USD/CAD intraday technical levels and trading recommendations for September 20, 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 20, 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. T/P levels should be located at 0.7240, 0.7160 and 0.7060.

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 20, 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).

Otherwise, the GBP/USD pair remains trapped within the depicted consolidation range between 1.2700 and 1.3550.

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Technical analysis of EUR/JPY for September 20, 2016

EUR/JPY found support at 38.2% Fibs ( 113.70) applied to the channel breakout point. At the same time, MACD formed a bullish divergence in 1H time frame.

The pair broke the 50-Moving Average and the downtrend trend line. Overall it looks like EUR/JPY might reverse or correct up from the current price - 114.00.

Consider buying EUR/JPY while it is near 114.00, targeting either 61.8% (114.60) or 76.4% Fibs (115.15). However if price fails to break above 50% Fibs (114.13) there is potential for a range trading. The suggested stop loss is 113.50.

Support: 113.70

Resistance: 114.10, 114.60, 115.15

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Intraday technical levels and trading recommendations for EUR/USD for September 20, 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.

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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Accordng to the monthly chart, the long-term outlook for the EUR/USD pair remains bearish. 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 seen on August 26.

On September 6, evident bullish recovery and a temporary bullish breakout above 1.1250 were expressed, but on Friday evident bearish pressure was put on the pair.

The current bearish closure below 1.1250 (supply level 1) should be defended to maintain enough bearish pressure and enhance the bearish side in the market. Initial bearish targets are be located at 1.1050 and 1.0990.

On the other hand, the price levels of 1.1250 (Supply Level 1) and 1.1400 (Supply Level 2) constitute significant supply levels to be watched for valid SELL entries. S/L should be set as daily closure above entry level.

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Technical analysis of EUR/USD for September 20, 2016

EUR/USD found the support at 1.1150 where price rejected the lower trendline of the descending channel. Today the pair broke above the 50 Moving Average and 23.6% Fibonacci retracement level which could result in further correction up.

Consider buying EUR/USD near the breakout level of the Moving Average - 1.1180, targeting one of the Fibs. The suggested stop loss is 1.1160.

Support: 1.1150

Resistance: 1.1220, 1.1240, 1.1260

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EUR/NZD analysis for September 20, 2016

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Recently, EUR/NZD has been moving downward. As I expected, the price tested the level of 1.5206 in an average volume. On the 30M time frame, I found a point of control for today at 1.5254 using the market profile. The intraday trend is downward. Watch for selling opportunities. First downward take profit is set at the 1.5080 level.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5355

R2: 1.5385

R3: 1.5435

Support levels:

S1: 1.5255

S2: 1.5225

S3: 1.5175

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

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Gold analysis for September 20, 2016

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Since our previous analysis, gold has been trading sideways at the price of $1,314.15. According the 30M time frame and using the market profile, I found a point of control at the price of $1,315.60. I found the weakness on the European sesion and selling tail, which is a good sign for a further downward movement. Watch for selling opportunities. Take profit levels are set at the price of $1,309.50 and $1,306.70.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,320.50

R2: 1,322.60

R3: 1,326.10

Support levels:

S1: 1,313.70

S2: 1,311.60

S3: 1,308.25

Trading recommendations for today: Sellers came in on the European sesion. Watch for selling opportunities.

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Technical analysis of USD/JPY for September 20, 2016

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USD/JPY is under pressure. The pair is bearish below a descending trend line since September 15, and is likely to test the next support at 101.45. At the same time, the descending 50-period moving average is playing a resistance role and is heading downward. In addition, 102.15 represents a key resistance and should limit the upward attempts. On Monday, U.S. stock indexes ended broadly flat as gains in big bank shares were offset by losses in Apple (-1.2%) and food & staples retailers. The Dow Jones Industrial Average edged down 3 points to 18120, the S&P 500 was little changed at 2139, and Nasdaq Composite was down 9 points (-0.2%) to 5235.

