USD/CAD intraday technical levels and trading recommendations for September 21, 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) is 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.

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 21, 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 21, 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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Intraday technical levels and trading recommendations for EUR/USD for September 21, 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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EUR/NZD analysis for September 21, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5190. On the 30M time frame and using market profile, I found rejection from the point of control at the price of 1.5265. There is also a fake breakout of the downward trendline, which is a sign that selling pressure is strong. 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: 1.5300

R2: 1.5330

R3: 1.5375

Support levels:

S1: 1.5200

S2: 1.5170

S3: 1.5125

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

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Gold analysis for September 21, 2016

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Since our previous analysis, gold has been trading upwards. The price tested the level of $1,322.23 in a high volume. The price reached my take profit level from yesterday at the $1,309.50. According the 30M time frame and using the market profile, I found a selling tail in a high volume, which is a sign that sellers came in on the market. Strong point of control area is set at the price of $1,314.50. Be careful when buying Gold at this stage and watch for selling opportunities.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,320.75

R2: 1,322.10

R3: 1,324.10

Support levels:

S1: 1,316.15

S2: 1,315.00

S3: 1,312.70

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

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Technical analysis of NZD/USD for September 21, 2016

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Overview:

  • The NZD/USD pair faces resistance at 0.7329, while strong resistance is seen at 0.7359. Support is found at 0.7293 and 0.7236 levels. Today, the NZD/USD pair continues to move downwards from 0.7359 level. The pair fell from 0.7359 level. In consequence, the NZD/USD pair broke support at 0.7359 which turned into resistance. The 0.7329 level is expected to act as minor resistance. Hence, we expect the NZD/USD pair to continue moving in the bearish trend from 0.7359 level towards the target at 0.7293. In the long term, if the pair succeeds in passing through 0.7293 level , the market will indicate the bearish opportunity below 0.7293 level in order to reach the second target at 0.7236 (double bottom) in the H1 time frame. However, the 0.7236 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.7236 level as long as this level is not breached. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7236 and 0.7359; for that we expect a range of 123 pips in coming hours.
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Technical analysis of AUD/CAD for September 21, 2016

AUDCAD has been steadily rising after finding the bottom near 0.9800. Pair broke above the ascending channel, corrected down and today rejected the 50 Moving Average suggesting a continuation of an uptrend.

Consider buying AUDCAD on small corrective waves down towards 50% Fibs (0.9975), targeting either 23.6% (1.0060) or 0% (1.0140) Fibs applied to the channel breakout point. The stop loss should be just below the 61.8% Fibs (0.9935)

Support: 0.9935

Resistance: 1.0015, 1.0060, 1.0140

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Technical analysis of AUD/NZD for September 21, 2016

Following my previous analysis AUDNZD reached the first upside target at 38.2% Fibs (1.0370). No signs of a downtrend continuation can be seen at this point and therefore the corrective wave up is likely to continue, although to secure the profit stop loss could be moved to break even.

Consider holding long positions till the next target at 50% Fibs (1.0440) with a stop loss just below the 1.0300.

Support: 1.0280

Resistance: 1.0370, 1.0440, 1.0510

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Technical analysis of USD/CHF for September 21, 2016

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Overview:

  • There are no changes in my technical outlook. The bias remains bullish in nearest term testing 0.9800 or higher. 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, the breakdown of 0.9733 will allow the pair to go further down to the levels of 0.9713 and 0.9688.
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Global macro overview for 21/09/2016

Global macro overview for 21/09/2016:

The most anticipated event of the month, the US Federal Open Market Committee interest rate decision, statement, economic projections and press conference are scheduled for release at 06:00pm GMT. Market participants are expecting the interest rate to be left unchanged at the level of 0.50%, just like a month before. According to CME Group FedWatch Tool, the possibility of immediate interest rate hike to the level of 0.75% is only 15%, which is again in line with the overall consensus. In conclusion, no interest rate hike is expected, but overall hawkish comments on the press conference will be nothing special this time as the market is starting to discount the possibility of a December hike.

