USD/CAD intraday technical levels and trading recommendations for September 22, 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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Gold analysis for September 22, 2016

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Since our previous analysis, gold has been trading upwards. The price tested the level of $1,336.86 in a high volume. The recent strength on Gold was caused due to FED Fund rate decision yesterday but today I found lack of professional interest for an upward movement. I found a broken upward trend line and sideways market near the price of $1,333.50. In the background, I found climatic action and widespread of the bar closing in the middle, which indicates that weakness. Using the market profile, I found potential downward targets. The first target is set at the price of $1,326.50 and second at the price of $1,320.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,326.60

R2: 1,327.00

R3: 1,328.00

Support levels:

S1: 1,324.85

S2: 1,324.30

S3: 1,323.40

Trading recommendations for today: Strong sign of weakness in the background and broken upward trend line. Watch for potential selling opportunities.

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Technical analysis of USD/JPY for September 22, 2016

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USD/JPY is under pressure. The pair is trading below its descending 20-period and 50-period moving averages and is likely to test its next support at 100.05. At the same time, 101.25 represents a strong resistance and the upside attempts should be limited by this level. Besides, the relative strength index has broken down its 30 level without showing any reversal signal. The U.S. Federal Open Market Committee pointed out in its policy statement, "the Committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives."

Meanwhile, a rate increase in December is still likely. According to the median projection of forecasts released with the statement, the number of rate increases to come this year has been lowered to one from two previously. Besides, Fed Chairwoman Janet Yellen told a news conference that one rate hike this year could be expected if the jobs market keeps improving.

To sum up, as long as the resistance at 101.25 is not surpassed, the pair is likely to drop to 100.05 at first, and even to 99.60 in extension.

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 100.05. A break below this target will move the pair further downwards to 9960. The pivot point stands at 101.25. 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 101.60 and the second one at 102.25.

Resistance levels: 101.60, 102.25, 102.75

Support levels: 100.05, 99.60, 99.25

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EUR/NZD analysis for September 22, 2016

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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5350 in a high volume. On the 30M time frame and using market profile, I found strength in the Aisan and European sessions. The price broke a downward trendline and created an upward trendline, which is a sign that buyers are in control and that selling looks risky. Be careful when selling and watch for buying opportunities. Take profit level are set at the price of 1.5420 -1.5460. Anyway, trade safely in the run-up to ECB President Draghi speech today.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5260

R2: 1.5290

R3: 1.5340

Support levels:

S1: 1.5170

S2: 1.5140

S3: 1.5090

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

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Technical analysis of USD/CHF for September 22, 2016

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USD/CHF is expected to follow a downside movement. The pair is trading below its key resistance at 0.9775 which maintains the strong selling pressure. Meanwhile, both 20-period and 50-period moving averages are heading downward, and are acting as resistance. Besides, the relative strength index has broken down its 30 level without showing any reversal signal. The U.S. Federal Open Market Committee pointed out in its policy statement, "the Committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives."

Hence, as long as 0.9775 is resistance, the intraday outlook remains bearish with a down target at 0.9705, if breakout, look for further decline to 0.9680 as likely.

Resistance levels: 0.9815, 0.9840, 0.9865

Support levels: 0.9680, 0.9660, 0.9620

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NZD/USD Intraday technical levels and trading recommendations for September 22, 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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Technical analysis of NZD/USD for September 22, 2016

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NZD/USD is expected to tade in a lower range as a bias remains bearish. The pair broke below its 20-period and 50-period moving averages and accelerated on the downside. The downward momentum is further reinforced by its declining 20-period and 50-period moving averages, which are playing resistance roles and maintain the downside bias. The relative strength index has broken down its 30 level and lacks upward momentum. As long as 0.7325 holds on the upside, look for a further drop toward 0.7270 and even 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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Intraday technical levels and trading recommendations for GBP/USD for September 22, 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 22, 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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Global macro overview for 22/09/2016

Global macro overview for 22/09/2016:

