USD/CAD intraday technical levels and trading recommendations for September 28, 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 28, 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 28, 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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Intraday technical levels and trading recommendations for EUR/USD for September 28, 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 EUR/USD 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 again. Initial bearish targets would be located at 1.1050 and 1.0990.

On the other hand, a daily candlestick closure above 1.1250 (Supply level 1) allows bullish advance towards 1.1400 (Supply level 2) where a better SELL entry can be offered. S/L should be set as daily closure above 1.1450.

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Technical analysis of EUR/AUD for September 28, 2016

EUR/AUD making new lows thus showing the presence of a trend down. Pair broke below the ascending channel after which a corrective wave up followed. During the correction EUR/AUD rejected both, the lower channel trend line and the 200 Moving Average and then moved lower once again.

Pair broke below the 38.2% support level applied to the channel breakout point and currently trading at the previously formed support level - 1.4640. Consider selling near that level, targeting either 23.6% (1.4495) or 0% Fibs (1.4310) as a final downside target. The stop loss should be placed just above the 50% Fibs (1.4703).

Support: 1.4610, 1.4495, 1.4310

Resistance: 1.4703, 1.4796

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Technical analysis of AUD/USD for September 28, 2016

AUD/USD is trending up after breaking 50 and 200 Moving Averages and then finding a support at 200 MA. Pair managed to break the descending channel with the 4H close above it.

Currently AUD/USD is finding a support at 50% Fibs (0.7667) applied to the channel breakout level, which is expected to be rejected and rate to continue moving higher.

Consider buying AUD/USD while it is trading near 0.7670, targeting either 38.2% (0.7720), 23.6% (0.7785) or 0% Fibs (0.7892) as a final upside target. The stop loss should be just below the 61.8% Fibs (0.7600)

Support: 0.7613, 0.7667,

Resistance: 0.7720, 0.7785, 0.7892

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Gold analysis for September 28, 2016

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Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,322.23 in a high volume. The second take profit level at the price of $1,326.50 from yesterday has been met. The intraday trend is downward. So, be careful when buying Gold at this stage and watch for selling opportunities. Using the market profile analysis, I found strong peak (resistance) at the price of $1,326.50. This level may be a good level to add selling positions. Next downward target is set at the price of $1,320.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,327.80

R2: 1,328.00

R3: 1,328.30

Support levels:

S1: 1,327.20

S2: 1,327.00

S3: 1,326.70

Trading recommendations for today: Intraday downward trend. Watch for selling opportunities on the pullbacks.

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EUR/NZD analysis for September 28, 2016

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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5486 in a high volume. I found a broken downward trendline, which is a sign that buyers came on the market and that selling EUR/NZD at this stage looks risky. My advice is to watch for buying opportunties on the dips. Using the market profile analysis, I found the yesterday's point of control at the price of 1.5365. Upward targets are set at the price of 1.5500 and 1.5540.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5445

R2: 1.5480

R3: 1.5535

Support levels:

S1: 1.5335

S2: 1.5300

S3: 1.5245

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

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Technical analysis of NZD/USD for September 28, 2016

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Overview:

  • The NZD/USD pair fell pointedly from the level of 0.7323 towards 0.7238. Now, the price is set at 0.7245.
  • The resistance is seen at 0.7272 and 0.7323. Moreover, the price area of 0.7272 - 0.7323 remains a significant resistance zone.
  • Therefore, there is a possibility that the NZD/USD pair will move downside and the structure of a fall does not look corrective.
  • The trend is still below the 100 EMA, so the bearish outlook remains the same as long as the 100 EMA is headed to the downside.
  • Thus, amid the previous events, the price is still moving between the levels of 0.7272 and 0.7323.
  • If the NZD/USD pair fails to break through the resistance level of 0.7272, the market will decline further to 0.7223 as the first target.
  • This would suggest a bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs.
  • The pair is expected to drop lower towards at least 0.7161 to test the daily support 2.
  • On the contrary, if a breakout takes place at the resistance level of 0.7323, then this scenario may be invalidated.
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Technical analysis of USD/CHF for September 28, 2016

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Overview:

