Technical analysis of USD/CHF for September 26, 2016

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USD/CHF is expected to trade with bullish bias above 0.9660. The pair stands firmly above its horizontal support at 0.9660, which should limit the downside attempts. In addition, the relative strength index lacks downward momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. On Friday, U.S. stock indexes gave back a part of gains made in the previous three sessions. Energy shares were weighed down by a 4% plunge in oil prices, while telecom and real estate stocks posted gains. The Dow Jones Industrial Average fell 131 points (-0.7%) to 18,261, the S&P 500 dropped 12 points (-0.6%) to 2,164, and the Nasdaq Composite was down 33 points (-0.6%) to 5,305.

Hence, as long as 0.9660 holds on the downside, we remain positive, and expect a new rise to 0.9745 (Sept 23 top) at first. A break above this level would open the path to further advance towards 0.9775. Alternatively, below 0.9660, the next down targets would be 0.9635 and 0.9605.

Resistance levels: 0.9745, 0.9770, 0.9815

Support levels: 0.9635, 0.9610, 0.9575

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Technical analysis of NZD/USD for September 26, 2016

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Downside movement is expected to prevail in NZD/USD. The pair is still trading within an intraday bearish channel and has recorded a succession of lower tops and lower bottoms since September 22, which confirmed a bearish outlook. Meanwhile, the falling 50-period moving average acts as a resistance role, which should continue pushing prices lower. Furthermore, 0.7290 represents a key resistance, and the upside potential should be limited by this level. In these perspectives, as long as 0.7225 is not broken up, the pair is likely to pull back to its next level at 0.72225, and even to 0.7200 as possible.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7225. A break below this target will move the pair further downwards to 0.7200. The pivot point stands at 0.7290. 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 0.7315 and the second one, at 0.7340.

Resistance levels: 0.7315, 0.7340, 0.7370

Support levels: 0.7225, 0.7200, 0.7175

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Technical analysis of GBP/JPY for September 26, 2016

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GBP/JPY is expected to trade with bearish bias as key resistance is at 131.25. The pair is posting some rebounds, but is still under pressure below its key horizontal resistance at 1.3010, which maintains the strong selling pressure. The downward momentum is further reinforced by a descending 50-period moving average. Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited. As long as 131.25 is not surpassed, the pair is likely to drop to its nearest support at 129.40. In case of a breakout, look for further downsides to 129.10.

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 129.40. A break below this target will move the pair further downwards to 129.10. The pivot point stands at 131.25. 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 131.65 and the second one, at 132.30.

Resistance levels: 131.65, 132.30, 133.25

Support levels: 129.40, 129.10, 128.35

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USD/CAD intraday technical levels and trading recommendations for September 26, 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 26, 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 two weeks ago.

S/L should be lowered to 0.7400. 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 26, 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 a significant bearish rejection was expressed.

The price zone between 1.3845 and 1.3550 (historical bottoms in January 2009) was considered a significant demand zone to be watched for bullish recovery.

However, by the end of June, a significant bearish breakdown below 1.3550 was expressed as seen on the depicted charts (due to fundamental reasons).

Bearish persistence below the demand level at 1.3550 enhances the bearish scenario towards 1.2700 (nearest bearish projection target) where price action should be watched for a possible short-term BUY entry.

On the other hand, the price zone of 1.3845-1.4040 constitutes the recent supply zone to be watched for new SELL entries if the current bullish pullback extends above 1.3550 (significant supply level to be watched for sell entries as well).

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 26, 2016

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In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450.

In March 2015, the EUR/USD bears challenged the next monthly demand level around 1.0570, which had been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.

Again in February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the bullish pullback.

That is why, recent bearish rejection was expected around the current price levels (note the monthly candlesticks of May, June, and August).

In the long term, the level of 0.9450 will remain a projected bearish target if the current monthly candlestick closes below the depicted monthly demand level of 1.0570.

