EUR/NZD analysis for September 27, 2016

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Recently, EUR/NZD has been moving downwards. Like I expected, the price tested the level of 1.5335 in a high volume. EUR/NZD reached my second target at 1.5380. Anyway, on the M30 time frame, I found a supply trend line and lower swing highs, which is a sign that sellers are in control in the market. Be careful when buying EUR/NZD at this stage and watch for selling opportunities. The next downward target is set at the price of 1.5245.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5528

R2: 1.5555

R3: 1.5590

Support levels:

S1: 1.5450

S2: 1.5425

S3: 1.5380

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

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Gold analysis for September 27, 2016

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Since our previous analysis, gold has been trading sideways at the price of $1,333.90. I found a fake breakout of supply trendline, which is good sign for further downward movement. Using the market profile, I found a yesterday's point of control at the price of $1,336.00. 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: 1,341.40

R2: 1,343.00

R3: 1,345.50

Support levels:

S1: 1,336.40

S2: 1,334.80

S3: 1,332.50

Trading recommendations for today: I've noticed a strong sign of weakness in the background and fake breakout of upward trend line. Watch for potential selling opportunities.

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Technical analysis of AUD/CHF for September 27, 2016

The AUD/CHF pair continues producing higher highs and today broke above the descending channel. On Monday, the pair rejected the 200 Moving Average while forming a bullish divergence on the MACD. The rate moved higher and then also rejected the 50 Moving Average.

The trend appears to be bullish and therefore consider buying AUD/CHF while the rate is near the 50% Fibs (0.7430), targeting either 38.2% (0.7473), 23.6% (0.7525) or 0% Fibs (0.7610) as the final upside target. The stop loss should be just below the 61.8% Fibs (0.7380).

Support: 0.7386, 0.7430

Resistance:0.7473. 0.7526, 0.7612

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Technical analysis of EUR/AUD for September 27, 2016

The EUR/AUD pair is currently trending downwards after breaking the ascending channel. After a corrective wave up, the pair found a support at the 50% Fibs applied to the channel breakout point and at the same time formed a bearish divergence on the MACD.

Today the rate dropped, breaking the 50% Fibs support and 50 Moving Average suggesting that the downtrend is likely to continue. Consider selling EURAUD on a correction towards the 50% Fibs (1.4700), targeting either 23.6% (1.4495) or 0% Fibs (1.4310). The stop loss should be just above the recent high - 1.4790.

Support: 1.4610, 1.4495, 1.4310

Resistance: 1.4800

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EURUSD Technical Analysis for September 27, 2016.

Technical outlook and chart setups:

The EURUSD pair had rallied through 1.1279 levels yesterday during the New York session almost taking out the immediate resistance at 1.1283 levels before pulling back. The pair is seen to be trading at 1.1243 levels for now, and is expected to drop further as well. The wave structure still indicates a strong probability of bearish resumption that has a potential to push lower towards fresh swing lows. To support this wave count, an intermediary trend line resistance should remain intact, which is passing through 1.1290 levels at the moment. The pair had reversed lower from the Fibonacci 0.786 retracement level of an earlier drop right at. Ideally, prices should remain below 1.1280/90 levels to keep the bearish structure intact. It is hence recommended to remain short with risk at 1.1290 levels. Immediate resistance is seen at 1.1283 levels, while support is seen at 1.1120 levels.

Trading recommendations:

Remain short, stop is at 1.1290, target is open.

Good luck!

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Silver Technical Analysis for September 27, 2016.

Technical outlook and chart setups:

Silver has dropped lower as expected after reversing from $20.05 levels last week. The metal is seen to be trading at $19.41 levels for now, looking to continue dropping lower, provided the price stays below $20.05/10 levels. Please note that a pullback rally towards $19.80 levels remains probable before the drop continues. The wave structure still indicates that the rally from $18.65 levels unfolded into 3 waves that are corrective. Hence the metal is expected to drop lower unfolding into 5 waves and could also break below $18.40 levels going forward (minimum downside extensions are depicted in the red color). Note that silver has reversed lower from the Fibonacci 0.786 retracement of its earlier swing as discussed earlier. It is hence recommended to remain short with risk at $20.35 levels. Immediate resistance is seen at $20.10 levels, while support is at $19.00 levels.