The Crude Oil Inventories data surprised global investors once again yesterday. Investors anticipated a nice build in the stockpiles up to the level of 2250k barrels after a drawdown of -559k barrels last week, but instead of that domestic inventories decreased to -6,200k barrels. The reason behind this huge contraction may lead to a leak in a gasoline pipeline occurred in Alabama last week, sparking a panic in the Eastern U.S. about possible fuel shortages. In the other news, Russian Federation Energy Minister Alexander Novak said that Russia is willing to discuss measures with other oil producers at the nearest OPEC meeting in Algeria on 26-28 September. He said it is only a proposal to freeze output, but he hopes for constructive talks in Algeria both with OPEC and non-OPEC producers.

Let's now take a look at the Crude Oil technical picture in the 4H time frame. The market is currently trading above all moving averages, but still below the technical resistance at the level of 46.53. The current trend is still down and the sequence of lower highs and lower lows supports this view.

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Global macro overview for 22/09/2016

Global macro overview for 22/09/2016:

Just as anticipated yesterday, the U.S. Federal Reserve kept the benchmark interest rate unchanged at the level of 0.25% in September but hinted in the Federal Open Market Committee (FOMC) statement that there will be one rate hike in 2016. Moreover, the first time since December 2014, three out of ten FOMC members dissented with the decision. Those officials were Esther George, Loretta Mester and Eric Rosengren and all of them voted against holding rates steady, preferring to raise rates immediately by a quarter-percentage point. In conclusion, the next interest rate hike might come as soon as December 2016, just after the presidential elections are over.

Let's now take a look at the EUR/USD technical picture in the 4H time frame. After the news release, bulls managed to break out higher above the technical resistance at the level of 1.1211 (now support) and it looks like they are heading higher towards the level of 1.1283. Nevertheless, it is worth to notice that none of the important levels has been violated and the market is still trading sideways.

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Technical analysis of NZD/USD for September 22, 2016

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Overview:

  • On the one-hour chart, the NZD/USD pair continues moving in a bullish trend from the support level of 0.7293.
  • Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
  • The bias remains bullish in the nearest term testing 0.7359 and 0.7389. Immediate resistance is seen around 0.7359 levels, which coincides with the daily pivot.
  • Moreover, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bullish opportunity above 0.7359.
  • So it will be good to buy at 0.7359 with the first target of 0.7389. It will also call for a n uptrend in order to continue towards 0.7430.
  • The strong weekly resistance is seen at the level of 0.7430.
  • However, if a breakout happens at the support level of 0.7263, then this scenario may be invalidated.
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Technical analysis of USD/CAD for September 22, 2016

USD/CAD is trading within a wide range, 1.2800 - 1.3200 areas. The pair found resistance at 1.3250 and corrected down to 50% Fibs (1.3035) that so far has been rejected with the candle close above this level.

At the same time, price is very close to 200-Moving Average that should, once again, act as support. Current price could be a good entry point to go long in order to profit from the potential corrective wave up.

Consider buying USD/CAD while price is near 1.3035, targeting nearest resistance area at 1.3145. The stop loss should be below the 200 MA, just below the 1.3000 psychological support.

Support: 1.3055, 1.3000

Resistance: 1.3145, 1.3250

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Technical analysis of AUD/CAD for September 22, 2016

As per my previous AUD/CAD analysis, the pair corrected to 50% Fibs (0.9975) applied to the channel breakout point providing a good opportunity to buy this pair. Consider holding long position to target either 23.6% (1.0060) or 0% Fibs (1.0140). The stop loss should be just below 61.8% level (0.9935)

Support: 0.9975, 0.9935

Resistance: 1.0015, 1.0060, 1.0140

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Technical analysis of USD/CAD for September 22, 2016

General overview for 22/09/2016:

As anticipated yesterday, the market reversed to the downside and has hit the intraday support at the level of 1.3030. Nevertheless, it does not look like the downward wave progression is now completed as there are still sub-waves missing. The intraday bias is still to the downside.