On the other hand, note that a monthly candlestick closure above 1.1400 invalidates this bearish outlook on an intermediate-term basis (low probability).

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The long-term outlook for the EUR/USD pair remains bearish as the monthly chart illustrates. Bearish fixation below 1.1000 is needed to enhance this bearish scenario.

On July 27, the EUR/USD pushed above the price zone of 1.1000-1.0950 (previous consolidation range). Hence, further bullish advance towards 1.1250 was executed as expected.

Temporary bullish breakout was expressed above the price zone of 1.1250 (supply level 1). However, significant bearish rejection was seen on August 26.

On September 6, evident bullish recovery and a temporary bullish breakout above 1.1250 were expressed, but evident bearish pressure was expressed on the pair on September 16.

Bearish closure below 1.1250 (supply level 1) should be achieved and defended to maintain enough bearish pressure and enhance the bearish side in the market. Initial bearish targets are 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 the entry level.

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Technical analysis of NZD/USD for September 26, 2016

Last week NZDUSD broke below the uptrend trend line while trading below both 50 and 200 Moving Average. The Fibonacci applied to the trend line breakout point shows that the pair broke below the 38.2% Fibs support but have not tested 23.6%.

Currently, NZDUSD is trading right at the 50% Fibs level and testing the 50 Moving Average, which should act as resistance.

Consider selling NZDUSD while the rate is near the 50% Fibs (0.7265), targeting either 38.2% (0.7240), 23.6% (0.7210) or 0% Fibs (0.7160) as the final downside target. The stop loss should be above the 50 Moving average and 50% Fibs - 0.7280.

Support: 0.7240, 0.7210, 0.7160

Resistance: 0.7265, 0.7290

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Technical analysis of NZD/CHF for September 26, 2016

NZDCHF is clearly trending down and currently is below both 50 and 200 Moving Averages. The pair broke below the descending channel and yet failed to test any of the Fibonacci support levels applied to the channel breakout point.

Consider selling NZDCHF near the channel breakout point - 0.7022, targeting either 38.2% (0.6980), 23.6% (0.6927) or 0% Fibs (0.6842). The stop loss should be just above the 50 Moving average, approximately 0.7045.

Support: 0.6980, 0.6927, 0.6842

Resistance: 0.7022, 0.7065

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Gold analysis for September 26, 2016

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Since our previous analysis, gold has been trading sideways at the price of $1,336.50. The breakout of an upward trend line is still active and my advice is to watch for selling opportunities. I found the supply trend line and lower swing highs, which is a sign of weakness. Using the market profile, I found a neutral day. Watch for selling opportunities. Target levels are set at the price of $1,332.75, $1,326.50, and $1,320.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,342.70

R2: 1,343.20

R3: 1,344.00

Support levels:

S1: 1,341.00

S2: 1,340.45

S3: 1,339.60

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

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EUR/NZD analysis for September 26, 2016

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Recently, EUR/NZD has been moving upwards. Like I expected, the price tested the level of 1.5546 in a high volume. EUR/NZD reached my third target at 1.5500. Anyway, on the 30M time frame, I found neutral profile today and sideways market, using market profile. In the background there is a broken upward trendline, which is sign that EUR/NZD may start downward correction. Be careful when buying EUR/NZD at this stage and watch for selling opportunities. Downward targets are set at the price of 1.5440 and 1.5380.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5535

R2: 1.5595

R3: 1.5687

Support levels:

S1: 1.5350

S2: 1.5290

S3: 1.5200

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

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Global macro overview for 26.09.2016

Global macro overview for 26/09/2016:

Crude oil prices on the stock market in New York are rising after the fastest decline in more than two months. The reason behind this advance can be attributed to the Saudis who have proposed to freeze oil supplies to the markets at the level last seen in January of this year. It is an "open gate" to reach an agreement to reduce oil supply by OPEC members. Representatives of Saudi Arabia had already talked with Iran, but after two days of "preliminary" consultations prior to the meeting of OPEC, both sides did not reach any agreement. The Saudis are willing to pump less oil if Iran freezes its supply of raw materials at current levels. In conclusion, all eyes on the final outcome of the informal OPEC meeting on the sidelines of the International Energy Forum in Algeria (September 26-28), where they will discuss a possible deal to limit output.

