NZD/USD Intraday technical levels and trading recommendations for September 23, 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 23, 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 23, 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 23, 2016

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Recently, EUR/NZD has been moving upwards. Like I expected, the price tested the level of 1.5464 in a high volume. EUR/NZD reached two targets from yesterday. On the 30M time frame and using market profile, I found strength in the Aisan and European sessions. I also found successful rejection from yesterday's point of control at 1.5335. Be careful when selling and watch for buying opportunities. Upward target is set at the price of 1.5500 (round number and swing high).

Fibonacci Pivot Points:

Resistance levels

R1: 1.5375

R2: 1.5425

R3: 1.5510

Support levels:

S1: 1.5200

S2: 1.5150

S3: 1.5070

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

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Gold analysis for September 23, 2016

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Since our previous analysis, gold has been trading sideways at the price of $1,337.50. The recent strength on Gold was caused due to FED Fund rate decision this week but today I found lack of professional interest for an upward movement. I found a broken upward trend in the background. Using the market profile, I found point of control from yesterday at the price of $1,332.60. 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: 1,339.20

R2: 1,339.30

R3: 1,339.50

Support levels:

S1: 1,338.90

S2: 1,338.80

S3: 1,338.65

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 AUD/CHF for September 23, 2016

AUD/CHF found the support near 0.7260 and started to move higher producing higher highs and higher lows. Pair broke above the 50 and 200 Moving Averages suggesting that the overall trend is bullish.

Yesterday AUD/CHF found the support at the lower trendline of the ascending channel and this support level corresponds with the rate where 50 MA was rejected - 0.7392.

Consider buying AUDCHF while the price is near 0.7400, targeting either 161.8% ( 0.7450) or 261.8% (0.7525) Fibonacci retracement levels applied to the last corrective wave down. The suggested stop loss is 0.7380.

Support:0.7392

Resistance: 0.7445, 0.7475, 0.7525

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Technical analysis of EUR/AUD for September 23, 2016

EURAUD steadily moving down and this week broke below the ascending channel. Pair found a resistance the rejection level of the 50 Moving average. This level also corresponds with the 50% (0.4707) Fibs applied to the channel breakout level.

While this resistance is holding consider selling EURAUD, targeting either 38.2% (1.4615), 23.60% (1.4500) or 0% (1.4317) Fibs. The suggested stop loss is 1.4750.

Support: 1.4615, 1.4500, 1.4317

Resistance: 1.4707, 1.4800

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Global macro overview for 23/09/2016

Global macro overview for 23/09/2016:

The US September Manufacturing Purchasing Manager Index is scheduled for release at 01:45 GMT and the index is expected to have declined a bit to 51.9 from 52 in August as the reading in July was 52.9, which was an eight-month high. It's a leading indicator of economic health as businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy. As long as the index stays above the 50-point level, the manufacturing sector of the US economy is expanding, so this kind of reading is a Dollar positive news.

Let's now take a look at the EUR/USD technical picture in the 4H time frame. Another set of lower highs has been made this week and the situation looks increasingly worse for bulls. None of the key levels has been violated yet, but it looks like bulls are unable to break out higher above the level of 1.1283. On the other hand, any break out below the level of 1.1120 will open the road to the next support at the level of 1.1043.

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Technical analysis of NZD/USD for September 23, 2016

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Overview:

  • The NZD/USD pair faces resistance at 0.7283, while strong resistance is seen at 0.7370. Support is found at 0.7218 and 0.7155 levels. Today, the NZD/USD pair continues to move downwards from 0.7283 level. The pair could fall from 0.7283 level to the first support around 0.7218. As a consequence, if the NZD/USD pair will break support at 0.7218, this level will turn into resistance today. In the H1 time frame, the 0.7283 level is expected to act as minor resistance. Hence, we expect the NZD/USD pair to continue moving in the bearish trend from 0.7283 level towards the target at 0.7218 and 0.7155. In the short term, if the pair succeeds in passing through 0.7155 level , the market will indicate the bearish opportunity below 0.7155 level in order to reach the third target at 0.7077. Overall, we still prefer the bearish scenario below the area of 0.7283. However, the 0.7077-0.7155 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.7077 level as long as this level is not breached.