  • As expected, the USD/CHF pair continues moving upwards from the areas of 0.7678 and 0.7697. Yesterday, the pair rose from the level of 0.7678 to 0.9738, which coincides with a ratio of 50% Fibonacci on the H1 chart. Today, resistance is seen at the levels of 0.9757 and 0.9784. So, we expect the price to set above the strong support at the levels of 0.7678 and 0.7697, because the price is in a bullish channel now. Amid the previous events, the price is still moving between the levels of 0.9697 and 0.9784. Overall, we still prefer the bullish scenario as long as the price is above 0.9697. Furthermore, if the USD/CHF pair manages to break out the top at 0.9738, the market will climb further to 0.9784. On the other hand, the price will fall into a bearish trend in order to go further towards the strong support at 0.7659 to test it again. The level of 0.7659 will form a double bottom. Thus, if the price closes below the strong support of 0.7659, the best location for a stop loss order is seen above 0.7630.
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Global macro overview for 28/09/2016

Global macro overview for 28/09/2016:

Interesting statements the Bank of England's Governor Carney hit the Scottish mass media yesterday. Regarding the UK economy performance after the Brexit, he said: "We expected a material slowing in the economy as a consequence of the decision to Leave...That is not a comment on the long-term prospects for the UK economy. There are positive long-term prospects for the UK economy". Moreover, he added that UK economy is currently at the period of uncertainty and adjustment from strong growth to "something less than that". In conclusion, there is no need to worry about the post-Brexit UK economy as it is dong just fine, and despite the temporary obstacles, the outlook for the UK is still positive.

Let's now take a look at GBP/USD technical picture on the 4H time frame. The market trades below all of the moving averages, and the recent attempt to rally higher was a failure. The bears seem to be in control over this market and any break below the 1.2865 - 1.2850 area will confirm the negative outlook.

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Global macro overview for 28/09/2016

Global macro overview for 28/09/2016:

San Francisco Fed President John Williams said in an interview at his bank's headquarters on Tuesday, that The Federal Reserve can raise interest rates without threatening the U.S. economic recovery. "It is getting harder and harder to justify interest rates being so incredibly low given where the US economy is and where it is going," the policymaker noted, which is a rather hawkish statement. Moreover, he sees a significant difference of view between the Fed and the latest dot plot revealed last week. According to Williams, Jannet Yellew is the right person to find the way forward, and he expects Yellen to stay until term ends in 2018 no matter who becomes the next US president. In conclusion, hawkish comments from Williams are another clue that no matter who will win the presidential election, the Fed may increase the interest rate in December anyway.

Let's now take a look at the EUR/USD technical picture on the 4H time frame. After a failure at 1.1283, the market took out the technical support at 1.1191 and now it looks like the bears are in full control of this market. The next support is seen at 1.1120.

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AUD/USD right at selling area, time to sell

The price is now at 0.7680 resistance (Fibonacci projection, Fibonacci retracement, horizontal pullback resistance) and we expect a pullback from this level to 0.7600.

RSI (34) is still below 67% resistance and pullback resistance.

Sell below 0.7680. Stop loss is at 0.7735, take profit lies at 0.7600.

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AUD/NZD back to selling area, remain bearish

The AUD/NZD pair is back to our major resistance at 1.0550 (horizontal overlap resistance, Fibonacci retracement, Fibonacci projection) where we expect a reaction to a new drop to 1.0445

Stochastic (21,3,3) is below pullback resistance of 72% from which we expect a reaction.

Sell below 1.0550. Stop loss is at 1.0630, take profit lies at 1.0445.

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Technical analysis of USDX for September 28, 2016

The Dollar index continues to trade sideways between the important levels of 96.50 and 94.60. The sideways choppy action does not favor short-term traders; they'd better be patient.

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Blue line - support

Red line - resistance

Green lines - trading range

The Dollar index continues to trade around the 4 Ichimoku cloud inside a tight trading range as depicted by the 2 parallel green lines. Upper resistance is at 95.80 while short-term support lies at 95.25. However, the most important support and resistance levels are defined by the triangle formation which shown by the blue and red trend lines.

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Green line - important medium-term support

The weekly candle remains above the important green trend line support and has moved above the tenkan-sen indicator. A weekly close above the tenkan-sen may signal a move towards the Ichimoku cloud and the 96.50 level. The price being below the weekly cloud is not a good sign for bulls as it increases the chances of eventually breaking below the green trend line support at 94.60. Only a break above 96.50 will make me turn bullish on the Dollar index.

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Technical analysis of USD/CAD for September 28, 2016

General overview for 28/09/2016:

The golden trend line is still providing the dynamic support for the price on the intraday time frame, but now it is only a matter of time when this support will be violated. 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)

1.3191 - Intraday Support

1.3145 - Weekly Pivot

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 gold for September 28, 2016

The gold price has broken short-term support yesterday and is pulling back towards important short-term support at $1,320. The price is expected to reverse upwards from current levels. The rejection below $1,350 is not a good sign, but the price remains above the critical support of $1,300 and inside the long-term sideways channel.

