area: 1.1243.

Target Inner Area: 1.1217.

Inner Buy Area: 1.1191.

Original Support: 1.1180.

Strong Support: 1.1169.

Breakout SELL Level: 1.1163.

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 14, 2016

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In Asia, Japan will release the Revised Industrial Production m/m and the US will release some economic data such as Crude Oil Inventories, Import Prices 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: 103.49.

Resistance. 2: 103.29.

Resistance. 1: 103.09.

Support. 1: 102.82.

Support. 2: 102.63.

Support. 3: 102.43.

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 14, 2016

EUR/USD: The EUR/USD has not done anything significant so far this week. The market would break out very soon, following the ongoing consolidation. Price would either go above the resistance line at 1.1300, causing a bullish signal to form; or go below the support line at 1.1150, triggering a bearish signal.

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USD/CHF: This pair is making some weak bullish effort, but there is nothing significant aside that. There are mixed signals in the market, which would only be ended by a directional movement. A movement above the resistance level at 0.9850 would result in a Bullish Confirmation Pattern and a movement below the support level at 0.9650 would result in a Bearish Confirmation Pattern.

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GBP/USD: This currency trading instrument went downwards on Tuesday, triggering a near-term "sell" signal in the market. The EMA 11 has just crossed the EMA 56 to the downside in the 4-hour chart as the RSI period 14 is below the level 50. Further bearish journey is anticipated, which may push price towards the accumulation territories at 1.3150 and 1.3100.

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USD/JPY: The USD/JPY trended a bit upwards on Tuesday, thus rendering the recent bearish signal useless. The supply level at 103.00 would try to challenge bullish attempts along the way, but once it is breached to the upside, there would be a clear bullish signal in the market.

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EUR/JPY: The vagaries of the EUR/JPY has reared up its head as the EMA 11 is now almost crossing the EMA 56 to the upside. The RSI period 14 has already gone above the level 50, which means price could be trending higher today or tomorrow. The supply zones at 115.50 and 116.00 are the potential targets for bulls.

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Daily analysis of USDX for September 14, 2016

The index is rallying above the 200 SMA on the H1 chart and the focus is placed at the 95.79 level, which is the last hurdle standing before the 96.00 psychological zone. With that being said, we're seeing that the USDX is trapped inside a sideways range, but a breakout above the 96.23 level should invalidate that pattern.

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H1 chart's resistance levels: 95.79 / 96.23

H1 chart's support levels: 95.49 / 95.02

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 95.49, take profit is at 95.02 and stop loss is at 95.97.

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Daily analysis of GBP/USD for September 14, 2016

GBP/USD had a bearish session on Tuesday ahead of the BoE interest rate decision due this Thursday. Currently, the pair is consolidating below the 200 SMA on the H1 chart, and the nearest support can be seen at 1.3116. However, if GBP/USD manages to rebound at the current stage, then it can cling towards the 1.3360 level, where a key resistance lies.

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H1 chart's resistance levels: 1.3258 / 1.3360

H1 chart's support levels: 1.3116 / 1.3037

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3258, take profit is at 1.3360 and stop loss is at 1.3155.

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Technical analysis of USD/JPY for September 13, 2016

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USD/JPY is expected to trade with bullish bias. The pair recorded a succession of higher tops and higher bottoms since September 12, which confirms a bullish view. Meanwhile, the rising 20-period moving average crossed above the 50-period one and is playing a support role. Additionally, the relative strength index is bullish above its neutrality area at 50 and calls for a rebound.

On Monday, U.S. stock indexes rebounded over 1% as dovish comments by some U.S. Federal Reserve officials cooled expectations that the central bank would raise interest rates this month. The Dow Jones Industrial Average gained 239 points (+1.3%) to 18,325, the S&P 500 rose 31 points (+1.5%) to 2,159, and the Nasdaq Composite was up 85 points (+1.7%) to 5,211. However, these indexes have not fully recovered from Friday's deep losses.

Federal Reserve Governor Lael Brainard pointed out that "the case to tighten policy preemptively is less compelling" in view of the current labor market situation. She also said that "today's new normal counsels prudence in the removal of policy accommodation."

As long as 101.45 is not broken, look for further rise to 102.65 and 103.05 in extension.

Trading Recommendation:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 102.65 and the second one at 103.05. 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 100.90. The pivot point is at 101.45.

Resistance levels: 102.65, 103.05, 103.45

Support levels: 101.15, 100.80, 100.30

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Technical analysis of USD/CHF for September 13, 2016

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USD/CHF is under pressure. The pair is bearish below a descending trend line since September 9 and is trading on the downside. The descending 50-period moving average is acting as resistance, which maintains the strong selling pressure. In addition, the relative strength index is below its neutrality area at 50, and lacks upward momentum. Federal Reserve Governor Lael Brainard pointed out that "the case to tighten policy preemptively is less compelling" in view of the current labor market situation. She also said that "today's new normal counsels prudence in the removal of policy accommodation."

Meanwhile, Atlanta Fed Bank President Dennis Lockhart and his Minneapolis counterpart Neel Kashkari also suggested there was no urgency to raise interest rates.

U.S. government bonds showed early weakness with the benchmark 10-year Treasury yield edging down to 1.669% from 1.671% Friday.

To sum up, as long as 0.9760 is not surpassed, look for further downside towards 0.9690 at first; in case of a breakout, look for further decline to 0.9675.

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: 0.9780, 0.9810, 0.9850

Support levels: 0.9690, 0.9675, 0.9610

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Technical analysis of NZD/USD for September 13, 2016

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NZD/USD is expected to trade with bearish bias. The pair posted a rebound yesterday, but now it is trading in a lower range and is likely to challenge the resistance at 0.7360. Meanwhile, the 20-period moving average crossed above the 50-period one, which is playing a support role and is heading upward. Besides, the relative strength index is bearish above its neutrality area at 50, and calls for further downside. To sum up, as long as 0.7360 holds on the upside, look for further downside towards 0.7250 and even 0.7220 in extension.

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 0.7250. A break below this target will move the pair further downwards to 0.7220. The pivot point stands at 0.7360. 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 0.7380 and the second one, at 0.7410.

Resistance levels: 0.7380, 0.7410, 0.7435

Support levels: 0.7250, 0.7220, 0.7190

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Technical analysis of GBP/JPY for September 13, 2016

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GBP/JPY is under pressure. The pair has broken below the previous support at 136.05, which should now play a key resistance role. Meanwhile, the descending 50-period moving average maintains a bearish bias, and the relative strength index lacks upward momentum. As long as 136.05 holds as the key resistance, a break below 134.50 is 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 134.50. A break below this target will move the pair further downwards to 133.95. The pivot point stands at 136.05. In case the price moves in the opposite di rection 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 136.40 and the second one, at 137.10.

Resistance levels: 136.40, 137.10, 137.80

Support levels: 134.50, 133.95, 133.55

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