Intraday technical levels:

  • R3: 0.7484
  • R2: 0.7421
  • R1: 0.7370
  • PP: 0.7288
  • S1: 0.7218
  • S2: 0.7155
  • S3: 0.7077
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Global macro overview for 23/09/2016

Global macro overview for 23/09/2016:

The Vice-President of the European Central Bank, Vitor Constancio, said today at conference session entitled "Low interest rates and the implications for financial stability" at 06:45 GMT in Frankfurt, that a FED interest rate hike in December 2016 would show that it's possible to normalise inflation with time and prove that monetary policy could do it. The reason for a possible FED interest rate hike is the end of the presidential campaign in the USA and a possibility establishing a good relationship with the new president. Moreover, more clues could be concluded from today's speeches from Federal Reserve presidents. These will be the first speeches after the Fed's recent meeting, and any hints on whether the rate hike will be coming in December would be appreciated by investors.

Let's now take a look at the US Dollar index after the FED interest rate decision at the daily time frame. After the initial spike up the index reversed and now it is trading in the middle of the congestion zone. The golden trend line is still providing the support, but any of the important levels was violated. The next resistance is seen at the level of 96.27 and 96.52. The next support is seen at the level of 95.05.

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Technical analysis of USD/CHF for September 23, 2016

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Overview:

  • The USD/CHF pair dropped from the level of 0.9733 to the bottom around 0.6581. But the pair has rebounded from the bottom of 0.9660 to close at 0.9703. Today, the first support level is seen at 0.9688, and the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.9688, which coincides with the 23.6% Fibonacci retracement level. This resistance has been rejected several times confirming the downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the USD/CHF pair is able to break out the first support at 0.9688, the market will decline further to 0.9648 in order to test the daily support 2. In the H1 time frame, the pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9688 with the first target at 0.9648 and further to 0.9600. At the same time, the breakdown of 0.9753 will allow the pair to go further up to the levels of 0.9818 in order to test the double top.
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Technical analysis of USD/CAD for September 23, 2016

General overview for 23/09/2016:

The market has completed the wave iii of the overall impulsive structure and now the counter-trend corrective move in wave iv is in progress. 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

1.3000 - 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 23, 2016

General overview for 23/09/2016:

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 recent break out above the intraday resistance at the level of 112.53 (now support) means the bulls have regained their strength. Nevertheless, there is still possibility that the overall structure for this corrective wave 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

113.50 - Intraday Resistance

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 USDX for September 23, 2016

The Dollar index bounced yesterday but could not retake the 95.70 level. Price tried to bounce but got rejected once again. Short-term trend is bearish but medium-term trend remains neutral as price is still trapped between 94.60 and 96.60.

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Black line - horizontal resistance

Green line -short-term support (broken)

Blue line - medium-term support

Price is bouncing towards the green trend line support that is broken. Price is also bouncing off the lower Ichimoku cloud boundary. This back test could continue today as price could continue the bounce towards 95.70-95.90. Short-term support is at 95.30. A 4 hour close below this support will open the way for a test of the blue trend line support.

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Green line - very important medium-term trend line support

The weekly candle is weak and below the weekly tenkan-sen (red line indicator). Price remains below the weekly cloud which favors bearish sentiment and the bearish scenario. However bulls still manage to hold above the green trend line support despite the Fed not hiking. If Dollar bears are not able to push the index below the green line when the Fed is not hiking...what will? Technically bulls are still alive but will also need to overcome the cloud resistance at 96.50 to get in control of the medium-term trend.

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Technical analysis of Gold for September 23, 2016

Gold price could have finished the upside move from $1,308 and could start a correction towards $1,320. Price remains still inside the long-term sideways trading range of $1,300-$1,360 and as long as we are inside this range there will be no clear signal.

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Gold price has broken above the 4 hour cloud resistance and could be back testing it now. At the upper cloud boundary we also find the 38% Fibonacci retracement of the rise from $1,308. This short-term support level could be seen today. Bulls need to break out of the this range and only a break above $1,360 will confirm our bullish scenario for new highs.

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Red lines - trading range

Black line - medium-term support

Gold has reached yesterday the upper cloud boundary and got rejected. Price is above both the tenkan- and kijun-sen indicators implying that bulls might still be in control. However for a confirmation of this strength we will need to see a daily close above the cloud. A break out of the trading range will be an important long-term bullish signal. I remain long-term and short-term bullish. Only a break below $1,300 will change my short-term view.

