USD/CAD intraday technical levels and trading recommendations for September 15, 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 15, 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.

Recently, 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 15, 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 (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 15, 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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Gold analysis for September 15, 2016

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Recently, EUR/NZD has been moving upwards. As I expected, the price re-tested the level of 1.5501 in a high volume. According to the 30M time frame and using the market profile, I found a point of control from yesterday at the price of 1.5425. The price respected the point of control in Asian trade and I found strong rejection (buying tail), which is a sign that buyers are ready for higher price. If the price breaks the level of 1.5505, the next upward target will be at the price of 1.5645. The trend is still upward. I found upward trend channel, which confirmed that buyers are in control.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5480

R2: 1.5505

R3: 1.5545

Support levels:

S1: 1.5405

S2: 1.5380

S3: 1.5340

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

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Gold analysis for September 15, 2016

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Since our previous analysis, gold has been trading sideways at the price of $1,321.00. According the 30M time frame and using the market profile, I found a point of control from yesterday at the price of $1,322.00. The trend is still downward and my advice is to watch for a potential selling opportunities. The level of $1,322.00 looks good to establish intraday selling position. Take profit level is set at the price of $1,314.30. Anyway, the major point of control for this week is set at the price of $1,328.00. So, if the price breaks the level of $1,322.00, you may consider the level of $1,328.00 for potential selling position.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,322.25

R2: 1,322.90

R3: 1,324.00

Support levels:

S1: 1,319.80

S2: 1,319.00

S3: 1,317.90

Trading recommendations for today: Watch for potential selling opportunities.

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Global macro overview for 15/09/2016

Global macro overview for 15/09/2016:

The Swiss National Bank has left the interest rates unchanged at the level of -0.75% as expected. After this decision, Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, said that the Swiss Franc is overvalued and current monetary policy aims to take the pressure off the Franc. Moreover, he said that some industries are suffering from too strong Franc and the international developments are the biggest risk for Switzerland (I think he meant FED interest rate decision next week). The SNB is watching the international situation carefully and will respond accordingly. In conclusion, Jordan made quite cautious comments, but some investors can read between the lines, that the market interventions are still on the table as global situation gets worse or out of hand.

Let's now take a look at EUR/CHF technical picture in the daily time frame. The long-term golden trend line was violated about three months ago. Now the market trades below short-term dashed blue trend line, making the sequence of lower highs and lower lows. The next resistance is seen at the level of 1.1011 and the next support is seen at the level of 1.0808.

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Global macro overview for 15/09/2016

Global macro overview for 15/09/2016:

Another set of important economic data from the United Kingdom is scheduled for release today at 11:00am GMT. This time, market participants will find out whether the Bank of England will change the interest rate (0.25% vs. 0.25% prior) and asset purchase facility (435B vs. 435B prior). Moreover, it will be worth keeping an eye on MPC official bank rate votes (0-9-0 vs. 0-0-9 prior) and asset purchase facility votes (6-0-3 vs. 0-0-9 prior). It will be one of the most interesting events this month as BoE minutes might provide clues for further key policy directions. It is worth mentioning that BoE has held the interest rates at 0.5% for seven and a half years and there has been no increase in quantitative easing since July 2012. As we know, it all changed since Brexit and the Monetary Policy Committee was forced to announce further stimulus measures at the meeting in August. In conclusion, this event might be a big market mover, surprising investors.

Let's now take a look at the GBP/USD technical picture in the 4H time frame. The golden trend line was tested and higher prices were rejected so far. Currently, the market is trading around 100 periods moving average and awaits the interest rate decision. The next support is seen at the level of 1.3159 - 1.1337 and the next resistance is seen at the level of 1.3280.

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Technical analysis of USD/CHF for September 15, 2016

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Overview:

  • The USD/CHF pair was argumentative as it was trading in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 0.9792 and 0.9694. Resistance and support are seen at the levels of 0.9792 and 0.9694 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. The current price is seen at 0.9753 which represents a key level today. The level of 0.9792 will act as the first resistance today. Hence, if the pair fails to pass through the level of 0.9792, the market will indicate a bearish opportunity below the strong resistance level of 0.9792. Sell deals are recommended below the level of 0.9792 with the first target at 0.9694. If the trend breaks the support level of 0.9694, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.9634. On the contrary, in case a reversal takes place and the USD/CHF pair breaks through the resistance level of 0.9792, then a stop loss should be placed at 0.9861
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Technical analysis of USD/CAD for September 15, 2016

General overview for 15/09/2016:

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. The growing bearish divergence between the price and momentum oscillator supports the view.