Let's now take a look at the EUR/USD technical picture in the 4H time frame. The recent bounce from the important intraday support at the level of 1.1120 did not last long and the bearish pressure to break this level is clearly visible. Please notice that the next support is almost 100 pips lower, so this is why any violation of the 1.1120 level might be a game changer for bulls.

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Global macro overview for 21/09/2016

Global macro overview for 21/09/2016:

The Bank of Japan has surprised the global investors and has left the interest rate unchanged at the level of -0.10%. Market participants had expected another rate cut deeper into a negative territory to -0.20%, but the BoJ left itself the option of cutting rates further in the future. Moreover, the annual monetary base hasn't been changed as well and BoJ left it at the level of 80 trillion yen, but it changed some internal operations within its policy that include: buying Japanse Government Bonds so 10YR curve hovers around zero, adopts commitment to let inflation shoot over 2% and scraps range for duration of JGBS that BoJ buys. Moreover, BoJ can cut short-term policy rate and accelerate the expansion of monetary policy base as future policy option. In conclusion, the Bank of Japan has done what every other major central bank this month has done so far. That is hold and wait to see what Federal Reserve decides this evening and hope they are due to raise the interest rate.

Let's now take a look at the USD/JPY technical picture after the news release. As we can see after the initial spike up the market returned to the pre-interest rate news release level and now the daily candle does not look very bullish at all. The higher time frame trend is still bearish, so the technical support at the level of 99.55 - 99.01 is the key zone here for all traders.

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Technical analysis of USD/CAD for September 21, 2016

General overview for 21/09/2016:

The intraday count has been slightly changed, but it 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. The growing bearish divergence between the price and the momentum oscillator support the bearish outlook.

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 21, 2016

General overview for 21/09/2016:

Another marginal lower low was hit in this pair after the Bank of Japan interest rate decision. Nevertheless, it looks like the wave c green is now completed as the five wave impulsive structure was terminated at the level of 112.53. This intraday support will be now the key level for the current impulsive count as any break out below it will likely lead to whole impulsive scenario invalidation.

Support/Resistance:

112.36 - WS2

112.53 - Intraday Support

112.92 - WS1

113.41 - Intraday Support

114.00 - Golden Trend Line Support

114.38 - 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 112.50 and TP open for now.

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Daily analysis of major pairs for September 21, 2016

EUR/USD: The EUR/USD pair went southwards yesterday, making the Bearish Confirmation Pattern on the chart more conspicuous. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. There is a possibility for more bearish movement, and price may test the support line at 1.1100.

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USD/CHF: There is a short-term "buy" signal on USD/CHF, and price is intent on going above the resistance level at 0.9800 in spite of the current uncertainties. 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: This market has come down further this week, now testing the accumulation territory at 1.2950. There is a bearish outlook in the short term and the long term, which makes it illogical to go long in the market right now. The only logical approach to this market is to sell rallies, in anticipation of more southwards trend.

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USD/JPY: This currency trading instrument has remained flat so far this week, but a rise in the momentum is expected this week, which would most probably favor bears. A closer look at the market reveals that the coming momentum would most probably cause further downwards movement. The EMA 11 is now below the EMA 56, and the RSI period 14 is below the level 50. A bearish signal is forming.

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EUR/JPY: The Bearish Confirmation Pattern in the EUR/JPY 4-hour chart has now become vivid. Price is currently trying to go below the demand zone at 113.50, targeting another demand zone at 113.00. The outlook on the cross remains bearish and further downwards movement is expected.

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Technical analysis of NZD/USD for September 21, 2016

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NZD/USD is under pressure. The pair has confirmed its bearish trend after the recent downside breakout of the previous support at 0.7325, which now acts as a resistance role. The downward momentum is further reinforced by its descending 50-period moving average, which should continue to push the prices lower. Besides, the relative strength index is mixed to bearish. To sum up, as long as the resistance at 0.7325 is not surpassed, the pair is likely to drop to 0.7270 at first, and even to 0.7250 in extension.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7270. A break below this target will move the pair further downwards to 0.7250. The pivot point stands at 0.7325. 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 0.7360 and the second one, at 0.7385.

