USD/CAD intraday technical levels and trading recommendations for September 16, 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 16, 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 corresponded 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 16, 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 16, 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 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) should be defended 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 16, 2016

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Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,309.07 in a high volume. My target from yesterday at the price of $1,314.30 has been met. According the 30M time frame and using the market profile, I found a neutral day today and point of control at the price of $1,314.50. Anyway, the trend is still bearish. If the price breaks the level of $1,309.00 in a high volume, we may see potential testing of $1,306.00 and $1,302.50.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,318.80

R2: 1,321.00

R3: 1,325.00

Support levels:

S1: 1,311.20

S2: 1,308.90

S3: 1,305.00

Trading recommendations for today: Neutral day on the market but short-term trend is bearish. Watch for selling opportunities if the price breaks $1,309.00.

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EUR/NZD analysis for September 16, 2016

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Recently, EUR/NZD has been moving downward. The price tested the level of 1.5340 in an average volume. According to the 30M time frame and using the market profile, I found a point of control levels at the price of 1.5345 and 1.5295. The price broke upward trend channel but the EUR/NZD pair is still in the upward trend and there are points on control levels in the background. Be careful when selling at this stage and watch for buying opportunities. Take profit level is set at the price of 1.5500.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5465

R2: 1.5505

R3: 1.5570

Support levels:

S1: 1.5340

S2: 1.5300

S3: 1.5240

Trading recommendations for today: Selling EUR/NZD at this stage looks risky. Watch for buying opportunitiesThe material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for September 16, 2016

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Overview:

  • The USD/CHF pair 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. There are no changes in my technical outlook. 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.

Daily technical levels:

  • Resistances: 0.9792 | 0.9861 | 0.9900
  • Pivot: 0.9743
  • Support: 0.9694 | 0.9634 | 0.9586
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Global macro overview for 16/09/2016

Global macro overview for 16/09/2016:

The good data from US job market were released yesterday: the unemployment claims remains below 300K (260k vs. 262k expected and 259k prior). It was the 80th consecutive week initial jobless claims remained below the 300,000 level, the longest streak since 1973. Moreover, the continuing claims decreased as well to the level of 2143k, a 7k less than the anticipated number of 2150k and 1k more than a month before. In conclusion, the data do not justify the lack of the FED action, so the possibility of a September interest rate hike increases after this data.

Let's now take a look at the EUR/USD technical picture in the 4H time frame. The key support and resistance levels have not been violated even after the ECB meeting last Thursday, so we might assume the market is now trading inside of the horizontal zone that is defined by two important levels: 1.1365 as the resistance and 1.1120 as the support. Only a clear and sustained violation of any of those levels would stop the horizontal corrective cycle and resume the trend.

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Technical analysis of NZD/USD for September 16, 2016

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Overview:

  • The NZD/USD pair rose from the level of 0.7289 towards 0.7325 yesterday. Now, the current price is set at 0.7306. On the H1 chart, the resistance is seen at the levels of 0.7325 and 0.7355. Besides, the weekly support 1 is seen at the level of 0.7289. Today, the NZD/USD pair is continuing to move in a bullish trend from the new support level of 0.7289, to form a bullish channel. Amid the previous events, we expect the pair to move between 0.7289 and 0.7355. Therefore, buy above the level of 0.7289 with the first target at 0.7325 in order to test the daily resistance 1 and further to 0.7355 (double top). The market is still in an uptrend. We still prefer the bullish scenario. Therefore, since the trend is above the level of 0.7256, the market is still in an uptrend. On the other hand, if the pair fails to pass through the level of 0.7355, the market will indicate a bearish opportunity below the level of 0.7355. The market will decline further to 0.7289 in order to return to the daily pivot point. Additionally, a breakout of that target will move the pair further downwards to 0.7256.
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Global macro overview for 16/09/2016

Global macro overview for 16/09/2016:

The Bank of England did not surprise market participants and left the interest rates unchanged at the level of 0.25%, together with asset purchase facility at the level of 435B Pounds. Moreover, the policy makers voted 9-0 to leave the BoE bond buying program target level at 435B Pounds and commit to its new plan to buy up to 10B Pounds of high-grade corporate bonds. In conclusion, the quantitative easing has been slightly expanded, which might be caused by the Brexit pressure to maintain the current economic growth (BoE increased the Q3 GDP growth forecast to 0.3% from the previous projection of 0.1% made in August).

Let's now take a look at the GBP/USD technical picture in 4H time frame after the news release. There is still no sign of any bullish pressure as the price is still trading in a fresh downward channel. The golden trend line had been tested and looks like it was rejected, so now the bias is to the downside. To confirm the bearish view the price must clearly violate the next support at the level of 1.3159 - 1.3137.

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Daily analysis of major pairs for September 16, 2016

EUR/USD: The EUR/USD pair is in an equilibrium phase. There could be a breakout today or 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 a bullish or 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 pair is in an equilibrium phase. There could be a breakout today or early 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: There is a bearish indication on the Cable, which is, however, not very strong. The EMA 11 is below the EMA 56 and the RSI period 14 is almost below the level 50. Price may continue to go further downwards to reach the accumulation territory at 1.3150. A movement above the distribution territory at 1.3400 would cause a bullish signal to form.