Support/Resistance:

1.3253 - Intraday Resistance

1.3223 - WR2

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 15, 2016

General overview for 15/09/2016:

One more interesting pattern to mention might be spotted at hourly time frame: a possible triangle structure as per alternative count. This pattern is almost completed and only one more sub-wave e purple is needed to complete it. This means that the wave (b) might still be in progress. 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

114.65 - Intraday Support

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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Technical analysis of USD/JPY for September 15, 2016

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USD/JPY is under pressure. The pair broke below a bullish channel in place since September 13, and is now trading on the downside. Meanwhile, the process of lower highs and lower lows remains intact, which should confirm a negative outlook. Besides, the 50-period moving average is turning down, and plays a resistance role. The relative strength index lacks upward momentum. On Wednesday, U.S. stock indexes pared earlier gains to settle modestly lower as slumping oil prices continued to weigh down energy shares. The Dow Jones Industrial Average declined 31 points (-0.2%) to 18,034, the S&P 500 slipped 1 point to 2,125, while Nasdaq Composite gained 18 points (+0.4%) to 5173. U.S. government bonds rebounded pressing the benchmark 10-year Treasury yield to 1.689% from 1.732% Tuesday. Precious metals halted their downtrend as the U.S. dollar softened. Gold rebounded 0.3% to $1,322 an ounce ending a losing streak of five sessions. Silver gained 0.5% to $18.95 an ounce.

To conclude, as long as 102.85 holds on the upside, the pair is likely to drop to 102.00 at first, and then to 101.70.

Trading Recommendation: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 102.00. A break below this target will move the pair further downwards to 101.70. The pivot point stands at 102.85. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 103.35 and the second one, at 103.75.

Resistance levels: 103.35, 103.75, 104.25

Support levels: 102.00, 101.45, 100.80

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Technical analysis of USD/CHF for September 15, 2016

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USD/CHF is expected to trade with a bullish bias. The pair is posting some consolidations after the downside breakout of its 50-period moving average. Nevertheless, a support base at 0.9705 has formed and the downside attempts should be limited by this level. Besides, the relative strength index lacks downward momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Hence, as long as 0.9705 (a key horizontal level) is not broken, expect a new rise to 0.9785, if breakout, look for further advance to 0.9810 as possible.

Resistance levels: 0.9785, 0.9810, 0.9850

Support levels: 0.9690, 0.9675, 0.9690

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Technical analysis of NZD/USD for September 15, 2016

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NZD/USD is expected to trade with a bearish bias as key resistance is at 0.7305. The pair remains under pressure below its key resistance at 0.7305, and the upside potential should be limited by this level. Furthermore, the relative strength index is mixed to bearish, and lacks upward momentum. To conclude, as long as 0.7305 holds on the upside, the pair is likely to drop to 0.7220 at first, if breakout, look for a further decline to 0.7185 as likely.

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 0.7305. 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 GBP/JPY for September 15, 2016

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GBP/JPY is expected to trade with a bearish bias. The pair stays below 1.2835 and remains capped by a negative trend line. Meanwhile, the relative strength index lacks upward momentum. The British pound marked a two-week low of 1.3136 against the greenback as U.K. jobs data provided little encouragement. The Office for National Statistics reported that the May-July jobless rate was 4.9%, unchanged from the three months to June, while growth in wages slowed. Besides, the number of jobless benefit claimants increased 2,400 to 771,000 in August (vs. +1,800 expected, -3,600 in July).

As long as 136.10 is not broken above, a break below 134.50 is likely.

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 136.10. 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 136.65 and the second one, at 137.10.

Resistance levels: 136.65, 137.10, 137.75

Support levels: 134.50, 133.95, 133.00

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Technical analysis of NZD/USD for September 15, 2016

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Overview:

  • The NZD/USD pair was trading around the area of 0.7289 - 0.7226 a week ago. Today, the level of 0.7289 represents a daily pivot point in the H1 time frame. The pair has already formed minor resistance at 0.7289 and the strong resistance is seen at the level of 0.7355 because it represents the weekly resistance 1. So, major resistance is seen at 0.7355, while immediate support is found at 0.7226. If the pair closes below the daily pivot point of 0.7289, the NZD/USD pair may resume it movement to 0.7226 to test the first support 1. From this point, we expect the GBP/USD pair to move between the levels of 0.7289 and 0.7289 . Equally important, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100. As a result, sell below the daily pivot point of 0.7289 with targets at 0.7289 and 0.7185 in order to form a new double bottom. On the other hand, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last bullish wave at the level of 0.7355.
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EUR/JPY close to support, look for buying opportunities

Price is close to our 114.75 support level (overlap support, Fibonacci retracement) where we expect a bounce from for price to rise to at least 115.90.

Stochastics (21,3,3) is approaching strong support at 11%.

RSI(21) is also approaching ascending support which signals a bounce is approaching.

Buy above 114.75 Stop loss is at 114.40. Take profit is at 115.90.