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EUR/JPY approaching major resistance, prepare to sell

Price is approaching major resistance at 113.50 (Fibonacci retracement, horizontal overlap resistance, Fibonacci projection) and we expect price to react off that level for a drop to 112.10.

RSI (21) is seeing major resistance from our descending resistance line showing that our bearish move is still in progress.

Sell below 113.50. Stop loss at 114.00. Take profit at 112.10.

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EUR/AUD right on channel support, buy now

Price is right on channel support at 1.4650. We consider buying at this level for a small push up to strong resistance at 1.4900.

RSI (21) is right on an area of support where we expect a bounce from.

Stochastics (21,3,3) is also bouncing above our 5% support signalling a bounce is fast approaching.

Buy above 1.4650. Stop loss at 1.4570. Take profit at 1.4900.

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NZD/USD profit target reached perfectly, look to sell on break of the channel

Price is seeing channel support at 0.7290. We need price to break that level to open a drop to 0.7235.

RSI (21) is also seeing ascending support, which similarly needs to be broken to open the move down to 0.7235 in relation to price.

Sell below 0.7290. Take profit at 0.7235. Stop loss at 0.7325.

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USD/JPY bounced perfectly above our support, remain bullish

USD/JPY bounced above our major support at 100.00 (a big figure, Fibonacci projection, horizontal support) and we expect a further bounce above 100.50 to reach our profit target of 101.45. Stop loss is adjusted to 100.00 for breakeven to protect our profits.

RSI (21) is displaying bullish divergence vs price signalling a reversal is impending.

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EUR/USD reversed below our stop loss, remain bearish

Price rose and reversed below our stop loss level. We remain bearish looking to sell below 1.1225 now that price has reintegrated back into our descending channel, playing the drop all the way to 1.1160.

RSI(21) has reacted off resistance at 76% signalling a bearish move is in progress.

Stochastics (21,3,3) has reacted off our 89% resistance as expected from yesterday and still has good downside potential to continue playing the drop.

Sell below 1.1215. Stop loss at 1.1260. Take profit at 1.1160.

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AUD/NZD right at major resistance, time to start selling

Price is now on major resistanceat 1.0475 (horizontal overlap resistance, Fibonacci retracement, Fibonacci projection) where we expect a reaction from and a drop to 1.0340.

Stochastics (21,3,3) is right on resistance at 91% too where we expect a similar bearish reaction from.

Sell below 1.0500. Stop loss at 1.0535. Take profit at 1.0340.

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Elliott wave analysis of EUR/NZD for September 23, 2016

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Wave summary:

The break above 1.5330 has altered the count for wave [iv]. Instead of being complete at 1.5510 wave [iv] is turning into a triangle consolidation and needs a couple of squiggles more to completed the triangle, but once complete a final decline towards 1.4705 should be seen to complete the long-term corrective decline from 1.9023 and set the stage for a strong recovery.

Wave [c] of the triangle consolidation is currently unfolding and should ideally terminate at 1.5446 for wave [d] lower to 1.5211 and then the final wave [e] should make a mini rally to max. 1.5390 and the lower in wave [v] to 1.4705.

Trading recommendation:

Our stop at 1.5335 was hit. We will sell EUR again at 1.55440 with stop + reverse placed at 1.5515.

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Technical analysis of USD/JPY for September 23, 2016

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USD/JPY is expected to trade with a bearish bias as the key resistance at 101.60. The pair posted some technical rebounds last night, but is still trading below its key horizontal resistance at 101.60, and the upside attempts should be limited by this level. At the same time, the relative strength index is mixed to bearish, and lacks upward momentum. Even though a continuation of the technical rebound cannot be ruled out at the current stage, its extent should be limited.

On the economic data front, the U.S. Labor Department reported that initial jobless claims dropped 8,000 on week to 252,000 for the week ended September 17 (vs. 261,000 expected). The National Association of Realtors said existing home sales fell to 5.33 million units in August (vs. 5.45 million units expected) from 5.38 million units in July. The Conference Board announced that the Leading Index declined 0.2% on month in August (vs. +0.0% expected).

To conclude, as long as 101.60 is not broken up, the pair is likely to drop to 100.50 at first, if breakout, look for further decline to 100.05 as likely.

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 100.50. A break below this target will move the pair further downwards to 100.05. The pivot point stands at 101.60. 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 102.05 and the second one at 102.35.