The U.S. dollar softened from a one-month high registered last Friday as traders repositioned ahead of this week's central bank monetary policy meetings in the U.S. and Japan.

To sum up, as long as the resistance at 102.15 is not surpassed, look for further downsides to 101.45 at first. If breakout, the pair is likely to decline to 101.15.

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 101.45. A break below this target will move the pair further downwards to 102.15. 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 102.45 and the second one at 102.75.

Resistance levels: 102.45, 102.75, 103.00

Support levels: 101.45, 101.15, 100.80

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Technical analysis of USD/CHF for September 20, 2016

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USD/CHF is expected to trade with bullish bias. The pair broke below its 50-period moving average and is holding on the downside. The 20-period moving average crossed above the 50-period one and is playing a support role. Additionally, 0.9815 represents a significant key resistance level, which should limit the upside potential. The relative strength index is above its neutrality area at 50 and lacks upward momentum.The benchmark 10-year U.S. Treasury yield dipped to 1.698% from 1.701% Friday. Nymex crude bounced 0.6% from a one-month low to $43.30 a barrel, though it touched $44.15 earlier in the session. Gold gained 0.2% to $1313 an ounce and silver posted a powerful rebound of 2.0% to $19.14 an ounce.

The U.S. dollar softened from a one-month high registered last Friday as traders repositioned ahead of this week's central bank monetary policy meetings in the U.S. and Japan.

As long as 0.9815 is resistance, look for further downside toward 0.9755. A break below this level would call for further down movement toward 0.9735.

Resistance levels: 0.9840, 0.9865, 0.9910

Support levels: 0.9755, 0.9735, 0.9710

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Technical analysis of NZD/USD for September 20, 2016

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Overview:

  • The NZD/USD pair has faced strong resistance at the level of 0.7359 because support became resistance on September 12, 2016. So, the strong resistance has been already formed at the level of 0.7359 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.7359, the market will indicate a bearish opportunity below the new strong resistance level of 0.7359 (the level of 0.7359 coincides with a ratio of 50% Fibonacci). Moreover, the RSI starts signaling a downward trend. Thus, the market is indicating a bearish opportunity below 0.7359 so it will be good to sell at 0.7359 with the first target of 0.7293. It will also call for a downtrend in order to continue towards 0.7236. The daily strong support is seen at the levels of 0.7293 and 0.7236. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.7388. Also it should be noted that the trend is still showing strength above the moving average (100).
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Technical analysis of USD/CHF for September 20, 2016

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Overview:

  • The USD/CHF pair broke resistance which turned to strong support at the level of 0.9753 yesterday. The level of 0.9753 coincides with 61.8% of Fibonacci, which is expected to act as major support today. Since the trend is above the 61.8% Fibonacci level, the market is still in an uptrend. From this point, the USD/CHF pair is continuing in a bullish trend from the new support of 0.6615. Currently, the price is in a bullish channel. According to the previous events, we expect the USD/CHF pair to move between 0.9753 and 0.9818. On the H1 chart, resistance is seen at the levels of 0.9798 and 0.9818. Also, it should be noticed that, the level of 0.9781 represents the daily pivot point. Therefore, strong support will be formed at the level of 0.9753 providing a clear signal to buy with the targets seen at 0.9781 (pivot). If the trend breaks the price of 0.9781 the pair will move upwards continuing the development of the bullish trend to the level 0.9818 in order to test the double top. However, stop loss is to be placed below the level of 0.9733.
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Technical analysis of NZD/USD for September 20, 2016

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NZD/USD is expected to trade in higher range as bias remains bullish. The pair posted some consolidations last night, but still stands above its key support at 0.7290, and is likely to challenge its next resistance at 0.7330. In addition, the relative strength index lacks downward momentum. The U.S. dollar softened from a one-month high registered last Friday as traders repositioned ahead of this week's central bank monetary policy meetings in the U.S. and Japan.Therefore, as long as 0.7290 is not broken, the intraday outlook is still positive with a first up target at 0.7385. A break above this level would open the way to further upside toward 0.7405.