Resistance levels: 0.7360, 0.7385, 0.7405

Support levels: 0.7270, 0.7250, 0.7235

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Technical analysis of GBP/JPY for September 21, 2016

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GBP/JPY is expected to trade with bullish bias above 131.90. The pair is consolidating and is trading below its 20-period and 50-period moving averages. The 20-period moving average is turning down while the relative strength index is below its neutrality level at 50. Nevertheless, 131.90 represents a significant key support level, which should limit the downside potential. As long as this key level is not broken, look for a further upside toward 134.05. A break above this level would call for a further advance toward 134.60.

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 134.05 and the second one at 134.60. In the alternative scenario, short positions are recommended with the first target at 131.35 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 130.90. The pivot point is at 131.90.

Resistance levels: 134.05, 134.60, 135.20

Support levels: 131.35, 130.90, 130

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Technical analysis of USDX for September 21, 2016

The Dollar index continued its uptrend after back testing broken resistance yesterday. Price is in a bullish short-term trend and is now approaching important long- and medium-term resistance levels. With the central banks of Japan, USA and Europe tomorrow on the wires, the Dollar index will surely get some increase in volatility.

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Black line - horizontal resistance

Blue line - long-term support trend line

Green line - short-term support trend line

The Dollar index continues to make higher highs and higher lows. Price is testing horizontal resistance at 96.30. Support is at 95.60. If this level is broken we should expect price to move towards the blue trend line support currently around 94.90.

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The Dollar index is below the weekly cloud. Another rejection here will be a bearish sign for the Dollar index and will increase the chances of breaking below the green trend line support. Resistance is at 96.55. Support is at 94.70 on a weekly basis. Important to see how this week closes. Will it make a lower high and reverse lower or will it break above the cloud resistance?

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Technical analysis of Gold for September 21, 2016

Wild swings in Gold price after the BOJ are testing both support and resistance. Currently Gold price is breaking above the latest short-term high after successfully testing short-term support at $1,308. Price has now the potential for an upside move at least towards $1,330.

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Gold price is expected to test at least the lower cloud boundary at $1,325 but with more probable target the upper cloud boundary and 161.8% extension of the first leg up. Short- and medium-term support is at $1,300. Gold is giving us bullish reversal signs as it has stopped making lower lows and lower highs.

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Red lines - trading range

Gold price has touched the lower cloud boundary on the daily chart and is bouncing higher towards the daily resistance by the tenkan-sen at $1.325. A daily close above $1,330 will open the way for a push even higher towards $1,350. A break below $1,300 will open the way for a push towards $1,200-$1,180.

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Silver Technical Analysis for September 21, 2016.

Technical outlook and chart setups:

Silver has swung both sides today hitting highs at $19.31 and lows at $19.00 level respectively. The metal is seen to be trading at $19.17 and it should be looking to rally towards $19.70 level at least from here. The wave structure indicates that the metal has produced an impulse from $18.65 level and drops should be corrective in nature. The metal should be well supported around $18.90 level if prices manage to reach there. It is hence recommended to continue holding long positions now, with risk at $18.00 levels. Immediate support is seen through $18.60 level, while resistance is at $20.10/20 levels respectively. Bulls are expected to remain in control till prices stay above $18.65 level going forward.

Trading recommendations:

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

Good luck!

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Gold Technical Analysis for September 21, 2016.

Technical outlook and chart setups:

Gold has touched $1,320.00 level today before dropping lower in a snap. The metal is trading at $1,311.50 level at this moment of writing, after hitting $1,307.00 lows. The metal should be looking to rally from the current levels and bulls should remain in control till prices stay above $1,306.00 levels going forward. Please note that the metal is testing a back side of a resistance trend line which should act as support now. The wave structure still looks constructive for bulls, with potential waves (1) and (2) having formed already. It is hence recommended to remain long with risk at $1,302.00 level for now. Potential still remains for bulls to take control from here and push prices towards $1,330.00 and $1,340.00 levels at least. 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; a target is $1,340.00 at least.