Let's now take a look at the Crude Oil technical picture on the 4H time frame. It looks like another lower high has been made just at the recent technical resistance at 46.53. Since then, the market slid down about $2 in an attempt to fill the gap, but has failed and pushed up a little. Currently, the market awaits the outcome of the OPEC meeting, so it trades in the middle of the trading range between the levels of 44.20 - 46.53.

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Global macro overview for 26/09/2016

Global macro overview for 26/09/2016:

Today the first presidential debate will be held in the United States (there are three altogether). Markets should wait for this debate and start to react on Tuesday because it will begin at 01:00 am GMT time.

Regarding Donald Trump, viewers will expect all the worst possible, and all the best possible is currently attributed to Hilary Clinton. Just because of that, if Trump doesn't make any big mistakes, he will win the debate in the eyes of the Americans. According to analysts, the prospect of Trump's presidency should scare the markets, but I do not have such confidence because there are different opinions on this subject in the US.

Let's now take a look at the EUR/USD technical picture on the 4H time frame. The market is still trading below the important resistance at the level of 1.1254, still inside of the weekly range. None of the key zones has been violated yet (1.1100 - 1.1120 is the support zone, 1.1254 - 1.1284 is the resistance zone), so the slow and steady sideways market is still expected here.

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Technical analysis of USD/CAD for September 26, 2016

General overview for 26/09/2016:

The bottom for the wave v of the wave (c) has been established at 1.3000, and now the market is in the corrective upward cycle. It is worth to mention that the alternative count will indicate a complete invalidation of the corrective cycle if the level of 1.3253 gets violated again. Nevertheless, the growing bearish divergence supports the downside outlook, at least within the intraday time frame.

Support/Resistance:

1.3253 - Intraday Resistance (Invalidation Level)

1.3145 - Weekly Pivot

1.3124 - Intraday Support

1.3041 - WS1

1.3000 - Technical Support

1.2901 - WS2

Trading recommendations:

Day traders should consider opening sell orders from the current price levels with SL just above the level of 1.3253. TP should be left open for now.

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Technical analysis of EUR/JPY for September 26, 2016

General overview for 26/09/2016:

The first wave upward from the low at the level of 112.06 may be labeled as impulsive, so now the market is in internal corrective sub-cycle. The key level for bulls is the intraday support at 112.60. The correction should be completed before the price reaches this level.

Support/Resistance:

112.06 - Intraday Support

112.24 - WS1

112.60 - Intraday Support

113.30 - Weekly Pivot

113.61 - Intraday Resistance

114.54 - WR1

115.63 - WR2

Trading recommendations:

Day traders should consider opening buy orders from the current price levels with SL just below the level of 112.60. TP should be left open for now.

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Technical analysis of GBP/USD for September 26, 2016

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Overview:

  • The GBP/USD pair has dropped sharply from the level of 1.3086 towards 1.2933. Now, the price is set at 1.3001 to act as a daily pivot point. It should be noted that volatility is very high for that the GBP/USD pair is still moving between 1.3001 and 1.2865 in coming hours. Furthermore, the price is set below the strong resistance at the levels of 1.3086 and 1.3001, which coincides with the 38.2% and 23.6% Fibonacci retracement levels, respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the GBP/USD pair is continuing in a bearish trend from the pivot point (1.3001). Thereupon, the price spot of 1.3001 - 1.3086 remains a significant resistance zone. Therefore, a possibility that the GBP/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.3001, sell below 1.3001 with the first targets at 1.2865 (double bottom is seen at 1.2865). If the trend is able to break the double bottom at the level of 1.2865, then the market will continue falling towards the new double bottom 1.2776 on the H4 chart. However, the stop loss should be located above the level of 1.3105.
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Technical analysis of EUR/USD for September 26, 2016