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 0.7385 and the second one at 0.7405. In the alternative scenario, short positions are recommended with the first target at 0.7270 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 0.7250. The pivot point is at 0.7290.

Resistance levels: 0.7385, 0.7405, 0.7445

Support levels: 0.7270, 0.7250, 0.7235

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Daily analysis of major pairs for September 20, 2016

EUR/USD: This pair has been coming downwards gradually and it has resulted in a Bearish Confirmation Pattern in the market. Further southward movement is expected today, for bears are in "temporary control" right now. As long as the resistance line at 1.1300 is not breached to the upside, the bearish signal would be valid.

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USD/CHF: There is a short-term "buy" signal on the USD/CHF pair, and price is intent on going above the resistance level at 0.9800. In case this is successful, the next target would be the support level at 0.9850 and 0.9900, which may cause severe opposition from bulls, since that is a strong resistance level.

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GBP/USD: Bulls made some attempts to push the Cable upwards yesterday, but that pales into insignificant when compared to the overall bearish trend in the market. The accumulation territories at 1.3000, 1.2950, and 1.2900 could be tested this week. There is a need for a strong fundamental factor before any meaningful rally can occur in the market.

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USD/JPY: This pair simply consolidated throughout last week, not going below the demand level at 101.50 nor above the supply level at 103.50. Price did not go directionally yesterday. The bias is neutral, but momentum is expected to rise this week, which would most probably take price towards the demand levels at 101.50 and 101.00 this week.

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EUR/JPY: This cross is bearish in the 4-hour chart, and the demand zone at 113.50 has been tested. Bears are still willing to push price further downwards and thus, the demand zone might be breached downward, going towards other demand zones at 113.00 and 112.50. This might happen any moment this week.

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Elliott wave analysis of EUR/NZD for September 20, 2016

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Wave summary:

We are still looking for a firm break below support at 1.5217 confirming a new decline to 1.4989 and lower to 1.4705 to complete the ending diagonal. Once the bottom is in place, a new strong rally back to at least 1.5839 should be expected, but longer term even more upside will be expected.

Resistance is now seen at 1.5330 and again at 1.5375.

Trading recommendation:

We missed our sell order at 1.5345 and is looking for sell a break below support at 1.5217 with a stop placed at 1.5340.

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Elliott wave analysis of EUR/JPY for September 20, 2016

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Wave summary:

We will remain cautiously bullish as long as important support at 113.11 acts as a floor, but on the other side, a break above minor resistance at 114.30 and more importantly a break above resistance at 116.08 will be needed to ease the downside pressure and confirm a new rally to 118.47 and higher to 122.00.

If, however support at 113.11 is broken, that will shift the preferred count in favor of the triangle count and will call for one more decline below 109.48 to complete the long-term corrective decline from 149.56.

Trading recommendation:

We will buy a break above 114.30 with stop placed at 113.05 or we will sell a break below 113.11 with stop placed at 114.35 (one order done cancels the other).

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Technical analysis of GBP/JPY for September 20, 2016

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GBP/JPY is expected to trade with a bearish bias as key resistance is set at 133.60. The pair recorded a succession of lower tops and lower bottoms since September 15, which confirms a negative view. Additionally, 114.25 is playing a key resistance role, which should limit the upside potential. Even though a continuation of technical rebound cannot be ruled out, its extent should be limited. As long as 133.60 is not broken, look for further downside toward 132.35 and even 131.90 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 132.35. A break below this target will move the pair further downwards to 131.90. The pivot point stands at 133.60. 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 134.05 and the second one, at 134.60.

Resistance levels: 134.05, 134.60, 135.20

Support levels: 132.35, 131.90, 131

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Global macro overview for 20/09/2016

Global macro overview for 20/09/2016:

Interesting comments have hit the mass media as the Bank of France governor Francois Villeroy spoke on Europe 1 Radio this morning. He said that France's Gross Domestic Product for 2016 should be at the level of 1.4% as the growth is holding up, but might have hit the ceiling. Moreover, he mentioned that ECB's asset purchase programme is working, inflation should soon be over 1%, French reforms pays off, but France needs to meet its deficit reduction pledges. There is one important final conclusion from this interview: with the GDP at the level of 1.4% for 2016 France might be easily left behind the United Kingdom even after Brexit. This means it does not really look that good anymore in terms of economic growth.