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 close the sell orders with profit at the level of 1.3030. Currently, day traders should refrain from trading and wait for another trading setup to occur shortly.

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Technical analysis of EUR/JPY for September 22, 2016

General overview for 22/09/2016:

The main impulsive count has been invalidated due to wave (1) and wave (2) overlaps, so now the alternative count is in play. According to this count, the market has made the bottom of the wave (b) at the level of 112.06 and now the wave (c) is in progress. The overall structure for this corrective wave structure might be in form of (a)(b)(c)(d)(e) triangle that will constitute the bigger time frame wave B.

Support/Resistance:

112.06 - Intraday support

112.36 - WS2

112.53 - Intraday Support

112.92 - WS1

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 112.06 and TP open for now.

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Technical analysis of USD/CHF for September 22, 2016

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Overview:

  • As expected the USD/CHF pair continues to move downwards from the areas of 0.9753 and 0.9733. Yesterday, the pair dropped from the level of 0.9753 to 0.9688. The price of 0.9753 coincides with a ratio of 61.8% Fibonacci on the H4 chart. Today, resistance is seen at the levels of 0.9733 and 0.9753. So, we expect the price to set below the strong resistance at the levels of 0.9733 and 0.9753; because the price is in a bearish channel now. Amid the previous events, the price is still moving between the levels of 0.9753 and 0.9648.In overall, we still prefer the bearish scenario as long as the price is below the level of 0.9753. Furthermore, if the USD/CHF pair is able to break out the bottom at 0.9688, the market will decline further to 0.9648 in order to test the double bottom in the H1 time frame. hence, the price will fall into a bearish trend in order to go further towards the strong support at 0.9648 to test it again. The level of 0.9648 will form a double bottom. On the other hand, if the price closes above the strong resistance of 0.9753, the best location for a stop loss order is seen above 0.9760.
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Technical analysis of GBP/JPY for September 22, 2016

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GBP/JPY is under pressure. The technical picture of GBP/JPY is negative. The pair broke below its key support at 131.75, which becomes a resistance now, and consolidated on the downside. The declining 50-period moving average suggests that the pair still has potential for further downside. The relative strength index is below its neutrality level at 50 and lacks upward momentum. As long as 131.75 is not broken, look for a further drop toward 111.90 and 111.20 in extension. Only a break above 113.00 would turn the outlook to positive with up targets at 130.50 and even 130.00.

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 130.50. A break below this target will move the pair further downwards to 130.00. The pivot point stands at 131.75. 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 132.45 and the second one, at 133.25.

Resistance levels: 132.45, 133.25, 134.75

Support levels: 130.50, 130.00, 129.25

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Daily analysis of major pairs for September 22, 2016

EUR/USD: Here, bulls made some attempt on September 21, 2016, to effect a rally in this market. But the rally was insignificant in the face of the current bearish bias. The EMA 11 is below the EMA 56, while the Williams' % Range period 20 is often not far from the oversold area. In this context, whenever the Williams % Range goes upwards, just as it is currently doing, it would be a transitory rally in the context of a downtrend.

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USD/CHF: There is a threat to the current bullish bias in the short term, as far as USD/CHF is concerned. Bears are making efforts to push price south, but bulls are trying not to let this happen easily. Since some fundamental figures are due today, it is OK to expect a moderate to strong movement.

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GBP/USD: Any rallies that occur on the Cable would be temporary, since the bias is bearish. Unless price goes above the distribution territory at 1.3350, long trades are not recommended. The indicators on the 4-hour chart all point to bearishness in the market. This is a weak market.

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USD/JPY: As it was mentioned in the last forecast, the USD/JPY pair broke downwards yesterday, moving below the supply level at 100.50. The bias has become bearish, and the demand levels are seen at 100.00, 99.50, and 99.00. Some fundamental figures are expected today and they may have an impact on the market.

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EUR/JPY: This is a bear market – just like most other JPY pairs. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. Since there is an ongoing Bearish Confirmation Pattern in the market, the demand zones at 112.00, and 111.50 could be tested any moment this week.