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Overview:

  • The EUR/USD pair continues to move upwards from the level of 1.1156. Last week, the pair rose from the level of 1.1156 to the top around 1.1243. Today, the first support level is seen at 1.1274 followed by 1.1334, while daily support 1 is seen at 1.1156. According to the previous events, the EUR/USD pair is still moving between the levels of 1.1156 and 1.1334. The level of 1.1156 coincides with 50% of Fibonacci, which is expected to act as a major support today. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. From this point, the EUR/USD pair is continuing in a bullish trend from the new support of 1.1156. Currently, the price is in a bullish channel. If the EUR/USD pair fails to break through the resistance level of 1.1334, the market will climb further to 1.1363 in order to test the double top. On the contrary, if a breakout takes place at the support level of 1.1107, then this scenario may become invalidated.
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Elliott wave analysis of EUR/NZD for September 26 - 2016

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EUR/NZD - Weekly

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EUR/NZD - 4 Hourly

Wave summary:

With the break above 1.5515 our preferred count calling for one final decline closer to 1.4705 was invalidated. We have been back to re-analyzing and re-counting the decline from 1.6931 and the best fit seems to be that wave ii did unfold as a triangle that started at in early July at 1.5072 and completed with the test of 1.5522 in late August and the decline from 1.5522 to 1.4989 was the final wave v to complete the long term corrective decline from 1.9023 and is now setting up for a new long term impulsive rally that ultimately should break above 1.9023.

Of course, this rally will not be in a straight line, but after a minor consolidation near 1.5515 the next impulsive rally towards at least 1.5969 should be expected.

This could prove to be a very good long term trade.

Trading recommendation:

Our stop + revers at 1.5515 was hit and we are now long EUR from 1.5515 and will place stop at 1.5120. If you are not long EUR yet, then but near 1.5400 or upon a break above 1.5553 and start by using the same stop at 1.5120. Expecting to move it higher soon.

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Elliott wave analysis of EUR/JPY for September 26 - 2016

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Wave summary:

The minor correction in red wave ii completed with the test of 113.62 and we are now looking for a break below minor support at 113.13 as the first indication that wave iii lower towards at least 108.58 is developing. Longer term, we will be looking for this final decline from 149.56 to complete near 104.15 from where a new impulsive rally is expected. But for now, we will stay focused towards the downside and a break below minor support at 113.13 calling for a decline to 112.05 on the way lower to 108.58 and 104.15.

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 113.62 with stop placed at 113.70.

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AUDUSD close to resistance, turn bearish

Price is on pullback resistance at 0.7635 where we expect a reaction from for a drop to fractal support level at 0.7575 (Fibonacci retracement, Fibonacci projection, horizontal overlap support).

The RSI (21) is also making a bearish exit triggering a bearish move from here.

Sell below 0.7635. Stop loss is at 0.7685. Take profit is at 0.7575

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EURAUD bouncing off channel support as expected, remain bullish

Price has bounced off channel support as expected at 1.4650 where we expect a further rise to 1.4900.

The RSI(21) has bounced off our area of support as expected triggering a bullish move.

Stochastics (21,3,3) has also bounced above our 5% support signalling a bounce is in progress.

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

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EURUSD Technical Analysis for September 26, 2016.

Technical outlook and chart setups:

The EURUSD pair seems to be testing its recent swing highs at 1.1230/40 levels before giving in to bears. The pair is seen to be trading at 1.1233/34 levels for now, just within the range of trend line resistance as depicted here. The wave structure still indicates that a bearish resumption here is a strong probability that has potential to push lower towards fresh swing lows. The pair had reversed lower from fibonacci 0.786 retracement level of earlier drop right at the trend line resistance as depicted here. Ideally, prices should remain below 1.1280 levels to keep the bearish structure intact. It is hence recommended to remain short, 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, stop at 1.1280, target is open.