Let's now take a look at the EUR/GBP technical picture in the daily time frame. Clear and strong rebound from the level of 0.8340 can be observed at this time frame and it looks like bulls want to test the recent highs again. The market trades above all daily moving averages and the next resistance is seen at the level of 0.8629.

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Global macro overview for 20/09/2016

Global macro overview for 20/09/2016:

The State Secretariat for Economic Affairs in Bern (SECO) reported this morning that Swiss Gross Domestic Product will expand 1.5 percent in 2016 and 1.8 percent in 2017 despite the post-Brexit fallout. The main reason for this optimistic projection is a gradual recovery of the Eurozone, especially Germany, and improving Swiss exports. It is worth mentioning that SECO is not alone in such a positive economic forecast for growth, because earlier this week the Swiss National Bank (SNB) issued a very similar report arguing, that its two-pillar strategy (negative interest rates and pledge to intervene in currency markets) is working well so far.

Let's now take a look at the USD/CHF technical picture in the daily time frame. We can clearly see that the market keeps trading below the golden trend line and currently it is in horizontal congestion zone between the levels of 0.9442 - 0.9958. This sideways market can regain the trend only after important fundamental event like this week FED interest rate decision, so all traders should wait for the FED meeting concluions.

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Technical analysis of USDX for September 20, 2016

The Dollar index is pulling back as traders prefer to take profits on Dollar long positions before the BOJ, the FOMC and the ECB this week. The economic calendar is full of crucial events this week, so volatility is expected to rise.

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Blue line -critical support trend line

Green line - support trend line for the short-term

Black line - resistance (broken)

The Dollar index is pulling back. The target for this pullback to stop is the black trend line that was broken at 95.50. If the Dollar index breaks below the black trend line again, we should expect it to find support at the Ichimoku cloud at 95.30-95.20 area. Resistance is found at 95.93 and next at 96.10.

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Green line - critical support trend line

The weekly candle is battling around the weekly tenkan-sen (red line indicator). Price is below the weekly cloud. This increases the chances of a downward break. The last line of defense for Dollar bulls is the green trend line support. Each time the index reached that area, prices bounced strongly upwards. However the index has not managed to break above the weekly cloud resistance yet. Each time the resistance was reached we witnessed a rejection. These are not good signs for Dollar bulls. Keep in mind the following two price levels: 94.70 and 97.50.

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Technical analysis of Gold for September 20, 2016

Gold price shows early signs of a bullish reversal. Gold price should break above $1,318.50 in order to continue towards $1,324 or $1,331. The medium-term trend remains neutral inside the trading range.

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Blue line - resistance trend line

In the short-term, price is trying to make higher highs and higher lows. In the 30-minute chart, we see price testing short-term resistance at $1,318.50. Breaking above it will push prices towards the 100% or the 161.8% extension. Support is at $1,311.50.

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Red lines - trading range

Gold price is trapped inside a trading range and now is trading close the lower boundary. The risk reward favors long positions as the profit potential is huge relative to the risk taken. The risk is if price breaks below $1,300. I can see Gold price reach at least the upper cloud boundary at $1,340 and why not even the $1,355. A breakout above this range will push prices to new highs above $1,400.

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Technical analysis of USD/CAD for September 20, 2016

General overview for 20/09/2016:

Not much has changed since yesterday as the market is still trading inside the congestion zone that starts to evolve into a triangle pattern. The intraday count still suggests a deeper decline towards the level of 1.3030 and then a possible rebound higher. The intraday resistance at the level of 1.3252 is still the key level for bulls and any break higher will immediately invalidate current wave developments.