Good luck!

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Elliott wave analysis of EUR/NZD for September 21, 2016

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Wave summary:

We continue to look for the final decline close to 1.4705 to complete the long-term corrective decline from 1.9023. Ideally we will see minor resistance at 1.5330 protect the upside for a clear break below support at 1.5217, confirming the final decline to 1.4705 is developing.

Once the ending diagonal is complete near 1.4705, a new strong rally towards at least 1.5839 is expected.

Trading recommendation:

We sold EUR at 1.5217 with stop + reversal at 1.5340. Only sell a break below 1.5156 and use the same stop at 1.5340.

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Elliott wave analysis of EUR/JPY for September 21, 2016

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Wave summary:

Ahead of the BoJ meeting today, the JPY strengthened and EUR/JPY broke support at 113.11 indicating more downside pressure, which was seen to 112.49. BoJ decided to keep its negative rates unchanged. However, it abandoned the base money target and replaced it with a set of "yield curve controls" and finally it said, that it would continue to expand the monetary base until inflation exceeds 2%. All this together has weakened the JPY, which quickly moved back above 113.11 and more importantly above 114.03, which indicates more upside towards 116.08 and above here confirms that a long-term corrective low was seen at 109.49 and new long-term rally is developing.

That said, the uncertainty is huge at this point and we are currently in kind of "no man's land", where both directions still is possible.

Trading recommendation:

We sold at 113.10 and will take our stop here at 114.17 and buy EUR and place our stop at 112.45.

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Technical analysis of EUR/USD for Sept 21, 2016

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When the European market opens, the economic calendar lacks economic data from the eurozone. The US will release crucial reports such as Federal Funds Rate, FOMC Statement, FOMC Economic Projections, and Crude Oil Inventories. So amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1205.

Strong Resistance:1.1199.

Original Resistance: 1.1188.

Inner Sell Area: 1.1177.

Target Inner Area: 1.1151.

Inner Buy Area: 1.1125.

Original Support: 1.1114.

Strong Support: 1.1103.

Breakout SELL Level: 1.1097.

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 21, 2016

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In Asia, Japan will release the BOJ Press Conference, Monetary Policy Statement, and Trade Balance. The US will release some economic data such as Federal Funds Rate, FOMC Statement, FOMC Economic Projections, and Crude Oil Inventories. So there is a probability the USD/JPY pair will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 102.21.

Resistance. 2: 102.01.

Resistance. 1: 101.81.

Support. 1: 101.58.

Support. 2: 101.38.

Support. 3: 101.17.

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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USD/CHF close to major resistance, prepare to sell

Price is approaching major resistance at 0.9820 (Fibonacci projection, Fibonacci retracement, horizontal resistance) where we expect a reaction from for a drop to 0.9710.

RSI (21) is seeing resistance below 71% and is also held below a descending resistance line signalling a bearish move is in progress.

Sell below 0.9820. Stop loss is at 0.9845. Take profit is at 0.9710.

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EUR/AUD: inverse head and shoulders triggered, buy now

Price has dropped to our major support level at 1.4750 (Fibonacci retracement) where we expect a bounce from to at least 1.5100.

RSI (21) is seeing major support right below current RSI, which signals a bullish bounce is fast approaching.

Stochastics (21,3,3) is also seeing major support at the 5% level and has started to turn up, signalling a bounce is approaching.

Buy above 1.4750. Stop loss is at 1.4570. Take profit is at 1.5100.

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NZD/USD: bearish exit triggered, turn bearish

Price has broke our ascending support-turned-resistance line triggering a bearish drop to 0.7255. The key idea is to sell at around the resistance level from 0.7335 to 0.7360 (Fibonacci retracement, pullback resistance).Stochastics (21,3,3) has made a bearish exit triggering a bearish move and also displays bearish divergence vs price.