Trading recommendations:

Remain short for now, stop is at $20.50, target is open.

Good luck!

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Gold Technical Analysis for September 27, 2016.

Technical outlook and chart setups:

Gold has been drifting sideways since hitting $1,343.00 levels last week and is trading at $1,337.00 levels for now. 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. It is possible for gold to push higher towards $1,340.00/44.00 levels before resuming the downtrend. 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 $1,340.00 levels going forward.

Trading recommendations:

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

Good luck!

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Technical analysis of NZD/USD for September 27, 2016

Overview:

  • The NZD/USD pair faces resistance at 0.7329, while strong resistance is seen at 0.7359. Support is found at 0.7264 and 0.7234 levels. Today, the NZD/USD pair continues moving downwards from the 0.7329 level. The pair may fall from 0.7329 level to the first support around 0.7264. Consequently, if the NZD/USD pair breaks support at 0.7264, this level will turn into resistance today. On the H1 time frame, the 0.7329 level is expected to act as minor resistance. Hence, we expect the NZD/USD pair to continue moving in the bearish trend from 0.7329 level towards the target at 0.7264 and 0.7234. In the short term, if the pair succeeds in passing through the 0.7234 level , the market will indicate the bearish opportunity below 0.7234 level in order to reach the third target at 0.7198. Overall, we still prefer the bearish scenario below the area of 0.7329. However, the 0.7198 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.7198 level as long as this level is not breached.
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Global macro overview for 27/09/2016

Global macro overview for 27/09/2016:

The German Ifo Business Climate data were released this morning and it surprised the market participants by rising to the highest level since 2014 despite the economic uncertainty caused by Britain's vote to leave the European Union and growing Deutsche Bank problems. The Ifo Busines Climate jumped to the level of 109.5 points while the market participants did not expect any increase from last month's 106.3 level. Moreover, the preceding month's reading was revised up to 106.3 from the originally reported 106.2 points. In conclusion, the business sentiment in Germany is still strong and positive. Moreover, the expectations for the future are at the highest level as well.

Let's now take a look at the EUR/USD technical picture on the 4H time frame to see how this data influenced the exchange rate. The chart shows that the bulls' camp wasn't strong enough to break above the technical resistance at 1.1283 despite the positive data. Currently, the price is being pressured by the bears to move below the next support at 1.1211. The series of lower highs still hasn't been terminated.

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Technical analysis of USD/CHF for September 27, 2016

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Overview:

  • On the H4 chart, the USD/CHF pair continues moving in a bearish trend from the resistance level of 0.9751. Currently, the price is in a bearish channel, which is confirmed by the RSI indicator signaling that we are still in a bullish trend market. The bias remains bearish in the nearest term testing with the 0.9670 and 0.9620 levels to be tested. Immediate resistance is seen around 0.9751 levels, which coincides with the ratio of 61.8% Fibonacci retracement. Moreover, the moving average (100) starts signaling a downward trend. Therefore, the market is indicating a bearish opportunity below the levels of 0.9751 - 0.9710. So it will be good to sell at 0.9710 with the first target at 0.9670. It will also call for a downtrend in order to continue towards 0.9619. The strong weekly support is seen at 0.9578. However, if a breakout happens at the resistance level of 0.9751, then this scenario may be invalidated.