Resistance levels: 102.05, 102.35, 102.75

Support levels: 100.50, 100.05, 99.60

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Elliott wave analysis of EUR/JPY for September 23, 2016

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Wave summary:

We are currently looking for wave [iii] lower towards at least 108.58. In the short term, a break below minor support at 112.79 will indicate downside acceleration through the 112.05 low towards 108.58 and maybe even lower.

We are currently in the final impulsive decline of the correction that started way back at the 149.56 high. The ideal target for this final decline is seen at 104.15, from where a strong recovery is expected.

Trading recommendation:

We sold EUR at 112.85 with stop placed at 114.45. If you are not short EUR yet, then sell a break below 112.79 and place your stop at 113.55.

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Technical analysis of USD/CHF for September 23, 2016

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USD/CHF is under pressure. The pair is trading below its horizontal resistance at 0.9720, which maintains the strong selling pressure. At the same time, the descending 50-period moving average acts as a resistance role. Besides, the relative strength index is below its neutrality area at 50 and lacks upward momentum. On the economic data front, the U.S. Labor Department reported that initial jobless claims dropped 8,000 on week to 252,000 for the week ended September 17 (vs. 261,000 expected). The National Association of Realtors said existing home sales fell to 5.33 million units in August (vs. 5.45 million units expected) from 5.38 million units in July. The Conference Board announced that the Leading Index declined 0.2% on month in August (vs. +0.0% expected).

Hence, as long as 0.9720 is resistance, the intraday outlook remains bearish with a down target at 0.9660, if breakout, look for a further decline to 0.9635 as possible.

Resistance levels: 0.9745, 0.9770, 0.9815

Support levels: 0.9660, 0.9635, 0.9600

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EURUSD Technical Analysis for September 23, 2016.

Technical outlook and chart setups:

The EUR/USD pair extended its counter trend rally towards 1.1250/60 levels yesterday before reversing lower again. It is seen to be trading at 1.1198 levels, looking to produce a lower high at 11220/30 levels today before again resuming lower. Please note that the pair has turned bearish from fibonacci 0.786 resistance levels of the earlier drop and also the trend line resistance. Furthermore, the pair has also produced an evening star, indicating a potential reversal. The wave structure indicates that a bearish resumption here is a strong probability that has potential to push lower towards fresh swing lows. It is hence recommended to remain short now, with risk at 1.1280 levels. Immediate resistance is seen at 1.1283 levels, while support is seen at 1.1120 levels respectively.

Trading recommendations:

Remain short now, stop is at 1.1280, a target is open.

Good luck!

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Technical analysis of NZD/USD for September 23, 2016

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NZD/USD is expected to trade in a lower range as the pair is capped by a negative trend line. Despite the recent rebound, the pair is still holding on the downside, capped by a descending trend line since September 22. The downward momentum is further reinforced by its falling 50-period moving average, which should continue to push the prices lower. Besides, the relative strength index is below its neutrality area at 50 and lacks upward momentum. To sum up, as long as 0.7320 is not surpassed, the pair is likely to drop to 0.7250, if breakout, look for a further downsides to 0.7235.

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 0.7250. A break below this target will move the pair further downwards to 0.7235. The pivot point stands at 0.7320. 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 0.7340 and the second one, at 0.7370.

Resistance levels: 0.7340, 0.7370, 0.7405

Support levels: 0.7250, 0.7235, 0.720

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Technical analysis of GBP/JPY for September 23, 2016

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GBP/JPY is expected to trade with a bullish bias above 131.05. The pair is consolidating but is still trading above its rising 50-period moving average, which plays support role and maintains the upside bias. A support base has formed around 112.60, which should limit the downside potential. The relative strength index is around its neutrality level at 50 and lacks downward momentum. As long as 131.05 holds on the downside, the pair is likely to post a technical rebound toward 132.45. A break above this level would call for further advance toward 133.25.

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 132.45 and the second one at 133.25. In the alternative scenario, short positions are recommended with the first target at 130.40 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 130.00. The pivot point is at 131.05.

Resistance levels: 132.45, 133.25, 134.75

Support levels: 130.40, 130.00, 129.25

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Silver Technical Analysis for September 23, 2016.