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USD/JPY profit target almost reached, turn bullish

Price dropped from our selling area perfectly as expected. It is now on its way towards our initial profit target. We change our view to buy above 102.20 support (overlap support, Fibonacci retracement, Fibonacci projection) for a push up to 103.20.Stochastics (21,3,3) is approaching ascending support signalling that a bounce is approaching.Likewise, RSI (21) is approaching ascending support indicating that a bounce is approaching.

Buy above 103.05. Stop loss at 101.35. Take profit at 103.20.

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Technical analysis of USDX for September 15, 2016

The Dollar index got rejected at resistance yesterday and pulled back towards 95 but with buyers still supporting it and no clear domination of either bullish or bearish side. Price remains trapped inside the big triangle pattern and traders should be cautious and patient.

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Black line - resistance

Blue line - support

Short-term support is at 95 and below that at the critical support trend line at 94.60-94.70. Resistance is at 95.45 and after that at the upper triangle boundary at 95.80. The trend is neutral. Price is trading around the clouds with no clear direction.

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Green line - trend line support

The fact that the weekly candles are below the weekly cloud, oscillators have a negative slope, price is making lower lows and lower highs since 97.60, I believe that in the end we will see a break below the green trend line support and a test of the 92 level. The signal will be given with the break of the kijun- or tenkan-sen indicators (yellow or red lines indicators).

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Technical analysis of Gold for September 15, 2016

Gold price continues to trade inside the short-term downward sloping channel but still remains above critical medium-term support of $1,300. Short-term trend will change to bullish if price breaks above $1,333. A break below $1,300 will open the way for a push towards $1,180-$1,200.

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Red lines - bearish channel

Blue lines - sideways trading range

Gold price is below the Ichimoku cloud on the 4-hour chart, inside the bearish channel but also inside the blue trading range. Only a break below $1,300 and above $1,360 could start a new trend for Gold. Until then we buy close to support and sell near resistance.

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On the above daily chart, you can see that Gold is trading right above the 38% Fibonacci retracement of the rise from $1,200 to $1,375, and is also between the 61.8% and 78.6% Fibonacci support levels of the rise from $1,300 to $1,353. We are at currently at a critical juncture. I prefer long positions with $1,300 as stop.

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Elliott wave analysis of EUR/NZD for September 15 - 2016

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Wave summary:

We continue to look for an ending diagonal to unfold here. Short term, we will ideally seen resistance near 1.5511 for a break below minor support at 1.5217 for a decline to 1.4989 and lower to 1.4700 to complete the long term corrective decline from 1.9023.

Only an unexpected break above 1.5649 will question this scenario and call for a new test of 1.5839 and likely above.

Trading recommendation:

We will keep our sell order at 1.5600 with stop + revers of the position at 1.5660.

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Elliott wave analysis of EUR/JPY for September 15 - 2016

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Wave summary:

The trading range keep getting more and more narrow, which is consistent with a triangle consolidation, which is one of the options we are looking at. However, this count only stays valid if resistance at 116.37 is able to protect the upside for a break below support at 113.80, which will confirm a final decline to below support at 109.49.

A break above 116.37 on the other side, will invalidate the triangle count for a rally towards 118.47 and higher to 122.00 as the next upside targets to look for.

Trading recommendation:

We took a small profit at 115.15 and bought EUR again at 114.70 with stop placed at 113.85. If you are not long EUR yet, then only buy a break above 115.40 and place stop at 114.55.

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EURUSD Technical Analysis for September 15, 2016.

Technical outlook and chart setups:

The EURUSD pair is seen to be trading at 1.1245 levels at this moment, looking to form a lower top ahead of 1.1280 and reverse lower. Please note that the pair had dropped from interim resistance at 1.1325 levels earlier. Furthermore, it has produced a 3 wave corrective counter trend rally which seems to have been terminated yesterday at 1.1278 levels yesterday. The wave structure indicates that EURUSD should ideally remain below 1.1280 levels and bears should remain in control going forward. The minimum down side projections are 1.1150 levels before a meaningful retracement occurs. It is hence recommended to remain short, with risk above 1.1350 levels. Immediate resistance is seen at 1.1325 levels, while support is at 1.1190 levels respectively.

Trading recommendations:

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

Good luck!

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Silver Technical Analysis for September 15, 2016.

Technical outlook and chart setups:

Silver is drifting sideways into cone consolidation structure as depicted on the 4H chart view here. The metal is seen to be trading at $18.94 levels at this moment, looking to break above the consolidation resistance line. Please note that Silver had bounced off the fibonacci 0.786 support of the rally between $18.40 and $20.10/20 levels earlier, and is expected to remain supported above $18.70 levels for now. The wave structure indicates that the drop from $20.10 levels is still corrective in nature and that bulls could regain control from here. Only a consistent drop below $18.30 levels would confirm that Silver is heading towards a deeper correction. It is hence recommended to remain long for now, with risk below $18.30 levels. Immediate resistance is seen at $19.70 levels, while support is at $18.30 levels respectively.