Daily technical levels:

  • R3: 0.9810
  • R2: 0.9751
  • R1: 0.9710
  • PP: 0.9670
  • S1: 0.9619
  • S2: 0.9578
  • S3: 0.9537
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Global macro overview for 27/09/2016

Global macro overview for 27/09/2016:

The mass media are still reporting the echoes of yesterday's first presidential debate in the US. Hillary Clinton and Donald Trump did not present a compelling vision to break with the stagnation of the world's largest economy. Nevertheless, one thing is certain: he wants to lower taxes, she intends to pick them up. From our point of view, debates got more interesting only around the 30th minute when Donald Trump launched a frontal attack on the policy of the Federal Reserve. "The Fed does not perform his job (...) the Fed is more politicized than Senator Clinton," the Republican candidate said. "We have a bubble in the stock market, which burst when the Fed will raise rates," he added. All in all, the debate was quite boring, predictable and quite disappointing. Candidates played a role written out by consultants. Perhaps the biggest surprise is that Senator Clinton seemed to be more genuine. Hillary was smiling; she was laid-back and confident. She spoke calmly and with conviction, even if the words didn't not have much sense.Trump was stiff and seemed self-righteous. He tried to break through with a simple message, but perhaps lost the thread too often, which did not increase his power of persuasion. This time, he was nothing like a brilliant speaker and charismatic leader he has been in recent months. The second presidential debate is scheduled for 9th October 2016.

Let's now take a look at the US dollar technical picture after the presidential debate. The bull camp is still too weak to break above the technical resistance at 96.27, and currently the price has just got back to the range again, so sideways market continues. The next immediate support is seen at the level of 95.05.

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Technical analysis of USD/CAD for September 27, 2016

General overview for 27/09/2016:

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. The next local high at 1.3275 has been labeled as the top for the wave X, but the growing bearish divergence supports the downside outlook, at least within the intraday time frame.Weekly pivot at 1.3145 seems to be the key level for bears.

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 1.3275. TP should be left open for now.

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Technical analysis of EUR/JPY for September 27, 2016

General overview for 27/09/2016:

According to the main labeling, the market is in internal corrective sub-cycle and it is still trading between the intraday support and resistance levels. The key level for bulls is the intraday support at 112.60. The correction should be completed before the price reaches this level, and if the main count proves to be correct, new highs wil be anticipated in this market.

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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USD/CAD intraday technical levels and trading recommendations for September 27, 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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Elliott wave analysis of EUR/NZD for September 27, 2016

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Wave summary:

The break above 1.5511 confirmed that the long-term corrective decline from 1.9023 completed with the test of 1.4989, and that a new impulsive rally is developing. On a short-term basis, we expect that support at 1.5288 will act as a floor for the next impulsive rally higher towards 1.5969 and possibly even further to 1.6491.

On a long-term basis, we are looking for a much faster rally that ultimately should take out the 1.9023 high.

Trading recommendation:

We are long EUR from 1.5515 with stop placed at 1.5120. If you are not long EUR yet, then buy near 1.5288 and use the same stop at 1.5120.

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Technical analysis of USD/CHF for September 27, 2016

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USD/CHF is expected to trade with bullish bias. The pair stands firmly above its horizontal support at 0.9660 (Sept. 26 bottom) and is rebounding now. Additionally, the 20-period moving average is turning up, maintaining a bullish bias. Besides, the relative strength index is bullish above its neutrality area at 50, and calls for further upside. As long as support lies at 0.9660, look for a new rise to 0.9745. A break above this level would open the way to further upside toward the next resistance at 0.9775.

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 will open the path to further advance towards 0.9775. Alternatively, below 0.9660, the next downside targets will 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 27, 2016

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NZD/USD is expected to post some further upside gains. The pair is holding on the upside after the bullish breakout of its 20-period moving average. At the same time, the rising 50-period moving average is playing a support role and should push the prices higher. In addition, a support base at 0.7245 has been formed, and the downside attempts should be limited by this level. To conclude, as long as 0.7245 holds on the downside, look for further advance to 0.7315 and even to 0.7340 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7315 and the second one at 0.7340. In the alternative scenario, short positions are recommended with the first target at 0.7220 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7200. The pivot point lies at 0.7245.