Good luck!

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Silver Technical Analysis for September 26, 2016.

Technical outlook and chart setups:

Silver managed to reverse from $20.05 levels as expected and has hit fresh interim lows at $19.60 levels. The metal is seen to be trading at $19.68 levels for now, looking to continue dropping lower provided prices should stay below $20.05/10 levels. The wave structure still indicates that the recent rally from $18.65 levels has unfolded into 3 waves which are corrective. Hence the metal is expected to drop lower and could also break below $18.40 levels going forward. Please also note that silver has reversed lower from the Fibonacci 0.786 retracement of its earlier swing as depicted here. It is hence recommended to remain short with risk at $20.30 levels. Immediate resistance is seen at $20.10 levels, while support is at $19.50 levels.

Trading recommendations:

Remain short for now, stop at $20.35, target is open.

Good luck!

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Gold Technical Analysis for September 26, 2016.

Technical outlook and chart setups:

Gold seems to have carved out a lower top at $1,340.00 levels on Friday before pulling back lower. The metal is seen to be trading at $1,339.00 levels for now, looking to test recent highs and continue lower. Please note that a push higher above $1,342.00 and subsequently above $1,352.00 levels would change the structure. At the moment, the wave structure favors bears with $1,343.00 levels being intact. Besides, please note that the metal has reacted at the Fibonacci 0.786 resistance of its earlier drop. It is hence recommended to remain short for now with risk above $1,352.00 levels. Immediate resistance is seen at $1,345.00 levels, while support is at $1,330.00 levels. Bears are expected to take control back from the current levels.

Trading recommendations:

Please remain short for now, stop above $1,355.00, target is open.

Good luck!

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Technical analysis of USDX for September 26, 2016

The Dollar index remains vulnerable as price continues to trade inside the triangle pattern. Trend remains neutral. No clear direction for the medium-term. Traders need to be very patient and cautious.

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Green line - short-term support (broken)

Blue line- long-term trend line support

Black line - horizontal resistance

Dark blue line - trend line resistance

The Dollar index remains above the critical blue trend line support but continues its choppy action around the 4 hour Ichimoku cloud. This price action confirms the neutral trend we are currently in. This kind of trend phase can destroy short-term traders as most short-term signals are fake. That is why we need to focus on the bigger picture and the longer-term support and resistance levels.

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Green line - trend line support

Last week's weekly candle closed below the tenkan-sen (Red line indicator). Price remains below the weekly Ichimoku cloud but also above the green long-term trend line support. A break below 94.60 will be an important bearish signal while a breakout above the Ichimoku cloud resistance at 96.50 will be a bullish signal. Traders should wait to trade in favor or against these levels and not sooner.

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Technical analysis of Gold for September 26, 2016

Gold price has made a new short-term lower low at $1,333 and a lower high at $1,341. Price remains above $1,330 the consolidation range before the high at $1,344. On a medium-term trend basis trend remains neutral as price is still trapped inside the trading range.

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Red line - short-term resistance

Green line -short-term support

Price is trading in a trading range both on a short- and medium-term basis. In the short-term 1 hour chart as shown above, price is trapped between $1,330 and $1,340. A break of either of these two levels will begin a new short-term trend that could either challenge $1,344 or $1,316-20.

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Red lines - trading range

Price is found on the daily chart inside the Kumo (cloud) implying trend is neutral. This is confirmed by the fact that price is also inside the red sideways channel for the last couple of months. Price got rejected at the upper cloud boundary. Important resistance is at $1,352 while support is at $1,300. I remain longer-term bullish but a rejection and a new lower low here will most probably bring price back to $1,300.

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NZDUSD profit target reached perfectly, turn bullish above major support

Price reached our channel exit potential perfectly as expected securing us good profits. We now turn bullish above fractal support at 0.7215 (Fibonacci retracement, Fibonacci projection, horizontal support, channel exit support) for a push up to 0.7280.