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The gold price has reached the 61.8% Fibonacci retracement of the latest rise and the 4 hour Ichimoku cloud. This is a short-term support area. I expect a bounce from this area and a confirmed higher low. Next support is at $1,310-$1,300. Resistance is at $1,335.

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Red lines - trading range

Black line - medium-term support

Green line -long-term resistance

The weekly chart continues to show us that the price is still trapped inside the trading range and that trend is sideways as the both tenkan- and kijun-sen are flat. As long as the price holds above the black trend line support, I remain optimistic regarding a new high towards $1,450.

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Technical analysis of EUR/JPY for September 28, 2016

General overview for 27/09/2016:

The corrective cycle in wave (ii) looks now completed, but none of the important key levels has been violated yet. The first key level for bulls is the intraday support at 112.07, so any break out below this level would invalidate the impulsive count, evolving the simple abc corrective structure into more complex and time consuming pattern.

Support/Resistance:

112.06 - Intraday Support

112.24 - WS1

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 112.06. TP should be left open for now.

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Technical analysis of USD/JPY for September 28, 2016

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USD/JPY is expected to trade with bearish bias. The pair is trading below its key horizontal resistance at 101.10, and is likely to test its next support at 100.05. At the same time, the relative strength index is below its neutrality area at 50, and lacks upward momentum.

The New York-based Conference Board's consumer confidence index rose to a 9-year high of 104.1 in September (vs. 99 expected) from 101.8 in August.

Government bonds remained in demand as persistent concerns over the financial health of Germany's Deutsche Bank drove investors to relatively safer assets. The benchmark 10-year U.S. Treasury yield dropped further to 1.556% from 1.589% on Monday. At the same time, the 10-year German bond yield closed at negative 0.14% and the 10-year Japanese government bond yield settled at negative 0.07%.

In which case, as long as 101.10 holds on the upside, we expect further downsides to 100.05, and even to 99.60 as possible. Alternatively, above 101.10, look for a new rise with 101.60 and 102.05 as targets.

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 101.10. 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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Technical analysis of USD/CHF for September 28, 2016

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USD/CHF is expected to trade in upper range as the bias remains bullish. The pair is trading above its rising 50-period moving average which is playing a support role, and maintains a bullish view. At the same time, a support base at 0.9675 has formed, and the downside room should be limited by this level. Additionally, the relative strength index stands firmly above its neutrality area at 50. The New York-based Conference Board's consumer confidence index rose to a 9-year high of 104.1 in September (vs. 99 expected) from 101.8 in August. Hence, as long as 0.9675 is not broken, expect a new rise to 0.9750, if breakout, the next up target would be 0.9775 as possible.

Resistance levels: 0.9750, 0.9775, 0.9815

Support levels: 0.9655, 0.9635, 0.9610

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Technical analysis of NZD/USD for September 28, 2016

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NZD/USD is expected to trade with bullish bias above 0.7265. The pair is consolidating but is still standing firmly above its horizontal support at 0.7265. Meanwhile, the 50-period moving average is heading upward and maintains the upside bias. In addition, the relative strength index lacks downward momentum. To conclude, as long as 0.7265 holds on the downside, we remain positive and expect a new rise to 0.7330 (Sep 27 top) at first. A break above this level would open the path to further advance toward 0.7350.

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 0.7330 and the second one at 0.7350. In the alternative scenario, short positions are recommended with the first target at 0.7245 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 0.7220. The pivot point lies at 0.7265.

Resistance levels: 0.7330, 0.7350, 0.7370

Support levels: 0.7245, 0.7220, 0.7200

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Elliott wave analysis of EUR/NZD for September 28, 2016

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Wave summary:

We have seen the expected corrective decline in the wave [ii] to 1.5288 and now the price is likely to rally strongly above the resistance at 1.5553 towards 1.5969 and likely even higher to 1.6491.

The support at 1.5288 is expected to act as a floor for the next impulsive rally. However, only a break below support at 1.5124 will confuse the overall picture calling for more advance towards 1.6931 and 1.9023 on the way higher.

Trading recommendation:

We are long EUR from 1.5515 with stop placed at 1.5120. Upon a break above 1.5155 we will move our stop higher to 1.5280. If you are not long EUR yet, then buy upon a break above 1.5483 and use the same stops.