Resistance levels: 0.7315, 0.7340, 0.7370

Support levels: 0.7220, 0.7200, 0.7175

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NZD/USD Intraday technical levels and trading recommendations for September 27, 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 27, 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 (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 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 any 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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Elliott wave analysis of EUR/JPY for September 27, 2016

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Wave summary:

After the pair has broken out of the triangle, further downside movement towards the long-term corrective target at 104.15 is expected. Resistance at 114.40 should continue to cap the upside for a break below 112.48 and 112.05 for the next move lower towards 104.15 to complete the long-term corrective decline from 149.56 and set the stage for a new impulsive rally.

For now, keep the focus on the downside as long as resistance at 114.40 caps the upside.

Trading recommendation:

We are short EUR from 112.85 with stop placed at 114.45. If you are not short EUR yet, then sell when the price breaks below 113.80 or upon a break below 113.11 and use the same stop at 114.45.

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Technical analysis of GBP/JPY for September 27, 2016

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GBP/JPY is under pressure. The pair failed to break above its key resistance at 131.25 and consolidated on the downside. The declining 50-period moving average suggests that the pair still has potential for a further downward movement. In addition, the relative strength index is below its neutrality level at 50 and lacks upward momentum. As long as 131.25 holds on the upside, look for a further drop toward 129.65 and even 129.10 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 129.65. 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: 129.65, 129.10, 128.35

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Technical analysis of EUR/USD for Sept 27, 2016

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When the European market opens, some economic data will be released such as Private Loans y/y, M3 Money Supply y/y, German Import Prices m/m. The US will also release such reports as Richmond Manufacturing Index, CB Consumer Confidence, Flash Services PMI, S&P/CS Composite-20 HPI y/y, so amid this data EUR/USD will move with a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1306.

Strong Resistance:1.1300.

Original Resistance: 1.1289.

Inner Sell Area: 1.1278.

Target Inner Area: 1.1252.

Inner Buy Area: 1.1226.

Original Support: 1.1215.

Strong Support: 1.1204.

Breakout SELL Level: 1.1198.

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 27, 2016

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In Asia, Japan will release the SPPI y/y, Monetary Policy Meeting Minutes, and the US will release some economic data such as Richmond Manufacturing Index, CB Consumer Confidence, Flash Services PMI, S&P/CS Composite-20 HPI y/y. 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: 101.05.

Resistance. 2: 100.85.

Resistance. 1: 100.65.

Support. 1: 100.42.

Support. 2: 100.22.

Support. 3: 100.02.

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

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Daily analysis of major pairs for September 27, 2016

EUR/USD: This pair made further bullish attempt yesterday, going above the support line at 1.1250 and targeting the resistance line at 1.1300. Should the resistance line be broken to the upside, the next target will be the resistance line at 1.1350. The support line at 1.1250 will act as impediment to near-term bearish forces.

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USD/CHF: There is a Bearish Confirmation Pattern on the USD/CHF 4-hour chart. The market is a kind of quiet now, but momentum is likely to rise soon, which will most probably favor bears. The targets for the week are located at the support levels at 0.9650 and 0.9600. As long as the price is under the resistance line at 0.9800, the bearish bias will be rational.

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GBP/USD: Bears are still showing willingness to push the price further southward this week. On the GBP/USD (as well as other GBP pairs), the outlook is bearish, and therefore, further decline is anticipated, which may take the price towards the accumulation territories at 1.2950 and 1.2900. The accumulation territory at 1.2950 was tested and it would be tested once again.

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USD/JPY: The USD/JPY made further bearish effort on Monday. Although it was nothing significant, it helped corroborate the ongoing bearish outlook on the market, as well as for other JPY pairs. The price is currently trading below the supply level at 101.50, targeting the demand levels at 101.00 and 99.50.