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USD/JPY: This pair has not gone in a directional mode this week. There is a measure of volatility in the market, which is expected to go out of balance very soon. Currently, bears are intent on pushing price south, which would become vivid once the demand level at 101.50 is breached to the downside.

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EUR/JPY: This cross has been making effort to come downwards since yesterday, but there is neither a Bullish nor Bearish Confirmation Pattern in the market. There is a need for price to move upwards or downwards about 300 pips to bring a strong bias on the market.

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Technical analysis of USD/CAD for September 16, 2016

General overview for 16/09/2016:

The top for the wave b seems to be in place at the level of 1.3235. The first wave to the downside has been labeled as the wave -a-, so 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 16, 2016

General overview for 16/09/2016:

As anticipated yesterday, the wave e purple has developed to the downside. 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

114.62 - Intraday Support

115.15 - Weekly Pivot

115.41 - 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 16, 2016

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USD/JPY is expected to trade with bearish bias. The pair remains under pressure below its horizontal resistance at 102.45. Meanwhile, the process of lower highs and lower lows remains intact, which should confirm a negative outlook. Besides, the descending 50-period moving average is playing a resistance role. In addition, the relative strength index advocates for further decline.

On the economic data front, the U.S. Commerce Department reported that retail sales declined 0.3% on month in August (vs. -0.1% expected, +0.1% in July). The Federal Reserve announced that industrial production fell 0.4% on month in August (vs. -0.2% expected, +0.6% in July). Besides, the Labor Department said initial jobless claims added 1,000 to 260,000 for the week ended September 10 (vs. 265,000 expected).

To sum up, as long as 102.45 holds on the upside, the pair is likely to drop to 101.70 at first, and then to 101.45 in extension. Alternatively, only a break above 102.45 would call for a new rise to 102.75 as a first target.

Trading Recommendation: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 101.70. A break below this target will move the pair further downwards to 101.45. The pivot point stands at 102.45. 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 102.75 and the second one at 103.00.

Resistance levels: 102.75, 103.00, 103.35

Support levels: 101.70, 101.45, 100.80

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Technical analysis of USDX for September 16, 2016

The Dollar index continues to trade inside the triangle pattern with no clear breakout signal. Trend is neutral. Upward and downward swings within the boundaries are common. Traders should be cautious and patient when the market is in such conditions.

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Green line - resistance trend line

Blue line- support trend line

Important short-term support level is at 94.60. Important short-term resistance level is at 96.25 and next at 97. Price is inside a triangle formation and it seems that we are going to be stuck in this pattern for some more time. The Ichimoku cloud does not provide any clear signal as price is moving sideways.

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The weekly chart depicts this sideways move in a more clear way as price is trapped between the weekly kijun- and tenkan-sen indicators. Price is below the weekly cloud but also above the 94.60 critical support. Shorter-term trend indications we will have if we break above or below 95.70 or 94.90 respectively.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Gold for September 16, 2016

Gold price remains in a bearish short-term trend and making lower lows and lower highs. Price remains trapped inside the bigger sideways trading range between $1,300 and $1,360. The importance of both these levels is very big as any breakout would lead to a 100$ fall or rise at least.

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Black lines - trading range

Gold price is below the Ichimoku cloud on the 4-hour chart and is making lower lows and lower highs. Price is near the lower boundary of the trading range. Price has reached the 78.6% Fibonacci retracement of the rise from $1,300. Gold price is near critical support. The stochastic oscillator is giving bullish divergence signals. This is a warning for bears and not a bullish reversal sign.

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Red line - long-term resistance trend line

The weekly chart shows Gold price near the long-term resistance trend line. A rejection here will be confirmed with a break below $1,300 and will open the way for a decline towards the weekly cloud around $1,200-$1,180 area.

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Elliott wave analysis of EUR/NZD for September 16, 2016

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Wave summary:

We are looking for the final decline within an ending diagonal towards 1.4700 to complete the long-term corrective decline from 1.9023 and set the stage for a new impulsive rally higher.

Short term, minor resistance at 1.5510 is expected to be able to cap the upside for a break below minor support at 1.5217 confirming the expected decline towards 1.4700. Only an unexpected rally above 1.5510 and more importantly above 1.5642 will invalidate the ending diagonal scenario indicating that a long-term low already could be in place.

Trading recommendation:

We missed our sell at 1.5600 and will place a new sell order at 1.5435 with stop placed at 1.5515.

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Elliott wave analysis of EUR/JPY for September 16, 2016

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Wave summary:

The trading range is narrowing consistently and we know that times like these is followed by high volatility. As long as minor support at 113.90 and more importantly support at 113.11 is able to protect the downside, we will remain cautious bullish for a break above 116.37 confirming a rally to 118.47 and 122.00.

Only a break below 113.11 will shift the preferred count towards the alternative triangle count.