Support/Resistance:

1.3252 - Intraday Resistance

1.3178 - Weekly Pivot

1.3124 - Intraday Support

1.3106 - WS1

1.3030 - Technical Support

1.2962 - WS2

Trading recommendations:

Day traders should consider opening sell orders from current price levels with SL just above the level of 1.3253 and TP at the level of 1.3030.

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Technical analysis of EUR/JPY for September 20, 2016

General overview for 20/09/2016:

The main scenario that included the triangle pattern possibility has been invalidated as the wave c green had broken below the support at the level of 113.81. Currently, the next best count is an impulsive structure in development that might have been completed already. The bottom for the wave (2) would be at the level of 113.48 and if the count is correct, then we should see an impulsive trend resumption to the upside.

Support/Resistance:

112.92 - WS1

113.41 - Intraday Support

114.00 - Golden Trend Line Support

114.29 - Intraday Resistance

114.49 - Weekly Pivot

115.04 - WR1

116.36 - Local Swing High

Trading recommendations:

Day traders should consider opening buy orders from current price levels with SL just below the level of 113.40 and TP open for now.

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Technical analysis of EUR/USD for Sept 20, 2016

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When the European market opens, some economic data will be released such as German PPI m/m. The US is due to publish economic data too such as Housing Starts and Building Permits. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1227.

Strong Resistance:1.1221.

Original Resistance: 1.1210.

Target Inner Area: 1.1173.

Inner Buy Area: 1.1147.

Original Support: 1.1136.

Strong Support: 1.1125.

Breakout SELL Level: 1.1119.

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 20, 2016

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In Asia, today Japan will not release any economic data. However, the US will release some macroeconomic reports such as Housing Starts and Building Permits. 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: 102.45.

Resistance. 2: 102.25.

Resistance. 1: 102.05.

Support. 1: 102.81.

Support. 2: 101.61.

Support. 3: 101.40.

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 20, 2016

The index is finding support at the 95.79 level, following a session that was in a corrective mode. Still, the USDX moves above the 200 SMA zone at H1 chart and we may expect some upside moves towards the resistance zone of 96.51 after it manages to break the strong barrier at the 96.14 level. MACD indicator is reaching the neutral territory.

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H1 chart's resistance levels: 96.14 / 96.51

H1 chart's support levels: 95.79 / 95.49

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 96.14, take profit is at 96.51 and stop loss is at 95.76.

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Daily analysis of GBP/USD for September 20, 2016

The pair had a recovery day during last Monday, but now it looks like that the bears returned to take the control of the situation. Below the resistance level of 1.3037, it's highly possible that the price will test the support zone of 1.2948 in coming hours, at least before the Fed's meeting due this Wednesday. The 200 SMA on the H1 chart is still favouring that scenario.

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H1 chart's resistance levels: 1.3037 / 1.3116

H1 chart's support levels: 1.2948 / 1.2868

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2948, take profit is at 1.2868 and stop loss is at 1.3029.

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Daily analysis of GBP/JPY for September 19, 2016

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Overview

The GBPJPY pair formed a strong negative attack last Friday, surpassed the first target at 133.90 and moved to the second target at 132.70, while the consolidation of the price within the bearish channel confirms the continuation of the negativity. The price is expected to attempt to record a new negative target by reaching 132.10. The moving average 55 holds steady below the bearish channel's resistance, reinforcing negative pressure and providing the price with negative momentum until reaching the awaited target. The expected trading range for today is between 133.80 and 132.10.

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Daily analysis of USD/JPY for September 19, 2016

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Overview

The USDJPY pair again steadily fluctuates below the bearish channel's resistance that appears on chart as the EMA50 forms a good resistance barrier that supports the strength of the channel's resistance. Stochastic begins to provide negative overlapping signal on the four-hour time frame. Therefore, these factors encourage us to keep our bearish overview in the upcoming period, which targets begin by testing 100.70 levels. We remind you that a break of this level will extend the correctional bearish wave to 94.76 mainly. The expected decline will remain valid for today unless breaching and holding above 102.80 levels. The expected trading range for today is between the 100.70 support and the 103.00 resistance.