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EUR/JPY: Here, bulls are still showing willingness to push the price further southward. Although it was nothing significant, it helped corroborate the ongoing bearish outlook on the cross. The price is currently trading below the supply zone at 113.00, targeting the demand zones at 112.50 and 112.00.

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Daily analysis of USDX for September 27, 2016

USDX had a bearish session during Monday as the US presidential debate was the main driver for the index. Still, we see some attempts to recover above the 200 SMA, as the support level of 95.01 remains untouched across the board. However, if the index manages to break it, then the decline will extend towards the 94.61 level.

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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 27, 2016

The pair is still moving in a sideways structure established below the 1.3000 handle. Currently, GBP/USD is trying to recover from the pullback made last week at the 200 SMA price zone. The support level of 1.2948 is still a key area, but most importantly, the 1.2900 mark stands as the psychological level where a breakout on the lower side should open the doors to further declines.

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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, 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 1.2901 and stop loss is at 1.2998.

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Daily analysis of USD/JPY for September 26, 2016

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Overview

The USD/JPY pair negotiates the key support 100.70 now. Stochastic provides negative signals on the four-hour time frame, while the EMA50 keeps moving negatively in the intraday and short-term trading, which supports the continuation of trading inside the bearish channel shown on the chart. Therefore, these factors favor the bearish overview for the upcoming sessions. The main targets begin at 98.00 and extend to 94.76, while the price needs to hold below 102.10 to keep the chances of achieving the suggested targets. The expected trading range for today is between the 99.50 support and the 101.55 resistance.

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Daily analysis of GBP/JPY for September 26, 2016

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Overview

The GBPJPY pair is still affected by the strength of the 129.60 support, which forces it to show clear sideways bias by settling around 131.20. We should note that the continuation of the support line stability might force the price to form a bullish rebound on the near- and mid-term basis to attempt to reach 134.30 followed by testing the 136.50 resistance. On the other hand, a decline below the current support will reinforce the negative domination for the upcoming trading and start recording new negative targets by reaching 125.60 followed by 120.90. Thus, we will suggest the bullish bias for today conditioned by the stability of the mentioned support. The expected trading range for today is between 134.30 and 129.60.

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Daily analysis of Gold for September 26, 2016

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Overview

The gold price keeps fluctuating within a tight track near the key resistance that declines now to $1,345.50. The price needs to breach this level to reinforce expectations for the main bullish trend continuation, which gets positive support by the EMA50. In general, we will keep our bullish overview for the upcoming period conditioned by the price stability above $1,310.65 and $1,297.75 support levels. Positive targets begin at $1,375.00 followed by $1,400.00. A break of the mentioned support levels will push the price to extend its bearish correction and visit $1,249.94 levels before any new attempt to rise. The expected trading range for today is between the $1,320.00 support and the $1,360.00 resistance.

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Daily analysis of Silver for September 26, 2016

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Overview

The silver price gradually crawls downwards approaching the support base formed above $19.38 after breaching it earlier, which is met by the EMA50 that adds more strength to it. Stochastic reaches the oversold areas. Therefore, these factors favor the bullish trend scenario in the upcoming sessions. The next main target is located at $21.12. Take into consideration that a break of $19.38 levels will push the price to $18.30 before any new attempt to rise. The expected trading range for today is between the $19.30 support and the $20.00 resistance.

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Technical analysis of USD/JPY for September 26, 2016

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USD/JPY is expected to trade with bearish outlook as the key resistance is at 101.25. The pair remains under pressure below its nearest resistance at 101.25, which maintains the strong selling pressure since September 22. Besides, the relative strength index is bearish below its neutrality area at 50. As long as 101.25 is not surpassed, the pair is likely to drop to 100.05. In case of a breakout, 99.60 would be the next down target.

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 99.60. 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 102.05.

Resistance levels: 101.60, 102.05, 102.35

Support levels: 100.05, 99.60, 99.20

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