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AUDUSD close to major resistance, time to sell

Price is close to major resistance at 0.7565 (Fibonacci retracement, Fibonacci projection, horizontal resistance) where we expect a reaction from for a drop to 0.7525 before 0.7500. The strategy is to take half profit at 0.7525 and move your stop to breakeven. Then play the further drop to 0.7500.

RSI (21) has made a bearish exit of its ascending support-turned-resistance line triggering a bearish move from here.

Sell below 0.7565. Stop loss is at 0.7590. 1st take profit is at 0.7525. 2nd take profit is at 0.7500.

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EUR/USD: look to buy on dips for a bullish rise

Price is near a strong support level at 1.1125 (Fibonacci projection, horizontal support) where we expect a bounce from to at least 1.1200 major resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastics (34,3,3) is right above major support at 4%.

Buy above 1.1125. Stop loss is at 1.1075. Take profit is at 1.1200.

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AUD/NZD close to major resistance, prepare to sell

Price is close to major resistance at 1.0350 (Fibonacci projection, Fibonacci retracement, horizontal overlap resistance) where we expect a reaction from for a drop to 1.0290.

RSI (21) is seeing resistance at 64%, holding the bearish move we have.

Stochastics (21,3,3) is seeing major resistance at 88%, where we expect a similar reaction off.

Sell below 1.0350. Stop loss is at 1.0375. Take profit is at 1.0290.

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Daily analysis of USDX for September 21, 2016

USDX managed to recover most of the losses posted during Monday's session and currently it's poised to reach the resistance zone of 96.14. If the index attempts a breakout over there, then the next upside target will be found at 96.51, while a pullback should drive it to test the 200 SMA on the H1 chart. MACD indicator is reaching overbought conditions.

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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 21, 2016

GBP/USD faces support at the 1.2948 level ahead of the Federal Reserve's meeting due today in the American session's afternoon. Currently, the pair is showing weakness across the board, trading inside a negative territory established below the 200 SMA. If the pair manages to break the 1.2948 level, then it can test the 1.2868 level.

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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 20, 2016

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Overview

The GBP/JPY pair provided a new negative close below 133.90 to confirm the influence by the bearish bias domination. Please be aware of the attempt to form new negative waves by consolidating around 132.00 level, which allows us to wait until the next support at 132.10 is hit. It is essential to monitor the price behavior due to the importance of this level to detect the upcoming targets. Note that the continuation of the negative pressure and attempts to break the targeted support will open the way to record more negative targets that might extend towards 130.10 followed by 129.70 in the short run. The expected trading range for today is between 133.80 and 132.10

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Daily analysis of Gold for September 20, 2016

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Overview

Gold is trading sideways in a tight range since yesterday's evening. The precious metal is holding above the bullish trend line that appears on the chart. At the same time, stochastic attempts to get rid of its negativity and gain positive momentum in intraday time frames, which forms the positive factor that we are waiting to resume the bullish bias in the upcoming sessions. Its main targets are set at 1348.00 and later at 1375.00. Therefore, we still suggest the bullish trend on the intraday and short-term basis conditioned by the price stability above 1310.65 and 1297.75 levels. Breaking these levels represents the key to extend the correctional bearish wave to target 1249.94 areas before any new positive attempt.

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Daily analysis of Silver for September 20, 2016

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Overview

Silver price approached the key resistance level at 19.38 yesterday after it managed to breach the EMA50 and hold above it, forming good support base. It supports the chances of breaching the mentioned level followed by prospects of a further rise in the short term. Therefore, we are waiting for an upward in the upcoming sessions. Breaching 19.38 will ease the mission of heading towards the previously recorded top at 21.12 as the next main station. Let me remind you that holding above 18.30 represents the key condition to achieve the suggested targets. The expected trading range for today is between 19.00 support and 19.70 resistance.

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