Stochastics (21) is seeing a bounce above our 10% support level signalling a bullish move is in progress.

Buy above 0.7215 support. Stop loss is at 0.7175. Take profit is at 0.7280.

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AUDNZD right at major resistance, time to start selling

Price is now on major resistance at 1.0550 (horizontal overlap resistance, Fibonacci retracement, Fibonacci projection) where we expect a reaction from and a drop to 1.0410.

Stochastics (21,3,3) is right on resistance at 93% too where we expect a similar bearish reaction.

Sell below 1.0550. Stop loss is at 1.0630. Take profit is at 1.0410

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Technical analysis of EUR/USD for Sept 26, 2016

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When the European market open, some economic data will be released such as the Italian Retail Sales m/m and German Ifo Business Climate.The US will release the economic data too such as New Home Sales, so amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1289.

Strong Resistance:1.1283.

Original Resistance: 1.1272.

Inner Sell Area: 1.1261.

Target Inner Area: 1.1235.

Inner Buy Area: 1.1209.

Original Support: 1.1198.

Strong Support: 1.1187.

Breakout SELL Level: 1.1181.

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 26, 2016

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In Asia, today Japan will not release any economic data but the US will release some such as New Home Sales. So there is a probability that the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 101.30.

Resistance. 2: 101.10.

Resistance. 1: 101.90.

Support. 1: 100.66.

Support. 2: 100.46.

Support. 3: 100.26.

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 26, 2016

EUR/USD: This pair is neutral in the long-term but bullish in the short-term. There is a Bullish Confirmation Pattern in the chart, and price is supposed to test the resistance lines at 1.1250, 1.1300 and 1.1350. However, there is a need for a very strong buying pressure to achieve this objective.

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USD/CHF: Though the market is neutral in the long-term and bearish in the short-term. There is a Bearish Confirmation Pattern in the chart, and price is supposed to test the support levels at 0.9700 and 0.9650 this week. However, there is a need for a very strong selling pressure to achieve this aim.

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GBP/USD: The GBP/USD is bearish in the 4-hour and daily charts. Price declined further last week, in spite of bulls' opposition, and their footprints can be seen in the chart. On the GBP/USD (as well as other GBP pairs), the outlook is bearish, and therefore, further decline is anticipated, which may take price towards the accumulation territories at 1.2950 and 1.2900.3.png

USD/JPY: This trading instrument is a bear market. Price consolidated on Monday and Tuesday, and then came down on Wednesday. It consolidated again towards the market close on Friday. Since the outlook on JPY pairs is bearish for this week, it is expected that the USD/JPY would continue its bearish journey, which would take price towards the demand levels at 100.50 and 100.00.

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EUR/JPY: This cross pair also went bearish last week, just as it was prognosticated. Price went briefly below the demand zone at 112.50 and then started making some rally attempts – in the context of a downtrend. Since price is supposed to continue trending downwards this week, the current rally effort could be an opportunity to sell short at better prices.

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Daily analysis of USDX for September 26, 2016

The 200 SMA on the H1 chart is acting as a strong dynamic resistance across the board for USDX as it is struggling to test the 95.79 level. Bullish momentum was seen above the support level of 95.00, where the index attempted to resume the overall upside bias. To confirm that scenario, USDX needs to break the 95.79 level with a big candlestick on a short-term basis.

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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.

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Daily analysis of GBP/USD for September 26, 2016

GBP/USD is finding support at the 1.2948 level as bears took again the scenario during Friday's session. Following a pullback made at the 200 SMA price zone, the pair is looking to re-test the post-Brexit lows made during July and eventually it can break the 1.2948 level in order to reach the 1.2901 level. However, the MACD indicator is entering neutral territory, supporting further sideways moves in the GBP/USD pair.

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H1 chart's resistance levels: 1.3037 / 1.3116

H1 chart's support levels: 1.2948 / 1.2901

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 1.2948, take profit is at 1.2901 and stop loss is at 1.2998.

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