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Technical analysis of USDX for September 22, 2016

No surprise spike yesterday from the Fed and the Dollar is getting sold. Price showed us early signs in the morning by getting rejected at the horizontal resistance I pointed out in my last analysis. Price has broken through short-term support. The critical support level for bulls remains the 94.70-94.60 area.

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Black line - resistance

Green line - short-term support (broken)

Blue line - long-term support trend line

Price has broken through short-term support and is testing the 4 hour Ichimoku cloud. Breaking below it will increase the chances of a test of the blue trend line support. Remember that each time the index reached this blue trend line support, big upward bounce followed. This has happened three times. Will there be a fourth or will we see a breakdown and a bigger sell off?

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Green line - trend line support

Price is below the weekly cloud resistance. Yesterday's pressure on the Dollar has brought the weekly candle back below the tenkan-sen (red line indicator). The line in the sand for bulls is the green trend line support. If this trend line is broken we should expect the Dollar index to move towards 92. Overall there are more bearish signs for the Dollar than bullish ones.

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Technical analysis of Gold for September 22, 2016

Gold price has reached our short-term target after breaking above $1,319. Price is making higher highs and higher lows and has reversed confirming our bullish reversal signals I noted yesterday. Short-term trend is bullish but medium-term trend remains neutral as price remains trapped inside the multi-week trading range.

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Gold price has broken above the 4-hour cloud resistance. Gold price is now at the 61.8% Fibonacci retracement of the decline from $1,353. Important short-term support is at $1,320. Bulls do not want price to move below this level as this will increase the chances of breaking $1,300.

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Red lines - trading range

Black line - support trend line

Gold price has bounced off the lower cloud boundary and very close to the lower trading range boundary. This bounce was expected as I have been pointing out for the last few sessions bullish positions should be preferred around $1,300 and as long as price is above $1,300. The next big test will be the break of $1,350-60. A rejection here will increase the chances of breaking below $1,300 in the near future. However a break above $1,350-60 will open the way for $1,400 and higher.

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Elliott wave analysis of EUR/NZD for September 22, 2016

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Wave summary:

We continue to expect that minor resistance at 1.5330 will be able to act as a cap for renewed downside pressure towards 1.4705. In the short term, a break below minor support at 1.5200 will confirm the next decline closer to 1.4705.

Only an unexpected break above 1.5330 will delay the expected decline for a move closer to 1.5407 before lower again.

Trading recommendation:

We are short EUR from 1.5217 with stop placed at 1.5340 (we have removed our reversal order). If you are not short EUR yet, then sell near 1.5285 with the same stop at 1.5340.

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Elliott wave analysis of EUR/JPY for September 22, 2016

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Wave summary:

The rally from 112.49 failed miserably and turned back below the low before the BoJ meeting at 112.49 firmly tipping the count back in the triangle camp. This means that one more decline to below 109.49 should be expected, with the ideal downside target seen at 106.03.

A break below minor support at 112.05 will call for continuation lower to 109.49 and 108.58 as the next downside targets on the way to the ideal target at 106.03.

Trading recommendation:

The stop at 112.45 was hit. We will sell EUR at 112.85 or upon a break below 112.05. with stop placed at 114.45.

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EURUSD Technical Analysis for September 22, 2016.

Technical outlook and trade setups:

The EUR/USD pair had almost achieved its projected downside target at 1.1120 level yesterday before reversing sharply higher. The pair has managed to produce a counter trend rally through 1.1200 level till now and is expected to resume its down trend towards fresh lows. Please also note that the pair is stalling at a fibonacci 0.50% resistance level of the drop between 1.1283 and 1.1120 levels respectively. The wave structure indicates that a bearish reversal here is a strong probability that has potential to push lower towards fresh swing lows. It is hence recommended to initiate fresh short positions now, with risk at 1.1280 level. Immediate resistance is seen at 1.1213 level, while support is seen at 1.1120 level respectively.

Trading recommendations:

Initiate fresh short positions now, stop is at 1.1280, a target is open.