Technical outlook and chart setups:

Silver had rallied through $20.05 level yesterday, beyond our expectations before pulling back. The metal is seen to be trading at $19.80 level after for now, and should be looking lower if $20.05 level holds well. 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 $19.70 and $19.50 levels remain crucial for bulls to stay in control going ahead. A break lower would confirm that a meaningful top is already in place and the metal is heading lower. It is hence recommended to remain short, with risk at $20.30 level. Immediate resistance is seen at $20.10 level, while support is at $19.70 level respectively.

Trading recommendations:

Aggressive trade setup is to turn short, stop is at $20.35 levels, a target is open.

Good luck!

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Gold Technical Analysis for September 23, 2016.

Technical outlook and chart setups:

Gold had rallied through $1,343.00 level yesterday before pulling back. Please also note that the metal has reacted at fibonacci 0.786 resistance of its earlier drop between $1,352.00 through $1,306.00 levels. The metal is seen to be trading lower at $1,334.00 level for now, looking to form a lower top and reverse. The wave structure indicates that Gold might have completed its counter trend rally and the metal should resume its drop lower towards $1,300.00 level. This probability would confirm once it breaks below $1,330.00 level. Immediate resistance is seen at $1,345.00 level, while support is at $1,330.00 level respectively. It is hence recommended to remain short now with risk at $1,355.00 level.

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 23, 2016

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When the European market opens, a series of economic data will be released such as Belgian NBB Business Climate, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI. The US is due to publish Flash Manufacturing PMI. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1258.

Strong Resistance:1.1252.

Original Resistance: 1.1241.

Inner Sell Area: 1.1230.

Target Inner Area: 1.1204.

Inner Buy Area: 1.1178.

Original Support: 1.1167.

Strong Support: 1.1156.

Breakout SELL Level: 1.1150.

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 23, 2016

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In Asia, Japan will release the All Industries Activity m/m and Flash Manufacturing PMI. The US is due to publish Flash Manufacturing PMI. 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: 101.61.

Resistance. 2: 101.41.

Resistance. 1: 101.21.

Support. 1: 100.97.

Support. 2: 100.77.

Support. 3: 100.57.

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 major pairs for September 23, 2016

EUR/USD: Bulls are trying to push up the EUR/USD market, but with very limited success. Price must go above the resistance line at 1.1300 before there could be a clean bullish signal in the market. Otherwise, the current rally attempt would end up being another chance to go short.

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USD/CHF: There is a Bearish Confirmation Pattern in the USD/CHF market. The EMA 11 is below the EMA 56, while the Williams' % Range period 20 is often around the oversold territory. The rational thing to do now is to look for short-selling opportunities, especially when price bounces of some resistance lines like 0.9700 and 0.9750.

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GBP/USD: The outlook on the cable is bearish, although price endeavored to rally on September 22, 2016. This rally might be taken as an opportunity to go short at better prices, unless the distribution territory at 1.3350 is eventually breached to the upside, and this is something that would require very strong buying pressure.

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USD/JPY: This is a bear market in the short term. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Further bearish movement is expected, which would enable price to test the demand levels at 100.50 and 100.00. The demand level at 100.50 was recently tried and it would be retried soon.

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EUR/JPY: This cross is a bear market in the short-term. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Further bearish movement is expected, which would enable price to test the demand zones at 112.50 and 112.00. The demand level at 112.50 was recently tried and it would be retried soon.

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Daily analysis of USDX for September 23, 2016

USDX had a very bearish early session on Thursday as expected, following the FOMC meeting and Yellen's comments on Wednesday, but it managed to erase most of its gains and currently, the index is facing the resistance zone of 95.49. If we see a breakout higher, then we could expect that USDX consolidates above the 200 SMA and rise towards the 95.79 level, where it was a formed a key demand zone during September 19-20th sessions.

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H1 chart's resistance levels: 95.49 / 95.79

H1 chart's support levels: 95.01 / 94.61

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 95.49, take profit is at 95.79 and stop loss is at 95.19.

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

Daily analysis of GBP/USD for September 23, 2016

The pair managed to extend the recovery post-Fed, but it was rejected by the 200 SMA on H1 chart, around the 1.3116 level. Currently, we're expecting a downfall continuation towards the support level of 1.3037 in the first instance, as the bearish structure seems to be strong on a short-term basis. MACD indicator is on negative territory, supporting further bearish bias.

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H1 chart's resistance levels: 1.3116 / 1.3225

H1 chart's support levels: 1.3037 / 1.2948

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3037, take profit is at 1.2948 and stop loss is at 1.3123.

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