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Technical analysis of GBP/JPY for September 28, 2016

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GBP/JPY is under pressure. The pair has broken below its 50-period moving average which plays resistance role now and consolidated on the downside. The relative strength index is below its neutrality level and lacks upward momentum. Additionally, 131.25 acts as a key resistance, which should limit the upside potential. As long as 131.25 holds on the upside, look for a further drop toward 130.20 and even 129.65 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 130.20. A break below this target will move the pair further downwards to 129.65. 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: 130.20, 129.65, 129.10

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Elliott wave analysis of EUR/JPY for September 28, 2016

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Wave summary:

As expected, the minor resistance at 113.62 capped the upside for a new decline to below 112.48, but the price needs to break below the support at 112.05 to accelerate the downward movement closer to 108.58.

In the short term, we expect minor resistance around 113.06 to cap the upside for the next attempt to break below the support at 112.05.

The corrective decline from 149.56 has entered its final phase, with the ideal corrective target seen at 104.15 from where a new impulsive rally will be expected.

Trading recommendation:

We are short EUR from 112.85 with stop placed at 114.45. Upon a break below 112.05 we will move our stop lower to break-even. If you are not short EUR yet, then sell near 113.05 or upon a break below 112.05 and use the same stops.

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EURUSD Technical Analysis for September 28, 2016.

Technical outlook and chart setups:

The EURUSD has now dropped further as expected and discussed yesterday. The pair has made lows at 1.1190 levels before pulling back towards 1.1225 only to find resistance there. It is seen to be trading at 1.1207 levels at this moment, and is expected to drop further towards 1.1180 and 1.1165 levels subsequently. The wave structure still indicates that the pair is on its way to produce a wave 5 impulse drop from 1.1279 levels and a push below 1.1190 would confirm the same. Once this is done, a counter trend rally should materialize towards 1.1250/60 levels before the pair reverses sharply. 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, one can take partial profits though.. Immediate resistance is seen at 1.1283 levels, while support is seen at 1.1120 levels respectively.

Trading recommendations:

Remain short, stop at 1.1290, target is open. Please consider taking partial profits.

Good luck!

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Silver Technical Analysis for September 28, 2016.

Technical outlook and chart setups:

Silver has further dropped towards fresh lows at $19.00 levels before pulling back slight higher. The metal is seen to be trading at $19.07 levels at this moment and it should be looking to produce a counter trend rally any time now. Please note that the trend line support will act as resistance now for any counter trend rallies that materialize. The wave structure still indicates that the rally from $18.65 levels unfolded into 3 waves which are corrective. Furthermore, the metal has dropped lower unfolding into 5 waves now (fresh lows at $19.00 levels). Please also note that Silver has reversed lower from the fibonacci 0.786 retracement of its earlier swing as discussed earlier. It is recommended to book partial profits on short taken earlier and wait for further opportunities to go short. Immediate resistance is seen at $20.10 levels, while support is at $18.65 levels respectively.

Trading recommendations:

Please book partial profits on shorts taken earlier. Stop at 20.50, target is open.

Good luck!

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Gold Technical Analysis for September 28, 2016.

Technical outlook and chart setups:

Gold finally gives in to bearish break out as expected and discussed earlier. The metal has broken lower and has made fresh intraday lows at $1,324.00/25.00 levels as depicted here. Please also note that the wave structure still indicates for a continued push lower towards $1,320.00 levels at least. The metal had reversed from $1,339.00 levels as discussed yesterday and hence probability turns higher for bears to remain in control going forward. It is recommended to take partial profits on short positions now and wait for opportunities to go short again on intraday rallies. Immediate resistance is now seen at $1,340.00/43.00 levels, while support is at $1,320.00 levels respectively. The metal is expected to print one more low around $1,320.00 levels before producing a counter trend rally.

Trading recommendations:

Please book partial profits on short positions taken earlier. Stop at $1,355.00, target is open.

Good luck!

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Technical analysis of EUR/USD for Sept 28, 2016

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When the European market opens, some economic data will be released such as GfK German Consumer Climate. The US will also publish some reports such as crude oil inventories, durable goods orders m/m, core durable goods orders m/m. Amid the news, EUR/USD is expected to move with a low to medium volatility today.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1269.

Strong Resistance:1.1263.

Original Resistance: 1.1252.

Inner Sell Area: 1.1241.

Target Inner Area: 1.1215.

Inner Buy Area: 1.1189.

Original Support: 1.1178.

Strong Support: 1.1167.

Breakout SELL Level: 1.1161.

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 28, 2016

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In Asia, Japan won't release any economic data today, but the US will reveal such reports as crude oil inventories, durable goods orders m/m, core durable goods orders m/m. Therefore, the USD/JPY is likely to move with low to medium volatility today.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 101.07.