Trading recommendation:

We are long EUR from 114.70 with stop placed at 113.85. If you are not long EUR yet, then look to by a break above 115.45 and use the same stop at 113.85

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Technical analysis of USD/CHF for September 16, 2016

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USD/CHF is expected to trade in a higher range as the bias remains bullish. The pair is posting some consolidations after the downside breakout of its 50-period moving average. Nevertheless, a support base at 0.9700 has formed and should allow for a stabilization. In addition, the relative strength index lacks downward momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. On the economic data front, the U.S. Commerce Department reported that retail sales declined 0.3% on month in August (vs. -0.1% expected, +0.1% in July). The Federal Reserve announced that industrial production fell 0.4% on month in August (vs. -0.2% expected, +0.6% in July). Besides, the Labor Department said initial jobless claims added 1,000 to 260,000 for the week ended September 10 (vs. 265,000 expected).

Hence, as long as 0.9700 is not broken, expect a new rise to 0.9740, if breakout, look for further advance to 0.9765 as possible.

Resistance levels: 0.9740, 0.9765, 0.9810

Support levels: 0.9690, 0.9675, 0.9690

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Technical analysis of USD/CHF for September 16, 2016

USDCHFM30.pngUSD/CHF is expected to trade in a higher range as the bias remains bullish. The pair is posting some consolidations after the downside breakout of its 50-period moving average. Nevertheless, a support base at 0.9700 has been formed and should allow for a stabilization. In addition, the relative strength index lacks downward momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. On the economic data front, the U.S. Commerce Department reported that retail sales declined 0.3% on month in August (vs. -0.1% expected, +0.1% in July). The Federal Reserve announced that industrial production fell 0.4% on month in August (vs. -0.2% expected, +0.6% in July). Besides, the Labor Department said initial jobless claims added 1,000 to 260,000 for the week ended September 10 (vs. 265,000 expected).

Hence, as long as 0.9700 is not broken, expect a new rise to 0.9740, if breakout, look for further advance to 0.9765 as possible.

Resistance levels: 0.9740, 0.9765, 0.9810

Support levels: 0.9690, 0.9675, 0.9690

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Technical analysis of NZD/USD for September 16, 2016

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NZD/USD is expected to advance further. The pair recorded a succession of higher tops and higher bottoms since September 15, and is likely to challenge its nearest resistance at 0.7335 in the coming trading hours. At the same time, both the 20-period and 50-period moving averages are heading upward, and should also push the prices higher. Besides, the relative strength index is bullish above its neutrality area at 50. In conclusion, as long as 0.7275 is not broken, a new rise is expected to 0.7335 and even to 0.7380 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7335 and the second one at 0.7380. In the alternative scenario, short positions are recommended with the first target at 0.7255 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7220. The pivot point is at 0.7275.

Resistance levels: 0.7335, 0.7380, 0.7410

Support levels: 0.7255, 0.7220, 0.7185

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Technical analysis of GBP/JPY for September 16, 2016

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GBP/JPY is under pressure. The pair has been capped by both 20-period and 50-period moving averages, while the relative strength index stays below 50. As expected the Bank of England announced its decision to keep its key interest rate unchanged at 0.25% and to maintain its bond-buying programs. Meanwhile, the latest minutes of the BoE Monetary Policy Committee pointed out that a majority of officials are likely to cut the key rate later this year if their next set of forecasts, due November, will paint a picture of the economy that is broadly consistent with August's projections. As long as 135.60 holds as the key resistance, a drop toward 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 135.60. 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 136.10 and the second one, at 136.65.

Resistance levels: 36.10, 136.65, 137.10

Support levels: 134.50, 133.95, 133.00

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Technical analysis of EUR/USD for Sept 16, 2016

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When the European market opens, some economic data will be released such as Italian Trade Balance. Some macroeconomic rerports are due in the US such as TIC Long-Term Purchases, Prelim UoM Inflation Expectations, Prelim UoM Consumer Sentiment, Core CPI m/m, and CPI m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

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.

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Technical analysis of USD/JPY for Sept 16, 2016

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In Asia, today Japan will not release any economic data. The US will publish some economic data such as TIC Long-Term Purchases, Prelim UoM Inflation Expectations, Prelim UoM Consumer Sentiment, Core CPI m/m, and CPI m/m. 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: 102.52.

Resistance. 2: 102.32.

Resistance. 1: 102.12.

Support. 1: 102.87.

Support. 2: 101.67.

Support. 3: 101.47.

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 16, 2016

The index found resistance at the 95.49 level, following the mixed data published in the US. Currently, the USDX is hovering around the 200 SMA area on H1 chart and we could expect a decline towards the support level of 95.02. If a breakout happens there in coming hours, then the next support at the 95.02 level could be tested.

USDXH1.png

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.

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Daily analysis of GBP/USD for September 16, 2016

Despite the BoE's meeting held during Thursday's session, the Cable remains capped by the resistance level of 1.3258, where is also the 200 SMA located on H1 chart. We're expecting that a breakout can push the pair higher towards the 1.3360 level, while a pullback can drive the pair to test the support zone of 1.3116. MACD indicator is entering positive territory, supporting a bullish run on a short-term basis.

GBPUSDH1.png

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, 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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