Good luck!

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Silver Technical Analysis for September 22, 2016.

Technical outlook and chart setups:

Silver has rallied swiftly through $19.90 level yesterday as expected and discussed. The metal is seen to be trading at $19.78 level after printing highs at $19.87 level early hours today. Please note that the metal is stalling at fibonacci 0.786 resistance of the drop between $20.10 and $18.65 respectively. The wave structure indicates that Silver might be turning lower from here either to retrace or to push towards fresh lows. Please note that $19.50 level remain crucial for bulls to stay in control going ahead. A break lower would confirm that a meaningful top is in place already and the metal is heading lower. It is hence recommended to book profits on long positions taken earlier and aggressive traders might want to take short positions, with risk at $20.30 level. Immediate resistance is seen at $20.10 level, while support is at $19.50 level respectively.

Trading recommendations:

Book profits on long positions taken earlier. Aggressive trade setup is to turn short, stop at $20.35 level, a target is open.

Good luck!

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Gold Technical Analysis for September 22, 2016.

Technical outlook and chart setups:

Gold has almost achieved minimum expectations by hitting highs at $1,335.00 level yesterday. The metal is seen to be trading at $1,333.00 level at the moment, looking to drop lower at least as a retracement. The wave structure indicates that Gold might have completed its counter trend rally yesterday and the metal should resume its drop lower towards fresh lows. This probability would be confirmed once it breaks below $1,320.00 level. Immediate resistance is seen at $1,340.00 level, while support is at $1,320.00 level respectively. It is hence recommended to take profits on long positions now and aggressive traders may initiate short positions with risk at $1,355.00 level. Please note that the metal looks to be into its last leg (wave 5) rally and it is still expected to rally through $1,380.00/90.00 levels going forward, probabilities are turning less though.

Trading recommendations:

Book profits on long positions taken earlier. Aggressive trade setup is to go short, stop is above $1,355.00, a target is open.

Good luck!

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

Technical analysis of EUR/USD for Sept 22, 2016

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When the European market opens, some economic data will be released such as ECB Economic Bulletin. The US is due to publish a series of macroeconomic reports such as Natural Gas Storage, CB Leading Index m/m, Existing Home Sales, HPI m/m, and Unemployment Claims. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1241.

Strong Resistance:1.1235.

Original Resistance: 1.1224.

Inner Sell Area: 1.1213.

Target Inner Area: 1.1187.

Inner Buy Area: 1.1162.

Original Support: 1.1150.

Strong Support: 1.1140.

Breakout SELL Level: 1.1134.

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

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

Technical analysis of USD/JPY for Sept 22, 2016

!_USD_JPY.jpg

In Asia, today Japan will not release any economic data. However, the US will a series of macroeconomic reports such as Natural Gas Storage, CB Leading Index m/m, Existing Home Sales, and HPI m/m, Unemployment Claims. 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: 100.75.

Resistance. 2: 100.55.

Resistance. 1: 100.36.

Support. 1: 100.11.

Support. 2: 99.918.

Support. 3: 99.71.

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

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

Daily analysis of USDX for September 22, 2016

The index had a bearish session during Wednesday, fueled by the Fed meeting and Yellen's comments, as the central bank didn't raise the interest rate but left the doors opened for a possible hike in December. By the way, the greenback is hovering below the 200 SMA and it could attempt a breakout of the 95.49 level. If that happens, then we may expect another decline towards the 95.00 level.

USDXH1.png

H1 chart's resistance levels: 95.79 / 96.14

H1 chart's support levels: 95.49 / 95.01

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 95.79, take profit is at 96.14 and stop loss is at 95.45.

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

Daily analysis of GBP/USD for September 22, 2016

GBP/USD rallied during Wednesday's session after the Fed meeting. The 1.3037 level is the next key resistance on the road. If the pair manages to gain fresh momentum above it, then we may see a breakout higher towards the 1.3116 level coinciding with the 200 SMA on the H1 chart. This level can act as dynamic resistance.

GBPUSDH1.png

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.

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