Resistance. 2: 100.87.

Resistance. 1: 100.67.

Support. 1: 100.43.

Support. 2: 100.23.

Support. 3: 100.03.

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 28, 2016

EUR/USD: This pair is bullish in the short-term, but the event of Tuesday has shown that, unless bulls show determined effort to continue pushing up the market, bears are intent on scuttling their effort. A movement below the support line at 1.1150 would result in the end of the short-term bullishness of the market. A movement above the resistance line at 1.1300 would result in a clean Bullish Confirmation Pattern in the market.

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USD/CHF: Here, the EMA 11 is below the EMA 56 and the Williams' % Range period 20 is not too far from the oversold territory. Any upwards slopes in the Williams' % Range period 20 is an indication of another short-selling opportunity in the market. The support levels at 0.9650 and 0.9600 might be tested this week or next. The USD/CHF would rally only when the EUR/USD experiences exponential fall.

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GBP/USD: The Cable is a bear market, and any rallies that are seen here can be taken as opportunities to sell short when price gains in the context of a downtrend. There would need to be a protracted bullish movement of at least, 1000 pips, before the current bearish outlook can be overridden. This would require an extraordinary amount of buying pressure, otherwise, the current bearish bias would continue.

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USD/JPY: There is a Bearish Confirmation Pattern in this market, and further bearish movement is possible. The market is kind of quiet right now, but when momentum returns to it, it would be in favor if bears. Therefore, the demand levels at 100.00, 99.50 and 99.00 are potential targets this week.

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EUR/JPY: The EUR/JPY is still in a bearish mode. Price is below the supply zone at 113.00, almost testing the demand zone at 112.50. Further bearish movement is possible, and additional demand zones at 112.00 and 111.50 could be tested.

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Daily analysis of USDX for September 28, 2016

The index failed to consolidate above the 200 SMA at H1 chart during Tuesday's session, the day of the US presidential debate. Currently, it's expected that the USDX index can resume the bearish bias to reach the psychological level of 95.00. However, if we see a breakout above the resistance level of 95.79, then further gains are expected. MACD indicator is showing overbought conditions.

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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 28, 2016

GBP/USD managed to recover above the support level of 1.2948, as the sterling strengthened during Tuesday's session. Currently, it's aiming to test the 200 SMA on the H1 chart, where a dynamic resistance can be found. If the pair does a pullback there, it will resume the bearish trend to reach the 1.2900 psychological level in coming days.

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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 GBP/JPY for September 27, 2016

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Overview

The GBPJPY pair has been trading sideways since yesterday and fluctuating around the 129.60 support. The pair is still forming a solid barrier against the recent negative attempts, thus the way for a new bullish rebound will remain open as long as this support line remains intact. The price is likely to attempt to reach 134.30 as the first positive target, followed by testing the 137.00 resistance. On the other hand, a decline below the current support will reinforce negative domination for the upcoming trading to start recording new negative targets by reaching 125.60 followed by 120.90 levels. The expected trading range for today is between 134.30 and 129.60.

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Daily analysis of EUR/JPY for September 27, 2016

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Overview

The EURJPY pair moves within a tight range affected by the stability of the 112.30 support, settling below the 114.20 resistance until this moment. Besides, the ongoing contradiction of the major indicators supports the sideways domination for the current period. The price is likely to breach one of the mentioned levels. Consolidation within the bearish channel increases the chances of new negative wave formation, which would renew the attempts to break the above mentioned support and resume the negative attack, as well as start recording the waited targets that start at 111.30 then 110.00. The expected trading range for today is between 114.20 and 112.30.

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Daily analysis of Gold for September 27, 2016

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Overview

The tight range continues to dominate in gold price trading. The price moves near the key resistance that declines now to $1,345.00, and the EMA50 keeps providing the positive support to the price, while stochastic attempts to gain the positive momentum on the intraday basis. Therefore, these factors favor the bullish trend scenario in the upcoming period, which main targets begin at $1,375.00 and extend to $1,400.00. The continuation of the expected rise depends on holding above $1,310.65 and $1,297.75 levels. 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 27, 2016

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Overview

The silver price holds its positions above 19.38 levels, thus keeping the chances of the main bullish trend resumption high. It is also supported by the EMA50 and stochastic; the price is likely to trade positively in the upcoming sessions to target 21.12 levels mainly. We remind you that a breach of 20.00 levels will ease achievement of the mentioned target. The expected trading range for today is between the 19.00 support and the 20.00 resistance.

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