Trading recommendations:

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

Good luck!

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Gold Technical Analysis for September 15, 2016.

Technical outlook and chart setups:

Gold further gave in to bears and hit lows at $1,313.00 levels before pulling back higher. The yellow metal is seen to be trading at $1,324.00 levels at this moment, looking to retrace lower and then resume rally. Please note that the metal has bounced off from fibonacci 0.786 support levels of the recent rally between $1,302.00 through $1,352.00 levels respectively. Furthermore, also note that it found support at the back side of resistance trend line as well. The wave structure still looks constructive for bulls, till prices remain above $1,302.00 levels going forward. It is hence recommended to remain long with risk at $1,302.00 levels for now. Potential still remains for bulls to take control from here. 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 at below $1,302.00; target is $1,375.00 at least.

Good luck!

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Daily analysis of major pairs for September 15, 2016

EUR/USD: The EUR.USD is in an equilibrium phase. There could be a breakout later this week or earlier next week, which would take price above the resistance line at 1.1300 or below the support level at 1.1150. This is the condition for bullish or a bearish bias to form in the market: As long as price is below the resistance level or above the support level, the equilibrium phase would hold.

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USD/CHF: The USD/CHF is in an equilibrium phase. There could be a breakout later this week or earlier next week, which would take price above the resistance level at 0.9850 or below the support level at 0.9650. This is the condition for bullish or a bearish bias to form in the market: As long as price is below the resistance level or above the support level, the equilibrium phase would hold.

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GBP/USD: This currency trading instrument is still in an uncertain environment. Bears are trying to push price south, but bulls are also trying to frustrate their effort. A strong directional movement, like 300 pips to the upside or to the downside, would be needed to bring about a bias in the market.

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USD/JPY: In the 4-hour chart, the USD/JPY is neither bullish nor bearish. This is a kind of market in which the scalper thrives. A rise in momentum is anticipated, but this then, position traders may stay out of the market.

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EUR/JPY: The vagaries of the EUR/JPY has reared up its head, as the market is volatile but directionless in the short-term. There is currently no Bullish or Bearish Confirmation Pattern in the 4-hour chart until there is a movement of at least 300 pips to the upside or to the downside.

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

Technical analysis of EUR/USD for Sept 15, 2016

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When the European market opens, some economic data will be released such as Trade Balance, Final Core CPI y/y, Final CPI y/y.The US will release the economic data too such as Natural Gas Storage, Business Inventories m/m, Industrial Production m/m, Capacity Utilization Rate, Empire State Manufacturing Index, Current Account, Core PPI m/m, Unemployment Claims, Retail Sales m/m, Philly Fed Manufacturing Index, PPI m/m, Core Retail Sales 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: 1.1299.

Strong Resistance:1.1293.

Original Resistance: 1.1282.

Inner Sell Area: 1.1271.

Target Inner Area: 1.1246.

Inner Buy Area: 1.1219.

Original Support: 1.1208.

Strong Support: 1.1197.

Breakout SELL Level: 1.1191.

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

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

Technical analysis of USD/JPY for Sept 15, 2016

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In Asia, Japan will not release any economic data but the US will release some economic data such as Natural Gas Storage, Business Inventories m/m, Industrial Production m/m, Capacity Utilization Rate, Empire State Manufacturing Index, Current Account, Core PPI m/m, Unemployment Claims, Retail Sales m/m, Philly Fed Manufacturing Index, PPI m/m, Core Retail Sales 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: 102.78.

Resistance. 2: 102.58.

Resistance. 1: 102.37.

Support. 1: 102.13.

Support. 2: 101.93.

Support. 3: 101.72.

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

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

Daily analysis of USDX for September 15, 2016

USDX found strong sellers' reaction around at the 95.65 price level, and we're watching now that it struggles to consolidate below the 200 SMA on the H1 chart. If the index manages to do it, then we can expect a breakout below the 95.02 level in order to test the 94.74 zone. MACD indicator is supporting the bearish scenario.

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H1 chart's resistance levels: 95.49 / 95.79

H1 chart's support levels: 95.02 / 94.74

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 95.02, take profit is at 94.74 and stop loss is at 95.29.

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

Daily analysis of GBP/USD for September 15, 2016

The pair still hovers below the 200 SMA on the H1 chart, and it looks like a decline is ongoing to visit the support level of 1.3037 in coming hours. Ahead of the BoE meeting, GBP/USD can perform volatile moves across the board, but if we see a breakout above the resistance zone of 1.3258, then it can rally towards the 1.3360 level.

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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.

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