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Daily analysis of Gold for September 19, 2016

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Overview

The gold price tested the main bullish trend line shown on the chart and began to provide bullish rebound signals now. Stochastic positivity on the four-hour time frame supports chances of resuming the main bullish trend in the upcoming period, which targets 1,348.00 followed by 1,375.00 levels mainly. Therefore, we will keep our bullish overview on an intraday and short-term bases conditioned by the price stability above 1,310.65 and 1,297.75 levels. A break of the latter level will push the price to extend the correctional bearish wave towards 1,249.94 before any new attempt to rise. The expected trading range for today is between the 1,297.75 support and the 1,350.00 resistance.

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Daily analysis of Silver for September 19, 2016

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Overview

The silver price showed negative attempts last Friday, but it has begun today's trading with clear positivity in attempt to regain the bullish track again. It faces the EMA50 that forms key resistance now at 19.05. The price is likely to breach this barrier to test the most important resistance at 19.38, a break of which represents the most important key to push the price towards 21.12 as the next main station. Therefore, our bullish overview will remain valid and active in the upcoming period supported by stochastic positivity unless we witness a clear break and hold below 18.30. The expected trading range for today is between the 18.70 support and the 19.50 resistance.

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Technical analysis of USD/JPY for September 17, 2016

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USD/JPY is expected to trade with bearish bias as key resistance stands at 102.45. The pair remains under pressure after a failed attempt to break above its key resistance at 102.45 (Sept. 18 top), and the upside potential should be limited by this threshold. Additionally, the relative strength index lacks upward momentum.

The benchmark 10-year U.S. Treasury yield edged up to 1.705% from 1.703% Thursday. Nymex crude sank 2.0% to a one-month low of $43.03 a barrel. Gold lost another 0.3% to $1,310 an ounce and silver was down 0.9% to $18.77 an ounce.

The U.S. Labor Department reported that CPI grew 0.2% on month in August (vs. +0.1% expected) and was up 1.1% on year (vs. +1.0% expected). On the other hand, the University of Michigan Consumer Sentiment Index remained unchanged at 89.8 in September (vs. 90.6 expected).

To sum up, as long as 102.45 holds on the upside, the pair is likely to drop to 101.45 at first. A break below this level would open the path to further weaknesses toward 101.15.

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 101.45. A break below this target will move the pair further downwards to 101.15. 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: 101.45, 101.15, 100.80

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Technical analysis of USD/CHF for September 19, 2016

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USD/CHF is expected to trade with bullish bias and upside movements are expected to prevail. The pair stands firmly above its horizontal support at 0.9755, and is holding on the upside. The upward momentum is further reinforced by its rising 50-period moving average, which maintains a bullish bias. Besides, the relative strength index is above its neutrality area at 50, and lacks downward momentum.

The US Labor Department reported that CPI grew 0.2% on month in August (vs. +0.1% expected) and was up 1.1% on year (vs. +1.0% expected). On the other hand, the University of Michigan Consumer Sentiment Index remained unchanged at 89.8 in September (vs. 90.6 expected).

To conclude, as long as 0.9755 holds on the downside, we remain positive and expect a bounce to 0.9840 and even to 0.9865.

Resistance levels: 0.9840, 0.9865, 0.9910

Support levels: 0.9735, 0.9710, 0.9665

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Technical analysis of NZD/USD for September 19, 2016

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NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair broke below its 20-period moving average but is still holding above its rising 50-period one, which is playing a support role and maintains the upside bias. A support base has formed around 0.7275, which should limit the downside potential. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. As long as the 0.7275 support is held, look for a further upside toward 0.7360 and even 0.7385 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 0.7360 and the second one at 0.7385. In the alternative scenario, short positions are recommended with the first target at 0.7250 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 0.7235. The pivot point is at 0.7275.

Resistance levels: 0.7360, 0.7385, 0.7410

Support levels: 0.7250, 0.7235, 0.7185

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